OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) reported its operational and financial  results for the three and six months ended June 30, 2024. The condensed interim consolidated financial statements and Management’s Discussion and Analysis are available at www.oceanagold.com.

Highlights

• Expect to meet full-year 2024 consolidated production, cost and capital guidance.
• 98,200 ounces produced in the second quarter with full-year production more than 60% second half weighted as expected at the commencement of 2024.
• Investment in waste stripping to unlock higher grade ore at Haile and Macraes, and Horseshoe Underground reached full mining rates in July. Together, this positions the Company for strong Free Cash Flow^† generation in the second half of the year.
• Free Cash Flow^† of $31 million during the quarter.
• The Company was in a Net Cash^† position of $30 million at June 30, 2024.
• Capital returned to shareholders in line with framework, with the declaration of a $0.01 semi-annual dividend and the initiation of a share buyback program.

Gerard Bond, President and CEO of OceanaGold, said “The investment in waste stripping at Haile and Macraes during the first half of 2024 has positioned us for increased gold production in the remainder of the year. We began accessing open pit ore from Ledbetter phase 2 at Haile in the middle of the second quarter, achieved target Horseshoe underground production rates at Haile in July, and are on-track to begin mining open pit ore from Innes Mills 7 at Macraes in the third quarter. Although Didipio and Waihi performed below expectations during the second quarter, we remain positioned to deliver on 2024 guidance and expect to generate strong Free Cash Flow for the remainder of the year.

During the quarter, we further strengthened our balance sheet with proceeds from both the Didipio IPO and the sale of the Blackwater project, and I am pleased to say that we were in a Net Cash position at June 30, 2024. Our Free Cash Flow outlook is robust, and the recently announced share buyback program together with our semi-annual dividend will help us deliver on our commitment to increase returns to shareholders.”

Dividend

The Company is pleased to announce a semi-annual dividend payment of $0.01 per common share.  Shareholders of record at the close of business in each jurisdiction on August 29, 2024 will be entitled to receive payment of the dividend on October 11, 2024. The dividend payment applies to holders of record of the Company’s common shares traded on the Toronto Stock Exchange.

Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in Computershare’s international payments service if they want to receive dividends in an alternative currency.

About OceanaGold 

OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.