Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (September 2026)
54 slides from Orezone Gold's investor presentation, Sep 25, 2026
Slide 1: An Emerging Mid-Tier Producer
rsonal use only AN EMERGING Mid-Tier Producer SEPTEMBER 2026 TSX/ASX ORE CASA BERARDI UPDATED LIFE OF MINE OTCQX ORZCF All dollar amounts are in USD unless otherwise stated
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Investor Presentation and drilling programs, including the planned ramp-up to 100,000 metres of drilling annually; the potential to expand mineral resources, discover new zones, delineate higher-grade underground mineralization, add This investor presentation is date
Slide 3: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Not an Offer to the effect of rounding. The actual calculation of these figures may differ from the figures set out in this presentation. This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchas
Slide 4: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Mineral Resources and Mineral Reserves – NI 43-101 (Canada / TSX) Competent Person The estimation of mineral resources is inherently uncertain and involves subjective judgments about many In accordance with ASX Listing Rules, Rob Henderson, P.Eng., and Alexandre Nick
Slide 5: Investment Rationale
INVESTMENT RATIONALE Expanding Exposure to a Tier 1 Jurisdiction INVESTMENT RATIONALE Expanding Exposure to a Tier 1 Jurisdiction Two Producing Mines + rsonal use only Orezone combines significant cash Development Project flow, funded growth, Tier-1 jurisdiction Casa Berardi in Quebec and Bomboré in
Slide 6: Life-of-Mine Highlights
CASA BERARDI Life-of-Mine Highlights Long-life production profile underpinned by the restart of higher- rsonal use only grade underground mining, with significant exploration upside LIFE OF MINE PRODUCTION AISC 14 Years 116 koz/yr $1,877/oz 1.63Moz of total gold production Life-of-Mine Average Life-
Slide 7: Life-of-Mine Overview & Outlook
CASA BERARDI Life-of-Mine Overview & Outlook Robust 14 Year Mine Life – Baseline Plan • $1,485/oz Cash Cost • $1,877/oz AISC rsonal use only 180,000 Production 4,500 AISC Cash Costs 4,000 Near-Term Investment Builds the 150,000 3,500 Foundation 120,000 3,000 Gold Production (oz) • Investment in new
Slide 8: Casa Berardi History
rsonal use only Casa Berardi History
Slide 9: 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 rsonal use only average production profile of ~141,000oz/yr at a head grade of ~7.0g/t A
Slide 10: rsonal use only
Traced to ~800 meters Traced to ~1,200 meters E110 20 2024 Hecla E130 E140 E150 E160 200 ENCP Pit Untested beyond ‘) ~1,000 meters Marginal extension KH at depth E440 Om A —— 500m | ae E130 4e He I Past Production |
Slide 11: Underground Investment
CASA BERARDI Underground Investment Production (Ounces) 175,000 Since open pit mining commenced in 2016, 150,000 125,000 underground production has steadily rsonal use only 100,000 OP 75,000 decreased 50,000 25,000 UG • Steady reduction in investment in underground 2016 2017 2018 2019 2020 2021 2022
Slide 12: Life of Mine Plan
rsonal use only LIFE OF MINE PLAN
Slide 13: Mine Plan Overview
CASA BERARDI Mine Plan Overview • Underground: 834,000oz produced over 12 years rsonal use only • Open Pit: 797,000oz produced over 14 years 180,000 7.00 UG koz OP koz UG g/t OP g/t Mine Plan Details 150,000 5.93 5.60 6.00 5.45 • Includes inferred resources1, concentrated 5.19 5.00 towards end of mi
Slide 14: Life-of-Mine Long Section
CASA BERARDI Life-of-Mine Long Section rsonal use only 14
Slide 15: Underground Production
LIFE OF MINE PLAN Underground Production 800 West Mine East Mine Mine Sequence 700 • West Mine: continuous operations 600 rsonal use only UG Ore Tonnes Mined (kt) 500 • East Mine: re-commence operations in 2029 400 • Active mining recently ceased in 2023 300 • Mining contractor recently mobilized to
