Orezone Gold Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is not buying a finished gold producer but a transformation. The market value was in the order of $0.8 billion in mid-2026, a P/E of roughly 13 on the record 2025 result — not expensive, but the up-to-$241 million contingent Casa Berardi payment is not in it. Whoever holds or buys the stock is betting on three things: that free cash flow turns positive in the first full hard rock year, that Casa Berardi delivers the promised scale and cash flow, and that the state in Burkina Faso leaves it at 15 percent. Whoever waits checks exactly that in the next quarterly report on SEDAR+: free cash flow, production against guidance, and the provision for the contingent consideration. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Orezone is the special case of the series: Helikon’s biggest bet (12.45 percent) appears in no 13F, because the gold producer is not regularly listed in the United States — visible only through a threshold filing. Behind it is a transformation in progress: a record 2025 (revenue $376.6 million, net earnings $64.9 million) that ended with negative free cash flow of $42.1 million because the Bombore hard rock expansion emptied the till; a state that since August 2025 holds 15 percent of the mine instead of 10; and a second mine in Quebec that eases the concentration risk but is paid for with 9.9 percent dilution and up to $241 million of contingent consideration. Not investment advice.
Holding & visibility
At 12.45 percent (83,054,336 shares, as of June 30, 2026), Orezone is Helikon’s highest percentage holding anywhere — and its most invisible, because with no U.S. listing it appears in no 13F, only in the Schedule 13G/A. It is filed passively (Rule 13d-1(b)), with voting and dispositive power solely shared; the position has been built up and held since January 21, 2026. High conviction, but no control claim and no buy argument in itself.
Operating business
Bombore’s hard rock expansion is built (first gold December 15, 2025, commercial production January 16, 2026); 2026 guidance for Bombore alone at 160,000 to 180,000 ounces is 45 to 64 percent above the 110,014 ounces of 2025. In 2025 revenue rose to $376.6 million and net earnings to $64.9 million, with a realized price of $3,444 per ounce well above the $1,776 AISC. Casa Berardi adds a second, producing leg.
Cash flow & balance sheet
Despite the record profit, free cash flow in 2025 was negative at minus $42.1 million, because the expansion consumed more than the business brought in; cash fell to $98.0 million and the expansion was largely debt-funded. The proof that free cash flow flips sign in the first full hard rock year is still to come and is the most important point for the coming quarterly reports.
Country risk & governance
Effective August 19, 2025, under the 2024 Mining Code, the state’s free carried interest in the operating company OBSA rose from 10 to 15 percent and Orezone’s interest fell to 85 percent; at the same time a $13.2 million dividend went to the state. Burkina Faso sits in the uncertainty-prone Sahel. Orezone did clarify in September 2025 that the government does not intend to buy a further stake in Bombore — but the drift toward higher state stakes remains the region’s pattern.
Transformation & diversification
Casa Berardi eases the most dangerous risk of the old Orezone — dependence on one mine in one country — and adds a second leg in Canada. Part of the price comes only later: 65,757,265 new shares (9.9 percent dilution) plus $80 million deferred and up to $241 million contingent. A sensible strategic step whose bill falls due in 2027 and 2028 and which weighs on the future share count and balance sheet.
Worth Noting
Orezone landed on the research list not through a scanner hit but through a Schedule 13G/A of Helikon Investments Ltd (London) as of June 30, 2026: 83,054,336 shares, 12.45 percent — the highest percentage holding in the entire Helikon portfolio. The position appears in no 13F, because Orezone is listed in the United States only over-the-counter (OTCQX: ORZCF) and regularly in Toronto and Sydney, and is therefore not a "13(f) security." A 13F is a rear-view mirror with a blind spot; the threshold filing is the look into it.
Orezone is not an SEC filer: there is no 10-K, no 10-Q, no 40-F and no 20-F. This analysis rests on the Canadian mandatory disclosures on SEDAR+ (audited 2025 annual financial statements and MD&A), the ASX Appendix 4E of February 28, 2026 and the news releases on orezone.com. Accounting is under IFRS, reporting in U.S. dollars. Quotes were verified verbatim against the original texts.
