Orezone Gold Corporation
OREOrezone Gold Corporation engages in the exploration and development of gold properties. Its flagship property is the 90%-owned Bomboré gold project comprising a block of contiguous permits covering an area of 15,029 ha located in Burkina Faso, West Africa. The company was incorporated in 2008 and is headquartered in Vancouver, Canada.
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Key Information
Legal Entity
Orezone Gold Corporation
Sector
Precious Metal
Founded
July 10, 2018
Employees
776
Reporting Currency
CAD
Contact Phone
778-945-8977
Website
www.orezone.comHeadquarters Address
Bentall Tower 1 , Vancouver , BC V7X 1M3 , CA
Identifiers
ISIN
CA68616T1093Commodity Portfolio
Stock Exchanges
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Chart
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Videos
Beaver Creek 2026 - Best Stocks
Key Highlights
brief- Durrett says he sold Orezone over trouble in Burkina Faso, then bought it back after the company acquired Casa Berardi in Canada.
Gold at $4,100 anchors his buy-the-dip plan: add again below $4,000, and again below $3,700. His Beaver Creek list holds 37 stocks, all rated as tenbaggers (ten-times-plus targets), with seven winners out of ten as the goal. He grades risk-reward by letter and number; near-term producers screen best, while late-stage projects carry more risk. Discovery Silver and Osisko Gold Group lead his Canadian gold picks, and Silver X's 250 million ounce resource lifted the grade. Low insider ownership makes Andean Silver, Talisker and Avino the likeliest takeover targets on his list.
6 Mining Stocks Our Viewers Asked Us About This Week | Sep 28th - Oct 2nd
Key Highlights
detailed- The host calls Orezone one of his standouts from Beaver Creek and argues the valuation gap is enormous: at roughly 350,000 ounces of potential annual production, Sean Ruzin's Osisko benchmark of $2-2.5 billion of market cap per 100,000 ounces implies a $7 billion-plus company versus Orezone's current $1.5 billion market cap.
- Orezone is guiding 220,000-250,000 ounces for this year, and the new Casa Berardi mine plan takes that Quebec mine to about 132,000 ounces per year after the ramp, which stacked on Bombore gets to roughly 350,000 ounces.
- He flags the discounts himself: Burkina Faso has a military government and real security risk, Casa Berardi has no reserves, and the mine plan is only PEA-level — yet he says even a heavy haircut on the math leaves a large gap.
- Management (Paddy) sees a path toward 500,000 ounces and told the host the company is fully funded, a claim the host treats skeptically, as he does with every developer making it.
A Panamanian study recommends an orderly closure of Cobre Panama (a mine that produced about 1% of global copper), narrowing First Quantum's restart path. Gold producers command roughly $2 to $2.5 billion of market cap per 100,000 annual ounces, and Orezone Gold trades far below that benchmark. G3 Goldfields' $57 million market cap holds $47 million cash, so investors pay about $10 million for the team, land, and contingent value right. US debt past $40 trillion with a quarter of tax receipts funding interest strengthens the case for precious metals; watch the 10-year yield's 5% level. Silver Tiger's open pit is mostly a gold mine despite the silver label, and Santacruz Silver's discount looks too heavy given consistent execution.
Building a 500,000-Ounce-a-Year Gold Producer | Patrick Downey - Orezone Gold
Key Highlights
detailed- Downey says Orezone is building a mid-tier gold producer step by step, with a base of about 260,000 oz in 2027 and a clear line to well over 300,000 toward 500,000 oz/yr.
- He sees a large value gap between about 230,000 oz of guided 2026 production and the $1.7 billion market cap, citing a rule of thumb that every 100,000 oz is worth $2 to $2.5 billion of market cap.
- Orezone has retired close to 60 million shares so far in 2026 and plans to take out about 110 million more; Downey says he will keep buying back stock while it trades below his view of value.
- The newly acquired Quebec assets anchor the growth plan: a baseline Life of Mine study shows a 14-year mine life at about 116,000 oz/yr peaking near 180,000 oz, with a goal of 150,000 to 200,000 oz/yr as Casa Berardi ramps up through 2027.
