Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (December 2023)
32 slides from Orezone Gold's investor presentation, Dec 22, 2023
Slide 1: Bomboré: Burkina Faso's Newest Gold Mine
Slide 2: Forward-looking information
This presentation contains certain “forward-looking information” within the meaning of applicable Canadian This presentation also contains references to estimates of mineral resources and mineral reserves. The securities laws. Forward-looking information and forward-looking statements (together, “fo
Slide 3: Burkina Faso: An Established Gold Mining Jurisdiction
Burkina Faso: An Established Gold Mining Jurisdiction 01 Supportive mining jurisdiction * 16 mines brought into production * Majority of mines built on/ahead of schedule and on/under budget Strong support from local communities and Government 02 >18Moz gold within 50km of Bomboré ®& West African Res
Slide 4: Three-phase growth plan: Phase I, II, III and Tier 1 potential
US$1,700/oz US$1,500/oz Phase | (°140,0000z/yr) 5.9Mtpa oxide plant built on- time and under- budget Achieved Dec-2022 Phase Il (209,0000z/yr) Construction of an independent parallel 4.4Mtpa hard rock plant Commissioning Mid-2025 Phase Ill (>250,0000z/yr) Resource optimization and hard rock plant ex
Slide 5: Phase I: 5.9Mtpa Oxide Plant
NS OREZONE Phase | 5.9Mtpa Oxide Plant
Slide 6: Phase I: Overview
Phase I: Overview ® Phase I: 5.2Mtpa oxide plant: Commercial production on December 1, 2022 5.9Mtpa throughput achieved and expected moving forward FY2023 guidance: +140,0000z at an AISC of $1,100 to $1180/0z 9M-2023: 107,5090z produced @ US$1,088/oz AISC sold $27.7M in cash as at September 30th 9M-
Slide 7: Community Relations Programs
Community Relations Programs © Market gardens developed - agronomist assists in marketing and pricing - specialty cash crops developed - spices, shea butter Ongoing ~~ New farming methods introduced and proven successful - half moon farming Programs ~~ Commercial scale chicken farming introduced, go
Slide 8: Phase II: Hard Rock Expansion
NS OREZONE Phase Il Hard Rock Expansion
Slide 9: Phase II: Brownfields Expansion
Phase II: Brownfields Expansion =— Existing 5.9Mtpa Oxide Plant i hee == << a ih a Sau tir ie Rock Plant Bomboré — Burkina Faso’s Newest Gold Mine NS OREZONE
Slide 10: 2023 Study - LOM Annual Gold Production and AISC
2023 Study - LOM Annual Gold Production and AISC 300,000 Phase1 |< Phase 2 $2,000 5.oMtpa 10.3Mtpa 250,000 $1,600 z 2 200,000 _ 3 $1,200 8 g ~~ 3 150,000 s e ss00 2 3 100,000 c) 50,000 i to) $o 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 mmm Hard Rock =m Oxide ——=AISC Phase II first
Slide 11: Summary of 2023 Study Results
Summary of 2023 Study Results scription Unit Value Base Case Gold Price US$/oz 1,750 Robust economics (100% basis) Mine Life ye 113 Total Ore Tonnes Mined Mt 95.7 * $636M After-tax NPVeq, at $1.750/0z Total Waste Tonnes Mined Mt 187.6 ¢ $741M Aftertax NPVs, at $1,850/oz Strip Ratio Waste:Ore 196 Con
Slide 12: Well-Positioned to Deliver
Well-Positioned to Deliver Brownfield Expansion ¢ Established infrastructure — Roads, camp, power, water — Reagent storage, warehousing, workshops, offices and assay lab — Tailings storage facility ¢ Project permits in hand ¢ Experienced workforce * Construction team in place from Phase | ¢ Same EPC
Slide 13: Expansion Study and construction timeline
2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023/2024 Projects Expansion Study Grid Power Connection Community RAP Hard Rock Mill FEED/Long Lead Orders Detail Eng./Procurement Construction Commissioning/Ramp-up First Gold
Slide 14: Phase III: Opportunities & Future Growth
NS OREZONE Phase III Opportunities & Future Growth
Slide 15: Opportunities & Future Growth
Opportunities & Future Growth ~~ Near Pit Exploration Upside Reserve Pit Shell Gold Price ~~ Operational Upside * Hard rock mill expansion * Hydraulic mining 15 | Bomboré - Burkina Faso’s Newest Gold Mine 8 i=} 8 Gold Produced (oz) 4 8 $2,250 $2,000 $1,750 $1,500 $1,250 $1,000 $750 $500 $250 $0 ae e
Slide 16: Exploration Upside — Near Pit
Exploration Upside — Near Pit 1.19g/t Au over 12m 41.40g/t Au over 50m 1.25g/t Au over 16m f / 1.22g/t Au over 27m 1.43g/t Au over 12m f #1.09g/t Au over 6m 4144g/t Au over 14m | / 1.34g/t Au over 22m 1.28g/t Au over 25m hasan ‘Au over 28m 4Mg/t Au over 42m | 0.87g/t Au over 23m 41.M1g/t Au over 42m
