Mr. Gerard Bond reports

OCEANAGOLD FILES PRELIMINARY PROSPECTUS FOR DIDIPIO INITIAL PUBLIC OFFERING AND PROVIDES UNDERGROUND OPTIMIZATION UPDATE, 2023 RESERVES AND RESOURCES AND EXPLORATION UPDATE AT DIDIPIO

Oceanagold Corp.'s wholly owned subsidiary, Oceanagold Philippines Inc. (OGPI), has filed a registration statement and draft preliminary prospectus with the Philippine Securities and Exchange Commission (SEC) and a listing application with The Philippine Stock Exchange Inc. (PSE) in relation to the proposed initial public offering of 20 per cent of the outstanding common shares of OGPI. OGPI holds the company's interest in the Didipio mine and, pursuant to the terms of the renewed financial or technical assistance agreement (FTAA), is required to list its common shares on the PSE. The offering is a secondary offering of common shares, with the proceeds to be received by a wholly owned subsidiary of Oceanagold.

Oceanagold has also provided an update on the recently completed Didipio underground optimization work, the year-end 2023 mineral reserves and mineral resources estimate for Didipio, and recent exploration and resource conversion results at Didipio.

Gerard Bond, president and chief executive officer of Oceanagold, said: "We are proud of Didipio's track record as a proven high-quality, long-life, low-cost gold-copper mine and look forward to welcoming new Filipino and international shareholders to participate in the expected robust free cash flow generation, consistent dividend payments and future potential at Didipio.

"Today's release highlights the upside potential we see at Didipio, including findings from the underground optimization work and further exploration and resource conversion success as we look to replace and add additional reserves and resources. We believe that the future at Didipio is bright and look forward to it continuing to create value for both Oceanagold and our new OGPI shareholders."

OGPI initial public offering

OGPI has filed a registration statement and draft preliminary prospectus with the SEC for the offering of 20 per cent of OGPI's common shares, with the offering expected to be completed prior to July, 2024. OGPI holds the company's interest in the Didipio mine and, pursuant to the terms of the renewed FTAA, is required to list at least 10 per cent of its common shares on the PSE. Due to the PSE's minimum public float requirement of 20 per cent, OGPI intends to list all of its issued and outstanding common shares and publicly float 20 per cent thereof on the main board of the PSE.

The offering, which is subject to receipt of Philippine regulatory approvals, operating performance and market conditions, will comprise a secondary offering of common shares of OGPI, with the proceeds to be received by a wholly owned subsidiary of Oceanagold. The proposed offering price will be determined in the context of the market through a book-building process with a maximum up-to price of 17.28 Philippine pesos per share (31 U.S. cents per share), and a maximum sale of 456,000,000 common shares. The offering is being led by BDO Capital & Investment Corp. as global coordinator and domestic underwriter and bookrunner, with CLSA Ltd. as international underwriter.

To comply with Philippine regulatory requirements, the draft preliminary prospectus, which contains important information in relation to the offering, and an accompanying Philippine Mineral Reporting Code technical report with respect to the Didipio mine have been made available on-line to Philippine residents. The company notes that its technical report titled "NI 43-101 Technical Report Didipio Gold/Copper Operations, Luzon Island, Philippines," dated March 31, 2022, with an effective date of Dec. 31, 2021, which is available on SEDAR+ and the company's website, remains the company's current technical report for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Didipio underground optimization update

The underground optimization work assessed the potential for increased underground mining rates as well as potential resource extensions below the current reserve limit of Panel 2 (2,100 metres relative level). Preliminary findings include:

• The potential to increase total underground material movement to approximately 2.5 million tonnes per annum (from the current 1.75 million tonnes per annum), displacing lower-grade stockpile ore and thereby increasing the overall feed grade to the mill;
• The potential to increase mill throughput from the current 4.0 million tonnes per annum to the already-permitted 4.3 million tonnes per annum to maximize the benefit of processing the larger volume of higher-grade underground ore;
• The potential to extend mine life and increase gold and copper production through further resource conversion drilling and extension drilling in panels 3 and 4 and below;
• Estimated additional life-of-mine growth capital of between $100-million (U.S.) and $130-million (U.S.) for additional mine development, expansion of the mobile equipment fleet, paste fill plant upgrade, dewatering and ventilation;
• The potential to generate a strong return on this growth capital through increased gold and copper production and extended mine life.

