Earnings release
Page 1
OceanaGold Investor Centre OceanaGold Reports Third Quarter 2025 Results (All financial figures in United States dollars unless otherwise stated) On track to deliver full year guidance with strong Q4 advancing as planned Free Cash Flow† of $94 million with $335 million of cash and no debt at quarter endShare buyback program increased by 75% to $175M, expected to be completed by year end VANCOUVER, BC, Nov. 5, 2025 /CNW/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" orthe "Company") reported its operational and financial results for the three and nine months ended September 30, 2025.The condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") areavailable at www.oceanagold.com. Third Quarter Highlights Remain on track to deliver full year production, cost and capital guidance.Safely and responsibly produced 103,500 ounces of gold and 3,100 tonnes of copper.Waste stripping at Haile and Macraes is well advanced, with higher-grade ore from the open pits delivered inthe third quarter, positioning both sites to deliver a strong fourth quarter. All-In Sustaining Cost ("AISC")† of $2,052 per ounce year to date, expecting to be lower in the fourth quartercommensurate with increased gold production.Record quarterly revenue of $449 million supported by record average realized gold price of $3,476 perounce, with no hedges or prepays. Quarterly attributable net profit of $87 million, EPS of $0.38 and Adjusted EPS† of $0.40. EBITDA Margin† of 46% and Operating Cash Flow Per Share† of $0.93. Generated strong Free Cash Flow† of $94 million in the quarter and $283 million year to date, resulting in a trailing 12-month Free Cash Flow† yield1 of 15%.Cash balance increased by 12% from the prior quarter to $335 million with no debt.Completed $39 million in share repurchases in the quarter at an average price of CAD$24.14.Share buyback program for 2025 increased by 75% to $175 million, with $100 million repurchased year to dateas of November 5, 2025.Declared a $0.03 per share quarterly dividend, payable in December 2025.Ongoing exploration success at Haile, demonstrating the upside for low-risk organic growth within the existingportfolio of assets.Fast-track permit approval for the Waihi North Project is expected by year-end. † See "Non-IFRS Financial Information" 1 Calculated as trailing 12 month Free Cash Flow† over the average trailing 12 month market capitalization in USD. Gerard Bond, President and CEO of OceanaGold, said: "The third quarter was another period of safe and responsible goldproduction in which we continued to generate substantial Free Cash Flow, despite it being the planned lowest productionquarter of the year. The investment made in waste stripping at Haile and Macraes throughout 2025 has us in fresh open pitore at both mines now, which positions us for the fourth quarter to be our strongest quarter of the year. Permitting of ourWaihi North Project, which includes the high-grade Wharekirauponga underground, is progressing well and we continueto expect approval by year end - in the interim we are advancing early works activities. The significant Free Cash Flow we have generated year to date of $283 million has allowed us to pay a higher dividend in2025, continue to strengthen our balance sheet and increase our share buyback program for 2025 by 75% to $175 million.Our focus on investing in attractive organic growth and our disciplined capital allocation framework reflects our continuedcommitment to creating value and delivering strong returns to our shareholders." Share Buyback and Dividend As of November 5, 2025, the Company had completed the planned $100 million of share repurchases for 2025. The Boardhas approved a 75% increase to the share buyback program for 2025, with a total of $175 million in share buybacksexpected to be completed by year end. OceanaGold has declared a $0.03 per share dividend payable in December 2025. Shareholders of record at the close ofbusiness in each jurisdiction on November 19, 2025 (the "Record Date") will be entitled to receive payment of thedividend on December 19, 2025. The dividend payment applies to holders of record of the Company's common sharestraded on the Toronto Stock Exchange.
