Mr. Patrick Downey reports

OREZONE INTERSECTS 113.74 G/T GOLD OVER 8.00M IN ONGOING EXPLORATION AND PROVIDES PROJECT UPDATE

Orezone Gold Corp. has provided drill results from its Bombore gold mine located in central Burkina Faso. The results are from Orezone's continuing infill and advanced grade control program, which is designed to further delineate multiple high-grade structures within the Siga East and Siga South zones. Mining of higher-grade, free-digging oxides has now commenced at Siga East and mining is scheduled to commence at Siga South in Q4 (fourth quarter) 2024. Compared with the current zones mined, ore from Siga East and Siga South will significantly improve the grades delivered to the process plant in H2 (second half) 2024 and into 2025.

Selected drill intercepts:

• 113.74 grams per tonne (g/t) gold (Au) over eight metres from 38 m in hole BBC6494;
• 1.43 g/t Au over 38 m from five m in hole BBC6384;
• 1.22 g/t Au over 27 m from eight m in hole BBC6390;
• 1.39 g/t Au over 22 m from 10 m in hole BBC6352;
• 1.92 g/t Au over 15 m from five m in hole BBC6358;
• 2.30 g/t Au over 12 m from six m in hole BBC6401;
• 1.69 g/t Au over 16 m from six m in hole BBC6408;
• 4.59 g/t Au over five m from surface in hole BBC6258;
• 1.89 g/t Au over 12 m from 35 m in hole BBC6470;
• 2.41 g/t Au over 10 m from five m in hole BBC6258;
• 1.00 g/t Au over 19 m from one m in hole BBC6495.

Patrick Downey, president and chief executive officer, stated: "Ongoing advanced grade control and infill drilling continues to illustrate the continuity of high-grade mineralization within the Siga East and Siga South zones, resulting in some of the highest-grade intercepts reported to date on the property. These drill results are very encouraging, both in terms of ongoing exploration and the planned shift in mining to increasingly focus on higher-grade, free-digging oxides within the southern portion of the property.

"The tighter drill spacing continues to define higher-grade structures within the broader Siga mineralized corridor. These higher-grade structures, now being identified across the property, will be the focus of a multiyear exploration campaign, which is designed to test and delineate higher-grade zones of mineralization at depth. With the current mineral resource down to an average depth of approximately 200 m across 14 kilometres of strike, we see significant potential to expand the mineral inventory at depth, while also making additional near-surface discoveries along the emerging, higher-grade P17 trend."

Operations update

The company is pleased to report that the community relocation from Siga East to the new MV3 community is nearing completion, which has allowed mining to commence at Siga East ahead of schedule. The company expects to feed higher-grade, free-digging oxide ore from Siga East to the Bombore oxide plant starting in late June. This new source of ore will replace the lower-grade oxide and transition ores currently being mined in the north, resulting in lower mining and processing costs as the harder transition ores require a certain amount of drill and blast, and have a higher work index than oxide ores.

At Siga South, infill grade control drilling will commence in Q3 2024. Upon completion of this program, combined with the southern extension of the main haul road, the company expects to access additional high-grade, free-digging oxide ore from Siga South commencing in Q4 2024.

For the remainder of 2024 and in 2025, Siga East and Siga South will contribute to an increasing percentage of the mill feed, which is expected to increase head grades and reduce operating costs.

Hard rock expansion update

Orezone is pleased to report that financing discussions for the Bombore 2.5-million-tonne-per-annum hard rock plant have progressed significantly with its senior lender, Coris Bank. Term sheet negotiations are now in their final stages, and the company expects to announce a binding debt package before the end of June. The company plans to commence major works on this brownfield expansion in early July, with first gold from the hard rock plant expected in Q4 2025.

Bombore drill results

About Orezone Gold Corp.

Orezone Gold is a West African gold producer engaged in mining, developing and exploring its 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 mergers and acquisitions (M&A).

The technical report entitled "Bombore phase 2 expansion, definitive feasibility study," is available on SEDAR+ and the company's website.

Qualified person

Dr. Pascal Marquis, Geo, senior vice-president of exploration, is the qualified person who has approved the scientific and technical information in this news release.

Quality assurance/quality control (QA/QC)

The mineralized intervals are based on a lower cut-off grade of 0.28 gram per tonne in the oxide plus upper transition zone, and 0.45 g/t gold in the lower transition plus sulphide zone, a minimal width of 1.5 metres and up to a maximum of three m of dilution being included. The true width of the mineralization is approximately 90 per cent of the drill length at Siga. The reverse circulation samples were prepared by Bigs Global Burkina sarl at its Ouagadougou facility, and then split by Orezone to one kilogram (kg) using rotary sample dividers (RSDs). A one kg aliquot was analyzed for leachable gold at Bigs Global in Ouagadougou, by bottle-roll cyanidation using a LeachWell catalyst. The leach residues from all samples with a leach grade greater than or equal to 0.25 g/t Au were prepared by Bigs Global and then split by Orezone to 50 grams using RSDs. A 50 g aliquot was analyzed by fire assay at Bigs Global.

Orezone employs a rigorous quality control program, including a minimum of 10 per cent standards, blanks and duplicates. The composite width and grade include the final leach residue assay results for most of the drill intercepts reported.

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