File: Attachment 2025-12-15_ORE PR-Stage-1-Hard-Rock-First-Gold.pdf

OREZONE GOLD CORPORATION

450-505 Burrard Street Vancouver, BC, V7X 1M3

T: 778-945-8977 info@orezone.com

OREZONE REPORTS FIRST GOLD FROM BOMBORE HARD ROCK EXPANSION

December 15, 2025 Vancouver, BC - Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) (the "Company" or "Orezone") is pleased to announce that it has completed the first gold pour from the Company's new 2.5Mtpa hard rock expansion.

Patrick Downey, President and CEO stated, "Commissioning of this plant is now complete, with mill throughput averaging 78% of nameplate capacity for the first 5 days of operations, resulting in first gold on December 15.

I want to extend my sincere gratitude to all involved in the construction and commissioning of the Bombore hard rock expansion. Their dedication, hard work and commitment to excellence have safely delivered the stage 1 expansion on time and on budget over a construction period of approximately 12 months. This is a commendable achievement, reflecting an industry-leading level of project delivery.

Commercial production is expected to be declared in early Q1-2026, and will represent a major milestone for Orezone, with overall gold production at Bombore set to increase by 45% to 170,000-185,000oz in 2026. This will mark a significant cash flow inflection point, underscored by the Company's solid balance sheet and record high gold prices."

Click here to view the video which illustrates the timeline and progress from commencement of construction in November 2024 to first gold in December 2025.

About Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring the Bombore Gold Mine in Burkina Faso. Combined production from the oxide and stage 1 hard rock operations is forecasted to total between 170,000 and 185,000 ounces in 2026. The Company is also advancing stage 2 of the hard rock expansion, which is forecasted to increase annual production to between 220,000 and 250,000 ounces.

Contact Information

Patrick Downey President and Chief Executive Officer

Kevin MacKenzie Vice President, Corporate Development and Investor Relations

Tel: 1 778 945 8977 info@orezone.com / www.orezone.com

For further information please contact Orezone at +1 (778) 945-8977 or visit the Company's website at www.orezone.com. The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

This announcement was authorized for release by Patrick Downey, Director, President & CEO.

Qualified Persons and Competent Person Statement

The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 - Standards of Disclosure for Mineral Projects and Competent Persons as defined under the JORC Code (2012 Edition). Each of Messrs. Henderson and Tweed have sufficient experience that is relevant to the scientific and technical information disclosed in this news release and to the type of activity undertaken to qualify as Competent Persons as defined in the JORC Code. Both are employees of the Company and have consented to the inclusion in this announcement of all technical information based on their work the form and context in which it appears.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" within the meaning of applicable Canadian Securities laws and "forward-looking statements" within the meaning of applicable U.S. securities laws (together, "forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this press release include, but are not limited to, statements that commercial production at the stage 1 hard rock plant is expected to be declared in early Q1-2026 and overall gold production at Bombore is set to increase by 45% to 170,000-185,000oz in 2026.

All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form, management discussion and analysis and Section 4 of the ASX Prospectus dated July 11, 2025 filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

- 2 -

File: Attachment 2025-12-16_ORE-CGF Resesarch Rpt.pdf

Canadian Equity Research Raising Target Price 16 December 2025 Orezone Gold Corporation

Precious Metals - Producer

Rating Price Target Jeremy Hoy, P.Eng. | Analyst | Canaccord Genuity Corp. (Canada) | jehoy@cgf.com | 1.647.210.1941 BUY C$3.50 A$3.75 Reg Spencer | Analyst | Canaccord Genuity (Australia) Ltd. | rspencer@cgf.com | +61.2.9263.2701 Enoch Lee | Associate | Canaccord Genuity Corp. (Canada) | enlee@cgf.com | 1.647.201.9245 unchanged from C$3.00 William Jones | Associate Analyst | Canaccord Genuity (Australia) Ltd. | WJones@cgf.com | 61.2.9263.2798

