Slide 1: Bomboré: Building Burkina Faso's Next Gold Mine
NS OREZONE Bombore Building Burkina Faso's Next Gold Mine BMO Conference TSX: ORE OTCQX: ORZCF
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward looking statements” within the meaning of applicable U.S. securities laws (together, the “forward-
Slide 3: Orezone: BMO 2022 Update
Orezone: BMO 2022 Update BOMBORE GOLD PROJECT 90% owned by Orezone First Gold Pour Q3-2022 10% Burkina Faso Government Construction overview and update & Timeline to commercial production Exploration update and next steps * Future expansion potential and timelines Value catalysts TSX: ORE TSX: ORE.W
Slide 4: Burkina Faso: An Established Gold Mining Jurisdiction
Burkina Faso: An Established Gold Mining Jurisdiction 01 Supportive mining jurisdiction 15 producing gold mines * Majority built on/ahead of schedule and on/under budget Strong support from local communities and Government 02 “15Moz gold within 20km of Bomboré ®& West African Resources: Sanbrado, To
Slide 5: Bomboré Construction
NS OREZONE Bomboré Construction
Slide 6: Bomboré Oxide Plant — Construction Update
Bomboré Oxide Plant — Construction Update & All major contracts awarded prior to RS OREZONE recent cost inflation ~~ Major equipment and supplies ordered t and being shipped a Event Pond CIL tank erection completed EE Ball Mill Foundations ~~ Major concrete works nearing Assay Lab completion eos ~~
Slide 7: Off Channel Reservoir and Mining
Off Channel Reservoir and Mining & OCR is the first pit mined ¢ Actas water storage during operations ¢ Intake and discharge piping is progressing Mining performed by local contractor & Better than planned productivity since the start of mining — rate of 40,000 tpd ¢ Mining of OCR scheduled for comp
Slide 8: Tailings Storage Facility and Ancillary Facilities
Tailings Storage Facility and Ancillary Facilities © TSF earthworks essentially complete & TSF lining has commenced and scheduled for completion in April 2022 © Overland piping for TSF and water supply commenced * Ancillary buildings in progress, including: Assay lab Offices Warehouse Workshops | Bo
Slide 9: Ancillary Buildings
Ancillary Buildings Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 10: Project Timeline — >60% Complete
Project Timeline — >60% Complete Oxide Construction ! 2021 ! 2022 Timeline (Gres Qo Qe a aoa Qe oa Q Q Q Q Q Q Q Q Regular Corporate 1 2 3 4 1 2 3 Updates EPCM Ce ee ee Site Preparation Earthworks oe ie ) OCR Mining and Development eo 6 6 6 B® Fe ELAM Tolling: Sioroge Facilty a Videos OCR Fill => Co
Slide 11: West African Gold Projects Surpass Expectations
West African Gold Projects Surpass Expectations ~~ Projects in West Africa have a long history of being built ahead of schedule and under budget Lycopodium West African projects reach design throughput in “30 Days on average and exceed nameplate capacity post commissioning West African Projects Lyco
Slide 12: Exploration & Expansion Potential
NS OREZONE Exploration & Expansion Potential
Slide 13: Overview of Exploration Potential
Overview of Exploration Potential Drilling at P17 continues to return excellent results beyond current reserves and resources — high-grade and near surface ~ Several higher-grade zones within the main ore body are well-defined, near surface and remain open for expansion at depth ~~ Current sulphide
Slide 14: Significant Expansion Potential: P17 Trend
Significant Expansion Potential: P17 Trend ® Drilling continues to intersect several wide zones of multigram A Eman = gold mineralization near surface and outside of current owes, | reserves 10m «@ 2.68 opt Tr eee Phase |Diling — |P17 Two of the best intersections returned from new P17S NE ere3ee "D
Slide 15: P17 Exploration — What is it telling us?
