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Orezone Gold Corp

www: www.orezone.com   email: info@orezone.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:ORE CAD
OTCMKTS:ORZCF USD

Description

Orezone Gold Corp are a gold focused mid-tier producer with two producing mines in Burkina Faso and Canada and two exploration properties. Currently they produce roughly 260koz. of gold per year. They have approximately 7Moz. of gold in the reserves and resources category of which 6Moz. are in the measured and indicated category. They have a market capitalisation of ~$1238M which is a rise of roughly 153% over the last eleven months. As of 05/06/2025 they have ~$80M debt and ~$102M cash. They have 658M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 05/06/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $489.74M $1,238.00M 03/26/2026
MCap (OS): $432.11M $1,114.37M 03/26/2026
Total Assets: $80.00M $150.00M 03/26/2026
Total Liabilities: $120.00M $120.00M 05/06/2025
Current Assets: $102.00M $102.00M 05/06/2025
Current Liabilities: $10.00M $10.00M 05/06/2025
Total Debt: $80.00M $80.00M 05/06/2025
Cash: $102.00M $102.00M 05/06/2025
Debt (Net): $-22.00M $-22.00M
Enterprise Value: $467.74M $1,216.00M
Cash Flow: $181.12M $492.22M never
Cash Flow Multiple: 2.70 2.52 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 05/06/2025
Misc 05/06/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 527,986,892 658,000,001 03/26/2026
Shares (FD): 598,402,199 731,000,000 03/26/2026
Insider Ownership: n/a 25% 03/26/2026
Dividend (Annual): n/a n/a 03/26/2026
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 09/01/2022 05/06/2025
Production (Gold Eq Oz.): (guess) 
120,000		 (guess) 
260,000		 03/26/2026
Production (Silver Eq Oz.): (guess) 
12,200,847		 (guess) 
16,324,035		 03/26/2026
Development Phase: none Producer (Multiple Mines) 03/26/2026
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 02/23/2024
Cash Flow Multiple: 10 12 11/13/2025

Resource Data

GOLD 05/06/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.40M 3.70M 03/26/2026
Measured & Indicated: 4.50M 6.00M 03/26/2026
Inferred: 1.00M 1.00M 03/26/2026
Reserves & Resources: 5.50M 7.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.04M 3.15M 03/26/2026
Measured & Indicated: 3.47M 4.71M 03/26/2026
Inferred: 0.43M 0.43M 03/26/2026
Reserves & Resources: 3.89M 5.13M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
120,000oz.		 (guess) 
260,000oz.		 03/26/2026
Cash Cost: $1,250 $2,000 03/26/2026
Extra Operating Cost: $600 $800 03/26/2026
Total: $1,850 $2,800 03/26/2026
Margin (Free Cash Flow): $1,509 (45%) $1,893 (40%)
MCap / Production (AuEq): $4,081.16 $4,761.55
EV / Production (AuEq): $3,897.83 $4,676.93
G
R
A
D
E		 Underground (Avg): n/a n/a 05/06/2025
Open Pit (Avg): n/a 0.90 g/t 03/24/2024
Recovery Rate: (CG)  85.00% (CG)  85.00% 03/26/2026
F
U
T
U
R
E		 Proven & Probable: 4.00M 6.00M 03/26/2026
Annual Production: 220,000oz. 300,000oz. 03/26/2026
Cash Cost: $1,250 $2,200 03/26/2026
Extra Operating Cost: $600 $800 11/13/2025
SILVER 05/06/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 05/06/2025
Measured & Indicated: n/a n/a 05/06/2025
Inferred: n/a n/a 05/06/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 05/06/2025
Measured & Indicated: n/a n/a 05/06/2025
Inferred: n/a n/a 05/06/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 05/06/2025
Extra Operating Cost: n/a n/a 05/06/2025
Total: n/a n/a 05/06/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $40.14 $75.84
EV / Production (AgEq): $38.34 $74.49
G
R
A
D
E		 Underground (Avg): n/a n/a 05/06/2025
Open Pit (Avg): n/a n/a 05/03/2023
Recovery Rate: n/a n/a 05/06/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 05/06/2025
Annual Production: n/a n/a 05/06/2025
Cash Cost: n/a n/a 05/06/2025
Extra Operating Cost: n/a n/a 05/06/2025

Property

Last Analysis Data  (05/06/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Bombore
90 show
Fully permitted.

