Mr. Gerard Bond reports

OCEANAGOLD REPORTS FIRST QUARTER 2024 OPERATING AND FINANCIAL RESULTS

Oceanagold Corp. has released its operational and financial results for the three months ended March 31, 2024. The condensed interim consolidated financial statements, and management's discussion and analysis (MD&A) are available on the Oceanagold website. (All financial figures are in United States dollars unless otherwise stated.)

Gerard Bond, President and CEO of OceanaGold, said "2024 is expected to be a strong production growth and Free Cash Flow *dagger* delivery year for OceanaGold and our first quarter results are in-line with expectations. As outlined in our Guidance in February, we expect to see gold production increase each quarter throughout the year with stronger second half performance at all four of our operating sites."

At Haile, the Horseshoe underground is ramping up on schedule with full mining rates expected to be achieved by mid-year, at the same time as we begin to access a higher proportion of open pit ore from Ledbetter pit, which positions Haile for a very strong second half. Similarly at Macraes, we have been stripping Innes Mills 7 to unlock the next phase of open pit ore, which we expect to be delivered to the mill in the second half of the year. At Didipio, the mining sequence had us in the lower grade areas of the underground during the quarter, and we expect to access higher grades by mid-year in line with plan.

The Company delivered exciting exploration results across our portfolio, including the first underground drilling into Horseshoe Extension at Haile, high grade results at the growing Wharekirauponga deposit in New Zealand, and we announced the start of a brand new exploration program at our regional Napartan target at Didipio.

The balance sheet remains strong and we plan to apply the proceeds expected from the OceanaGold Philippines Inc. listing on the Philippines Stock Exchange this quarter to the repayment of debt.

Mr Bond said, "Progressively stronger production in each remaining quarter of this year, and with strong gold and copper prices, we expect to be in a position to further strengthen the balance sheet, invest in our organic growth and consider additional returns to shareholders."

*dagger* See "Non-IFRS Financial Information" in the MD&A.

Highlights

• On-track to meet full-year 2024 consolidated production, cost and capital guidance.
• 12MMA Total Recordable Injury Frequency Rate ("TRIFR") has remained steady at 1.0 per 200,000 hours worked at March 31, 2024.
• Produced 104,800 ounces of gold and 3,000 tonnes of copper in the first quarter.
• All-In Sustaining Cost ("AISC")*dagger* of $1,823 per ounce for the first quarter.
• Gold sales of 116,800 ounces for Q1, which includes 12,000 ounces of 2023 production.
• Revenue of $270.3 million , driven by record average realized gold price of $2,092 per ounce.
• Ended the quarter with Net Debt*dagger* of $81.8 million (excludes finance leases) at a Leverage Ratio*dagger* of 0.21x.
• Released updated Mineral Reserves and Mineral Resources, including Indicated Resource growth to 1 million ounces of gold (2.0 million tonnes at 15.9 g/t) at Wharekirauponga and initial Mineral Reserves of 380,000 ounces (4.0 million tonnes at 2.9 g/t) at Palomino at Haile.
• Released updated technical report for Haile which, based on Mineral Reserves only, is expected to produce 2.3 million ounces of gold over a 12-year mine life at average gold production of 192,000 ounces per year with a life of mine average AISC*dagger* of $1,200 per ounce.
• Received regulatory approvals and permit to sell for the Initial Public Offering of 20% of OceanaGold Philippines Inc., which holds Didipio. Listing is expected to be completed on May 13, with proceeds applied to reduce OceanaGold's bank debt, further strengthening the balance sheet.
• Announced the sale of the Blackwater Project in New Zealand for $30 million in cash, with closing subject to regulatory approval.
• Semi-annual dividend of $0.01 per share was paid on April 26, 2024.

*dagger* See "Non-IFRS Financial Information" in the MD&A.

Operations

The Company produced 104,800 ounces of gold and 3,000 tonnes of copper in the first quarter of 2024. First quarter gold production was 19% lower than the previous quarter and 11% lower than the corresponding quarter in 2023. The decrease compared to the previous quarter was largely driven by expected lower mill feed grade at Didipio (previous quarter included more high grade stope ore) and a planned 5-day process plant shutdown, Waihi (localized geotechnical constraints limiting access to high grade stopes) and Macraes (planned utilization of low grade stockpile feed), partially off-set by higher grade underground ore feed at Haile. The decrease compared to the corresponding quarter in 2023 was largely driven by lower grade at Haile (compared with access to higher grade open pit ore in the first quarter of 2023), lower grade at all other operations, partially off-set by higher mill throughput at both Macraes and Waihi.

Gold sales in the first quarter of 2024 are consistent with the previous quarter and the corresponding quarter in 2023, due to the reduction of inventory and timing of sales at Haile and Didipio.

Financial

Revenue

The Company recorded first quarter consolidated revenue of $270.3 million, a 1% increase compared to the previous quarter despite a 2% decrease in gold sales volumes, largely due to the 5% increase in the average realized gold price.

First quarter revenue was 11% above the corresponding period in 2023, reflecting higher gold sold at Macraes, combined with a 9% higher average realized gold price, partly offset by lower gold sales volumes from Didipio in line with the mine plan.

AISC*dagger*

The Company recorded a first quarter AISC*dagger* of $1,823 per ounce on gold sales of 116,800 ounces. This was a 10% increase in AISC*dagger* compared to the previous quarter and a 16% increase compared to the corresponding period in 2023. The quarter-on-quarter increase in the first quarter AISC*dagger* is due to higher unit costs at all operations except for Haile, where AISC*dagger* decreased due to higher gold sales than production (release of inventory) and higher grades from Horseshoe Underground. The cost increases at Didipio were due to lower sales volumes in line with the mine plan, while lower grades mined and processed resulted in lower sales volumes at Macraes and Waihi.

Adjusted EBITDA*dagger*

First quarter Adjusted EBITDA*dagger* was $80.9 million, a 12% decrease relative to the previous quarter mainly due to the higher costs of sales at Haile due to more rehandled tonnes moved to expose the Ledbetter Phase 3 footprint.

First quarter Adjusted EBITDA*dagger* was 21% lower than the corresponding quarter in 2023 as higher revenues were offset by higher cost of sales across the operations and accrual of the Additional Government Share at Didipio, along with higher foreign exchange losses compared with other income in 2023.

Net profit (loss)

The first quarter unadjusted net loss of $5.3 million or $(0.01) per share fully diluted, was lower than the unadjusted net loss of $18.9 million and $(0.03) per share fully diluted in the previous quarter. The $13.6 million decrease in net loss was primarily driven by the previous quarter non-cash write-down of indirect tax receivables in the Philippines totaling $38.3 million and the increase in the average gold price in the first quarter, partially offset by an increase in operating costs (refer to AISC*dagger* section above).

First quarter of 2024 unadjusted net loss represents a decrease in profitability of $44.2 million or 114% from the corresponding quarter in 2023 primarily due to a 16% increase in AISC*dagger*, a $19.7 million increase in depreciation and amortization (due to processing more lower grade stockpile material which has higher depreciation and amortization per contained gold ounce) and the Additional Government Share of $9.3 million at Didipio, partially offset by the increase in the average gold price.

*dagger* See "Non-IFRS Financial Information" in the MD&A.

Conference Call

Senior management will host a conference call / webcast to discuss the quarterly results on Wednesday May 1st, 2024 at 10:00 am Eastern Time.

Conference Call Details:

Toll-free North America: +1 888-390-0546

International: +1 416-764-8688

If you are unable to attend the call, a recording will be made available on the Company's website.

About OceanaGold

OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.

We seek Safe Harbor.