Orezone Gold Corporation reported the results of its Phase II Expansion and Updated Life-of-Mine Feasibility Study (?2023 Study?) for its 90%-owned Bomboré Gold Mine, located in central Burkina Faso. Bomboré achieved commercial production of its Phase I oxide plant in December 2022, which has operated successfully above nameplate to produce 76,783oz of gold at an All-In Sustaining Cost (?AISC?) of $1,006/oz sold in first half of 2023. The planned expansion at Bomboré from a processing rate of 5.9 million tonnes per annum (?Mtpa?) to 10.3Mtpa will deliver a significant increase in gold production at a low incremental capital cost.

Construction of the new standalone 4.4Mtpa hard rock processing facility will enable Bomboré to produce an average of 209,000oz/yr at an AISC of $1,121/oz. First gold from the hard rock plant is scheduled for third quarter of 2025. Bomboré 2023 Study Highlights (at Base Case gold price of $1,750/oz): After-tax NPV5% of $635.9 million with rapid payback, Mine-life of 11.3 years with gold production totalling 2.11Moz, Conventional open pit mining at a low strip ratio of less than 2:1, Phase II hard rock plant capital costs of $167.5 million and Average annual gold production of 231,000oz in the first three full years after expansion at an AISC of $1,081/oz.