Valuation figures dated and evergreen: the market value of roughly C$1.1 billion (about $0.8 billion) on roughly 667 million shares is as of May 15, 2026 and serves as an order of magnitude, not a daily price. The 2025 figures reflect the smaller company before the Casa Berardi acquisition; after completion on March 25, 2026 trailing revenue already points toward $480 million. All information as of July 24, 2026.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ORZCF since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.90 $ to 2.20 $ · Last price: 2.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Gold
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Orezone Gold Corporation ORZCF | 1.1 | – | 4.5 | 52.0 | – | 32.8 | 133.0 |
| Newmont Goldcorp Corp NEM | 132.8 | 16.0 | 7.9 | 68.0 | 61.4 | 19.1 | 59.6 |
| Barrick Mining Corporation B | 72.0 | 12.3 | 5.0 | 56.3 | 56.3 | 31.2 | 50.6 |
| AngloGold Ashanti plc AU | 53.3 | 15.0 | 7.8 | 54.8 | 56.1 | 70.8 | 59.1 |
| Coeur Mining Inc CDE | 22.1 | 15.6 | 12.6 | 56.3 | 43.1 | 96.4 | 25.0 |
| Royal Gold Inc RGLD | 21.4 | 30.6 | 16.9 | 86.8 | 63.8 | 44.6 | 34.8 |
| SSR Mining Inc SSRM | 7.5 | 14.0 | 6.6 | 55.0 | 52.5 | 66.6 | 66.1 |
| Aura Minerals Inc. AUGO | 7.4 | 24.9 | 12.5 | 60.0 | 51.4 | 55.1 | 180.7 |
| Osisko Gold Ro OR | 6.9 | 24.7 | 18.8 | 96.9 | 77.0 | 47.5 | 1.5 |
| Median of companies shown | 21.4 | 15.8 | 7.9 | 56.3 | 56.2 | 47.5 | 59.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -5 | -6 | – | -4 | 20 | 25 |
| 2017 | 0 | -10 | -9 | -0.06 | -9 | 14 | 15 |
| 2018 | 0 | -16 | -15 | -0.07 | -12 | 32 | 35 |
| 2019 | 0 | -23 | -21 | -0.10 | -21 | 13 | 17 |
| 2020 | 0 | -19 | -18 | -0.07 | -17 | 10 | 13 |
| 2021 | 0 | -9 | -19 | -0.06 | -6 | 54 | 141 |
| 2022 | 43 | 1 | 1 | 0.00 | 7 | 70 | 252 |
| 2023 | 271 | 82 | 43 | 0.12 | 80 | 149 | 320 |
| 2024 | 284 | 104 | 56 | 0.12 | 58 | 258 | 449 |
| 2025 | 377 | 151 | 65 | 0.11 | 99 | 400 | 667 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q4 | – | – | 131 | – | 27.60 | 57 | – |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | – | – | 1,476 | – | 4 |
| 12/31/2027 | – | – | 1,847 | – | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -11.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $210.9M |
|---|---|
| Market cap | $1.11B |
| Free cash flow in year ten | $63.1M |
| Terminal value as a share of market value | 30.0% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 24.07.2026 gegen die verfügbare Berichtslage der Orezone Gold Corporation. Sonderfall wie Helios Towers: Orezone ist kein SEC-Filer — es gibt kein 10-K, kein 10-Q, kein 40-F und kein 20-F (in EDGAR erscheint die Firma nur als Gegenstand fremder Schwellenmeldungen, u. a. der Helikon-13G/A). Grundlage sind deshalb die kanadischen und australischen Pflichtveröffentlichungen: der Jahresergebnisbericht 2025 mit Guidance 2026 (25.03.2026), der ASX Appendix 4E samt Jahres-Lagebericht (MD&A) 2025 (28.02.2026), die Mitteilung zum Vollzug der Casa-Berardi-Übernahme (25.03.2026) sowie die Projektübersichten zu Bomboré und Casa Berardi. Dokumentierter Negativ-Befund: In den ausgewerteten Berichten und Mitteilungen kommt Künstliche Intelligenz weder als Produkt oder Umsatzquelle noch als operatives Werkzeug noch als konkretes Geschäftsrisiko vor; „artificial intelligence“, „machine learning“ oder „generative“ tauchen nicht auf. Orezone ist ein konventioneller Tagebau-Goldproduzent (Mine Bomboré in Burkina Faso, seit 25.03.2026 zusätzlich die Mine Casa Berardi in Québec); erwähnte Technikthemen betreffen die Hartgestein-Erweiterung (Mahlwerk, Durchsatz), nicht KI. Eine ergänzende Websuche nach Orezone-KI-Initiativen blieb ohne firmenspezifischen Treffer. Nach dem Kriterienkatalog bleibt es damit bei „neutral“ (Rang 4, Negativ-Befund dokumentiert).