4 million oz deposit.

Production scheduled for 2019 (with financing).
[commercial production declared 12/1/22]

2023:
1.8Moz @ 0.81 g/t gold P&P
5.1Moz @ 0.69 g/t gold M&I (inclusive of reserves)
Avg. 117,760 oz/year
13+ years mine life

Size: 13,000 ha
Exp Sega
100 n/a
Exp Niger Uranium
67 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Bombore
90 show
Fully permitted.

4 million oz deposit.

Production scheduled for 2019 (with financing).
[commercial production declared 12/1/22]

2023:
1.8Moz @ 0.81 g/t gold P&P
5.1Moz @ 0.69 g/t gold M&I (inclusive of reserves)
Avg. 117,760 oz/year
13+ years mine life

Size: 13,000 ha
Exp Sega
100 n/a
Prod Casa Beradi
100 show
3M oz mine.
Exp Niger Uranium
67 n/a

Profitability (by resource)

Proven &
Probable		 05/06/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.40M 3.70M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.04M 3.15M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $3,078.97M $5,953.99M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,078.97M $5,953.99M n/a
Max Profit / Current MCap: 6.287 4.809 n/a
Max Profit Per Share (Gold): $5.15 $8.14 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $5.15 $8.14 n/a
Total Free Profit Per Share: $4.02 $5.78 n/a
FD MCap / Gold Eq.: $240.07 $393.64 n/a
FD MCap / Silver Eq.: $2.36 $6.27 n/a
FD MCap / Per Metal
as % Spot Price:		 7.15% 8.39% n/a
EV / Gold Eq.: $229.28 $386.65 n/a
EV / Silver Eq.: $2.26 $6.16 n/a
EV / Per Metal
as % Spot Price:		 6.83% 8.24% n/a
Measured &
Indicated		 05/06/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 4.50M 6.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.47M 4.71M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $5,234.25M $8,914.89M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $5,234.25M $8,914.89M n/a
Max Profit / Current MCap: 10.688 7.201 n/a
Max Profit Per Share (Gold): $8.75 $12.20 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $8.75 $12.20 n/a
Total Free Profit Per Share: $7.62 $9.84 n/a
FD MCap / Gold Eq.: $141.22 $262.90 n/a
FD MCap / Silver Eq.: $1.39 $4.19 n/a
FD MCap / Per Metal
as % Spot Price:		 4.20% 5.60% n/a
EV / Gold Eq.: $134.87 $258.23 n/a
EV / Silver Eq.: $1.33 $4.11 n/a
EV / Per Metal
as % Spot Price:		 4.01% 5.50% n/a

Reserves &
Resources		 05/06/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 5.50M 7.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.89M 5.13M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $5,875.70M $9,719.48M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $5,875.70M $9,719.48M n/a
Max Profit / Current MCap: 11.998 7.851 n/a
Max Profit Per Share (Gold): $9.82 $13.30 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $9.82 $13.30 n/a
Total Free Profit Per Share: $8.69 $10.94 n/a
FD MCap / Gold Eq.: $125.80 $241.14 n/a
FD MCap / Silver Eq.: $1.24 $3.84 n/a
FD MCap / Per Metal
as % Spot Price:		 3.74% 5.14% n/a
EV / Gold Eq.: $120.15 $236.85 n/a
EV / Silver Eq.: $1.18 $3.77 n/a
EV / Per Metal
as % Spot Price:		 3.58% 5.05% n/a

Future Valuation (Cash Flow & Totals)

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