Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (February 2022)
33 slides from Orezone Gold's investor presentation, February 2022
Slide 1: Building Burkina Faso's Next Gold Mine
NS OREZONE Bombore Building Burkina Faso's Next Gold Mine February 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: About Orezone
About Orezone TSX: ORE BOMBORE GOLD PROJECT TSX: OREWT 90% owned by Orezone First Gold Pour OTCQX: ORZCF Us$0.91 3 Q@3-2022 10% Burkina Faso Government Patrick Downey Peter Tam President & CEO CFO & Fully financed development company with a proven track record Pascal Marquis phous Archambeault in pr
Slide 4: Orezone: 2021 in Review and 2022 Ahead
Orezone: 2021 in Review and 2022 Ahead Construction of Bomboré is on-budget and schedule for first gold pour in.Q3-2022 01 Raised US$189M project financing * Senior debt raised with a local Burkinabe bank on very competitive terms * No gold royalties streaming, or production pre-payments 02 US$7,M s
Slide 5: 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 6: Bomboré 2019 FS Economics
Bomboré 2019 FS Economics +13 years Mine Life 1.6Moz LOM Gold Production — 133.8ko0z/year first 10 years AISC®) of $672/oz first 10 years Capital Cost Phase | Oxide $153M Phase II Sulphide Expansion $63.2M ® Discounted to the planned start of commercial production BASE CASE $1,300/oz Au After-Tax NP
Slide 7: Bomboré Construction
NS OREZONE Bomboré Construction
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 West African projects reach design throughput in “30 Days on average and exceed nameplate capacity post commissioning West African Projects Lycop
Slide 9: Construction Progress — On track for Q3-2022 Start-Up
Construction Progress — On track for Q3-2022 Start-Up Detailed engineering completed, consistent with 2019 Feasibility Study All maior contracts awarded - eauipment and material orders were placed prior to recent cost inflation Ball mill is on site and other equipment continues to arrive — monitorin
Slide 10: Plant Site
Plant Site Plant Site ... Offices Cit Tanks Event Pond id a 11 Be 2 4 £ Ball Mill” Foundation Assay Lab Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 11: Ball Mill arriving on site
==> Ball Millarriving on site | Bomboré - Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 12: Ball Mill Foundations
Ball Mill Foundations a NS Gold Room Excavations
Slide 13: TSF Starter Wall
TSF Starter Wall OCR Channel Piping
Slide 14: Main Haul Road Nobsin Bridge
Main Haul Road 4 Nobsin Bridge
Slide 15: Construction Timeline
Construction Timeline Oxide Construction Timeline Regular Corporate Updates EPCM Site Preparation Earthworks OCR Mining and Development eA Tailings Storage Facility Videos Process Plant Construction OCR Fill Commissioning First Gold Pour Q3-2022 Process Plant Ramp-Up First Gold Pour 15 | Bomboré - B
Slide 16: Exploration & Expansion Potential
NS OREZONE Exploration & Expansion Potential
Slide 17: Overview of Exploration Potential
aed LEGEND @ Ox-Tr>=10 gpt @ Ox-Tr>=10 gpt Overview of Exploration Potential Sow = © Exploration permit ee Previous drilling at Bomboré focused on bringing the main shear zone to the Proven and Probable category to support the feasibility studies and subsequent project financing in a cost-effective
Slide 18: Near Surface High-Grade Mineralization at P17 Trend
Near Surface High-Grade Mineralization at P17 Trend ®& Drilling into the untested Gap between P17S NE and P17 extends strike length of mineralization over 600 m A P17 Trend * 50 mof 1.40 g/t gold, including 3 m of 8.89 g/t gold into the oo | fi untested gap 10m @ 2.68 gpt a i a noite ~ [PI i & Drill
Slide 19: Near Surface High-Grade Mineralization at P17 Trend
Near Surface High-Grade Mineralization at P17 Trend P17S NE Extension Area: Section 730250 - Looking West 2021 P17S NE “600 m mineralized trend outside of current reserves i HE id at rin 3019 Fea ibility Study Pit outine IH oe | ce M 13434 | WW poo Au g/t f | Shallowly plunging Oo Geet ore shoots co
Slide 20: Infill Drilling
Infill Drilling ~~ Multiple opportunities throughout the project to convert inferred resources near the pit bottom to M&l through additional drilling Current reserves are based on US$1,250/oz gold ° Current resources based on US$1,400/o0z gold * Inferred resources cannot be included in a mine plan ®
Slide 21: Siga South Inferred Resources
Siga South Inferred Resources ¥ 10500 ca 4—f ff ‘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+ 7 00GB 21: +100 Junge rolang Nah 3) E ise 25 50
Slide 22: Maga Hill Inferred Resources
Maga Hill Inferred Resources Au_Inferred Au_Total Ox_Niton2 AMC FS Pit Design Conceptual USD $1,400 Pit Shell ay ry
Slide 23: Previous Drill Results Below Existing Reserve Pits
Previous Drill Results Below Existing Reserve Pits 23 foe [mee Te on | | » m m g/t gold SIGA EAST BBC2329 BBDO246 BBDO450 BBC4555 BBDO241 BBC4788 SIGA SOUTH BBDO647 BBDO181 BBDO182 BBDO183 BBDO178 BBDO179 BBDO174 BBDO170 BBDO167 o o ra) as a fo} a MAGA HILL BBDO904 BBD0803 BBDO803 BBDO133 BBD0878 BB
Slide 24: Staged Plant Design: Oxide Plant and 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 25: Value Proposition
NS OREZONE Value Proposition
Slide 26: Re-Rate Opportunity
Re-Rate Opportunity Lifecycle of a Junior Mining Company Relative Value DEVELOPMENT MINING EXPLORATION High Risk - High Potential Value Re-Rating Lowered Risk Optimal Investing Stages & <—3—_ caer Discovery [cig Construction & Start-Up Operations Concept 26 Project execution is key to a re-rate ¢ Ly
Slide 27: 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 28: Capital Structure & Research Coverage
Capital Structure & Research Coverage 12 Month Share Price (CAD) & Volume Capital Structure (Dec. 31, 202’ Shares Issued 323,899,306 Shares Fully Diluted 399,467,598 Warrants (ORE.WT:TSX; CAD$0.80; exp. Jan. 29, 2023) 17,685,450 Options (CAD$0.30 - $1.42) 22,103,271 Restricted Share Units 2,974,164
Slide 29: CSR
NS OREZONE CSR
Slide 30: Livelihood Restoration Programs
Livelihood Restoration Programs * Market gardens developed - agronomist hired - additional gardens being developed & Specialty cash crops developed - spices, shea butter & Chicken farming, goat breeding and weaving commenced - successful and profitable & Reclamation including tree and shrub plantati
Slide 31: RCF Foundation — Community Solar Lamp Project
RCF Foundation — Community Solar Lamp Project ® With funding from the RCF Foundation, Orezone and local group Ocades installed solar lamps in 7 of the villages surrounding Bomboré in an effort to combat energy poverty & These community light sources will: 31 ° ° ° Allow students to study for school
Slide 32: Phase I RAP - Construction Completed
Phase | RAP - Construction Completed | Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 33: 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