Mr. Gerard Bond reports

OCEANAGOLD EXTENDS MINERALIZATION BELOW EXISTING RESOURCE AT DIDIPIO

Oceanagold Corp. has released year-to-date results from the company's continuing 2023 drill program at the Didipio mine in the Philippines. The 2023 drill program is 45 per cent complete, focused on resource growth and conversion of inferred resources.

Highlights from extensional drill intercepts include:

• 72.0 metres at 3.40 grams per tonne AuEq (gold equivalent) (2.44 g/t Au and 0.69 per cent Cu (copper)) (RDUG611) (Didipio deeps);
• 18.6 m at 4.24 g/t AuEq (2.56 g/t Au and 1.20 per cent Cu) (RDUG465) (Eastern breccia);
• 30.0 m at 2.08 g/t AuEq (1.16 g/t Au and 0.66 per cent Cu) (RDUG467) (Eastern breccia);
• 21.0 m at 1.65 g/t AuEq (0.90 g/t Au and 0.54 per cent Cu) (RDUG466) (Eastern breccia).

Highlights from resource conversion drill intercepts include:

• 218.0 m at 4.55 g/t AuEq (3.39 g/t Au and 0.83 per cent Cu) (RDUG603) (Northern monzonite);
• 86.5 m at 5.35 g/t AuEq (4.22 g/t Au and 0.81 per cent Cu) (RDUG481) (Balut dike);
• 197.0 m at 2.23 g/t AuEq (1.47 g/t Au and 0.55 per cent Cu) (RDUG602) (Northern monzonite);
• 132.0 m at 2.30 g/t AuEq (1.52 g/t Au and 0.56 per cent Cu) (RDUG475) (Northern monzonite);
• 56.1 m at 3.51 g/t AuEq (2.90 g/t Au and 0.44 per cent Cu) (RDUG484) (Balut dike);
• 62.0 m at 1.56 g/t AuEq (1.07 g/t Au and 0.35 per cent Cu) (RDUG492) (Balut dike);
• 49.0 m at 1.83 g/t AuEq (1.38 g/t Au and 0.33 per cent Cu) (RDUG611) (Didipio deeps);
• 13.2 m at 3.01 g/t AuEq (1.65 g/t Au and 0.98 per cent Cu) (RDUG611) (Didipio deeps).

Resource conversion drill results are in line with and support historic drilling within the resource model shell.

Gerard Bond, president and chief executive officer of Oceanagold, said: "Our 2023 drilling program at Didipio has delivered exceptional results to date, supporting our focus on creating value through near-mine exploration targeting resource growth and conversion. Drilling continues to improve confidence within the inferred portions of the deposit and supports potential reserve growth and our target to increase underground mining rates to at least two million tonnes per year, approximately 20 per cent above current underground mining rates. The drilling has also identified exciting extensions beyond known mineralization at the Didipio deeps, Eastern breccia and the Balut dike, representing significant upside potential outside of existing resources."

Overview

Since December, 2022, 9,172 metres of resource conversion and extensional drilling in 45 holes has been completed year to date (YTD) and the company is on track to complete 20,250 metres (m) in 2023. Extensional drilling has identified new areas of porphyry gold-copper mineralization 100 m below existing inferred resources within the Didipio deeps target (previously untested), extensions of the Balut dike to the west, and depth extensions of known mineralization within the Eastern breccia. These targets all remain open for extension beyond the existing resource.

Resource conversion drilling of inferred resources, utilizing the same holes as extensional drilling, has also successfully returned broad intersections of high-grade gold-copper mineralization within the Balut dike, the monzonite and the Syenite. These results are in line with and support historic drilling within the resource model shell.

Didipio deeps

2023 drilling YTD has extended gold-copper mineralization down to a depth of 1,860 mRL, which is characterized by chalcopyrite-bornite veinlets and disseminations and remains open at depth. Hole RDUG611 is the deepest hole drilled to date, intersecting several zones of mineralization down hole. The lower zone of 72 m at 3.40 g/t AuEq extends mineralization approximately 100 m below the current limit of the inferred resource shell. Holes RDUG609, RDUG610 and RDUG611 all intersected wide zones of mineralization and will support the conversion of inferred resources. Further drilling is under way to better define these zones.