Slide 17: Reserve Expansion
Reserve Expansion § Reserves scoped at $1,500/oz, focused on: US$1,700/oz « Margin & rapid payback * Tonnage to support 10-12yr mine life * Financeable expansion CAPEX At current gold prices pits will be mined deeper * Expected to support expanded production profile 17 | Bomboré - Burkina Faso’s New
Slide 18: Operational Upside
Operational Upside Potential hard rock mill expansion * Room in current design for the addition of pebble crusher, ball mill and CIL tank * Potential to increase hard rock mill from 4.4Mtpa to “6.0Mtpa Evaluating potential to hydraulically mine oxide stockpiles * Reduce truck/shovel rehandling ¢* Ma
Slide 19: Tier 1 Potential
NS OREZONE Tier 1 Potential
Slide 20: Exploration Upside — Along Strike at Depth
Exploration Upside — Along Strike at Depth ® Reserves delineated along >14km of broader mineral trend Deepest reserve pit is 180m & Average depth of drilling is ~200m ® First phase of structural review recently completed — future work will focus on identifying plumbing of the system | Bomboré — Burk
Slide 21: Exploration Upside — New Developing Trend at P17
Exploration Upside — New Developing Trend at P17 Bomboré Shear Zone re “\\ p17 Trend | Bomboré — Burkina Faso’s Newest Gold Mine NSS OREZONE
Slide 22: Current Position & Market Outlook
NS OREZONE Current Position & Market Outlook
Slide 23: Junior Producers with a Runway to Mid-Tier Status
Junior Producers with a Runway to Mid-Tier Status Orla Mining K92 Mining Orezone Gold Primary Project Camino Rojo Kainantu Bomboré Location Mexico Papua New Guinea Burkina Faso Fraser Institute Ranking* 37 54 31 2023 Guidance Production (02) 110,000 — 120,000 111,000 — 116,000 140,000 — 155,000 AISC
Slide 24: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure TSX: ORE, OTCQX: ORZCF ats ber 30, 2023 Shares Issued 363,449,945 Shares Fully Diluted (assumes US$35M Convertible conversion) 420,118,714 Senior Debt “US$64.5M Cosh Us$27.7M Market Cap (as at November 30, 2023 close on TSX of C$0.895) c$325M M
Slide 25: Conclusions
| Conclusions VY Robust Phase II Study v Further Upside * Full Phase Il: 209,000o0z/yr at AISC of $1,121/oz, * Exploration: open at depth along strike, new ‘11.3yr overall mine life emerging P17 trend & regional targets * $636M After-tax NPV;,, at $1,750/ ld pri . P A $ ertax sxat$ SEGA IES * Operat
Slide 26: Appendix
NS OREZONE Appendix
Slide 27: Bomboré Site Layout
Bomboré Site Layout HAULROAD Lf nen ~ x ~ > - ? ae \\ Mining Lease _—— | Exploration Permit 2023 MINING PITS PROCESS PLANT NS OREZONE 27 | Bomboré - Burkina Faso’s Newest Gold Mine
Slide 28: West Africa: A Golden Opportunity to Build a Mid-Tier
West Africa: A Golden Opportunity to Build a Mid-Tier ~~ Exploration ¢ #1 for global gold discoveries * — Efficient low-cost exploration * Rapid deposit delineation ~~ Development * Short permitting timelines * Stakeholder/community alignment * Projects built on time and on budget Ripe for Consolida
Slide 29: Regional Operating Synergies
700000E 750000 \ ofl BOULSA ce} 1400000N T NOOO00r Burkina Faso Regional Operating Synergies - ~~ Advancing towards an MOU with West African Resources (WAF) to evaluate significant potential cost savings between operations. ZORGHO *~ Bomboré and Sanbrado operating centers are within ° 14km of each o
Slide 30: Peer Comparables - Snapshot
Peer Comparables - Snapshot 00000 2023 Guidance Mic-Point $800 Looe P/NAV 250000 $1,600 .? $1,400 0.80x F 200,000 e @ © gi00 g = Ld 1000 > 0.60% 5 soo gg g e se0 9 © o.40x B 00.000 $000 2 snot | so oa l i $200 o $0 0.00x es sy a s RS & wos & oF Se SM s ra e & es ev $ es a & es we 0% YTD Return 10.00
Slide 31: Bomboré Mineral Resource and Reserve Estimates
Bomboré Mineral Resource and Reserve Estimates Bomboré Mineral Resource Estimate as of March 28, 2023! Measured Inferred 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 Oxide 16.4 0.59 312 72.9 0.56 1,311 3.3 0.57 60 Hard Rock N11 1.09 3
Slide 32: Contact
NS OREZONE For more information on Orezone, please contact: Vanessa Pickering vpickering@orezone.com 604-202-2940 www.orezone.com