Slides
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Fourth Quarter and Full Year 2025 Operating and Financial Results February 19, 2026
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Today's Speakers BHUVANESH MALHOTRA GERARD BOND MARIUS VAN NIEKERK KEENAN JENNINGS President & Chief Executive Officer EVP , Chief Financial Officer EVP , Chief Operating Officer EVP , Chief Exploration Officer REBECCA HENARE VP , Investor Relations
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Cautionary Note Regarding Forward-Looking Statements This presentation contains certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws which may include, but are not limited to, statements with respect to: the future financial and operating performance of OceanaGold Corporation (“OceanaGold”) and its mining projects, including 2026 guidance; the future price of gold, copper and silver; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserves and Mineral Resources estimates; costs of production; estimates of initial capital, sustaining capital, operating and exploration expenditures; costs and timing of the development of new deposits and mines; costs and timing of future exploration and drilling programs, including the anticipated doubling of drill rigs and pads at Waihi North Project in 2026 and an estimated 50% increase in the exploration budget and record exploration spend planned for 2026; timing of filing of updated technical information and studies, including the Haile, Didipio and Macraes technical reports; estimated mine life of operations, including an extension to the mine life at Macraes to 2032; the expected timing for the transition of Ledbetter at Haile to an underground mine and related expected increase in NPV; the advancement of organic growth projects, including the Waihi North Project and Palomino Underground at Haile; requirements for additional capital; governmental regulation of mining operations and exploration; timing and receipt of approvals, consents and permits under applicable legislation; the increase in purchases under OceanaGold’s Normal Course Issuer Bid; the increase in the payment of dividends; environmental risks; title disputes or claims; limitations of insurance coverage; and the timing and possible outcome of pending litigation and regulatory matters. All statements in this presentation that address events or developments that OceanaGold expects 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, copper and silver; 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 and 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, the New Zealand dollar or the Philippines peso; 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; challenges of effective water management; 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, including the FTAA; 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 under OceanaGold’s profile on SEDAR+ at sedarplus.com and on OceanaGold’s website at oceanagold.com. 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. Cautionary Note Regarding Non-IFRS Measures This presentation includes certain terms or performance measures commonly used in the mining industry that are not defined under IFRS, including All-In Sustaining Costs (“AISC“), Cash Costs, Operating Cash Flow per share, Adjusted Net Profit, Adjusted Earnings per share (“Adjusted EPS”), Adjusted EBITDA and Free Cash Flow. Non-IFRS measures do not have any standardized meaning prescribed under IFRS and therefore 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 Q4 2025 Management's Discussion & Analysis dated February 18, 2026 (“Q4 2025 MD&A“) available on SEDAR+ at sedarplus.ca under OceanaGold’s name and OceanaGold’s website at www.oceanagold.com under the heading "Non- IFRS Financial Information" for a more detailed discussion of how OceanaGold calculates certain of such measures and a reconciliation of certain measures to IFRS terms. Qualified Persons In this presentation, each of: Mr. Greg Hollett, OceanaGold's Head of Mine Engineering, has reviewed and approved the disclosure of all scientific and technical information related to Haile operational matters; Mr. Euan Leslie, OceanaGold's Group Mining Engineer, and Mr. Knowell Madambi, OceanaGold's Manager – Technical Services & Projects, Macraes, have reviewed and approved the disclosure of all scientific and technical information related to Macraes operational matters; Messrs. Leslie and David Townsend, OceanaGold's Manager – Mining (Underground), Waihi, have reviewed and approved the disclosure of all scientific and technical information related to Waihi operational matters; Mr. Phillip Jones, OceanaGold's Head of Underground Mining, has reviewed and approved the disclosure of all scientific and technical information related to Didipio operational matter; and Mr. Keenan Jennings, OceanaGold's Executive Vice President and Chief Exploration Officer, has approved the scientific and technical information related to exploration matters. Each of Messrs. Hollett, Leslie, Madambi, Townsend, Jones and Jennings is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. General Presentation Notes All AISC and cash costs are net of by-product credits unless otherwise stated. All financials are denominated in US dollars unless otherwise stated. Cautionary Statements
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Annual Records: EBITDA1 EBITDA Margin1 Adj net profit1 Adj EPS1 Operating Cash Flow1 Free Cash Flow1 2025 - A Year of Outstanding Delivery Achieved Guidance with Record Financial Performance and Significant Value Creation • Met production, AISC1 and capital guidance • All sites met production guidance • Waihi exceeded production guidance • Permit approval for the Waihi North Project • Continued exploration success • Doubled dividend in 2025 • $175 million in share buybacks at an average of CAD$24.54 • Increased cash balance by 148% to $477 million • No debt • Strongest balance sheet in Company history Safe Operational Delivery Record Financial Performance Strengthened Balance Sheet Capital Returned to Shareholders Advanced Organic Growth 1. Non-IFRS financial measures. See “Non-IFRS Financial Information” in the Q4 2025 MD&A.
