Mr. Gerard Bond reports

OCEANAGOLD REPORTS THIRD QUARTER 2023 OPERATING AND FINANCIAL RESULTS

Oceanagold Corp. has released its operational and financial results for the three months ended Sept. 30, 2023. The consolidated financial statements and management's discussion and analysis are available at the Oceanagold website (all financial figures are in U.S. dollars unless otherwise stated).

Gerard Bond, president and chief executive officer of Oceanagold, said: "The third quarter was always expected to be our lowest production quarter of 2023, though it was further impacted by isolated challenges in the final stage of the Mill Zone pit at Haile. However, strong performance at Didipio and Macraes keeps us on track to meet the low end of our full-year consolidated production guidance range. We also achieved a number of exciting milestones across our business during the quarter: Haile produced its millionth ounce, first ore from the Haile underground was mined, the ball mill at Macraes was comprehensively repaired and returned to full service, and some exciting exploration results were released at Didipio and Haile. We remain focused on safely and responsibly delivering on our consolidated full-year production guidance in the final quarter of the year and have laid the groundwork for a strong 2024 and beyond."

Third quarter highlights:

• Total recordable injury frequency rate of 4.1 per million hours worked;
• Consolidated production of 99,028 ounces of gold and 3,413 tonnes of copper;
• Third quarter all-in sustaining costs (AISC) of $1,911 per ounce on gold sales of 97,911 ounces;
• Year-to-date AISC of $1,563 per ounce on gold sales of 349,064 ounces;
• Revenue of $214-million, EBITDA (earnings before interest, taxes, depreciation and amortization) of $59-million and NPAT of ($6-million);
• YTD revenue of $759-million, EBITDA of $312-million and NPAT of $102-million;
• Adjusted earnings of nil per share and operating cash flow of eight cents per share;
• Repaid $15-million on the revolving credit facility during the quarter;
• Net debt of $172-million as at Sept. 30, 2023, at a leverage ratio of 0.41 times;
• First development ore from the Haile underground delivered to surface and on track for first stope ore to the mill in October;
• Extended known mineralization approximately 100 metres below the existing resource at Didipio;
• Haile third quarter production adversely impacted by final stage of now complete Mill Zone pit;
• Macraes ball mill fully repaired and milling, and returned to full capacity in August, 2023;
• Semi-annual dividend of one cent per share paid Oct. 6, 2023.

Outlook

Over all, the company expects to deliver gold production within its original production range, albeit toward the lower end of the range. Copper production and group capital and exploration expenditure guidance remains unchanged, with changes at the asset level offsetting each other. AISC guidance has been lifted by $125 per ounce, reflecting the impact of lower production from Haile.

The company's updated full-year 2023 guidance is presented herein.

As stated in the news release dated Sept. 14, 2023, under reconciliation in the lower benches, the now complete Mill Zone pit negatively impacted Haile's production guidance for the year. However, due to strong operating performance YTD and projected for the rest of the year at both Didipio and Macraes, the company still expects to produce above the bottom end of the original group gold production guidance range of 460,000 ounces, but has narrowed the top end of the gold production guidance to be 480,000 ounces. The company's copper production guidance of between 12,000 and 14,000 tonnes remains unchanged.

Reflecting the lower production guidance, group cash cost guidance has increased to $850 to $950 per ounce, and AISC guidance has increased to $1,550 to $1,650 per ounce for the year.

As previously announced, full-year production at Haile is expected to be approximately 25,000 ounces below the bottom of the original guidance range, with full-year production expected to be 140,000 to 150,000 ounces of gold. Consequently, Haile's AISC will be higher, and is expected to be between $1,950 and $2,050 per ounce.

Didipio full-year production is expected to exceed the original guidance range, which has been increased to 125,000 to 135,000 ounces of gold, with copper guidance unchanged at 12,000 to 14,000 tonnes of copper. As a result of the higher production, AISC is expected to be lower than original guidance and is expected to be between $650 and $750 per ounce.

Through increased throughput initiatives at Macraes following the ball mill repair, Macraes is expected to exceed its original production guidance, and is expected to produce between 130,000 and 140,000 ounces of gold for the year. As a result of the higher production, AISC is expected to be lower than original guidance, and is expected to be between $1,575 and $1,675 for the year.

Waihi's 2023 production guidance of between 50,000 and 60,000 ounces of gold remains unchanged. However, a projected increase in operating costs including contract workers and additional water management costs means that AISC is expected to be between $1,800 and $1,900 per ounce, which is higher than original guidance.

The company also maintains its consolidated capital and exploration expenditure guidance of between $330-million and $385-million unchanged. However, based on the latest mine plans and the timing of planned capital expenditure programs, the full-year general operations capital and growth capital guidance ranges have been reduced to $85-million to $100-million and $60-million to $70-million, respectively, while prestrip and capitalized mining costs have been increased to $155-million to $170-million. Exploration expenditure guidance remains unchanged.

Conference call

Senior management will host a conference call/webcast to discuss the results on Thursday, Oct. 26, 2023, at 9 a.m. Eastern Time.

Webcast details

You may register for the webcast.

Conference call details

Toll-free North America:  1-888-390-0546

Toronto and international:  1-416-764-8688

If you are unable to attend the call, a recording will be made available on the company's website.

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. It has a portfolio of four operating mines: the Haile gold mine in the United States, the Didipio mine in the Philippines, and the Macraes and Waihi operations in New Zealand.

We seek Safe Harbor.