Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (June 2022)
36 slides from Orezone Gold's investor presentation, June 2022
Slide 1: Bomboré: Burkina Faso's Next Gold Mine
NS OREZONE Bombore Burkina Faso's Next Gold Mine June 2022 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: June 2022 Update
Orezone: June 2022 Update BOMBORE GOLD PROJECT 90% owned by Orezone 10% Burkina Faso Government * Construction overview and update * Timeline to commercial production & Operational readiness First Gold Pour Q3-2022 P17 exploration update and next steps Future expansion potential * Value catalysts TS
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: Sanbrad
Slide 5: Bomboré Construction
NS OREZONE Bomboré Construction
Slide 6: Bomboré Oxide Plant — Construction Update
Bomboré Oxide Plant — Construction Update ® Construction now in final stretch ® Bulk construction completed and equipment now being installed ®& CIL equipment installation well-advanced and piping and cabling in progress ® Ball mill erection nearing completion * Concrete works complete- batch plant
Slide 7: Plant Site
Plant Site CIL Tanks.— Top of Tank Steelwork 9) Conveyor y ROM Pad Feed Prep Elution’Column Installation
Slide 8: Off Channel Reservoir and Mining
Off Channel Reservoir and Mining OCR mining completed in early May OCR Mining Complete — First Water Fill Achieved * Serves as water storage during operations OCR water infrastructure installed and tested * OCR first fill of water achieved & Mining successfully by Local Contractor ¢ A4Mt of ore stoc
Slide 9: Tailings Storage Facility
Tailings Storage Facility © TSF earthworks and lining complete Overland piping for TSF and reclaim water supply well-advanced Reclaint Water Piping _ 9 Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 10: Ancillary Buildings
Ancillary Buildings & Ancillary buildings complete or well-advanced, including: Security entrance Plant site offices =a Reagents Storage Reagent storage Laboratory Control room Warehouse | Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 11: Camp — Expansion Completed for Peak Construction and Operations
Camp — Expansion Completed for Peak Construction and Operations | Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 12: Gensets Arriving on Site
Gensets Arriving on Site Offloading Gensets with 300t Crane Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 13: Project Timeline
Project Timeline Oxide Construction ! 2021 ! 2022 Timeline Qe Regular Corporate Updates EPCM Ce ee DO Site Preparation Earthworks oe ie ) OCRMining ond Development — EE I HN EE EDO ROME Tailings Storage Facility CT a aD © Videos Process Plant Construction Ci a a ee > OCR Fill eo Commissioning CGE Fi
Slide 14: 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 Lycop
Slide 15: Operational Readiness
NS OREZONE Operational Readiness
Slide 16: Operational Readiness
Operational Readiness ~~ Experienced international GM hired ~~ All operational HOD’s in place for plant commissioning and start-up ~~ Mining operations understood and performing well with over 12 months of mining completed, including rainy season ~~ All major reagents and supplies ordered and on-sit
Slide 17: Grade Control Drilling: A1 and A2 Starter Pits
Grade Control Drilling: A1 and A2 Starter Pits © Grade control drilling confirms the geological interpretation and grade estimation in A1 and A2 starter pits * Returned consistent thicker high-grade intervals * Will be the source of higher- grade oxide mill feed for the first year of production * Hi
Slide 18: Grade control drilling plan views and intercepts
Augit [o29-os1 By os.100 H100-2.00 [200-2000 Oo i LEGEND 2019 AMC Festtty Sayer ry 0.05 —=— lometere Seale: 12,910 0.95 — wlometers Scale: 12,910 Figure 2: A1 Pit Grade Control Drilling Plan View Pi m0 = = Figure 4 : A2 Pit Grade Control Drilling Plan View ra ozs-038 Bloas-os2 Dos2-o70 07-100 co-200
