Ms. Rebecca Harris reports

OCEANAGOLD ANNOUNCES IPO PRICING FOR 20% INTEREST IN OGPI

Oceangold Corp. will raise 6.08 billion Philippine pesos (approximately $106-million (U.S.)) through an initial public offering of 20 per cent of the common shares of its wholly owned subsidiary, Oceangold Philippines Inc. (OGPI), on the Philippines Stock Exchange (PSE). 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 Oceangold.

The final offering price will be 13.33 Philippine pesos per share, which was determined by the market through a book-building process involving international and Philippines institutional investors. The retail offer period will run from April 29, 2024, to May 6, 2024, with listing of OGPI on the PSE expected on May 13, 2024.

Available proceeds from the offering, net of fees and taxes, are expected to be applied to the repayment of Oceangold's drawn bank debt. The company had drawn bank debt of $135-million at Dec. 31, 2023.

Note: Used an exchange rate of $1 (U.S.) equaling 57.32 Philippine pesos, subject to change.

About Oceangold 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.

We seek Safe Harbor.