The Company owns an 85% interest in the Bomboré gold mine with the government of Burkina Faso retaining a 15% free carried interest. Bomboré is situated 85 km east of the capital city of Ouagadougou and is readily accessed by paved international highway, offering excellent access and simple logistics.

Commercial production was achieved on the oxide and stage 1 hard rock plants in late 2022 and early 2026, respectively.  Combined production from the oxide and stage 1 hard rock operations is forecasted to total between 160,000 and 180,000 ounces in 2026. The Company is also advancing the stage 2 hard rock expansion, which is forecasted to increase annual production to between 220,000 and 250,000 ounces.

Bomboré Mineral Resource Estimate as of March 28, 2023

Notes for Mineral Resource Estimate on Bomboré Deposit

1. “Oxide” includes Regolith, Oxide and Transitional Upper units reported at a cut-off of 0.25g/t Au.
2. “Hard Rock” includes Transitional Lower and Fresh units reported at a cut-off of 0.45g/t Au.
3. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
4. Mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
5. The inferred mineral resource in this estimate has a lower level of confidence than that applied to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of the inferred mineral resource could be upgraded to an indicated mineral resource with continued exploration.
6. Totals may differ due to rounding.
7. Mineral resources are reported within an optimized pit shell at a gold price of $1,700/troy oz.
8. Mineral resources are inclusive of mineral reserves, however, exclude ore stockpiles.
9. The mineral resource estimates include oxide grade reduction factors applied by Orezone based on recent mine to mill reconciliation data.

Bomboré Mineral Reserve Estimate as of March 28, 2023

Notes for Mineral Reserve Estimate on Bomboré Deposit

1. CIM Definition Standards for mineral resources and mineral reserves (CIM, 2014) were used for reporting of mineral reserves.
2. Mineral reserves are estimated using a long-term gold price of $1,500 per troy oz for all mining areas.
3. Mineral reserves are stated in terms of delivered tonnes and grade before process recovery.
4. “Oxide” includes Regolith, Oxide, and Upper Transition material. Hard Rock includes Lower Transition and Fresh material.
5. Mineral reserves are based on modified re-blocked mine models with variable internal dilution and mining recoveries.
6. Mineral reserves for Block 1 (Maga), Block 2 (CFU and P8P9), Block 3 (P11), and Block 4 (Siga) are based on marginal cut-off grades that range from 0.252 to 0.270g/t Au for Oxides, and 0.464 to 0.516g/t Au for Hard Rock.
7. Mineral reserves for mining blocks Block 5 (P16) and Block 6 (P17S) are based on polygons developed by Orezone delimiting oxide material averaging above 0.30g/t Au and fresh rock above 0.50g/t Au.
8. The mineral reserve estimates include oxide grade reduction factors applied by Orezone based on recent mine to mill reconciliation data.
9. Tonnage and grade measurements are in metric units. Contained Au is reported as troy ounces.
10. Processing recovery varies by weathering unit and location.
11. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.
12. Mineral reserves are reported effective March 28, 2023.
13. Rounding of some figures might lead to minor discrepancies in totals.

Technical Reports