Mr. Patrick Downey reports

OREZONE ANNOUNCES PLANS TO ACCELERATE STAGE II OF HARD ROCK EXPANSION AND INTENTION TO LIST ON THE AUSTRALIAN SECURITIES EXCHANGE

Orezone Gold Corp. is advancing several transformational initiatives to: (1) accelerate production growth and exploration at its Bombore gold mine; and (2) further enhance the company's capital market profile. These initiatives include:

• Plans to accelerate Stage 2 of the Bombore hardrock expansion by two years to achieve an optimized gold production profile of 220,000 to 250,000 ounces per year by late 2026; subject to final board approval, the Stage 2 hardrock expansion would commence in second half 2025 and follow the current Stage 1 expansion, which is scheduled to achieve first gold in fourth quarter 2025; Stage 1 is forecasted to increase gold production to 170,000 to 185,000 ounces in 2026;
• An expanded exploration program designed: (1) to accelerate exploration of multiple higher-grade centres of mineralization; and (2) to illustrate the broader size and scale of the Bombore mineralized system, given the average reserve pit depth of fewer than 40 metres;
• Intention to dual list on the Australian Securities Exchange to further enhance the company's capital market profile through access to an incremental pool of institutional investors, including specialist mining-focused funds.

Patrick Downey, president and chief executive officer, stated: "Orezone is excited to be advancing these transformational initiatives during this period of record-high gold prices. We believe that an acceleration of the Stage 2 hardrock expansion to an overall production profile of 220,000 to 250,000 ounces per year will serve to maximize free cash flow in the coming years, positioning Orezone with a cornerstone asset from which to diversify and grow its production base. This strategic goal will be complemented by our plans to list on the ASX, which is expected to enhance the company's trading liquidity and promote better access to investment capital.

"In parallel with these initiatives, the company plans to further ramp up exploration at Bombore in the coming quarters, with additional drill rigs to be added to the current program. With a current stated mineral reserve of 2.4 Moz at average reserve pit depth of less than 40 metres, the company sees significant exploration upside at Bombore. The near-term focus of exploration will be to illustrate the higher-grade open-pittable and underground potential at Bombore, as well as continuity of the mineral system at depth along the 14-kilometre reserve defined strike length."

Acceleration of Stage 2 hardrock expansion

The processing complex at the Bombore gold mine currently comprises a 6.0-million-tonne-per-year oxide plant, which entered into commercial production in late 2022. The company plans to expand production by constructing an independent hardrock plant adjacent to the oxide plant that is in current operations. Stage 1 of the hardrock expansion, which is currently under construction, will provide a hardrock processing capacity of 2.5 million tonnes per year, and will increase the overall gold production profile at Bombore to 170,000 to 185,000 ounces per year. First gold from the Stage 1 hardrock plant is scheduled for Q4 2025, with the targeted achievement of nameplate capacity by the end of 2025.

The Stage 2 expansion will increase the hardrock plant throughput to 5.0 million tonnes per year through the addition of processing units within the Stage 1 footprint. These primarily consist of four additional carbon-in-leach tanks, an oxygen plant, ball mill, thickener and pebble crusher. The Stage 2 expansion is forecasted to increase the overall gold production profile at Bombore to 220,000 to 250,000 ounces per year. Preliminary cost estimates for this Stage 2 expansion are in the range of $90-million (U.S.) to $95-million (U.S.) with an estimated 14-month construction period.

Given the current record gold price environment, Orezone is actively evaluating an earlier start of the Stage 2 hardrock expansion by up to two years, allowing for completion of the Stage 2 expansion construction by late 2026.

Secondary Australian Securities Exchange listing

Orezone is pleased to announce its pursuit of a secondary listing on the ASX in support of the Stage 2 hardrock expansion and future diversification. The ASX secondary listing will complement the company's primary listing on the Toronto Stock Exchange, with the goal of increasing the company's trading liquidity and gaining a deeper pool of sophisticated investors, including specialist mining-focused funds.

The company is targeting a listing in mid-2025, subject to market conditions and the satisfaction of ASX listing requirements.

The ASX has a strong record as a leading capital market platform for mining companies. It provides a deep and liquid pool of institutional investors and market participants who have a strong understanding of the mining sector, and are limited or restricted to investing in Australian Securities Exchange-listed issuers.

About Orezone Gold Corp.

Orezone 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 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.

The technical report entitled "Bombore Phase 2 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).

We seek Safe Harbor.