There is no certainty, nor can Oceanagold provide any assurance, that the results of the underground optimization will be realized, in part or at all; the findings of the work will require further assessment and analysis, including further resource extension and conversion drilling, and the company intends to complete this work with the target to publish an NI 43-101 technical report in the first half of 2025, which is expected to include:

• Detailed mine planning and trade-off analysis of higher underground production rates and optimal cut-off grade to support the increased underground material movement target;
• Detailed design and cost estimates for increased mobile equipment, paste plant, ventilation and dewatering infrastructure;
• A power demand study for additional underground infrastructure and an analysis of potential equipment electrification to meet carbon reduction commitments;
• Detailed definition of the implementation plan to deliver the projected operational availability and utilization improvements underpinning the increased production;
• An updated mineral resource estimate to include the results of new drilling intended to extend and increase confidence in the mineral resources in panels 3 and 4 below the current reserves level (approximately 2,100 metres relative level).

Didipio year-end 2023 mineral reserves and resources

The proven and probable mineral reserves estimates at Dec. 31, 2023, at Didipio are presented in an attached table. The year-over-year 80,000-ounce decrease in mineral reserves was due to 2023 mining depletion, partially offset by conversion of underground resources.

Total open-pit stockpiles at Didipio comprise proven mineral reserves of 12.7 million tonnes at 0.38 gram per tonne gold and 0.35 per cent copper (mined to a 0.4-gram-per-tonne-gold-equivalent cut-off) with an additional stockpile of 5.3 million tonnes at 0.18 gram per tonne gold and 0.15 per cent copper (mined to an approximate 0.27-gram-per-tonne-gold-equivalent cut-off).

The measured, indicated and inferred mineral resources (inclusive of mineral reserves) estimates at Dec. 31, 2023, at Didipio are presented in an attached table. The year-over-year 110,000-ounce increase in mineral resources was due to 270,000 ounces of resource growth in the underground due to successful resource conversion and extensional drilling, partially offset by 2023 mining depletion of 160,000 ounces.

Didipio exploration update

The Didipio alkalic copper-gold porphyry deposit comprises a series of mineralized intrusions (monzonite, monzonite porphyry, pegmatite (Balut) dike, feldspar porphyry and syenite porphyry) and associated quartz and monomictic breccias within a diorite stock.

Since the company's news release dated Aug. 15, 2023, 5,343 metres of resource conversion and extensional drilling in 22 holes has been completed from underground.

Extension drilling

Resource extensional drilling in the second half of 2023 focused on testing for the Balut dike on the northern side of the syenite porphyry and following up on the success of the late 2022 drilling, which discovered the mineralized Eastern breccia and feldspar porphyry in the east.

Testing of the Balut dike below 1,980 metres relative level and to the north of the syenite porphyry has returned a positive result intersecting disseminated and clots of chalcopyrite and bornite in an actinolite pegmatite returning 45.4 metres of 2.51 grams per tonne gold equivalent in RDUG500 -- a similar thickness and grade to previous intercepts of the Balut dike south of the syenite porphyry and at higher elevations. Mineralization of the newly discovered pegmatite remains open along strike and at depth while its analogue on the south remains open at depth.

Two additional mineralized intrusives to the east were discovered in 2022 (Eastern breccia and feldspar porphyry) and were further tested during the H2 2023 drilling program. The Eastern breccia, an intrusive breccia with monzonite and diorite clasts, contains a significant amount of copper-gold mineralization, which occurs as fine dissemination and sulphide veins within an intensely altered potassic zone. The Eastern breccia remains unexplored below 2,000 metres relative level. Mineralization in the other mineralized intrusive, the feldspar porphyry intrusion, has been extended a further 100 metres vertically.

