Orezone Gold Corp.

Orezone Gold Corp. is a junior gold producer headquartered in Vancouver, Canada, operating primarily in Africa. The company's portfolio consists of 1 expansion project. Key assets include Bomboré. The enterprise operates as a single-asset producer engaged in mining, development, and exploration. Its operational model utilizes a dual-plant processing strategy, with distinct circuits designed for oxide and hard rock materials, enabling optimized recovery from varied geological profiles. The company employs a contractor-based approach for mining activities, with an internal team providing management, grade control, and planning oversight. This structure is complemented by the use of conventional open-pit truck and shovel methods. The organization's competitive landscape is characterized by competition for project financing, qualified personnel, and equipment from other regional producers. The business model is designed to leverage potential synergies with neighboring operations, including the use of common contractors, to enhance operational efficiency. All sales are conducted on an unhedged basis, providing direct exposure to commodity price movements.

Strategic focus centers on material organic growth through a multi-stage expansion of processing capacity for hard rock material, intended to significantly increase annual and life-of-mine production. A key component of the long-term strategy involves a multi-year, discovery-focused exploration program designed to test the broader scale of the underlying mineralized system and expand the resource base. Capital allocation priorities are directed towards funding this expansion and exploration, supported by recent equity offerings and debt facilities structured to accommodate the reinvestment of operating cash flows. To enhance market positioning and access a broader investor base, the company is pursuing a secondary listing on the Australian Securities Exchange. This initiative aims to increase trading liquidity and engage with specialist mining-focused investment funds.

Executive leadership is headed by a President and CEO with over 40 years of international resource industry experience, including senior roles at Anglo American Corporation and as CEO of several publicly listed mining companies. The Board is led by a Chair with extensive executive and board experience, notably a 14-year tenure as Chair of Perseus Mining during its growth into a mid-tier producer. Governance is structured through 3 primary board committees: Audit; Corporate Governance, Nominating and Compensation; and Health, Safety and Sustainability. The Audit Committee, composed of 3 independent and financially literate directors, meets at least 4 times annually to oversee financial reporting and internal controls. The management structure includes a General Manager for the primary operating subsidiary who is a local national, a qualified geologist with an MBA, and serves as the current President of the national Chamber of Mines, reflecting a commitment to strong local leadership and government relations.

A dedicated Health, Safety, and Sustainability Committee of the Board provides direct oversight of ESG performance, meeting at least quarterly to review issues and risk management. The company's environmental management system includes a fully lined, downstream-construction tailings storage facility designed and audited to international standards, including the Global Industry Standard on Tailings Management. Social responsibility is demonstrated through a multi-phase Resettlement Action Plan for local communities and a strong commitment to local content, with over 97% of employees being national citizens and policies in place to prioritize local suppliers. The organization has adopted formal Environmental and Social Responsibility Policies that guide its approach to sustainable development and community engagement. Workplace safety performance is a key focus, highlighted by an achievement of 5.4 million hours worked without a lost-time injury and a total recordable injury frequency rate of 0.75.

The company's primary operating subsidiary is 90% owned, with the government holding a 10% carried equity interest in accordance with national mining laws. In 2024, Nioko Resources Corporation became a cornerstone investor through a non-brokered private placement, holding approximately 17.98% of the company's shares. Resource Capital Fund VII L.P. is another significant shareholder, holding approximately 14.04% of outstanding shares and also being a holder of a $25 million convertible note issued by the company in 2021. The terms of this convertible note were amended in 2024. These two entities represent the largest shareholders. The corporate structure is designed to facilitate operations while accommodating significant equity participation from strategic investment groups and the host government.