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Return on Capital Employed2 Free Cash Flow Yield1,3 (on avg. market capitalization) 1. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q4 2025 MD&A. 2. Source: Capital IQ. Last 12 months after-tax EBIT over total assets less current liabilities. 3. Calculated as trailing 12 month Free Cash Flow over the average trailing 12 month market capitalization in USD. Delivering Strong Returns on Capital Generated a record $543M in Free Cash Flow1 in 2025
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45% 26% 17% 12% 2026 Gold Production2 520 - 590 koz Gold production 13 - 15 kt Copper production $1,750 -$1,900 /oz AISC1 1. Non-IFRS financial measure. See "Non-IFRS Financial Information in the Q4 2025 MD&A. 2. Percentages for each asset based on the midpoint of consolidated 2026 guidance. See Q4 2025 MD&A for details. 235 - 260 kozGold production 135 - 155 kozGold production 60 - 75 kozGold production 85 - 105 kozGold production 13 - 15 ktCopper production $1,500 - $1,700/ozAISC1 $1,950 - $2,150/ozAISC1 $2,100 - $2,300/ozAISC1 $975 - $1,100/ozAISC1 2026 Guidance Increasing gold production at decreasing AISC1 and investing for growth $340M Growth & Exploration Capital
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Buybacks & Dividends $203M Sustaining $336M2 2025 Actual 2026 Illustrative1 Growth $94M Exploration $40M Exploration $60M Growth $280M Sustaining $305M 2 Buybacks & Dividends $432M Dividends 3x Share buybacks 2x +112% 1. 2026 illustrative cash build estimated using the mid-point of consolidated 2026 guidance ranges with a gold price assumption of$4,700 /oz and assuming no variation in working capital. Refer to Q4 2025 MD&A for details. 2. Includes sustaining capital as well as deferred stripping and capitalized mining. Cash Build $285M Cash Build1 (Gold price dependent) Shareholder Focused Capital Allocation
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Gold Production 157,400 ounces Copper Production 3,200 tonnes Cash Costs1 $1,207 per ounce AISC1 $1,761 per ounce Invested in organic growth Record quarterly Free Cash Flow1 of $259M 1. Non-IFRS financial measures. See “Non-IFRS Financial Information” in the Q4 2025 MD&A Bought back $97M in shares Zero debt and $477M cash Fourth Quarter - Strongest Quarter of the Year Record financial performance 52% vs Q3 15% vs Q3 25% vs Q3 3% vs Q3 Haile impairment reversal $133M after tax
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1. Non-IFRS financial measures. See “Non-IFRS Financial Information” in the Q4 2025 MD&A. Record Quarterly Financial Performance Adj EBITDA ($M)1 Free Cash Flow ($M)1 Operating Cash Flow per share ($/sh)1 Adjusted EPS ($/sh)1 +49% +100% +12% +77%
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Q4 FY 2025 2025 Guidance Safety (TRIFR)1 1.0 Gold Production koz 55.6 184.8 170 - 200 AISC2 $/oz 2,295 2,171 2,050 - 2,200 Total Capex3 $M 51.6 231.2 260 Overview 1. Total Recordable Incident Frequency Rate (“TRIFR”) per 200,000 hours worked, 12 month moving average. 2. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q4 2025 MD&A. 3. Includes deferred stripping and capitalized mining, sustaining, growth and exploration capital. Haile Strongest Quarter of the Year Production, cost and capital guidance achieved Access to open pit ore drove strongest production quarter of 2025 and drives 2026 growth Strong underground performance due to access to higher grades and increased development rates Crusher upgrades removed bottlenecks to increase mill throughput Technical report (released by March 31) will show the transition of Ledbetter to an underground mine, enhancing NPV
