Orezone Gold (ORE) Corporate presentation summary

Strategic repositioning and growth

• Completed a secondary listing on the ASX, expanding liquidity and investor base.

• Added to the VanEck Junior Gold Miners ETF, enhancing capital markets profile.

• Acquired the Casa Berardi gold mine and exploration projects in Quebec, diversifying assets and increasing scale.

• Achieved commercial production at Bomboré following a 2.5Mtpa hard rock expansion.

• Ongoing exploration success at both Bomboré and Casa Berardi, confirming high-grade zones and extensions.

Production and operational outlook

• 2026 consolidated gold production forecasted at 220,000–240,000oz, with a medium-term target above 350,000oz/year.

• Bomboré 2026 guidance: 160,000–180,000oz at AISC of $2,100–$2,300/oz, with production weighted to H2-2026.

• Casa Berardi averaged 105,000oz/year over the last five years; guidance to be issued post-acquisition.

• Stage 2A hard rock expansion at Bomboré underway, aiming to increase throughput to 5.5Mtpa.

• Casa Berardi mine plan rescope and optimization in progress, targeting higher underground grades.

Financial and transaction highlights

• Casa Berardi acquisition from Hecla Mining for US$272M upfront, plus US$80M deferred and up to US$241M contingent payments.

• Acquisition financed with US$100M Franco-Nevada stream and US$60M cash on hand.

• Market capitalization of C$1.6B (US$1.1B) with US$112M cash and bullion, and US$86M senior debt.

• P/NAV and EV/EBITDA multiples significantly below peer averages, indicating re-rate potential.

• Maintains a strong balance sheet post-acquisition, with clear path to unlocking further value.