Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (May 2026)
36 slides from Orezone Gold's investor presentation, May 2026
Slide 1: An Emerging Mid-Tier Producer
TSX & ASX ORE OTCQX ORZCF AN EMERGING MID-TIER PRODUCER Corporate Presentation | May 2026
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Investor Presentation This investor presentation is dated May 1, 2026, and has been prepared by Orezone Gold Corporation (“Orezone” or the “Company”) based on information available to it at the time of preparing this presentation. No representation or warranty, expre
Slide 3: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Not an Offer This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this presentation nor anything in it shall form the basis of any contract or commitmen
Slide 4: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Mineral Resources and Mineral Reserves – NI 43-101 (Canada / TSX) The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated econo
Slide 5: Snapshot: An Emerging Diversified Mid-tier Producer
BUILD | OPERATE | EXPAND SNAPSHOT An Emerging Diversified Mid-tier Producer Casa Berardi Operations Bomboré Operations Location Quebec, Canada Location Burkina Faso, West Africa Status Operating Status Operating Acquisition closed on March 25, 2026 Stage 1 hard rock expansion complete 2025 Gold Prod
Slide 6: Repositioning Orezone: 2026 Accomplishments
REPOSITIONING OREZONE 2026 Accomplishments • Acquired Casa Berardi gold mine and Quebec exploration portfolio Diversified Asset Base • Strategic and transformational acquisition into a Tier 1 jurisdiction • Positions Orezone as a diversified multi-asset producer, adding material scale, production an
Slide 7: Management Appointments
MANAGEMENT APPOINTMENTS • Mining Engineer with >30 years of experience (recently President & CEO, Bonterra Resources) Marc-Andre Pelletier • Former COO at Wesdome Gold Mines Chief Operating Officer • Restarted the Kiena mine and increased production at Eagle mine to ~100,000oz/yr • VP Operations at
Slide 8: Casa Berardi Gold Mine Overview
CASA BERARDI GOLD MINE Overview • Located in Quebec, Canada Location • Tier 1 jurisdiction with assets operated Quebec, Canada by Agnico Eagle, IAMGOLD, Eldorado Casa Berardi and Gold Fields • >3.2Moz Au produced over 30yrs of operation Established • Established skilled local workforce Operation • A
Slide 9: Casa Berardi 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 average production profile of ~141,000oz/yr at a head grade of ~7.0g/t Au 2 2017 – Curre
Slide 10: orn — soom |
E110 orn — soom | Traced to ~800 meters Marginal extension KO at depth E130 1 E140 EMC rit E150 lo FSI Pit I Past Production
Slide 11: Casa Berardi: What Orezone is Doing Differently
CASA BERARDI What Orezone is Doing Differently Previous Approach Orezone’s Plan TRANSITION TO 100% OPEN PIT RAMP-UP UNDERGROUND Underground to shutdown at end of 2027 Established resource to maintain underground operations • Reserve gold price assumption of US$1,900/oz • M&I: 934,000oz grading 5.93g
Slide 12: Casa Berardi Overview & Exploration Upside
CASA BERARDI Overview & Exploration Upside Near-term underground mine plan underpinned by a substantial resource base and established infrastructure Multiple well-defined ore shoots open for extension down plunge Actionable exploration upside within Gap Zone and along strike West Mine East Mine WMCP
Slide 13: Casa Berardi Targeting Higher Grades
CASA BERARDI Targeting Higher Grades The Casa Berardi deposit hosts multiple plunging zones of significantly higher-grade mineralization (>15g/t) Further down plunge delineation of high-grade sub-zones provides the basis to re-establish high-grade stope inventory West Mine East Mine WMCP Pit (Planne
Slide 14: Casa Berardi Deposit Size Comparison
CASA BERARDI Deposit Size Comparison Underground gold mines in Canada can extend to depths of over 3km Casa Berardi has locally been drilled to a depth of just over 1km, and remains open down plunge and along strike 1 Red Lake La Ronde Westwood Macassa Casa Berardi EVOLUTION AGNICO IAMGOLD AGNICO OR
Slide 15: Casa Berardi Regional Upside
CASA BERARDI Regional Upside Camp scale property package covering 37km section of the Casa Berardi Fault Limited regional drilling has identified multiple mineralized zones, highlighting broader continuity of the system Future systematic exploration centered on uncovering satellite deposits within t
Slide 16: Re-rate Potential: Non-Core Canadian Acquisitions
RE-RATE POTENTIAL Non-Core Canadian Acquisitions Porcupine Discovery Silver 780% return since Musselwhite Orla Mining 224% return since Coffee Fuerte Metals 455% return since announcement announcement announcement Drill Results Drill Results Publishes Updated PEA Drill Results Drill Results Drill Pr
Slide 17: Bomboré Gold Mine Overview
BOMBORÉ GOLD MINE Overview • Established mining jurisdiction with 16 mines brought into production Location Burkina Faso • 90-minute drive from capital city to Bomboré • Strong support from local communities and in-country partners • Achieved commercial production of oxide Established operations in
Slide 18: Stage 2 Hard Rock Expansion
BUILD | OPERATE | EXPAND STAGE 2 Hard Rock Expansion Stage 2A Stage 2B Mill throughput to increase from 2.5Mtpa to 5.5Mtpa Thickener Rock Breaker Ball Mill Overall production Oxide Plant 220,000 – 250,000oz/yr Hard Rock Plant Additions to hard rock plant 4 additional CIL tanks Pebble Crusher Ball mi