Page 2
Declaration of Dividend Wednesday, November 5, 2025 Record Date Wednesday, November 19, 2025 Dividend Payment Date Friday, December 19, 2025 Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate inComputershare's international payments service if they want to receive dividends in an alternative currency. This dividendqualifies as an 'eligible dividend' for Canadian income tax purposes. Results Overview Q3 2025Q2 2025Q3 2024YTD 2025YTD 2024 Gold Produced1 Haile koz 30.0 47.7 64.9 129.2 137.4 Didipio koz 21.9 24.5 27.9 66.9 77.3 Macraes koz 32.8 30.0 28.3 91.2 87.5 Waihi koz 18.8 17.3 13.8 52.9 35.7 Total gold produced1 koz 103.5 119.5 134.9 340.2 337.9 Gold Sales Haile koz 33.4 49.5 53.6 140.1 134.6 Didipio koz 29.7 20.6 28.9 68.1 79.6 Macraes koz 32.7 34.8 29.5 91.2 88.2 Waihi koz 20.4 16.4 12.8 52.7 35.0 Total Gold sales koz 116.2 121.3 124.8 352.1 337.4 Average Gold Price $/oz 3,476 3,293 2,511 3,212 2,330 Copper Produced1 - Didipio kt 3.1 3.7 3.4 10.2 9.2 Copper Sales - Didipio kt 4.4 3.0 3.5 10.6 8.9 Average Copper Price $/lb 4.44 4.36 4.15 4.37 4.17 Cash Costs† Haile $/oz 1,981 997 683 1,117 1,152 Didipio $/oz 787 873 824 835 803 Macraes $/oz 1,345 1,496 1,458 1,408 1,185 Waihi $/oz 1,539 1,670 1,538 1,551 1,588 Consolidated Cash Costs† $/oz 1,420 1,210 987 1,203 1,123 AISC† Haile $/oz 3,464 1,890 1,537 2,127 1,814 Didipio $/oz 1,213 1,287 1,103 1,214 1,075 Macraes $/oz 2,171 2,146 2,099 2,198 2,060 Waihi $/oz 2,039 2,190 2,252 2,080 2,357 Consolidated AISC† $/oz 2,333 2,027 1,729 2,052 1,877 Free Cash Flow† $M 94.4 120.1 65.7 283.3 98.7 Net profit2 $M 87.2 114.1 59.9 301.0 85.3 Adjusted net profit†2 $M 92.9 116.5 65.7 310.1 96.7 EBITDA† $M 205.0 217.1 157.0 614.1 341.3 Adjusted EBITDA† $M 210.7 219.5 162.8 623.2 352.7 Earnings per share - basic2 $/share$0.38 $0.49 $0.25 $1.30 $0.36 Adjusted earnings per share - diluted†2 $/share$0.40 $0.51 $0.27 $1.32 $0.40 Operating Cash Flow per share - diluted† $/share$0.93 $0.99 $0.66 $2.76 $1.40 Free Cash Flow per share-diluted† $/share$0.41 $0.51 $0.27 $1.21 $0.41 1 Production is reported on a 100% basis as all operations are controlled by OceanaGold. 2 Attributable to the shareholders of the Company. † See "Non-IFRS Financial Information" Conference Call and Webcast: Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, November 6,2025 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods:
Page 3
Webcast: https://app.webinar.net/edmQZrLXkroToll-free North America: +1 888-510-2154International: +1 437-900-0527 If you are unable to attend the call, a recording will be made available on the Company's website. About OceanaGold OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing thegeneration of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolioof four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraesand Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines. Cautionary Statement for Public Release This public release contains certain "forward-looking statements" and "forward-looking information" (collectively,"forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is notlimited to, statements with respect to the future financial and operating performance of the Company, its mining projects,the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve andresource estimates, costs of production, estimates of initial capital, sustaining capital, operating and explorationexpenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines,costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipatedproduction amounts, requirements for additional capital, governmental regulation of mining operations and explorationoperations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, titledisputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation andregulatory matters. All statements in this public release that address events or developments that we expect to occur in thefuture are forward-looking statements. Forward-looking statements are statements that are not historical facts and aregenerally, 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 certainactions, 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 actualresults, performance or achievements of the Company to be materially different from any future results, performance orachievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices ofgold; 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 IFRS or regulatory accounting requirements; the actual results ofcurrent 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, the