Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (May 2021)
30 slides from Orezone Gold's investor presentation, May 2021
Slide 1: Bomboré: Building Burkina Faso's Next Gold Mine
NS OREZONE Bombore Building Burkina Faso's Next Gold Mine May 2021 TSX.V: ORE OTCMKTS: 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 — Investment Highlights
Orezone — Investment Highlights 3 Bomboré — Building Burkina Faso’s Next Gold Mine Funded, permitted and shovelready project * Announced “US$189M finance package to fund Bomboré to production * Lycopodium selected as EPCM contractor * Construction and mining commenced — long lead items ordered US$7.
Slide 4: Project Financing
Project Financing Project e e Fi nancli ng ~$96M Senior Loan, $35M Convertible Note, $58M Equity Competitive Cost of Capital Package U S$1 89 M No Gold Hedging No Gold Offtake No Gold Streams No Cost Overrun Reserve No Royalties Light Debt Covenants | Bomboré - Building Burkina Faso’s Next Gold Mine
Slide 5: Silver Stream to Fund Exploration
Silver Stream to Fund Exploration to to fund exploration — is “90 held by 01 Realizes value for silver not included in the 2019 feasibility study 02 Provides immediate cash for exploration 03 Does not impact project debt package 04 Stream buyback at Orezone’s option Key terms Include: * US$7.15m pay
Slide 6: Burkina Faso: An Established Gold Mining Jurisdiction
Burkina Faso: An Established Gold Mining Jurisdiction 01 02 03 Supportive mining jurisdiction © 15 gold mines have reached production & Majority of mines built on/ahead of schedule and on/under budget “10Moz gold within 15km of Bomboré * West African Resources: Sanbrado and newly acquired Toega © Ne
Slide 7: Bomboré's Advantage is its Simplicity
Bomboré’s Advantage is its Simplicity Open Pit — Carbon in Leach EARLY WORKS MINING PROCESSING —— \ 1") mm Flat Topography Standard Truck and Shovel Conventional CIL Simple Established Logistics Shallow Pits Low Work Index Rapid Construction Timeline Low Pit Maintenance Fast Leach Kinetics 7 | Bombo
Slide 8: 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 projects in West Africa reach design throughput in “30 Days on average and exceed nameplate capacity post commissioning West African Projects Lycop
Slide 9: Value Proposition
NS OREZONE Value Proposition
Slide 10: Bomboré Economics
Bomboré Economics BASE CASE +13 years Capital Cost $1,300/oz Au $1,750/oz Au Mine Life Phase | Oxide $153M 1.6Moz LOM After-Tax NPVs¢, After-Tax IRR After-Tax NPVs¢, After-Tax IRR Gold Production — 133.8ko0z/year Phase II first 10 years Sulphide $316MM2)4) 43.8% $732.7M34) 88% Expansion AISC) of $63
Slide 11: Value Proposition
Value Proposition 2.00 Market Cap/NPV™ 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 “ol —_ 0.00 Perpetua Integra Orezone Bluestone Rio2 Ascot” Sabina” Victoria Gold” Pure Gold” Orla 8 Orezone is Currently Trading at a Discount to its Emerging Developer Peers on a Market Cap/NPV Basis "Based on comp ure f
Slide 12: 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 9 250% June 2020) E 225% 2 200% & 175% g S 150% % 125% Roxgold Declares g Commercial Production 8 100% (October 2016) g
Slide 13: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure (as at March 31, 202 12-Month Share Price and Volume TSX.V: ORE $1.40 2,500,000 Shares Issued 322,930,806 $1.20 2,000,000 Shares Fully Diluted 364,697,756 $1.00 1,500,000 Warrants (ORE.WT:TSX.V; CAD$0.80) 18,247,450 COG $0.60 1,000,000 Options
Slide 14: Expansion Potential
NS OREZONE Expansion Potential
Slide 15: Overview of Exploration Potential
Overview of Exploration Potential The primary objective of previous drilling at Bomboré was to bring the main shear zone to the Proven and Probable category to support a feasibility study and subsequent project financing in a cost-effective manner ~~ With the project financing now in place, the comp
Slide 16: Extension Drilling - P17
Extension Drilling - P17 ®& High priority exploration target discovered late in project development ®& Plunging folded granodiorite with grades more than double that of project average *& A 600m long gap between P17 and P17S remains unexplored There are indications of further continuance of this hig
Slide 17: Extension Drilling - P16 Down-Plunge
Extension Drilling - P16 Down-Plunge ~~ P16 mineralized zone plunging North towards P17N, open for expansion Drilling will focus on expanding current zone and determining continuity to P17N ‘Au_Totat WeeTeeer Wooeeeets ak 6m @ 5.0 gpt 12m @ 2.5 gpt 9m @76 gpt 13.5m @ 2.9 gpt 6m @ 76 gpt 12m @ 15.3 g
Slide 18: Extension Drilling - Maga Oxides
Extension Drilling - Maga Oxides The Maga area in the northern end of the Bomboré mining permit, has both oxide and sulphide drill targets ® Previous drill intercepts outside of the reserve pits, provide a strong indication that continuity does exist ®& Targets in the hanging wall were previously in
Slide 19: Infill Drilling
Infill Drilling South Model Sia feted Bescmces eal 202 Coty moos & Siga South is a typical example of inferred resources near [Il oate>t0 the pit bottom that requires additional drilling eo * Similar opportunities have been identified throughout the project at Siga East and West, P11 and Maga Hill C
Slide 20: Previous Drill Results Below Existing Reserve Pits
Previous auld Results Below Existing Reserve Pits 20 [SIGAEAST | EAST BBC2329 BBDO246 BBDO450 BBC4555 BBDO241 BBC4788 SIGA SOUTH BBDO647 BBDO182 BBDO183 NE £007 BBDO174 BBDO170 BBDO167 254505 MAGA HILL BBDO904 BBDO803 EE £00503 BBDO133 BBDO878 BBDO136 Bomboré — Building Burkina Faso’s Next Gold Mine
Slide 21: Bomboré Development
NS OREZONE Bombore Development
Slide 22: Processing plant: oxide and sulphide stages
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: CSR
NS OREZONE CSR
Slide 24: Livelihood Restoration Programs
Livelihood Restoration Programs * Market gardens developed - agronomist hired - additional gardens being developed & Specialty cash crops developed - spices, shea butter & Chicken farming commenced - self funding and very successful to date & Reclamation including tree and shrub plantations develope
Slide 25: Phase I RAP - Construction Completed
Phase | RAP - Construction Completed | Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 26: Strong Community Relations
Strong Community Relations Kids Outside Newly Built School Orezone Management with | — the President of Burkina Faso | Bomboré - Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 27: The Orezone Opportunity
NS OREZONE The Orezone Opportunity
Slide 28: my Ng @
28 my 0 Ng @ i VY) a > < _ < O A (x Bomboré - Building Burkina Faso’s Next Gold Mine Pre-Production Mining Commenced Commenced Sitewide Earthworks Award Power Contract Announce Resource Update Commence Exploration Drilling Drill Results/Throughput Expansion Pour First Gold Q3-2022 NS OREZONE
Slide 29: A Clear Path to Value Re-rating
A Clear Path to Value Re-rating Fully Funded Project Construction Experienced Management Team and Contractors Competitive Cost of Capital Strong Management Team with Extensive Construction Experience Established Early Debt Package that Preserves Equity Value Maintain Flexibility for Additional Expan
Slide 30: For more information, please contact
NS OREZONE For more information, please contact: Vanessa Pickering Manager, Investor Relations © info@orezone.com @ 778-945-3974