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CARE | RESPECT | INTEGRITY | PERFORMANCE | TEAMWORK December 12th, 2024Waihi District Pre-feasibility Study
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Cautionary StatementsCautionary Note Regarding Forward-Looking StatementsThis presentation contains certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements relate to, among other things: expansion of the Waihi operation based on the results of the Waihi District pre-feasibility study (“PFS”); the PFS representing production growth; timing, amount and duration of future production; estimated NPV and IRR from the Waihi operation; future all-in sustaining cost (“AISC“); the price of gold; estimated capital and operating costs; estimated mining rates; ability to convert Inferred Mineral Resources to Indicated and extend forecasted mine life for the Waihi operation; expectations regarding drilling programs and exploration results; expectations regarding the ability to obtain the necessary permits and approvals for the PFS under the Fast-track Approvals Bill; expected timing of early-works construction and decline development; future growth; results of operations; and business prospects and opportunities of OceanaGold Corporation (“OceanaGold”) and its related subsidiaries. All statements in this presentation that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “may”, “plans”, “expects”, “projects”, “is expected”, “scheduled”, “potential”, “estimates”, “forecasts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved.Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of OceanaGold to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold; general business, economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in International Financial Reporting Standards ("IFRS") or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits; and those factors identified and described in more detail in the section entitled “Risk Factors” contained in OceanaGold’s most recent Annual Information Form and OceanaGold’s other filings with Canadian securities regulators, which are available on SEDAR+ at sedarplus.com under OceanaGold's name. The list is not exhaustive of the factors that may affect OceanaGold's forward-looking statements.Although OceanaGold believes that any forward-looking statements contained in this presentation are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. OceanaGold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except as required by applicable securities laws.Qualified PersonsExcept as otherwise set out herein, the scientific and technical information in this presentation relating to the Waihi operation was reviewed and approved by Euan Leslie, MAusIMM (CP), David Townsend, MAusIMM (CP) and Leroy Crawford-Flett, MAusIMM CP (Geology), each of whom is an employee of OceanaGold and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The scientific and technical information in this presentation relating to exploration matters was reviewed and approved by Craig Feebrey, MAusIMM, OceanaGold’s Executive Vice President and Chief Exploration Officer and a qualified person under NI 43-101. Technical ReportAll key assumptions, parameters and methods used to estimate Mineral Reserves and Mineral Resources and the data verification procedures followed are set out in the technical report titled “NI 43-101 Technical Report – Waihi District Pre-feasibility Study, New Zealand” dated December 11, 2024 with an effective date of June 30, 2024, which is available under OceanaGold’s profile on SEDAR+ at www.sedarplus.com and on OceanaGold’s website at www.oceanagold.com.Cautionary Statement Regarding Mineral Reserves and Mineral Resources EstimatesThe disclosure in this presentation was prepared in accordance with NI 43-101, which differs significantly from the requirements of the United States Securities and Exchange Commission ("U.S. SEC"), and resource and reserve information contained or referenced in this presentation may not be comparable to similar information disclosed by public companies subject to the technical disclosure requirements of the U.S. SEC. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.Cautionary Note Regarding Non-IFRS MeasuresThis presentation includes certain terms or performance measures commonly used in the mining industry that are not defined under IFRS, including AISC. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with OceanaGold’s consolidated financial statements. Readers should refer to OceanaGold’s 2023 Annual MD&A, available on SEDAR+ at sedarplus.com under OceanaGold’s name and OceanaGold’s website at www.oceanagold.com, under the heading "Non-IFRS Financial Measures" for a more detailed discussion of how OceanaGold calculates certain of such measures and a reconciliation of certain measures to IFRS terms.All financials are denominated in US dollars unless otherwise stated.
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Waihi District PFS HighlightsDeclared an initial Mineral Reserve at Wharekirauponga Underground of 4.1 Mt at 9.2 g/t for 1.2 million ounces of gold1The Waihi District is expected to produce a combined 1.6 million ounces of gold over 15 years (2024-2038)Permits are expected in 2025 via the Fast-track Approvals processSignificant exploration upside remains at Wharekirauponga with mineralization remaining open in all directions3 1. Based on Mineral Reserves estimates as of June 30, 2024. Please refer to “Cautionary Notes” in this presentation and the notes to the Mineral Reserves estimate table in OceanaGold’s press release dated December 11, 2024. OceanaGold is a safe and responsible operatorwith a 30-year history of exploring, operating, and developing projects in New Zealand
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4 Reserve Case$1,750 / oz Gold PriceFinancial HighlightsAlternative Case$2,400 / oz Gold Price1,593 kozPayable Gold$259M$902MNPV5%(Pre-tax) $138M$621MNPV5%(After-tax) 9.2%24.0%IRR$556M$994 per ozLOMAISC1Growth CapexStrong Economic Returns Growthwith attractive returnsBalance SheetStrengthDividendsShare BuybacksCapital Allocation Framework1. AISC is a non-IFRS financial measure. Please refer to “Cautionary Notes” in this presentation.