Australian dollar, the PhilippinesPeso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of oregrade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes andother 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 thecompletion of development or construction activities or in the re-commencement of operations; legal challenges to miningand operating permits including the FTAA as well as those factors identified and described in more detail in the sectionentitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filingswith Canadian securities regulators, which are available on SEDAR+ at sedarplus.com under the Company's name. Thelist is not exhaustive of the factors that may affect the Company's forward-looking statements. The Company's forward-looking statements are based on the applicable assumptions and factors Management considersreasonable as of the date hereof, based on the information available to Management at such time. These assumptions andfactors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current andfuture operations, including: development and exploration activities; the timing, extent, duration and economic viability ofsuch operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates,projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections andforecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates;taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; theability to obtain timely financing on reasonable terms when required; the current and future social, economic and politicalconditions; and other assumptions and factors generally associated with the mining industry. The Company's forward-looking statements are based on the opinions and estimates of Management and reflect theircurrent expectations regarding future events and operating performance and speak only as of the date hereof. TheCompany does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs,expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-
Page 4
looking statements will prove to be accurate, and actual results, performance or achievements could differ materially fromthose expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that anyevents anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits orliabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed onforward-looking statements. Non-IFRS Financial Information Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share These are used by Management to measure the underlying operating performance of the Company. Management believesthese measures provide information that is useful to investors because they are important indicators of the strength of theCompany's operations and the performance of its core business. Accordingly, such measures are intended to provideadditional information and should not be considered in isolation as a substitute for measures of performance prepared inaccordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairmentexpenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costsrelated to transitioning certain corporate activities from Australia to Canada. The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share: $M, except per share amounts Q3 2025Q2 2025Q3 2024YTD 2025YTD 2024 Net profit 87.2 114.1 59.9 301.0 85.3 Foreign exchange (gain) loss 2.0 2.4 (1.3) 5.2 4.9 Write-down of assets 0.6 — 1.7 0.8 6.4 Gain on sale of Blackwater project — — — — (17.6) Tax expense on sale of Blackwater project — — — — 4.9 NYSE / PSE listing costs 1.6 — 5.4 1.6 10.9 Restructuring / Other costs 1.5 — — 1.5 1.9 Adjusted net profit 92.9 116.5 65.7 310.1 96.7 Adjusted weighted average number of common shares - fully diluted233.0 234.8 242.2 234.4 241.8 Adjusted earnings per share 0.40 0.51 0.27 1.32 0.40 EBITDA and Adjusted EBITDA Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producingoperating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA isdefined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less theimpact of impairment expenses, write-downs, gains/losses on disposal of assets, OGP listing costs, foreign exchangegains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue. Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealizedforeign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have beenrecalculated adjusting for all foreign exchange gains/losses. The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin: $M Q3 2025Q2 2025Q3 2024YTD 2025YTD 2024 Net profit 93.1 117.6 60.6 311.9 89.3 Depreciation and amortization62.3 54.9 86.0 170.9 220.7 Net interest expense and finance costs1.0 1.5 4.3 4.3 16.2 Income tax expense on earnings48.6 43.1 6.1 127.0 15.1 EBITDA 205.0 217.1 157.0 614.1 341.3 Write-down of assets 0.6 — 1.7 0.8 6.4 Gain on sale of Blackwater project— — — — (17.6) Tax expense on sale of Blackwater project— — — — 4.9 NYSE / PSE listing costs 1.6 — 5.4 1.6 10.9 Restructuring / Other costs 1.5 — — 1.5 1.9 Foreign exchange (gain) loss 2.0 2.4 (1.3) 5.2 4.9 Adjusted EBITDA 210.7 219.5 162.8 623.2 352.7 Revenue 448.5 432.4 345.2 1,240.8 866.7 EBITDA Margin 46 % 50 % 45 % 49 % 39 % Cash Costs and AISC
