Orezone Gold (ORE) 2024 Precious Metals Summit Beaver Creek summary

Operational achievements and production profile

• Achieved commercial production of the oxide plant on time and under budget in late 2022, meeting first-year production and cost guidance and optimizing capacity to 5.9 million tons per annum with production over 100,000 ounces per year.

• Hard rock plant construction is underway, fully financed, with first gold expected in late 2025 and production forecast to rise to over 170,000 ounces annually.

• 2023 production reached 141,000 ounces at $1,127/oz, with a strong safety record and no lost time incidents.

• Power supply issues in 2023 led to a $42 million impact, but a new power line is now installed, providing 95% availability and a long-term backup solution.

• Current production guidance for 2024 is 110,000–125,000 ounces at an all-in sustaining cost of $1,300–$1,375/oz, with AISC expected to decrease as expansion progresses.

Expansion plans and growth trajectory

• Stage one hard rock expansion is fully financed with $85 million CapEx, targeting 175,000–180,000 ounces by late 2025.

• Stage two expansion aims to push production to 225,000–250,000 ounces, with capital allocation decisions pending after deleveraging.

• Three-year production forecast targets 110,000–125,000 oz in 2024, rising to 170,000 oz in 2026 as hard rock expansion comes online.

• Over $150 million in free cash flow forecasted for 2026, supporting debt repayment and potential self-financing of stage two.

• Focus on deleveraging the balance sheet, building treasury, and renewed exploration.

Exploration and resource potential

• Bomboré mineralized system extends 14 km, with a current 5 million oz resource base and an internal target of 10 million ounces.

• Most drilling to date has been shallow, with significant potential to expand reserves at depth and laterally.

• Multi-year exploration campaign underway, focusing on deeper and wider drilling to test the scale and high-grade centers.

• Recent infill drilling has intersected high grades, supporting the potential for resource growth and longer mine life.

• Ongoing drilling and resource expansion efforts, with mineral reserves delineated along 14km of strike and open at depth.