# EDGAR Filing Document

**Accession Number:** 0001487326
**File Stem:** 0001628280-26-021651
**Filing Date:** 2026-3
**Character Count:** 5383455
**Document Hash:** 97ff7d2b10d1a18615b76cc375d41760
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-021651.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001628280-26-021651

**CONFORMED SUBMISSION TYPE**: 40FR12B

**PUBLIC DOCUMENT COUNT**: 495

**FILED AS OF DATE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OceanaGold Corp
- **CENTRAL INDEX KEY:** 0001487326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43215
- **FILM NUMBER:** 26805380

**BUSINESS ADDRESS:**
- **STREET 1:** LEVEL 5, 250 COLLINS STREET
- **CITY:** MELBOURNE, VIC
- **STATE:** C3
- **ZIP:** 3000
- **BUSINESS PHONE:** 61 3 9656 5300

**MAIL ADDRESS:**
- **STREET 1:** LEVEL 5, 250 COLLINS STREET
- **CITY:** MELBOURNE, VIC
- **STATE:** C3
- **ZIP:** 3000

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 40-F**

(Check One)

[X] Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934

or

[ ] Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended

Commission file number

**OCEANAGOLD CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **British Columbia, Canada**<br>(Province or other jurisdiction of incorporation or organization) | **1000**<br>(Primary Standard Industrial<br>Classification Code Number (if applicable)) | **98-1593514**<br>(I.R.S. Employer<br>Identification Number (if Applicable)) |

---

**Suite 1020, 400 Burrard Street** 

**Vancouver, British Columbia, V6C 3A6, Canada** 

**+1 (604) 678-4123** 

(Address and Telephone Number of Registrant's Principal Executive Offices)

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

**(302) 738-6680** 

(Name, Address (Including Zip Code) and Telephone Number

(Including Area Code) of Agent For Service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

---

| | | |
|:---|:---|:---|
| **Title of each class**  | **Trading Symbol**  | **Name of each exchange on which registered**  |
| Common Shares, no par value | OGC | New York Stock Exchange |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act. **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. **None**

For annual reports, indicate by check mark the information filed with this Form:

[ ] Annual Information Form [ ] Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: _______________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.

Yes [ ] No [X]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes [X] No [ ]

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company [ ]

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

[ ]

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

[ ]

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

[ ]

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

[ ]

------

**FORM 40-F**

**Principal Documents**

The documents filed as Exhibits 99.1 through 99.88 hereto, each of which is incorporated by reference into this Registration Statement on Form 40-F, contain all information material to an investment decision that OceanaGold Corporation ("OceanaGold"), since the beginning of its last completed fiscal year, (i) made or was required to make public pursuant to the laws of British Columbia or Canada, (ii) filed or was required to file with the Toronto Stock Exchange (the "TSX") and which was made public by the TSX, or (iii) distributed or was required to distribute to its security holders.

Our independent auditor is PricewaterhouseCoopers LLP, Vancouver, British Columbia, Canada (PCAOB Firm ID 271). Our former independent auditor is PricewaterhouseCoopers, Australia (PCAOB Firm ID 1379).

OceanaGold's Consolidated Financial Statements included in this Registration Statement on Form 40-F have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board. Therefore, they are not comparable in all respects to financial statements of United States companies that are prepared in accordance with United States generally accepted accounting principles.

On June 23, 2025, OceanaGold completed a share consolidation on the basis of one post-consolidation common share for every three pre-consolidation common shares (the "Share Consolidation"). All information relating to earnings per share, issued and outstanding common shares, share rights, deferred units, and per share amounts in the Audited Consolidated Financial Statements for the years ended December 31, 2025 and 2024 included as Exhibit 99.12 to this Registration Statement on Form 40-F have been adjusted retrospectively to reflect the Share Consolidation.

All information relating to earnings per share, issued and outstanding common shares, share rights, deferred units, and per share amounts in the Audited Consolidated Financial Statements for the years ended December 31, 2024 and 2023 included as Exhibit 99.4 to this Registration Statement on Form 40-F have not been adjusted retrospectively to reflect the Share Consolidation. The following table sets forth earnings per share, weighted average number of issued and outstanding common shares (basic and diluted) and per share amounts for the financial year ended December 31, 2023 adjusted for the Share Consolidation:

---

| | | |
|:---|:---|:---|
| | **As originally filed** | **Adjusted for the Share Consolidation** |
| **Net profit attributable to shareholders of OceanaGold (in millions)**  | $**83.1** | $**83.1** |
| **Basic weighted average number of shares (in millions)**  | 706.8 | 235.6 |
| Effect of dilutive securities: |  |  |
| Performance share rights (in millions) | 15.8 | 5.3 |
| **Diluted weighted average number of shares (in millions)**  | **722.6** | **240.9** |
| **Earnings per share attributable to shareholders of OceanaGold**  |  |  |
| Basic | $0.12 | $0.35 |
| Diluted | $0.12 | $0.35 |

---

**Resource and Reserve Estimates**

The information included or incorporated by reference into this Registration Statement on Form 40-F regarding mineral deposits has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements of United States securities laws. The terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve"are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - *CIM Definition Standards on Mineral Resources and Mineral Reserves*, adopted by the CIM Council, as amended. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer

------

makes of scientific and technical information concerning mineral projects. The definitions of these differ from the definitions of such terms for purposes of the disclosure requirements of the Securities and Exchange Commission (the "Commission").

Accordingly, information contained and incorporated by reference into this Registration Statement on Form 40-F that describes OceanaGold's mineral deposits may not be comparable to similar information made public by issuers subject to the Commission's reporting and disclosure requirements applicable to domestic United States issuers.

**Off-Balance Sheet Arrangements.**

OceanaGold does not have any off-balance sheet arrangements.

**Cash Requirements**

The required disclosure is contained under the heading "Capital Commitments" in the Management's Discussion and Analysis for the year ended December 31, 2025 included as Exhibit 99.11 to this Registration Statement and Note 25 to the Audited Consolidated Financial Statements for the years ended December 31, 2025 and 2024 included as Exhibit 99.12 to this Registration Statement on Form 40-F.

**Disclosure Regarding Foreign Jurisdictions That Prevent Inspections.**

Not applicable.

**Recovery of Erroneously Awarded Compensation**

Not applicable.

**NYSE Statement of Governance Differences.**

As a Canadian corporation listed on the New York Stock Exchange, OceanaGold is not required to comply with most of the New York Stock Exchange's corporate governance standards, so long as OceanaGold complies with Canadian corporate governance practices. In order to claim such an exemption, however, the New York Stock Exchange's Listed Company Manual requires that OceanaGold provide to New York Stock Exchange written certification from independent Canadian counsel that the non-complying practice is not prohibited by Canadian law. In addition, OceanaGold must disclose the significant differences between its corporate governance practices and those required to be followed by U.S. domestic issuers under the New York Stock Exchange's corporate governance standards.

OceanaGold has included a description of such significant differences in corporate governance practices on its website: <u>www.oceanagold.com</u>. In addition, OceanaGold has included a description of such significant differences below:

<u>Shareholder Meeting Quorum Requirement</u>: The New York Stock Exchange minimum quorum requirement for a shareholder meeting is one-third of the outstanding common shares. In addition, a company listed on New York Stock Exchange is required to state its quorum requirement in its bylaws. OceanaGold's quorum requirement is set forth in its Articles and Notice of Articles. The quorum for the transaction of business at a meeting of OceanaGold's shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 25% of the issued shares entitled to be voted at the meeting are, present in person or represented by proxy, irrespective of the number of persons actually present at the meeting.

<u>Shareholder Approval Requirement</u>: OceanaGold will follow TSX rules for shareholder approval of new issuances of its common shares. Following TSX rules, shareholder approval is required for certain issuances of shares that: (i) materially affect control of the listed issuer; or (ii) provide consideration to insiders in aggregate of 10% or greater of the market capitalization of the listed issuer and have not been negotiated at arm's length. Shareholder approval is also required, pursuant to TSX rules, in the case of private placements: (i) for an aggregate number of listed securities issuable greater than 25% of the number of securities of the listed issuer

------

which are outstanding, on a non-diluted basis, prior to the date of closing of the transaction if the price per security is less than the market price; or (ii) that during any six month period are to insiders for listed securities or options, rights or other entitlements to listed securities greater than 10% of the number of securities of the listed issuer which are outstanding, on a non-diluted basis, prior to the date of the closing of the first private placement to an insider during the six month period.

