Orezone Announces Life-of-Mine Plan for Casa Berardi Operations 14 Year Mine Life with an After-Tax NPV5% of US$1.05 Billion
OREZONE GOLD CORPORATION
450-505 Burrard Street
Vancouver, BC, V7X 1M3
T: 778-945-8977
Orezone Announces Life-of-Mine Plan for Casa Berardi Operations
14 Year Mine Life with an After-Tax NPV5% of US$1.05 Billion
All dollar amounts are in USD unless otherwise indicated
September 15, 2026 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF)
(the “Company” or “Orezone ”) is please d to announce an updated Life-of-Mine plan for its recently
acquired Casa Berardi gold mine, located in Quebec, Canada.
Casa Berardi Life-of-Mine Plan Highlights
• 14-year mine life (2027-2040) with 1,630,000 ounces of total gold production
• Life-of-Mine average annual gold production of 116,000 ounces at AISC1 of $1,877 per ounce
• Years 2030-2038 average annual gold production of 132,000 ounces at AISC of $1,776 per ounce
• After-tax NPV5%2 of $1.05 billion at Base Case consensus gold prices3
• After-tax NPV5% increases to $1.43 billion at $4,350 per ounce spot gold price4
• Orezone has reinitiated exploration at Casa Berardi, currently ramping-up drilling to 100,000
metres per annum. Multiple actionable exploration fronts, with clear opportunity to increase
underground grades, expand production and further reduce costs
Patrick Downey, President and CEO, commented “The release of the Casa Berardi Life -of-Mine plan is a
significant milestone for Orezone. The result of the Life-of-Mine plan clearly underscores the opportunity
and value proposition identified by Orezone in acquiring the Casa Berardi Mine. Its transformational
acquisition positions the Company as an established multi -asset producer, with a significant and fully
funded growth profile.
The Life-of-Mine plan highlights a robust 1 4-year mine life, with average annual production of 11 6,000
ounces at an All-In Sustaining Cost (“AISC”) of US$1,877 per ounce. The initial years of the plan are marked
by a ramp-up phase, with investments in new equipment, underground development and open pit waste
stripping, supporting an increase in average annual production to a sustained 13 2,000 ounces . The
Company views this Life -of-Mine plan as an excellent baseline, which with ongoing optimization and
exploration, we fully expect to further increase the production profile and lower costs.
This upside potential has already be en well demonstrated, with the Casa Berardi mill continuously
operating at rates above that assumed in the Life-of-Mine plan, and initial exploration results highlighting
the near-term potential to delineate higher-grade underground zones of near-surface mineralization.
1 Non-IFRS measure. See “Non-IFRS Measures” for an explanation of these financial measures.
2 Includes the impact of the Franco-Nevada Corporation (“FNV”) gold stream. FNV is entitled to fixed gold deliveries of 6,500 ounces per annum
between 2027 to 2030 followed by variable deliveries equal of 5% of gold production in subsequent years. The Company receives 20% of the spot
gold price for each ounce delivered.
3 Base Case gold price assumptions based on September 2026 consensus pricing.
4 Spot gold price assumption based on September 11, 2026 closing price.
Casa Berardi
Updated Life-of-Mine Plan
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The Casa Berardi Life-of-Mine plan also marks an important milestone in Orezone’s expansion into Quebec,
the foundation of which is the support of our dedicated employees, community partners and First Nations.
The Compan y looks to continue this momentum with th e release of a PEA study on its H eva-Hosco
development project, located along the prolific Cadillac Larder -Lake B reak in Quebec, in the fourth
quarter.”
Table 1 – Casa Berardi Life of Mine Plan Summary
Casa Berardi 2026 LOM Update Unit
Production Profile
Mine Life yrs 14
Annual Throughput Mtpa 1.4
Material Processed kt 19,531
Underground Head Grade g/t 4.64
Open Pit Head Grade g/t 2.32
Recovery % 83.9
Gold Produced oz 1,630,395
Average Annual Gold Production oz/yr 116,457
Capital Expenditures
Sustaining Capital $M 638
Non-Sustaining Capital $M 324
Site-Level Cash Costs
Cash Cost Per Tonne Processed $/t 123.86
Cash Costs $/oz 1,485
All In Sustaining Costs $/oz 1,877
Assumptions
FX Rate USD/CAD 1.35
Gold Price 2027 $/oz 4,632
Gold Price 2028 $/oz 4,518
Gold Price 2029 $/oz 4,378
Gold Price 2030 – 2041 $/oz 3,570
Economics
After-Tax Free Cash Flow5 (“FCF”) $M 1,443
After-Tax NPV5% $M 1,046
5 Non-IFRS measure. See “Non-IFRS Measures” for an explanation of these financial measures.
Casa Berardi
Updated Life-of-Mine Plan
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Figure 1 – Casa Berardi Production and AISC Profile
Mineral Resource Statement
The updated Casa Berardi mineral resource estimates have an effective date of June 30, 2026. The mineral
resource excludes material mined up to the effective date, as well as excluding stockpiles.
