Orezone Gold Corporation · TSX:ORE
Orezone Gold — Investor Presentation (September 2026)
53 slides from Orezone Gold's investor presentation, Sep 15, 2026
Slide 1: An Emerging Mid-Tier Producer
AN EMERGING Mid-Tier Producer SEPTEMBER 2026 TSX/ASX ORE CASA BERARDI UPDATED LIFE OF MINE 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: 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 7: 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 8: Casa Berardi History
$ OREZONE . Casa Berardi History &S
Slide 9: 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 10: 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 11: 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 12: Life of Mine Plan
NS OREZONE LIFE OF MINE PLAN
Slide 13: 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 14: Life-of-Mine Long Section
CASA BERARDI Life-of-Mine Long Section 14
Slide 15: 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 16: 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 17: 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 18: Exploration
NS OREZONE Exploration
Slide 19: 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 20: Historical Production
CASA BERARDI Historical Production The Casa Berardi Mine produced over 3.2Moz of gold, with most of the production coming from underground mining at an average head grade of ~6.3 g/t gold East Mine West Mine Principal Mine 20
Slide 21: 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 22: Gold Mineralization
CASA BERARDI Gold Mineralization Gold mineralization is primarily associated with shear zone-hosted quartz veins, locally exceeding 3 metres in width West Mine, Lower Inter Zone (Level 570, Sill 440) Principal Mine, Zone 118 (Level 690, Sill 1935) S N S N Gold-bearing quartz vein Gold-bearing quartz
Slide 23: Current Drilling Distribution
CASA BERARDI Current Drilling Distribution 90% of the ounces discovered to date sitting on the south side of the fault The north side of the fault is currently vastly underexplored relative to the south side Plan View (Assays outside 2025 Resource Domains) N 160 Zone Casa Berardi Fault East Mine 134
Slide 24: Current Drilling Distribution
CASA BERARDI Current Drilling Distribution Plan View (All Assays outside 2025 MRMR) N Exploration potential remains in the 50m buffer around Casa Berardi Fault main Casa Berardi Fault itself, which has not been drilled systematically to date Longitudinal Section Looking North (Assays outside 2025 Re
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: Property-Scale Exploration Potential
CASA BERARDI Property-Scale Exploration Potential N 50m buffer around Lac Germain Fault all drilling, projected North on property-scale Fault structures Casa Berardi Main Fault Southeast Fault Southwest Fault 5km North Fault Lac Germain Fault 5km 2km Lac Germain Casa Berardi Fault West East Mine Min
Slide 33: 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 34: Additional Geophysics Support
CASA BERARDI Additional Geophysics Support Eastern Sector surveyed with drone mag Given the poor rock exposure at surface and the low quality of the Mine magnetic survey over the mine area, the complexity of faulted and Sector folded geometry is challenging to interpret Additional geophysical survey
Slide 35: Outlook
NS OREZONE Outlook
Slide 36: 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 37: Heva-Hosco Development Project
HEVA-HOSCO DEVELOPMENT PROJECT HEVA-HOSCO DEVELOPMENT PROJECT 2012 Feasibility Study Results @ US$1,350/oz 1.66Moz @ 1.26g/t GOLD MINERAL INVENTORY Open Pit MINING OPERATION • Within 2.34Moz M&I + 0.27Moz Inf. 3.0Mtpa 104Koz/yr PRODUCTION PROFILE PROCESSING FACILITY • Over a 14-Year Mine Life Gold P
Slide 38: Re-Rate Potential Peer Comparables
RE-RATE POTENTIAL Peer Comparables Valuation Multiples2 Production1 Market Capitalization EV/2027 EBITDA P/NAV 100 200 300 400 Discovery 2 0koz Discovery S 7,313M Capricorn 12.6x esdome 1.2 x Resolute 263koz Capricorn S 5,647M merald 10.5x merald 0. x OREZONE Orezone 235koz Ramelius S 5,367M Rameliu
Slide 39: Orezone Corporate Snapshot
OREZONE Corporate Snapshot Capital Markets Data 2 Trading Performance3 (C$/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 40: Appendix A
NS OREZONE E \y Appendix A
Slide 41: 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 $158
Slide 42: Life-of-Mine Schedule
CASA BERARDI Life-of-Mine Schedule l r l O ra r a al r r a V 1. The production and financial information forms part of the Casa Berardi Life-of-Mine production target, which is based on qualifying foreign estimates and includes Inferred Mineral Resources. Refer to the “Important Notices and Disclaim
Slide 43: Transaction Overview
TRANSACTION OVERVIEW Transaction • Orezone acquired ecla Quebec Inc. (“ ecla Quebec”) a wholly owned subsidiary of ecla Mining Company (“ ecla Mining”). Transaction closed March 25, 2026. • Acquired assets include 100% ownership of the operating Casa Berardi gold mine, a portfolio of exploration pro
Slide 44: Reserves & Resources
RESERVES & RESOURCES Proven & Probable Measured & Indicated Inferred Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained kt g/t koz kt g/t koz kt g/t koz Casa Berardi Open Pit – – – 17,413 2.49 1,394 1,125 2.24 81 Underground – – – 7,325 4.81 1,134 1,673 5.83 314 Casa Berardi – –
Slide 45: Appendix B
NS OREZONE Appendix B
Slide 46: Peer Comparison & References
PEER COMPARISON & REFERENCES Total Resource Total Company Stage Market Cap EV ’27 EBITDA Share Price NAVPS EV/EBITDA P/NAV Tonnage Grade Resource (US$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 47: Appendix C
NS OREZONE . Appendix C “a
Slide 48: Foreign Estimate (ASX Listing 5.12)
FOREIGN ESTIMATE (ASX Listing 5.12) Additional Technical Information Relating to the Foreign Estimate ASX Listing Explanation Commentary Rule 5.12.1 The source and date of the historical estimates or foreign The source of the foreign estimate is the updated Casa Berardi Mineral Resource estimate dis
Slide 49: Foreign Estimate (ASX Listing 5.12)
FOREIGN ESTIMATE (ASX Listing 5.12) Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.5 To the extent known, a summary of work programs on • Casa Berardi is located in the northern part of the Abitibi Subprovince, within the Superior Province of the C
Slide 50: Foreign Estimate (ASX Listing 5.12)
FOREIGN ESTIMATE (ASX Listing 5.12) Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.5 To the extent known, a summary of work programs on • The Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. which the hist
Slide 51: Foreign Estimate (ASX Listing 5.12)
FOREIGN ESTIMATE (ASX Listing 5.12) Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.7 The evaluation and/or exploration work that needs to be To verify the foreign estimate as a Mineral Resource in accordance with the JORC Code, the Company will be
Slide 52: Foreign Estimate (ASX Listing 5.12)
FOREIGN ESTIMATE (ASX Listing 5.12) Additional Technical Information Relating to the Foreign Estimate Rule Explanation Commentary 5.12.10 A statement by a named competent person or persons In accordance with ASX Listing Rule 5.12.10, Rob Henderson, P.Eng., and Alexandre Nickerson, P.Eng., confirm th
Slide 53: Production Target (ASX Listing 5.16)
PRODUCTION TARGET (ASX Listing 5.16) Additional Technical Information Relating to the Production Target ASX Listing Commentary Rule 5.16.1 All material assumptions underpinning the Casa Berardi production target are disclosed in this presentation, including the mining schedule, mining and processing
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