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BUILD. OPERATE. EXPAND. TSX ORE OTCQX ORZCF Corporate Presentation | July 2025 BOMBORÉ GOLD MINE BURKINA FASO
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2 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. Certain statements in this presentation with respect to Orezone and the Bomboré Mine are forward-looking statements. These include statements regarding, among others, target 7-10Moz, 3-year production forecast, 2025 being a significant transition year (including statements with respect to stage 1 construction (including the estimated CAPEX, the expansion being fully financed and on schedule and budget, estimated first gold and increased production of 50%) and the accelerate stage 2 hard rock), exploration upside and tier 1 potential (including Burkina Faso being a supportive mining jurisdiction), Orezone being significantly undervalued (including supporting a re-rate and the value gap between Orezone and the ASX), financial position outlook (including statements with respect to the future amount of debt outstanding), and Analyst Target Price and Recommendations. 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 statements are also based on metal price assumptions, exchange rate assumptions, cash flow forecasts, and other assumptions used in the NI 43-101 technical report entitled “Bomboré Phase II Expansion, Definitive Feasibility Study” (the “2023 FS”). 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. The Company provides analyst target price and recommendations for informational purposes only. These recommendations are not intended as investment advice and should not be relied upon by investors to make financial decisions. Investors are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment choices. The Company disclaims any responsibility for decisions made based on this information. 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: fluctuations in the price of gold; results of drilling; results of metallurgical testing, process and other studies; changes to proposed mine plans; the evaluation of mine plans subsequent to the date of any estimates; and 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. Independent reference should be made to the full text of the 2023 FS and the news release dated October 11, 2023 for the assumptions, qualifications and limitations relating thereto. The 2023 FS is available on the Company’s website and SEDAR+. AISC includes cash costs (mine-level operating costs covering mining, processing, administration, royalties, and selling charges) and adds sustaining capital, sustaining exploration, sustaining lease payments, and corporate general and administration costs. Excluded from the Company’s AISC definition are depreciation and depletion, accretion and amortization of reclamation costs, growth capital, growth exploration, financing costs, and share- based compensation. Qualified Persons 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. Tweed, and Henderson are not independent within the meaning of NI 43-101. DISCLAIMER
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3 BURKINA FASO An Established Gold Mining Jurisdiction 1. Based on public disclosure by Orezone and West African Resources 90-minute drive from the capital city Ease of logistics and security Skilled local labour force West African Resources: Sanbrado, Toega and Kiaka New high-grade gold discoveries 16 mines brought into production Majority of mines built on/ahead of schedule and on/under budget Strong support from local communities and in-country partners Ideal Location > 18Moz Gold within 50km Supportive Mining Jurisdiction
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4 BUILD | OPERATE | EXPAND Operations Construction of an independent parallel 2.5Mtpa hard rock plant First Gold Q4-2025 >100,000 oz/yr Stage 1 >170,000 oz/yr Expansion Tier 1 potential Exploration Project Financing Secured Construction Well Advanced Oxide plant built on-time and under-budget Production Guidance Achieved 2023 & 2024 Commercial Production Dec 2022 Drilling Underway Multi-year Drill Program 14km reserve defined system, average reserve depth of <40m 5.0Moz global resource, targeting 7-10MozThroughput optimized to 6.0Mtpa Evaluating acceleration of Stage 2: 220,000-250,000oz/yr
