Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) is pleased to provide Q3-2023 production results from its Bomboré Gold Mine, located in Burkina Faso.

Q3-2023 Highlights

• Gold production of 30,726oz, totalling 107,509oz year-to-date.
• Gold sales of 29,167oz at an average realized price of US$1,910/oz resulting in sales of US$55.7M.

Patrick Downey, President & CEO stated, “Production in Q3 exceeded our expectations, with higher than budgeted mining and processing rates achieved during the rainy season. This is a testament to the experienced operating team at Bomboré, and their operational preparedness as mining and processing of oxide material in wet conditions can prove difficult. With the Q3 rainy season now behind us, and a favorable outlook for Q4, Orezone remains well-positioned to meet the lower end of its 2023 guidance of 140,000-155,000oz.

The impact of historical artisanal mining on ore grades realized in H1 was localized, and during Q3 was only observed in the month of July. For August and September there was minimal impact, with monthly production averaging 11,289oz as pit depths are now below that of the affected artisanal horizon.

Significant progress was also made during the quarter on the Bomboré grid power connection, with all tower foundations complete, and over 50% of the towers now installed. The project remains on time and on budget, with energization scheduled for late 2023. Once connected, this will significantly lower Bomboré’s operating costs and carbon footprint.

Lastly, the Company expects to release the results of the Bomboré Phase II Expansion and Updated
Life-of-Mine study during the week of October 8^th.”

2023 Production Results

About Orezone Gold Corporation

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

Orezone is focusing on mining and processing the Phase I near surface free-dig oxides at a planned annual throughput of 5.7 million tonnes. The Company believes that Bomboré has a significant underlying hard rock resource to support a substantially larger Phase II expansion. The Company has recently completed a resource definition drill program, and plans to issue an updated mineral resource, reserve and life of mine plan, as part of this Phase II expansion.

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.

The technical report for the 2019 Feasibility Study on Bomboré entitled NI 43-101 Technical Report (Amended) Feasibility Study of the Bomboré Gold Project is available under the Company’s profile at SEDAR+.

QUALIFIED PERSONS

Dale Tweed, P. Eng., VP Engineering and Rob Henderson, P. Eng. VP Technical Services of Orezone, are Qualified Persons under NI 43-101 and have reviewed and approved the scientific and technical information contained in this news release.