Orezone Gold : March 2024 Corporate Presentation

TSX ORE	Corporate Presentation
OTCQX ORZCF	March 2024

BUILD. OPERATE. EXPAND.

BOMBORÉ GOLD MINE BURKINA FASO

DISCLAIMER

This presentation contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information and forward-looking statements (together, "forward-looking statements") are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur.

This presentation contains forward-looking statements in respect of Orezone and the Bomboré Mine. These include statements regarding, among others, the Phase II Expansion, Phase III Opportunities and Future Growth, Exploration and Conclusions. Furthermore, statements regarding mine plan and production; mineral processing; project infrastructure; project economics; initial project capital costs; development and timeline timetables; and enhancement opportunities are forward-looking statements.

All such forward-looking statements are based on certain assumptions and analysis made by management and qualified persons considering their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances. The forward- looking information and statements are also based on metal price assumptions, exchange rate assumptions, cash flow forecasts, and other assumptions used in the 2023 Study. Readers are cautioned that actual results may vary from those presented.

In addition, all forward-looking information and statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, use of assumptions that may not prove to be correct, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk (including but not limited the possibility of one or more coup d'état), unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking information or statements.

This presentation also contains references to estimates of mineral resources and mineral reserves. The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral resource estimates may require re-estimation based on, among other things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses.

Although the forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

The independent Reference should be made to the full text of the technical report and the news release dated October 11, 2023 for the assumptions, qualifications and limitations relating thereto.

AISC includes operating costs, royalties, sustaining capital, and closure costs (net of salvage values) but excludes NI 43-101 technical report entitled "Bomboré Phase II Expansion, Definitive Feasibility Study" is available on SEDAR+. the costs of the Phase II hard rock plant expansion, growth capital, and corporate G&A.

Qualified Persons

Pascal Marquis, Geo., Ph.D., SVP; Dale Tweed, P. Eng., VP Engineering; and Rob Henderson, P. Eng., VP Technical Services of Orezone, are Qualified Persons under NI 43-101 and have reviewed and approved the scientific and technical information contained in this presentation. Messrs. Marquis, Tweed, and Henderson are not independent within the meaning of NI 43-101.

2

BURKINA FASO An Established Gold Mining Jurisdiction

* Based on public disclosure by Orezone and West African Resources

Ideal Location

90-minutedrive from the capital city

Ease of security and logistics

Skilled local labour force

> 18Moz Gold within 50km

West African Resources: Sanbrado,

Toega and Kiaka

New high-grade gold discoveries

Supportive Mining

Jurisdiction

16 mines brought into production

Majority of mines built on/ahead of schedule and on/under budget

Strong support from local communities and

Government	3

BUILD, OPERATE, EXPAND

Phase I	Phase II	Phase III	Tier 1
>100,000oz/yr	>200,000oz/yr	>250,000oz/yr	Potential
5.9Mtpa oxide	Construction of	Resource optimization	Exploration of P17
plant built on-time	an independent parallel	and hard rock plant	Trend, possible centre
and under-budget	4.4Mtpa hard rock plant	expansion	of mass for Bomboré

ACHIEVED DECEMBER 2022	EPCM/EARLY WORKS	ACTIVELY EVALUATING	DRILLING 2024 / 2025
COMMENCED

4

BUILD | OPERATE | EXPAND

PHASE I Solid 1st Year of Production

Built on-time

and under-budget

Operating

above nameplate

Designed for 5.2Mtpa

and achieved 5.9Mtpa

Strong balance sheet

Cash of US$27.7M (Q3-2023)

Reduced senior debt by $33M in first year

FY-2023 production guidance achieved

141,425oz Au produced

5

BUILD | OPERATE | EXPAND

PHASE II Snapshot

Phase I

Phase II

5.9Mtpa10.3Mtpa

(oz)	300,000
Produced	250,000
Gold	200,000
150,000

100,000

50,000

0

Hard Rock

Oxide

AISC

Phase II Expansion Study Oct-2023 5.9Mtpa to 10.3Mtpa

$2,000

$1,600

$1,200

$800

$400

$0

AISC ($/oz)

209,000oz/yr at $1,121/oz AISC

First 3 full years: 231,000oz/yr at an AISC of $1,081/oz

LOM production 2.11Moz over 11.3 years

Please see the NI 43-101 technical report entitled "Bomboré Phase II Expansion, Definitive Feasibility Study" which is available on SEDAR+ for full disclosure.

6

BUILD | OPERATE | EXPAND

PHASE II Key Metrics & Layout

2023 STUDY1

Base Case Gold Price	US$1,750/oz
Mine Life	11.3 Years
LOM Gold Production	2.11Moz
LOM Average Gold Production	186,000oz/yr
Capex	$167.5M
Cash Costs	$1,070/oz
LOM AISC	$1,122/oz
After-tax NPV(5%) ($1,750/oz)	$635.9M

1 Please see the NI 43-101 technical report entitled "Bomboré Phase II Expansion, Definitive Feasibility Study" which is available on SEDAR+ for full disclosure.	7

BUILD | OPERATE | EXPAND

WELL-POSITIONED TO DELIVER

Brownfield Expansion

Established infrastructure

Project permits in hand

Experienced workforce	Camp	Substation & Electrical Towers

Construction team in place from Phase I

Same EPCM contractors

(Lycopodium, Knight Piesold) as Phase I

Established community relations

and programs	RAP: MV3 Construction			Tailings Storage Facility
Phase II Hard Rock Plant Construction Timeline		2024				2025
Q1	Q2		Q3	Q4	Q1	Q2		Q3	Q4

Engineering/Procurement

Construction

Commissioning/Ramp-up

First Gold

8

COMMUNITY RELATIONS Ongoing Programs

Market Gardens Developed

Agronomist assists

in marketing and pricing

while also contributing to the development of new specialty cash crops, such as spices and shea butter.

New Commercial Businesses

Successfully initiated

and established commercial-

scale enterprises in chicken farming, goat breeding, and weaving.

New Farming Methods

The introduction of new farming methods, particularly the half-moon farming technique, has been proven successful in enhancing agricultural productivity.

Ongoing Reclamation

As part of the ongoing

reclamation and closure strategy, tree and shrub plantations have been

developed.

9

BUILD | OPERATE | EXPAND

PHASE III Opportunities & Future Growth

Gold Produced (oz)

300,000

250,000

200,000

150,000

100,000

50,000

0

$2,000	($/oz)
$1,600
AISC
$1,200
$800
$400
$0

Gold Production

AISC

P17S Section

Targeting Operational ~250,000oz/yr upside

Multiple low-costopportunities to

expand throughput

Phase II	Significant
reserve pit	exploration
shell scoped	upside
at $1,500/oz	Open at depth and
	along strike

10