Orezone Gold Corporation · TSX:ORE
Orezone Gold — 121 Cape Town 2022 (May 9-10)
35 slides from Orezone Gold's conference presentation, May 2022
Slide 1: Building Burkina Faso's Next Gold Mine
NS OREZONE Bombore Building Burkina Faso's Next Gold Mine 121. Cape Town May 9-10, 2022 TSX: ORE OTCQX: ORZCF
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward looking statements” within the meaning of applicable U.S. securities laws (together, the “forward-
Slide 3: Orezone: Cape Town Update
Orezone: 121 Cape Town Update BOMBORE GOLD PROJECT 90% owned by Orezone 10% Burkina Faso Government * Construction overview and update * Timeline to commercial production & Operational readiness First Gold Pour Q3-2022 P17 exploration update and next steps ~~ Future expansion potential * Value catal
Slide 4: Burkina Faso: An Established Gold Mining Jurisdiction
Burkina Faso: An Established Gold Mining Jurisdiction 01 Supportive mining jurisdiction ® 15 producing gold mines ~ Majority built on/ahead of schedule and on/under budget *& Strong support from local communities and Government 02 “15Moz gold within 20km of Bomboré ®& West African Resources: Sanbrad
Slide 5: Bomboré Construction
NS OREZONE Bomboré Construction
Slide 6: Bomboré Oxide Plant — Construction Update
Bomboré Oxide Plant — Construction Update All major contracts awarded prior to recent cost inflation Majority of equipment and materials now on-site or in transit ® Top of CIL tank steelwork well-advanced Ball mill erection now commenced ~~ Concrete works nearing completion © Power plant constructio
Slide 7: Plant Site
Plant Site Ball Mill Installation -=CIL Tanks — Top of Tank-Steelwork = 7 Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 8: Off Channel Reservoir and Mining
Off Channel Reservoir and Mining & OCR is the first pit mined Environmental Barrier * Serves as water storage during operations ¢ Intake and discharge piping is progressing to receive water in June & Mining performed by local contractor Better than planned productivity since the start of mining — ra
Slide 9: Tailings Storage Facility
Tailings Storage Facility & TSF earthworks and lining complete © Overland piping for TSF and reclaim water supply well-advanced 9 | Bomboré — Building Burkina Faso’s Next Gold Mine Sy OREZONE
Slide 10: Ancillary Buildings
Ancillary Buildings ~~ Ancillary buildings in progress, including: ¢ Plant site offices ¢ Reagent storage ¢ Laboratory . = TSF Feed and Reclaim Water Piping 4 * Control room ¢ Warehouse Assay Lab 10 Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 11: Camp — Expansion Completed for Peak Construction
Camp — Expansion Completed for Peak Construction " Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 12: Gensets Arriving on Site
Gensets Arriving on Site Offloading Gensets with 300t Crane Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 13: Project Timeline
Project Timeline Oxide Construction ! 2021 ! 2022 Timeline Geen Regular Corporate Updates EPCM Site Preparation Earthworks OCRMining ond Development — EE I HN EE EDO eA Tailings Storage Facility Videos Process Plant Construction OCR Fill Commissioning Process Plant Ramp-Up eo 86830 eS First Gold Pou
Slide 14: West African Gold Projects Surpass Expectations
West African Gold Projects Surpass Expectations & Projects in West Africa have a long history of being built ahead of schedule and under budget Lycopodium West African projects reach design throughput in “30 Days on average and exceed nameplate capacity post commissioning West African Projects Lycop
Slide 15: Operational Readiness
NS OREZONE Operational Readiness
Slide 16: Operational Readiness
Operational Readiness ~~ Experienced international GM hired ~~ All operational HOD’s in place for plant commissioning and start-up Mining operations well in-hand and understood with over 12 months of mining completed, including during rainy season ~ All major reagents and supplies ordered and on-sit
Slide 17: Grade Control Drilling A1 Starter Pit
Grade Control Drilling A1 Starter Pit © Grade control drilling confirms the geological interpretation and grade estimation in A1 a J. od ry 005 | liabieiahid eo —— Bo see kilometers Scale: 1:2,910 » * Returned consistent high-grade intervals 9.00 m of 4.07 g/t Au from 35.00 m 6.00 m of 5.62 g/t Au f
Slide 18: Exploration & Expansion Potential
NS OREZONE Exploration & Expansion Potential
Slide 19: Overview of Exploration Potential
Overview of Exploration Potential Drilling at the P17 Trend continues to return excellent results beyond current reserves and resources — high-grade and near-surface ~~ Several higher-grade zones within the main ore body are well-defined, near surface and remain open for expansion at depth ~~ Curren
Slide 20: Significant Expansion Potential: P17 Trend
Significant Expansion Potential: P17 Trend ®& Drilling continues to intersect several wide zones of multigram gold mineralization near surface and outside of current reserves & Two of the best intersections returned from new P17S NE drilling in 2021 and 2022 * 32.00 m of 3.98 g/t gold, including 6 m
Slide 21: P17 Exploration — What is it telling us?
