ORE Orezone Gold Corporation

Orezone Gold Corporation (TSX.V: ORE, OTCQX: ORZCF) (the “Company”) announces that it will host an investor webinar on July 12, 2021, the results of its annual and special meeting of shareholders held on June 30, 2021 (the “Shareholder Meeting”) and provides an update on timing for approval of the Convertible Note Facility.

Investor Webinar

Monday, July 12th at 10:00 am (PDT) / 1:00 pm (EDT)

Orezone will host an investor webinar on Monday, July 12th at 10:00 am PDT / 1:00 pm EDT to provide an update on the development of Bomboré, Burkina Faso’s next gold mine.

To register for the webinar, please click here.

Shareholder Meeting

At the Shareholder Meeting, all director nominees, as listed in the Management Proxy Circular dated May 27, 2021, were re-elected as directors of the Company. As a result, the directors of the Company remain as follows:

• Patrick Downey, President and CEO
• Michael Halvorson, Chair
• Ronald Batt
• Joseph Conway
• Charles Oliver
• Stephen Axcell
• Kate Harcourt
• Marco LoCascio

At the Shareholder Meeting, shareholders of the Company also approved:

• The re-appointment of Deloitte LLP as auditor and authorized the Board to fix the auditor’s remuneration for the ensuing year.
• The Company’s 10% rolling stock option plan.

Convertible Note Facility

The Company is working to finalize documentation on the Senior Debt Facility, the Convertible Note Facility, the Silver Stream Agreement and the related intercreditor agreement.

The 8.5% Convertible Note Facility included in the Bomboré Project debt package will be convertible at the option of the lenders at any time at a conversion price of US$1.08, representing a 30% premium to the offering price of the bought deal equity offering that closed on January 28, 2021.

The Company expects to call a special shareholder meeting on or about August 31, 2021 to approve the issuance of the Convertible Note Facility to Resource Capital Fund VII L.P. (“RCF VII”).

RCF VII and Beedie Investments Ltd. have agreed to subscribe for US$25 million and US$10 million, respectively.

About Orezone Gold Corporation

Orezone Gold Corporation (TSX.V: ORE OTCQX: ORZCF) is a Canadian development company which owns a 90% interest in Bomboré, one of the largest undeveloped gold deposits in Burkina Faso.

The 2019 feasibility study highlights Bomboré as an attractive shovel-ready gold project with forecasted annual gold production of 118,000 ounces over a 13+ year mine life at an All-In Sustaining Cost of US$730/ounce with an after-tax payback period of 2.5 years at an assumed gold price of US$1,300/ounce. Bomboré is underpinned by a mineral resource base in excess of 5 million gold ounces and possesses significant expansion potential. Orezone is fully funded to bring Bomboré into production with the first gold pour scheduled for Q3-2022.

Patrick DowneyPresident and Chief Executive Officer

Vanessa PickeringManager, Investor Relations

Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663info@orezone.com / www.orezone.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this press release include, but are not limited to, statements with respect to the calling of a special shareholder meeting on or about August 31, 2021, the Bomboré project being fully funded to production and projected first gold by Q3-2022.

All such forward-looking statements are 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 and the qualified persons believe are appropriate in the circumstances.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by the COVID-19 pandemic, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form and management discussion and analysis filed on SEDAR on www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.