Orezone Gold Corporation · TSX:ORE
Orezone Gold — Q3 2025 Earnings Presentation
13 slides from Orezone Gold's earnings presentation, Nov 13, 2025
Slide 1: Q3-2025 Webcast & Conference Call
TSX ORE I ASX ORE I OTCQX ORZCF For personal use only BUILD. OPERATE. EXPAND. Q3-2025 Webcast & Conference Call BOMBORÉ GOLD MINE BURKINA FASO November 12, 2025
Slide 2: Important Notice - Disclaimer
IMPORTANT NOTICE Disclaimer This presentation is dated November 12, 2025 and is a summary only, containing general information about All such forward-looking statements are based on certain assumptions and analysis made by management and Orezone Gold Corporation (“Orezone” or the “Company”) and is s
Slide 3: Important Notice - Past Performance, Gold Production, Mineral Resources
IMPORTANT NOTICE Past Performance Gold Production – Stages 1 and 2 Past performance metrics and figures (including historical share price performance of Orezone), as well as any pro Refer to the ASX Prospectus for the statement in this presentation that production from stage 1 is expected to be form
Slide 4: Bomboré Q3-2025 Highlights
BOMBORÉ Q3-2025 Highlights GOLD PRODUCTION GOLD SALES AISC PRODUCTION For personal use only SALES AISC 23,371oz 20,350oz $1,958/oz sold On track to achieve 2025 guidance Average realized price of Costs impacted by external factors 115,000 - 130,000oz US$3,375/oz, US$68.9M in revenue (royalties, FX,
Slide 5: Production and Unit Cost Summary
BUILD | OPERATE | EXPAND PRODUCTION AND UNIT COST SUMMARY Q3-2025 Commentary Mining Physicals Q3-2025 Q3-2024 9M-2025 9M-2024 For personal use only • Production slightly below plan due to longer duration Ore tonnes mined Tonnes 2,028,840 1,457,631 6,202,519 5,826,711 rainfall events Waste tonnes min
Slide 6: Financial and Operating Highlights
BUILD | OPERATE | EXPAND FINANCIAL AND OPERATING HIGHLIGHTS Q3-2025 Commentary Operating Performance Q3-2025 Q3-2024 9M-2025 9M-2024 For personal use only • Robust earnings and cash flow generated Gold production oz 23,371 26,581 79,607 82,244 Gold sales oz 20,350 27,698 77,558 83,864 • $28.4M adjus
Slide 7: 2025 Outlook
BUILD | OPERATE | EXPAND 2025 OUTLOOK AISC cost guidance revised to reflect external factors, balance of 2025 guidance unchanged For personal use only • Revised AISC of $1,700 - $1,800/oz, previously $1,400 - $1,500/oz • Reflects the impact of: • Higher government royalties as the result of the high
Slide 8: 2025 A Significant Transition Year
BUILD | OPERATE | EXPAND 2025 A Significant Transition Year Stage 1 Hard Rock – 2.5Mtpa Bomboré Production Outlook For personal use only • Construction nearing completion (100% Basis) • Commissioning Q4-2025 220-250koz • 2026 production: 170,000 - 185,000oz 170-185koz Stage 2 Hard Rock – 5.5Mtpa 141
Slide 9: Stage 1 Expansion – 2.5Mtpa
BUILD | OPERATE | EXPAND STAGE 1 Hard Rock Expansion – 2.5Mtpa Budgeted CAPEX of $90-95M For personal use only Existing Oxide Plant On-schedule and on-budget Major CAPEX spend now essentially complete 5.5Mtpa Jaw Crusher SAG Mill Current Progress Hard rock mining commenced in October, ore feed stock
Slide 10: Stage 1 Major Mill Components
BUILD | OPERATE | EXPAND STAGE 1 Hard Rock Major Mill Components For personal use only Jaw Crusher & Dump Pocket Lime Silo & Ore Bin 10
Slide 11: Stage 1 Major Mill Components
BUILD | OPERATE | EXPAND STAGE 1 Hard Rock Major Mill Components For personal use only 9.0MW SAG Mill Trash Screen & CIL Tanks 11
Slide 12: Stage 1 Expansion
BUILD | OPERATE | EXPAND STAGE 1 Hard Rock Expansion For personal use only TSF Expansion Hard Rock Mining Fleet 12
Slide 13: Outlook
OUTLOOK For personal use only Significant near-term Production and Cash Flow Growth Experienced Undervalued Management Strong Relative to peer group Team Balance P/NAV 1 0.3x vs peers at 0.7x Sheet EV/EBITDA (2026)1 1.5x vs peers at 4.4x Actionable Well positioned Exploration for Index Upside Inclus