Slide 16: Open Pit Production
LIFE OF MINE PLAN Open Pit Production F134 F160 Principal 2,000 WMCP Mine Sequence • Current F160 pit phase complete at end 2026 rsonal use only Ore Tonnes Mined (kt) 1,500 • F134 pit: 2027 & 2028 • F160 pit: 2029 & 2030 1,000 • Principal (2032-2038) and WMCP (2038-2040) pits 500 Path Forward • F134
Slide 17: Enhancement Opportunities
LIFE OF MINE PLAN Enhancement Opportunities Increased Mill Actionable Exploration Optimization Throughput Upside rsonal use only • Open-pit grade control • Mineral resource expansion • Reduce dilution and improve • 3,835 tpd: LOM assumption • Open for expansion on head grades multiple fronts • Impro
Slide 18: Exploration
rsonal use only Exploration
Slide 19: Abitibi Greenstone Belt
CASA BERARDI Abitibi Greenstone Belt The Casa Berardi mine is located within a gold-endowed greenstone rsonal use only Detour Mine belt containing multiple structurally- SLDZ controlled vein deposits, collectively Casa Berardi CBDZ Mine having produced over 190M ounces of gold Some of these structur
Slide 20: Historical Production
CASA BERARDI Historical Production The Casa Berardi Mine produced over 3.2Moz of gold, with most of the production coming from underground mining at an average head grade of ~6.3 g/t gold rsonal use only East Mine West Mine Principal Mine 20
Slide 21: Ore Grade Distribution
CASA BERARDI Ore Grade Distribution Production comes from multiple elongated high-grade lenses with tonnages ranging from less than 0.1MT to more than 2.5MT for individual zones, and average grades locally exceeding 9 g/t gold for some lenses rsonal use only The restricted footprint of some of these
Slide 22: Gold Mineralization
CASA BERARDI Gold Mineralization Gold mineralization is primarily associated with shear zone-hosted quartz veins, locally exceeding 3 metres in width rsonal use only West Mine, Lower Inter Zone (Level 570, Sill 440) Principal Mine, Zone 118 (Level 690, Sill 1935) S N S N Gold-bearing quartz vein Gol
Slide 23: Current Drilling Distribution
CASA BERARDI Current Drilling Distribution 90% of the ounces discovered to date sitting on the south side of the fault rsonal use only The north side of the fault is currently vastly underexplored relative to the south side Plan View (Assays outside 2025 Resource Domains) N 160 Zone Casa Berardi Fau
Slide 24: Current Drilling Distribution
CASA BERARDI Current Drilling Distribution Plan View (All Assays outside 2025 MRMR) N Exploration potential remains in the 50m buffer around Casa Berardi Fault main Casa Berardi Fault itself, which rsonal use only has not been drilled systematically to date Longitudinal Section Looking North (Assays
Slide 25: Exploration Targets
CASA BERARDI Exploration Targets Plan view 160 Mineralized zones Zone South of CB Fault North of CB Fault rsonal use only Casa Berardi Fault East 134 Mine Zone N West Principal Mine Mine Longitudinal Section Looking North W E East Mine 134 Zone West Mine 160 Zone Open Open Principal Mine Mineralized
Slide 26: Exploration Drilling Program
CASA BERARDI Exploration Drilling Program The 2026 58K-metre exploration drill program at Casa Berardi April to EOY 2026 Exploration Budget Casa Berardi consists of: rsonal use only 10,000,000 33,700m • 6,500 metres for infill drilling 9,000,000 8,000,000 7,000,000 • 33,700 metres for extensions of
Slide 27: Maximizing Geological Data
CASA BERARDI Maximizing Geological Data 30 years of geological data sits in mining software and hasn’t been used for exploration rsonal use only Compilation work is ongoing to integrate production data (underground mapping, structural measurements, and drilling) and exploration data (geophysics, soi
Slide 28: 100,000+ Drilling Metres Going Forward