<u>Equity Compensation Plan Approval Requirements</u>: The New York Stock Exchange's Listed Company Manual requires shareholder approval of all equity compensation plans and material revisions to such plans. The definition of "equity compensation plans" covers plans that provide for the delivery of both newly issued and treasury securities, as well as plans that rely on securities re-acquired in the open market by the issuing company for the purpose of redistribution to employees and directors. The TSX rules provide that only the creation of or certain material amendments to equity compensation plans that provide for new issuances of securities are subject to shareholder approval. OceanaGold will follow the TSX rules with respect to the requirements for shareholder approval of equity compensation plans and material revisions to such plans.

------

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

**A.&nbsp;&nbsp;&nbsp;&nbsp;Undertaking.**

OceanaGold undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Consent to Service of Process.**

OceanaGold has filed a Form F-X concurrently with the filing of this Registration Statement on Form 40-F.

Any change to the name or address of the agent for service of process of OceanaGold shall be communicated promptly to the Commission by an amendment to the Form F-X referencing the file number of OceanaGold.

------

**EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| | ***Filings*** |
| 99.1 | <u>[Annual Information Form for the year ended December 31, 2024](exhibit991-40f.htm)</u> |
| 99.2 | <u>[Annual Information Form for the year ended December 31, 2025](oceanagold-ex992xannualinf.htm)</u> |
| 99.3 | <u>[Management's Discussion and Analysis for the year ended December 31, 2024](exhibit993-40f.htm)</u> |
| 99.4 | <u>[Audited Consolidated Financial Statements for the years ended December 31, 2024 and 2023](exhibit994-40f.htm)</u> |
| 99.5 | <u>[Unaudited Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2025 and 2024](exhibit995-40f.htm)</u> |
| 99.6 | <u>[Interim Management's Discussion and Analysis for the three months ended March 31, 2025](exhibit996-40f.htm)</u> |
| 99.7 | <u>[Unaudited Condensed Interim Consolidated Financial Statements for the three and six months ended June 30, 2025 and 2024](exhibit997-40f.htm)</u> |
| 99.8 | <u>[Interim Management's Discussion and Analysis for the three and six months ended June 30, 2025](exhibit998-40f.htm)</u> |
| 99.9 | <u>[Unaudited Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2025 and 2024](exhibit999-40f.htm)</u> |
| 99.10 | <u>[Interim Management's Discussion and Analysis for the three and nine months ended September 30, 2025](exhibit9910-40f.htm)</u> |
| 99.11 | <u>[Management's Discussion and Analysis for the year ended December 31, 2025](oceanagold-ex9911xmdafy202.htm)</u> |
| 99.12 | <u>[Audited Consolidated Financial Statements for the years ended December 31, 2025 and 2024](oceanagold-ex9912xfinancia.htm)</u> |
| 99.13 | <u>[CEO Certification of Annual Filings for the year ended December 31, 2024](exhibit9913-40xf.htm)</u> |
| 99.14 | <u>[CFO Certification of Annual Filings for the year ended December 31, 2024](exhibit9914-40xf.htm)</u> |
| 99.15 | <u>[CEO Certification of Annual Filings for the year ended December 31, 2025](exhibit9915-40xf.htm)</u> |
| 99.16 | <u>[CFO Certification of Annual Filings for the year ended December 31, 2025](exhibit9916-40xf.htm)</u> |
| 99.17 | <u>[CEO Certification of Interim Filings for the quarter ended March 31, 2025](exhibit9917-40f.htm)</u> |
| 99.18 | <u>[CFO Certification of Interim Filings for the quarter ended March 31, 2025](exhibit9918-40f.htm)</u> |
| 99.19 | <u>[CEO Certification of Interim Filings for the quarter ended June 30, 2025](exhibit9919-40xf.htm)</u> |
| 99.20 | <u>[CFO Certification of Interim Filings for the quarter ended June 30, 2025](exhibit9920-40f.htm)</u> |
| 99.21 | <u>[CEO Certification of Interim Filings for the quarter ended September 30, 2025](exhibit9921-40f.htm)</u> |
| 99.22 | <u>[CFO Certification of Interim Filings for the quarter ended September 30, 2025](exhibit9922-40f.htm)</u> |
| 99.23 | <u>[Management Information Circular, dated April 23, 2025, in respect of annual general and special meeting of shareholders](exhibit9923-40f.htm)</u> |
| 99.24 | <u>[Form of Proxy](exhibit9924-40f.htm)</u> |
| 99.25 | <u>[Report of Voting Results](exhibit9925-40f.htm)</u> |
| 99.26 | <u>[Updated Articles of OceanaGold, effective June 4, 2025](exhibit9926-40f.htm)</u> |
| 99.27 | <u>[Material Change Report, dated June 24, 2025](exhibit9927-40f.htm)</u> |
| 99.28 | <u>[Notice of Change of Auditor, dated February 19, 2025](exhibit9928-40f.htm)</u> |
| 99.29 | <u>[Letter from former auditor, dated February 20, 2025](exhibit9929-40f.htm)</u> |
| 99.30 | <u>[Updated letter from former auditor, dated February 20, 2025](exhibit9930-40f.htm)</u> |
| 99.31 | <u>[Letter from successor auditor, dated February 20, 2025](exhibit9931-40f.htm)</u> |
| 99.32 | <u>[News release, dated January 21, 2025](exhibit9932-40xf.htm)</u> |
| 99.33 | <u>[News release, dated February 19, 2025](exhibit9933-40xf.htm)</u> |
| 99.34 | <u>[News release, dated February 19, 2025](exhibit9934-40xf.htm)</u> |
| 99.35 | <u>[News release, dated February 20, 2025](exhibit9935-40xf.htm)</u> |
| 99.36 | <u>[News release, dated February 24, 2025](exhibit9936-40xf.htm)</u> |
| 99.37 | <u>[News release, dated March 4, 2025](exhibit9937-40xf.htm)</u> |

---

------

---

| | |
|:---|:---|
| 99.38 | <u>[News release, dated April 8, 2025](exhibit9938-40xf.htm)</u> |
| 99.39 | <u>[News release, dated May 7, 2025](exhibit9939-40xf.htm)</u> |
| 99.40 | <u>[News release, dated May 21, 2025](exhibit9940-40xf.htm)</u> |
| 99.41 | <u>[News release, dated June 4, 2025](exhibit9941-40xf.htm)</u> |
| 99.42 | <u>[News release, dated June 19, 2025](exhibit9942-40f.htm)</u> |
| 99.43 | <u>[News release, dated June 25, 2025](exhibit9943-40xf.htm)</u> |
| 99.44 | <u>[News release, dated July 8, 2025](exhibit9944-40f.htm)</u> |
| 99.45 | <u>[News release, dated July 22, 2025](exhibit9945-40xf.htm)</u> |
| 99.46 | <u>[News release, dated August 6, 2025](exhibit9946-40xf.htm)</u> |
| 99.47 | <u>[News release, dated September 11, 2025](exhibit9947-40xf.htm)</u> |
| 99.48 | <u>[News release, dated October 7, 2025](exhibit9948-40xf.htm)</u> |
| 99.49 | <u>[News release, dated November 5, 2025](exhibit9949-40xf.htm)</u> |
| 99.50 | <u>[News release, dated November 25, 2025](exhibit9950-40xf.htm)</u> |
| 99.51 | <u>[News release, dated December 18, 2025](exhibit9951-40xf.htm)</u> |
| 99.52 | <u>[News release, dated January 20, 2026](exhibit9952-40xf.htm)</u> |
| 99.53 | <u>[News release, dated February 18, 2026](oceanagold-ex9953xguidance.htm)</u> |
| 99.54 | <u>[News release, dated February 18, 2026](oceanagold-ex9954xmineralr.htm)</u> |
| 99.55 | <u>[News release, dated](exhibit9955-40xf.htm)[March 27, 2026](exhibit9955-40xf.htm)</u> |
| 99.56 | <u>[AB Form 13-501F1 – Participation Fee, dated February 19, 2025](exhibit9956-40xf.htm)</u> |
| 99.57 | <u>[ON Form 13-502F1 – Participation Fee, dated February 19, 2025](exhibit9957-40xf.htm)</u> |
| 99.58 | <u>[AB Form 13-501F1 – Participation Fee, dated February 18, 2026](exhibit9958-40xf.htm)</u> |
| 99.59 | <u>[ON Form 13-502F1 – Participation Fee, dated February 18, 2026](exhibit9959-40xf.htm)</u> |
| 99.60 | <u>[Technical Report titled "NI 43-101 Technical Report – Waihi District Pre-feasibility Study, New Zealand", dated December 11, 2024 (effective date June 30, 2024)](exhibit9960-40xf.htm)</u> |
| 99.61 | <u>[Technical Report titled "NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina", dated March 27, 2026 (effective date December 31, 2025)](exhibit9961-40xf.htm)</u> |
| 99.62 | <u>[Technical Report titled "NI 43-101 Technical Report – Macraes](exhibit9962-40xf.htm)[Operation](exhibit9962-40xf.htm)[, Otago, New Zealand", dated March 27, 2026 (effective date December 31, 2025)](exhibit9962-40xf.htm)</u> |
| 99.63 | <u>[Technical Report titled "NI 43-101 Technical Report – Didipio Mine, Luzon Island, Philippines", dated March 27, 2026 (effective date December 31, 2025)](exhibit9963-40xf.htm)</u> |
|  | ***Consents*** |
| 99.64 | <u>[Consent of PricewaterhouseCoopers LLP (Canada)](exhibit9964-40xf.htm)</u> |
| 99.65 | <u>[Consent of PricewaterhouseCoopers (Australia)](exhibit9965-40xf.htm)</u> |
| 99.66 | <u>[Consent of David Carr](exhibit9966-40xf.htm)</u> |
| 99.67 | <u>[Consent of Doug Corley](exhibit9967-40xf.htm)</u> |
| 99.68 | <u>[Consent of Leroy Crawford-Flett](exhibit9968-40xf.htm)</u> |
| 99.69 | <u>[Consent of Brianna Drury](exhibit9969-40xf.htm)</u> |
| 99.70 | <u>[Consent of Craig Feebrey](exhibit9970-40xf.htm)</u> |
| 99.71 | <u>[Consent of Matthew Grant](exhibit9971-40xf.htm)</u> |
| 99.72 | <u>[Consent of Gregory Hollett](exhibit9972-40xf.htm)</u> |
| 99.73 | <u>[Consent of Keenan Jennings](exhibit9973-40xf.htm)</u> |
| 99.74 | <u>[Consent of Kirsty Hollis](exhibit9974-40xf.htm)</u> |
| 99.75 | <u>[Consent of Philip Jones](exhibit9975-40xf.htm)</u> |
| 99.76 | <u>[Consent of Euan Leslie](exhibit9976-40xf.htm)</u> |

