Mr. Gerard Bond reports

OCEANAGOLD DRILLS MULTIPLE ORE-GRADE INTERCEPTS AT HORSESHOE EXTENSION AT HAILE AND EXTENDS MINERALIZATION AT DEPTH AT DIDIPIO

Oceanagold Corp. has provided results from exploration and resource conversion drilling for Haile and Didipio.

Gerard Bond, president and chief executive officer of Oceanagold, said: "We are off to an excellent start to the year with our exploration and resource conversion programs with results continuing to reinforce the growth potential we see within our existing mine footprints. Results from the Horseshoe extension target at Haile, outside of existing resources, reflect the first drilling we have completed into this target from underground. We have encountered similar grades and widths to the Horseshoe orebody, and the Horseshoe extension target is close to planned future underground development.

"Results at Didipio continue to extend mineralization at depth, and we have now drilled a second hole below the existing resource as a follow-up to last year's drilling. This result extends known mineralization a further approximately 150 metres at depth into panel 4, and a total of approximately 200 metres below the current inferred resource. Lastly, I am delighted we are now drilling at the Napartan regional target, located nine kilometres northwest of Didipio, with two holes of a 2,500-metre program now completed, awaiting assay results."

• Haile drill highlights include (core length):
  • 34.9 metres of 7.6 grams per tonne gold, Horseshoe (UGD0026 -- conversion);
  • 39.3 m of 5.8 g/t Au, Horseshoe extension (UGD0044 -- extensional);
  • 34.4 m of 4.6 g/t Au, Horseshoe extension (UGD0026 -- extensional);
  • 34.3 m of 4.3 g/t Au, Horseshoe extension (UGD0035 -- extensional);
• Didipio drill highlights include (core length):
  • 103 m of 2.02 g/t gold equivalent, eastern monzonite (RDUG515 -- conversion);
  • 91 m of 2.24 g/t AuEq, eastern monzonite (RDUG517 -- conversion);
  • 72 m of 2.28 g/t AuEq, eastern monzonite (RDUG518 -- conversion);
  • 87 m of 1.43 g/t AuEq, eastern monzonite (RDUG522 -- extensional);
  • 66 m of 1.76 g/t AuEq, feldspar porphyry (RDUG625A -- extensional);
  • 35 m of 1.06 g/t AuEq, northern Balut (RDUG523 -- extensional).

Haile exploration update

Resource conversion and extensional drilling from Horseshoe underground continues with 2,142 metres completed of a planned 10,605 metres this year. The results from eight holes drilled at Horseshoe extension target and lower Horseshoe at the end of 2023 and the beginning of 2024 have been received. Highlights from this drilling include 34.9 m of 7.60 g/t Au from hole UGD0026 targeting conversion of the lower Horseshoe inferred resource (result received after data cut-off for 2023 end of year reserve and resource model update) and 39.3 m of 5.8 g/t Au from hole UGD0044, among others, targeting resource growth at Horseshoe extension.

Horseshoe extension is a zone of mineralization located approximately 200 metres southwest of the Horseshoe orebody with similar plunge on the southern limb of the northeastern striking antiform. Mineralization is of the same character as Horseshoe, occurring along a mineralized metasediment/metavolcanic contact. Continuity of the lower Horseshoe extension mineralization is confirmed.

Drilling in 2024 will continue to target the Horseshoe extension as more optimal drill locations become available with more underground development and will also target infill drilling of inferred mineralization at lower Horseshoe.

Didipio exploration update

Since the Feb. 2, 2024, news release, 6,763 metres of extensional and resource conversion drilling in 23 holes has been completed from Didipio underground.

Extensional drilling

Extensional drilling has been achieved by extending resource conversion drill holes beyond the resource shell to the north, to the northeast and at depth to approximately 1,700 metres relative level, extending mineralization approximately 750 metres below the bottom of the open pit. Extensional drilling has focused on: (a) depth extension of Balut dike mineralization on the northern side of the Syenite porphyry; and (b) depth extension of mineralization within the monzonite in panel 4.

Extensional hole RDUG522 was completed to follow up on the previous success of hole RDUG611 (72 m of 3.40 g/t AuEq) reported in August, 2023, which has opened up a lower zone of mineralization to the north and at a depth of approximately 1,900 mRL and below. An intercept returning 87 m of 1.43 g/t AuEq (RDUG522) has confirmed mineralization extends for over 150 metres farther below RDUG611 down to 1,710 mRL, opening up a zone of 200-metre vertical extent below the reported inferred resource. Further drilling will be undertaken in 2024 to define the extent of this new mineralization zone.

Hole RDUG523 returned a result of 35 m of 1.06 g/t AuEq and confirmed a 70-metre vertical continuation of the recently identified Balut dike on the northern side of the syenite with similar thickness below previously reported RDUG500 with 45.4 m of 2.51 g/t AuEq. Mineralization of the Balut on the north remains open along strike and at depth while its analogue defined at a higher elevation on the south also remains open at depth and to be tested to a similar elevation (that is, 1,900 mRL).

In addition, hole RDUG627 has identified an additional zone of mineralization farther east, intersecting 15 m of 3.32 g/t AuEq associated with another feldspar porphyry. The recent discovery of three new mineralized intrusives in the east highlights the prospectivity that remains for further mineralized areas.