Slide 19: Exploration & Expansion Potential
NS OREZONE Exploration & Expansion Potential
Slide 20: Overview of Exploration Potential
Overview of Exploration Potential Drilling at the P17 Trend 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 ~~ Curren
Slide 21: Significant Expansion Potential: P17 Trend
Significant Expansion Potential: P17 Trend ®& Drilling continues to intersect several wide zones of multigram gold mineralization near surface and outside of current reserves & Two of the best intersections returned from new P17S NE drilling in 2021 and 2022 * 32.00 m of 3.98 g/t gold, including 6 m
Slide 22: Several repeat folds that start at or near surface
Several repeat folds that start at or near surface - ease of mining ¢ Continuity of repeat folds being confirmed by current drilling ~~ P17S open at depth and along strike Recent drilling has returned thick high-grade intercepts outside of resource envelopes to the west & First drilling at P17 to th
Slide 23: P17S: Multiple Repeating High-Grade Folds
P17S: Multiple Repeating High-Grade Folds _—— _—— Au git ator [o2e.ost Bo2e-0 Hlos-1c0 Figure 3: 730280E Pees Figure 4: 730280E Hees Pre 2022 Drill Programs | S07" beers Drilling to Date 23 | Bomboré - Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 24: P17: Expanding to the North and at Depth
P17: Expanding to the North and at Depth ry] 1097 1098 109 ms OPEN a 1095 Sn, 1094 100 m H— “eon Augit Augit ozs -os1 [ozs-os1 [eed Figure 5: 730500E Movie Fi 6: 730500E es E i pea igure 6: & Hise soe Pre 2022 Drill Programs | 0°70" eoem Drilling to Date panei Lm palace 24 | Bomboré - Building Burki
Slide 25: Main Shear Zone Resource & Reserve Conversion
Main Shear Zone Resource & Reserve Conversion Multiple opportunities throughout the project to convert inferred resources \ 5 aaa near the pit bottom to M&l through additional drilling el Many perma LEGEND. @ Oxtr>=10 gpt Current reserves are based on US$1,250/oz gold ¢ Current resources based on US
Slide 26: 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 Junge rolang Nah 3) E ise 25 50
Slide 27: 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 28: 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 29: Previous Drill Results Outside Reserve Pits
Previous Drill Results Outside Reserve Pits a To Length esmcat | wee | or | ay | Mest | BSNS 88¢2329 41.00 46.00 5.00 2.19 MAGA HILL Ela 500246 43.50 63.00 19.50 6.06 [NE ssp0s03 HE -8800450 208.00 215.00 7.00 3.23 [EE 5800203 3804555 56.00 63.00 7.00 21 [ERE ceposs 3800241 69.00 73.50 4.50 3.86 [EE
Slide 30: Stage 1 Oxide Plant and Stage 2 Sulphide Circuit
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 31: Near Term Value Propositions
NS OREZONE Near Term Value Propositions
Slide 32: Near Term Value Catalysts
Near Term Value Catalysts Exploration success at P17 Trend — drilling ongoing and 2022 exploration budget increased by US$9M Resource/reserve update and expansion study in Q@2 On-schedule and budget for first gold pour in Q3 Commercial production in Q4 SS OREZONE | Bomboré — Building Burkina Faso’s
Slide 33: Re-Rate Opportunity
Re-Rate Opportunity Lifecycle of a Junior Mining Company MINING DEVELOPMENT EXPLORATION High Risk - High Potential Value Re-Rating Lowered Risk Optimal Investing Stages * Sa OREZONE Relative Value Concept Discovery [cig Construction & Start-Up Operations Project execution is key to a re-rate * Lycop
Slide 34: 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 35: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure (June 022) Shares Issued 331,985,602 Shares Fully Diluted (assumes Convertible conversion) 401,582,315 Warrants (ORE.WT:TSX; C$0.80; exp. Jan. 29, 2023) 11,560,750 Options (C$0.30 - C$1.42) 22,442,499 Restricted Share Units 2,237,292 Deferred S
Slide 36: 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