---

------

99.77 <u>[Consent of David Londoño](exhibit9977-40xf.htm)</u>

99.78 <u>[Consent of Knowell Madambi](exhibit9978-40xf.htm)</u>

99.79 <u>[Consent of Trevor Maton](exhibit9979-40xf.htm)</u>

99.80 <u>[Consent of Jonathan Moore](exhibit9980-40xf.htm)</u>

99.81 <u>[Consent of Peter Sharpe](exhibit9981-40xf.htm)</u>

99.82 <u>[Consent of David Tow](exhibit9982-40xf.htm) [n](exhibit9982-40xf.htm) [send](exhibit9982-40xf.htm)</u>

99.83 <u>[Consent of Larry Standridge](exhibit9983-40xf.htm)</u>

99.84 <u>[Consent of Robert Cook](exhibit9984-40xf.htm)</u>

99.85 <u>[Consent of Jay Newton Janney-Moore](exhibit9985-40xf.htm)</u>

99.86 <u>[Consent of William Kingston](exhibit9986-40xf.htm)</u>

99.87 <u>[Consent of Matthew Sullivan](exhibit9987-40xf.htm)</u>

99.88 <u>[Consent of Brooke](exhibit9988-40xf.htm) [J.](exhibit9988-40xf.htm) [Miller](exhibit9988-40xf.htm)</u>

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, OceanaGold Corporation certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, on March 27, 2026.

---

| | |
|:---|:---|
| **OCEANAGOLD CORPORATION** | **OCEANAGOLD CORPORATION** |
| By: | */s/Liang Tang* |
| Name: | Liang Tang |
| Title: | Executive Vice President, General Counsel and Company Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![oglogod.jpg](oglogod.jpg)

**Annual Information Form**

For the year ended December 31, 2024

Date: March 31, 2025

www.oceanagold.com

------

![oglogod.jpg](oglogod.jpg)

![image_0c.jpg](image_0c.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Introductory Notes | 1 |
| &nbsp;&nbsp;&nbsp;Date of Information | 1 |
| &nbsp;&nbsp;&nbsp;Cautionary Note Regarding Forward-Looking Information | 1 |
| &nbsp;&nbsp;&nbsp;Currency and Exchange Rate Information | 2 |
| &nbsp;&nbsp;&nbsp;Technical Information | 2 |
| &nbsp;&nbsp;&nbsp;Cautionary Note for United States Readers | 4 |
| Corporate Structure | 5 |
| &nbsp;&nbsp;&nbsp;Name, Address and Incorporation | 5 |
| &nbsp;&nbsp;&nbsp;Intercorporate Relationships | 5 |
| General Development of the Business | 6 |
| &nbsp;&nbsp;&nbsp;Recent Developments | 6 |
| &nbsp;&nbsp;&nbsp;2024 Developments | 7 |
| &nbsp;&nbsp;&nbsp;2023 Developments | 8 |

---

------

![oglogod.jpg](oglogod.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;2022 Developments | 8 |
| Description of Business | 10 |
| &nbsp;&nbsp;&nbsp;Business Strategy | 10 |
| &nbsp;&nbsp;&nbsp;Principal Products | 10 |
| &nbsp;&nbsp;&nbsp;Special Skills and Knowledge | 11 |
| &nbsp;&nbsp;&nbsp;Competitive Conditions | 11 |
| &nbsp;&nbsp;&nbsp;Cycles | 11 |
| &nbsp;&nbsp;&nbsp;Employees | 11 |
| &nbsp;&nbsp;&nbsp;Foreign Operations | 11 |
| &nbsp;&nbsp;&nbsp;Changes to Contracts | 11 |
| &nbsp;&nbsp;&nbsp;Sustainability | 11 |
| Summary of Mineral Reserves and Mineral Resources Estimates | 16 |
| &nbsp;&nbsp;&nbsp;Mineral Reserves | 16 |
| &nbsp;&nbsp;&nbsp;Mineral Resources | 17 |
| &nbsp;&nbsp;&nbsp;Notes to Mineral Reserves and Mineral Resources Estimates | 18 |
| Haile Operation | 19 |
| &nbsp;&nbsp;&nbsp;Property Description, Location and Access | 19 |
| &nbsp;&nbsp;&nbsp;History | 19 |
| &nbsp;&nbsp;&nbsp;Geological Setting, Mineralization and Deposit Types | 20 |
| &nbsp;&nbsp;&nbsp;Mineral Permits and Regulatory Matters | 20 |
| &nbsp;&nbsp;&nbsp;Environmental and Social Matters | 21 |
| &nbsp;&nbsp;&nbsp;Exploration | 21 |
| &nbsp;&nbsp;&nbsp;Drilling | 22 |
| &nbsp;&nbsp;&nbsp;Sampling, Analysis and Data Verification | 22 |
| &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 22 |
| &nbsp;&nbsp;&nbsp;Mining Operations | 23 |
| &nbsp;&nbsp;&nbsp;Processing and Recovery Operations | 24 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 24 |
| &nbsp;&nbsp;&nbsp;Capital and Operating Costs | 24 |
| &nbsp;&nbsp;&nbsp;Production, Development and Exploration | 25 |
| Didipio Operation | 25 |
| &nbsp;&nbsp;&nbsp;Property Description, Location and Access | 26 |
| &nbsp;&nbsp;&nbsp;History | 26 |

