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OceanaGold files annual information form and technical reports for Haile and Macraes

OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) (“OceanaGold” or the “Company”) is pleased to announce the filing of its Annual Information Form, along with updated technical reports prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for both Haile and Macraes, each with an effective date of December 31, 2023. The documents are available under the Company’s profile on SEDAR+ at www.sedarplus.com and on our website at www.oceanagold.com.

Gerard Bond, President and Chief Executive Officer of OceanaGold, said “The updated Haile technical report outlines the robust growth profile we see at Haile. Reserves now include both the Horseshoe and Palomino underground mines which, in conjunction with the expected grade profile from the open pits, is projected to grow gold production in 2026 to 315koz at an All in Sustaining Cost (“AISC”) of approximately $1,000 per ounce. On a Mineral Reserve-only life of mine basis, Haile is expected to produce 2.3 Moz of gold over a 12-year mine life at average gold production of 192 koz per year with a life of mine average AISC of $1,200 per ounce.

We also see opportunities to further improve the economics of Haile from that shown in the technical report, including the potential to mine Ledbetter Phase 4 as an underground rather than an open pit as currently contemplated. This, in addition to exploration upside at Horseshoe, Horseshoe Extensions and regionally, are focus areas for our technical work and drill programs in 2024.

At Macraes, the updated technical report includes the removal of Round Hill Open Pit from Mineral Reserves, primarily due to the technical risks of open pit mining adjacent to an existing tailings facility. The current Mineral Reserves, which are based on a conservative $1,500/oz gold price assumption, are expected to generate strong Free Cash Flow over the next four years. With today’s gold prices materially higher than the reserve price assumption in the technical report, we see the potential to extend Macraes’ mine life beyond the Mineral Reserve only case whilst still producing strong economic returns, and our team is focused on defining this potential in 2024″.

OceanaGold has filed the updated technical reports for Haile and Macraes in accordance with NI 43-101. Such technical reports are available under our profile on SEDAR+ at www.sedarplus.com and on our website at www.oceanagold.com.


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