OceanaGold Reports Fourth Quarter and Full Year 2023 Operating and Financial Results

VANCOUVER, BC, Feb. 21, 2024

VANCOUVER, BC, Feb. 21, 2024 /PRNewswire/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") reported its operational and financial  results for the three months and full year ended December 31, 2023. The consolidated financial statements and the Management Discussion and Analysis ("MD&A") are available at www.oceanagold.com.

Gerard Bond, President and CEO of OceanaGold, said "Strong fourth quarter gold production, driven by increased quarter-on-quarter performance at all four of our operations, allowed us to deliver our full year production guidance.

At Haile, the Horseshoe Underground mine increased its production of higher-grade ore feed and, with the underground mine ramping up to full capacity and with access to ore in Ledbetter open pit improving through the first half of 2024, we expect improved performance quarter on quarter from Haile over the coming year. Didipio had an exceptional fourth quarter, beating increased guidance for the year due to earlier access into higher grade areas of the mine. Both New Zealand sites rebounded with improved fourth quarter performance, with Macraes also achieving the higher end of its increased production guidance for the year.

2024 is a transformational year for OceanaGold as we begin to deliver production growth, both for 2024 and beyond. Our 3-year outlook remains robust with organic, near-mine production growth of at least 30%¹ through 2026 at a declining AISC per ounce, which in turn underpins OceanaGold's projected improvement in Free Cash Flow generation.

This exciting profile positions the Company to continue strengthening the balance sheet, which we expect to be further enhanced this year with the completion of the monetization of 20% of Didipio. We will also continue to explore and invest in growth options such as Palomino and Wharekirauponga, especially with the improved investment climate in New Zealand. All of this will be in service of increasing the value of OceanaGold and improving  returns to shareholders."

_______________________ ARIVA.DE Börsen-Geflüster Kurse OceanaGold Corp 2,3115 $ +2,28%

1 Based on the mid-point of  production guidance. See Q4 2023 MD&A for more information

Highlights

Achieved 2023 Guidance, Safely and Responsibly

• Produced 477,313 ounces of gold and 14,172 tonnes of copper, in-line with original 2023 guidance, including delivering the Horseshoe Underground mine at Haile into production, and exceeding original production guidance at Didipio and Macraes.
• All-In Sustaining Cost ("AISC")¹ of $1,587 per ounce, in-line with updated 2023 guidance and excluding 11,009 ounces of gold produced but not sold until early January 2024.
• Record full year revenue of $1.0 billion, driven by strong sales at record average realized gold prices.
• Ended the year with Net Debt¹ of $170.1 million at a Leverage Ratio¹ of 0.41x, and refinanced the revolving credit facility (the "Facility") with extended maturity and improved terms.
• Released updated Reserves and Resources, including Indicated Resource growth to 1 million ounces of gold at 15.9 g/t at Wharekirauponga and initial Reserves of 380,000 ounces at 2.9 g/t at Palomino at Haile.

2024 Guidance and Three-Year Outlook

• ~13%² increase in 2024 gold production, with production guidance of 510,000 to 570,000 ounces and 12,000 to 14,000 tonnes of copper, driven by growth at Haile.
• Lower unit cost of gold produced in 2024, with 2024 AISC¹ guidance of $1,475 to $1,600 per ounce sold. AISC in the first quarter is expected to be higher than the fourth quarter of 2023, decreasing significantly throughout the year as open pit mining transitions into ore at Haile and Macraes throughout the year.
• Multi-year consolidated gold production growing by at least 30%³ from 2023 to 2026 at a decreasing AISC¹.
• Initial public offering of 20% of OceanaGold Philippines Inc., which holds Didipio, in mid-2024. Proceeds will be applied to reduce OceanaGold's debt, further strengthening the balance sheet.
• Declared a $0.01 per share semi-annual dividend in February 2024, payable in April 2024.

^{1    Refer to "Non-IFRS Financial Information" in the MD&A
2    Derived by the mid-point of 2024 gold production guidance relative to 2023 actual gold production
3    By the mid-point of 2026 guidance relative to 2023 actual gold production}

Table 1 – Production and Cost Results Summary

Quarter ended December 31, 2023		Haile	Didipio	Waihi	Macraes	Consolidated
						Q4 2023	Q3 2023	Q4 2022
Production, Sales & Costs
Gold Produced	koz	37.6	42.8	13.3	36.1	129.8	99.0	120.9
Gold Sales	koz	29.6	39.7	13.1	36.3	118.8	97.9	118.7
Average Gold Price	US$/oz	1,996	2,039	1,975	1,947	1,993	1,934	1,769
Copper Produced	kt	—	3.8	—	—	3.8	3.4	3.5
Copper Sales	kt	—	3.9	—	—	3.9	3.1	3.5
Average Copper Price 1	US$/lb	—	3.80	—	—	3.80	3.76	3.91
Cash Costs	US$/oz	1,521	549	1,345	901	987	1,003	880
Site AISC  2	US$/oz	2,570	737	1,829	1,468	1,658	1,911	1,602
Operating Physicals
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