Table 2 – Casa Berardi Mineral Resource
Measured Indicated Measured & Indicated Inferred
Zone Tonnage Grade Ounces Tonnage Grade Ounces Tonnage Grade Ounces Tonnage Grade Ounces
kt g/t koz kt g/t koz kt g/t koz kt g/t koz
Underground
West Mine 3,157 4.78 477 3,456 4.49 499 6,613 4.59 976 1,185 6.17 235
East Mine 283 9.01 82 429 5.51 76 712 6.90 158 488 4.97 78
Total Underground 3,440 5.06 560 3,886 4.59 574 7,325 4.81 1,134 1,673 5.83 314
Open Pit
F160 2,465 2.08 165 1,205 1.99 77 3,670 2.05 242 1 1.33 0
F134 282 2.31 21 455 1.89 28 737 2.07 49 – – –
WMCP 3,817 2.60 319 1,579 2.36 120 5,396 2.53 439 116 2.01 7
Principal 87 3.36 9 7,523 2.71 655 7,610 2.71 664 1,008 2.29 74
Total Open Pit 6,651 2.40 514 10,762 2.54 880 17,413 2.49 1,394 1,125 2.24 81
Total 10,091 3.30 1,074 14,648 3.09 1,454 24,738 3.18 2,528 2,798 4.37 395
See “Notes for Casa Berardi Mineral Resource Estimates” at the end of the release
Casa Berardi
Updated Life-of-Mine Plan
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Mine Plan and Production Overview
The Casa Berardi Life -of-Mine plan comprises 14 years of continuous operations from 2027 to 20 40,
producing a total of 1,630,000 ounces of gold. Mining will be conducted via both underground and open
pit, with ore processed at the Casa Berardi mill. The Casa Berardi Life -of-Mine plan includes Inferred
Mineral Resources, and as such is classified as a Preliminary Economic Assessment (“PEA”) 6. No mineral
reserves are defined for Casa Berardi. The mine plan was completed by BBA Consultants under guidance
from Orezone. The open pit and underground mine plans were evaluated using DeswikTM algorithms to
create optimal mineable shapes based on economic and technical input parameters including mine
dilution and recovery. Underground stope design parameters were based on current operating
experience, with stopes that were uneconomic due to distance from infrastructure excluded from the
Life-of-Mine plan.
Figure 2 – Underground and Open Pit Production Profile
Underground Mining
Casa Berardi has a long history of underground mining, dating back to the late 1980s. In recent years, mine
planning by the previous operator prioritized a shift to open pit operations, resulting in a sharp decrease
in investment in underground development, equipment and exploration. Orezone’s Life-of-Mine plan is
6 The Casa Berardi Life-of-Mine plan is preliminary in nature, it includes Inferred mineral resources that are considered too speculative geologically
to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that
the Life-of-Mine plan will be realized. The Casa Berardi Life -of-Mine plan supersedes the prior technical report for Casa Berardi and should not
be considered together with or as an update to any prior economic analysis.
Casa Berardi
Updated Life-of-Mine Plan
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centered on re-establishing historical underground production rates at Casa Berardi, which based on the
current mineral resource and sustained investment, supports a 12-year underground mine life.
The underground mine plan is based on continuous operations at the currently active West Mine (2027-
2038), with the past producing East Mine re-commencing operations within three years (2029 -2038).
Underground mining practices are well established at Casa Berardi, using conventional underground
equipment and long-hole open stoping methods. Mining at Casa Berardi is owner-operated, with a mining
contractor recently mobilized to increase lateral development rates.
Several new pieces of underground mining equipment have recently been delivered to site , with the
staged procurement of new equipment continuing through 2029 as underground mining rates are
increased.
The West Mine is accessed via a hoist or a ramp down to the 1,0 80m level, with ore brought to surface
and transported 5 kilometres to the Casa Berardi mill utilizing 60t trucks. Access to the East Mine is
provided by a separate ramp, collared near the Casa Berardi mill, which has been developed down to the
730m level. Active mining in the East Mine ceased in 2023 and work has now commenced on the re -
opening of the East Mine access and ramp in anticipation of re-commencement of operations in 2029.