- Downey points to a catalyst-rich 12 months ahead as of late September 2026: the Hava-Hosco study due in late October, Casa Berardi and Bombore drill results, a stronger-than-guided Q4, and a new Bombore Life of Mine study next year.
Orezone CEO Patrick Downey calls the past 12 months the best mining sentiment of his 40-year career, with good projects finally getting financed. Downey maps a path from about 230,000 ounces of annual gold production to roughly 500,000 ounces, pointing to Bomboré, Casa Berardi and the development pipeline. He argues the market gives zero value to Heva-Hosco in Quebec, where a 2012 feasibility study showed roughly 105,000 ounces a year over 14 years. The year ahead looks catalyst-rich: a Heva-Hosco study, drill results at Casa Berardi and Bomboré, and a life-of-mine study (a whole-mine plan). Downey says Orezone holds over $100 million in cash with little or no debt and would buy back stock if the discount persists.
Summit Royalties – Comprehensive Update On 4 Producing and 3 Key Development Assets
Key Highlights
detailed- Clark calls Bombore the asset carrying Summit right now, a mature, straight-silver operation generating most of the company's current revenue.
- Orezone reported Q2 gold production up 38% year over year, and Summit's 50% silver stream benefits directly because more gold means more silver, though Orezone does not report silver separately.
- The stream carries a minimum of 37,500 oz of silver per year whether or not Orezone produces it; when minimums are missed the amount accrues as a receivable, and Orezone at times elects to deliver 100% of the silver to pay it down, lifting Summit's participation above 50%.
- The hard rock expansion turned on at the end of 2025 and is ramping, and a second expansion targets a run rate of about 250,000 oz per year versus 2026 guidance with a midpoint around 170,000 oz.
Drew Clark argues Summit Royalties trades at 0.75x net asset value (NAV) against 1.2-1.6x for royalty peers, leaving room to re-rate. Four producing royalties are compounding as operators expand — Madsen, Bomboré, Zancudo and Keysbrook grow Summit's cash flow at no extra cost. Copperstone and Pitangu should reach production in 2027, with the guest's math valuing the 4% Copperstone gold stream at about US$6 million yearly. Banyan Gold's year-end AurMac PEA (preliminary economic assessment — an early-stage mine study) could re-rate Summit's unvalued royalty on the project. A US$50 million National Bank credit facility funds accretive royalty acquisitions without heavy dilution, and management owns 12% of the company.
Why They Bought This Gold Mine | Patrick Downey - Orezone Gold Corp.
Key Highlights
detailed- The guest frames this as a 'rare opportunity' for Orezone to acquire a long-life producing asset in a great jurisdiction with less than 10% dilution to existing shareholders.
- He notes Orezone had been actively seeking M&A opportunities once its Bambori operations became a strong cash-flowing platform.
- He says the $160M upfront consideration was funded with $100M from Franco-Nevada and $60M of Orezone's own cash.
- He highlights deferred payments of $30M and $50M at 18 and 30 months as part of a deal structure designed to limit dilution.
Orezone financed a $160M gold-mine acquisition with less than 10% dilution by leaning on Franco Nevada and its own cash. Franco Nevada funded $100M of the upfront price and contributed technical due diligence; Orezone added $60M of its own cash. Hecla took 9.9% equity in the deal, plus deferred payments of $30M and $50M at 18 and 30 months. Orezone first established its Bambori (Bomboré) operations into a strong cash-flowing base before pursuing the acquisition.
Gold Isn't Done Yet | Patrick Downey - Orezone Gold Corp.
Gold’s flat action near ,000 looks like stabilization rather than a top while central banks keep accumulating and ETF inflows return. Sovereign debt, currency risk, and geopolitical uncertainty keep reinforcing gold’s strategic-asset role even after decades of skepticism. Three durable demand pillars — reserve diversification, ETF demand, and macro hedging — are why gold keeps surviving every cycle.
