Mr. Patrick Downey reports

OREZONE REPORTS Q2-2024 GOLD PRODUCTION AND PROVIDES PHASE II HARD ROCK EXPANSION UPDATE

Orezone Gold Corp. has released its second quarter 2024 gold production results from its Bombore gold mine:

• Gold production of 25,524 ounces;
• Gold sales of 24,937 ounces at an average realized price of $2,334 (U.S.) per ounce, resulting in sales of $58.2-million (U.S.).

Patrick Downey, president and chief executive officer, stated: "Q2 marked a solid operating quarter and was consistent with our annual plan, despite experiencing regional grid power interruptions earlier in the quarter. As previously guided, Q2 was scheduled to be the lowest-grade quarter in 2024 as the result of mine sequencing. With access to the higher-grade oxides in the southern half of the concession now established, Orezone reiterates its 2024 production guidance of 110,000 to 125,000 ounces."

Phase 2 hardrock expansion update

Orezone continued to advance early works and front-end engineering for the Bombore phase II hardrock expansion throughout the second quarter. Subsequent to quarter-end, the company secured binding commitments totalling over $105-million (U.S.) to fully finance the construction of the hardrock expansion (see July 10, 2024, news release), which will see annual gold production increase to over 170,000 ounces in 2026, an approximately 50-per-cent increase from current levels.

Mr. Downey noted: "We are extremely pleased to have achieved this critical milestone, which now provides a clear path forward for the Bombore project, and the basis to realize a substantial hardrock life of mine. The SAG [semi-autogenous grinding] mill order for stage 1 of the hardrock expansion has now been placed, and construction activities will ramp up in the coming months, which allows us to maintain the schedule of first gold for the expansion in late 2025."

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 hardrock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hardrock 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.

Qualified persons

Dale Tweed, PEng, vice-president of engineering, and Rob Henderson, PEng, vice-president of technical services, 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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