Mr. Patrick Downey reports

BOMBORE PRODUCTION EXPANSION AHEAD OF SCHEDULE AND ON BUDGET

Orezone Gold Corp. has provided an update on its continuing hard rock expansion at its Bombore gold mine. The hard rock expansion, which is scheduled to commence operations in fourth quarter of 2025, is forecasted to increase gold production by approximately 50 per cent, to over 170,000 ounces per year. Expansion progress and milestones achieved to date include:

• Early mobilization of the concrete contractor three months ahead of schedule, providing for multiple weeks of flexibility in the project schedule;
• Foundations are progressing on multiple fronts, with CIL (carbon-in-leach) ring beams and pedestals for the ore bin and trash screen now complete. Foundations for the dump pocket and SAG (semi-autogenous grinding) mill are under way;
• Engineering is ahead of schedule, with all bulk quantities in line with budget;
• Procurement is at 82 per cent of total supply value awarded with all long lead equipment ordered;
• SAG mill major components are en route to site, well ahead of schedule for longest lead items;
• Structural, mechanical and piping (SMP) contract awarded, with contractor mobilization to begin in March;
• Tailings storage facility (TSF) expansion earthworks commenced;
• First batch of contractor's large-capacity mining fleet now in service, with systematic training continuing;
• Preparations for hard rock mining advancing, with construction of the explosives magazine complete.

Patrick Downey, president and chief executive officer, stated: "Following a strong end to 2024, where we achieved production guidance for a second consecutive year since commissioning the oxide plant, I am pleased to report that the hard rock expansion is progressing ahead of schedule and on budget. This is a testament to the experience and dedication of the Orezone team, who was also responsible for constructing the Bombore oxide plant on time and under budget.

"Completion of this first stage of the hard rock expansion will mark a significant milestone at Bombore, with gold production set to increase approximately 50 per cent from current levels, to over 170,000 ounces per year. With the current strength in the price of gold, the company continues to evaluate the timing of the stage II hard rock expansion, which will further increase the gold production profile at Bombore to 225,000 to 250,000 ounces per year."

Engineering and procurement

Lycopodium Minerals Canada was awarded the engineering and procurement contract, and is progressing ahead of schedule on both activities. Lycopodium was selected for its successful record of designing and constructing numerous gold plants in West Africa, including the company's oxide plant that is currently in operation and exceeding nameplate design.

Engineering to end of December is at 52 per cent versus 39 per cent planned, and all bulk quantities, including concrete, structural steel and platework, remain in line with budget.

Over all, procurement is progressing better than plan, with 82 per cent of the total supply value now awarded. This includes all mechanical equipment, long lead electrical equipment and CIL tank/general platework. The mill shells, heads and ring gear, for the nine MW, 26-foot diameter SAG mill, are en route and scheduled to arrive to site early.

Site construction activities

Construction of the hard rock expansion is ahead of schedule, with the concrete contractor advancing major concrete pours in multiple areas. Over all, concrete installation is three months ahead of schedule, which will serve to provide multiweek schedule flexibility as construction advances.

To date, all five CIL tank ring beams have been poured, with the pedestal foundations for the trash screen and ore bin installed. Foundations for the dump pocket and SAG mill are advancing, with rebar installation for the dump pocket under way and set to commence for the SAG mill shortly.

The SMP contract was recently awarded, with the contractor scheduled to mobilize to site and commence the installation of the CIL tanks in March.

The company's top priority remains the safety of its employees and contractors. The company is focused on maintaining its leading safety record, which includes zero lost-time injuries dating back to the start of construction of the oxide plant in 2021.

Preparations for hard rock mining

The first delivery of the contractor's hard rock fleet, which includes new large-capacity trucks and excavators, was placed into service in Q4 2024. This has allowed for systematic training of operators well ahead of hard rock mining and has facilitated more cost-effective mining of transition material in the near term. The remaining hard rock fleet will be delivered to site in the coming months, in preparation of the ramp-up in hard rock mining in late Q3 2025.

Construction of the explosives magazine is complete, and is now subject to final inspections and certifications. Once in service, the company will purchase and store bulk explosives for mixing and preparation at site, eliminating the need for the more costly premix batch deliveries. A full-service team from AECI, a world leader in the manufacture and supply of explosives, will be on site to mix and supply the down-hole explosives for blasting of transition and hard rock material.

Further reducing mining costs are the two grade control drill rigs purchased by the company last year, which are now fully operational. This eliminates the need for costly contractor drilling, with this skill set now established in house in advance of the hard rock mining ramp-up later in the year.

Hard rock plant and operations overview

The 2.5-million-tonne-per-annum (Mtpa) stage I hard rock expansion is designed to process higher-grade hard rock ore. The expansion is independent of the adjacent 6.0 Mtpa oxide plant but will utilize a number of shared services and infrastructure including the TSF, warehouses, administration complex and technical services. The concentrated scope of the brownfield expansion significantly reduces schedule and budget risk in comparison with a new build, with the ramp-up to benefit from the well-established mining, processing and maintenance teams on site.

The 2.5 Mtpa stage I hard rock expansion is scheduled for commissioning in Q4 2025, which will see production increase to over 170,000 ounces per year. As with the oxide plant, which had a nameplate capacity of 5.2 Mtpa, the company views the potential to achieve materially higher throughput rates than that of the 2.5 Mtpa stage I design.

With the strong price of gold, the company continues to evaluate the timing of the stage II hard rock expansion, which will increase the nameplate hard rock throughput to 5.0 Mtpa, yielding a forecasted overall production profile of 225,000 ounces to 250,000 ounces per year. With a 5.0 Mtpa crusher to be installed in stage I, the stage II expansion will primarily consist of a ball mill, pebble crusher, thickener, four additional CIL tanks and a gold room upgrade. Consideration in the stage I design and layout has been made to easily accommodate these stage II additions.

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 entitled "Bombore Phase II Expansion, Definitive Feasibility Study" is available on SEDAR+ and the company's website.

Qualified persons

The scientific and technical information in this news release was reviewed and approved by Rob Henderson, PEng, vice-president of technical services, and Dale Tweed, PEng, vice-president of engineering, both of whom are qualified persons as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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