Mr. Patrick Downey reports

BOMBORE HARD ROCK EXPANSION UPDATE AND THREE-YEAR PRODUCTION FORECAST

Orezone Gold Corp. has provided an update on its phase II hard rock expansion and a three-year production forecast for its Bombore gold mine located in central Burkina Faso.

The company originally contemplated constructing an independent 4.4-million tonnes per annum (Mtpa) hard rock plant in a single stage as outlined in its 2023 feasibility study. Following a recent review of available financing sources, the company has decided to complete this brownfield expansion in two stages to better manage its capital requirements. Stage 1 will consist of an initial 2.5 Mtpa hard rock plant, with a subsequent stage 2 expansion increasing the hard rock throughput to 5.0 Mtpa to 7.0 Mtpa.

The existing phase I oxide plant will continue to process oxide ore at a targeted rate of 6.0 Mtpa.

The capital cost for the initial 2.5 Mtpa hard rock plant is estimated at $80-million (U.S.), significantly less than the $168-million (U.S.) estimated for the 4.4 Mtpa hard rock plant, along with the benefit of a shorter overall construction timeline. The company expects to finance the costs of construction for this stage 1 hard rock plant primarily through senior debt, with the balance from future operating cash flow. In this regard, the company has significantly advanced discussions with Coris Bank for this additional debt and anticipates receiving a binding debt proposal in June, 2024. Based on current estimated construction and key equipment timelines, the company expects to achieve first gold from the 2.5 Mtpa hard rock plant in late 2025.

Patrick Downey, president and chief executive officer, stated: "The Bombore mine hosts significant optionality in terms of advancing the mine to its targeted production profile of 250,000 oz/year. This two-stage approach to the construction of the hard rock plant is prudent to ensure that the balance sheet is not overlevered, and that the expansion can advance in a timely manner without having to contemplate costly financing alternatives.

"Over the next three years, the company will focus on ramping up future production at Bombore to 170,000 to 185,000 oz/year, which will help the company to rapidly delever its balance sheet. During this period, the company will continue to evaluate the timing of the stage 2 hard rock expansion which it will look to advance with a strong treasury and cash flow from operations.

"In parallel with its decision to advance the hard rock expansion in two stages, the company plans to initiate a multiyear exploration campaign to further determine the size and scale of the Bombore mine. With current mineral reserves down to an average depth of under 40 m across 14 km of strike, we see significant potential to not only increase the overall mineral inventory at Bombore, but the potential to systematically target higher-grade mineralization within the much broader structural corridor. Planning and budgeting for this program are ongoing, with drilling expected to commence in Q3 2024."

Bombore three-year production forecast (2024 to 2026)

During these three years, the company is forecasting strong growth from its Bombore operations, with gold production projected to exceed 170,000 oz/year by 2026. With this forecasted increase in ore throughput and grades, a reduction in all-in sustaining costs is expected from current levels.

Bombore mineral processing overview

Existing 6.0 Mtpa oxide plant

The Bombore oxide plant is designed to process soft oxide and upper transitional ore and achieved commercial production in late 2022. The comminution circuit consists of a mineral sizer and a single stage 3.2-megawatt ball mill, producing a grind size of 80 per cent passing 125 microns. The ball mill is in closed circuit with hydrocyclones, with the cyclone overflow reporting to the CIL circuit. The CIL circuit consists of eight 15.8-metre diameter leach tanks with a residence time of 21 hours. Loaded carbon from the CIL circuit is treated in a Zadra elution circuit, with gold precipitated in electrowinning cells and smelted in an electric furnace to produce gold dore bars. Gold recovery is 90 to 92 per cent for oxide ore and 87 to 89 per cent for upper transition ore.

2.5 Mtpa hard rock plant (stage 1)

The new 2.5 Mtpa hard rock plant is designed to process fresh and lower transition ore. The comminution circuit will include a primary jaw crusher, an 18-hour crushed ore stockpile, a single stage 9.0 MW SAG mill, and hydrocyclones for product size classification. Cyclone overflow will report to a 22 m diameter thickener, with the slurry thickened to 45 per cent solids and pumped to the CIL circuit. The CIL circuit will consist of five 15.8 m diameter leach tanks, with an oxygen plant. Loaded carbon will be treated in the existing gold recovery circuit and gold dore bars will be produced in the existing gold room. CIL tails will be pumped to the existing tailings impoundment facility.

Metallurgical test work conducted has concluded that the optimal grind size is 80 per cent passing 75 microns and that gold recovery is independent of head grade. With oxygen addition, a 24-hour leach time is sufficient. Gold recovery is 86 per cent for lower transition ore, 95 per cent for P17S ore, 84 per cent for P8P9 fresh ore and 82 per cent for all other fresh ore.

Flowsheet for existing 6.0 Mtpa oxide plant and new 2.5 Mtpa stage 1 hard rock plant

About Orezone Gold Corp.

Orezone Gold is a West African gold producer engaged in mining, developing and exploring its 90-per-cent-owned flagship Bombore gold mine in Burkina Faso. The Bombore mine achieved commercial production on its oxide operations on Dec. 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven record in project construction and operations, financings, capital markets, and M&A (mergers and acquistions).

The technical report entitled Bombore phase II expansion, definitive feasibility study is available on SEDAR+ and the company's website.

Qualified persons

Dale Tweed, PEng, vice-president of engineering, and Rob Henderson, PEng, VP of technical services of Orezone, are qualified persons under National Instrument 43-101 and have reviewed and approved the scientific and technical information contained in this news release.

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