Orezone Gold Corporation

ORE.AX

Gold · Basic Materials

Exchange

Australian Securities Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Exceptional

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Winston Score History

The full picture

Orezone Gold Corporation is a gold mining company focused on West Africa. It owns and operates the Bomboré gold mine in Burkina Faso, one of the largest undeveloped gold deposits in West Africa before it was brought into production. The company mines gold ore, processes it on site, and sells refined gold to bullion dealers and refiners in global commodity markets.

Orezone makes money by selling gold at prevailing market prices, with its profitability tied directly to the gold price and its ability to control mining costs. The Bomboré mine is its only operating asset, making it a single-asset, single-country producer. Its competitive position rests on a large, long-life ore reserve and relatively low production costs, though operating in Burkina Faso carries meaningful political and security risk, as the country has experienced military coups and regional instability. The key growth driver is expanding production through a planned hard-rock processing circuit upgrade, which could significantly increase annual gold output.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+180.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+120.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

30.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$122M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Orezone Gold Corporation grew revenue 181% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

37.3%

Modest — 37.3% gross margin

Profit after running costs

Operating Margin

35.2%

Excellent — 35.2% operating margin

Return on the money invested

ROCE

38.1%

Exceptional — 38.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+92.7%

Fast-growing sales (+92.7% YoY)

Profit growth

EPS YoY

+35.5%

Earnings growing fast (+35.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/5 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

277%

Turns 277% of profit into real cash

Spare cash per sale

FCF Margin

30.0%

Converts sales into free cash efficiently (30.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

17.65x

Comfortably covers interest (17.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.9x

no trend

Attractive valuation — P/E 14.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+11.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.9 → 3.5)

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Dividends

Not applicable for this business.

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