OREZONE GOLD CORPORATION

Condensed Consolidated Interim Financial Statements

For the three and six month periods ended June 30, 2023

(Unaudited, expressed in thousands of United States dollars)

Orezone Gold Corporation

Condensed Consolidated Interim Financial Statements

(Unaudited, expressed in thousands of United States dollars)

Notice to reader pursuant to National Instrument 51-102

Auditor's involvement:

The external auditors of the Company have not audited or performed a review of these condensed consolidated interim financial statements.

Orezone Gold Corporation

Condensed Consolidated Interim Statements of Financial Position (Unaudited, expressed in thousands of United States dollars)

June 30,

December 31,

As at

2023

2022

ASSETS

Current assets

Cash

$32,309

$9,158

Inventories (Note 3)

7,495

12,729

Other current assets (Note 4)

19,792

9,334

Total current assets

59,596

31,221

Non-current assets

Other financial assets

205

306

Long-term inventories (Note 3)

53,606

37,411

Mineral properties, plant and equipment (Note 5)

182,246

183,343

Total assets

$295,653

$252,281

LIABILITIES AND EQUITY

Current liabilities

Trade and other payables (Note 6)

$37,832

$38,003

Income tax payable

9,570

-

Warrant liability (Note 7)

-

2,785

Current portion of loans and borrowings (Note 8)

14,935

32,990

Total current liabilities

62,337

73,778

Non-current liabilities

Loans and borrowings (Note 8)

80,871

88,851

Lease liabilities

738

827

Silver stream liability (Note 9)

6,644

6,257

Environmental rehabilitation provision (Note 10)

13,097

12,241

Total liabilities

163,687

181,954

Equity

Share capital

302,866

280,901

Reserves

31,826

30,658

Accumulated deficit

(198,500)

(232,440)

Equity attributable to shareholders

136,192

79,119

Non-controlling interest

(4,226)

(8,792)

Total equity

131,966

70,327

Total liabilities and equity

$295,653

$252,281

Commitments (Note 13(b))

Subsequent Events (Note 14)

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

These condensed consolidated interim financial statements were approved by the Board of Directors of Orezone Gold Corporation on August 9, 2023:

/s/ Patrick Downey

/s/ Rob Doyle

Patrick Downey

Rob Doyle

Director

Director

Page | 3

Orezone Gold Corporation

Condensed Consolidated Interim Statements of Income and Loss and Comprehensive Income and Loss For the three and six month periods ended June 30, 2023 and 2022

(Unaudited, expressed in thousands of United States dollars, except for per share amounts)

Three months ended

Six months ended

June 30,

June 30,

2023

2022

2023

2022

Revenue

$66,396

-

$148,108

-

Cost of sales

Operating expenses

27,138

-

56,710

-

Depreciation and depletion (Note 5)

7,838

-

15,396

-

Royalties

3,930

-

8,842

-

Earnings from mine operations

27,490

-

67,160

-

Other expenses

Exploration and evaluation costs

1,507

1,900

3,007

2,792

General and administrative costs

1,883

1,320

3,614

2,353

Share-based compensation (Note 11(d))

417

387

1,502

1,352

Depreciation (Note 5)

27

28

54

59

Operating income (loss)

23,656

(3,635)

58,983

(6,556)

Other income (loss)

Foreign exchange gain (loss)

151

2,585

(1,396)

3,156

Finance income

269

12

373

27

Finance expense

(4,102)

(17)

(8,528)

(35)

Fair value (loss) gain on other financial assets

(60)

(200)

(107)

2

Fair value gain (loss) on warrant liability (Note 7)

-

4,068

(623)

1,249

Fair value loss on stream liability (Note 9)

(195)

(251)

(517)

(302)

Other (loss) income

(3,937)

6,198

(10,798)

4,097

Net income (loss) before tax

19,719

2,563

48,185

(2,459)

Income tax expense

(6,710)

-

(9,570)

-

Net income (loss) for the period

$13,009

$2,563

$38,615

($2,459)

Net income (loss) attributable to:

Shareholders

11,380

2,410

33,940

(2,642)