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Q1 2025Permit applications submittedNew Zealand Fast-track Approvals ProcessEarly works expected to commence in 2025 and decline development in 2026 Fast-track Approvals Bill introduced to ParliamentMarch 2024WNP named as a proposed Fast-track ProjectOctober 2024OceanaGold announces strong economics from Waihi District PFSDecember 2024Year-End 2025Expect to receive permits and begin decline construction Early works activities begin
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Significant Increase in Waihi District Reserves & ResourceWaihi District Reserves253% increase from December 31, 2023 estimatesAg (Moz)Au (Moz)Ag (g/t)Au (g/t)Tonnes (Mt)ClassReserve Area-----ProvenMUG2.30.516.13.84.4Probable2.30.516.13.84.4Total MUG-----ProvenWUG2.11.216.19.24.1Probable2.11.216.19.24.1Total WUG4.41.716.16.48.5Total Mineral ReserveUpdated Waihi District M&I ResourceMUGWUGMOPGOPTonnes (Mt) Grade (g/t) Ounces (Moz)15.618.5Dec 2023 Jun 20242.53.0Dec 2023 Jun 20241. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Please refer to “Cautionary Notes” in this presentation and the notes to the Mineral Reserves and Mineral Resources estimates tables in OceanaGold’s press release dated December 11, 2024. 5.05.1Dec 2023 Jun 2024
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Integrated PFS Mine Plan Yields 1.6 Moz Over 15-yearsTransverse longhole and avoca mining methodsMining rate of ~800kt per annumWaihi District expected to produce 1.6 million ounces of gold over a 15 year mine life Ore & Grade MinedProduction & AISC Peakgold production of ~253koz in 2035Life of Mine AISC of $994 per oz or $634 per oz during WUG production--2.004.006.008.0010.0012.00--2004006008001,000 Grade (g/t) Ore (kt)MUG Ore Mined (kt)WUG Ore Mined (kt)Au Grade Mined (g/t)$0$500$1,000$1,500$2,000$2,500$3,000--50100150200250300 AISC ($/oz) Au Production (koz)MUG Au Production (koz)WUG Au Production (koz)AISC ($/oz)1. AISC is a non-IFRS financial measure. Please refer to “Cautionary Notes” in this presentation.
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Growth Capex ($M)2358934461556638801610272341WUGMUGProcessing & Water TreatmentTSF & RelatedOther Capital1 RehabilitationSustaining Capex ($M)2Timeline of Capex Spend ($M)+$27M in rehabilitation until 20481. Carbon Costs and stockpile movements2. 16% contingency cost included on both growth & sustaining capex Cost per tonne mined$110.8UG mining cost – MUG$65.2UG Mining – WUG$89LOMCost per tonne processed$26.3Processing$22.6G&A Costs $0.7 Refining / Freight Costs$3.3 Other1$141.8Total Operating Costs Growth Capital Spent Over 8 YearsProjected to be funded from Free Cash Flow 7713274565863711193242272314425262025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040Growth CapexSustaining Capex
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Wharekirauponga Exploration Upside2024 extensional since the June 30, 2024, PFS date demonstrated mineralization >200m beyond known Resources T-Stream and Western Veins remain highly prospective targets, proximal to WUG $8 million exploration budget for 2025Potential to apply for additional drill pads for Wharekiraupongathrough the Fast-track Approvals ProcessEG Vein remains open in all directions 1. Please refer to OceanaGold’s press releases dated August 8, 2024 and November 14, 2024.
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SummaryWaihi District mine life of 15 years with production growth to ~250,000 ounces per annumInitial gold Reserves declared at Wharekirauponga of 4.1 Mt at 9.2 g/t for 1.2 Moz of gold LOM AISC is $994 per ounce and WUG AISC of $634 per ounce, demonstrating the strong margins of this high-grade orebodyWUG permits expected by year end 2025 with first ore in 2032 Significant exploration upside, EG Vein mineralization remains open in all directions Waihi North Project named as a proposed project in the New Zealand Government’s Fast-track Approvals BillIRR of 24% at $2,400 per ounce gold price 1. AISC is a non-IFRS financial measure. Please refer to “Cautionary Notes” in this presentation and the notes to the Mineral Reserves estimate table in OceanaGold’s press release dated December 11, 2024.