---

<u>www.oceanagold.com</u> <u>i</u> 

------

![oglogod.jpg](oglogod.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Geological Setting, Mineralization and Deposit Types | 26 |
| &nbsp;&nbsp;&nbsp;Mineral Permits and Regulatory Matters | 27 |
| &nbsp;&nbsp;&nbsp;Environmental and Social Matters | 29 |
| &nbsp;&nbsp;&nbsp;Exploration | 30 |
| &nbsp;&nbsp;&nbsp;Drilling | 30 |
| &nbsp;&nbsp;&nbsp;Sampling, Analysis and Data Verification | 30 |
| &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 31 |
| &nbsp;&nbsp;&nbsp;Mining Operations | 32 |
| &nbsp;&nbsp;&nbsp;Processing and Recovery Operations | 32 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 32 |
| &nbsp;&nbsp;&nbsp;Capital and Operating Costs | 32 |
| &nbsp;&nbsp;&nbsp;Production, Development and Exploration | 33 |
| Macraes Operation | 34 |
| &nbsp;&nbsp;&nbsp;Property Description, Location and Access | 34 |
| &nbsp;&nbsp;&nbsp;History | 34 |
| &nbsp;&nbsp;&nbsp;Geological Setting, Mineralization and Deposit Types | 34 |
| &nbsp;&nbsp;&nbsp;Mineral Permits and Regulatory Matters | 35 |
| &nbsp;&nbsp;&nbsp;Environmental and Social Matters | 36 |
| &nbsp;&nbsp;&nbsp;Exploration | 37 |
| &nbsp;&nbsp;&nbsp;Drilling | 37 |
| &nbsp;&nbsp;&nbsp;Sampling, Analysis and Data Verification | 37 |
| &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 38 |
| &nbsp;&nbsp;&nbsp;Mining Operations | 38 |
| &nbsp;&nbsp;&nbsp;Processing and Recovery Operations | 39 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 39 |
| &nbsp;&nbsp;&nbsp;Capital and Operating Costs | 39 |
| &nbsp;&nbsp;&nbsp;Production, Development and Exploration | 40 |
| Waihi Operation | 41 |
| &nbsp;&nbsp;&nbsp;Property Description, Location and Access | 41 |
| &nbsp;&nbsp;&nbsp;History | 41 |
| &nbsp;&nbsp;&nbsp;Geological Setting, Mineralization and Deposit Types | 42 |
| &nbsp;&nbsp;&nbsp;Mineral Permits and Regulatory Matters | 42 |
| &nbsp;&nbsp;&nbsp;Environmental and Social Matters | 43 |

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<u>www.oceanagold.com</u> <u>ii</u> 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Exploration | 44 |
| &nbsp;&nbsp;&nbsp;Drilling | 44 |
| &nbsp;&nbsp;&nbsp;Sampling, Analysis and Data Verification | 45 |
| &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 45 |
| &nbsp;&nbsp;&nbsp;Mining Operations | 46 |
| &nbsp;&nbsp;&nbsp;Processing and Recovery Operations | 47 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 48 |
| &nbsp;&nbsp;&nbsp;Capital and Operating Costs | 48 |
| &nbsp;&nbsp;&nbsp;Production, Development and Exploration | 48 |
| Risk Factors | 50 |
| Dividends and Distributions | 66 |
| Description of Share Capital | 67 |
| &nbsp;&nbsp;&nbsp;Classes of Shares | 67 |
| &nbsp;&nbsp;&nbsp;Employee Equity Incentive Plans | 67 |
| &nbsp;&nbsp;&nbsp;Non-Executive Director Deferred Unit Plan | 68 |
| Prior Sales | 69 |
| Market for Securities | 70 |
| &nbsp;&nbsp;&nbsp;Exchange Listings | 70 |
| &nbsp;&nbsp;&nbsp;Trading Price and Volume | 70 |
| Directors and Executive Officers | 71 |
| &nbsp;&nbsp;&nbsp;Board of Directors | 71 |
| &nbsp;&nbsp;&nbsp;Executive Officers | 74 |
| &nbsp;&nbsp;&nbsp;Shareholdings of Directors and Executive Officers | 76 |
| &nbsp;&nbsp;&nbsp;Cease Trade Orders or Bankruptcies | 77 |
| &nbsp;&nbsp;&nbsp;Penalties or Sanctions | 77 |
| &nbsp;&nbsp;&nbsp;Conflicts of Interest | 77 |
| &nbsp;&nbsp;&nbsp;Code of Conduct | 78 |
| Audit Committee | 79 |
| &nbsp;&nbsp;&nbsp;Composition of the Audit Committee | 79 |
| &nbsp;&nbsp;&nbsp;Audit Committee Oversight | 79 |
| &nbsp;&nbsp;&nbsp;Reliance on Certain Exemptions | 79 |
| &nbsp;&nbsp;&nbsp;Pre-Approval Policies and Procedures | 79 |
| &nbsp;&nbsp;&nbsp;External Auditor Service Fees | 80 |

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<u>www.oceanagold.com</u> <u>iii</u> 

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| | |
|:---|:---|
| Legal Proceedings and Regulatory Actions | 81 |
| &nbsp;&nbsp;&nbsp;Didipio Mining Claims | 81 |
| &nbsp;&nbsp;&nbsp;FTAA Challenges | 81 |
| Interest of Management and Others in Material Transactions | 82 |
| Transfer Agent and Registrar | 83 |
| Material Contracts | 84 |
| Interest of Experts | 85 |
| Additional Information | 86 |
| Schedule A – Audit and Risk Committee Charter | A-1 |

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<u>www.oceanagold.com</u> <u>iv</u> 

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**Introductory Notes**

**Date of Information**

In this Annual Information Form (the "**Annual Information Form**"), OceanaGold Corporation, together with our subsidiaries, as the context requires, is referred to as "**we**", "**our**", "**us**" or "**OceanaGold**". All information contained in this Annual Information Form is as at December 31, 2024, unless otherwise stated, being the date of our most recently completed financial year, and the use of the present tense and of the words "is", "are", "current", "currently", "presently", "now" and similar expressions in this Annual Information Form is to be construed as referring to information given as of that date. Readers are also encouraged to review our audited annual financial statements and Management's Discussion and Analysis for the year ended December 31, 2024.

**Cautionary Note Regarding Forward-Looking Information**

This Annual Information Form contains certain "forward-looking statements" and "forward-looking information" (collectively, "**forward-looking statements**") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to: our future financial and operating performance; our mining projects including statements related to anticipated production; the future price of gold, copper and silver; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserves and Mineral Resources estimates; costs of production; estimates of initial capital, sustaining capital, operating and exploration expenditures; statements related to our ongoing Normal Course Issuer Bid ("**NCIB**"); statements related to the Waihi North Project and Macraes Phase 4 Project being listed in Schedule 2 of the New Zealand's Fast-track Approvals Act 2024 (the "**FTA Act**"); statements related to our dividend policy; costs and timing of the development of new deposits; costs and timing of the development of new mines; costs and timing of future exploration and drilling programs; timing of filing of updated technical information; anticipated production amounts; requirements for additional capital; governmental regulation of mining operations and exploration operations; timing and receipt of approvals; consents and permits under applicable legislation; environmental risks; title disputes or claims; limitations of insurance coverage and the timing and possible outcome of current and pending litigation and regulatory matters. All statements in this Annual Information Form that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: not achieving our production estimates, forecasts or guidance; inaccuracy of Mineral Reserves, Mineral Resources and operating cost estimates; legal challenges to mining and operating permits or related to the interpretation of applicable law, including legal challenges to the Financial or Technical Assistance Agreement (the "**FTAA**") for our Didipio Mine; adverse judicial decisions; inability or delays in obtaining financing or governmental approvals; future prices of gold, copper and silver; general business, economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; failure of plant, equipment or processes to operate as anticipated; the actual results of current production, development and/or exploration activities; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; inability or delays in the completion of development or construction activities or in the re-commencement of operations; increased competition for mineral properties; changes in laws (including tax laws) and changes in International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS) or regulatory accounting requirements; the burden of compliance with governmental laws and regulations including safety, health, social and environmental laws and regulations; operations in foreign jurisdictions; uninsured risk; environmental risks; conclusions of economic evaluations and studies; risks associated with social acceptance of our projects; labour force availability and turnover; political instability or insurrection or war; fluctuations in the value of the U.S. dollar relative to the Canadian dollar, the Philippine peso or the New Zealand dollar; risks associated with inflation; accidents, labour disputes and other risks of the mining industry; and those factors identified and described in more detail in the section entitled "Risk Factors". The list is not exhaustive of the factors that may affect our forward-looking statements.

<u>www.oceanagold.com</u> <u>1</u> 

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Our forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to our ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any Mineral Resources or Mineral Reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; our ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Our forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. We do not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities we will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Currency and Exchange Rate Information**

All amounts in this Annual Information Form are expressed in U.S. dollars unless otherwise indicated. A reference in this Annual Information Form to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**C$**" or "**Canadian dollar**" is to the lawful currency of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**NZ$**" or "**New Zealand dollar**" is to the lawful currency of New Zealand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**₱**", "**Php**" or "**Philippine peso**" is to the lawful currency of the Philippines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**$**", "**US$**" or "**U.S. dollar**" is to the lawful currency of the United States.

