Orezone Gold Corporation · TSX:ORE
Orezone Gold — BMO Metals & Mining Conference 2021
44 slides from Orezone Gold's conference presentation, March 2021
Slide 1: Building Burkina Faso's Next Gold Mine
NS OREZONE Bombore Building Burkina Faso's Next Gold Mine March 2021 BMO Metals & Mining Conference TSX.V: ORE OTCMKTS: 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's Core Principles
3 Alignment of Interests Protect the Capital Structure Emphasis on Capital Efficiency Focus on Technical Accuracy Bomboré — Building Burkina Faso’s Next Gold Mine Orezone’s Core Principles © Management and board aligned with shareholders * Acquired “5% of Orezone’s outstanding shares in the market F
Slide 4: Orezone — Investment Highlights
Orezone — Investment Highlights 4 Bomboré — Building Burkina Faso’s Next Gold Mine Funded, permitted and shovelready project * Announced “US$189M finance package to fund Bomboré to production * Lycopodium selected as EPCM contractor * Construction and mining commenced US$7.15M Silver Stream with EUR
Slide 5: Project Financing
Project Financing Project e e Fi nancli ng ~$96M Senior Loan, $35M Convertible Note, $58M Equity Competitive Cost of Capital Package U S$1 89 M No Gold Hedging No Gold Offtake No Gold Streams No Cost Overrun Reserve No Royalties Light Debt Covenants | Bomboré - Building Burkina Faso’s Next Gold Mine
Slide 6: Silver Stream to Fund Exploration
Silver Stream to Fund Exploration to to fund exploration — is “90 held by 01 Realizes value for silver not included in the 2019 feasibility study 02 Provides immediate cash for exploration 03 Does not impact project debt package 04 Stream buyback at Orezone’s option Key terms Include: * US$7.15m pay
Slide 7: Burkina Faso: An Established Gold Mining Jurisdiction
Burkina Faso: An Established Gold Mining Jurisdiction 01 02 03 Supportive mining jurisdiction © 15 gold mines have reached production & Majority of mines built on/ahead of schedule and on/under budget “10Moz gold within 15km of Bomboré * West African Resources: Sanbrado and newly acquired Toega © Ne
Slide 8: Bomboré's Advantage is its Simplicity
Bomboré’s Advantage is its Simplicity Open Pit — Carbon in Leach EARLY WORKS Flat Topography Simple Established Logistics Rapid Construction Timeline MINING rom Standard Truck and Shovel Shallow Pits Low Pit Maintenance PROCESSING 7 Conventional CIL Low Work Index Fast Leach Kinetics | Bomboré — Bui
Slide 9: 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 projects in West Africa reach design throughput in “30 Days on average and exceed nameplate capacity post commissioning West African Projects Lycop
Slide 10: Value Proposition
NS OREZONE Value Proposition
Slide 11: Bomboré Economics
Bomboré Economics BASE CASE +13 years Capital Cost $1,300/oz Au $1,750/oz Au Mine Life Phase | Oxide $153M 1.6Moz LOM After-Tax NPVs¢, After-Tax IRR After-Tax NPVs¢, After-Tax IRR Gold Production — 133.8ko0z/year Phase II first 10 years Sulphide $316MM2)4) 43.8% $732.7M34) 88% Expansion AISC) of $63
Slide 12: Value Proposition
Value Proposition Market Cap/NPV™ 2.50 2.47 2.00 1.48 1.50 1.19 0.98 1.00 0.69 0.74 0.51 0.50 0.38 0.41 0.46 = L | L] | LJ | Midas Orezone Integra Bluestone Rio2 Ascot ® Victoria Gold Sabina WAF®) Pure Gold?) Orla Orezone is Currently Trading at a Discount to its Emerging Developer Peers on a Market
Slide 13: 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 9 250% June 2020) E 225% 2 200% & 175% g S 150% % 125% Roxgold Declares g Commercial Production 8 100% (October 2016) g
Slide 14: Capital Structure & Research Coverage
Capital Structure & Research Coverage Capital Structure (as at February 16, 202’ Shares Issued 322,930,806 Shares Fully Diluted 362,125,756 Warrants (ORE.WT:TSX.V; CAD$0.80) 18,247,450 Options (CAD$0.30 - $1.05) 19,640,500 Restricted Share Units 1,307,000 Cash (no debt)(unaudited)(as at January 28,