CASA BERARDI 100,000+ Drilling Metres Going Forward Historical Production There has been a clear decline in exploration metres drilled over the past 7 years, rsonal use only with an average of 20,400 metres drilled per year The objective is to ramp up to more than 50,000 metres of exploration drilli
Slide 29: Overburden Thickness vs Discoveries
CASA BERARDI Overburden Thickness vs Discoveries N The Casa Berardi property occurs in the northern part of the belt, covered by 10 to 70 metres of rsonal use only Detour Mine SLDZ overburden Casa Berardi The scarcity of bedrock exposures in that part of Property the belt impedes direct prospecting
Slide 30: Property-Scale Exploration Potential
CASA BERARDI Property-Scale Exploration Potential Camp-scale property covers 37 kilometres along the Casa Berardi Fault rsonal use only Analogous regional fault segments have +5 mines located along comparable strike lengths Casa Berardi ~90km North N Timmins East • 6 Mines • 11 Deposits • >4Moz Prod
Slide 31: Property-Scale Exploration Potential
CASA BERARDI Property-Scale Exploration Potential Lac Germain Highlights CE-08-03 8.58 g/t over 10.4m Casa Berardi Mineral Resource rsonal use only CE-10-30 11.27 g/t over 3.9m Dieppe Highlights M&I 24.7MT @ 3.18 g/t for 2.5M ounces CBS-18-940 5.50 g/t over 4.0m CBS-06-190 1.99 g/t over 6.0m Inferre
Slide 32: Property-Scale Exploration Potential
CASA BERARDI Property-Scale Exploration Potential N 50m buffer around Lac Germain Fault all drilling, projected North on property-scale Fault rsonal use only structures Casa Berardi Main Fault Southeast Fault Southwest Fault 5km North Fault Lac Germain Fault 5km 2km Lac Germain Casa Berardi Fault We
Slide 33: Property-Scale Exploration Potential
CASA BERARDI Property-Scale Exploration Potential Underground gold mines in Canada can extend to depths of over 3 kilometres In comparison, Casa Berardi is currently being mined above 1.2 kilometre depth rsonal use only Red Lake La Ronde Westwood Macassa Casa Berardi EVOLUTION AGNICO IAMGOLD AGNICO
Slide 34: Additional Geophysics Support
CASA BERARDI Additional Geophysics Support Eastern Sector surveyed with drone mag Given the poor rock exposure at surface and the low quality of the magnetic survey over the mine area, the complexity of faulted and Mine rsonal use only Sector folded geometry is challenging to interpret Additional ge
Slide 35: Outlook
rsonal use only Outlook
Slide 36: Upcoming Catalysts
UPCOMING CATALYSTS UPCOMING CATALYSTS Near-term milestones advance Orezone Orezone Production Outlook rsonal use only toward >350koz of annual gold production (100% Basis) >350koz Exploration Results Heva-Hosco PEA from Bomboré and Expected in Q4-2026 Casa Berardi 11 drill rigs in operation 220-250k
Slide 37: Heva-Hosco Development Project
HEVA-HOSCO DEVELOPMENT PROJECT HEVA-HOSCO DEVELOPMENT PROJECT 2012 Feasibility Study Results @ US$1,350/oz 1.66Moz @ 1.26g/t rsonal use only GOLD MINERAL INVENTORY Open Pit MINING OPERATION • Within 2.34Moz M&I + 0.27Moz Inf. 104Koz/yr 3.0Mtpa PRODUCTION PROFILE PROCESSING FACILITY • Over a 14-Year
Slide 38: Re-Rate Potential Peer Comparables
RE-RATE POTENTIAL Peer Comparables Valuation Multiples2 Production1 Market Capitalization EV/2027 EBITDA P/NAV rsonal use only - 100 200 300 400 Discovery 280koz Discovery US$7,313M Capricorn 12.6x Wesdome 1.28x Resolute 263koz Capricorn US$5,647M Emerald 10.5x Emerald 0.98x Orezone OREZONE 235koz R
Slide 39: Corporate Snapshot
OREZONE Corporate Snapshot 2 Capital Markets Data Trading Performance3 (C$/sh.) TSX // ASX ORE Exchange Symbols $3.00 OTCQX ORZCF rsonal use only $2.75 52-Week Range C$1.19 – 3.00 $2.50 Shares Outstanding // Fully Diluted 667M // 741M $2.25 $2.00 Market Capitalization C$1.8B // US$1.3B $1.75 Cash &
Slide 40: Appendix A
rsonal use only Appendix A
Slide 41: Life of Mine Plan Key Parameters & Economics