The high, low, average and closing exchange rates for Canadian dollars, New Zealand dollars and Philippine pesos in terms of U.S. dollars for the last three fiscal years ended December 31, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **C$:US$** | **NZ$:US$** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Php:US$** |
| | Closing rate | 0.6950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0172 |
| 2024 | Average rate | 0.7301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0175 |
| 2024 |  |  |  |  |
| 2024 | High | 0.7549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0181 |
|  | Low | 0.6938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0169 |
|  | Closing rate | 0.7572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0181 |
| 2023 | Average rate | 0.7410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0180 |
| 2023 |  |  |  |  |
| 2023 | High | 0.7620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0185 |
|  | Low | 0.7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0175 |
|  | Closing rate | 0.7389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0180 |
| 2022 | Average rate | 0.7681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0183 |
| 2022 |  |  |  |  |
| 2022 |  |  |  |  |
|  | High | 0.8026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0196 |
|  | Low | 0.7209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0169 |

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As of March 28, 2025, rates for Canadian dollars, New Zealand dollars and Philippine pesos in terms of U.S. dollars were C$0.6990:US$, NZ$0.5717:US$ and Php0.0174:US$, respectively.

<u>www.oceanagold.com</u> <u>2</u> 

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**Technical Information**

The disclosure included in this Annual Information Form uses Mineral Reserve and Mineral Resource classification terms that comply with reporting standards in Canada and the Mineral Reserve and Mineral Resource estimates are made in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("**CIM**") Council – Definition Standards for Mineral Resources & Mineral Reserves adopted by CIM Council on May 19, 2014 (the "**CIM Standards**"), which were adopted by the Canadian Securities Administrators' (the "**CSA**") National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("**NI 43-101**"). NI 43-101 is a rule developed by the CSA that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The following definitions are reproduced from the CIM Standards:

A ***Modifying Factor*** or ***Modifying Factors*** are considerations used to convert Mineral Resources to Mineral Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

A ***Mineral Resource*** is a concentration or occurrence of solid material of economic interest in or on the earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

An ***Inferred Mineral Resource*** is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An ***Indicated Mineral Resource*** is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

A ***Measured Mineral Resource*** is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

A ***Mineral Reserve*** is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at pre-feasibility or feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported. The public disclosure of a Mineral Reserve must be demonstrated by a pre-feasibility study or feasibility study.

A ***Probable Mineral Reserve*** is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

A ***Proven Mineral Reserve*** is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors.

<u>www.oceanagold.com</u> <u>3</u> 

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The term "qualified person" as used in this Annual Information Form means a qualified person as that term is defined by NI 43-101. Except where otherwise disclosed herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. David Londoño, our Executive Vice President, Chief Operating Officer Americas, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Haile operational matters contained in this Annual Information Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Messrs. David Carr, Phillip Jones, and Jonathan Moore, each of whom is our employee and a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Didipio operational matters contained in this Annual Information Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Messrs. David Carr, Matthew Grant, Euan Leslie, Knowell Madambi and Jonathan Moore, each of whom is our employee and a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Macraes operational matters contained in this Annual Information Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Messrs. Leroy Crawford-Flett, Euan Leslie, Trevor Maton and David Townsend and Ms. Kirsty Hollis, each of whom is our employee and a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Waihi operational matters contained in this Annual Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Craig Feebrey, our Executive Vice President and Chief Exploration Officer, a qualified person as defined by NI 43-101, has approved the scientific and technical information regarding exploration matters contained in this Annual Information Form.

**Cautionary Note for United States Readers**

Unless otherwise indicated, the scientific and technical disclosure in this Annual Information Form was prepared in accordance with NI 43-101, which differs from the requirements of the U.S. Securities and Exchange Commission (the "**U.S. SEC**"). Accordingly, Mineral Resource and Mineral Reserve information and other scientific and technical information contained or referenced in this Annual Information Form may not be comparable to similar information disclosed by public companies subject to the technical disclosure requirements of the U.S. SEC.

<u>www.oceanagold.com</u> <u>4</u> 

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**Corporate Structure**

**Name, Address and Incorporation**

OceanaGold was incorporated under the Business Corporations Act (British Columbia) on March 22, 2007, as the Canadian holding company for the purpose of carrying on the business of Oceana Gold Ltd (now Oceana Gold Pty Ltd) pursuant to a court-approved arrangement under Australian law. Our registered office and head office is located at Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

**Intercorporate Relationships**

A significant portion of our business is carried on through our subsidiaries. The chart below includes the name and jurisdiction of incorporation of our material subsidiaries and certain subsidiaries that we consider significant as described in this Annual Information Form. All ownership of subsidiaries is 100% unless otherwise indicated.

![image_5.jpg](image_5.jpg)

**Note:** Pursuant to the FTAA, certain claimowners (the "**Addendum Claimowners**") are entitled to a free carried interest of 8% of OceanaGold (Philippines), Inc. ("**OGPI**") and 2% net smelter return ("**NSR**") royalty of OGPI. Please see "*Didipio Operation – Mineral Permits and Regulatory Matters – Entitlements of Additional Claimowners*" for further information.

<u>www.oceanagold.com</u> <u>5</u> 

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**General Development of the Business**

We are an intermediate gold and copper producer with our head office in Vancouver, Canada. We have four operating mines and a number of organic growth projects. Our material properties consist of the following four mines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Haile Gold Mine, our wholly owned open pit and underground operation located near Kershaw, South Carolina, United States ("**Haile**" or "**Haile Gold Mine**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Didipio Mine, our 80%-owned underground gold and copper mine and surface stockpile operation located in Luzon, Philippines ("**Didipio**" or "**Didipio Mine**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Macraes Operation, our wholly owned open pit and underground operation located in the South Island, New Zealand ("**Macraes**" or the "**Macraes Operation**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Waihi Operation, our wholly owned underground operation, which includes the proposed Waihi North Project, including the Wharekirauponga Underground development project ("**WUG**"), located in the North Island, New Zealand ("**Waihi**" or the "**Waihi Operation**").

![image_6.jpg](image_6.jpg)

**Recent Developments**

On March 4, 2025, we announced that we lodged our application for the grant of Fast-track approvals for our Waihi North Project, which includes WUG, under the FTA Act for regionally and nationally significant infrastructure and development projects. The Fast-track Approvals process under the FTA Act aims to streamline the consent application process through a "one-stop-shop" designed to reduce regulatory complexity while retaining important environmental, cultural and social standards. The lodging of our application for Fast-track approvals is consistent with our targeted timeline for the grant of approvals by December 2025 and the commencement of decline and underground development work for the proposed WUG mine in 2026.

On February 20, 2025, we appointed Ms. Stefanie Loader as an independent non-executive director to our Board of Directors. Please see "*Directors and Executive Officers – Board of Directors*" for additional information on Ms. Loader's experience.

<u>www.oceanagold.com</u> <u>6</u> 

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On February 19, 2025, we announced a doubling of our annual dividend payment, to $0.01 per common share (the "**Common Shares**") payable quarterly. In addition, our Board of Directors approved the buy back of up to $100 million of Common Shares in 2025 under our NCIB announced in July 2024 (please see "*2024 Developments*" below for additional information on our NCIB). As of February 28, 2025, we had purchased 3.5 million Common Shares ($9.4 million) under the NCIB in 2025.

On February 19, 2025, we also announced that Mr. David Londoño, our Executive Vice President, Chief Operating Officer Americas, is leaving OceanaGold to return to Colombia for family reasons, effective April 4, 2025. Mr. Bhuvanesh Malhotra, our Executive Vice President, Chief Technical & Projects Officer, will permanently assume Mr. Londoño's executive accountabilities for the Haile Gold Mine upon Mr. Londoño's departure. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on Mr. Malhotra's experience.

**2024 Developments**

On January 9, 2024, we announced the appointment of Mr. Bhuvanesh Malhotra as Executive Vice President, Chief Technical & Projects Officer, effective January 22, 2024.

On March 28, 2024, we filed an updated technical report for Haile entitled "NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina" dated March 28, 2024 with an effective date of December 31, 2023, prepared by D. Carr, D. Londoño, J. Moore and B. Drury (OceanaGold), L. Standridge and R. Cook (Call & Nicholas, Inc.), J. Newton Janney-Moore and W. Kingston (NewFields Mining & Technical Services LLC) and M. Sullivan and B. Miller Clarkson (SRK Consulting (U.S.), Inc.) (the "**Haile Technical Report**"). Please see "*Haile Operation*" for additional information.

On March 28, 2024, we also filed an updated technical report for our Macraes Operation entitled "NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand" dated March 28, 2024 with an effective date of December 31, 2023, prepared by M. Grant, J. Moore, K. Madambi, E. Leslie and D. Carr (OceanaGold) (the "**Macraes Technical Report**"). Please see "*Macraes Operation*" for additional information.