P17 Exploration — What is it telling us? ~~ Several repeat folds that start at or near surface - ease of mining Figure 2: P17 Trend Long Section | orezone * Continuity of repeat folds being confirmed by current _ fe lhlUrr | |C6@e ~~ P17S open at depth and along strike Inset: Figures 3 & 4 Inset: Fi
Slide 22: P17S: Multiple Repeating High-Grade Folds
P17S: Multiple Repeating High-Grade Folds 400m a Figure 3: 730280E Figure 4: 730280E 100-200 = SS es —— Pre 2022 Drill Programs APOREZONE Drilling to Date “Pionero LS Prose Drill Trace 22 | Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 23: P17: Expanding to the North and at Depth
P17: Expanding to the North and at Depth ry] EEELEC 100m Au g/t [Hlozs-os1 Host-t00 Figure 5: 730500E a Pre 2022 Drill Programs Sorezone I] 1097 1098 ms OPEN ior 1093 & oan ren [Ho29-051 [ti Figure 6: 730500E ——o Drilling to Date ® onezone L. Prase ori Trace 23 | Bomboré - Building Burkina Faso’s Ne
Slide 24: Main Shear Zone Resource & Reserve Conversion
Main Shear Zone Resource & Reserve Conversion Multiple opportunities throughout the project to convert inferred resources : : oct camp ting perme near the pit bottom to M&l through additional drilling Exploration permit Current reserves are based on US$1,250/oz gold ¢ Current resources based on US$1
Slide 25: P11 Inferred Resources
P11 Inferred Resources Au_inferred Au_Total OX_NITON2 } } = as 2 Ex cA Wey SOOT _ 4 = | vo b/ _| me (ok 2s SSeS 7| a ra ——F} ae _ A AMC ES Pit / . : Design “ i Xe é Conceptual USD $1,400 Pit Shell 730 750) ba: ooRzeZ> SLezel= Oseel= North sectioh@+1349150.00
Slide 26: Siga South Inferred Resources
Siga South Inferred Resources ¥ 10500 ca 4—f ff (00 ‘Au_inferred Au_Total OX_NITON2 ae 15 2 =” k 1 1 Bre 08 ose 0.35 0.29 AMC FS Pit Design . Conceptual USD $1,400 Pit Shell 3 00cee+ 3 O0PeCLF 3 00L8eL+ +100 Junge rolang Nah 3) E ise 25 50
Slide 27: Maga Hill Inferred Resources
Maga Hill Inferred Resources Au_Inferred Au_Total Ox_Niton2 ae 1s 2 ox oe. op os a7 vu unknown AMC FS Pit Design Conceptual USD $1,400 Pit Shell ry
Slide 28: Previous Drill Results Below Existing Reserve Pits
Previous Drill Results Below Existing Reserve Pits Length Grade Length SES : SISA EAST | SME 88C2329 41.00 46.00 5.00 2.19 MAGA HILL Ela 13.00 i [TE «3800246 = 43.50 63.00 19.50 6.06 ER 8500803 8.00 5.88 [6800450 —_208.00 215.00 7.00 3.23 HE 2800203 10.00 1.55 TS «38c4555 56.00 63.00 7.00 2m ER 3500
Slide 29: Oxide Plant and Sulphide Circuit Expansion
SS Le ¥ ; _ et SLs — STAGE 1: Oxide Plant ROOM TO EXPAND SULPHIDE CIRCUIT STAGE 2: Sulphide Circuit Oxide plant capacity of 5.2Mtpa * Oxide feed reduced to 3.0Mtpa upon commissioning of the sulphide circuit Sulphide circuit capacity of 2.2Mtpa * Expandable capacity to >4.0Mtpa with the addition of a
Slide 30: Near Term Value Propositions
NS OREZONE Near Term Value Propositions
Slide 31: Near Term Value Catalysts
Near Term Value Catalysts Exploration success at P17 Trend — drilling ongoing and 2022 exploration budget increased by US$9M Resource/reserve update and expansion study in Q@2 On-schedule and budget for first gold pour in Q3 Commercial production Q4 SS OREZONE | Bomboré — Building Burkina Faso’s Nex
Slide 32: Re-Rate Opportunity
Re-Rate Opportunity Lifecycle of a Junior Mining Company EXPLORATION i DEVELOPMENT MINING High Risk - " . High Potential Value Lowered Risk Renating Project execution is key to a re-rate * Lycopodium has built the past 10+ mines in West Africa ¢ Allorders placed ahead of significant Optimal increase
Slide 33: Share Price Performance During Construction
Share Price Performance During Construction Share Price Performance of Single Asset Development Companies During Construction 300% West African Resources 275% Commercial Production g 250% June 2020) E 225% 2 200% @ 175% 9 2 150% © 125% Roxgold Declares 5 Commercial Production 8 100% (October 2016) g
Slide 34: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure (Dec. 31, 202’ Shares Issued 323,899,306 Shares Fully Diluted (assumes Convertible conversion) 396,416,827 Warrants (ORE.WT:TSX; CAD$0.80; exp. Jan. 29, 2023) 17,685,450 Options (CAD$0.30 - $1.42) 19,175,500 Restricted Share Units 2,851,164 Def
Slide 35: A Clear Path to Value Re-Rating
A Clear Path to Value Re-Rating Ongoing Drilling Success Highlights $800 150 $733 Bombore’s Exploration and . . 2 $520 . Expansion Potential % 0% B $ z . a a Average share price =" $361 2 performance during 5 son B . & g00 18-month construction ae Construction On-Schedule and Budget * "$1,300 $1,500