Non-controlling interest

1,629

153

4,675

183

Net income (loss) for the period

$13,009

$2,563

$38,615

($2,459)

Other comprehensive income (loss)

-

-

-

-

Comprehensive income (loss) for the period

$13,009

$2,563

$38,615

($2,459)

Comprehensive income (loss) attributable to:

Shareholders

11,380

2,051

34,049

(3,145)

Non-controlling interest

1,629

512

4,566

686

Comprehensive income (loss) for the period

$13,009

$2,563

$38,615

($2,459)

Net earnings (loss) per common share attributable to

the shareholders of the Company, basic

$0.03

$0.01

$0.10

($0.01)

Net earnings (loss) per common share attributable to

the shareholders of the Company, diluted

$0.03

$0.01

$0.09

($0.01)

Weighted-average number of common shares

outstanding (in 000's), basic

359,739

328,334

353,130

326,610

Weighted-average number of common

shares outstanding (in 000's), diluted

373,826

347,690

366,922

326,610

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Page | 4

Orezone Gold Corporation

Condensed Consolidated Interim Statements of Changes in Equity

For the six month periods ended June 30, 2023 and 2022

(Unaudited, expressed in thousands of United States dollars, except for number of share amounts)

Share capital

Reserves

Foreign

Convertible

Equity

Non-

Shares

Amount

Share-based

currency

Contributed

note equity

Accumulated

attributable to

controlling

payments

translation

surplus

component

deficit

shareholders

interest

Total

Equity

#

$

$

$

$

$

$

$

$

$

Balance, January 1, 2023

336,328,240

280,901

20,535

489

5,466

4,168

(232,440)

79,119

(8,792)

70,327

Shares issued (Note 11(a))

13,000,000

12,057

-

-

-

-

-

12,057

-

12,057

Share issue costs (Note 11(a))

-

(452)

-

-

-

-

-

(452)

-

(452)

Shares issued for interest (Note 8(b))

1,207,372

1,112

-

-

-

-

-

1,112

-

1,112

Warrants exercised (Note 7)

8,171,288

8,278

-

-

-

-

-

8,278

-

8,278

Stock options exercised (Note 11(b))

1,067,290

726

(199)

-

-

-

-

527

-

527

RSUs redeemed (Note 11(c))

99,751

79

(79)

-

-

-

-

-

-

-

DSUs redeemed (Note 11(c))

193,463

165

(165)

-

-

-

-

-

-

-

Share-based compensation (Note 11(d))

-

-

1,502

-

-

-

-

1,502

-

1,502

Foreign currency translation

-

-

-

109

-

-

-

109

(109)

-

Net income for the period

-

-

-

-

-

-

33,940

33,940

4,675

38,615

Balance, June 30, 2023

360,067,404

302,866

21,594

598

5,466

4,168

(198,500)

136,192

(4,226)

131,966

Share capital

Reserves

Foreign

Convertible

Equity

Non-

Shares

Amount

Share-based

currency

Contributed

note equity

Accumulated

attributable to

controlling

payments

translation

surplus

component

deficit

shareholders

interest

Total

Equity

#

$

$

$

$

$

$

$

$

$

Balance, January 1, 2022

323,899,306

268,191

18,680

848

5,466

4,168

(233,369)

63,984

(10,108)

53,876

Shares issued for interest

928,764

1,003

-

-

-

-

-

1,003

-

1,003

Warrants exercised

6,124,700

6,728

-

-

-

-

-

6,728

-

6,728

Stock options exercised

490,332

339

(96)

-

-

-

-

243

-

243

RSUs redeemed

559,000

417

(417)

-

-

-

-

-

-

-

Share-based compensation

-

-

1,734

-

-

-

-

1,734

-

1,734

Foreign currency translation

-

-

-

(503)

-

-

-

(503)

503

-

Net (loss) income for the period

-

-

-

-

-

-

(2,642)

(2,642)

183

(2,459)

Balance, June 30, 2022

332,002,102

276,678

19,901

345

5,466

4,168

(236,011)

70,547

(9,422)

61,125

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

Page | 5

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Orezone Gold Corporation published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 00:08:23 UTC.