Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (January 2023)
28 slides from Orezone Gold's investor presentation, Jan 18, 2023
Slide 1: Bomboré: Burkina Faso's Newest Gold Mine
SS"OREZONE Bombore Burkina Faso’s Newest Gold Mine TSX: ORE OTCQX: ORZCF
Slide 2: Forward Looking Statements and Non-IFRS Measures
Forward Looking Statements. Non-IFRS Measures. All-In Sustaining Costs (“AISC”) and AISC per ounce sold.
Slide 3: Bomboré Overview
Bomboré Overview ~~ Substantial resource base > 5Moz M+I* Phase I: 5.2Mtpa oxide plant: Completed on-schedule & under budget * Commercial production December 1, 2022 * FY2023: 140,000 - 155,0000z ~~ Phase II: sulphide plant construction ¢ Updated feasibility study Q3-2023 ~~ Exploration continues to
Slide 4: Project Details
NS OREZONE Project Details
Slide 5: 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 “17Moz gold within 20km of Bomboré* ®& West African Re
Slide 6: Bomboré Site Layout
Bomboré Site Layout LOM PITS 2023 MINING PITS PROCESS PLANT 6 | Bomboré — Burkina Faso's Newest Gold Mine NS OREZONE
Slide 7: Bomboré: Phase I - 5.2Mtpa Oxide Plant
Bomboré: Phase | - 5.2Mtpa Oxide Plant ~~ Rapid ramp-up * Commercial production declared December 1, 2022 * Month of December 4% above nameplate capacity BoM Pod Sa Lime Silos - Peak throughput 17,120tpd, 20% above nameplate capacity ee chee Aeai.ana PS, PP fa leat Ws Arai Reclaim Water Piping * Mil
Slide 8: 2023 Guidance and AISC
1. AISC is a non-IFRS measure. Refer to the “Non-IFRS Measures” section of this presentation for additional information. 2. Exchange rates used to forecast cost metrics include XOF/USD of 625 and CAD/USD of 1.30. 3. Government royalties included in AISC assumes an average gold price of $1,700
Slide 9: Bomboré: Grid Power Connection
Bomboré: Grid Power Connection ~~ Grid power connection * Connect to existing 132kV line - Recently improved reliability with connections to Ghana & Cote d'ivoire * 23km grid spur line to Bomboré — $15-18M budgeted CAPEX - Grid connection expected H2-2023 ® Benefits * Reduce future energy costs by “
Slide 10: Phase II: Brownfields Sulphide Expansion
Phase II: Brownfields Sulphide Expansion 2019 Feasibility Study ~~ Brownfields Expansion — 2023 FS * 5.2Mtpa oxide plant reduced to 3.0Mtpa in Year 3 * Current 5.2Mtpa oxide throughput maintained * 2.2Mtpa sulphide plant construction in Year 2 * 5.0Mtpa expanded sulphide plant contemplated * 134,000
Slide 11: Phase II: Brownfield Sulphide Expansion
Phase II: Brownfield Sulphide Expansion ~~ Lower CAPEX/tonne processed than a greenfield project 1 Bomboré — Burkina Faso's Newest Gold Mine WATER & , REAGENTS POND CONVEYOR cit "GOLD ewTion ROOM Haus THICKENER ‘COARSE ORE STOCKPILE oe PRIMARY 278 CRUSHER NS OREZONE
Slide 12: Timeline
Timeline 2021 Q2. Q3 2022 Q2 Q3 2023 Q2 Q3 2024 Q2 Q3 2025 Ql Q2 Qi Q4 Qi Q4 ai Q4 ai Q4 Phase | - Oxide Plant Construction a First Gold * 2023 Results & Projects Drill Results Updated 2023 FS Grid Power Connection Phase II & Ill RAP NG Phase II - Sulphide Plant FEED/Procurement Construction First G
Slide 13: Exploration
NS OREZONE Exploration
Slide 14: Bomboré Resource & Reserve Expansion Targets
Bomboré Resource & Reserve Expansion Targets 14 | Bomboré - Burkina Faso’s Newest Gold Mine NS OREZONE
Slide 15: Exploration Overview
