Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (July 2025)
24 slides from Orezone Gold's investor presentation, July 2025
Slide 1: Build. Operate. Expand.
TSX ORE OTCQX ORZCF BUILD. OPERATE. EXPAND. Corporate Presentation | July 2025 BOMBORÉ GOLD MINE BURKINA FASO
Slide 2: Disclaimer
DISCLAIMER This presentation contains certain “forward-looking information” within the meaning of applicable Canadian The Company provides analyst target price and recommendations for informational purposes only. These securities laws. Forward-looking information and forward-looking statements (toge
Slide 3: Burkina Faso: An Established Gold Mining Jurisdiction
BURKINA FASO An Established Gold Mining Jurisdiction Ideal Location 90-minute drive from the capital city Ease of logistics and security Skilled local labour force > 18Moz Gold within 50km West African Resources: Sanbrado, Toega and Kiaka New high-grade gold discoveries Supportive Mining Jurisdictio
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: Bomboré H1-2025 Highlights
BOMBORÉ H1-2025 Highlights GOLD PRODUCTION H1-2025 GOLD SALES H1-2025 GUIDANCE PRODUCTION GUIDANCE PRODUCTION SALES 56,236oz 57,208oz TRACKING TO Q1: 28,688oz I US$1,415/oz AISC Average realized price of $3,092/oz, 2025 GUIDANCE $176.9M in revenue Q2: 27,548oz 115,000-130,000oz BALANCE SHEET Q2-2025
Slide 6: 2025 Production & Costs Guidance
BUILD | OPERATE | EXPAND 2025 Production & Costs Guidance Operating Guidance 2025 Guidance Q1-2025 Actuals Investing in the Future (100% Basis) 2025 Growth Capital Gold Production 115,000 – 130,000oz 28,688 • Permanent Back-up Diesel Power Plant ($22-$24M) AISC 1,2,3 $1,400 – $1,500/oz $1,415 • To s
Slide 7: 2025 A Significant Transition Year
BUILD | OPERATE | EXPAND 2025 A Significant Transition Year Stage 1 Hard Rock – 2.5Mtpa Bomboré Three-Year Production • Construction underway (100% Basis) • Commissioning Q4-2025 220-250koz • Production: >170,000oz/yr 170-185koz Accelerated Stage 2 Hard Rock – 5.5Mtpa1 141koz 119koz 115 -130koz • Or
Slide 8: 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 Fully financed Expansion on schedule 5.5Mtpa Jaw Crusher SAG Mill Engineering and procurement now complete Jaw crusher and dump pocket foundations well-advanced Mill foundation complete and
Slide 9: Stage 1 Hard Rock Expansion – 2.5Mtpa
BUILD | OPERATE | EXPAND STAGE 1 Hard Rock Expansion – 2.5Mtpa 1 2 3 4 5 1. Hard rock expansion area with oxide plant and shared infrastructure 2. Dump pocket & jaw crusher foundation 3. CIL tanks & trash screen structural steel 4. SAG mill foundation 5. Back-up power plant foundations 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 Ball Mill Thickener Water Tank Overall Production 220,000 – 250,000oz/yr Pebble Crusher Additions to hard rock plant 4 additional CIL tanks Ball mill & pebble crusher Thickener & water
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: North Zone Long Section Looking Southwest
NORTH ZONE LONG SECTION Looking Southwest Highlighted intercepts below the reserve pit 13
Slide 14: P17 Long Section Looking West
P17 LONG SECTION Looking West Highlighted intercepts within higher-grade sub-zones 14
Slide 15: Current Position
NS OREZONE Current Position
Slide 16: 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 June 30, 2025 16
Slide 17: 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 (Early August) Program Planned • Commissioning in Q4-2025 • Increased trading liquidity and • 2.4Moz Mineral Reserve1 at access to new investors
Slide 18: Financial Position
FINANCIAL POSITION Q2-2025 Financial Position1 Outlook $72.6M cash, with $103.9M total Expected $80M in senior debt outstanding available liqudity upon completion of Stage 1 hard rock plant in late 2025 $65.3M senior debt with Coris Bank Debt free by Q4-2027 • 9 − 11% interest rate • $29M undrawn $3
Slide 19: Capital Structure & Research Coverage
CAPITAL STRUCTURE & Research Coverage Capital Structure Major Shareholders3 TSX: ORE, OTCQX: ORZCF Shares Issued1 532,009,981 19% Nioko Shares Fully Diluted2 609,214,881 Market Capitalization1 C$606M 41% Other 13% Analyst Coverage Australian Funds Broker Analyst Canaccord Jeremy Hoy CIBC Cosmos Chiu
Slide 20: Appendix
NS OREZONE Appendix
Slide 21: Bomboré Site Layout
BOMBORE Site Layout Exploration Permit 2023 FS Reserve Pits Process Plant P13 \*
Slide 22: 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 23: 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 24: Contact
CONTACT Kevin MacKenzie VP, Corporate Development & IR kmackenzie@orezone.com www.orezone.com