Mr. Patrick Downey reports

OREZONE ANNOUNCES BOMBORE PHASE II EXPANSION STUDY RESULTS

Orezone Gold Corp. has released the results of its phase 2 expansion and updated life-of-mine feasibility study for its 90-per-cent-owned Bombore gold mine, located in central Burkina Faso. (All reported figures are in U.S. dollars and are on a 100-per-cent project basis unless otherwise stated.)

Bombore achieved commercial production of its phase 1 oxide plant in December, 2022, which has operated above nameplate to produce 76,783 ounces of gold at an all-in sustaining cost (AISC) of $1,006 per oz sold in first half 2023. The planned expansion at Bombore from a processing rate of 5.9 million tonnes per year to 10.3 Mtpy will deliver a significant increase in gold production at a low incremental capital cost. Construction of the new stand-alone 4.4-million-tonne-per-year hardrock processing facility will enable Bombore to produce an average of 209,000 oz per year at an AISC of $1,121 per oz. First gold from the hardrock plant is scheduled for third quarter 2025.

Bombore 2023 study highlights (at base-case gold price of $1,750 per oz):

• After-tax net present value discounted at 5 per cent of $635.9-million with rapid payback;
• Mine life of 11.3 years with gold production totalling 2.11 Moz;
• Conventional open-pit mining at a low strip ratio of less than 2 to 1;
• Phase 2 hardrock plant capital costs of $167.5-million;
• Average annual gold production of 231,000 oz in the first three full years after expansion at an AISC of $1,081 per oz.

Patrick Downey, president and chief executive officer, commented: "The Bombore 2023 expansion and updated life-of-mine feasibility study marks a major milestone in the growth of Orezone. The updated study highlights a material step-change in the mine's future production profile while maintaining a low overall cost structure. Furthermore, based on ongoing drilling results, we see excellent opportunities to continue to add higher-grade resources and reserves that should enhance the production profile in future years.

"With the continued support of our senior lender, Coris Bank International, the company expects to finance the construction of the hardrock plant using a combination of debt and free cash flow from current operations.

"Following the commissioning of the oxide plant in December, 2022, on time and under budget, and providing strong operational results through its first operating year, Orezone remains well positioned to deliver this next stage of brownfield growth at Bombore. The parallel hardrock plant will be constructed at a modest capital cost as compared to a greenfield project as it will utilize many of the existing systems and infrastructure already in place, including connection to the national electrical grid by the end of 2023.

"Mining will continue as conventional open pit with a low overall strip ratio. We will use our operational and management experience in working with local mining contractors over the past two years to further enhance optimization in this area.

"We now have firm bids and delivery times for several long-lead pieces of equipment, including the [semi-autogenous grinding] mill, and we intend to conclude evaluation and place orders for this equipment in [fourth quarter] 2023. Full construction is expected to commence in [first quarter] 2024 subject to financing and board approval.

"The phase 2 expansion will create several hundred new employment opportunities during construction on top of the 2,400 direct local jobs that currently support existing operations. Once complete, the expansion will also create further long-term local employment and promote further investment in community programs and livelihood restoration projects that aim to improve the lives of local residents while providing a larger source of tax and royalty revenue for Burkina Faso."

Idrissa Nassa, chief executive officer of Coris Bank International, commented, "We congratulate Orezone on the release of a robust expansion study and look forward to maintaining our close partnership with the company and supporting the next stage of growth at Bombore."

Lycopodium Minerals Canada Ltd. of Toronto, Canada, was the lead 2023 study consultant (process engineering and overall study manager), supported by P&E Mining Consultants Inc. (mineral resource estimates), Knight Piesold Pty. Ltd. of Perth, Australia (tailings and water management), AMC Mining Consultants (Canada) Ltd. of Vancouver, Canada (mineral reserves and mining), and Africa Label Group Inc. (social and environmental).

Conference call and webcast

The company will host a conference call and webcast to further discuss the Bombore 2023 study results. To participate, please use the following dial-in phone numbers or join the webcast.

Webcast

Date:  Thursday, Oct. 12

Time:  7 a.m. Pacific Time (10 a.m. Eastern Time)

Please register for the webcast.

Conference call

Toll-free in United States and Canada:  1-800-715-9871

International callers:  646-307-1963

Event ID:  4944136

A copy of the presentation will be available on the company's website.

Technical report filing

The National Instrument 43-101 technical report supporting the Bombore 2023 study will be filed on SEDAR+ within 45 days of this news release.

Qualified persons

The 2023 study was prepared for Orezone by personnel from Lycopodium and other industry consultants, each of whom is a qualified person within the meaning of National Instrument 43-101 and considered to be independent of the company under Section 1.5 of NI 43-101. Each qualified person has reviewed and confirmed that the scientific and technical information in this news release accurately reflects the summaries or extracts of the NI 43-101 technical report for which they are responsible.

• Lycopodium: Georgi Doundarov, PEng, and Olav Mejia, PEng;
• P&E Mining: Eugene Puritch, PEng, William Stone, PhD, PGeo, Jarita Barry, PGeo, and Fred Brown, PGeo;
• AMC Mining: David Warren, PEng;
• Knight Piesold: David Morgan, MSc, MAusIMM, MIEAust;
• Africa Label: Bright Oppong Afum, PhD, MSc, PEng, MAusIMM (CP).

Pascal Marquis, geo, PhD, senior vice-president, Dale Tweed, PEng, vice-president, engineering, and Rob Henderson, PEng, vice-president, technical services, of Orezone, are qualified persons under NI 43-101, and have reviewed and approved other scientific and technical information contained in this news release for which the independent qualified persons who prepared the NI 43-101 technical report are not responsible. Mr. Marquis, Mr. Tweed and Mr. Henderson are not independent within the meaning of NI 43-101.

We seek Safe Harbor.