Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (April 2025)
23 slides from Orezone Gold's investor presentation, Apr 24, 2025
Slide 1: Build. Operate. Expand. Corporate Presentation April 2025
TSX ORE OTCQX ORZCF BUILD. OPERATE. EXPAND. Corporate Presentation | April 2025 BOMBORÉ GOLD MINE BURKINA FASO
Slide 2: Disclaimer
DISCLAIMER This presentation contains certain “forward-looking information” within the meaning of applicable Canadian recommendations are not intended as investment advice and should not be relied upon by investors to make securities laws. Forward-looking information and forward-looking statements (
Slide 3: Burkina Faso: An Established Gold Mining Jurisdiction
BURKINA FASO An Established Gold Mining Jurisdiction Ideal Location 90-minute drive from the capital city Ease of logistics and security Skilled local labour force > 18Moz Gold within 50km* West African Resources: Sanbrado, Toega and Kiaka New high-grade gold discoveries Supportive Mining Jurisdicti
Slide 4: Build | Operate | Expand
BUILD | OPERATE | EXPAND Oxide plant built >100,000 oz/yr Tier 1 potential 14km reserve defined on-time and under-budget Operations Exploration system, average reserve depth of <40m Stage I Commercial Production >170,000 oz/yr Drilling Multi-year Expansion Production Guidance Achieved Underway Drill
Slide 5: Bomboré: FY2024 & Q1-2025 Highlights
BOMBORÉ: FY2024 & Q1-2025 Highlights GOLD PRODUCTION AISC RECORD NET INCOME PRODUCTION NET INCOME AISC 118,746oz $1,447/oz sold Net Income: $55.7M FY2024 Exceeded the mid-point of guidance Below industry average AISC EPS: $0.14 of 110,000-125,000oz Attributable to Orezone shareholders GOLD PRODUCTIO
Slide 6: 2025 Production And Costs Guidance
BUILD | OPERATE | EXPAND 2025 Production And Costs Guidance Investing in the Future – 2025 Growth Capital Operating Guidance 2025 Guidance • Permanent Back-up Diesel Power Plant ($22-$24M) (100% Basis) • To support both oxide and hard rock operations Gold Production 115,000 – 130,000oz during tempor
Slide 7: 2025 A Significant Transition Year
BUILD | OPERATE | EXPAND 2025 A Significant Transition Year Stage I Hard Rock – 2.5Mtpa Bomboré Three-Year Production • Construction underway (100% Basis) 220 - • Commissioning Q4-2025 250koz • Production: >170,000oz/yr 170 - 185koz Accelerated Stage II Hard Rock – 5.0Mtpa1 141koz 115 - 119koz 130ko
Slide 8: Stage I Hard Rock Expansion – 2.5Mtpa
BUILD | OPERATE | EXPAND STAGE I Hard Rock Expansion – 2.5Mtpa Budgeted Capex of $90-95M Existing Oxide Plant Fully financed Ahead of schedule & on budget 5.0Mtpa Jaw Crusher SAG Mill Concrete 3 months ahead of schedule Engineering ahead of schedule, bulk quantities in line with budget All long lead
Slide 9: Stage I Hard Rock Expansion – 2.5Mtpa (site photos)
BUILD | OPERATE | EXPAND STAGE I Hard Rock Expansion – 2.5Mtpa 1 2 3 4 5 1. Hard rock expansion area with oxide plant and shared infrastructure 2. Dump pocket & crusher foundation 3. CIL tanks 4. SAG mill foundation 5. Major SAG mill components now on site 9
Slide 10: Stage II Hard Rock Expansion – 5.0Mtpa
BUILD | OPERATE | EXPAND STAGE II Hard Rock Expansion – 5.0Mtpa Mill throughput to increase from 2.5Mtpa to 5.0Mtpa Ball Mill Thickener Water Tank Production 220,000 – 250,000oz/yr Pebble Crusher Additions to hard rock plant 4 additional CIL tanks Ball mill & pebble crusher Thickener & water tank Ox
Slide 11: Key to Our Success: Commitment to Local Content
KEY TO OUR SUCCESS Commitment to Local Content Local Workforce 97% Burkinabe First to use an in-country workforce mining contractor • Well established workforce in • Very successful ramp-up and country with 16 mines developed performance since commissioning • Only four expats • Now performing simila
Slide 12: Evolving Exploration Outlook
BUILD | OPERATE | EXPAND EVOLVING EXPLORATION OUTLOOK Prior to 2017: heap leach focus P17 2017 to 2022: hard rock integration • New management team North Zone • 2.4Moz Mineral Reserve1 P16 • Average reserve pit depth <40m • Full ramp-up: 220,000-250,000oz/yr Siga • Only 38 holes deeper than 250m P11
Slide 13: North Zone Long Section Looking Southeast
NORTH ZONE LONG SECTION Looking Southeast Highlighted intercepts below current resource & reserve pits 13
Slide 14: P17 Long Section Looking Northwest
P17 LONG SECTION Looking Northwest Highlighted intercepts within higher-grade sub-zones 14
Slide 15: Current Position
NS OREZONE Current Position
Slide 16: Orezone Significantly Undervalued
OREZONE Significantly Undervalued 2024 Production Market Capitalization Stage I Hard Rock Expansion Source: S&P Capital IQ Pro & Public Disclosure as at close on March 31, 2025 16
Slide 17: 2025 A Transformational Year
BUILD | OPERATE | EXPAND 2025 A Transformational Year Completion of ASX Renewed Focus: Stage I Hard Rock Secondary Listing Multi-year Exploration Expansion (mid-2025) Program Planned • Hard rock mining to increase • Increased trading liquidity and • 2.4Moz Mineral Reserve1 at overall head grade and
Slide 18: Financial Position
FINANCIAL POSITION Q1-2025 Financial Position 1 Outlook $102M cash Expected $80M in senior debt outstanding upon completion of Stage I hard rock plant $65M senior debt with Coris Bank in late 2025 • 9 - 11% interest rate Debt free by Q4-2027 • $29M undrawn $35M convert with RCF & Beedie • Conversion
Slide 19: Capital Structure & Research Coverage
CAPITAL STRUCTURE & Research Coverage TSX: ORE, OTCQX: ORZCF Major Shareholders3 Shares Issued1 527,986,892 Shares Fully Diluted2 598,402,199 20% Nioko 1 Market Capitalization C$634M Analyst Target Price and Recommendations 42% Other 14% Broker Date Recommendation Target Price Australian Funds Canac
Slide 20: Appendix
NS OREZONE Appendix
Slide 21: Management & Directors
MANAGEMENT & DIRECTORS Significant Hands-on Experience MANAGEMENT BOARD PATRICK DOWNEY ROB HENDERSON PATRICK G. DOWNEY TARA HASSAN President, CEO and Director VP, Technical Services President, CEO and Director Director Former President, Chief Executive Officer and Director VP, Corporate Development
Slide 22: Resource and Reserve Estimates
RESOURCE AND RESERVE ESTIMATES Bomboré Gold Project Resource Estimate as of March 28, 20231 Measured Indicated Measured and Indicated Inferred Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Oxide 16.
Slide 23: Contact
CONTACT Vanessa Pickering 604-202-2940 vpickering@orezone.com www.orezone.com