Slide 19: 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 • 2.4Moz Mineral Reserve Zone P16 • Average reserve pit depth <40m • Full ramp-up: 220,000-250,000oz/yr • Only 38 holes deeper than 250m Siga P11
Slide 20: Orezone 2026 Outlook
OREZONE 2026 Outlook Consolidated Gold Production 1 Orezone Production Outlook • 2026 forecast: 220,000 – 240,000oz (100% Basis) Casa Berardi Operations 00 • Mine plan rescope and optimization centered on increasing underground production Catalysts 300 ▪ Bomboré • Updated life of mine plan Q4-2026 H
Slide 21: Re-rate Potential: Peer Comparables
RE-RATE POTENTIAL Peer Comparables Valuation Multiples2 Production1 Market Capitalization EV/2026 EBITDA P/NAV 100 200 300 00 Orla 350koz Discovery S , 1M Capricorn . x esdome 0. x Discovery 2 0koz Genesis S , 6 M Emerald .1x Genesis 0. x Genesis 2 5koz Ramelius S ,5 1M Ramelius .1x Bellevue 0. x Re
Slide 22: 2026 Production and Cost Guidance
BUILD | OPERATE | EXPAND 2026 PRODUCTION AND COST GUIDANCE FY-2026 Q1-2026 Production Guidance Bomboré (100% Basis) Unit Guidance Actuals • Bomboré Operations Gold Production oz 160,000 – 180,000 37,563 • 2026 production and cost guidance reiterated AISC1,2,3 $/oz $2,100 - $2,300 $2,245 • Gold produ
Slide 23: Orezone Corporate Snapshot
OREZONE Corporate Snapshot Capital Markets Data 1 Trading Performance 2 (C$/sh.) TSX // ASX ORE Exchange Symbols OTCQX ORZCF 3.00 2. 5 52-Week Range C$0.99 – 2.98 2.50 Shares Outstanding // Fully Diluted 667M // 744M 2.25 2.00 Market Capitalization C$1.4B // US$1.0B 1. 5 Cash & Bullion US$112M 1.50
Slide 24: Appendix
NS OREZONE
Slide 25: Acquisition Highlights
ACQUISITION HIGHLIGHTS Positions Orezone as a Diversified Multi-Asset Producer ENTRANCE INTO SIGNIFICANT INCREASE IN Orezone Acquired the Tier 1 Mining Production Casa Berardi Mine Jurisdiction and Cash Flow Acquisition of Quebec mine from ESTABLISHED AS MAINTAINS STRONG Hecla Mining Multi-Asset Bal
Slide 26: Transaction Overview
TRANSACTION OVERVIEW Transaction • Orezone to acquire Hecla Quebec Inc. (“Hecla Quebec”) a wholly owned subsidiary of Hecla Mining Company (“Hecla Mining”) • Acquired assets include 100% ownership of the operating Casa Berardi gold mine, a portfolio of exploration projects in Quebec including the ad
Slide 27: Financial and Operating Highlights
BUILD | OPERATE | EXPAND FINANCIAL AND OPERATING HIGHLIGHTS Q1-2026 Commentary Q1-2026 Q1-2025 Operating Performance • Gold production of 38,789oz Gold production oz 38,789 28,688 • Gold sales of 37,962oz, at an average realized price Gold sales oz 37,962 28,943 of $4,887/oz Average realized gold pr
Slide 28: Bomboré Operations
BUILD | OPERATE | EXPAND BOMBORÉ OPERATIONS Q1-2026 Commentary Q1-2026 Q1-2025 Mining Physicals • Gold production of 37,563oz Ore tonnes mined tonnes 2,092,730 2,114,543 • Gold production impacted by intermittent deliveries Waste tonnes mined tonnes 6,016,732 4,018,182 of explosives, resulting in ad
Slide 29: Casa Berardi Operations
BUILD | OPERATE | EXPAND CASA BERARDI OPERATIONS Q1-2026 Commentary • Gold production of 1,226oz • 5-days of production post acquisition Recent Developments Post Acquisition • Underground mine contractor mobilizing to site • To increase development rates in support of ramping-up underground producti
Slide 30: 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 Casa Berardi Open Pit 12,288 2.73 1,079 15,929 2.74 1,405 587 3.24 61 Underground 482 5.08 79 4,892 5.94 934 1,913 7.02 432 Ca
Slide 31: Peer Comparison & References: Annexure A
PEER COMPARISON & REFERENCES Annexure A Total Total Measured Indicated Inferred Grade Company Stage Tonnage Resources Source Date (kt) (koz) (koz) (koz) (koz) (g/t) West African Resources Producer 352,300 1,080 8,070 3,040 12,190 1.08 Investor Presentation 15-Sep-25 15-Sep-25 Reserve and Resource St
Slide 32: Foreign Estimate (ASX Listing 5.12): Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.1 The source and date of the historical estimates or The Casa Berardi Mine Mineral Resource and Mineral Reserve estimates were prepared under the supervis
Slide 33: Foreign Estimate (ASX Listing 5.12): Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.5 To the extent known, a summary of work programs • The Casa Berardi Property is located in the northern part of the Abitibi Subprovince, within the Super
Slide 34: Foreign Estimate (ASX Listing 5.12): Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.6 Any more recent estimates or data relevant to the As at the date of this announcement, the foreign estimates reported by the Company have not been super
Slide 35: Foreign Estimate (ASX Listing 5.12): Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.10 A statement by a named competent person or In accordance with ASX Listing Rule 5.12, the information in this presentation relating to the NI 43-101 Min
Slide 36: Production Target (ASX Listing 5.16): Annexure C
PRODUCTION TARGET (ASX Listing 5.16) Annexure C Additional Technical Information Relating to the Foreign Estimate Rule Commentary 5.16.1 All material assumptions underpinning the production target are contained in the Casa Berardi Technical Report and the IPO ASX. Please also see 5.12.5. 5.16.2 The