On May 13, 2024, we announced that OGPI completed the initial public offering (the "**Philippines Offering**") of 20% of the issued and outstanding common shares in the capital of OGPI on The Philippine Stock Exchange, Inc. (the "**PSE**"). The shares are listed under the ticker "OGP". OGPI holds our interest in the Didipio Mine and, pursuant to the terms of the renewed FTAA, was required to list its common shares on the PSE. The Philippines Offering was a secondary offering of OGPI common shares, and the proceeds were received by one of our wholly owned subsidiaries. The final Philippines Offering price was ₱13.33 per share for 456,000,000 common shares in the capital of OGPI and gross proceeds totaling ₱6.08 billion (approximately $106 million (based on an exchange rate of $1=₱57.32)) were raised. Available proceeds from the Philippines Offering, net of fees and taxes, was applied to the repayment of the debt owing under the OceanaGold revolving credit facility (the "**Facility**").

On June 24, 2024, we announced that we completed the sale of our interest in the Blackwater project in New Zealand to Tasman Mining Limited, a wholly owned subsidiary of Federation Mining Inc., for proceeds of $30 million in cash.

On July 22, 2024, we announced that we received approval from the Toronto Stock Exchange ("**TSX**") to buy back up to 35.5 million of our Common Shares, representing approximately 5% of our outstanding Common Shares and approximately 5% of the public float of Common Shares, pursuant to the NCIB in the open market through the facilities of the TSX or alternative Canadian trading systems over a 12 month period commencing on July 24, 2024 and ending on or before July 23, 2025. Decisions regarding purchases are based on market conditions, share price, best use of available cash and other factors. Any Common Shares purchased under the NCIB are subsequently cancelled. We purchased 8.8 million Common Shares ($24.1 million) under the NCIB in 2024.

On October 6, 2024, we announced that both of our Waihi North Project and Macraes Phase 4 Project were included in the 149 projects listed in Schedule 2 of the FTA Act. The New Zealand Parliament passed the FTA Act in December 2024.

On December 11, 2024, we filed an updated technical report for our Waihi Operation entitled "NI 43-101 Technical Report Waihi Operations and Wharekirauponga Underground Pre-feasibility Study, New Zealand" dated December 11, 2024 with an effective date of June 30, 2024, prepared by D. Townsend, L. Crawford-Flett, K. Hollis, E. Leslie and T. Maton (OceanaGold) (the "**Waihi Technical Report**"), announcing the results of our Waihi District pre-feasibility study ("**PFS**"). Highlights of the Waihi Technical Report included: an initial Mineral Reserve estimate for WUG of 4.1 Mt at 9.2 g/t for 1.2 Moz of gold; after-tax NPV5% of $621 million at a gold price of $2,400 per ounce, or $138 million at

<u>www.oceanagold.com</u> <u>7</u> 

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![oglogod.jpg](oglogod.jpg)

a gold price of $1,750 per ounce; an IRR of 24% at a gold price of $2,400 per ounce, or 9.2% at a gold price of $1,750 per ounce; and gold production of 1.6 Moz over a 15-year mine life. Please see "*Summary of Mineral Reserves and Mineral Resources Estimates*" and "*Waihi Operation*" for additional information.

**2023 Developments**

On February 21, 2023, we announced the appointment of Ms. Michelle Du Plessis as Executive Vice President, Chief People & Technology Officer, effective March 2023. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on the experience of Ms. Du Plessis.

On February 21, 2023, we also announced our Board of Directors' decision to reinstate our dividend policy and pay a $0.01 per share semi-annual dividend. The first dividend payment was made on April 28, 2023.

On March 22, 2023, we announced the appointment of Mr. Marius van Niekerk as Executive Vice President, Chief Financial Officer. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on Mr. van Niekerk's experience.

On April 24, 2023, we appointed Ms. Linda Broughton as an independent non-executive director to our Board of Directors. Please see "*Directors and Executive Officers – Board of Directors*" for additional information on Ms. Broughton's experience.

On September 14, 2023, we announced mining of first development ore from the Horseshoe Underground at our Haile Gold Mine. Please see "*Haile Operation*" for further information.

On September 18, 2023, we announced that we qualified to trade on the OTCQX market in the U.S. and began trading on the OTCQX® Best Market under the symbol "OCANF".

On December 15, 2023, we refinanced the Facility with seven leading international banks with decreased interest margins, standby fees and certain other key terms. The size of the Facility was restructured from $250 million to $200 million plus a $50 million uncommitted accordion, in line with business requirements. It is secured against present and future assets, property and undertakings and has a term of four years, maturing on December 31, 2027. As of December 31, 2024, we repaid all amounts drawn under the Facility.

**2022 Developments**

On February 10, 2022, we announced the appointment of Mr. Gerard Bond as our President and Chief Executive Officer and a member of our Board of Directors, effective April 4, 2022. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on Mr. Bond's experience.

On March 31, 2022, we filed an updated technical report for Didipio entitled "NI 43-101 Technical Report Didipio Gold / Copper Operations Luzon Island, Philippines" dated March 31, 2022 with an effective date of December 31, 2021, prepared by D. Carr, P. Jones, and J. Moore (OceanaGold) (the "**Didipio Technical Report**"). Please see "*Didipio Operation*" for additional information.

On June 13, 2022, we announced the appointment of Mr. Brian Martin as Senior Vice President, Business Development and Investor Relations, effective July 4, 2022.

On July 24, 2022, we announced certain changes to our executive leadership team ("**Executive Leadership Team**"), which included the appointment of Mr. David Londoño as Executive Vice President, Chief Operating Officer Americas and Mr. Peter Sharpe as Executive Vice President, Chief Operating Officer Asia-Pacific. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on the experience of each of Messrs. Londoño and Sharpe.

On August 15, 2022, we announced the retirement of Mr. Michael McMullen from our Board of Directors.

On August 31, 2022, we delisted from the Australia Securities Exchange (the "**ASX**"), following our voluntary request for removal from the official list of the ASX. We continue to maintain the primary listing of our Common Shares on the TSX.

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Effective October 1, 2022, we appointed Mr. Alan Pangbourne as an independent non-executive director to our Board of Directors. Please see "*Directors and Executive Officers – Board of Directors*" for additional information on Mr. Pangbourne's experience.

On December 19, 2022, we announced that the United States Army Corps of Engineers (the "**US ACOE**") issued the Supplementary Environmental Impact Statement Record of Decision (the "**SEIS ROD**") and granted a permit under Section 404 of the Clean Water Act (the "**404 Permit**") for the expansion of the Haile Gold Mine. The receipt of the SEIS ROD and 404 Permit by the US ACOE completed the federal permitting process for the Haile expansion. In addition, the South Carolina Department of Environmental Services (formerly the South Carolina Department of Health and Environmental Control) ("**SC DES**") issued the Mine Operating Permit (the "**Haile Mine Operating Permit**") in December 2022, which, following a statutory 15-day period, became final and completed the state permitting process for the Haile expansion. The receipt of the SEIS ROD, 404 Permit and the Haile Mine Operating Permit allowed for development and operation of the underground mine and an expansion of the operating footprint to allow for additional waste containment facilities and expanded tailings storage capacity. Please see "*Haile Operation*" for additional information.

Effective December 2022, we appointed Ms. Megan Saussey as Executive Vice President, Chief Sustainability Officer. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on Ms. Saussey's experience.

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**Description of Business**

**Business Strategy**

We are an 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.

Our Purpose is mining gold for a better future. Our Vision is to be a company people trust, want to work and partner with, supply and invest in, to create value. This Vision is brought to life by our Values – Care, Respect, Integrity, Performance and Teamwork. Our Values guide our behaviours and put our people, local communities, the environment and our stakeholders at the forefront of our decision-making.

Our corporate strategy is to increase and sustain a higher value for our Common Shares by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Safely and responsibly delivering gold production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Having a caring, inclusive and winning culture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increasing resources and reserves cost effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being financially strong and generating returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Having a premium rating with the investment community.

**Principal Products**

Each of our operations produce gold doré bars (containing gold and silver) and, at the Didipio Mine, we also produce copper concentrate. Sales from the production of these products form all our revenues.