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5 BOMBORÉ H1-2025 Highlights POSITIVE RESULTS FROM ONGOING PROGRAM Multiple levels of exploration upside EXPLORATIONEXPLORATION 56,236oz Q1: 28,688oz I US$1,415/oz AISC Q2: 27,548oz PRODUCTION GOLD PRODUCTION H1-2025 57,208oz Average realized price of $3,092/oz, $176.9M in revenue SALES GOLD SALES H1-2025 TRACKING ON SCHEDULE & BUDGET Stage 1 Commissioning in Q4-2025 EXPANSION HARD ROCK EXPANSION PRODUCTION TRACKING TO 2025 GUIDANCE 115,000-130,000oz GUIDANCE GUIDANCE 1. All figures in USD. For full financial disclosure, please see Orezone’s Financial Statements for the three months ended on March 31, 2025 on Sedar+ and Orezone’s news release dated July 8, 2025. STRONG FINANCIAL POSITION Cash: $72.6M / Senior Debt: $65.3M Availability Liquidity: $103.9M BALANCE SHEETBALANCE SHEET Q2-2025
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6 Operating Guidance (100% Basis) 2025 Guidance Q1-2025 Actuals Gold Production 115,000 – 130,000oz 28,688 AISC 1,2,3 $1,400 – $1,500/oz $1,415 Sustaining Capital 1,2 $9 – $10M $3.2 Growth Capital (excluding Stage 1 hard rock expansion) 1,2 $44 – $51M $7.7 Stage 1 Hard Rock Expansion Capital 1,2 $75 – $80M $19.0 2025 Production & Costs Guidance 1. All figures in USD. Refer to the “Non-IRFS Measures” section in the MD&A for the three months ended March 31, 2025 2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35 3. Government royalties included in AISC guidance based on an assumed gold price of $2,600/oz BUILD | OPERATE | EXPAND Investing in the Future 2025 Growth Capital • Permanent Back-up Diesel Power Plant ($22-$24M) • To support both oxide and hard rock operations during temporary grid power outages • Tailings Footprint Expansion ($11-$13M) • Construction of Life-of-Mine TSF footprint • Resettlement Action Plan ($11-$14M) • Community relocation to provide future mining access to southern end of property
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7 2025 A Significant Transition Year BUILD | OPERATE | EXPAND 141koz 119koz 115 -130koz 2023A 2024A 2025E 2026E Stage 1 Hard Rock Target Stage 2 Hard Rock Bomboré Three-Year Production (100% Basis) Stage 1 Hard Rock – 2.5Mtpa • Construction underway • Commissioning Q4-2025 • Production: >170,000oz/yr Accelerated Stage 2 Hard Rock – 5.5Mtpa 1 • Originally planned for 2028 with start-up in Q1-2029 • Pull forward Stage 2 expansion by 2 years • Targeted completion Q4-2026 • Production: 220,000 - 250,000oz/yr Bomboré will be one of the largest mines in West Africa following Stage 2 completion 170-185koz 220-250koz 1. Orezone is actively evaluating an accelerated Stage 2 hard rock expansion as detailed in the Company’s February 23, 2025 news release Oxide Oxide & Hard Rock
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8 STAGE 1 Hard Rock Expansion – 2.5Mtpa Budgeted Capex of $90-95M Fully financed Expansion on schedule Engineering and procurement now complete Jaw crusher and dump pocket foundations well-advanced Mill foundation complete and installation commenced CIL tank installation complete. Structural steel installation commenced TSF expansion in progress Commissioning: Q4-2025 BUILD | OPERATE | EXPAND CIL Tanks Ore Bin 5.5Mtpa Jaw Crusher SAG Mill Existing Oxide Plant
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9 STAGE 1 Hard Rock Expansion – 2.5Mtpa BUILD | OPERATE | EXPAND 1. Hard rock expansion area with oxide plant and shared infrastructure 2. Dump pocket & jaw crusher foundation 3. CIL tanks & trash screen structural steel 4. SAG mill foundation 5. Back-up power plant foundations 2 31 4 5
