Orezone Gold (ORE) Corporate Presentation summary

Strategic location and operational highlights

• Bomboré Gold Mine is located in Burkina Faso, an established gold mining jurisdiction with strong local support and infrastructure.

• The mine is within a 90-minute drive from the capital, benefits from skilled local labor, and is surrounded by significant gold resources.

• Commercial production began in December 2022, with 2023 and 2024 production guidance achieved.

• The oxide plant was built on time and under budget, with throughput optimized to 6.0Mtpa.

Production, expansion, and exploration

• H1-2025 gold production reached 56,236oz, with sales of 57,208oz at an average realized price of $3,092/oz, generating $176.9M in revenue.

• 2025 production guidance is 115,000-130,000oz at an AISC of $1,400-$1,500/oz.

• Stage 1 hard rock expansion (2.5Mtpa) is fully financed, on schedule for Q4-2025 commissioning, and budgeted at $90-95M.

• Stage 2 expansion (5.5Mtpa) is being accelerated, targeting Q4-2026 completion, with production expected to reach 220,000-250,000oz/yr.

• Multi-year exploration program underway, targeting resource growth from 5.0Moz to 7-10Moz, with positive drill results and underground potential.

Financial position and capital structure

• Q2-2025 cash position is $72.6M, with total liquidity of $103.9M and senior debt of $65.3M at 9-11% interest.

• Expected senior debt outstanding of $80M upon Stage 1 completion, with a plan to be debt-free by Q4-2027.

• Market capitalization stands at C$606M, with 532M shares issued and 609M fully diluted.

• Major shareholders include Nioko (19%), institutional investors (24%), and management (2%).