Mr. Gerard Bond reports

OCEANAGOLD PROVIDES EXPLORATION UPDATE FOR WHAREKIRAUPONGA

Oceanagold Corp. has released results to date from the 2023 resource conversion drill program at Wharekirauponga in New Zealand.

Highlight drill intercepts include (estimated true width):

• 60.5 grams per tonne gold over 11.1 metres from 462.2 m, EG vein (WKP118);
• 51.3 g/t Au over 5.9 m from 519.7 m, EG vein (WKP107B);
• 36.9 g/t Au over eight m from 473.1 m, EG vein (WKP109B);
• 53.3 g/t Au over five m from 453.3 m, EG vein (WKP109C2).

Gerard Bond, president and chief executive officer of Oceanagold, said: "We continue to make good progress in converting mineralization at Wharekirauponga, supporting our goal of creating value through near-mine exploration programs. New drilling results confirm the presence of high-grade gold and silver mineralization in the East Graben vein zone, and aid in our understanding of the geometry of this mineralized system. Resource conversion drilling of Wharekirauponga remains a priority for us in 2023 as we work towards growing indicated resources to support a prefeasibility study next year."

Wharekirauponga 2023 drill program

The Wharekirauponga low-sulphidation epithermal Au-Ag vein system is located approximately 10 kilometres to the north of the Waihi gold mine. Wharekirauponga hosts an existing indicated resource of 1.7 million tonnes grading 12.3 grams per tonne gold for 660,000 ounces of gold. Inferred resources total 2.6 million tonnes at a grade of 7.8 g/t Au for 640,000 ounces of gold, with approximately 90 per cent of the resources contained within the EG vein, a hangingwall splay and three footwall veins.

Since the Dec. 31, 2022, mineral resource estimate, 2,095 metres have been drilled at Wharekirauponga, targeting the addition of indicated resources in the EG vein zone. New intercepts better define the southern and upper extent of the southern shoot on the EG vein and EG hangingwall splay (EG HWS) and provide increased confidence in the geologic model and grade continuity of the deposit. Opportunities for both up- and down-plunge and along-strike extensions of the EG vein remain, with high-grade intercepts remaining open. Stepout drilling in hole WKP100 (previously released), the most southerly hole on the EG vein, has also confirmed mineralization continues for at least a further 200 m along strike of the currently defined southern shoot.

2023 drilling on the EG vein zone includes (estimated true width intersections):

• 60.5 g/t Au and 137.2 g/t Ag over 11.1 m from 462.2 m, EG vein (WKP118);
• 51.3 g/t Au and 85.3 g/t Ag over 5.9 m from 519.7 m, EG vein (WKP107B);
• 36.9 g/t Au and 93 g/t Ag over eight m from 473.1 m, EG vein (WKP109B);
• 53.3 g/t Au and 113 g/t Ag over five m from 453.3 m, EG vein (WKP109C2);
• 34.5 g/t Au and 30 g/t Ag over 3.3 m from 478.9 m, EG HWS (WKP107B);
• 115.5 g/t Au and 316.5 g/t Ag over 1.4 m from 419.4 m, EG HWS (WKP109B);
• 33.9 g/t Au and 87.8 g/t Ag over 1.7 m from 424.6 m, EG HWS (WKP109B);
• 79.2 g/t Au and 49 g/t Ag over 0.5 m from 499.3 m, EG footwall vein (WKP109B).

The EG vein zone remains the primary, near-term target for drilling with a focus on resource conversion and extensional drilling with approximately 7,700 m scheduled for full-year 2023 with two drill rigs operating. Approvals to introduce a third drill rig for an additional 3,500 m in 2023 are in the final review stages.

Wharekirauponga is part of the Waihi North project, which has the potential to create significant socio-economic contributions for the communities in the Coromandel region and for New Zealand. This includes significant in-country investments and a substantial increase to direct and indirect employment opportunities. Oceanagold has operated safely and responsibly in New Zealand for over three decades. The company has lodged a resource consent application for its proposed Waihi North project with Hauraki District Council and Waikato Regional Council.

About Oceanagold Corp.

Oceanagold is a multinational gold producer committed to the highest standards of technical, environmental and social performance. It is committed to excellence in its industry by delivering sustainable environmental and social outcomes for its communities, and strong returns for its shareholders. The company's global exploration, development and operating experience has created a strong pipeline of organic growth opportunities and a portfolio of established operating assets, including the Haile gold mine in the United States, the Didipio mine in the Philippines, and the Macraes and Waihi operations in New Zealand.

Qualified person statement

The exploration results in this press release were prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

Information relating to Waihi exploration results in this document has been verified by, is based on, and fairly represents information compiled by or prepared under the supervision of Lorrance Torckler, a fellow of the Australasian Institute of Mining and Metallurgy and an employee of Oceanagold. Mr. Torckler has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a qualified person for the purposes of the NI 43-101. Mr. Torckler consents to the inclusion in this public report of the matters based on their information in the form and context in which it appears.

Quality assurance and quality control (QA/QC) at Wharekirauponga, Waihi gold mine

All exploration samples are assayed for gold by 30-gram fire assay with atomic absorption spectroscopy finish. Since mid-2022 drill core sample intervals where visible electrum is logged are followed up by a subsequent screen fire assay after the routine 30-gram fire assay. Holes WKP40 to 45 had core samples shipped for sample preparation to SGS in Westport (New Zealand). Prepared pulps were then shipped to independent Australian Laboratory Services Pty. Ltd. (ALS) in Brisbane, accredited to ISO/NATA 17025, for gold analysis by fire assay and four-acid digest, and 42-element inductively coupled plasma geochemical analysis. Holes drilled after WKP45 (that is, WKP46 to WKP118) were prepared and analyzed at SGS Waihi NZ Ltd. (Au by 30-gram fire assay and Ag by aqua regia digest and 0.3-gram AAS finish). Selected pulps are periodically sent to ALS in Brisbane for a four-acid digestion and 42- or 48-element ICP geochemical analysis.

Quality of exploration assay results has been monitored in the following areas:

• Sample preparation at the SGS Waihi and Westport labs through sieving of jaw crush and pulp products;
• Monitoring of assay precision through routine generation of duplicate samples from a second split of the jaw crush and calculation of the fundamental error;
• Monitoring of accuracy of the primary SGS assay and ALS results through insertion of certified reference materials (CRMs) and blanks into sample batches.

Blank, duplicate and CRM results are reviewed prior to uploading results in the AcQuire database and again on a weekly basis. The protocol at Waihi requires CRMs to be reported to within two standard deviations of the certified value. The criterion for preparation duplicates is that they have a relative difference (R-R1/mean RR1) of no greater than 10 per cent. Blanks should not exceed more than four times the lower detection value of the assay method. Failure in any of these thresholds triggers an investigation, and if appropriate, reassay. Drill core is stored within secure facilities on site to which access is controlled. Site employees transport samples to the analytical laboratory, which is also a secured facility. The SGS Waihi NZ laboratory is an independent commercial geochemistry and energy assay laboratory with ISO 17025: 2017 accreditation, audited by an external consultant in 2020, and is inspected on an annual basis by Oceanagold geologists. No sampling risks have been recorded during these visits.

We seek Safe Harbor.