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Algemeen advies 16/11/2023 06:32
All dollar amounts in USD unless otherwise stated).

November 14, 2023 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) reported its operational and financial results for the three and nine months ended September 30, 2023. The consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. The Company will host a conference call and webcast on November 15, 2023 commencing at 8:00am PST to discuss the Company’s third quarter results. Additional details are provided at the end of this press release.

Patrick Downey, President and CEO, commented, “Our Bomboré mine continues to perform well operationally with third quarter plant throughput reaching a record high of 1.45 million tonnes which is 13% above design. Gold production declined modestly from earlier quarters as lower head grades in Q3 reflects the processing end in Q2 of higher-grade stockpiles accumulated during construction. To improve mining rates which were behind plan, we mobilized a second mining contractor in late July. We are now realizing the benefits in Q4 as mining rates in October reached a new monthly record. With faster ore release and continued strong plant performance, Q4 production is forecasted to be above Q3 which positions us well to meet our previously guided gold production and costs for 2023.

Shortly after quarter-end, we released the results of an independent updated feasibility study for our Phase II Hard Rock expansion for the Bomboré mine. The results demonstrated improved economics and higher gold production from the previous 2019 study including a substantial increase in mineral reserves to 2.4 million gold ounces. A new technical study will be filed later this month which will include an updated mine plan, production profile and cost assumptions, plus new estimates for mineral resources and reserves. We are working diligently with our senior lender, Coris Bank, to increase our senior debt capacity in order to move forward with a production decision on our Phase II expansion in the
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