Mr. Mick Wilkes reports

OCEANAGOLD PREVIEWS SECOND QUARTER PRODUCTION RESULTS

Oceanagold Corp. is previewing its production report for the second quarter and first half ended June 30, 2018. Note the numbers contained in this document are subject to finalization. The company will release its complete financial and operational results before market open on Thursday, July 26, 2018. All financial figures are in U.S. dollars unless otherwise stated.

Key highlights:

• Consolidated 2018 half-year production of 268,597 ounces of gold and 7,808 tonnes of copper including 142,950 ounces of gold and 3,919 tonnes of copper in the second quarter;
• Increased 2018 production guidance range to between 500,000 and 540,000 ounces.

Mick Wilkes, president and chief executive officer, said: "I am pleased to report another strong quarter of operating performance across all of our assets with a 14-per-cent quarter-on-quarter increase to consolidated production.

"Expansion of the process plant at Haile is also progressing well and we expect to complete commissioning of the pebble crusher before the end of the month, while at Didipio, production was stronger on the back of continued ramp-up of underground operations and mining of higher grades in the breccia zone."

                                     PRODUCTION SUMMARY
Quarter ended
June 30, 2018              Haile Didipio Waihi Macraes           Consolidated
                                                           Q2 2018 Q1 2018 Q2 2017

Gold produced    ounces     38.6    33.1  20.8    50.4       143.0   125.6   124.4
Copper produced  tonnes        -     3.9     -       -         3.9     3.9     4.3
Quarter ended
June 30, 2018              Haile Didipio Waihi Macraes            Consolidated
                                                             YTD 2018     YTD 2017

Gold produced    ounces     75.7    58.8  39.3    94.8          268.6        272.4
Copper produced  tonnes        -     7.8     -       -            7.8         10.3

                                       UPDATED 2018 PRODUCTION AND COST GUIDANCE

                                                 Haile         Didipio          Waihi          Macraes     Consolidated

Gold production                ounces  140,000-155,000  95,000-105,000  75,000-85,000  190,000-200,000  500,000-540,000
Copper production              tonnes                -   15,000-16,000              -                -    15,000-16,000
All-in sustaining costs (1) US$/ounce        $725-$775       $260-$310      $750-$790      $950-$1,000        $725-$775

Notes
(1) Current 2018 financial year guidance is based on exchange rates of New Zealand dollar/U.S. dollar of 0.72, average 
copper price, inclusive of executed hedges of $3.15/pound in average for the full year.
  

On June 19, 2018, the company announced an increase to its 2018 gold production guidance with stronger operating performance expected at Didipio and Haile. As a result, the company's 2018 gold production guidance range was revised to 500,000 to 540,000 ounces.

On a consolidated basis, during the first half of 2018 the company produced 268,597 ounces of gold, broadly in line with the first half of 2017 as a full half of steady-state operations at Haile offset lower production half-year production at Didipio. Second quarter gold production of 142,950 ounces was 14 per cent higher compared with the first quarter of 2018 reflecting stronger production across all assets. Copper production for the second quarter was 3,919 tonnes and in line with the previous quarter.

In the United States, Haile produced 75,693 ounces of gold, including 38,644 ounces of gold in the second quarter. The quarter-on-quarter increase in production is mainly attributable to improved plant availability and utilization rates. Recoveries remained steady in the low-80-per-cent range and the company continues to progress with the installation of the upgraded fine grind circuit to further improve recoveries, with commissioning expected in the first quarter of 2019.

In the Philippines, Didipio produced 58,797 ounces of gold and 7,808 tonnes of copper in the first half of 2018, including 33,140 ounces of gold and 3,919 tonnes of copper in the second quarter. The 30-per-cent quarter-on-quarter increase in production was a result of continued ramp-up of underground operations and the implementation of a revised mine plan.

In New Zealand, Waihi produced 39,320 ounces of gold, including 20,798 ounces of gold produced in the second quarter. The 12-per-cent quarter-on-quarter increase in production was a result of better equipment utilization and higher mill throughput.

At Macraes, the operation produced 94,786 ounces of gold, including 50,368 ounces of gold produced in the second quarter. The 13-per-cent quarter-on-quarter increase in production was related to processing of higher grades and better recoveries.

Second quarter 2018 results and webcast

The company will host a conference call/webcast to discuss the results at 7:30 a.m. Australian Eastern Standard Time on Friday, July 27, 2018, and 5:30 p.m. Eastern Daylight Time on July 26, 2018.

Teleconference participants (required for those who wish to ask questions):

Local (toll-free) dial-in numbers are:

Australia:  1-800-076-068

New Zealand:  0-800-453-421

Canada and North America:  1-888-390-0546

All other countries (toll):   1-416-764-8688

Playback of webcast

If you are unable to attend the call, a recording will be available for viewing on the company's website.

About Oceanagold Corp.

Oceanagold is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The company's assets encompass the Didipio gold-copper mine located on the island of Luzon in the Philippines. On the North Island of New Zealand, the company operates the high-grade Waihi gold mine, while on the South Island of New Zealand, the company operates the largest gold mine in the country at the Macraes goldfield, which is made up of a series of open-pit mines and the Frasers underground mine. In the United States, the company operates the Haile gold mine, a top-tier, long-life, high-margin asset located in South Carolina.

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