Exploration Overview © >100,000m of drilling completed since 2017 resource estimate ~~ System open to depth, average resource pit depth of <200m ~~ New geological interpretation unlocking higher grades Resource Expansion P17 Gap *& Maga sulphides ® P17S-NE ®& Siga sulphides P13 © P8/P9 244% KT — Del
Slide 16: Resource Conversion: Siga South Drill Results
Resource Conversion: Siga South poze Slee Fohlont Dri Results December 21, 2022 NR 6.25 m of 3.46 g/t Au Inferred Resources Beneath AMC FS Pit Design (Looking North) 18.30 m of 1.17 g/t Au 4.00 m of 5.82 g/t Au 24.00 m of 1.18 g/t Au AMC FS Pit Design 13.00 m of 1.25 g/t Au 4.00 m of 5.32 g/t Au Con
Slide 17: Resource Conversion: Maga Hill
Resource Conversion: Maga Hill Inferred Resources Beneath AMC 2019 FS Pit Design AMC FS Pit Design Conceptual USD $1,400 Pit Shell 17. | Bomboré - Burkina Faso’s Newest Gold Mine 2022 Maga Area Highlight December 21, 2022 NR &® & &@ &@ & & % * * ll Results 42.00 m of 1.11 g/t Au 17.20 m of 1.38 g/t
Slide 18: Resource Expansion: P17 & P17S-NE
Resource Expansion: P17 & P17S-NE Increased understanding of fold geometry from increased drill density Delineating higher-grade ounces ~~ Broader implications for project understanding and exploration upside 18 | Bomboré - Burkina Faso’s Newest Gold Mine P17S & P17S-NE Post 2019 FS ian Mm 7 i ‘Au g
Slide 19: Target Delineation: P17 Gap
Target Delineation: P17 Gap 19 2019 P17S Reserves P&P: 1.3Mt @ 1.9 g/t Au for 76,0000z 500m tees - ltd chbylatdwra. a So are woe the con, ra ss ever ee e ot alte bs aoe abel an Au g/t (029-051 [i 051-100 [i 1.00 - 2.00 [i 2.00 - 2000 ~v 2019 AMC Feasibility Study Reserve Pit Bomboré — Burkina Faso’s
Slide 20: CSR
NS OREZONE CSR
Slide 21: Livelihood Restoration Programs
Livelihood Restoration Programs © Market gardens developed - agronomist assists in marketing and pricing - additional gardens being developed - Specialty cash crops developed - spices, shea butter «& New farming methods introduced and proven successful * Commercial scale chicken farming introduced,
Slide 22: Phase I RAP — Building Better Communities
Phase I RAP — Building Better Communities | Bomboré — Burkina Faso’s Newest Gold Mine NS OREZONE
Slide 23: Current Position & Outlook
NS OREZONE Current Position & Outlook
Slide 24: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure (December 31, 2022) Shares Issued 336,328,240 Shares Fully Diluted (assumes Convertible conversion) 402,570,111 Debt (includes Convertible) “US$128M Cash (as at December 31, 2022) Us$9.1M Market Cap (os at December 30, 2022 close on TSX of C$1.
Slide 25: Why Invest?
Why Invest? Proven Team * Phase | completed on-schedule and under budget ® Strong Start * Rapid ramp-up, mill exceeding design * 2023 guidance: 140-155Koz at AISC $975-1,075/oz ~ Near-term Cost Reduction * Grid power connection H2-2023 25 | Bomboré - Burkina Faso’s Newest Gold Mine ~~ Multiple Level
Slide 26: Appendix
NS OREZONE Appendix
Slide 27: Bomboré Mineral Resource and Reserve Estimates
Bomboré Mineral Resource and Reserve Estimates Mineral Resource Estimate as of January 5, 2017 Classification Measured Indicated Measured + Indicated Inferred Cutoff Tonnage Grade Contained Tonnage Grade Contained | Tonnage Grade Contained Tonnage Grade Contained Au git ooot Au git Au koz ooot Au gi
Slide 28: For more information on Orezone, please contact
NS OREZONE For more information on Orezone, please contact: Vanessa Pickering vpickering@orezone.com 604-202-2940 www.orezone.com