ORE-TSX Price Hard rock first gold, right on time ORE-ASX C$1.63 ; A $1.74

Market Data 0.59 - 1.72 Event: After market on December 15, ORE announced first gold pour from the new 2.5 52-Week Range (C$) : 970 Mtpa Stage 1 hard rock expansion at its Bombore mine in Burkina Faso. Over the first five Avg Daily Vol (000s) : 0.1 days of operations, the plant averaged throughput of ~78% of nameplate capacity, with Avg Daily Vol (M) : first gold poured on December 15. Management reiterated that commercial production is Market Cap (C$M) : 1,080.5 expected in Q1/26 (in line with prior guidance) and maintained 2026 production guidance Shares Out., FD (M) : 662.9 of 170 185 koz (~175 koz CGe). Enterprise Value (US$M) : 788.4 Cash (US$M) : 103.4 Our take: Positive. First gold from the Stage 1 hard rock plant marks a key execution Currency-adjusted Target Price milestone, in our view, and was delivered in line with the timeline outlined in the May 3.75 2024 expansion update. While no detailed capex update was provided, management : confirmed the project was delivered on budget (recall the revised budget of $90 95M). Long-Term Debt (US$) : 106.7 We are encouraged that the expansion remains on track for commercial production NAV /Shr (US$) : 5.36 in Q1/26, with 2026 production guidance unchanged at 170 185 koz, which, recall, Net Debt/EBITDA : 0.02 represents an ~46% uplift versus our 2025 forecast. We continue to model Stage 2 P/NAV (x) : 0.25 lifting output to ~233 koz by 2027 (+93% vs. our 2025 estimate). Total NAV 5 (US$) : 3,553.1 We continue to view ORE favourably given its visible growth profile and compelling valuation, trading at ~0.24x NAV (forward-curve prices) and offering projected FCF FYE Dec 2023A 2024A 2025E 2026E yields above 60% once Stage 2 is complete. 119 119 175 Gold Production 141 Model updates: In conjunction with yesterday's announcement, we have taken the (000oz) 1,447 1,724 1,659 opportunity to update our forecasts, incorporating Q3/25 results, rolling the model forward one quarter, and increasing Q4/25 cost assumptions to align with revised 2025 All in 1,127 74.0 103.4 277.4 AISC guidance of $1,700 1,800/oz (CGe $1,724/oz), alongside other minor revisions. Sustaining Cost 40.8 4.6 204.3 Overall, these changes result in a modest uplift to our target price components, with (Gold) (US$ / 3.5 NAV/sh and NTM EBITDA/sh increasing by ~1% and ~20%, respectively. oz) 3.1 1.2 Valuation: We maintain our BUY rating and increase our target price to C$3.50 (A Cash & Equiv. 19.5 $3.75) from C$3.00 (A$3.25). Our target price is based on an equal weighting of 4.0x (US$) NTM EBITDA (unchanged) and 0.50x operating NAV less net debt and other corporate adjustments (unchanged). Free Cash Flow 60.1 (US$M)

EV/EBITDA (x) 2.5

1.8 1.6 1.4

1.2 1

0.8 0.6 0.4

Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25

ORE.CA S&P Global Gold Index (rebased) Source: FactSet

Priced as of close of business 15 December 2025

Orezone's flagship asset is its permitted Bombore gold project located in central Burkina Faso. Construction of the Bombore project was completed in July 2022, with commercial production declared on December 1, 2022.

Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein.

For important information, please see the Important Disclosures beginning on page 6 of this document. Orezone Gold Corporation

Raising Target Price

Figure 1: Estimate and target revisions

New Previous % Change 2027E 2027E 2025E 2026E 2027E 2028E 2029E 2025E 2026E 2028E 2029E 2025E 2026E 0.0% 2028E 2029E 233 233 121 175 233 233 233 (1.3%) 0.0% 0.0% 0.0% 0.0% Gold production (consolidated) koz 119 175 233 233 233 118 175 233 233 233 (1.3%) 0.0% 0.0% 0.0% Gold sales (consolidated) 0.0% koz 117 175 233 6.0% 4.0% 0.0% 0.0% 0.0% 7.3% 3.6% 0.0% 0.0% Cash cost US$/oz 1,537 1,489 1,469 1,448 1,457 1,449 1,432 1,469 1,448 1,457 AISC US$/oz 1,724 1,659 1,657 1,636 1,645 1,607 1,602 1,657 1,636 1,645 (2.1%) (0.1%) 1.5% 7.4% Financial metrics US$M 183 408 577 617 635 197 417 578 618 636 (7.0%) 6.5% (0.2%) (0.1%) 7.4% EBITDA US$/sh 0.16 0.42 0.63 0.69 0.71 0.19 0.42 0.59 0.64 0.66 (12.8%) 7.4% 7.4% EPS US$/sh 0.28 0.60 0.84 0.89 0.91 0.30 0.56 0.78 0.83 0.85 (5.8%) 7.4% 7.5% CFPS 5.33 0.6% NAV per share US$/sh 5.36 0.49 19.7% NTM EBITDA per share US$/sh 0.58 0.50x 0.0% NAV multiple x 0.50x 4.0x 0.0% EBITDA multiple x 4.0x BUY 3.00 Rating C$/sh BUY 3.25 16.7% Target A$/sh 3.50 15.4% Target 3.75