LIFE OF MINE PLAN Key Parameters & Economics General & Production Operating & Capital Costs Mine Life 14 years Sustaining Capital $638M rsonal use only Annual Throughput 1.4 Mtpa Non-Sustaining Capital $324M Material Processed 19,531 kt Total CAPEX $961.6M Underground Head Grade 4.64 g/t Mining Cost
Slide 42: Life-of-Mine Schedule
CASA BERARDI Life-of-Mine Schedule Unit LOM 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Mining Schedule Ore Mined - UG kt 6,537 404 437 475 582 595 601 595 598 599 597 605 450 – – – Ore Mined - OP kt 11,667 353 507 1,828 781 – 807 1,508 145 773 892 1,183 1,135 1,016 73
Slide 43: Transaction Overview
TRANSACTION OVERVIEW Transaction • Orezone acquired Hecla Quebec Inc. (“Hecla Quebec”) a wholly owned subsidiary of Hecla Mining Company (“Hecla Mining”). Transaction closed March 25, 2026. • Acquired assets include 100% ownership of the operating Casa Berardi gold mine, a portfolio of rsonal use on
Slide 44: Reserves & Resources
RESERVES & RESOURCES Proven & Probable Measured & Indicated Inferred Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained kt g/t koz kt g/t koz kt g/t koz rsonal use only Casa Berardi Open Pit – – – 17,413 2.49 1,394 1,125 2.24 81 Underground – – – 7,325 4.81 1,134 1,673 5.83 314
Slide 45: Appendix B
rsonal use only Appendix B
Slide 46: Peer Comparison & References
PEER COMPARISON & REFERENCES Total Resource Total Company Stage Market Cap EV ’27 EBITDA Share Price NAVPS EV/EBITDA P/NAV Tonnage Grade Resource (US$M) (US$M) (kt) (g/t) (koz) (US$M) (US$ / sh) (US$ / sh) (x) (x) rsonal use only Ramelius Resources Producer $5,367 $4,988 202,685 1.93 12,577 $610 $2.
Slide 47: Appendix C
rsonal use only Appendix C
Slide 48: Foreign Estimate (ASX Listing Rule 5.12)
FOREIGN ESTIMATE (ASX Listing Rule 5.12) Additional Technical Information Relating to the Foreign Estimate ASX Listing Explanation Commentary Rule 5.12.1 The source and date of the historical estimates or foreign The source of the foreign estimate is the updated Casa Berardi Mineral Resource estimat
Slide 49: Foreign Estimate (ASX Listing Rule 5.12)
FOREIGN ESTIMATE (ASX Listing Rule 5.12) Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.5 To the extent known, a summary of work programs on • Casa Berardi is located in the northern part of the Abitibi Subprovince, within the Superior Province of
Slide 50: Foreign Estimate (ASX Listing Rule 5.12)
FOREIGN ESTIMATE (ASX Listing Rule 5.12) Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.5 To the extent known, a summary of work programs on • The Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. which the
Slide 51: Foreign Estimate (ASX Listing Rule 5.12)
FOREIGN ESTIMATE (ASX Listing Rule 5.12) Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.7 The evaluation and/or exploration work that needs to be To verify the foreign estimate as a Mineral Resource in accordance with the JORC Code, the Company wil
Slide 52: Foreign Estimate (ASX Listing Rule 5.12)
FOREIGN ESTIMATE (ASX Listing Rule 5.12) Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.10 A statement by a named competent person or persons In accordance with ASX Listing Rule 5.12.10, Rob Henderson, P.Eng., and Alexandre Nickerson, P.Eng., confi
Slide 53: Production Target (ASX Listing Rule 5.16)
PRODUCTION TARGET (ASX Listing Rule 5.16) Additional Technical Information Relating to the Production Target ASX Listing Commentary Rule rsonal use only 5.16.1 All material assumptions underpinning the Casa Berardi production target are disclosed in this presentation, including the mining schedule,
Slide 54: Production Target (ASX Listing Rule 5.16)
PRODUCTION TARGET (ASX Listing Rule 5.16) Additional Technical Information Relating to the Foreign Estimate Rule Commentary 5.16.1 All material assumptions underpinning the Casa Berardi production target are disclosed in this announcement, including the mining schedule, mining and processing methods
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