Orezone Gold Corporation · TSX:ORE
Orezone Gold — 121 Mining Investment Cape Town February 2023
30 slides from Orezone Gold's conference presentation, February 2023
Slide 1: Bomboré: Burkina Faso's Newest Gold Mine
SS"OREZONE Bombore Burkina Faso’s Newest Gold Mine TSX: ORE OTCQX: ORZCF
Slide 2: Forward Looking Statements and Non-IFRS Measures
Forward Looking Statements. Non-IFRS Measures. All-In Sustaining Costs (“AISC”) and AISC per ounce sold.
Slide 3: Bomboré Overview
Bomboré Overview ~~» Substantial resource base > 5Moz M+I* Phase I: 5.2Mtpa oxide plant: Completed on-schedule & under budget * Commercial production December 1, 2022 * FY2023: 140,000 - 155,0000z Phase II: sulphide plant construction ¢ Updated feasibility study Q3-2023 Exploration continues to deli
Slide 4: 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 build on time and on budget Ripe for Consolidation
Slide 5: 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 and Government 02 “17Moz gold within 20km of Bomboré* ®& West African R
Slide 6: Bomboré Site Layout
Bomboré Site Layout LOM PITS 2023 MINING PITS PROCESS PLANT 6 | Bomboré — Burkina Faso's Newest Gold Mine NS OREZONE
Slide 7: Bomboré: Phase I - 5.2Mtpa Oxide Plant
Bomboré: Phase | - 5.2Mtpa Oxide Plant Rapid ramp-up * Commercial production declared December 1, 2022 * Month of December 4% above nameplate capacity BoM Pod Sa Lime Silos — Peak throughput 17,120tpd, 20% above nameplate capacity ee chee Aeai.ana PS, PP fa leat Ws Arai Reclaim Water Piping * Mill r
Slide 8: Bomboré: FY2023 Guidance
Bomboré: FY2023 Guidance STRONG START TO Operating Guidance (100% Basis) Unit FY2023 P R O D U CTI O N Gold Production oz 140,000 - 155,000 Alsc!?3 $/oz $975 - 1,075 Sustaining Capital? $M $10-11 Growth Capital? $m $33 -38 REDUCE DEBT RAP Phase II & Ill $M $18 -20 Grid Power Connection $M $15 -18 &
Slide 9: Bomboré: Grid Power Connection
Bomboré: Grid Power Connection » Grid power connection * Connect to existing 132kV line — Recently improved reliability with connections to Ghana & Cote d'ivoire * 23km grid spur line to Bomboré — $15-18M budgeted CAPEX — Grid connection expected H2-2023 ® Benefits * Reduce future energy costs by “7
Slide 10: Phase II: Brownfields Sulphide Expansion
Phase II: Brownfields Sulphide Expansion 2019 Feasibility Study 5.2Mtpa oxide plant reduced to 3.0Mtpa in Year 3 2.2Mtpa sulphide plant construction in Year 2 Bomboré — Burkina Faso's Newest Gold Mine * Brownfields Expansion — 2023 FS } Current 5.2Mtpa oxide throughput maintained 5.0Mtpa expanded su
Slide 11: Phase II Production Target
Phase II $1,800 Production Target1 300,000 $1,500 $1,200 Production (oz) AISC (US$/oz) 200,000 $900 $600 100,000 $300 0 $0 Production AISC
Slide 12: Timeline 2022-2025
Timeline 21 2022 2023 2024 2025 a3. Q4 Qi a2 Q3 4 ai Qe a a4 Qi @Q a a4 ai Q Phase | - Oxide Plant Construction a First Gold * 2023 Results & Projects Drill Results Updated 2023 FS Grid Power Connection Phase II & Ill RAP Phase II - Sulphide Plant FEED/Procurement | Construction First Gold * 12. | B
Slide 13: Exploration
NS OREZONE Exploration
Slide 14: Bomboré Resource & Reserve Expansion Targets
Bomboré Resource & Reserve Expansion Targets 14 | Bomboré — Burkina Faso’s Newest Gold Mine P17 Bomboré km NS OREZONE
Slide 15: Exploration Overview
Exploration Overview © >100,000m of drilling completed since 2017 resource estimate System open to depth, average resource pit depth of <200m » New geological interpretation unlocking higher grades ®& Maga sulphides ® P17S-NE Siga sulphides P13 *& P8/P9 Resource Expansion P17 Gap &44O%% KT — Target
Slide 16: Resource Conversion: Maga Hill
