OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) announces that it has received approval from the Toronto Stock Exchange to buy back up to 35.5 million common shares, representing approximately 5% of OceanaGold’s outstanding Common Shares and approximately 5% of the current public float of Common Shares, pursuant to a Normal Course Issuer Bid in the open market through the facilities of the TSX or alternative Canadian trading systems over the next 12 months. As of July 18, 2024, there were a total of 711,239,778 Common Shares issued and outstanding.

In connection with the NCIB, the Company has entered into an Automatic Share Purchase Plan with a designated broker to allow for the repurchase of Common Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods.

Gerard Bond, President and Chief Executive Officer of OceanaGold, said “With the balance sheet further strengthened following the recent completion of the Didipio IPO and Blackwater sale, the initiation of a share buyback program is consistent with our capital allocation framework. With the Free Cash Flow we expect to deliver in the coming years and today’s strong metal prices, the Company is well positioned to continue funding our attractive organic growth projects, maintain a strong balance sheet and the current dividend, and increase returns to shareholders via a buyback.”

The Company has received approval from the TSX, during the 12-month period commencing on July 24, 2024 and ending on or before July 23, 2025, to purchase Common Shares through the facilities of the TSX and alternative Canadian trading systems. Under the terms of the NCIB, the Company may purchase up to a daily maximum of 361,487 Common Shares (being 25% of the average daily trading volume of 1,445,951 Common Shares for the six-month period ended June 30, 2024).

The ASPP will terminate on the earliest of the date on which: (i) the purchase limit under the NCIB has been reached; (ii) the NCIB expires; and (iii) the ASPP otherwise terminates in accordance with its terms. The ASPP constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and the agreement governing the plan has been pre-cleared by the TSX.

The actual number of Common Shares that may be purchased and the timing of such purchases will be determined by the Company in accordance with applicable laws and the ASPP. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. Any Common Shares that are purchased under the NCIB will be cancelled.

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.