Page 5
Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standardmeaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability togenerate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine siteoperating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. Incalculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce thegold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Managementand other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flowfrom operations under IFRS or operating costs presented under IFRS. Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing allof the expenditures required for the discovery, development and sustaining of gold production and allows the Company toassess its ability to support capital expenditures to sustain future production from the generation of operating cash flows,both on an individual site basis and an overall company basis, while maintaining current production levels. Managementbelieves that, in addition to conventional measures prepared in accordance with IFRS, certain investors use thisinformation to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated asthe sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs.AISC is divided by ounces sold to arrive at AISC per ounce. Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent withthe calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reportingrequirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculationbeginning in the first quarter of 2025. The following table provides a reconciliation of consolidated Cash Costs and AISC: $M, except per oz amounts Q3 2025Q2 2025Q3 2024YTD 2025YTD 2024 Cost of sales, excl. depreciation and amortization208.4 181.1 149.7 532.4 445.4 Indirect taxes 7.3 5.6 5.5 17.7 18.0 Selling costs 4.8 2.6 3.9 10.2 10.2 Other cash adjustments (6.5) (7.1) (0.3) (17.0) (3.8) By-product credits (49.0) (35.4) (35.6) (119.7) (90.8) Total Cash Costs (net) 165.0 146.8 123.2 423.6 379.0 Sustaining capital and leases 43.7 34.4 29.1 104.9 73.4 Deferred stripping and capitalized mining53.7 49.0 51.6 158.0 137.6 Corporate general & administration 6.7 15.1 11.2 32.2 39.4 Onsite exploration and drilling 1.9 0.6 0.8 4.1 3.7 Total AISC 271.0 245.9 215.9 722.8 633.1 Gold sales (koz) 116.2 121.3 124.8 352.1 337.4 Cash Costs ($/oz) 1,420 1,210 987 1,203 1,123 AISC ($/oz)1 2,333 2,027 1,729 2,052 1,877 1 Excludes the Additional Government Share related to the FTAA at Didipio of $16.6 million, $10.2 million and $34.3 million for the third quarter, second quarter and year to date 2025, respectively, as it is considered in nature of an income tax. The following tables provides a reconciliation of Cash Costs and AISC for each operation: Haile $M, except per oz amounts Q3 2025Q2 2025Q3 2024YTD 2025YTD 2024 Cash costs of sales 62.4 53.9 44.7 161.9 148.4 By-product credits (0.9) (1.9) (0.7) (4.7) (2.2) Inventory adjustments 4.5 (2.8) (7.5) (1.3) 8.5 Freight, treatment and refining charges 0.2 0.2 0.1 0.6 0.3 Total Cash Costs (net) 66.2 49.4 36.6 156.5 155.0 Sustaining capital and leases 20.1 16.2 15.7 46.7 32.6 Deferred stripping and capitalized mining29.4 28.0 29.9 93.8 56.5 Onsite exploration and drilling 0.2 0.1 — 1.1 — Total AISC 115.9 93.7 82.2 298.1 244.1 Gold sales (koz) 33.4 49.6 53.6 140.1 134.6 Cash Costs ($/oz) 1,981 997 683 1,117 1,152 AISC ($/oz) 3,464 1,890 1,537 2,127 1,814 Didipio
Page 6
