Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) is pleased to provide Q1-2023 production results from its Bomboré Gold Mine.

Q1-2023 Highlights

• Gold production of 41,301 oz.
• Gold sales of 43,139 oz at an average realized price of US$1,892 per oz resulting in sales proceeds of US$81.6 million.
• Cash position of US$45.2 million at March 31, 2023, an increase of US$36.0 million for the quarter.
• Repaid US$9.8M of principal on senior loans.

Patrick Downey, President & CEO stated, “Following a successful ramp-up to commercial production in Q4-2022, Q1 marks a strong first full quarter of production at Bomboré. The Company remains well-positioned to meet its 2023 annual production guidance of 140,000 to 155,000 ounces, while further reducing its senior debt and improving its treasury.

During the quarter, the Bomboré mill continued to exceed design by achieving an average throughput of 13% above nameplate capacity while maintaining an average gold recovery of 92.2%.

Work on the sulphide expansion study continued during Q1, with metallurgical testwork and flowsheet optimization now complete. The Phase II Sulphide Expansion feasibility study update remains on track for completion in Q3-2023.

Lastly, we awarded the main installation contract for grid power connection during the quarter, with orders for major equipment placed.  Once the connection is energized in late 2023, a significant reduction to current onsite operating costs can be expected.”

Production Highlights for Q1-2023

Future Milestones

About Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) 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 5.2 million tonnes. The Company believes that Bomboré has a significant underlying sulphide 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. It is expected that the pending study will be completed in Q3-2023 to be followed by a production decision.

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 on SEDAR under the Company’s profile at www.Sedar.com.