Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (January 2024)
27 slides from Orezone Gold's investor presentation, January 2024
Slide 1: Bomboré: Burkina Faso's Newest Gold Mine
Slide 2: Forward-looking information and mineral resource cautionary notes
This presentation contains certain “forward-looking information” within the meaning of applicable Canadian This presentation also contains references to estimates of mineral resources and mineral reserves. The securities laws. Forward-looking information and forward-looking statements (together, “fo
Slide 3: Burkina Faso: An Established Gold Mining Jurisdiction
Burkina Faso: An Established Gold Mining Jurisdiction 01 Supportive mining jurisdiction * 16 mines brought into production * Majority of mines built on/ahead of schedule and on/under budget =“ Strong support from local communities Pont. pe uIRe and Government TAPARKOBQUROUN T —_ sasaxaggy — DP asssa
Slide 4: Bomboré growth phases: Phase I, II, III and Tier 1 potential
US$1,700/oz US$1,500/oz Phase | ("140,0000z/yr) 5.9Mtpa oxide plant built on- time and under- budget Achieved Dec-2022 Phase II (209,0000z/yr) Construction of an independent parallel 4.4Mtpa hard rock plant EPCM/Early Works Commenced Phase Ill (>250,0000z/yr) Resource optimization and hard rock plan
Slide 5: Phase I: 5.9Mtpa Oxide Plant
NS OREZONE Phase | 5.9Mtpa Oxide Plant
Slide 6: FY-2023 Highlights — Achieved Guidance
FY-2023 Highlights — Achieved Guidance 141,4250z Au produced No Lost Time Injuries FY-2023 Guidance of 140,000 — 155,0000z Strong safety culture Grid Power Connected Debt Reduction of “$33.3M Significantly reduces power costs going forward As at the end of Q3-2023, $28.8M had been paid 6 | Bomboré —
Slide 7: Phase I: Overview
Phase I: Overview Phase I: 5.2Mtpa oxide plant: Commercial production on December 1, 2022 5.9Mtpa throughput achieved and expected moving forward Achieved FY-2023 production guidance of 140,000 — 155,0000z: produced 141,4250z $277M in cash as at September 30"" Senior loan reduced to “$62M by end of
Slide 8: Phase II Hard Rock Expansion
NS OREZONE Phase Il Hard Rock Expansion
Slide 9: 2023 Study - LOM Annual Gold Production and AISC
2023 Study - LOM Annual Gold Production and AISC 300,000 Phase1 |< Phase 2 $2,000 5.oMtpa 10.3Mtpa 250,000 $1,600 z 2 200,000 _ 3 $1,200 8 g ~~ 3 150,000 s e ss00 2 3 100,000 c) 50,000 i to) $o 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 mmm Hard Rock =m Oxide ——=AISC Phase II first
Slide 10: Summary of 2023 Study Results
Summary of 2023 Study Results & Robust economics (100% basis) $636M After-tax NPVs, at $1,750/oz Existing 5.9Mtpa-Oxide Plant $741M After-tax NPVs, at $1,850/o0z ® Low strip ratio of <2:1 Low capital intensity $167.5M Expansion capex To be financed with debt and FCF from current operations Strong ma
Slide 11: Well-Positioned to Deliver
Well-Positioned to Deliver ® Brownfield Expansion * Established infrastructure * Project permits in hand * Experienced workforce * Construction team in place from Phase | * Same EPCM contractors (Lycopodium, Knight Piesold) as Phase | * Established community relations and programs | Bomboré — Burkin
Slide 12: Community Relations Programs
Community Relations Programs ® Market gardens developed - agronomist assists in marketing and pricing - specialty cash crops developed - spices, shea butter Ongoing $ Programs New farming methods introduced and proven successful - half moon farming & Commercial scale chicken farming introduced, goat
