Ms. Rebecca Harris reports

OCEANAGOLD RECEIVES REGULATORY APPROVAL FOR IPO AND PROVIDES FIRST QUARTER 2024 OPERATING RESULTS FOR DIDIPIO

Oceanagold Corp.'s wholly owned subsidiary, Oceanagold Philippines Inc. (OGPI), has received preliminary regulatory approvals from the Philippine Securities and Exchange Commission (SEC) and the Philippine Stock Exchange Inc. (PSE) in relation to the initial public offering (IPO) of 20 per cent of the outstanding common shares of OGPI. Completion of the offering remains subject to fulfilment of certain conditions, including receipt of the final permit to sell. 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 expected to be completed in May, 2024.

The offering is a secondary offering of OGPI's common shares, with the proceeds from the offering, net of taxes and listing expenses, to be applied by Oceanagold toward the repayment of the company's debt. The company had drawn bank debt of $135-million at Dec. 31, 2023.

Oceanagold is also providing preliminary first quarter 2024 operating results for the Didipio mine for inclusion in the prospectus for the offering. For the quarter ending March 31, 2024, the Didipio mine produced 26,312 ounces of gold and 3,015 tonnes of copper, which is in line with its full-year plan and 2024 guidance. Gold sales for the quarter totalled 31,863 ounces of gold and 3,180 tonnes of copper.

Didipio remains on target to deliver its 2024 guidance, with the mine expected to produce between 120,000 ounces and 135,000 ounces of gold, and 12,000 tonnes to 14,000 tonnes of copper at an all-in sustaining cost of between $750 per ounce and $850 per ounce.

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

The scientific and technical information contained in this news release has been reviewed and approved by P. Sharpe, a qualified person under National Instrument 43-101, who is the company's executive vice-president, chief operating officer, Asia-Pacific.

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