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Q4 FY 2025 2025 Guidance Safety (TRIFR)1 1.5 Gold Production koz 55.8 147.0 135 - 150 AISC2 $/oz 1,286 1,861 1,800 - 1,950 Total Capex3 $M 22.0 94.1 115 Production, cost and capital guidance achieved Access to open pit ore drove the strongest production quarter of 2025 and de-risks 2026 Technical report (released by March 31) will show attractive mine life extension to 2032 Further mine life extension opportunities are being evaluated in light of significant gold price leverage Overview Macraes Production at Top End of Guidance 1. Total Recordable Incident Frequency Rate (“TRIFR”) per 200,000 hours worked, 12 month moving average. 2. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q4 2025 MD&A. 3. Includes deferred stripping and capitalized mining, sustaining, growth and exploration capital.
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Q4 FY 2025 2025 Guidance Safety (TRIFR)1 1.6 Gold Production koz 22.2 75.1 55 - 70 AISC2 $/oz 2,068 2,077 2,000 - 2,200 Waihi only Capex3 $M 12.0 43.5 85 WNP Capex3 $M 21.6 53.1 1. Total Recordable Incident Frequency Rate (“TRIFR”) per 200,000 hours worked, 12 month moving average. 2. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q4 2025 MD&A. 3. Includes deferred stripping and capitalized mining, sustaining, growth and exploration capital. Exceeded production guidance due to success of underground improvement plan Cost and capital guidance achieved Permit received for the development of the Waihi North Project in December 2025 WNP early works, including detailed design of bulk earthworks and construction activities, continue to advance Waihi Exceeded Expectations and WNP Permit Received Overview
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Q4 FY 2025 2025 Guidance Safety (TRIFR)1 0.1 Gold Production koz 23.8 90.7 85 - 105 Copper Production kt 3.2 13.3 13 - 15 AISC2 $/oz 1,422 1,255 1,150 - 1,250 Total Capex3 $M 17.9 48.2 60 Overview 1. Total Recordable Incident Frequency Rate (“TRIFR”) per 200,000 hours worked, 12 month moving average. 2. Non-IFRS financial measures. See “Non-IFRS Financial Information” in the Q4 2025 MD&A. 3. Includes deferred stripping and capitalized mining, sustaining, growth and exploration capital. Didipio Achieved Full Year Production Guidance Production guidance achieved Investments in mine resilience and underground pumping infrastructure improved performance Dewatering enabled access to the lower levels Technical report expected in the first half of 2026
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$60M Conversion of Resources to Reserves Targeting new greenfield opportunities & earn-ins Brownfield exploration to grow Resources $40M 2026 Exploration Priorities Record exploration spend planned for 2026
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Wharekirauponga 2026 Drilling 1. Based on Mineral Resources and Mineral Reserves estimates for the year ended December 31, 2025. See news release dated February 18, 2026 for further details.
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Commitment to delivery of Guidance Significant increase in gold production, decrease in AISC1 in 2026 Investment Thesis Attractive shareholder returns Increased dividends and increased share buybacks Generate robust Free Cash Flow1 & maintain a strong balance sheet High gold price provides significant upside to cash generation potential Advancing our organic growth projects Investing in development of Waihi North Project and Palomino Underground Focused on growing our reserves and resources Increasing exploration spend Focused on safe and responsible mining Committed to a safe workplace & high standards of environmental stewardship 1. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q4 2025 MD&A.