Disclaimer

Orezone Website
Legal Disclaimer – current as of June 20, 2019

TERMS AND CONDITIONS

Website Disclosure

On this website, the terms “Orezone”, the “Company”, “we”, “us”, and “our” are used interchangeably and, in each case, denote a reference to Orezone Gold Corporation and/or one or more or all of its affiliates, as may be applicable. By using this website you agree to these Terms and Conditions. 

The Company updates the information on this website regularly. However, such information is not intended to be a comprehensive review of all matters and developments concerning the Company and the Company cannot guarantee the accuracy, currency or completeness of the information at all times and assumes no responsibility in this regard.

This website and the materials posted on it do not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company and any representation to the contrary would be unlawful.

Technical Information

Scientific or technical disclosure on this website was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators and has been prepared by or under the supervision of “qualified persons” under NI 43-101.  Dr. Pascal Marquis, Geo., Senior Vice President of Exploration, the Company’s qualified person under NI 43-101, supervises all work associated with exploration and development programs in West Africa. Mr. Patrick Downey, P. Eng., the President and Chief Executive Officer of the Company, is also a qualified person under NI 43-101.  Unless otherwise noted, all other information has been prepared and included one this website following review and verification by Mr. Downey and Dr. Marquis.

The Company’s material property is the Bomboré Gold Project.  On August 23, 2018, the Company filed a NI 43-101 technical report titled “NI 43-101 Technical Report Feasibility Study of the Bomboré Gold Project Burkina Faso”.  The 2018 FS contains detailed information about assay methods and data verification measures used to support the scientific and technical information disclosed on this website. On June 26, 2019, the Company announced the results of its Phase II Sulphide Expansion Feasibility Study (the “2019 FS”). 

Technical and scientific information on this website has been extracted from, and is supported by, the 2018 FS and the 2019 FS.  Readers are encouraged to read the 2018 FS in its entirety, the press release of June 26, 2019 and the subsequent technical report that will be filed within 45 days of June 26, 2019.

Caution on Forward-Looking Information

This website contains “forward-looking information” within the meaning of the U.S. Private Securities Litigation Reform Act and applicable Canadian securities laws.  Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “intend”, “estimate”, “may” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. 

Forward-looking information one this website may include, but not limited to, statements with respect to:

• the 2019 FS, including with respect to Mineral Resource and Mineral Reserve estimates and Pre and After tax NPV and IRR
• the Company’s expectations on the Bomboré Project and that it will be profitable with positive economics from mining, recoveries, grades and annual production
• the receipt of all necessary permitting and approvals including obtaining the update to the ESIA necessary for the planned expansion
• the optimization of the new project schedule and capital deployment schedule
• improved flexibility in the RAP implementation schedule
• reduced project operational risks and costs to the construction of the OCR, TSF, and the Bomboré Project’s main infrastructure
• anticipated plant commissioning and first gold pour in Q2-2021
• budgeted 2019 spending and sufficiency of the Company’s 2018 year-end cash balance to fully fund 2019 Project and corporate expenditures
• inclusion of the “Restricted Zones” and expansion of the P17S resources in the update to the 2017 Bomboré Mineral Resource Estimate to be included in the 2019 FS
• expansion of the combined oxide and sulphide circuits to 5.2 Mtpa in the 2019 FS
• the construction start-up of the sulphide plant expansion in Year 2 of commercial production with the commencement of gold production from the sulphide circuit starting in Year 3
• the Company’s general outlook with respect to Burkina Faso regarding safety and security of its personnel and assets and various legislation including mining and tax

All such forward-looking information is based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances.  In addition, management engages highly qualified independent engineering and environmental consulting companies as required to assist with management assumptions and analyses.  

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.  Although the Company has attempted to identify important factors and various risks that could cause actual results, performance or achievements to differ materially from those described in forward-looking information, there may be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.  There can be no assurance that forward-looking information will prove to be accurate, and accordingly readers should not place undue reliance on forward-looking information.

