Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (October 2026)
49 slides from Orezone Gold's investor presentation, October 2026
Slide 1: An Emerging Mid-Tier Producer
AN EMERGING Mid-Tier Producer CORPORATE PRESENTATION TSX/ASX ORE OCTOBER 2026 OTCQX ORZCF All dollar amounts are in USD unless otherwise stated
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Investor Presentation and drilling programs, including the planned ramp-up to 100,000 metres of drilling annually; the potential to expand mineral resources, discover new zones, delineate higher-grade underground mineralization, add This investor presentation is date
Slide 3: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Not an Offer to the effect of rounding. The actual calculation of these figures may differ from the figures set out in this presentation. This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchas
Slide 4: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER Mineral Resources and Mineral Reserves – NI 43-101 (Canada / TSX) Competent Person The estimation of mineral resources is inherently uncertain and involves subjective judgments about many In accordance with ASX Listing Rules, Rob Henderson, P.Eng., and Alexandre Nick
Slide 5: Investment Rationale
INVESTMENT RATIONALE Expanding Exposure to a Tier 1 Jurisdiction INVESTMENT RATIONALE Expanding Exposure to a Tier 1 Jurisdiction Two Producing Mines + Orezone combines significant cash Development Project flow, funded growth, Tier-1 jurisdiction Casa Berardi in Quebec and Bomboré in exposure, with
Slide 6: Bomboré Gold Mine Overview
BOMBORÉ GOLD MINE Overview • Established mining jurisdiction with 16 mines brought into production Location Burkina Faso • 90-minute drive from capital city to Bomboré • Strong support from local communities and in-country partners • Achieved commercial production of oxide Established operations in
Slide 7: Orezone Quebec Overview
OREZONE QUEBEC Overview • All operations and projects based in Quebec, Canada Quebec, Canada Tier-1 Jurisdiction • Tier 1 jurisdiction with assets operated by Agnico Eagle, IAMGOLD, Eldorado and Gold Fields • >3.2Moz Au over 30yrs of operation Casa Berardi • ~105,000oz/yr avg. over the last 5 years
Slide 8: Casa Berardi Life-of-Mine Highlights
CASA BERARDI Life-of-Mine Highlights Long-life production profile underpinned by the restart of higher- grade underground mining, with significant exploration upside LIFE OF MINE PRODUCTION AISC 14 Years 116 koz/yr $1,877/oz 1.63Moz of total gold production Life-of-Mine Average Life-of-Mine Average
Slide 9: Casa Berardi Life-of-Mine Overview & Outlook
CASA BERARDI Life-of-Mine Overview & Outlook Robust 14 Year Mine Life – Baseline Plan • $1,485/oz Cash Cost • $1,877/oz AISC 180,000 Production 4,500 AISC Cash Costs 4,000 Near-Term Investment Builds the 150,000 3,500 Foundation 120,000 3,000 Gold Production (oz) • Investment in new equipment, under
Slide 10: Casa Berardi History
$ OREZONE . Casa Berardi History &S
Slide 11: Casa Berardi Operating History
CASA BERARDI Operating History Through 30 years of production , Casa Berardi has predominantly been an underground mine 1 2006 – 2016: Sustained investment in underground exploration and development supported an average production profile of ~141,000oz/yr at a head grade of ~7.0g/t Au 2 2017 – Curre
Slide 12: orn — soom |
E110 orn — soom | Traced to ~800 meters Marginal extension KO at depth E130 1 E140 EMC rit E150 lo FSI Pit I Past Production
Slide 13: Casa Berardi Underground Investment
