Mr. Gerard Bond reports

OCEANAGOLD REPORTS MINERAL RESERVES AND RESOURCES FOR THE YEAR ENDED 2023

Oceanagold Corp. has provided its mineral reserves and mineral resources statement for the year ended Dec. 31, 2023.

Gerard Bond, president and chief executive officer of Oceanagold, said: "I am pleased to share the updated mineral reserves and resources estimates for the company, including at Haile, where we were able to increase Horseshoe reserves and declare an initial reserve estimate of 380,000 ounces at Palomino. The opening and successful delivery of ore from the Horseshoe underground at Haile last year was a pivotal milestone for the company. With growth in the Horseshoe reserve and the addition of Palomino to reserves, the projected longevity and profitability of the Haile mine is strengthened.

"Additionally, I am delighted by the increase in indicated resources at Wharekirauponga in New Zealand, which now exceeds one million ounces and with a grade increase to 15.9 [grams per tonne], demonstrating how truly exceptional this deposit is. Our updated reserves and resources estimates continue to provide a strong base for organic growth in the coming years, and I am excited about what our exploration programs will bring in 2024 and beyond."

Highlights:

• Total mineral reserve additions of 690,000 ounces before mining depletion and adjustments;
• Total measured and indicated mineral resource additions totalled 1.12 million oz;
• Initial mineral reserves of 4.0 million tonnes of 2.91 g/t gold for 380,000 oz declared at Palomino at Haile;
• Increase in mineral reserves to 3.8 Mt of 4.23 g/t Au for 520,000 oz at Horseshoe at Haile;
• Increase in measured and indicated mineral resources at Didipio of 110,000 oz;
• Increase in indicated mineral resources to 2.0 Mt of 15.9 g/t Au for 1.01 Moz at Wharekirauponga;
• Increase in indicated mineral resources by 150,000 oz at Martha underground at Waihi;
• Decrease in mineral reserves at Macraes by 500,000 oz, reflecting the removal of Round Hill.

Mineral reserves

The proven and probable mineral reserves estimates as at Dec. 31, 2023, are presented herein.

Mineral reserves increased year over year at Haile due to increases in the Haile underground, where additions were made at Horseshoe and the first mineral reserve estimate for Palomino was declared. Further details, including a detailed mine plan for Haile, is expected to be released in an updated technical report in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) by March 31, 2024. The technical report will include both Palomino and Horseshoe underground mines, with first ore from Palomino expected in 2027. The company is also advancing a trade-off study on the potential option to mine Ledbetter phase 4 from underground as compared with the current plan to mine as an open pit. If the underground option is deemed to improve the economic value of the mine, this could result in the removal of lower-margin Mineral reserves at Haile.

The Macraes future options work was completed in 2023, as outlined in the 2022 mineral reserves and resources statement. The work concluded that the Round Hill open pit did not generate sufficient economic return on capital and, therefore, was removed from mineral reserves in 2023, which resulted in a 500,000-ounce reduction in reserves at Macraes. This was partially offset by the reserve additions mentioned herein that contributed to a consolidated 310,000-ounce decrease in mineral reserves across the company. An updated NI 43-101 technical report for Macraes is expected to be completed by March 31, 2024. The team is also focused on identifying potential additional ore sources that could extend mine life at gold prices above the current $1,500-per-ounce mineral reserve price assumption.

Mineral resources

Measured and indicated resources

The measured and indicated mineral resource estimates (inclusive of mineral reserves) as at Dec. 31, 2023, are presented herein.

The year-over-year decrease of 280,000 oz was largely due to mining depletion across the operations and the previously mentioned removal of the Round Hill open pit at Macraes. The decreases were offset by gains from conversion of inferred material at Waihi (Wharekirauponga and Martha underground), Haile (Horseshoe and Palomino), Macraes (Golden Point underground) and Didipio.

Inferred resources

The inferred mineral resource estimates as at Dec. 31, 2023, are presented herein.

Of the 1.6-million-ounce year-over-year gold decrease in inferred resources, 700,000 oz are attributed to the sale in January, 2024, of the Blackwater project to Tasman Mining Ltd., a wholly owned subsidiary of Federation Mining Inc. The remaining 900,000-ounce decrease is due to the successful drilling conversion of inferred mineral resources to indicated mineral resources at Didipio, Haile (Horseshoe and Palomino) and Waihi (Wharekirauponga and Martha underground).

Updated technical reports

Technical reports for Haile and Macraes, prepared in accordance with National Instrument 43-101, will be filed under the company's profile on SEDAR+ and on the company's website concurrent with the filing of the company's 2023 annual information form by March 31, 2024.

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 the Waihi operations in New Zealand.

We seek Safe Harbor.