Mr. Gerard Bond reports

OCEANAGOLD FILES ANNUAL INFORMATION FORM AND TECHNICAL REPORTS FOR HAILE AND MACRAES

Oceanagold Corp. has filed its annual information form, along with updated technical reports prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for both Haile and Macraes, each with an effective date of Dec. 31, 2023. The documents are available under the company's profile on SEDAR+ and on the company's website.

Gerard Bond, president and chief executive officer of Oceanagold, said: "The updated Haile technical report outlines the robust growth profile we see at Haile. Reserves now include both the Horseshoe and Palomino underground mines which, in conjunction with the expected grade profile from the open pits, is projected to grow gold production in 2026 to 315,000 ounces at an all-in sustaining cost (AISC) of approximately $1,000 per ounce. On a mineral reserve-only life-of-mine basis, Haile is expected to produce 2.3 million oz of gold over a 12-year mine life at average gold production of 192,000 oz per year with a life-of-mine average AISC of $1,200 per ounce.

"We also see opportunities to further improve the economics of Haile from that shown in the technical report, including the potential to mine Ledbetter phase 4 as an underground rather than an open pit as currently contemplated. This, in addition to exploration upside at Horseshoe, Horseshoe Extensions and regionally, are focus areas for our technical work and drill programs in 2024.

"At Macraes, the updated technical report includes the removal of Round Hill open pit from mineral reserves, primarily due to the technical risks of open-pit mining adjacent to an existing tailings facility. The current mineral reserves, which are based on a conservative $1,500/oz gold price assumption, are expected to generate strong free cash flow over the next four years. With today's gold prices materially higher than the reserve price assumption in the technical report, we see the potential to extend Macraes' mine life beyond the mineral reserve-only case whilst still producing strong economic returns, and our team is focused on defining this potential in 2024."

Oceanagold has filed the updated technical reports for Haile and Macraes in accordance with NI 43-101. Such technical reports are available under our profile on SEDAR+ and 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.

Qualified persons

David Londono, executive vice-president, chief operating officer, Americas, a qualified person under NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Haile contained in this news release. Peter Sharpe, executive vice-president, chief operating officer, Asia-Pacific, a qualified person under NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Macraes contained in this news release.

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