Our revenue by product category in each of the last two financial years is as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Product Revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| &nbsp;&nbsp;&nbsp;Gold bullion | 77% | 71% |
| &nbsp;&nbsp;&nbsp;Gold concentrate<sup>1</sup> | 14% | 17% |
| &nbsp;&nbsp;&nbsp;Copper concentrate<sup>1</sup> | 8% | 11% |
| &nbsp;&nbsp;&nbsp;Silver | 1% | 1% |
| 1.All concentrate sales are generated by our Didipio Mine. | 1.All concentrate sales are generated by our Didipio Mine. | 1.All concentrate sales are generated by our Didipio Mine. |

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Gold is used for production and fabrication in multiple sectors including jewellery and electronics and as a medium of currency exchange and investment. Gold is traded on international markets and individual buyers and individual sellers generally are unable to influence prices.

Copper is a metal with inherent characteristics of excellent electrical conductivity, heat transfer and resistance to corrosion. Copper is used principally in telecommunications, power infrastructure, automobiles, construction and consumer durables.

Our revenues, profitability and viability depend on the market price of gold, copper and silver produced from our operations. The market price of these metals is set in the world market and is affected by numerous factors beyond our control, including: the demand for gold, copper and silver; expectations with respect to the rate of inflation; interest rates; currency exchange rates; the demand for jewellery and industrial products containing precious and base metals; gold, copper and silver production; inventories; costs; change in global or regional investment or consumption patterns; sales by central banks and other holders; speculators and producers of gold, copper, silver and other metals in response to any of the above factors; and global and regional political and economic factors.

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**Special Skills and Knowledge**

Various aspects of our business require specialized skills and knowledge, certain of which are in high demand and in limited supply. Such skills and knowledge include the areas of permitting, engineering, geology, metallurgy, logistical planning, implementation of exploration programs, mine construction and development and mine operation, as well as legal, compliance, finance, accounting, commercial, procurement, risk management, safety and security, environmental management, community relations and human resources. We have highly qualified management personnel and staff and an active recruitment program. Training programs are in place for workers that are recruited locally.

**Competitive Conditions**

The mining business is a competitive business. We compete with numerous other companies and individuals in the search for and the acquisition of quality properties, mineral claims, permits, concessions and other mineral interests, as well as recruiting and retaining qualified employees. Our ability to acquire and develop properties in the future will depend not only on our ability to develop and operate our present properties, but also on our ability to select and acquire suitable producing properties or prospects for development or mineral exploration.

**Cycles**

The mineral exploration, development and production business is subject to mineral and metal price cycles. The marketability of minerals is also affected by worldwide economic cycles.

**Employees**

As at December 31, 2024, our workforce was comprised of 4,643 people across Canada, Australia, the U.S., New Zealand, Singapore and the Philippines. This included 2,841 employees and 1,802 contractors.

Production at our mining operations is dependent upon the efforts of our employees and our relations with our unionized and non-unionized employees. Certain members of our Philippines and New Zealand based operations staff are represented by various labour unions and subject to collective agreements. We consider our labour relations to be positive.

**Foreign Operations**

Our operations are exposed to various levels of socio-political, economic and other risks and uncertainties. These risks and uncertainties vary from country to country and include, but are not limited to, government regulations (or changes to such regulations) with respect to restrictions on production, export controls, income taxes, royalties, excise and other taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, local ownership requirements and land claims of local people, Indigenous Peoples and cultural heritage, regional and national instability and security, mine safety, corruption and sanctions. The effect of these factors cannot be accurately predicted. Please see "*Risk Factors*" for additional information.

**Changes to Contracts**

Our business is not expected to experience material adverse impacts in relation to any renegotiation or termination of contracts or subcontracts during the current financial year. Where required, we will undertake major contract renegotiations in a planned and timely manner in accordance with our internal policies and procedures.

**Sustainability**

At OceanaGold, sustainability is fundamental to the way we do business. Operating responsibly governs every aspect of our business, and these principles fundamentally feed into our core Values. We are committed to responsible mining, managing the effects of our operations and, more broadly, contributing to the communities in which we work and live.

Our approach to sustainability aims to build a positive legacy, protecting and creating value throughout the life of our operations. We recognize that sustainability performance is a business-wide responsibility and that a comprehensive and integrated approach to sustainability can protect and create value for an organization. Our sustainability strategy (the "**Sustainability Strategy**") enables us to take a planned and managed approach to sustainability, focusing on

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simplifying, maturing and embedding strong sustainability governance, systems and processes across our global operations, to effectively manage our material sustainability risks, impacts and opportunities.

Responsible Mining Governance

Our approach to responsible mining is guided by an overarching responsible mining framework (the "**Responsible Mining Framework**") and our integrated management system ("**IMS**"), which has been independently determined to meet the requirements of International Organization for Standardization ("**ISO**") 14001:2015 (Environment) and ISO 45001:2018 (Health and Safety). In March 2024, following an independent audit in February 2024, we received an independent statement confirming that our IMS aligns with, and meets the requirements of, ISO 14001:2015 and ISO 45001:2018.

Our Responsible Mining Framework is a governance tool that helps embed sustainability into our company strategy, planning and operational processes, and commits us to high standards of governance and ethics. It provides the business a consistent and pragmatic approach to achieving our sustainability objectives, and guides business decisions and activities that complements our Sustainability Strategy and the systems and processes for monitoring, enhancing and disclosing our sustainability performance. Our Responsible Mining Framework includes commitments endorsed by our Board of Directors that are contained in a set of policies covering key sustainability areas, including environment and climate change, human rights, community, government and civil society, health and safety, fair employment, anti-bribery and corruption and stakeholder engagement. Some of these policies are supported by performance standards and all are supported by operational processes and systems, internal and external assurance, and regular, transparent reporting on our sustainability performance.

Our Responsible Mining Framework and IMS support our commitment to the World Gold Council's Responsible Gold Mining Principles ("**RGMPs**"). Established for World Gold Council member companies in 2019, the intent of the RGMPs is to become a credible and widely recognized framework through which gold mining companies and their stakeholders can provide confidence that their gold has been produced responsibly.

Since making that commitment in 2019, we have undertaken significant steps to align and ultimately conform to the RGMPs. This process has included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developing or updating and implementing policies, systems, processes and controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing information that helped external stakeholders to understand how conformance with the RGMPs was achieved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtaining independent assurance over the process to ensure stakeholder confidence and credibility in the process and conclusions.

As a company, we continue to have our policies, systems, processes and controls independently assured annually to continue to demonstrate conformance against the RGMPs. We also actively monitor emerging, new and/or changing standards and developments that may impact our Responsible Mining Framework and Sustainability Strategy and adopt such standards and adapt to such developments as required and/or appropriate.

Sustainability Committee

Our Board of Directors, Executive Leadership Team and Senior Leadership Team regularly review, monitor and discuss sustainability issues, risks and opportunities. Sustainability matters are included in standard agenda items for these forums and form an integral part of strategic and operational planning and decision-making for our business.

Our Board of Directors has a Sustainability Committee that assists the Board by overseeing, monitoring and reviewing our Sustainability Strategy, policy, governance, performance, risk and reporting, as well as compliance with legal and regulatory requirements relating to safety, occupational health, environment, climate change, social performance, human rights and sustainable development.

Sustainability Policies

Strengthening our corporate sustainability governance is a continual focus for our business. Our Responsible Mining Framework sets out our Responsible Mining Policies with commitments to align business performance and support our Purpose, Vision and Values.

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Our Responsible Mining Policies include our aspirations relating to health and safety, environment, government and civil society, communities and human rights, copies of which are available on our website at <u>www.oceanagold.com</u>.

Our Health and Safety Policy sets out our aspirations relating to protecting and promoting the safety and occupational health of our workforce through the implementation of a management system and structure that is focused on, among other matters: compliance with health and safety laws; the identification, elimination and management of health and safety risks to as low as reasonably practicable; key areas to reduce potential harm and optimize health and well-being; providing training, education and resources to ensure a healthy and safe work environment; and continuously monitoring, reviewing and improving our health and safety management systems and performance. Our Health and Safety Policy is supported by standards and manuals for operational safety, health and well-being that outline how we implement our policy.

In our Environment Policy, we strive to: responsibly manage the environmental impacts associated with our operations; comply with all relevant statutory requirements applicable to our operations; and rehabilitate our mine sites so they do not pose any unacceptable risk to the environment. Standards detail how we manage our environmental material risk areas of water, mine closure, biodiversity, cyanide, tailings management and climate change (energy usage and greenhouse gas reduction).

