Core Viewpoint - RCF Private Equity Fund I L.P. has filed an early warning report regarding its shareholdings in Orezone Gold Corporation following significant sales of Orezone shares, indicating a strategic move to generate proceeds from its investment [1][6]. Share Transactions - On October 7, 2025, RCF sold 1,001,400 Orezone shares at C$1.61, and on October 8, 2025, it sold 16,000,000 shares at C$1.50, totaling net proceeds of C$25,425,804.98 from these sales [2]. - Prior to these sales, RCF owned 32,415,660 Orezone shares, representing approximately 5.42% of the total issued shares. After the sales, RCF's ownership decreased to 15,414,260 shares, or about 2.58% [3]. Convertible Debenture - RCF holds a US$25 million convertible debenture from Orezone, which can be converted into shares at a price of US$0.70 per share. This debenture was originally issued on October 15, 2021, and amended on December 20, 2024 [4]. - If the debenture were fully converted before the sales, RCF would have owned 68,129,946 shares (10.75% of total shares). Post-sales, assuming full conversion, RCF would own 51,128,546 shares (8.07% of total shares) [5]. Investment Strategy - The sales of Orezone shares were executed in line with RCF's investment policy aimed at generating proceeds from its investment in Orezone. RCF may consider acquiring more securities, disposing of existing ones, or holding its current securities in the future [6].