Source: Company Reports, Canaccord Genuity estimates

Figure 2: Production profile and costs Gold production and by-product costs

250 2,500

200 2,000

Au production (koz)150 1,500 Costs (US$/oz Au) 100 1,000

50 500

0 0

2020A 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E

Au production - Bombore Cash costs (by-product) AISC (by-product)

Source: Company reports, Canaccord Genuity estimates

2 Precious Metals - Producer 2 Buy unchanged Target Price C$3.50 from C$3.00 | 16 December 2025 Orezone Gold Corporation

Raising Target Price

Figure 3: Revenue split by commodity

Revenue split by commodity

% of revenue 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

2020A 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E

Gold Copper Silver

Source: Company Reports, Canaccord Genuity estimates

Figure 4: Operating CF and FCF

Attributable Operating CF and FCF

600

500

400

300

US$M 200

100

0

(100)

(200)

2020A 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E

Op CF FCF

Source: Company reports, Canaccord Genuity estimates

3 Precious Metals - Producer 3 Buy unchanged Target Price C$3.50 from C$3.00 | 16 December 2025 Orezone Gold Corporation

Raising Target Price

Figure 5: Leverage ratios Debt / equity Net debt / EBITDA (NTM) 0.8x 1.0x 0.5x 0.7x 0.0x (0.5x) 0.6x (1.0x) (1.5x) 0.5x (2.0x) (2.5x) 0.4x (3.0x) 0.3x 2023A 2024A 2025E 2026E 2027E 2028E 2029E Source: Company reports, Canaccord Genuity estimates 0.2x

