Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (April 2026)
35 slides from Orezone Gold's investor presentation, Apr 1, 2026
Slide 1: An Emerging Mid-Tier Producer
TSX & ASX ORE OTCQX ORZCF AN EMERGING MID-TIER PRODUCER Corporate Presentation | April 2026
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Investor Presentation This investor presentation is dated April 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, exp
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: Repositioning Orezone
REPOSITIONING OREZONE Key Accomplishments Over The Last 12 Months • Completed secondary listing on the Australian Securities Exchange • Expanded investor base and further enhanced capital markets profile Improved Liquidity • Included in the VanEck Junior Gold Miners (“GDXJ”) exchange-traded fund (“E
Slide 6: 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 7: Orezone: A New Emerging Mid-tier Producer
OREZONE A New Emerging Mid-tier Producer Consolidated Gold Production Orezone Production Outlook • 2026 forecast: 220,000 – 240,000oz 1 (100% Basis) • Medium term target: >350,000oz/yr 2 400 >350koz Casa Berardi Mine • Mine plan rescope and optimization Catalysts 300 Bomboré • Updated mine plan an
Slide 8: Re-Rate Potential: Peer Comparables
RE-RATE POTENTIAL Peer Comparables Valuation Multiples2 Production1 Market Capitalization EV/2026 EBITDA P/NAV - 100 200 300 400 Orla 350koz Orla US$5,538M Capricorn 8.9x Wesdome 1.0x Discovery 280koz Discovery US$5,193M Ramelius 8.2x Orla 0.9x Genesis 275koz Ramelius US$4,768M Emerald 7.6x Hemlo 0.
Slide 9: Re-Rate Potential: Non-Core Canadian Acquisitions
RE-RATE POTENTIAL Non-Core Canadian Acquisitions Porcupine Discovery Silver 832% return since Musselwhite Orla Mining 299% return since Coffee Fuerte Metals 505% return since 1200% announcement 450% announcement 600% announcement 1100% 550% 400% 1000% 500% Publishes 350% Updated PEA 900% 450% Drill
Slide 10: 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 and Gold Fields • >3.2Moz Au produced over 30yrs of operation Established • Established skilled local workforce Operation • Averaged ~105,
Slide 11: 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 12: Traced to
Traced to ~800 meters Traced to ~1,200 meters ENCP Pit Untested beyond ‘) ~1,000 meters Marginal extension KH at depth E440 (mT — 500m | ae E130 4e He I Past Production |
Slide 13: Casa Berardi Path Forward
CASA BERARDI Path Forward PREVIOUS DISCLOSURES OUTLOOK AT SHIFTING TO OPEN PIT >US$2,500/oz GOLD PRICE • December 31, 2024 reserve gold price assumption of • Current stated underground M&I resource of 934,000oz US$1,900/oz grading 5.94g/t Au provides significant scope to maintain and extend ongoing
Slide 14: 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 15: 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 (Plann
Slide 16: 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 17: 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 18: Exploration Portfolio
EXPLORATION PORTFOLIO • Located 20km east of Rouyn-Noranda • 3,850ha property with 8km strike along the prolific Cadillac-Larder Lake Break, which is host to multiple operating mines Heva-Hosco • Established 1.2Moz M&I and 0.7Moz Inf. Advance Exploration mineral resource 1 • >400,000m of drilling co
Slide 19: 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 20: Stage 1 – 2.5Mtpa Hard Rock Expansion
BUILD | OPERATE | EXPAND STAGE 1 – 2.5Mtpa Hard Rock Expansion Completed on time & on budget Stage 1 Hard Rock Plant First Gold Pour, December 2025 20
Slide 21: 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 22: 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 23: 2026 Production and Cost Guidance
BUILD | OPERATE | EXPAND 2026 PRODUCTION AND COST GUIDANCE 2026 Guidance Production Guidance Operating Guidance • Bomboré Operations Unit Bomboré (100% Basis) • 45% to 64% increase to 2025 gold production, attributable to full year of hard rock operations Gold Production oz 160,000 - 180,000 • Gold
Slide 24: Orezone Corporate Snapshot
OREZONE Corporate Snapshot 2 Capital Markets Data 1 Trading Performance (C$/sh) TSX // ASX ORE Exchange Symbols $3.00 OTCQX ORZCF $2.75 52-Week Range C$0.75 – 2.98 $2.50 $2.25 Shares Outstanding // Fully Diluted 667M // 741M $2.00 Market Capitalization C$1.6B // US$1.1B $1.75 Cash & Bullion US$112M
Slide 25: Appendix
NS OREZONE
Slide 26: 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 27: 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 28: Contingent Payment Details
CONTINGENT PAYMENT DETAILS Gold Price Up to US$10M linked to gold price in the first 24 months after closing of transaction Contingent Consideration • US$5M to be paid should gold price average at or above $4,200/oz in the first year following closing of the Transaction; and • US$5M to be paid sho
Slide 29: Reserves & Resources
RESERVES & RESOURCES Reserves & Resources Inferred Measured & Indicated Proven & Probable Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Inclusive kt g/t koz kt g/t koz kt g/t koz Casa Berardi Open Pit 587 3.24 61 15,929 2.74 1,405 12,288 2.73 1,079 Underground 1,913 7.02 43
Slide 30: Peer Comparison & References
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 31: Foreign Estimate (ASX Listing 5.12)
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 32: Foreign Estimate (ASX Listing 5.12)
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 33: Foreign Estimate (ASX Listing 5.12)
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 34: Foreign Estimate (ASX Listing 5.12)
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 35: Production Target (ASX Listing 5.16)
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