• On track to deliver full year production, cost and capital investment guidance
• Produced 117,400 ounces of gold at an All-In Sustaining Cost of $1,796 per ounce
• Strong Free Cash Flow^† of $69 million, zero debt, cash balance of $228 million

OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) reported its operational and financial results for the three months ended March 31, 2025. The condensed interim consolidated financial statements and Management’s Discussion and Analysis are available at www.oceanagold.com.

First Quarter Highlights

• On track to deliver full year production, cost and capital guidance.
• Safely and responsibly produced 117,400 ounces of gold and 3,400 tonnes of copper, both increased by 12% from the prior corresponding quarter.
• All-In Sustaining Cost^† of $1,796 per ounce, below the full-year cost guidance.
• Record average realized gold price of $2,858 per ounce, with no gold price hedges or prepays.
• Net profit of $101 million, and EPS of $0.14.
• EBITDA Margin^† of 53% and Operating Cash Flow Per Share^† of $0.28.
• Generated strong Free Cash Flow^† of $69 million.
• Debt-free with cash 18% higher than prior quarter at $228 million.
• Repurchased 7.0 million common shares for $20 million, average price of CAD$4.03 per share. Up to $100 million in repurchases approved for full year 2025.
• Declared a $0.01 per share quarterly dividend, payable in June 2025.
• Announced new Pisces discovery at Haile, which remains open in multiple directions.
• Released new high-grade drill results at Wharekirauponga, continuing to demonstrate its upside potential.
• Waihi North Project in New Zealand is in the Fast-track permitting process. Approval expected by year end 2025; early works activities progressing.

Gerard Bond, President and CEO of OceanaGold, said: “We are pleased with the strong and safe start to the year, with production and cost performance on track with our annual guidance. Our operational leverage to rising gold prices has provided substantial upside this quarter and positions us to generate another year of significant Free Cash Flow in 2025. This strong performance, combined with our exceptional financial position, provides us with the flexibility to continue investing in growth and drive increased shareholder returns.

We are enthusiastic about our organic growth opportunities and exploration potential across all operations. This quarter we made significant progress on open pit waste stripping at Haile and Macraes to unlock access to higher-grade ore later this year, which sets us up for increased production in the fourth quarter and 2026. Our Waihi North Project, which includes the high-grade Wharekirauponga underground, is in the Fast-track permitting process, and we expect it to be approved by year-end. We also discovered the promising new Pisces mineralization at Haile and are investing for further exploration successes at each of our sites.”

Share Buyback and Dividend

In the first quarter of 2025, the Company repurchased 7.0 million common shares for consideration of $19.6 million. For 2025, the Board approved the repurchase of up to $100 million of common shares under the Company’s current NCIB (“Normal Course Issuer Bid”) program announced in July 2024.

OceanaGold has declared a $0.01 per share dividend payable in June 2025. Shareholders of record at the close of business in each jurisdiction on May 21, 2025 (the “Record Date”) will be entitled to receive payment of the dividend on June 20, 2025. 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. This dividend qualifies as an ‘eligible dividend’ for Canadian income tax purposes.

Proposed Share Consolidation

The Company is seeking shareholder approval in the upcoming Annual General and Special Meeting in June to consolidate all issued and outstanding common shares on the basis of a consolidation ratio, to be determined by the Board, of up to three to one. The primary strategic rationale for this action is to raise the per share trading price of the common shares to more readily comply with minimum trading price requirements of a major U.S. exchange. This move is part of the Company’s exploration of the potential benefits of a dual listing, which it believes could lead to increased access to potential investors, increased marketability and enhanced trading liquidity. The 2025 Annual General and Special Meeting of Shareholders will be held virtually on Wednesday, June 4, 2025, via a live webcast accessible on the day at:  https://meetnow.global/MYZ5RD5. Please note that the Company has refined some of the revisions to the Articles of the Company (Resolution 6). Shareholders are asked to consider and vote on the further amended Articles, available at: https://investors.oceanagold.com/annual-general-meetings and on SEDAR+ under the Company’s name.

Results Overview

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.