P17 Exploration — What is it telling us? Phase | opened up P17S to the east of the Hi reserve pit and down-plunge * This high-grade zone daylights near surface & Phase | also opened the mineralization 600 m into the Gap Zone & Phase Il intersected near-surface mineralization to the south of Phase |
Slide 16: 2022 Phase II Drilling: 10.01 g/t Au over 12.20 m
2022 Phase II Drilling: 10.01 g/t Au over 12.20 m o> A 10.01 g/t Au 2 ‘] 12.20m BeDi081 aust LEGEND a 0280-31 2019 AMC Feasibili [Host-100 || —~“ tuayresenern 100 m B10 -2.00 Prace waza _—— A hac 2 True widths for P17S area drilling are approximately 90% of drilled lengths 16 | Bomboré - Building Bu
Slide 17: Main Shear Zone Resource & Reserve Conversion
Main Shear Zone Resource & Reserve Conversion ~~ Multiple opportunities throughout the project to convert inferred resources ° aces near the pit bottom to M&l through additional drilling Eo Mining permit «t’: Ty eplortion permit ae sare Maga Current reserves are based on US$1,250/oz gold ¢ Current r
Slide 18: P11 Inferred Resources
P11 Inferred Resources Au_inferred Au_Total OX_NITON2 } } = as 2 Ex cA Wey SOOT _ 4 = | vo b/ _| me (ok 2s SSeS 7| a ra ——F} ae _ A AMC ES Pit / . : Design “ i Xe é Conceptual USD $1,400 Pit Shell 730 750) ba: ooRzeZ> SLezel= Oseel= North sectioh@+1349150.00
Slide 19: Siga South Inferred Resources
Siga South Inferred Resources ¥ 10500 ca 4—f ff (00 ‘Au_inferred Au_Total OX_NITON2 ae 15 2 =” k 1 1 Bre 08 ose 0.35 0.29 AMC FS Pit Design . Conceptual USD $1,400 Pit Shell 3 00cee+ 3 O0PeCLF 3 00L8eL+ +100
Slide 20: Maga Hill Inferred Resources
Maga Hill Inferred Resources Au_Inferred Au_Total Ox_Niton2 ae 1s 2 ox oe. op os a7 vu unknown AMC FS Pit Design Conceptual USD $1,400 Pit Shell ry
Slide 21: Previous Drill Results Below Existing Reserve Pits
Previous Drill Results Below Existing Reserve Pits Length Grade esmcat | wee | or | ay | Mest | (g/t gold) SISA EAST | SME 88C2329 41.00 46.00 5.00 2.19 MAGA HILL Ela [TE «3800246 = 43.50 63.00 19.50 6.06 EE 3800803 «8800450 ~— 208.00 215.00 7.00 3.23 HE -3200203 3804555 56.00 63.00 7.00 2.1 HE 5007
Slide 22: Oxide Plant and Sulphide Circuit Expansion
SS Le ¥ ; _ et SLs — STAGE 1: Oxide Plant ROOM TO EXPAND SULPHIDE CIRCUIT STAGE 2: Sulphide Circuit Oxide plant capacity of 5.2Mtpa * Oxide feed reduced to 3.0Mtpa upon commissioning of the sulphide circuit Sulphide circuit capacity of 2.2Mtpa * Expandable capacity to >4.0Mtpa with the addition of a
Slide 23: Value Proposition
NS OREZONE Value Proposition
Slide 24: Value Catalysts
Value Catalysts Exploration success at P17 Trend - drilling ongoing Resource/reserve update and expansion study in Q1 On-schedule and budget for first gold pour in Q3 Commercial production Q4 | Bomboré - Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 25: Re-Rate Opportunity
Re-Rate Opportunity Lifecycle of a Junior Mining Company Relative Value MINING DEVELOPMENT EXPLORATION High Risk - High Potential Value Re-Rating Lowered Risk Optimal Investing Stages & <—3—_ caer Discovery [cig Construction & Start-Up Operations Concept 25 ~~ Project execution is key to a re-rate ¢
Slide 26: Share Price Performance During Construction
Share Price Performance During Construction Share Price Performance of Single Asset Development Companies During Construction 300% West African Resources 275% Commercial Production g 250% June 2020) E 225% 2 200% @ 175% 9 2 150% © 125% Roxgold Declares 5 Commercial Production 8 100% (October 2016) g
Slide 27: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure (Dec. 31, 202 12 Month Share Price and Volume Shares Issued 323,899,306 300,009 Shares Fully Diluted 399,467,598 Pee Warrants (ORE.WT:TSX; CAD$0.80; exp. Jan. 29, 2023) 17,685,450 Bees Options (CAD$0.30 - $1.42) 22,103,271 aS Restricted Share U
Slide 28: A Clear Path to Value Re-Rating
A Clear Path to Value Re-Rating Ongoing Drilling Success Highlights $800 150 $733 Bombore’s Exploration and . . 2 $520 Expansion Potential % 8 B $ z . a a Average share price =" $361 2 performance during : son B . & g00 18-month construction ae Construction On-Schedule and Budget * "$1,300 $1,500 $1
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