Resource Capital Fund VII L.P. Announces Acquisition of Securities in Orezone Gold Corporation

DENVER, Jan. 29, 2020

RCF may not exercise its Warrants without the prior approval of the TSXV if the exercise would result in RCF holding 20% or more of the Company's issued and outstanding Common Shares.

Prior to the acquisition of the Units, RCF owned and controlled 42,056,250 Common Shares representing approximately 19.71% of the Company's then 213,376,906 issued and outstanding Common Shares.

Immediately following the Offering, RCF owns and controls 50,169,450 Common Shares, representing 19.99% of the 250,972,806 currently issued and outstanding shares.  RCF also owns and controls 4,056,600 Warrants, which are subject to the above restriction on exercise.  If the restriction on exercise of the Warrants is removed, RCF would own or control approximately 21.61% of the current issued and outstanding Common Shares on a partially diluted basis (assuming exercise of all of the restricted Warrants).

RCF acquired the Units for investment purposes. RCF may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the Company.

Orezone's head office is located at #214 - 223 Colonnade Road South, Ottawa, Ontario, K2E 7K3

To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Orezone's profile on the SEDAR website www.sedar.com.