0.1x

0.0x

2023A 2024A 2025E 2026E 2027E 2028E 2029E

4 Precious Metals - Producer 4 Buy unchanged Target Price C$3.50 from C$3.00 | 16 December 2025 Orezone Gold Corporation

Raising Target Price

Figure 6: P&L and NAV summary

ORE: TSX C$1.63 / US$1.18 / A$1.76 SHARE DATA 597.9 COMMODITY DECK 2023A 2024A 2025E 2026E +2029E Target Price (C$) $3.50 Basic Share Count (M) 662.9 Gold Price $1,942 $2,386 $3,449 $4,315 $4,745 Target Price (A$) $3.75 Fully-funded, FD Share Count (M) Silver Price $23.38 $28.22 $39.20 $53.02 $56.89 Implied Return (%) 115% 2024A CAD/USD 0.74 Recommendation BUY PROFIT & LOSS (US$m, consolidated) $284 0.74 0.73 0.71 0.72 Market Cap (US$M) $708 Revenue $146 RATIOS - CG DECK Enterprise Value (US$M) $647 Costs (incl. royalty) 2023A $137 2025E 2026E 2027E P/E 2023A 2024A 2025E 2026E 2027E $271 $28 $411 $756 $1,038 P/CF 3.7x 7.3x 7.2x 2.8x 1.9x NAV SUMMARY US$m US$/sh % Total Operating Margin $136 $9 $180 $261 EV/EBITDA 1.9x 3.3x 4.2x 2.0x 1.4x Bombore (5% discount rate) $3,595 $5.42 98% Depreciation $136 $2 $232 $495 $342 Sustaining FCF Yield 2.5x 3.1x 3.5x 1.2x 0.0x Exploration (in-situ) $0.12 2% General & Administrative $30 $15 $38 $57 $696 FCF Yield $79 $5.54 Exploration $7 $2 $8 $9 Net Debt/EBITDA (trailing) 39.4% 21.9% 18.5% 40.4% 55.8% Total Operating NAV $3,674 100% Finance Costs $6 $85 $9 $4 $58 P/NAV 29.7% 12.4% 0.7% 28.1% 55.8% Other costs (income) $16 $21 $13 $16 $9 0.0x (0.6x) (1.2x) Working Cap. ($14) $64 ($7) $2 $6 Attributable Operating Summary 0.7x 0.2x Investments EBT $63 $113 $156 $411 Gold sales (koz) 0.25x Corporate G&A Tax $13 $53 $54 $113 $10 Silver sales (koz) LTD Debt $67 $0.10 $50 $0.11 $102 $298 ($3) 2023A 2024A 2025E 2026E 2027E NPV Interest payments (net of tax) $0 $0.00 Net Income $109 $183 $408 $610 GEO sales (koz) 126 107 198 Other ($0.17) Adj. EBITDA (attributable) $61 2024A $110 $298 $168 - - 101 149 - Total ($116) ($0.16) Adjusted Net Income (consolidated) $0.15 $98 $0.16 $0.42 $443 By-product cash costs (US$/oz) 126 107 198 ($107) $0.05 Adjusted EPS (FD, attributable) $58 $577 By-product AISC (US$/oz) - - NET ASSET VALUE $0.00 2023A ($46) 2025E 2026E $443 Co-product cash costs (US$/oz) $972 $1,233 $1,469 $34 ($0.18) Consolidated Cash Flow $105 $45 $164 $369 $0.63 Co-product AISC (US$/oz) $1,127 $1,447 101 149 $1,657 $0 Operating CF (before w/c) $80 $122 $369 $1,233 $1,469 Operating CF (after w/c) ($44) $0.25 ($149) ($122) 2027E NAV SENSITIVITY $972 $1,447 s $1,657 ($121) Investing CF ($25) $52 ($73) $513 Gold Price (US$/oz) $1,127 Financing CF $0.28 2024A $0.28 $0.60 $513 NAV (US$m) $1,537 $1,489 CFPS (FD) $87 ($35) NAV/sh (US$/sh) 2023A $15 2025E 2026E ($60) $1,724 $1,659 $93 $46 $139 $312 $0.84 $3,553 $5.36 $13 $72 $12 $18 $1,537 $1,489 $32 $41 $135 $108 2027E $80 $128 $294 $435 $1,724 $1,659 $60 2024A $5 $204 $30 NAV Breakdown By Asset $74 $30 2023A ($42) 2025E 2026E $405 Bombore (98%) Exploration (2%) $19 $99 $103 $277 $405 $2,500 $3,000 $3,500 $4,000 $4,500 $19 $25 ($36) ($36) $1,226 $1,742 $2,289 $2,835 $3,382 98% Attributable FCF $19 $107 $50 2027E $19 $264 $3 ($228) $696 $1.85 $2.63 $3.45 $4.28 $5.10 $19 $323 $435 $736 ($36) Operating CF (before w/c) $19 $348 $644 $708 $0 $19 $647 $481 ($696) Sustaining CapEx NAV Sensitivity to Gold Price $1,181 Total CapEx $708 $6.00 $12 $5.00 Sustaining FCF NAV Per Share (US$/sh) $4.00 $3.00 FCF $2.00 $5.10 $1.00 $0.00 $4.28

BALANCE SHEET $2,000

Cash & Equivalents $3.45

Non-Cash Working Capital $2.63

Total Debt $1.85 $2,500 Net Debt

2% Shareholder Equity

Market Cap $3,000 $3,500 $4,000 $4,500 $5,000 Gold Price (US$/oz) Enterprise Value

Source: Company reports, FactSet, Canaccord Genuity estimates

2 Precious Metals - Producer 5 Buy unchanged Target Price C$3.50 from C$3.00 | 16 December 2025 Orezone Gold Corporation

Raising Target Price

Appendix: Important Disclosures

Analyst Certification

Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst's personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst's coverage universe and (ii) no part of the authoring analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research, and (iii) to the best of the authoring analyst's knowledge, she/he is not in receipt of material non-public information about the issuer.

Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Sector Coverage

Individuals identified as "Sector Coverage" cover a subject company's industry in the identified jurisdiction, but are not authoring analysts of the report.

Investment Recommendation Date and time of first dissemination: December 16, 2025, 01:09 ET Date and time of production: December 16, 2025, 01:09 ET Target Price / Valuation Methodology: Orezone Gold Corporation - ORE Our target price is based on a 50/50 combination of a 0.50x multiple applied to our forward curve-derived operating NAV less net debt and other corporate adjustments, and a 4.0x multiple applied to NTM EBITDA. Risks to achieving Target Price / Valuation: Orezone Gold Corporation - ORE Commodity price risk: As a precious metals mining company, Orezone's current and future revenue is dependent on the price of gold and, to a lesser extent, on silver prices.

Regulatory risk: We note that changes to the current tax/royalty regime, government regime, and/or environmental regulations have the potential to negatively impact our valuation of the Bombore project.

Operational risk: Our forecasts are based on technical data, guidance from the company, and our own knowledge and experience with regard to the operation of individual mining projects. We note the potential for operational and financial performance to change rapidly due to weather-related issues, unexpected changes in mineralogy, and general unforeseen operational difficulties.

Balance sheet risk: While Orezone has sufficient liquidity, in our view, to fund its operations at current gold prices, there is no guarantee that the company will generate sufficient future cash flow from operations to meet the required interest and principal payments on the debt.

Exploration risk: We note that there is no guarantee that ongoing exploration at Bombore will be successful in further expanding the project's local resource base and/or discovering additional centres of property scale mineralization.

Distribution of Ratings:

Global Stock Ratings (as of 12/16/25)

Rating Coverage Universe IB Clients % # % 24.27% Buy 684 70.15% 7.35% 0.00% Hold 136 13.95% 62.50%

Sell 3 0.31%

Speculative Buy 144 14.77%

975* 100.0%

*Total includes stocks that are Under Review

Canaccord Genuity Ratings System Precious Metals - Producer 6 BUY: The stock is expected to generate returns greater than 10% during the next 12 months. HOLD: The stock is expected to generate returns from -10% to 10% during the next 12 months.

Buy unchanged Target Price C$3.50 from C$3.00 | 16 December 2025 Orezone Gold Corporation

Raising Target Price

SELL: The stock is expected to generate returns less than -10% during the next 12 months.

NOT RATED: Canaccord Genuity does not provide research coverage of the relevant issuer. Given the inherent volatility of some stocks under coverage, price targets for some stocks may imply target returns that vary temporarily from the ratings criteria above. *As of January 1, 2024, the Ratings History Chart will reflect the new Canaccord Genuity Ratings System as defined above. Risk Qualifier SPECULATIVE: The stock bears significantly above-average risk and volatility. Investments in the stock may result in material loss.

12-Month Recommendation History (as of date same as the Global Stock Ratings table)

A list of all the recommendations on any issuer under coverage that was disseminated during the preceding 12-month period may be obtained at the following website (provided as a hyperlink if this report is being read electronically) http://disclosures- mar.canaccordgenuity.com/EN/Pages/default.aspx

Required Company-Specific Disclosures (as of date of this publication) Orezone Gold Corporation currently is, or in the past 12 months was, a client of Canaccord Genuity or its affiliated companies. During this period, Canaccord Genuity or its affiliated companies provided investment banking services to Orezone Gold Corporation. In the past 12 months, Canaccord Genuity or its affiliated companies have received compensation for Investment Banking services from Orezone Gold Corporation . In the past 12 months, Canaccord Genuity or any of its affiliated companies have been lead manager, co-lead manager or co- manager of a public offering of securities of Orezone Gold Corporation or any publicly disclosed offer of securities of Orezone Gold Corporation or in any related derivatives. Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking services from Orezone Gold Corporation in the next three months.

An analyst has visited the material operations of Orezone Gold Corporation. Partial payment was received for the related travel costs.

