Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (September 2025)
26 slides from Orezone Gold's investor presentation, Sep 1, 2025
Slide 1: Build. Operate. Expand.
TSX ORE I ASX ORE I OTCQX ORZCF BUILD. OPERATE. EXPAND. Corporate Presentation | September 2025 BOMBORÉ GOLD MINE BURKINA FASO
Slide 2: Important Notice
IMPORTANT NOTICE Disclaimer All such forward-looking statements are based on certain assumptions and analysis made by management and qualified persons considering their experience and perception of historical trends, current conditions and expected This presentation is dated September 1, 2025 and is
Slide 3: Important Notice
IMPORTANT NOTICE Past Performance included in the ASX Prospectus and that all material assumptions and technical parameters underpinning the forecast gold production targets in the Prospectus continue to apply and have not materially changed. Past performance metrics and figures (including historica
Slide 4: Build | Operate | Expand
BUILD | OPERATE | EXPAND Oxide plant built >100,000 oz/yr Tier 1 potential 14km reserve defined on-time and under-budget Operations Exploration system, average reserve depth of <40m Stage 1 Commercial Production >170,000 oz/yr Drilling Multi-year Expansion Production Guidance Achieved Underway Drill
Slide 5: 2025 A Significant Transition Year
BUILD | OPERATE | EXPAND 2025 A Significant Transition Year Stage 1 Hard Rock – 2.5Mtpa Bomboré Three-Year Production • Construction nearing completion (100% Basis) • Commissioning Q4-2025 220-250koz • Production: >170,000oz/yr 170-185koz Stage 2 Hard Rock – 5.5Mtpa 141koz 119koz 115 -130koz • Detai
Slide 6: Stage 1 Hard Rock Expansion – 2.5Mtpa
BUILD | OPERATE | EXPAND STAGE 1 Hard Rock Expansion – 2.5Mtpa Budgeted CAPEX of $90-95M Existing Oxide Plant On Schedule and Budget Current Progress 5.5Mtpa Jaw Crusher SAG Mill Engineering and procurement complete Jaw crusher installation advanced Ore bin structural steel advanced SAG mill install
Slide 7: Stage 1 Hard Rock Major Mill Components
BUILD | OPERATE | EXPAND STAGE 1 Hard Rock Major Mill Components Jaw Crusher & Dump Pocket Lime Silo & Ore Bin 7
Slide 8: Stage 1 Hard Rock Major Mill Components
BUILD | OPERATE | EXPAND STAGE 1 Hard Rock Major Mill Components 9.0MW SAG Mill Trash Screen & CIL Tanks 8
Slide 9: Stage 1 Hard Rock Expansion
BUILD | OPERATE | EXPAND STAGE 1 Hard Rock Expansion TSF Cell 1 TSF Cell 2 TSF Expansion Hard Rock Mining Fleet 9
Slide 10: Stage 2 Hard Rock Expansion – 5.5Mtpa
BUILD | OPERATE | EXPAND STAGE 2 Hard Rock Expansion – 5.5Mtpa Mill throughput to increase from 2.5Mtpa to 5.5Mtpa Thickener Existing Oxide Plant Rock Breaker Ball Mill Overall Production 220,000 – 250,000oz/yr Additions to hard rock plant 4 additional CIL tanks Pebble Crusher Ball mill & pebble cru
Slide 11: Key to Our Success: Commitment to Local Content
KEY TO OUR SUCCESS Commitment to Local Content Local Workforce 97% Burkinabe First to use an in-country workforce mining contractor • Well established workforce in • Very successful ramp-up and country with 16 mines developed performance since commissioning • Only four expats • Now performing simila
Slide 12: 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 Reserve1 Zone P16 • Average reserve pit depth <40m • Full ramp-up: 220,000-250,000oz/yr • Only 38 holes deeper than 250m Siga P11
Slide 13: Bomboré Recent Drilling & Discoveries
BOMBORÉ Recent Drilling & Discoveries 1. See Orezone’s news release dated June 10, 2025 for full drilling disclosure, including JORC Table 1 13
Slide 14: North Zone FW Long Section Looking Northeast
NORTH ZONE FW LONG SECTION Looking Northeast 2025 Drilling 14
Slide 15: Maga Cross Section Looking Northeast
MAGA CROSS SECTION Looking Northeast B Historic Drilling B’ Northwest BBD1313 BBD1314 Southeast BBD1313 0.75g/t Au / 11.1m BMC0180 0.90g/t Au / 16m BBD0639 1.25g/t Au / 47.5m BBD1313 1.02g/t Au / 57m over 200 meters below reserve pits (US$1,500/oz) BBD1314 1.64g/t Au / 46m Incl. 2.03g/t Au / 22m & 5
Slide 16: P17 Long Section Looking West
P17 LONG SECTION Looking West Highlighted intercepts within higher-grade sub-zones 16
Slide 17: Current Position
NS OREZONE Current Position
Slide 18: Orezone Significantly Undervalued
OREZONE Significantly Undervalued Mid-point 2025 Production Guidance Market Capitalization Stage 2 HR Stage 1 HR 2025 Guidance Source: S&P Capital IQ Pro & Public Disclosure as at close on August 31, 2025 18
Slide 19: Financial Position
FINANCIAL POSITION Q2 Financial position1 Outlook $72.6M cash, with $103.9M total Expected $80M in senior debt outstanding available liquidity upon completion of Stage 1 hard rock plant in late 2025 $65.3M senior debt with Coris Bank • 9-11% interest rate Debt free by Q4-2027 • $31.3M undrawn Stage
Slide 20: 2025 A Transformational Year
BUILD | OPERATE | EXPAND 2025 A Transformational Year Completion of ASX Renewed Focus: Stage 1 Hard Rock Secondary Listing Multi-year Exploration Expansion (began trading Aug. 8) Program Planned • To increase overall production by • Increased trading liquidity and • Current drilling focused on 45% t
Slide 21: Capital Structure & Research Coverage
CAPITAL STRUCTURE & Research Coverage Capital Structure Major Shareholders3 TSX: ORE, ASX: ORE, OTCQX: ORZCF Shares Issued1 597,799,455 17% Nioko Shares Fully Diluted1 675,004,355 Market Capitalization2 C$681M 37% Other 20% Analyst Coverage North America Broker Analyst Argonaut Patrick Streater Cana
Slide 22: Appendix
NS OREZONE Appendix
Slide 23: Bomboré Site Layout
BOMBORE Site Layout Exploration Permit 2023 FS Reserve Pits Process Plant P13 \®
Slide 24: Management & Directors
MANAGEMENT & DIRECTORS Significant Hands-on Experience MANAGEMENT BOARD PATRICK DOWNEY ROB HENDERSON PATRICK G. DOWNEY ROB DOYLE President, CEO and Director VP, Technical Services President, CEO and Director Director (Audit Committee Chair) Former President, Chief Executive Officer and Director Foun
Slide 25: Resource & Reserve Estimates
RESOURCE & RESERVE ESTIMATES Bomboré Gold Project Resource Estimate as of March 28, 20231 Measured Indicated Measured & Indicated Inferred Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Mt Au g/t Au koz Oxide 16.4 0.
Slide 26: Contact
CONTACT Kevin MacKenzie VP, Corporate Development & IR kmackenzie@orezone.com www.orezone.com
Orezone Gold — Investor Presentation (September 2025) on 6ix