Orezone Gold Corporation · TSX:ORE
Orezone Gold — Merger or Acquisition (January 2026)
29 slides from Orezone Gold's merger presentation, Jan 27, 2026
Slide 1: Strategic Expansion into Canada: Acquisition of Casa Berardi Mine
TSX & ASX ORE OTCQX ORZCF For personal use only STRATEGIC EXPANSION INTO CANADA Acquisition of Casa Berardi Mine Corporate Presentation | January 2026 All dollar amounts are in USD unless otherwise indicated
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Investor Presentation This investor presentation is dated January 26, 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. This presentation has been prep
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: Acquisition Highlights
ACQUISITION HIGHLIGHTS Positions Orezone as a Diversified Multi-Asset Producer Transaction Highlights Orezone to Acquire For personal use only • Strategic acquisition of an established operating mine, Casa Berardi Mine located in a Tier 1 mining jurisdiction Acquisition of the Quebec-based • Establi
Slide 6: 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 For personal use only exploration projects in Q
Slide 7: Snapshot: An Emerging Diversified Mid-tier Producer
BUILD | OPERATE | EXPAND SNAPSHOT An Emerging Diversified Mid-tier Producer ENTRANCE INTO SIGNIFICANT INCREASE IN Tier 1 Mining Production For personal use only Jurisdiction and Cash Flow ESTABLISHED AS MAINTAINS STRONG Multi-Asset Balance Producer Sheet FINANCIAL SPONSORSHIP Clear Path TO UNLOCK FU
Slide 8: Casa Berardi Location Overview
CASA BERARDI Location Overview • Located in Quebec, Canada Location • Tier 1 Jurisdiction with assets operated For personal use only Quebec, Canada by Agnico Eagle, IAMGOLD, Gold Fields, Alamos and Eldorado • Property covers 37km of strike along the Land Package Casa Berardi Fault >19,500ha • 19,150
Slide 9: Casa Berardi Operations Overview
CASA BERARDI Operations Overview • The Casa Berardi mine has produced >3.2Moz of gold over 30-years of operation History For personal use only • Production over the last 5-years has averaged 106,100oz/yr • 1.3Moz Proven & Probable Resource • 0.9Moz Measured & Indicated & Reserves 1, 2 • 0.5Moz Infer
Slide 10: 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 For personal use only average production profile of ~141,000oz/yr at a head grade of ~7.
Slide 11: Casa Berardi Path Forward
CASA BERARDI Path Forward RECENT DISCLOSURES OUTLOOK AT SHIFTING TO OPEN PIT >US$2,500/oz GOLD PRICE For personal use only • December 31, 2024 reserve gold price assumption of • Current stated underground M&I resource of 895,000oz US$1,900/oz grading 6.13g/t Au provides significant scope to maintain
Slide 12: 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 For personal use only Actionable exploration upside within Gap Zone and along strike We
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 For personal use only West Mine Eas
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 For personal use only 1 Red Lake La Ronde Westwood Macassa Casa Berardi EVOLUTION AG
Slide 15: Casa Berardi Regional Upside
CASA BERARDI Regional Upside Camp scale property package covering 37km section of the Casa Berardi Fault Limited regional drilling has identified multiple mineralized zones, highlighting broader continuity of the system For personal use only Future systematic exploration centered on uncovering satel
Slide 16: Casa Berardi Optimization and Value Creation
CASA BERARDI Optimization and Value Creation • Focus on near-term mine planning and sequencing to improve grades Near-term and tonnage Planning • Updated life-of-mine plan targeting multi-year underground LOM and For personal use only F160 pit extension • Open pit grade control and blast monitoring
Slide 17: Exploration Properties
EXPLORATION PORTFOLIO Exploration Properties • Located 20km east of Rouyn-Noranda • 3,850ha property with 8km strike along the For personal use only prolific Cadillac-Larder Lake Break, which is host to multiple operating mines Heva-Hosco • Established mineral resource Advanced Exploration • >400,00
Slide 18: Orezone: A New Emerging Mid-tier Producer
OREZONE A New Emerging Mid-tier Producer Consolidated Gold Production • 2026 forecast: 230,000 – 250,000oz 1 Orezone Production Outlook For personal use only • Medium term target: >350,000oz/yr 2 (100% Basis) Casa Berardi Mine 400 >350koz • Optimize current operations and develop an updated LOM plan
Slide 19: Re-Rate Potential: Peer Comparables
RE-RATE POTENTIAL Peer Comparables Valuation Multiples2 Production1 Market Capitalization EV/2026 EBITDA P/NAV - 100 200 300 400 For personal use only Orla 301koz Discovery US$6,805 Capricorn 13.7x Hemlo 1.6x West African 300koz Orla US$6,220 Emerald 11.9x Orla 1.3x Genesis US$6,128 Genesis Wesdome
Slide 20: Re-Rate Potential: Non-Core Canadian Acquisitions
RE-RATE POTENTIAL Non-Core Canadian Acquisitions Porcupine Discovery Silver 1,110% return since Musselwhite Orla Mining 352% return since Coffee Fuerte Metals 295% return since announcement announcement announcement 1000% 325% 300% For personal use only 300% 275% 900% 275% 250% 800% 250% 225% EPC Co
Slide 21: Questions
For personal use only Questions
Slide 22: Contingent Payment Details
CONTINGENT PAYMENT DETAILS Gold Price Up to US$10M linked to gold price in the first 24 months after closing of transaction Contingent Consideration • US$5M to be paid should gold price average at or above $4,200/oz in the first year following For personal use only closing of the Transaction; and
Slide 23: Reserves & Resources
Reserves & Resources 1 CASA BERARDI Imperial Proven Probable Proven & Probable Metric Proven Probable Proven & Probable Tonnage Grade Ounces Tonnage Grade Ounces Tonnage Grade Ounces Tonnage Grade Ounces Tonnage Grade Ounces Tonnage Grade Ounces For personal use only kt oz/t koz kt oz/t koz kt oz/t
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 For personal use only R
Slide 25: Foreign Estimate (ASX Listing 5.12) Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Rule Explanation Additional Technical Information Relating to the Foreign Estimate 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 Hecla have not been superseded
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 Rule Additional Technical Information Relating to the Foreign Estimate 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. For persona