The risk factors set forth in the Company’s annual information form for the year ended December 31, 2018 (“AIF”) is a non exhaustive list of risk factors that could cause actual results to differ materially from the forward-looking information included in this website.  These risks include, without limitation: 

• resource exploration and development projects are inherently speculative in nature
• the Bomboré Project is in Burkina Faso and is subject to security risks that include mine site security and the safety of the Company’s personnel and contractors
• the RAP is a complex and costly activity and may not go according to plan
• successfully establishing mining operations and profitably producing gold cannot be assured
• the Company’s operations are dependent on receiving and maintaining required permits and licenses
• the Company’s economic prospects and the viability of the Bomboré Project is subject to changes in, and volatility of, the price of gold
• the Bomboré Project is subject to financing risks
• government regulations and permitting may have an adverse effect on Orezone’s activities
• adverse changes may be made by the government of Burkina Faso to the Mining Law, tax rates, and related regulations
• there is the potential for the Company to become subject to additional tax liabilities
• Mineral Resource and Mineral Reserve estimates are only estimates and may not reflect the actual deposits or the economic viability of gold extraction
• uncertainties and risks relating to feasibility studies
• Orezone has a history of losses and expects to incur losses until such time as the Bomboré Project achieves commercial production
• Orezone relies on its management team and the loss of one or more of these persons may adversely affect Orezone
• the Company’s operations rely on the availability of local labour, local and outside contractors and equipment when required to carry out its exploration and development activities
• the Company’s Bomboré Project is subject to title risks
• there are health risks associated with the mining workforce in Burkina Faso that may impact the availability of labour
• the Bomboré Project is subject to environmental risks which may affect operating activities or costs
• the Bomboré Project, if mining operations are established, will be subject to operational risks and hazards inherent in the mining industry
• the Bomboré Project is subject to risks associated with its location, lack of infrastructure and other resources, including its required water supply
• artisanal miners may impact operations at the Bomboré Project
• failure to continue to have strong local community relations may impact the Company
• evolving anti-corruption laws may result in fines or other legal sanctions
• the Company’s insurance coverage does not cover all of its potential losses, liabilities and damages related to its business and certain risks are uninsured or uninsurable
• the mining industry is extremely competitive
• currency fluctuations may affect Orezone’s financial performance
• investors may have difficulty enforcing judgments in Canada, the United States and elsewhere
• shareholders’ interest in Orezone may be diluted in the future
• Orezone’s common shares are publicly traded on the TSXV and are subject to various factors that have historically made Orezone’s share price volatile
• repatriation of funds may be difficult in the future

The forward-looking information contained on this website is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information and readers should also carefully consider the matters discussed under Section 6 “Risk Factors” in the company’s AIF.

Cautionary Note to United States Investors

This technical information on this website has been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of the United States securities laws.  Without limiting the foregoing, the disclosure in this website uses terms that comply with reporting standards in Canada and certain estimates are disclosed in accordance with NI 43-101.  NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosures an issuer makes of scientific and technical information concerning mineral projects.  Unless otherwise indicated, all Mineral Reserve and Mineral Resource estimates contained in this website have been disclosed in accordance with NI 43-101 and prepared in accordance with the standards set by the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.  These standards differ significantly from the requirements of the Securities & Exchange Commission of the United States (the “SEC”), and resource information contained herein and incorporated by reference herein may not be comparable to similar information disclosed by US companies.  For example, the Company uses the terms “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” in this website to comply with the reporting standards in Canada.  Investors are advised that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them.  Under United States standards, mineralization may not be classified as a “Reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.  United States investors are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into Reserves.  These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.  In accordance with Canadian rules, estimates of Inferred Mineral Resources cannot form the basis of feasibility or other economic studies.  It cannot be assumed that all or any part of Measured Mineral Resources, Indicated Mineral Resources, or Inferred Mineral Resources will ever be upgraded to a higher category or that such resources are economically or legally mineable.  Disclosure of “contained ounces” together with tonnes and grade is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “Reserves” as in place tonnage and grade without reference to unit measures.

In addition, the definitions of Proven and Probable Reserves permitted by NI 43-101 differ from the definitions in the SEC Industry Guide 7.  Accordingly, information contained in this website containing descriptions of mineral projects may not be comparable to similar information made public by US companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations there under.