Mr. Patrick Downey reports

OREZONE GOLD COMPLETES STRATEGIC ACQUISITION OF CASA BERARDI GOLD MINE AND QUEBEC EXPLORATION PORTFOLIO

Orezone Gold Corp. has completed its acquisition of Hecla Quebec Inc., a wholly owned subsidiary of Hecla Mining Company. Through this transaction, Orezone has acquired 100-per-cent ownership of the operating Casa Berardi gold mine and a portfolio of exploration properties, all located in Quebec, Canada. (All dollar amounts are in U.S. dollars unless otherwise indicated.)

Patrick Downey, president and chief executive officer, commented: "This acquisition marks a strategic and transformational expansion into a Tier 1 jurisdiction for Orezone. The addition of Casa Berardi, a proven and cash-flow-generating mine, together with the Quebec exploration portfolio, positions the company as a diversified multiasset producer, with an established and self-funded growth profile. Consistent with recent acquisitions of non-core Canadian operating mines, we believe this transaction represents a defining milestone that will generate meaningful value for all stakeholders. Assets acquired in the transaction include:

• "The Casa Berardi mine, which has produced over 3.2 million oz of gold to date and hosts an established resource and reserve base of 1.2 Moz (M+I) and 1.2 Moz (P+P), respectively;
• "Heva-Hosco, an advanced-stage exploration project underpinned by an M&I resource of 1.2 Moz and inferred resource of 0.7 Moz located along the prolific Cadillac-Larder Lake Break;
• "The early-stage Duverny project located to the north of Val d'Or along the Chicobi Break; and
• "The Opinaca-Wildcat properties located in the James Bay region of Quebec, near the producing Eleonore mine.

"Orezone's near-term focus at Casa Berardi will be to optimize current operations and to commence trade-off studies in support of ramping up underground production utilizing existing infrastructure. In parallel, the company plans to initiate a multiyear exploration drill program of 80,000 to 100,000 metres per annum, targeting multiple high-grade down plunge extensions and further delineation of several near-mine zones of mineralization.

"As we embark upon this next chapter at Casa Berardi, I want to welcome all employees of Hecla Quebec to the Orezone team. We are excited to continue to advance the long-term success of the Casa Berardi mine for the benefit of all project stakeholders, including the local communities and Abitibiwinni First Nation."

Transaction summary

As further detailed in the company's press release dated Jan. 26, 2026, consideration for the transaction consisted of upfront and deferred consideration of $352-million and contingent consideration of up to $241-million.

On closing, the company paid $160-million in cash and issued 65,757,265 common shares to 1576447 B.C. ULC, a direct wholly owned subsidiary of Hecla Mining, representing 9.9 per cent of the postclosing shares of Orezone. Consideration further consists of $80-million in deferred cash payments due at 18 months and 30 months following closing of the transaction and contingent consideration consisting of $10-million linked to gold prices and $231-million based on permitting and future gold production from the proposed Principal and WMCP open pits at Casa Berardi.

Transaction financing

The transaction takes advantage of Orezone's strong balance sheet and free cash flow from its Bombore mine. The cash paid on closing was financed from cash on hand and a gold stream in respect of the acquired properties entered into concurrently with an affiliate of Franco-Nevada Corp. Pursuant to the gold stream, Franco-Nevada provided an upfront deposit of $100-million upon the closing of the transaction.

Pursuant to the terms of the gold stream, Orezone will make fixed deliveries of 1,625 ounces of gold per quarter from 2026 to 2030, after which the stream percentage will be 5.0 per cent of gold production from the acquired properties (other than in respect of certain properties for which the percentage will be 2.5 per cent). Until the deposit has been reduced to nil, Franco-Nevada will purchase refined gold from Orezone at the spot gold price for each ounce of refined gold delivered with 20 per cent payable in cash and 80 per cent payable as a reduction against the deposit. After the deposit has been reduced to nil, Franco-Nevada will purchase refined gold from Orezone at 20 per cent of the spot gold price for each ounce of refined gold delivered to Franco-Nevada pursuant to the gold stream.

Next steps:

• The Casa Berardi operation and portfolio of exploration properties will be integrated into Orezone through 2026. The company plans to provide updated 2026 guidance in the second quarter to include the Casa Berardi mine.
• The company has initiated trade-off studies to evaluate: (1) further optimization of the current mine plan; and (2) an increase in underground production utilizing established infrastructure. Orezone plans to publish an updated mine plan and economic study in the fourth quarter of 2026.
• Planning and preparations to reinitiate exploration drilling at Casa Berardi are under way, with initial targeting of down plunge extensions of high-grade mineralization to commence in the second quarter. This exploration program will be incrementally expanded, with the goal of achieving 80,000 to 100,000 metres of drilling per annum over the next several years.

About Orezone Gold Corp.

Orezone Gold is an emerging intermediate gold producer with operations in Canada and West Africa. Its Casa Berardi and Bombore gold mines host significant mineral endowments, growth opportunities and exploration upside. The recently acquired Casa Berardi mine in Quebec has produced over 3.2 Moz of gold to date, with the Bombore mine constructed and brought into production by Orezone in late 2022.

Orezone is led by an experienced management team committed to safe, sustainable and responsible mining practices, with a focus on delivering long-term value for all stakeholders.

Qualified persons and technical report

Rob Henderson, PEng, vice-president, technical services, Orezone has reviewed and approved the scientific and technical information contained in this press release other than the scientific and technical information derived from the Casa Berardi technical report and information with respect to the Heva-Hosca project. Mr. Henderson is a qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and is not independent of Orezone within the meaning of NI 43-101.

Alexandre Nickerson, PEng, geology superintendent of Orezone Quebec Inc., has reviewed and approved the scientific and technical information contained in this press release related to Casa Berardi, including scientific and technical information that is derived from the technical report entitled" NI 43-101 Technical Report on the Casa Berardi Mine, Northwestern Quebec, Canada, dated March 28, 2024, with an effective date of Dec. 31, 2023." Mr. Nickerson is a qualified person under NI 43-101 and is not independent of Orezone within the meaning of NI 43-101. The Casa Berardi technical report is available under Hecla Mining's SEDAR+ profile. Mr. Nickerson reviewed the Casa Berardi technical report on behalf of Orezone. To the best of Mr. Nickerson's knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources or mineral reserves inaccurate or misleading.

Competent person

In accordance with Australian Securities Exchange listing Rule 5.12, the information in this announcement relating to the NI 43-101 mineral resource estimate for the Casa Berardi mine is confirmed as an accurate representation of the available data for the project by Alexandre Nickerson, PEng, an employee of Orezone Quebec, is a member of the Ordre des ingenieurs du Quebec and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration, and to the activity being undertaken to qualify as a competent person, as defined in the Joint Ore Reserves Committee Code. Mr. Nickerson has over seven years experience and is a full-time employee as geology superintendent for Orezone Quebec. Mr. Nickerson consents to the inclusion in this announcement of the matters based on this information in the form and context in which they appear.

We seek Safe Harbor.