Slide 15: Expansion Potential
NS OREZONE Expansion Potential
Slide 16: Overview of Exploration Potential
Overview of Exploration Potential The primary objective of previous drilling at Bomboré was to bring the main shear zone to the Proven and Probable category to support a feasibility study and subsequent project financing in a cost-effective manner ~~ With the project financing now in place, the comp
Slide 17: Extension Drilling - P17
Extension Drilling - P17 ®& High priority exploration target discovered late in project development ®& Plunging folded granodiorite with grades more than double that of project average *& A 600m long gap between P17 and P17S remains unexplored There are indications of further continuance of this hig
Slide 18: Extension Drilling - Maga Oxides
Extension Drilling - Maga Oxides The Maga area in the northern end of the Bomboré mining permit, has both oxide and sulphide drill targets ® Previous drill intercepts outside of the reserve pits, provide a strong indication that continuity does exist ®& Targets in the hanging wall were previously in
Slide 19: Infill Drilling — Siga South
Infill Drilling — Siga South South Model - Siga Inferred Resources Below 2019 FS Pit Oh Gold Section 10500 i] 10 to>1.5 [Il osto>t0 Bs Siga Inferred Drilling 12m @ 3.07 gpt 2im @ 1.40 gpt 18m @ 173 gpt 35m @ 1.18 gpt 47m @ 1.35 gpt 47m @ 113 gpt 12m @ 14.52 gpt 15m @ 116 gpt patience Le Om 19 | Bomb
Slide 20: Infill Drilling — Overview
Infill Drilling — Overview Multiple higher grade mineralized zones of Inferred resources have been identified near pit limits ¢ Additional drilling is required to bring these resources to M&l before they can be converted to reserves * Select examples are presented below: SIGA SOUTH MAGA HILL SIGA WE
Slide 21: Previous Drill Results Below Reserve Pits
Previous Drill Results Below oe Reserve Pits venath Grade [SIGAEAST | EAST BBC2329 41.00 46.00 5. 00 2.19 43.50 63.00 19.50 6.06 208.00 215.00 7.00 3.23 56.00 63.00 7.00 2.11 2550241 69.00 73.50 4.50 3.86 2504788 63.00 70.00 7.00 2.19 8BD0647 157.00 175.00 18.00 1.73 89.00 123.50 34.50 118 122.50 16
Slide 22: Regional Drilling — Exploration Claims
Regional Drilling — Exploration Claims . . . : socu KT Oxide Target Historical result: es com 4m @ 4.0 gpt 2018 results: sl0@ “Algist 6m @ 2.0 gpt 7m @ 1.6 gpt 10m @ 12.9 gpt P13 Oxide Target 9m @ 1.3 gpt 5m @ 1.2 gpt 14m @ 0.8 gpt 7m @ 1.6 gpt 7m @ 1.6 gpt 4m @ 3.7 gpt 1m @ 23.5 gpt P17N Oxide Targ
Slide 23: Bomboré Development
NS OREZONE Bombore Development
Slide 24: Bomboré Site Layout
Bomboré Site Layout ‘Waste Dumps Mining Pits Haulage Road Mining camp |) OBSA Mining Permit (Cattle fence Sulfide Mining Pit (2019) TSF Stockpile [Hil Sedimentation Pond lm Waste Dump Ill Process Plant Process Plant . . ore Waste dumps designed as environmental Dali ed pocessingiracility barriers ar
Slide 25: Processing plant staged design
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 26: Resource Leverage to Gold Price
Resource Leverage to Gold Price Siga South Deposit — One of the only pits drilled to depth fae ‘AU GRADE (2/t] [i -esen [| > 03s ae 2017 USD $1,400/oz Potential 26 | Bomboré - Building Burkina Faso’s Next Gold Mine ~~ Current Mineral Reserves of 1.8M Au 0z are based on an average gold price of “$1,1
Slide 27: With Bomboré's construction fully funded, all construction activities are underway
With Bomboré’s construction fully funded, all construction activities are Finalize detailed engineering and development schedule with Lycopodium Pre-production mining to commence - March 2021 Order long-lead critical path items Ball mill- March 2021 Award of power plant contract - March 2021 Commenc
Slide 28: CSR
NS OREZONE CSR
Slide 29: Livelihood Restoration Programs