Resource conversion drilling

Resource conversion drilling has focused on: (i) conversion of the inferred resource within the monzonite porphyry directly east of the syenite porphyry within panel 3 (less than 2,100 mRL); and (ii) infill drilling of the mineralized eastern breccia and feldspar porphyry in the east. These drill programs broadly confirm and provide improved confidence in the inferred grade estimates as calculated in the end of year 2023 annual resource and reserve model.

Follow-up drilling on two mineralized intrusives discovered in 2022 (eastern breccia and feldspar porphyry) demonstrates continuity of mineralization with both zones remaining open at depth and potentially expanding the mineralized feldspar porphyry. Hole RDUG625A has confirmed the continuity of mineralization within the feldspar porphyry while holes RDUG626 and RDUG623 appear to have closed off this mineralization to the east.

Napartan exploration update

Regional exploration in 2024 includes advancing the Napartan initial drill target nine kilometres northwest of the Didipio mine. Surface mapping and sampling have identified a copper-gold mineralized pegmatite similar in nature to the Balut dike and an important ore source at Didipio. Drilling at Napartan began on March 15, 2024, with one drill rig mobilized. Two holes have been completed of a 2,500-metre program budgeted for 2024, with assay results pending.

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 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 Haile and 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 a qualified person for the purposes of the NI 43-101. Mr. Feebrey consents to the inclusion in this public report of the matters based on the information in the form and context in which it appears.

Quality assurance/quality control at Haile gold mine

Since July, 2017, all Haile exploration core samples have been prepared at the ALS lab in Tucson, Ariz., and analyzed at the ALS lab in Reno, Nev. Samples are pulverized from a 450-gram sample to 85 per cent passing 75 mesh. Approximately 225 g of pulp sample is used for fire assay. Assays are based on a 30-gram fire assay aliquot for gold with atomic absorption finish at three g/t Au. Some holes are composited and analyzed for carbon, sulphur and multielements using LECO and ICP-OES methods. ALS labs used for Haile samples are ISO 17025 certified.

Blanks and standards are inserted every 20th sample. Check assays are submitted to the SGS lab in Kershaw, S.C., for 5 per cent of the intervals each quarter. Assays are duplicated for greater than 95 per cent of the samples within 5 per cent of their original assay. ALS samples show no evidence of contamination or instrument drift. Precision and accuracy of CRMs compared with expected values have been consistently with 5-per-cent RSD and often within 3 per cent. Barren marble and sand are inserted as blanks every 20th sample. Certified reference materials from RockLabs are inserted every 20th sample. All blanks and CRMs are handled by the geotech supervisor and are stored in the locked Oceanagold office.

All drill hole samples are handled and transported from the drill rigs to the secured Haile exploration warehouse by Oceanagold personnel. Access to the property is controlled by locked doors and cameras monitored by Oceanagold security. The main gate requires an electronic employee badge to enter. Samples are packaged at the Haile exploration warehouse by the geotech supervisor and geotechnicians. Samples are trucked in sealed plastic barrels by certified couriers with submittal forms that are verified during sample pickup and delivery to ALS. No sample shipments have been recorded as missing or tampered with.

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. 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 for quality control monitoring. Samples are crushed to produce 500 g 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) is 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 g (with an additional 200 g for replicate sampling when applicable). A scoop of 30 g 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. 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 QC controls, Oceanagold also monitors laboratory performance with the following processes: inserting duplicate samples; inserting CRM blanks and coarse blanks; inserting CRM standards for gold, copper and silver; and monthly monitoring of SGS duplicate, replicate and CRM performance. SGS is currently certified to ISO 9001, 14001 and 45001. The ISO 17025:2017 accreditation preparation of SGS Didipio laboratory is continuing as SGS works through the reaccreditation process with the Philippines Accreditation Bureau. Whilst this process is being undertaken, 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 auditor. All the results included in this summary were validated through the independent QC 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.

Technical reports

For further information, please refer to the following National Instrument 43-101 technical reports available on the SEDAR+ website under the company's profile or on its website:

• "NI 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina," dated March 28, 2024, with an effective date of Dec. 31, 2023, prepared by D. Carr, group manager, metallurgy; D. Londono, executive vice-president, chief operating officer, Americas; J. Moore, group manager resource development; B. Drury, underground engineering superintendent; L. Stanbridge (Call & Nicholas principal engineer, geotechnical); R. Cook (Call & Nicholas principal engineer, geological); J.N. Janney-Moore (NewFields senior project manager); W.L. Kingston (NewFields senior hydrogeologist); M. Sullivan (SRK principal consultant, mineral economics); B.M. Miller (SRK principal consultant, geology); J. Poeck (SRK principal consultant, mining engineer);
• "NI 43-101 Technical Report, Didipio Gold/Copper Operations, Luzon Island, Philippines," dated March 31, 2022, with an effective date of Dec. 31, 2021, prepared by D. Carr (group manager -- metallurgy), P. Jones (group mining engineer -- underground) and J. Moore (group manager -- resource development), all of whom are employees of Oceanagold.

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