Balut dike

Two thousand twenty-three drilling YTD of the Balut dike below 2,200 mRL has returned significant results with similar thickness and grade to previous intercepts extending mineralization along strike to the west. The geometry of the dike in the west is not adequately defined due to acute drill hole intersection angles for RDUG481 and RDUG484. Definition of the Balut dike mineralization and geometry will continue as further underground platforms become available.

Monzonite and syenite

A wide zone of gold-copper mineralization is hosted by the Balut dike, monzonite and syenite at the eastern extent of mineralization where drilling supports the conversion of inferred resources. Mineralization remains open at depth below 2,000 mRL, with the deepest hole (RDUG603) returning the best intercept of 218 m at 4.6 g/t AuEq. Drilling on a similar section down to 1,980 mRL is well advanced with a targeted completion by the end of Q3 2023.

Eastern breccia

Two thousand twenty-three drilling YTD of the Eastern breccia was undertaken immediately below the previously reported intercepts from December, 2022, at 2,250 mRL level and outside existing mineral resources. Three drill holes intersected significant gold-copper mineralization associated with chalcopyrite and bornite veinlets, and pods of chalcopyrite-bearing quartz. This target remains open at depth.

About Oceanagold Corp.

Oceanagold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of free cash flow from its operations and delivering strong returns for its shareholders. The company has a portfolio of four operating mines: the Haile gold mine in the United States; 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 the Didipio exploration results in this document has been verified and is based on and fairly represents information compiled by or prepared under the supervision of Craig Feebrey, a member of the Australasian Institute of Mining and Metallurgy and an employee of Oceanagold. Mr. Feebrey 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 qualified persons for the purposes of the NI 43-101. Mr. Feebrey consents to the inclusion in this public report of the matters based on their information in the form and context in which it appears.

QA/QC at Didipio mine

Exploration diamond core samples at the Didipio mine are typically drilled with HQ core barrel equipment. The HQ samples are then cut, with half of the core retained at the secure core shed facility on site to which access is controlled. In cases where Oceanagold has collected metallurgical samples, a further quarter of the core has been taken with only one-quarter core retained. Following core cutting the half core sample is submitted for analysis.

Since 2013, all Oceanagold samples have been processed on site at a laboratory facility operated by SGS Philippines Inc. After dispatching to SGS, samples are dried at 105 degrees for eight to 12 hours, allowed to cool, and then weighed. Within the sample assay workflow, the SGS lab randomly inserts laboratory duplicate and replicate samples as well as certified reference materials for quality control (QC) monitoring. Samples are crushed to produce 500 to 1,000 g of material for the primary analysis and any lab duplicates. The remaining coarse reject material is retained during the assay process. The sample (and any lab duplicates) are then pulverized to 75 per cent passing two millimetres, followed by a subsequent pulverizing to 85 per cent passing 75 um. The primary sample is then split down to 200 g (with an additional 200 g for replicate sampling when applicable). A scoop of 30 g is then taken from the 200 g sample with the remaining pulp retained.

Gold analysis is by fire assay with AAS finish. Copper analysis is either by AAS on a three-acid digest or XRF. These methods are considered appropriate for the type of mineralization and expected grade tenor. The quantity and quality of the lithological, geotechnical, and geochemical data collected in the exploration, surface resource delineation, underground resource delineation and grade control drill programs are considered sufficient to support the mineral resource and ore reserve estimation.

In addition to the internal SGS QC controls, Oceanagold also monitors laboratory performance with the following processes:

• Inserting duplicate samples;
• Inserting CRM blanks and coarse blanks;
• Inserting CRM standards for Au, Cu, Ag;
• Monthly monitoring of SGS duplicate, replicate and CRM performance.

Oceanagold staff continue to work with SGS laboratory staff to improve analytical performance. SGS is currently accredited with ISO 9001, 14001 and 45001. SGS ISO 17025 accreditation was maintained through 2019 when the site entered operational standby during the FTAA permit renewal process. With the resumption of mining activities in 2021, the SGS lab are working through accreditation renewal requirements with the Philippines government and expect this to be reapplied in mid-2023. Quality control monitoring by Oceanagold and SGS was undertaken for all the results included in this summary with no issues having been noted.

We seek Safe Harbor.