Orezone Gold Corp (ORZCF) Q4 2025 Earnings Call Highlights: Record Net Income and Strategic ...

Orezone's 30% production jump tells the real story here. Miners are pushing harder to extract more gold even as their costs rise. That's not happening in a weak market. When producers are willing to accept tighter margins to boost output, they're responding to genuine demand pressure. The cash flow challenges most miners face right now actually work in stackers' favor - less capital for exploration means tighter future supply. Every ounce they pull from the ground today is one less available tomorrow. Production increases sound bearish until you realize they're often a lagging indicator of strong underlying demand. Physical markets don't care about quarterly earnings calls.