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: Jahresergebnisbericht 2025 mit Guidance 2026 2026-03-25 · ASX Appendix 4E / Jahres-Lagebericht (MD&A) 2025 (SEDAR+/ASX) 2026-02-28 · Mitteilung zum Vollzug der Casa-Berardi-Übernahme 2026-03-25 · Geprüfter Jahresabschluss 2025 und MD&A (SEDAR+) 2026-03-25
Rated on July 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 105.4%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year 21.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 22.1%
- Gross margin at 40% or higher and without meaningful erosion 45.1%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 54 m net cash
- Operating cash flow covers the profits of the last three years 73 m
- Return on capital at 15% or higher, or up versus two years ago 31.2%
- Insiders hold at least 10% or are net buyers no data
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 121.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 121.5%
- Net debt < 4x EBIT -0.4x
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% 16.2%
- ROCE > 15% 31.2%
- Expected return > 10% 113.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Orezone Gold Corporation is a gold producer operating the Bombore gold mine in Burkina Faso (85% interest, with the State of Burkina Faso holding a 15% free carried interest in the operating subsidiary Orezone Bombore S.A.). On March 25, 2026 the Company completed the acquisition of the operating Casa Berardi gold mine and a portfolio of exploration properties in Quebec, Canada, transforming Orezone from a single-asset producer into a diversified multi-asset producer. The Bombore hard rock expansion (Stage 1, 2.5 Mtpa) was completed in 2025 with first gold on December 15, 2025 and commercial production declared January 16, 2026. Orezone trades on the Toronto Stock Exchange and the Australian Securities Exchange under ORE and on the OTCQX in the United States under ORZCF; it is not a U.S. SEC filer and reports on SEDAR+ (audited annual financial statements and MD&A) and the ASX (Appendix 4E). Reporting currency is the U.S. dollar.
- Employees
- 858
- Headquarters
- Vancouver, BC
- Address
- 505 Burrard Street, V7X 1M3 Vancouver, Canada
- Phone
- 778-945-8977
- Website
- orezone.com
- ISIN
- CA68616T1093
Management
| Name | Title | Birth Year |
|---|---|---|
| Patrick Gerard Downey P.Eng. | President, CEO & Director | 1960 |
| Peter Tam | Executive VP & CFO | – |
| Ryan Goodman J.D. | Senior VP, General Counsel & Company Secretary | 1977 |
| Kevin Mackenzie M.B.A., P.Geo. | Senior Vice President of Corporate Development | – |
| Marc-Andre Pelletier P.Eng. | Chief Operating Officer | – |
| Robert Duncan Henderson B.Sc., M.B.A., P. Eng, P.Eng. | Vice President of Technical Services | 1963 |
| Amanda Mallough | Vice President of Investor Relations | – |
| Christophe M. McLean CMA | Senior Vice President of Finance & Administration of Orezone Quebec | – |
| Jean-Francois Ravenelle | Vice President of Exploration | – |
| Gareth Withers | Vice President of Finance | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.