CASA BERARDI Underground Investment Production (Ounces) 175,000 Since open pit mining commenced in 2016, 150,000 125,000 underground production has steadily 100,000 OP 75,000 decreased 50,000 25,000 UG • Steady reduction in investment in underground 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 14: Life of Mine Plan
NS OREZONE LIFE OF MINE PLAN
Slide 15: Casa Berardi Mine Plan
CASA BERARDI Mine Plan Overview • Underground: 834,000oz produced over 12 years • Open Pit: 797,000oz produced over 14 years 180,000 7.00 UG koz OP koz UG g/t OP g/t Mine Plan Details 150,000 5.93 5.60 6.00 5.45 • Includes inferred resources1, concentrated 5.19 5.00 towards end of mining sequences 1
Slide 16: Casa Berardi Life-of-Mine Long Section
CASA BERARDI Life-of-Mine Long Section 16
Slide 17: Life of Mine Plan Underground Production
LIFE OF MINE PLAN Underground Production 800 West Mine East Mine Mine Sequence 700 • West Mine: continuous operations 600 UG Ore Tonnes Mined (kt) 500 • East Mine: re-commence operations in 2029 400 • Active mining recently ceased in 2023 300 • Mining contractor recently mobilized to increase 200 la
Slide 18: Life of Mine Plan Open Pit Production
LIFE OF MINE PLAN Open Pit Production F134 F160 Principal 2,000 WMCP Mine Sequence • Current F160 pit phase complete at end 2026 Ore Tonnes Mined (kt) 1,500 • F134 pit: 2027 & 2028 • F160 pit: 2029 & 2030 1,000 • Principal (2032-2038) and WMCP (2038-2040) pits 500 Path Forward • F134 Phase 1 pit per
Slide 19: Life of Mine Plan Enhancement Opportunities
LIFE OF MINE PLAN Enhancement Opportunities Increased Mill Actionable Exploration Optimization Throughput Upside • Open-pit grade control • Mineral resource expansion • Reduce dilution and improve • 3,835 tpd: LOM assumption • Open for expansion on head grades multiple fronts • Improved gold recover
Slide 20: Exploration
NS OREZONE Exploration
Slide 21: Casa Berardi Abitibi Greenstone Belt
CASA BERARDI Abitibi Greenstone Belt The Casa Berardi mine is located within a gold-endowed greenstone Detour Mine belt containing multiple structurally- SLDZ controlled vein deposits, collectively Casa Berardi CBDZ Mine having produced over 190M ounces of gold Some of these structurally-controlled
Slide 22: Casa Berardi Ore Grade Distribution
CASA BERARDI Ore Grade Distribution Production comes from multiple elongated high-grade lenses with tonnages ranging from less than 0.1MT to more than 2.5MT for individual zones, and average grades locally exceeding 9 g/t gold for some lenses The restricted footprint of some of these zones, yet high
Slide 23: Casa Berardi Exploration Targets
CASA BERARDI Exploration Targets Plan view 160 Mineralized zones Zone South of CB Fault North of CB Fault Casa Berardi Fault East 134 Mine Zone N West Principal Mine Mine Longitudinal Section Looking North W E East Mine 134 Zone West Mine 160 Zone Open Open Principal Mine Mineralized zones South of
Slide 24: Casa Berardi Exploration Drilling Program
CASA BERARDI Exploration Drilling Program The 2026 58K-metre exploration drill program at Casa Berardi April to EOY 2026 Exploration Budget Casa Berardi consists of: 10,000,000 33,700m • 6,500 metres for infill drilling 9,000,000 8,000,000 7,000,000 • 33,700 metres for extensions of current ore 6,00
Slide 25: Casa Berardi Maximizing Geological Data
CASA BERARDI Maximizing Geological Data 30 years of geological data sits in mining software and hasn’t been used for exploration Compilation work is ongoing to integrate production data (underground mapping, structural measurements, and drilling) and exploration data (geophysics, soil and till sampl