Conversion drilling

Resource conversion drilling in H2 2023 focused on conversion of the inferred mineral resources within the monzonite porphyry directly east of the syenite porphyry within Panel 2 (greater than 2,100 metres relative level) and Panel 3 (less than 2,100 metres relative level) and conversion of inferred material within the Balut dike to the south of the syenite porphyry.

Drilling has converted 270,000 ounces of inferred mineral resources to indicated mineral resources within the monzonite porphyry and the Balut dike, providing improved confidence within Panel 3 between approximately 2,100 metres relative level and 2,000 metres relative level and demonstrating continuity of relatively high-grade porphyry copper-gold mineralization within the monzonite porphyry east of the syenite porphyry.

2024 exploration program

A 28,000-metre program of resource conversion and expansion drilling is planned at Didipio underground in 2024. Resource conversion drilling will focus on infilling Panel 3 to convert existing inferred resources while expansion drilling will test below 1,930 metres relative level (Panel 4), down dip of existing mineralization.

Regional exploration in 2024 includes: (i) advancing the Napartan target, nine kilometres northwest of the Didipio mine with surface mapping and sampling followed by initial drilling of a copper-gold-mineralized pegmatite target similar in nature to the Balut dike mined at Didipio; (ii) advancing the Cabanwingan targets on approval of the exploration tenement application; and (iii) continued regional targeting within the company's FTAA permit.

For further information relating to drill hole data, please refer to 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. The company 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.

Notes to mineral reserves and mineral resources estimates

All mineral reserves and mineral resources for the Didipio mine were estimated as at Dec. 31, 2023, and have been prepared in accordance with NI 43-101.

The mineral resources estimate for Didipio has been verified and approved by or is based on information prepared by or under the supervision of J. Moore, the company's group manager, resource development, while the mineral reserves estimate for Didipio has been verified and approved by or is based upon information prepared by or under the supervision of, P. Jones, the company's group mining engineer, underground. Each of Mr. Moore and Mr. Jones is a qualified person under NI 43-101.

For further scientific and technical information supporting the disclosure in this news release (including disclosure regarding mineral resources and mineral reserves, data verification, key assumptions, parameters, methods used to estimate the mineral resources and mineral reserves, and risks and other factors), please refer to the Didipio technical report, which is available on SEDAR+ and on the company's website.

Mineral resources are reported inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration.

Qualified persons

The scientific and technical information contained in this news release relating to the underground optimization has been reviewed and approved by Mr. Jones, a qualified person under NI 43-101. Mr. Jones is the company's group mining engineer, underground.

The scientific and technical information contained in this news release relating to Didipio exploration results has been reviewed and approved by Craig Feebrey, a member of the Australasian Institute of Mining and Metallurgy and a qualified person under NI 43-101. Mr. Feebrey is the company's chief exploration officer.

Quality assurance/quality control at the 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. SGS is independent from Oceanagold. After dispatching to SGS, samples are dried at 105 C 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 (CRM) for quality control monitoring. Samples are crushed to produce 500 grams to 1,000 grams of material for the primary analysis and any lab duplicates. The remaining coarse reject material is retained during the assay process. The samples (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 micrometres. The primary sample is then split down to 200 grams (with an additional 200 grams for replicate sampling when applicable). A scoop of 30 grams is then taken from the 200-gram 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 (X-ray fluorescence). 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 mineral reserve estimation.

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

• Inserting duplicate samples;
• Inserting CRM blanks and coarse blanks;
• Inserting CRM standards for gold, copper, silver;
• Monthly monitoring of SGS duplicate, replicate and CRM performance.

SGS is currently certified to ISO 9001, ISO 14001 and ISO 45001. The ISO 17025:2017 accreditation preparation of the SGS-Didipio laboratory is continuing as SGS works through the reaccreditation process with the Philippines Accreditation Bureau. Whilst this process is being undertaken, the SGS-Didipio laboratory has ensured its operation is aligned with the ISO 17025:2017 standards, as supported by the satisfactory results of the 2023 audit conducted by the SGS internal auditors. All the results included in this summary were validated through the independent quality control monitoring by both the SGS-Didipio laboratory and Oceanagold with the insertion of duplicate, replicate and blank samples as well as CRM with no issues noted.

We seek Safe Harbor.