Livelihood Restoration Programs * Market gardens developed - agronomist hired - additional gardens being developed & Specialty cash crops developed - spices, shea butter & Chicken farming commenced - self funding and very successful to date & Reclamation including tree and shrub plantations develope
Slide 30: Phase I RAP - Construction Completed
Phase | RAP - Construction Completed | Bomboré — Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 31: Strong Community Relations
Strong Community Relations Kids Outside Newly Built School Orezone Management with | — the President of Burkina Faso | Bomboré - Building Burkina Faso’s Next Gold Mine NS OREZONE
Slide 32: The Orezone Opportunity
NS OREZONE The Orezone Opportunity
Slide 33: A Clear Path to Value Re-rating
A Clear Path to Value Re-rating Fully Funded Project Construction Experienced Management Team and Contractors Competitive Cost of Capital Strong Management Team with Extensive Construction Experience Established Early Debt Package that Preserves Equity Value Maintain Flexibility for Additional Expan
Slide 34: For more information, please contact
NS OREZONE For more information, please contact: Vanessa Pickering Manager, Investor Relations © info@orezone.com @ 778-945-3974
Slide 35: Appendices
NS OREZONE Appendices
Slide 36: South Model - Siga South Inferred Resources
SOUTH MODEL - SIGA SOUTH INFERRED RESOURCES 1050} DOPaELF| 0seeZ Dozsec+| #10500 4—f ff ec leapfrog Sec ‘Au_inferred Au_Total OX_NITON2 Ls 2 1 1 08 or 0.35 0.29 AMC FS Pit Design USD 1400 Resource Pit Shell 7 00GB 3 +100
Slide 37: South Model - Siga W & E Inferred Resources
SOUTH MODEL - SIGA W & E INFERRED RESOURCES 3 O56LeLt £ pu_inferedAu_Total OX.NITON? Pit Design = rv Ras 2 1 1 08 07 0.52 0.35 | 0.29 AMC FS Pit Design +150) USD 1400 Resource Pit S hell Os6L¢L+ ooTsel+ OseeeLt ay + Plunge 00 x Looking North & 50 100, 150
Slide 38: Section 3500 - Inferred Resources Beneath 2019 FS Pit Design
ke Section 3500 - INF Resources Beneath AMC 2019 FS Pit Design I: rm NORTH MODEL — MAGA HILL INFERRED RESOURCES Au_Inferred Au_Total Ox_Niton2 0.52 AMC FS Pit +150 Design USD 1400 Resource Pit Shell Looking North E ry
Slide 39: North Model — Maga HW Inferred Resources
NORTH MODEL — MAGA HW INFERRED RESOURCES Section 4350 - INF Resources Beneath AMC 2019 FS Pit Design ‘Au_Inferred Au_Total Ox_Niton2 | i fe 2 a R 1 1 Bre os or [my AMC FS Pit Design USD 1400 Resource Pit Shell +0
Slide 40: Senior Debt Facility - ~US$96M
Senior Debt Facility -“US$96M Lender: Coris Bank International Borrower: Orezone Bomboré SA ~~ Denomination: West African Communauté Financiére Africaine francs (“XOF’) Structure: Split into a Medium-term Loan and a Short-term Loan * The Medium-term Loan to fund construction costs, the Short-term Lo
Slide 41: Senior Debt Facility - ~US$96M
Senior Debt Facility -“US$96M © Medium-term Loan of “US$64 million (KOF 35.0 billion) ¢ Term: 5 years ¢ Interest rate: 9.0% per annum ¢ First drawdown by December 31, 2021 ¢ Deferral of principal repayments for the first 24 months ¢ Early repayment permitted with prepayment penalty ranging from 2% t
Slide 42: Convertible Note Facility - ~US$35M
Convertible Note Facility -“US$35M Convertible Note Lenders: RCF, Beedie Borrower: Orezone Gold Corporation ~~ Denomination: US dollars & Key Terms: * Term: 5 year ¢ Interest rate: 8.5% per annum — payable up to 75% in common shares at the option of the Company * Convertible at a 30% premium to the
Slide 43: Equity Offering - ~US$58M
Equity Offering - “~US$58M “US$58M Co-led by Canaccord Genuity Corp. and CIBC Capital Markets ¢ Issued 61,950,000 shares at a price of C$1.05 for gross proceeds of C$65,047,500 ¢ Underwriters purchased an additional 8,292,500 Shares at a price of C$1.05 per Underwriter Option Shares for additional g
Slide 44: Bomboré Mineral Resource and Reserve Estimates
Bomboré Mineral Resource and Reserve Estimates Mineral Resource Estimate as of January 5, 2017 Classification 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 gi