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10 STAGE 2 Hard Rock Expansion – 5.5Mtpa BUILD | OPERATE | EXPAND 1. Orezone is actively evaluating an accelerated Stage 2 hard rock expansion as detailed in the Company’s February 23, 2025 news release Mill throughput to increase from 2.5Mtpa to 5.5Mtpa Overall Production 220,000 – 250,000oz/yr Additions to hard rock plant 4 additional CIL tanks Ball mill & pebble crusher Thickener & water tank Oxygen plant Gold room expansion Planning for accelerated ramp-up 1 Targeted completion: Q4-2026 4 CIL Tanks Pebble Crusher Ball Mill Thickener Water Tank Oxygen Plant
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11 KEY TO OUR SUCCESS Commitment to Local Content Local Financial Partners First to use an in-country mining contractor • Very successful ramp-up and performance since commissioning • Now performing similar services for two major mining companies in country Local Workforce 97% Burkinabe workforce • Well established workforce in country with 16 mines developed • Only four expats Nioko Resources West African based investment group, currently holds 19.5% ownership in Orezone Coris Bank – senior lender Based out of Burkina Faso, one of the largest banks in WestAfrica
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12 EVOLVING EXPLORATION OUTLOOK Prior to 2017: heap leach focus 2017 to 2022: hard rock integration • New management team • 2.4Moz Mineral Reserve 1 • Average reserve pit depth <40m • Full ramp-up: 220,000-250,000oz/yr • Only 38 holes deeper than 250m 2024 onward: expanding scope • Strike extensions and new discoveries at surface • Extending pits to depth • Underground potential of higher-grade sub-zones BUILD | OPERATE | EXPAND North Zone P8P9 P11 P16 Siga P17 1. See the NI 43-101 technical report entitled “Bomboré Phase II Expansion, Definitive Feasibility Study” which is available on SEDAR+ for full resource and reserve disclosure.
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13 NORTH ZONE LONG SECTION Looking Southwest Highlighted intercepts below the reserve pit
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14 P17 LONG SECTION Looking West Highlighted intercepts within higher-grade sub-zones
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Current Position
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16 Mid-point 2025 Production Guidance Market Capitalization Source: S&P Capital IQ Pro & Public Disclosure as at close on June 30, 2025 OREZONE Significantly Undervalued Stage 2 HR Stage 1 HR 2025 Guidance
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17 2025 A Transformational Year Completion of Stage 1 Hard Rock Expansion • Commissioning in Q4-2025 • Production set to increase to >170,000oz/yr starting in 2026 • Hard rock plant to provide increased operational flexibility vs current standalone oxide plant BUILD | OPERATE | EXPAND 1. For the full mineral resource and reserve disclosure, please see the NI 43-101 technical report entitled “Bomboré Phase II Expansion, Definitive Feasibility Study” which is available on SEDAR+ 2. Please see Orezone’s news releases dated October 10, 2024, January 26, 2025 and June 10, 2025 for exploration results ASX Secondary Listing (Early August) • Increased trading liquidity and access to new investors, including specialist mining focused funds • Ongoing re-rate in advance of ASX listing • Well-positioned for index inclusion Renewed Focus: Multi-year Exploration Program Planned • 2.4Moz Mineral Reserve1 at US$1,500/oz cut-off grade, average pit depth of <40m > Supports full ramp-up to 220,000-250,000oz/yr • Current drilling focused on extending mineral system to depth and delineating higher grade centres of mineralization > Positive initial results: 1.64g/t Au over 46.0m from 200m below reserve pit (North Zone) 2
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18 Outlook Expected $80M in senior debt outstanding upon completion of Stage 1 hard rock plant in late 2025 Debt free by Q4-2027 Q2-2025 Financial Position1 $72.6M cash, with $103.9M total available liqudity $65.3M senior debt with Coris Bank • 9 − 11% interest rate • $29M undrawn $35M convert with RCF & Beedie • Conversion price of C$1.00/share • Matures Q3-2026 FINANCIAL POSITION 1. As at June 30, 2025 Coris Bank senior debt denominated in XOF with USD quoted at FX rate of 600
