GMP Initiates Coverage on Orezone Gold with Buy Recommendation

Orezone Gold Corporation (TSX:ORE) was given a “Buy” rating by GMP Securities as it initiated coverage on Orezone.

As quoted in the Equity Research, “We are initiating coverage of Orezone with a BUY rating and C$0.90/sh price target. This represents a 0.8x P/NAV multiple at our GMP CAD:USD exchange rate of C$1.00:$0.80. Our multiple reflects the advanced stage of the technical work, our confidence in management’s ability to progress the project given their track record, but also incorporates the unfunded status of the project and its location in Burkina Faso.”