Orezone Gold Corporation Rating History as of 12/15/2025

SB:C$3.25 B:C$3.00 B:C$3.75 B:C$3.25 B:C$2.75 B:C$2.25 B:C$2.00 B:C$2.25 B:C$2.00 B:C$2.25

11/07/2022 01/19/2023 04/24/2023 06/19/2023 07/25/2023 08/31/2023 10/24/2023 01/22/2024 04/03/2024 10/22/2024

C$4.00

C$3.50

C$3.00

C$2.50

C$2.00

C$1.50

C$1.00

C$0.50 Jan 21Apr 21 Jul 21 Oct 21Jan 22Apr 22 Jul 22 Oct 22Jan 23Apr 23 Jul 23 Oct 23Jan 24Apr 24 Jul 24 Oct 24Jan 25Apr 25 Jul 25 Oct 25

B:C$2.75 B:C$3.00

10/01/2025 10/22/2025

Closing Price Price Target

Buy (B); Speculative Buy (SB); Sell (S); Hold (H); Suspended (SU); Under Review (UR); Restricted (RE); Not Rated (NR)

Past performance

In line with Article 44(4)(b), MiFID II Delegated Regulation, we disclose price performance for the preceding five years or the whole period for which the financial instrument has been offered or investment service provided where less than five years. Please note price history refers to actual past performance, and that past performance is not a reliable indicator of future price and/or performance.

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Up-to-date disclosures may be obtained at the following website (provided as a hyperlink if this report is being read electronically) http://disclosures.canaccordgenuity.com/EN/Pages/default.aspx; or by sending a request to Canaccord Genuity Corp. Research, Attn: Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2; or by sending a request by email to disclosures@cgf.com. The reader may also obtain a copy of Canaccord Genuity's policies and procedures regarding the dissemination of research by following the steps outlined above.

General Disclaimers

See "Required Company-Specific Disclosures" above for any of the following disclosures required as to companies referred to in this report: manager or co-manager roles; 1% or other ownership; compensation for certain services; types of client relationships;

Buy unchanged Target Price C$3.50 from C$3.00 | 16 December 2025 Precious Metals - Producer 7 Orezone Gold Corporation

Raising Target Price

research analyst conflicts; managed/co-managed public offerings in prior periods; directorships; market making in equity securities and related derivatives. For reports identified above as compendium reports, the foregoing required company-specific disclosures can be found in a hyperlink located in the section labeled, "Compendium Reports." "Canaccord Genuity" is the business name used by certain wholly owned subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, Canaccord Genuity Limited, Canaccord Genuity Corp., and Canaccord Genuity (Australia) Limited, an affiliated company that is 80%-owned by Canaccord Genuity Group Inc.

The authoring analysts who are responsible for the preparation of this research are employed by Canaccord Genuity Corp. a Canadian broker-dealer with principal offices located in Vancouver, Calgary, Toronto, Montreal, or Canaccord Genuity LLC, a US broker-dealer with principal offices located in New York, Boston, San Francisco and Houston, or Canaccord Genuity Limited., a UK broker-dealer with principal offices located in London (UK) and Dublin (Ireland), or Canaccord Genuity (Australia) Limited, an Australian broker-dealer with principal offices located in Sydney and Melbourne.

The authoring analysts who are responsible for the preparation of this research have received (or will receive) compensation based upon (among other factors) the Investment Banking revenues and general profits of Canaccord Genuity. However, such authoring analysts have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Investment Banking activities, or to recommendations contained in the research.

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The information contained in this research has been compiled by Canaccord Genuity from sources believed to be reliable, but (with the exception of the information about Canaccord Genuity) no representation or warranty, express or implied, is made by Canaccord Genuity, its affiliated companies or any other person as to its fairness, accuracy, completeness or correctness. Canaccord Genuity has not independently verified the facts, assumptions, and estimates contained herein. All estimates, opinions and other information contained in this research constitute Canaccord Genuity's judgement as of the date of this research, are subject to change without notice and are provided in good faith but without legal responsibility or liability.

From time to time, Canaccord Genuity salespeople, traders, and other professionals provide oral or written market commentary or trading strategies to our clients and our principal trading desk that reflect opinions that are contrary to the opinions expressed in this research. Canaccord Genuity's affiliates, principal trading desk, and investing businesses also from time to time make investment decisions that are inconsistent with the recommendations or views expressed in this research.

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