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19 Broker Analyst Canaccord Jeremy Hoy CIBC Cosmos Chiu Hannam Jonathan Guy Raymond James Craig Stanley TD Pending reassignment Ventum Financial Pending reassignment TSX: ORE, OTCQX: ORZCF Shares Issued1 532,009,981 Shares Fully Diluted2 609,214,881 Market Capitalization1 C$606M 1. As at June 30, 2025 2. As at June 30, 2025 and assumes US$35M Convertible conversion and exercise of options, RSU’s and DSU’s 3. Most recent data available from Irwin and www.sedi.ca. Numbers may not add due to rounding CAPITAL STRUCTURE & Research Coverage Analyst Coverage Capital Structure Major Shareholders3 19% Nioko 2% Management 13% Australian Funds 41% Other 24% Institutional
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Appendix
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21 BOMBORÉ Site Layout
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22 MANAGEMENT & DIRECTORS Significant Hands-on Experience PATRICK DOWNEY President, CEO and Director PETER TAM EVP & CFO RYAN GOODMAN SVP & General Counsel KEVIN MACKENZIE VP, Corporate Development & IR ROB HENDERSON VP, Technical Services DALE TWEED VP, Engineering GARETH WITHERS VP, Finance OUSSENI DERRA General Manager, Orezone Bomboré SA MANAGEMENT BOARD PATRICK G. DOWNEY President, CEO and Director Former President, Chief Executive Officer and Director of Elgin Mining Inc., Aura Minerals Inc. and Viceroy Exploration Ltd. Former Board member of Claude Resources and Dalradian Resources. SEAN HARVEY Director (Chair) Former Chair of the Board of Perseus Mining Limited. Former board member of Moto Gold Mines Ltd., TVX Gold Inc., Orvana Minerals Corp. and Serabi Gold plc. JULIAN BABARCZY Director Former member of the investment and leadership team at Regal Funds Management. Executive Chairman of Perpetual Resources, Chair of DataWorks Group Limited and non-executive director of Lincoln Metals. JOSEPH CONWAY Director Former Chief Executive Officer and Executive Vice Chairman of Primero Mining. Former President and CEO of IAMGOLD Corporation. Former President, CEO and Director of Repadre Capital Corporation. ROB DOYLE Director (Audit Committee Chair) Founding Board member and previous Chair of the Audit Committee of Maverix Metals Inc. and former Chief Financial Officer of Pan American Silver Corp. KATE HARCOURT Director Sustainability professional with over 30 years experience, predominantly in the mining industry. Non-executive Director of Atalaya Mining plc and Fortuna Silver Mines Inc. TARA HASSAN Director Former Senior Vice President, Corporate Development of SilverCrest Metals and non-executive director of Maverix Metals Inc. Currently a director of Americas Gold and Silver Corporation.
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23 1. See the NI 43-101 technical report entitled “Bomboré Phase II Expansion, Definitive Feasibility Study” which is available on SEDAR+ for full resource and reserve disclosure. Measured Indicated Measured & Indicated Inferred Tonnes Mt Grade Au g/t Ounces Au koz Tonnes Mt Grade Au g/t Ounces Au koz Tonnes Mt Grade Au g/t Ounces Au koz Tonnes Mt Grade Au g/t Ounces Au koz Oxide 16.4 0.59 312 72.9 0.56 1,311 89.3 0.57 1,623 3.3 0.57 60 Hard Rock 11.1 1.09 389 78.8 0.99 2,503 89.9 1.00 2,892 16.7 1.02 549 Total 27.5 0.79 701 151.7 0.78 3,814 179.3 0.78 4,515 20.0 0.95 610 RESOURCE & RESERVE ESTIMATES Bomboré Gold Project Resource Estimate as of March 28, 20231 Reserve Estimate as of March 28, 20231 Proven Probable Proven & Probable Tonnes Mt Grade Au g/t Ounces Au koz Tonnes Mt Grade Au g/t Ounces Au koz Tonnes Mt Grade Au g/t Ounces Au koz Oxide 6.2 0.62 124 50.5 0.55 897 56.7 0.56 1,020 Hard Rock 3.3 1.29 137 35.6 1.00 1,144 38.9 1.02 1,281 Oxide Stockpiles - - - 7.9 0.40 102 7.9 0.40 102 Total 9.5 0.86 261 94.0 0.71 2,143 103.5 0.72 2,403
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CONTACT Kevin MacKenzie VP, Corporate Development & IR kmackenzie@orezone.com www.orezone.com