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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 one producing mine in Burkina Faso and two exploration properties. Currently they produce roughly 120koz. of gold per year. They have approximately 5.5Moz. of gold in the reserves and resources category of which 4.5Moz. are in the measured and indicated category. They have a market capitalisation of ~$184.52M which is a fall of roughly 30% over the last eight months. As of 05/02/2024 they have ~$62M debt and ~$15M cash. They have 369M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 05/02/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $265.45M $184.52M 05/02/2024
Total Assets: $80.00M $80.00M 05/02/2024
Total Liabilities: $120.00M $120.00M 05/02/2024
Current Assets: $32.00M $32.00M 05/02/2024
Current Liabilities: $10.00M $10.00M 05/02/2024
Total Debt: $62.00M $62.00M 05/02/2024
Cash: $19.00M $15.00M 05/14/2024
Enterprise Value: $308.45M $231.52M 05/03/1977
Cash Flow: $90.06M $116.45M never
Cash Flow Multiple: 2.95 1.58 never
Net Debt to
Cash Flow Ratio:		 0.48 0.40 never
Finance within 1 year: 05/02/2024
Misc 05/02/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 369,211,513 369,211,513 05/02/2024
Shares (FD): 428,281,921 428,281,921 05/02/2024
Insider Ownership: n/a 25% 09/11/2024
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a 09/01/2022 05/02/2024
Production (Gold Eq Oz.): (guess) 
120,000		 (guess) 
120,000		 05/14/2024
Production (Silver Eq Oz.): (guess) 
10,374,295		 (guess) 
10,688,239		 05/14/2024
Initial CapEx (Outstanding): $150.00M
56.51% of MCap		 $150.00M
81.29% of MCap 		05/02/2024
Funding Option: n/a n/a 05/02/2024
Documentation: none PRODUCER 09/11/2024
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 02/23/2024
Cash Flow Multiplier: 10 10 05/02/2024

Resource Data

GOLD 05/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.40M 2.40M 05/02/2024
Measured & Indicated: 4.50M 4.50M 05/02/2024
Inferred: 1.00M 1.00M 05/02/2024
Reserves & Resources: 5.50M 5.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.04M 2.04M 05/02/2024
Measured & Indicated: 3.47M 3.47M 05/02/2024
Inferred: 0.43M 0.43M 05/02/2024
Reserves & Resources: 3.89M 3.89M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
120,000oz.		 (guess) 
120,000oz.		 05/14/2024
Cash Cost: $1,000 $1,050 09/11/2024
Extra Operating Cost: $550 $600 05/14/2024
Total: $1,550 $1,650 09/11/2024
Margin (Free Cash Flow): $751 (33%) $970 (37%)
G
R
A
D
E		 Underground (Avg): n/a n/a 05/02/2024
Open Pit (Avg): n/a 0.90 g/t 03/24/2024
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/11/2024
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 05/02/2024
Annual Production: 200,000oz. 225,000oz. 05/06/2024
Cash Cost: $1,000 $1,100 05/06/2024
Extra Operating Cost: $550 $550 05/02/2024
SILVER 05/02/2024
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 05/02/2024
Measured & Indicated: n/a n/a 05/02/2024
Inferred: n/a n/a 05/02/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 05/02/2024
Measured & Indicated: n/a n/a 05/02/2024
Inferred: n/a n/a 05/02/2024
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 05/02/2024
Extra Operating Cost: n/a n/a 05/02/2024
Total: n/a n/a 05/02/2024
Margin (Free Cash Flow): n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 05/02/2024
Open Pit (Avg): n/a n/a 05/03/2023
Recovery Rate: n/a n/a 05/02/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 05/02/2024
Annual Production: n/a n/a 05/02/2024
Cash Cost: n/a n/a 05/02/2024
Extra Operating Cost: n/a n/a 05/02/2024

Property

Last Analysis Data  (05/02/2024)
Stage Name Owned 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
Exp Sega 100% n/a
Exp Niger Uranium 67% n/a
Current Data
Stage Name Owned 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
Exp Sega 100% n/a
Exp Niger Uranium 67% n/a
Total Land Package Size (ha): 13,000  

Profitability (by resource)

Proven &
Probable		 05/02/2024
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 2.40M 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 2.04M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,531.02M $1,979.62M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,531.02M $1,979.62M n/a
Max Profit / Current MCap: 5.768 10.728 n/a
Max Profit Per Share (Gold): $3.57 $4.62 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.57 $4.62 n/a
Total Free Profit Per Share: $2.72 $4.00 n/a
FD MCap / Gold Eq.: $130.12 $90.45 n/a
FD MCap / Silver Eq.: $1.51 $1.02 n/a
FD MCap / Per Metal
as % Spot Price:		 5.66% 3.45% n/a
Measured &
Indicated		 05/02/2024
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 4.50M 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 3.47M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,602.73M $3,365.35M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,602.73M $3,365.35M n/a
Max Profit / Current MCap: 9.805 18.238 n/a
Max Profit Per Share (Gold): $6.08 $7.86 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $6.08 $7.86 n/a
Total Free Profit Per Share: $5.23 $7.24 n/a
FD MCap / Gold Eq.: $76.54 $53.21 n/a
FD MCap / Silver Eq.: $0.89 $0.60 n/a
FD MCap / Per Metal
as % Spot Price:		 3.33% 2.03% n/a

Reserves &
Resources		 05/02/2024
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 5.50M 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 3.89M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,921.70M $3,777.77M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,921.70M $3,777.77M n/a
Max Profit / Current MCap: 11.006 20.473 n/a
Max Profit Per Share (Gold): $6.82 $8.82 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $6.82 $8.82 n/a
Total Free Profit Per Share: $5.97 $8.20 n/a
FD MCap / Gold Eq.: $68.19 $47.40 n/a
FD MCap / Silver Eq.: $0.79 $0.53 n/a
FD MCap / Per Metal
as % Spot Price:		 2.96% 1.81% n/a

Future Valuation (Cash Flow & Totals)

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