Why Gold Is Refusing to Break | Patrick Downey - Orezone Gold
Key Highlights
detailed- Acquired the Casa Berardi mine from Hecla in March 2026 for $160M upfront — $100M funded by Franco-Nevada, $60M of Orezone cash, 9.9% equity to Hecla, plus deferred payments of $30M and $50M in 18 and 30 months — completing the deal with less than 10% dilution.
- Holds consolidated 2026 guidance of 220,000–250,000 ounces, prorated to include only nine months of Casa; Bomboré is expected to deliver a strong second half from the Hard Rock zone while Casa runs softer in Q3 before a strong Q4.
- Frames itself as "one of the most undervalued companies around all metrics within our space in the mid-tier," combining Bomboré (long-life cash generator, +20 years of mine life, major capex complete, little debt) with Casa Berardi (established Quebec producer, exploration upside).
- Long-term organic growth path targets ~300,000 ounces and ultimately ~500,000 ounces, with Casa scaled back toward ~150,000 oz/year at historical ~7 g/t underground grades and the Heva Hosco project (~4M oz potential on the Cadillac-Larder Break, PEA due in September) coming next.
- Casa exploration ramp: four rigs drilling now, scaling to seven to nine rigs and 100,000–120,000 meters per year by year-end, plus three to four underground rigs targeted by sometime next year.
The guest reads gold's flat trend near $4,000 as stabilization before another leg higher, supported by central bank, ETF, and currency demand pillars. Orezone added Casa Berardi with less than 10% dilution by leaning on Franco-Nevada's upfront funding and Bomboré's free cash flow. The Casa Berardi deal gives Orezone a self-funded two-mine platform aiming for 220,000–250,000 oz in 2026, ramping toward 300,000 and 500,000 oz. Casa Berardi sits on a 37-kilometre prospective belt in the Abitibi; Orezone plans 100,000 to 120,000 metres a year to revive the orogenic system. Quebec's existing permits and underground expertise made Casa Berardi accretive without the greenfield permitting risk.
Summit Royalties – US$50 Million Revolving Credit Facility Sets Up Future Transactions and Growth
Summit Royalties (TSXV: SUM) secured a US$50M revolving credit facility from National Bank of Canada to fund future royalty and stream acquisitions without diluting shareholders. Management plans to target cash-flowing or near-production royalties that fall below larger peers' minimum deal sizes, banking on multiple small accretive deals compounding NAV. Two development-stage assets — Copperstone (a 4% gold stream in Arizona) and Patangi in Brazil — are projected to drive revenue and GEO growth into 2027. Trading around 0.6x NAV means the credit line's all-in cost sits well below the company's implied cost of equity, making funded deals inherently accretive. Four producing royalties — Madsen (West Red Lake), Bombore (Orazone), Zancudo (Daenerys Metals) and Keysbrook (Iwatani) — still carry embedded growth as operators ramp up throughput.
Newsletter Favorites Upside (using New GSD Defaults)
Key Highlights
brief- The host says Orezone is expanding production next year, is really cheap in West Africa, and trades at less than a one future multiple.
Raising default price assumptions to $7,000 gold and $200 silver reflects conviction that current metal prices undershoot the macro setup. Screening 90 favorite miners at those prices prints 20-plus-bagger upside for many, but most need three-to-four-year mine builds first. Near-term producers like Guanajuato Silver need no new growth, so they offer immediate leverage if silver reaches $200. A gold-silver ratio squeeze toward 2.5-3% underpins the $175-200 silver target alongside $7,000 gold within 24-36 months. Timeline to getting paid is the key filter: the longer a mine build, the longer investors must wait for the printed upside.
Orezone Gold Buys Into Canada — 300% Re-Rate Next?
Orezone Gold acquiring Canadian assets, signaling potential 300% re-rate opportunity for investors Strategic expansion into stable Canadian jurisdiction reduces geopolitical risk for existing West African operations Market re-rating potential driven by asset diversification and improved risk profile for the gold developer
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