Slide 13: Phase III Opportunities & Future Growth
NS OREZONE Phase III Opportunities & Future Growth
Slide 14: Opportunities & Future Growth
Opportunities & Future Growth ~~ Near Pit Exploration Upside Reserve Pit Shell Gold Price ~~ Operational Upside * Hard rock mill expansion * Hydraulic mining 14 | Bomboré — Burkina Faso’s Newest Gold Mine 8 i=} 8 Gold Produced (oz) 4 8 $2,250 $2,000 $1,750 $1,500 $1,250 $1,000 $750 $500 $250 $0 ae e
Slide 15: Reserve Expansion
Reserve Expansion § Reserves scoped at $1,500/oz, focused on: US$1,700/oz » « Margin & rapid payback * Tonnage to support 10-12yr mine life * Financeable expansion CAPEX At current gold prices pits will be mined deeper * Expected to support expanded production profile 15 | Bomboré - Burkina Faso’s N
Slide 16: Tier 1 Potential
NS OREZONE Tier 1 Potential
Slide 17: Exploration Upside — Along Strike at Depth
Exploration Upside — Along Strike at Depth ® Reserves delineated along >14km of broader mineral trend Deepest reserve pit is 180m & Average depth of drilling is ~200m ® First phase of structural review recently completed — future work will focus on identifying plumbing of the system | Bomboré — Burk
Slide 18: Exploration Upside — New Developing Trend at P17
Exploration Upside — New Developing Trend at P17 Bomboré Shear Zone P17 Trend | Bomboré — Burkina Faso’s Newest Gold Mine NSS OREZONE
Slide 19: Current Position & Market Outlook
NS OREZONE Current Position & Market Outlook
Slide 20: Junior Producers with a Runway to Mid-Tier Status
Junior Producers with a Runway to Mid-Tier Status Orla Mining K92 Mining Orezone Gold Primary Project Camino Rojo Kainantu Bomboré Location Mexico Papua New Guinea Burkina Faso Fraser Institute Ranking* 37 54 31 2023 Guidance Production (02) 110,000 — 120,000 111,000 — 116,000 140,000 — 155,000 AISC
Slide 21: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure TSX: ORE, OTCQX: ORZCF ats ber 30, 2023 Shares Issued 363,449,945 Shares Fully Diluted (assumes US$35M Convertible conversion) 420,118,714 Senior Debt “US$64.5M Cosh Us$27.7M Market Cap (as at December 29, 2023 close on TSX of C$0.85) c$298M Ma
Slide 22: Conclusions
| Conclusions VY Robust Phase II Study v Further Upside * Full Phase Il: 209,000o0z/yr at AISC of $1,121/oz, * Exploration: open at depth along strike, new ‘11.3yr overall mine life emerging P17 trend & regional targets * $636M After-tax NPV;,, at $1,750/ ld pri . P A $ ertax sxat$ SEGA IES * Operat
Slide 23: Appendix
NS OREZONE Appendix
Slide 24: Bomboré Site Layout
Bomboré Site Layout HAULROAD LO ne 2023 MINING PITS \ Mining Lease PROCESS PLANT 24 | Bomboré — Burkina Faso’s Newest Gold Mine NS OREZONE
Slide 25: West Africa: A Golden Opportunity to Build a Mid-Tier
West Africa: A Golden Opportunity to Build a Mid-Tier ~~ Exploration ¢ #1 for global gold discoveries * — Efficient low-cost exploration * Rapid deposit delineation ~~ Development * Short permitting timelines * Stakeholder/community alignment * Projects built on time and on budget Ripe for Consolida
Slide 26: Bomboré Mineral Resource and Reserve Estimates
Bomboré Mineral Resource and Reserve Estimates Bomboré Mineral Resource Estimate as of March 28, 2023! Measured Inferred 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 Oxide 16.4 0.59 312 72.9 0.56 1,311 3.3 0.57 60 Hard Rock N11 1.09 3
Slide 27: For more information on Orezone, please contact
NS OREZONE For more information on Orezone, please contact: Vanessa Pickering vpickering@orezone.com 604-202-2940 www.orezone.com