Orezone Gold Corporation

ORZCF

Gold · Basic Materials

Price

$2.05

+0.05 (+2.50%)

Market Cap

$1.37B

Exchange

Other OTC

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

Exceptional

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Exceptional

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Share count rising — dilution

+90.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 317.9M (2021) → 605.9M (2025)

Winston Score History

The full picture

Orezone Gold Corporation is a Canadian gold mining company that operates a single gold mine in Burkina Faso, a landlocked country in West Africa. The company mines gold ore, processes it into doré bars (a semi-pure mix of gold and silver), and sells that metal to refiners and bullion banks. Orezone owns and operates the Bomboré Gold Mine, one of the largest undeveloped gold deposits in West Africa before it began production in 2022.

Orezone makes money by selling gold at market prices, so its revenue rises and falls with the gold price. The company operates entirely in Burkina Faso, making it a single-asset, single-country miner with a market cap around $1.4 billion. Its relatively strong operating margin of around 40% reflects low production costs, but the biggest risk the company faces is political instability in Burkina Faso, which has experienced military coups in recent years and poses real operational and security challenges.

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

+187.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+100.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

30.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$97M 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 187% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

46.8%

Healthy — 46.8% gross margin

Profit after running costs

Operating Margin

43.0%

Excellent — 43.0% operating margin

Return on the money invested

ROCE

41.4%

Exceptional — 41.4% 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

+94.4%

Fast-growing sales (+94.4% YoY)

Profit growth

EPS YoY

+22.4%

Earnings growing fast (+22.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

281%

Turns 281% of profit into real cash

Spare cash per sale

FCF Margin

30.6%

Converts sales into free cash efficiently (30.6%)

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

19.23x

Comfortably covers interest (19.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

11.3x

no trend

Attractive valuation — P/E 11.3

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

+7.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (11.3 → 3.7)

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Dividends

Not applicable for this business.

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