Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (April 2022)
33 slides from Orezone Gold's investor presentation, Apr 8, 2022
Slide 1: Building Burkina Faso's Next Gold Mine
NS OREZONE Bombore Building Burkina Faso's Next Gold Mine April 2022 TSX: ORE OTCQX: ORZCF
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward looking statements” within the meaning of applicable U.S. securities laws (together, the “forward-
Slide 3: Orezone: April Update
Orezone: April Update BOMBORE GOLD PROJECT 90% owned by Orezone First Gold Pour 33-2022 10% Burkina Faso Government ° * Construction overview and update * Timeline to commercial production Grade Control Drilling Exploration update and next steps ~~ Future expansion potential and timelines * Value ca
Slide 4: Burkina Faso: An Established Gold Mining Jurisdiction
Burkina Faso: An Established Gold Mining Jurisdiction 01 Supportive mining jurisdiction ® 15 producing gold mines ~ Majority built on/ahead of schedule and on/under budget *& Strong support from local communities and Government 02 “15Moz gold within 20km of Bomboré ®& West African Resources: Sanbrad
Slide 5: Bomboré Construction
NS OREZONE Bomboré Construction
Slide 6: Bomboré Oxide Plant — Construction Update
Bomboré Oxide Plant — Construction Update ~ All major contracts awarded prior to recent cost inflation ~~ Major equipment and supplies ordered and being shipped FE Pron & CIL tank erection completed and top of " se ToRpradk ; : 4Steelwor Offi d tank steelwork commenced . , eee . . Pre-As bled Major
Slide 7: Plant Site Ball Mill Foundations and Platforms
Plant Site 4 =SBalh Mill: Foundations-and-Platforms==——— : = = — - . Bomboré — Building Burkina Faso’s Next Gold Mine ROM Pad - Feed Prep
Slide 8: Off Channel Reservoir and Mining
Off Channel Reservoir and Mining & OCR is the first pit mined ¢ Actas water storage during operations ¢ Intake and discharge piping is progressing to receive water in June Mining performed by local contractor ~~ Better than planned productivity since the start of mining — rate of 40,000 tpd ¢ Mining
Slide 9: Tailings Storage Facility and Ancillary Facilities
Tailings Storage Facility and Ancillary Facilities ~~ TSF earthworks complete © TSF lining has commenced and scheduled for completion in April 2022 ~~ Overland piping for TSF and water supply well advanced Ancillary buildings in progress, including: ¢ Assay lab * Offices ¢ Warehouse « Workshops 9 Bo
Slide 10: Ancillary Buildings
Ancillary Buildings Plant site offices Reagent storage ~~ Laboratory Control room © Warehouse 410 Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 11: Camp — Extension in final stages for peak construction
Camp -— Extension in final stages for peak construction "1 Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 12: Temporary Diesel Tanks
Temporary Diesel Tanks Power Plant Temporary Switchgear NS OREZONE 12. | Bomboré - Building Burkina Faso’s Next Gold Mine
Slide 13: Project Timeline — ~70% Complete
Project Timeline — “70% Complete Oxide Construction ! 2021 ! 2022 Timeline Qs a. a ce Ce, ee, eee Q Q Q Q Q Q Q Q Regular Corporate 1 2 3 4 1 2 3 Updates EPCM Site Preparation Earthworks OCRMining ond Development — EE I HN EE EDO eA Tailings Storage Facility Videos Process Plant Construction OCR Fil
Slide 14: West African Gold Projects Surpass Expectations
West African Gold Projects Surpass Expectations & Projects in West Africa have a long history of being built ahead of schedule and under budget Lycopodium West African projects reach design throughput in “30 Days on average and exceed nameplate capacity post commissioning West African Projects Lycop
Slide 15: Grade Control Drilling
NS OREZONE Grade Control Drilling
Slide 16: Grade Control Drilling A1 Starter Pit
Grade Control Drilling A1 Starter Pit © Grade control drilling confirms the geological interpretation and grade estimation in A1 * Returned consistent high-grade intervals 20.00 m of 4.49 g/t Au from 27.00 m 11.00 m of 7.48 g/t Au from 6.00 m 19.00 m of 3.62 g/t Au from 1.00 m 23.00 m of 2.88 g/t Au
Slide 17: Exploration & Expansion Potential
NS OREZONE Exploration & Expansion Potential
Slide 18: Overview of Exploration Potential
Overview of Exploration Potential Drilling at the P17 Trend continues to return excellent results beyond current reserves and resources — high-grade and near surface ~~ Several higher-grade zones within the main ore body are well-defined, near surface and remain open for expansion at depth ~~ Curren
Slide 19: Significant Expansion Potential: P17 Trend
Significant Expansion Potential: P17 Trend ®& Drilling continues to intersect several wide zones of multigram A Ely Trend gold mineralization near surface and outside of current ores, | reserves 10m # 2.68 got T fame 4.39 ant Phase I Driling P17 © Two of the best intersections returned from new P17S
Slide 20: P17 Exploration — What is it telling us?
