Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) is pleased to announce 2023 gold production results and connection of the Bomboré Mine to the national grid.

Q4 and Full Year 2023 Production Results

• Gold production totalled 33,916oz during the fourth quarter, and 141,425oz for the full year 2023, achieving annual guidance of 140,000 to 155,000oz.

• Gold sales during the quarter were 33,782oz at an average realized price of US$1,997/oz, resulting in sales of US$67.5M.

• For the full year, gold sales totaled 139,696oz at an average realized price of US$1,940/oz, resulting in sales of US$271.0M.

Patrick Downey, President & CEO stated, “With a strong Q4, the Bomboré mine had a successful first full year of operations and achieved guidance, which is a testament to the hard work and dedication of our operating team. Operational performance was matched by a strong safety record, with no lost-time injuries in 2023.”

Bomboré Connection to the National Grid

Mr. Downey continued, “I am also very pleased to report that construction of the Bomboré powerline was completed on-schedule in late December (Photo 1 below). Commissioning and acceptance by the state power provider SONABEL to bring power to site commenced in early January and has now been completed. Process plant energization is in progress and will be completed by January 21, 2024.

The powerline replaces the use of onsite diesel gensets for power, significantly lowering our operating costs and carbon footprint.”

Phase II Expansion

Early works for the Bomboré Phase II expansion commenced in the fourth quarter of 2023. These activities included: ordering of the SAG mill, early-stage engineering, and bulk earthworks (Photo 2 below) on the hard rock mill site.

Discussions with our senior lender, Coris Bank, are ongoing and the Company expects to receive a financing proposal later in the first quarter.

Bomboré 2023 Production Results

Completed Powerline and Substation – Photo 1

Completed Phase II Expansion Mill Bulk Earthworks – Photo 2

 About Orezone Gold Corporation

Orezone Gold Corporation is a Canadian mining company operating the open pit Bomboré Gold Mine in Burkina Faso.

The Company is mining and processing the Phase I near surface free-dig oxides at a throughput of 5.9 million tonnes per annum (Mtpa). The Company’s planned Phase II Expansion consists of an independent 4.4Mtpa hard rock plant operating alongside the existing oxide plant to deliver a significant increase in annual gold production at a low incremental capital cost. Construction of the new 4.4Mtpa hard rock plant will enable Bomboré to produce an average of 209,000 gold oz/year at a mine-level AISC of $1,121/oz for over 8 years. First gold from the Phase II expansion is scheduled for Q3-2025. Significant exploration potential exists to expand Bomboré’s mineral reserves through future resource conversion and new discoveries from drilling of promising high-priority targets.

Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.