Slide 26: Casa Berardi 100,000+ Drilling Metres Going Forward
CASA BERARDI 100,000+ Drilling Metres Going Forward Historical Production There has been a clear decline in exploration metres drilled over the past 7 years, with an average of 20,400 metres drilled per year The objective is to ramp up to more than 50,000 metres of exploration drilling this year, re
Slide 27: Casa Berardi Overburden Thickness vs Discoveries
CASA BERARDI Overburden Thickness vs Discoveries N The Casa Berardi property occurs in the northern part of the belt, covered by 10 to 70 metres of Detour Mine SLDZ overburden Casa Berardi The scarcity of bedrock exposures in that part of Property the belt impedes direct prospecting techniques, and
Slide 28: Casa Berardi Property-Scale Exploration Potential
CASA BERARDI Property-Scale Exploration Potential Camp-scale property covers 37 kilometres along the Casa Berardi Fault Analogous regional fault segments have +5 mines located along comparable strike lengths Casa Berardi ~90km North N Timmins East • 6 Mines • 11 Deposits • >4Moz Produced 37km OF STR
Slide 29: Casa Berardi Property-Scale Exploration Potential
CASA BERARDI Property-Scale Exploration Potential Lac Germain Highlights CE-08-03 8.58 g/t over 10.4m Casa Berardi Mineral Resource CE-10-30 11.27 g/t over 3.9m Dieppe Highlights M&I 24.7MT @ 3.18 g/t for 2.5M ounces CBS-18-940 5.50 g/t over 4.0m CBS-06-190 1.99 g/t over 6.0m Inferred 2.8MT @ 4.37 g
Slide 30: Casa Berardi Property-Scale Exploration Potential
CASA BERARDI Property-Scale Exploration Potential Underground gold mines in Canada can extend to depths of over 3 kilometres In comparison, Casa Berardi is currently being mined above 1.2 kilometre depth Red Lake La Ronde Westwood Macassa Casa Berardi EVOLUTION AGNICO IAMGOLD AGNICO OREZONE • >20Moz
Slide 31: Outlook
NS OREZONE Outlook
Slide 32: Upcoming Catalysts
UPCOMING CATALYSTS UPCOMING CATALYSTS Near-term milestones advance Orezone Orezone Production Outlook toward >350koz of annual gold production (100% Basis) >350koz Exploration Results Heva-Hosco PEA from Bomboré and Expected in Q4-2026 Casa Berardi 11 drill rigs in operation 220-250koz across both o
Slide 33: Heva-Hosco Development Project
HEVA-HOSCO DEVELOPMENT PROJECT HEVA-HOSCO DEVELOPMENT PROJECT 2012 Feasibility Study Results @ US$1,350/oz 1.66Moz @ 1.26g/t GOLD MINERAL INVENTORY Open Pit MINING OPERATION • Within 2.34Moz M&I + 0.27Moz Inf. 3.0Mtpa 104Koz/yr PRODUCTION PROFILE PROCESSING FACILITY • Over a 14-Year Mine Life Gold P
Slide 34: Re-Rate Potential Peer Comparables
RE-RATE POTENTIAL Peer Comparables Valuation Multiples2 Production1 Market Capitalization EV/2027 EBITDA P/NAV 100 200 300 400 Discovery 2 0koz Discovery S 7,042M Capricorn 10.7x esdome 1.34x Resolute 263koz Ramelius S 5,150M Discovery .4x Emerald 0. 6x OREZONE Orezone 235koz Capricorn S 4,733M Emer
Slide 35: Orezone Corporate Snapshot
OREZONE Corporate Snapshot Capital Markets Data 2 Trading Performance3 (C$/sh.) TSX // ASX ORE Exchange Symbols 3.00 OTCQX ORZCF 2.75 52-Week Range C$1.19 – 3.00 2.50 Shares Outstanding // Fully Diluted 667M // 741M 2.25 2.00 Market Capitalization C$1.8B // US$1.3B 1.75 Cash & Bullion US$118M 1.50 S
Slide 36: Appendix A
NS OREZONE E \y Appendix A
Slide 37: Life of Mine Plan Key Parameters & Economics
LIFE OF MINE PLAN Key Parameters & Economics General & Production Operating & Capital Costs Mine Life 14 years Sustaining Capital $638M Annual Throughput 1.4 Mtpa Non-Sustaining Capital $324M Material Processed 19,531 kt Total CAPEX $961.6M Underground Head Grade 4.64 g/t Mining Cost Mined – UG $158