$M, except per oz amounts Q3 2025Q2 2025Q3 2024YTD 2025YTD 2024 Cash costs of sales 37.1 38.3 36.0 107.5 107.6 By-product credits (45.0) (30.9) (33.5) (107.1) (85.0) Royalties 2.9 2.4 2.1 6.9 5.1 Indirect taxes 7.3 5.7 5.7 17.7 16.1 Inventory adjustments 15.2 (0.7) 7.3 19.0 6.7 Freight, treatment and refining charges 5.9 3.2 6.2 12.9 13.4 Total Cash Costs (net) 23.4 18.0 23.8 56.9 63.9 Sustaining capital and leases 10.8 7.0 5.7 20.5 15.6 Deferred stripping and capitalized mining1.2 1.1 2.4 4.2 6.1 General & administration1 0.2 0.3 — 0.5 — Onsite exploration and drilling 0.3 — — 0.3 — Total AISC 35.9 26.4 31.9 82.4 85.6 Gold sales (koz) 29.7 20.6 28.9 68.1 79.6 Cash Costs ($/oz) 787 873 824 835 803 AISC1 ($/oz) 1,213 1,287 1,103 1,214 1,075 1 Excludes the Additional Government Share of FTAA at Didipio of $16.6 million, $10.2 million and $34.3 million for the third quarter, second quarter, and year to date 2025, respectively, as it is considered in nature of an income tax. Macraes $M, except per oz amounts Q3 2025Q2 2025Q3 2024YTD 2025YTD 2024 Cash costs of sales 40.9 43.3 38.9 123.4 92.6 Less: by-product credits — — — (0.1) (0.1) Royalties 2.8 2.6 0.2 6.1 2.4 Inventory adjustments 0.1 5.9 3.9 (1.6) 9.1 Freight, treatment and refining charges 0.2 0.3 0.1 0.7 0.5 Total Cash Costs (net) 44.0 52.1 43.1 128.5 104.5 Sustaining capital and leases 10.6 8.4 5.0 28.4 18.2 Deferred stripping and capitalized mining16.3 14.2 13.7 42.8 57.8 Onsite exploration and drilling 0.2 0.1 0.1 0.9 1.1 Total AISC 71.1 74.8 61.9 200.6 181.6 Gold sales (koz) 32.7 34.8 29.5 91.2 88.2 Cash Costs ($/oz) 1,345 1,496 1,458 1,408 1,185 AISC ($/oz) 2,171 2,146 2,099 2,198 2,060 Waihi $M, except per oz amounts Q3 2025Q2 2025Q3 2024YTD 2025YTD 2024 Cash costs of sales 30.9 30.7 21.3 88.4 58.8 By-product credits (3.1) (2.6) (1.4) (7.8) (3.5) Royalties 0.8 0.6 0.4 1.9 1.0 Inventory adjustments 2.7 (1.4) (0.6) (1.0) (0.8) Add: Freight, treatment and refining charges 0.1 — — 0.2 0.1 Total Cash Costs (net) 31.4 27.3 19.7 81.7 55.6 Sustaining capital and leases 2.8 2.2 2.7 9.3 7.0 Deferred stripping and capitalized mining6.8 5.7 5.6 17.2 17.2 Onsite exploration and drilling 0.7 0.5 0.7 1.4 2.6 Total AISC 41.7 35.7 28.7 109.6 82.4 Gold sales (koz) 20.4 16.3 12.8 52.7 35.0 Cash Costs ($/oz) 1,539 1,670 1,538 1,551 1,588 AISC ($/oz) 2,039 2,190 2,252 2,080 2,357 Net Cash/(Debt) Net Cash/(Debt) has been calculated as total debt less cash and cash equivalents. Management believes this is a usefulindicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Priorto 2024, lease liabilities were included in the calculation of Net Cash/(Debt). The change in respect of 2024 is consistentwith the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have beenrecalculated excluding lease liabilities.
Page 7
The following table provides a reconciliation of Net Cash/(Debt): $M September 30, 2025December 31, 2024 Revolving credit facility — — Fleet facility1 — (2.8) Unamortized transaction costs— 1.2 Total debt — (1.6) Cash and cash equivalents334.9 193.5 Net Cash† 334.9 191.9 1 Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility. Operating Cash Flow per share Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operatingactivities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number ofcommon shares issued and outstanding. The following table provides a reconciliation of total fully diluted Operating Cash Flow per share: $M, except per share amounts Q3 2025Q2 2025Q3 2024YTD 2025YTD 2024 Cash provided by operating activities 227.5 226.9 164.7 626.0 347.8 Changes in working capital (9.8) 4.9 (3.7) 20.3 (9.7) Cash flows provided by operating activities before changes in working capital217.7 231.8 161.0 646.3 338.1 Adjusted weighted average number of common shares - fully diluted233.0 234.8 242.2 234.4 241.8 Operating Cash Flow per share $0.93 $0.99 $0.66 $2.76 $1.40 Free Cash Flow Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities.Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate netof all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flowdivided by the fully diluted adjusted weighted average number of common shares issued and outstanding. The following table provides a reconciliation of Free Cash Flow: $M, except per share amounts Q3 2025Q2 2025Q3 2024YTD 2025YTD 2024 Cash flows provided by Operating Activities 227.5 226.9 164.7 626.0 347.8 Cash flows used in Investing Activities (133.1)(106.8)(99.0) (342.7) (249.1) Free Cash Flow 94.4 120.1 65.7 283.3 98.7 Adjusted weighted average number of common shares - fully diluted233.0 234.8 242.2 234.4 241.8 Free Cash Flow per share $0.41 $0.51 $0.27 $1.21 $0.41 SOURCE OceanaGold Corporation For further information: For further information please contact: Investor Relations: Haley Mayers, Vice President, InvestorRelations, Tel: +1 604-678-4097, ir@oceanagold.com; Valerie Burns, Manager, Investor Relations, Tel: +1 604-235-0742,ir@oceanagold.com; Media Relations: Louise Burgess, Vice President, Communications, Tel: +1 604-403-2019,info@oceanagold.com
Page 8
https://investors.oceanagold.com/2025-11-05-OceanaGold-Reports-Third-Quarter-2025-Results