Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (July 2026)
29 slides from Orezone Gold's investor presentation, July 2026
Slide 1: An Emerging Mid-Tier Producer
TSX & ASX ORE OTCQX ORZCF AN EMERGING MID-TIER PRODUCER Orezone Gold Corporation Corporate Presentation July 2026
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Investor Presentation This investor presentation is dated May 1, 2026, and has been prepared by Orezone Gold Corporation (“Orezone” or the “Company”) based on information available to it at the time of preparing this presentation. No representation or warranty, expre
Slide 3: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Not an Offer This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this presentation nor anything in it shall form the basis of any contract or commitmen
Slide 4: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Mineral Resources and Mineral Reserves – NI 43-101 (Canada / TSX) The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated econo
Slide 5: Investment Rationale: Expanding Exposure to a Tier-1 Jurisdiction
INVESTMENT RATIONALE Expanding Exposure to a Tier-1 Jurisdiction INVESTMENT RATIONALE Expanding Exposure to a Tier-1 Jurisdiction Multi-Asset Orezone combines significant cash Producer flow, funded growth, Tier-1 jurisdiction Long-life producing assets in Canada and exposure and substantial explorat
Slide 6: Bomboré Gold Mine Overview
BOMBORÉ GOLD MINE Overview • Established mining jurisdiction with 16 mines brought into production Location Burkina Faso • 90-minute drive from capital city to Bomboré • Strong support from local communities and in-country partners • Achieved commercial production of oxide Established operations in
Slide 7: Orezone Quebec Overview
OREZONE QUEBEC Overview • All operations and projects based in Quebec, Canada Quebec, Canada Tier-1 Jurisdiction • Tier 1 jurisdiction with assets operated by Agnico Eagle, IAMGOLD, Eldorado and Gold Fields • >3.2Moz Au over 30yrs of operation Casa Berardi • ~105,000oz/yr avg. over the last 5 years
Slide 8: Casa Berardi Operating History
CASA BERARDI Operating History Through 30 years of production , Casa Berardi has predominantly been an underground mine 1 2006 – 2016: Sustained investment in underground exploration and development supported an average production profile of ~141,000oz/yr at a head grade of ~7.0g/t Au 2 2017 – Curre
Slide 9: orn — soom |
E110 orn — soom | Traced to ~800 meters Marginal extension KO at depth E130 1 E140 EMC rit E150 lo FSI Pit I Past Production
Slide 10: Casa Berardi Overview & Exploration Upside
CASA BERARDI Overview & Exploration Upside Near-term underground mine plan underpinned by a substantial resource base and established infrastructure Multiple well-defined ore shoots open for extension down plunge Actionable exploration upside within Gap Zone and along strike Refer to the Casa Berard
Slide 11: Looking North
F160 Looking North car-149-086 Sa0gt/ 540m 2angt/ 420m car-taecce © ‘CBF 460: Exrgt 42m . aT QN 21-50 cp513:550 s0479h730m cas43551 . 15.069t 00m 0-182 ® $204gh73.50m car-160-136 03912420 4783.0 1205983.40m car-160-136 21229h 450m cas20.011 10,7998 465m caF-04-t15 > 8] o " _ e 3055gh/ 3.5m) } & Sk °
Slide 12: Looking North
F134 Looking North oe caret Sa0gt/1.60m 34435 ° rani 30m cBr-134-134 4s2gt/2.60m cr-434127 8 Bs2gt/7 0m S cer1ses6 Sigt/3.00m cBr-194-116 26091710 Eaten — sates | Drill inter > 3m (core len; . _ Aes Grade (g/t Au) Linear Grade (g/t x m) » BE >os<set Way 2028 Historical conan we ty te 0 > 18 < 25 gtx
Slide 13: Casa Berardi Targeting Higher Grades
CASA BERARDI Targeting Higher Grades The Casa Berardi deposit hosts multiple plunging zones of significantly higher-grade mineralization (>15g/t) Further down plunge delineation of high-grade sub-zones provides the basis to re-establish high-grade stope inventory West Mine East Mine WMCP Pit (Planne
Slide 14: Casa Berardi Deposit Size Comparison
CASA BERARDI Deposit Size Comparison Underground gold mines in Canada can extend to depths of over 3km Casa Berardi has locally been drilled to a depth of just over 1km, and remains open down plunge and along strike 1 Red Lake La Ronde Westwood Macassa Casa Berardi EVOLUTION AGNICO IAMGOLD AGNICO OR
Slide 15: The Heva-Hosco Development Project