Open Pit Mining
Mining is carried out using conventional drill, blast, load and haul surface mining methods, with an owner-
operated fleet. A stockpiling strategy is employed to prioritize delivery of the highest-grade ore to the
mill, with stockpiles developed to maintain consistent mill throughput during waste stripping phases.
The Life-of-Mine plan comprises four separate open pits. The current F160 pit phase is scheduled to be
complete at the end of 2026, with open pit production shifting to the F134 pit for 2027 and 2028. The
F160 pit expansion waste cutback is scheduled to commence in late 2027, with ore mining from the F160
pit to resume in late 2028 and continue through to 2031. The Principal ( 2031-2038) and WMCP (2034-
2040) pits will be mined thereafter.
The F134 Phase 1 pit is permitted, with the Phase 2 permit amendment to be submitted in the fourth
quarter. The F160 pit expansion will require a permit amendment, which will be submitted in the fourth
quarter as well. The Principal and WMCP pits , and associated surface infrastructure , will be subject to
further permitting requirements. This work has commenced and will be advanced over the coming years.
Processing
The Casa Berardi processing facility has a nameplate capacity of 3,730tpd. Run-of-mine ore is processed
using a conventional single stage primary crusher followed by a two -stage SAG and ball mill grinding
circuit, gravity circuit , and CIL circuit, producing gold doré. Life-of-mine average annual projected gold
recoveries range from 80% to 88% for underground material and from 77% to 91% for open pit material.
Approximately 15-20% of the Casa Berardi tailings are used in the mine backfill cycle. Tailings that are not
used for mine backfill are disposed of at the tailings storage facility (“TSF”). The current TSF design will
support tailings deposition until 2031, after which the exhausted F134 and F160 pits will be utilized for in-
pit tailings deposition. The F160 pit will host multiple years of excess tailings capacity beyond the current
Life-of-Mine plan.
OREZONE GOLD CORPORATION
Updated Life-of-Mine Plan
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Figure 3 – Casa Berardi Long Section Showing Open Pits and Planned Underground Stoping Zones
Casa Berardi
Updated Life-of-Mine Plan
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Table 3 – Casa Berardi Life-of-Mine Schedule
Unit LOM 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
Mining Schedule
Ore Mined - UG kt 6,537 404 437 475 582 595 601 595 598 599 597 605 450 – – –
Ore Mined - OP kt 11,667 353 507 1,828 781 – 807 1,508 145 773 892 1,183 1,135 1,016 738 –
Waste Mined - OP kt 182,764 13,176 14,489 10,871 697 15,500 15,513 14,700 16,855 16,227 16,108 15,817 15,865 15,461 1,484 –
Processing Schedule
Ore Milled - UG kt 6,537 404 437 475 582 595 601 595 598 599 597 605 450 – – –
Ore Milled - OP kt 12,994 996 963 925 818 805 799 805 802 801 803 795 950 1,400 1,331 –
Total Ore Milled kt 19,531 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,331 –
Head Grade - UG g/t 4.64 3.18 5.19 4.33 4.64 5.93 5.45 5.60 4.31 4.29 4.12 4.05 4.07 – – –
Head Grade - OP g/t 2.32 1.86 1.43 2.01 1.72 1.37 3.13 3.94 2.58 2.00 2.12 3.30 3.05 2.31 2.02 –
Head Grade g/t 3.09 2.24 2.61 2.80 2.93 3.31 4.13 4.65 3.32 2.98 2.98 3.63 3.37 2.31 2.02 –
Recovery % 83.9 84.7 80.7 84.1 86.5 84.5 84.9 84.9 83.5 82.9 81.8 83.3 83.5 79.1 91.1 –
Gold Production koz 1,630 85 95 106 114 126 158 178 125 111 109 136 127 82 79 –
Operating Expenditures
Mining Cost $/t Mined - UG $/t 158.6 151.9 151.8 158.8 162.8 175.1 167.7 163.1 156.8 156.2 151.7 149.6 152.5 – – –
Mining Cost $/t Mined - OP $/t 3.5 4.1 3.9 3.8 3.9 3.3 3.5 3.5 3.2 3.6 3.3 3.4 3.3 3.1 3.3 –
Mining Cost $/t 71.2 63.8 61.2 71.6 72.4 89.9 85.8 76.5 82.0 97.3 83.9 79.3 69.9 43.2 17.2 –
Processing $/t 29.2 29.0 29.0 29.0 29.0 29.0 29.0 29.0 29.0 29.0 29.0 29.0 30.0 30.0 30.0 –
G&A $/t 22.5 23.3 23.3 23.3 23.3 23.3 23.3 23.3 23.3 23.3 23.3 23.3 23.3 17.5 17.5 –
Refining and transport $/t 1.0 0.7 0.8 0.9 1.0 1.1 1.4 1.5 1.1 1.0 0.9 1.2 1.1 0.7 0.7 –
