Orezone Gold Corporation (ORZCF)
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A 13F lists only what is listed in the United States. Orezone Gold trades in Toronto, Sydney and over-the-counter — and so falls through the mesh of the very filing everyone reads. There, in an eighteenth position that no quarterly report shows, sits the single largest holding in the entire Helikon portfolio at 12.45 percent; it surfaces only through a threshold filing. The gold producer behind it booked a record year in 2025 and still spent more than it took in; it remade itself from a single-mine operation in Burkina Faso into a two-country producer; and since August 2025 the state sits at the table with 15 percent instead of 10. Not investment advice — just the question of why a fund’s strongest conviction sits exactly where the metric-search shines its light least often.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralGeprüft 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
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q4 | – | – | 131 | – | 27.60 | 57 | – |
- 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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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.
- 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.
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.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 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.