THE HEVA-HOSCO Development Project HEVA-HOSCO FEASIBILITY STUDY 1 NEXT STEPS Meets all the fundamentals Aurizon 2012 Resurface Project • 20km east of Rouyn-Noranda • Mineral Inventory of 1.66Moz @ 1.26g/t • Market currently ascribes no value • Established infrastructure Within 2.34Moz M&I + 0.27Moz
Slide 16: Re-Rate Potential Peer Comparables
RE-RATE POTENTIAL Peer Comparables Valuation Multiples2 Production 100 1 200 300 00 Market Capitalization EV/2026 EBITDA P/NAV Discovery 2 0koz Discovery S , 3M Capricorn 10 x esdome 0 0x enesis 2 5koz enesis S ,11 M Emerald x enesis 0 5x esolute 2 3koz Capricorn S 3, M amelius 1x Capricorn 0 2x ORE
Slide 17: 2026 Production and Cost Guidance
2026 PRODUCTION AND COST GUIDANCE FY-2026 Q1-2026 Production Guidance Bomboré (100% Basis) Unit Guidance Actuals Gold Production oz 160,000 – 180,000 37,563 • Bomboré Operations AISC1,2,3 $/oz $2,100 - $2,300 $2,245 • 2026 production and cost guidance reiterated Sustaining Capital1,2 $M $21 - $23 $4
Slide 18: Orezone Corporate Snapshot
OREZONE Corporate Snapshot Capital Markets Data 1 Trading Performance 2 (C$/sh.) TSX // ASX ORE Exchange Symbols OTCQX ORZCF 3 00 2 5 52-Week Range C$1.05 – 2.98 2 50 Shares Outstanding // Fully Diluted 667M // 741M 2 25 2 00 Market Capitalization C$1.5B // US$1.0B 1 5 Cash & Bullion US$68M 1 50 Sen
Slide 19: Looking Ahead in 2026
Looking Ahead in 2026 Key Catalysts Expected to Drive Value Creation Through 2026 Orezone Production Outlook • Bombore: 160-180Koz at $2,100-$2,300 AISC (100% Basis) Operations • Casa: 62-67Koz at $2,600-$2,800 AISC 00 • Consolidated Production 220-250Koz Catalysts 300 ▪ Bomboré HR Stage 2 ▪ Casa Be
Slide 20: Appendix
NS OREZONE | = Appendix
Slide 21: Acquisition Highlights
ACQUISITION HIGHLIGHTS Positions Orezone as a Diversified Multi-Asset Producer ENTRANCE INTO SIGNIFICANT INCREASE IN Orezone Acquired the Tier 1 Mining Production Casa Berardi Mine Jurisdiction and Cash Flow Acquisition of Quebec mine from ESTABLISHED AS MAINTAINS STRONG Hecla Mining Multi-Asset Bal
Slide 22: Transaction Overview
TRANSACTION OVERVIEW Transaction • Orezone to acquire Hecla Quebec Inc (“Hecla Quebec”) a wholly owned subsidiary of Hecla Mining Company (“Hecla Mining”) • Acquired assets include 100% ownership of the operating Casa Berardi gold mine, a portfolio of exploration projects in Quebec including the adv
Slide 23: Reserves & Resources
RESERVES & RESOURCES Proven & Probable Measured & Indicated Inferred Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained kt g/t koz kt g/t koz kt g/t koz Casa Berardi Open Pit 12,288 2.73 1,079 15,929 2.74 1,405 587 3.24 61 Underground 482 5.08 79 4,892 5.94 934 1,913 7.02 432 Ca
Slide 24: Peer Comparison & References Annexure A
PEER COMPARISON & REFERENCES Annexure A Total Total Measured Indicated Inferred Grade Company Stage Tonnage Resources Source Date (kt) (koz) (koz) (koz) (koz) (g/t) West African Resources Producer 352,300 1,080 8,070 3,040 12,190 1.08 Investor Presentation 15-Sep-25 15-Sep-25 Reserve and Resource St
Slide 25: Foreign Estimate (ASX Listing 5.12) Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.1 The source and date of the historical estimates or The Casa Berardi Mine Mineral Resource and Mineral Reserve estimates were prepared under the supervis
Slide 26: Foreign Estimate (ASX Listing 5.12) Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.5 To the extent known, a summary of work programs • The Casa Berardi Property is located in the northern part of the Abitibi Subprovince, within the Super
Slide 27: Foreign Estimate (ASX Listing 5.12) Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.6 Any more recent estimates or data relevant to the As at the date of this announcement, the foreign estimates reported by the Company have not been super
Slide 28: Foreign Estimate (ASX Listing 5.12) Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.10 A statement by a named competent person or In accordance with ASX Listing Rule 5.12, the information in this presentation relating to the NI 43-101 Min
Slide 29: Production Target (ASX Listing 5.16) Annexure C
PRODUCTION TARGET (ASX Listing 5.16) Annexure C Additional Technical Information Relating to the Foreign Estimate Rule Commentary 5.16.1 All material assumptions underpinning the production target are contained in the Casa Berardi Technical Report and the IPO ASX. Please also see 5.12.5. 5.16.2 The