Mr. Patrick Downey reports

OREZONE INTERSECTS 1.64 G/T GOLD OVER 46.00M SIGNIFICANTLY EXTENDING MINERALIZATION 240M BELOW LIFE OF MINE RESERVE PIT

Orezone Gold Corp. has provided initial drill results from its recently announced multiyear exploration campaign at its flagship Bombore gold mine. Initial targeting of this program centred on the north zone, with wide-spaced drilling successfully demonstrating the continuity of the mineralized system at depth, both in terms of grade and overall width.

Drill highlights:

• Hole BBD1313 intersected 1.02 grams per tonne (g/t) gold (Au) over 57.00 metres (m), from 100 m below the reserve pit.
• Hole BBD1314 intersected 1.64 g/t Au over 46.00 m, from 200 m below the reserve pit:
  • Including a subinterval of 2.03 g/t Au over 22.00 m.

Patrick Downey, president and chief executive officer, stated: "Over the past several months, the company has completed a detailed review of the Bombore exploration model, which highlighted significant exploration upside. This analysis was aided by a more recent structural review of the project, and ongoing detailed mapping and grade control drilling within the current oxide open pits.

"These first set of reported holes from our multiyear exploration campaign clearly shows that we have a robust exploration model and highlights the significant exploration upside to Bombore's current stated global resource of 5.13 million gold ounces. The wide-spaced nature of this initial targeting and associated results underscores the continuity of the mineralized system at depth within the north zone, with mineralization now traced to a vertical depth of 340 m or 240 m below the life-of-mine reserve pit.

"The initial drill results have positive implications in terms of materially extending the life of mine at Bombore and achieving the company's targeted long-term global resource base of seven to 10 million gold ounces. This outlook is underscored by the fact that hole BBD1314 was only the 15th hole, across the project's greater-than-14-kilometre-long reserve defined strike length, to be drilled below a vertical depth of 300 m. As such, we see outstanding exploration potential within the north zone and extending across the entire mineralized system at depth.

"Drilling continues at the next targets in the north zone and, given the success of these first two holes, we plan to add a second drill rig to the ongoing program. The primary focus of this phase I program will be on wide-spaced drilling at depth, with the goal of illustrating the broader size, scale and potential of the Bombore system. As part of this drill program, we also plan to locally follow-up on a number of higher-grade intercepts, such as the recently released 113.74 g/t gold over 8.00 m in the Siga zone (see press release dated June 12, 2024), which we believe with additional drilling may resolve into higher-grade plunges and potentially support an underground mining scenario longer term.

"Over all, this is an exciting time for Orezone, both as we ramp up exploration and discovery at Bombore, and continue to advance the hard rock expansion, which is set to increase production at Bombore by approximately 50 per cent to a targeted 180,000 ounces per annum starting in 2026."

North zone overview

The north zone, which is a subzone of the 14-kilometre-long Bombore shear zone, is reserve defined across a continuous strike length of over 2.5 kilometres (km) and down to a shallow average depth of less than 100 m. The reported intercepts are hosted within a broad structural corridor, with consistent gold grades over mineralized drill widths of up to 30 to 60 m. Mineralization within the north zone is hosted within a deformed and altered metasedimentary unit, with the reported holes ending in a postmineral intrusive. Follow-up drilling within the north zone will look to push subsequent holes farther at depth, to evaluate the potential to drill through the postmineral intrusive and back into the mineralized metasediments. This has positive implications in terms of potentially extending the limits of the delineated footwall farther to the northwest, a prospect that is supported by recently identified near-surface mineralization.

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.

The technical report is available on SEDAR+ and the company's website.

Qualified persons

Rob Henderson, PEng, vice-president of technical services of Orezone, is the qualified person under National Instrument 43-101, and has reviewed and approved the scientific and technical information contained in this news release.

QA/QC (quality assurance/quality control)

The mineralized intervals are based on a lower cut-off grade of 0.28 g/t in the oxide-plus-upper-transition zone and 0.45 g/t Au in the lower-transition-plus-hard-rock zone, a minimal width of 1.5 m and up to a maximum of 3.0 m of dilution being included. The true width of the mineralization is approximately 85 per cent of the drill length in the north zone. The half-core drilling samples were cut using a diamond saw by Orezone employees. The samples were prepared by SGS Burkina Faso S.a.r.l. 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 Burkina S.a.r.l. 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 g 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 of standards, blanks and duplicates. The composite width and grade include the final leach residue assay results for most of the drill intercepts reported, with the details available in the tables posted on the company's website.

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