Total OPEX $/t Milled $/t 123.9 116.8 114.2 124.7 125.7 143.2 139.4 130.3 135.3 150.6 137.1 132.8 124.3 91.4 65.4 –
Capital Expenditures
Sustaining Capital $M 638.0 89.6 62.2 83.0 68.0 67.1 33.5 42.5 36.8 36.0 51.3 32.0 27.0 6.1 2.8 –
Non-Sustaining Capital $M 323.6 15.4 44.4 – – 49.6 37.3 37.8 45.2 18.8 26.9 26.7 21.5 – – –
Total CAPEX $M 961.6 105.1 106.6 83.0 68.0 116.7 70.8 80.3 82.0 54.9 78.2 58.6 48.5 6.1 2.8 –
Economics
Gold Price $/oz 3,731 4,632 4,518 4,378 3,570 3,570 3,570 3,570 3,570 3,570 3,570 3,570 3,570 3,570 3,570 –
Cash Costs $/oz 1,485 1,916 1,691 1,651 1,542 1,597 1,239 1,028 1,520 1,897 1,755 1,369 1,373 1,557 1,108 –
All In Sustaining Costs $/oz 1,877 2,967 2,348 2,435 2,138 2,131 1,452 1,268 1,815 2,222 2,224 1,604 1,586 1,631 1,144 –
Revenue (net of stream) $M 5,837 373 405 442 390 432 542 610 429 382 376 467 436 283 270 –
After-Tax FCF $M 1,443 74 95 86 94 91 169 196 103 66 50 121 130 110 131 (73)
After-Tax NPV5% $M 1,046
Dollar amounts in USD
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Gold Price Sensitivity
Table 4 – After-Tax Gold Price Sensitivity
Enhancement Opportunities
Casa Berardi hosts multiple opportunities to further expand the mine’s production profile and lower costs,
including:
• Mineral Resource Expansion: The Casa Berardi mineral resource remains open for expansion on
multiple fronts, including (1) opportunities to upgrade the resource category of multiple mineralized
lenses within the Life-of-Mine plan, (2) the expansion of current underground ore zones that remain
open at depth, and (3) the development and growth of new underground zones including the down-
plunge continuation of the F134 and F160 zones beneath the open pits . In addition, drill results
disclosed in the May 19, 2026 news release, as well as all drilling executed since then, are not included
in the resource estimate supporting the Life-of-Mine-plan.
• New Zone Discovery: In recent years, resource growth at Casa Berardi has largely been the product
of incremental step-out drilling from known zones of mineralization. Given the significant exploration
and mining datasets dating back to the 1980’s at Casa Berardi, Orezone is developing the first
comprehensive mineral system model supporting the identification and ranking of prospective
exploration targets in the near-mine area and beyond. With reference to the south side of the Casa
Berardi Fault which has been mined underground to depths of approximately 1,170m, the north side
of the fault has seen limited exploration drilling, specifically at depth. Hosting a proven gold-bearing
hydrothermal system and ore zones currently being mined by open pit, the north side is considered
to be highly prospective and represents a key area for exploration in years to come.
• Higher Grades: With an established 12-year underground mine life, Orezone’s key exploration focus
is to re-establish high-grade underground stope inventory. Supported by sustained exploration and
underground development between 2006 -2016, the West Mine historically achieved an average
annual production of approximately 141,000 ounces at a head grade of approximately 7.0 g/t.
Exploration drilling ramping up to a sustained 100,000 metres per annum in upcoming years will
provide opportunities for high -grade discoveries, with the goal of sequencing higher grade ounces
into the front end of the mine plan, further increasing the production profile and lowering the AISC.
• Regional Exploration: The Casa Berardi exploration tenements are centered on 37 kilometres of
strike along the Casa Berardi Fault Zone, which to date has seen limited systematic exploration. As
with the Cadillac Larder-Lake and the Destor-Porcupine Fault Zones to the south which host multiple
2027 2028 2029 2030 - '40
-15% $660 $917 $3,937 $3,840 $3,721 $3,035
Base Case $1,046 $1,443 $4,632 $4,518 $4,378 $3,570
+15% $1,426 $1,961 $5,327 $5,196 $5,035 $4,106
Spot Price $1,426 $2,011 $4,350 $4,350 $4,350 $4,350
Gold Price Estimate ($/oz)Change in
Gold Price
After-tax
NPV (5%) $M
After-tax
LOM CF $M