Resource Conversion: Maga Hill Inferred Resources Beneath AMC 2019 FS Pit Design Conceptual USD $1,400 Pit Shell 16 | Bomboré - Burkina Faso’s Newest Gold Mine Maga Area Highlig! Drill Results *eeeeeeeeeyeee “True widths for Maga area drilling are approximately 85% of drilled lengths. 42.00 m of 1.1
Slide 17: Resource Conversion: Siga South
Resource Conversion: Siga South Siga Highlight Drill Results Inferred Resources Beneath AMC FS Pit Design (Looking North) Faywoenih pate ar On cere B “ 24.00 mof118 g/tAu © 46.50 mof1.35 g/t Au a Bs ® 29.00 mofiiig/tAu = 46.50 mof 113 g/t Au © 18.20m of 1.43g/tAu % 39.00 mof1.75 g/t Au AMC FS Pit De
Slide 18: Resource Expansion: P17 & P17S-NE
Resource Expansion: P17 & P17S-NE Increased understanding of fold geometry from increased drill density » Broader implications for project understanding and exploration upside P17S-NE Highlight Drill Results 32.00 m of 3.98 g/t Au 6.00 m of 14.70 g/t Au 12.20 m of 10.01 g/t Au 10.55 m of 11.50 g/t A
Slide 19: Target Delineation: P17 Gap
Target Delineation: P17 Gap 19 2019 P17S Reserves P&P: 1.3Mt @ 1.9 g/t Au for 76,0000z 500m tees - ltd chbylatdwra. a So are woe the con, ra ss ever ee e ot alte bs aoe abel an Au g/t (029-051 [i 051-100 [i 1.00 - 2.00 [i 2.00 - 2000 fo ~v 2019 AMC Feasibility Study Reserve Pit Bomboré — Burkina Fas
Slide 20: CSR
NS OREZONE CSR
Slide 21: Livelihood Restoration Programs
Livelihood Restoration Programs & Market gardens developed - agronomist assists in marketing and pricing - additional gardens being developed - Specialty cash crops developed - spices, shea butter «& New farming methods introduced and proven successful & Commercial scale chicken farming introduced,
Slide 22: Phase I RAP — Building Better Communities
Phase I RAP — Building Better Communities | Bomboré — Burkina Faso’s Newest Gold Mine NS OREZONE
Slide 23: Current Position & Outlook
NS OREZONE Current Position & Outlook
Slide 24: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure TSX: ORE, OTCQX: ORZCF Analyst Target Price and Recommendations Shares Issued! 345,165,952 Broker Date Recommendation Target Price Shares Fully Diluted (assumes Convertible conversion)! 405,877,192 Canaccord ovig/23 Buy $3.00 Debt (includes Con
Slide 25: Junior Producers with a Runway to Mid-Tier Status
Junior Producers with a Runway to Mid-Tier Status Priced at close 0V3V2023 Sources: company reports & presentations, S&P Capital | Orla Mining K92 Mining Orezone Gold Primary Project Camino Rojo Kainantu Bomboré Location Mexico Papua New Guinea Burkina Faso 2023 Guidance Production (02) 100,000 — 11
Slide 26: Why Invest?
Why Invest? ~ Proven Team * Phase I completed on-schedule and under budget ® Strong Start * Rapid ramp-up, mill exceeding design * 2023 guidance: 140-155Koz at AISC $975-1,075/oz Near-term Cost Reduction * Grid power connection H2-2023 26 | Bomboré - Burkina Faso’s Newest Gold Mine Multiple Levels o
Slide 27: Appendix
NS OREZONE Appendix
Slide 28: Debt Schedule
Debt Schedule ~~ Manageable debt load $150 * Clean debt without hedging, cash sweeps, or gold prepayments $127 = $125 . . & * Covenant lite - will support Phase II sulphide expansion 8 s100 $04 2 2 . . . 3 $75 YE-2022: $127M fixed-rate debt outstanding following E $75 construction 3 sso $6 5 * $92M
Slide 29: Bomboré Mineral Resource and Reserve Estimates
Bomboré Mineral Resource and Reserve Estimates Mineral Resource Estimate as of January 5, 2017 Measured Indicated Measured + Indicated Inferred Cutoff Tonnage Grade Contained Tonnage Grade Contained | Tonnage Grade Contained Tonnage Grade Contained Au git ooot Au git Au koz ooot Au git Aukoz ooot Au
Slide 30: Contact Orezone
NS OREZONE For more information on Orezone, please contact: Vanessa Pickering vpickering@orezone.com 604-202-2940 www.orezone.com
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