P17 Exploration — What is it telling us? & Phase | opened up P17S to the east of the reserve pit and down-plunge * This high-grade zone daylights near surface & Phase | also opened the mineralization 600 m into the Gap Zone & Phase Il intersected near-surface mineralization to the south of Phase | d
Slide 21: Multiple Repeating High-Grade Folds
Multiple Repeating High-Grade Folds iy i T P Udy Tay 4 j BBD1084 i | _BBD1048 ] j 8 2.80 g/t Au 3 j 30.00m || 4.00 g/t Au BBD1085 , 32.00'm BBD1000 { i BBD1066 | 3.00 g/t Au i 17.00 m Ley, j 4 i 340 g/t Au | F 21.00 m 1 2.70 g/t Au 18.00 m ESOT 100 m L 2022 Drill Trace [ho.29-0.51 [Bos1-1.00 L Previ
Slide 22: Main Shear Zone Resource & Reserve Conversion
Main Shear Zone Resource & Reserve Conversion Multiple opportunities throughout the project to convert inferred resources : : oct camp ting perme near the pit bottom to M&l through additional drilling Exploration permit Current reserves are based on US$1,250/oz gold ¢ Current resources based on US$1
Slide 23: P11 Inferred Resources
P11 Inferred Resources Au_inferred Au_Total OX_NITON2 } } = as 2 Ex cA Wey SOOT _ 4 = | vo b/ _| me (ok 2s SSeS 7| a ra ——F} ae _ A AMC ES Pit / . : Design “ i Xe é Conceptual USD $1,400 Pit Shell 730 750) ba: ooRzeZ> SLezel= Oseel= North sectioh@+1349150.00
Slide 24: Siga South Inferred Resources
Siga South Inferred Resources ¥ 10500 ca 4—f ff (00 ‘Au_inferred Au_Total OX_NITON2 ae 15 2 =” k 1 1 Bre 08 ose 0.35 0.29 AMC FS Pit Design . Conceptual USD $1,400 Pit Shell 3 00cee+ 3 O0PeCLF 3 00L8eL+ +100 Junge rolang Nah 3) E ise 25 50
Slide 25: Maga Hill Inferred Resources
Maga Hill Inferred Resources Au_Inferred Au_Total Ox_Niton2 ae 1s 2 ox oe. op os a7 vu unknown AMC FS Pit Design Conceptual USD $1,400 Pit Shell ry
Slide 26: Previous Drill Results Below Existing Reserve Pits
Previous Drill Results Below Existing Reserve Pits Length Grade Length SES : SISA EAST | SME 88C2329 41.00 46.00 5.00 2.19 MAGA HILL Ela 13.00 i [TE «3800246 = 43.50 63.00 19.50 6.06 ER 8500803 8.00 5.88 [6800450 —_208.00 215.00 7.00 3.23 HE 2800203 10.00 1.55 TS «38c4555 56.00 63.00 7.00 2m ER 3500
Slide 27: Oxide Plant and Sulphide Circuit Expansion
SS Le ¥ ; _ et SLs — STAGE 1: Oxide Plant ROOM TO EXPAND SULPHIDE CIRCUIT STAGE 2: Sulphide Circuit Oxide plant capacity of 5.2Mtpa * Oxide feed reduced to 3.0Mtpa upon commissioning of the sulphide circuit Sulphide circuit capacity of 2.2Mtpa * Expandable capacity to >4.0Mtpa with the addition of a
Slide 28: Near Term Value Propositions
NS OREZONE Near Term Value Propositions
Slide 29: Near Term Value Catalysts
Near Term Value Catalysts Exploration success at P17 Trend — drilling ongoing and 2022 exploration budget increased to US$9M Resource/reserve update and expansion study in Q@2 On-schedule and budget for first gold pour in Q3 Commercial production Q4 SS OREZONE | Bomboré — Building Burkina Faso’s Nex
Slide 30: Re-Rate Opportunity
Re-Rate Opportunity Lifecycle of a Junior Mining Company Relative Value DEVELOPMENT MINING EXPLORATION High Risk - High Potential Value Re-Rating Lowered Risk Optimal Investing Stages ,* * ‘OREZONE Concept Feasibility Construction & Start-Up Operations 30 Project execution is key to a re-rate * Lyco
Slide 31: Share Price Performance During Construction
Share Price Performance During Construction Share Price Performance of Single Asset Development Companies During Construction 300% West African Resources 275% Commercial Production g 250% June 2020) E 225% 2 200% @ 175% 9 2 150% © 125% Roxgold Declares 5 Commercial Production 8 100% (October 2016) g
Slide 32: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure (Dec. 31, 202’ Shares Issued 323,899,306 Shares Fully Diluted (assumes Convertible conversion) 396,416,827 Warrants (ORE.WT:TSX; CAD$0.80; exp. Jan. 29, 2023) 17,685,450 Options (CAD$0.30 - $1.42) 19,175,500 Restricted Share Units 2,851,164 Def
Slide 33: A Clear Path to Value Re-Rating
A Clear Path to Value Re-Rating Ongoing Drilling Success Highlights $800 150 $733 Bombore’s Exploration and . . 2 $520 . Expansion Potential % 0% B $ z . a a Average share price =" $361 2 performance during 5 son B . & g00 18-month construction ae Construction On-Schedule and Budget * "$1,300 $1,500