Slide 38: Casa Berardi Life-of-Mine Schedule
CASA BERARDI Life-of-Mine Schedule l r l O ra r a al r r a V 1. The production and financial information forms part of the Casa Berardi Life-of-Mine production target, which is based on qualifying foreign estimates and includes Inferred Mineral Resources. Refer to the “Important Notices and Disclaim
Slide 39: Transaction Overview
TRANSACTION OVERVIEW Transaction • Orezone acquired Hecla Quebec Inc. (“Hecla Quebec”) a wholly owned subsidiary of Hecla Mining Company (“Hecla Mining”). Transaction closed March 25, 2026. • Acquired assets include 100% ownership of the operating Casa Berardi gold mine, a portfolio of exploration p
Slide 40: Reserves & Resources
RESERVES & RESOURCES Proven & Probable Measured & Indicated Inferred Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained kt g/t koz kt g/t koz kt g/t koz Casa Berardi Open Pit – – – 17,413 2.49 1,394 1,125 2.24 81 Underground – – – 7,325 4.81 1,134 1,673 5.83 314 Casa Berardi – –
Slide 41: 2026 Production and Cost Guidance
2026 PRODUCTION AND COST GUIDANCE FY-2026 H1-2026 Production Guidance Consolidated Unit Guidance Actuals • Bomboré Operations Gold Production oz 222,000 – 247,000 97,355 • Gold production to be weighted towards H2-2026 AISC1,2,3 $/oz $2,200 - $2,400 $2,371 Sustaining Capital1,2 $M $21 - $23 $18.9 •
Slide 42: Technical and Leadership Appointments
TECHNICAL AND LEADERSHIP APPOINTMENTS H1-2026 H1-2026 H1-2026 Marc-Andre Pelletier Jean-François Ravenelle Amanda Mallough Chief Operating Officer VP Exploration VP Investor Relations • Mining Engineer with >30 years of experience (recently • Ph.D. Structural Geologist with >20 years experience • >1
Slide 43: Appendix B
NS OREZONE Appendix B
Slide 44: Peer Comparison & References
PEER COMPARISON & REFERENCES Total Resource Total Company Stage Market Cap EV ’27 EBITDA Share Price NAVPS EV/EBITDA P/NAV Tonnage Grade Resource (US$M) (US$M) (kt) (g/t) (koz) (US$M) (US$ / sh) (US$ / sh) (x) (x) Ramelius Resources Producer $5,367 $4,988 202,685 1.93 12,577 $610 $2.8 $3.6 8.05x 0.7
Slide 45: Foreign Estimate (ASX Listing 5.12) Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.1 The source and date of the historical estimates or The Casa Berardi Mine Mineral Resource and Mineral Reserve estimates were prepared under the supervis
Slide 46: Foreign Estimate (ASX Listing 5.12) Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.5 To the extent known, a summary of work programs • The Casa Berardi Property is located in the northern part of the Abitibi Subprovince, within the Super
Slide 47: Foreign Estimate (ASX Listing 5.12) Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.6 Any more recent estimates or data relevant to the As at the date of this announcement, the foreign estimates reported by the Company have not been super
Slide 48: Foreign Estimate (ASX Listing 5.12) Annexure B
FOREIGN ESTIMATE (ASX Listing 5.12) Annexure B Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.10 A statement by a named competent person or In accordance with ASX Listing Rule 5.12, the information in this presentation relating to the NI 43-101 Min
Slide 49: Production Target (ASX Listing 5.16) Annexure C
PRODUCTION TARGET (ASX Listing 5.16) Annexure C Additional Technical Information Relating to the Foreign Estimate Rule Commentary 5.16.1 All material assumptions underpinning the production target are contained in the Casa Berardi Technical Report and the IPO ASX. Please also see 5.12.5. 5.16.2 The