Our aspirations relating to ensuring positive external affairs and social performance are outlined in our Communities Policy, Human Rights Policy and Government and Civil Society Policy. These policies emphasize the importance of being a responsible corporate citizen, and outline our aspirations relating to respecting human rights, undertaking community engagement and supporting sustainable economic and social development. These policies are underpinned by a set of standards which strive to ensure that processes and procedures are implemented consistently across our business to deliver the policy requirements.

The objectives in our Responsible Mining Policies are integral to all aspects of our business, approved by our Board of Directors, and promoted and championed by our Executive Leadership Team.

Health and Safety

The health, safety and wellbeing of our employees and contractors are central to our Values and the success of our business. We continuously strive to inspire and ingrain safe behaviours into the mindset of our people, to improve health and safety outcomes and to integrate them into decision-making and planning. We do this by consulting and communicating with our workforce to ensure we have the processes, resources and information available to maintain a strong culture of safety and transparency. Every person who works at our sites is integral to this process and is responsible for collectively supporting and promoting the safety of themselves and others across the business.

Our goal is to provide a workplace that is free of fatalities and life-altering injuries and where the wellbeing of our people is actively considered and supported. To track our performance across all our sites, we report, investigate and learn from our performance on an ongoing basis – striving for continuous improvement across all aspects of health and safety.

The OurSafe Behaviours program encourages our workforce to lead safety in their work areas. It requires teamwork and encourages speaking up when our workforce identifies the potential for unsafe work. It focuses on developing site-specific behaviours defined and articulated by the workforce, influencing others to follow those safe behaviours and stopping work

when it is not safe to continue. Training our workforce is central to the success of this program to drive the culture, mindset and behaviours required to keep people safe.

Environmental Protection

Our activities are subject to extensive laws and regulations governing the protection of the environment, natural resources and human health. These laws address, among other things: emissions to air; discharges to water; management of waste and hazardous substances; protection of natural resources and protected species; cultural heritage; and reclamation of lands disturbed by mining operations. We are required to obtain regulatory approvals and permits for all our operating sites and to provide bonding requirements under domestic regulatory frameworks. Violations of environmental laws are subject to civil sanctions and, in some cases, criminal sanctions, including the suspension of or revocation of permits. The failure to comply with environmental laws and regulations could result in

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project development delays, material financial impacts or other material impacts to our projects, operations and activities, fines, penalties, lawsuits by the government or private parties or material capital expenditures.

Additionally, environmental laws and regulations in the countries in which we operate require that we undertake impact studies, routine environmental monitoring and, in some cases, require periodic independent environmental audits to be performed. These studies, monitoring and independent audits could reveal presently unknown environmental impacts that would require us to make significant capital outlays or cause material changes or delays in our intended operations and activities.

Stakeholder Engagement

Aligned with our Values and policies, we actively engage with our stakeholders to build and maintain strong long-term relationships and continually improve our practices and outcomes to address stakeholder needs and expectations.

Our External Affairs and Social Performance Management System helps identify and analyze how we: impact the communities where we operate; align our operational performance with local aspirations; create opportunities and value for stakeholders; and respect cultural heritage, norms and practices.

As outlined in our External Affairs and Social Performance Manual, each of our operations is required to implement a stakeholder engagement plan that identifies our key stakeholders, facilitates ongoing dialogue and delivers transparent, timely and fact-based communication in an accessible and clear manner. We also maintain complaints and grievance systems and procedures for the on-going management of all operation and project grievances.

Sustainability Report

Each year, we publish a Sustainability Report, which is the annual disclosure of our sustainability performance for the reporting period and incorporates all operating assets (including exploration and project development) during the reporting period. It is prepared with reference to the Global Reporting Initiative ("GRI") Standards and the GRI G4 Mining and Metals Sector Disclosures. For more information, please refer to our latest Sustainability Report, a copy of which is available on our website at <u>www.oceanagold.com</u>.

We actively monitor the external environment for emerging, new and/or changing developments regarding voluntary and mandatory sustainability-related reporting or disclosure requirements. We also plan for and adapt our reporting approach as required and/or appropriate.

Diversity and Inclusion

We are committed to creating a safe, inclusive and respectful work environment, free from any form of harassment. Diversity in the workplace is a strength and allows for employees to be themselves, feel included at work and speak up if something is wrong. We are also committed to pay equity and a working environment conducive to the needs of our employees. We will continue to respect the unique characteristics of our employees and the unique experience that each individual brings to the workplace. Our Respect at Work Policy and Fair Employment Policy reflect these commitments. A copy of these policies is available on our website at <u>www.oceanagold.com</u>.

To support our diversity objectives at our Board of Directors level, our Governance and Nominations Committee will, when identifying and considering the selection of candidates for election to the Board, give consideration to the level of representation of women on our Board, and diversity criteria other than gender, including age, ethnicity and geographical background of the candidate. Our Board of Directors pursues diversity at Board and senior management levels. As of the date hereof, we have three female directors: Ms. Linda Broughton; Ms. Sandra Dodds; and Ms. Stefanie Loader (three out of eight members, or 37.5%, female representation).

As of the date hereof, we also have three female members on our Executive Leadership Team: Ms. Michelle Du Plessis, Executive Vice President, Chief People & Technology Officer; Ms. Megan Saussey, Executive Vice President, Chief Sustainability Officer; and Ms. Liang Tang, Executive Vice President, General Counsel & Company Secretary (three out of nine members, or 33.3%, female representation).

At an operational level, we have identified various pathways to improve gender diversity, such as inclusive mine operations, competitive parental leave benefits, part-time operator roles, scholarships, leadership training to all aspiring managers and managers, and increased flexible working arrangement practices.

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Our approach to diversity, equity and inclusion is to place emphasis on promoting fairness and opportunity at all levels, to adopt measurable objectives to promote an inclusive culture, and to track the achievement of these objectives through our standard People & Culture Group processes and reporting.

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**Summary of Mineral Reserves and Mineral Resources Estimates**

The following tables summarize our Mineral Reserves and Mineral Resources estimates as at December 31, 2024.

**Mineral Reserves**

The Proven and Probable Mineral Reserves estimates as at December 31, 2024 are presented below.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** | **Cut-off grade** |
| **Gold** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Cut-off grade** |
| Horseshoe underground | 1.12 | 4.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | 4.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | 3.78 | 4.56 | 0.55 | 1.79 g/t Au |
| Palomino underground | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | 2.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | 4.33 | 2.73 | 0.38 | 1.79 g/t Au |
| Haile open pits | 4.12 | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;30.8 | 1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | 34.9 | 1.52 | 1.71 | 0.50 g/t & 0.60 g/t Au |
| Haile Total | 5.25 | 2.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;37.8 | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | 43.0 | 1.91 | 2.64 |  |
| Didipio underground | 15.0 | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;14.8 | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 29.8 | 1.12 | 1.08 | 0.76 g/t & 1.16 g/t AuEq |
| Didipio open pit stockpile | 15.8 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | - | - | &nbsp;&nbsp;&nbsp;&nbsp;- | 15.8 | 0.31 | 0.16 | 0.40 g/t AuEq |
| Didipio Total | 30.8 | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;14.8 | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 45.7 | 0.84 | 1.23 |  |
| Macraes underground | 0.16 | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 3.96 | 1.79 | 0.23 | 1.20 g/t & 1.01 g/t Au |
| Macraes open pits | 11.5 | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;8.02 | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 19.5 | 0.63 | 0.40 | 0.30 g/t Au |
| Macraes Total | 11.6 | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;11.8 | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 23.5 | 0.83 | 0.62 |  |
| Martha underground | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | 3.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 4.13 | 3.80 | 0.50 | 2.60 g/t & 3.10 g/t Au |
| Wharekirauponga | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | 9.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | 4.10 | 9.20 | 1.21 | 2.40 g/t & 1.40 g/t Au |
| Waihi Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | 6.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | 8.23 | 6.49 | 1.72 |  |
| **Total Gold** | **47.7** | **0.92** | &nbsp;&nbsp;&nbsp;&nbsp;**1.42** | &nbsp;&nbsp;&nbsp;&nbsp;**72.7** | **2.06** | &nbsp;&nbsp;&nbsp;&nbsp;**4.80** | **120** | **1.61** | **6.22** |  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Silver** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Silver** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag**<br>**(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** |
| Horseshoe underground | 1.12 | 1.8 | 0.1 | 2.66 | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | 3.78 | 2.0 | 0.2 |
| Palomino underground | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | - | 4.33 | 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | 4.33 | 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Haile open pits | 4.12 | 1.8 | 0.2 | 30.8 | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 | 34.9 | 2.3 | 2.6 |
| Haile Total | 5.25 | 1.8 | 0.3 | 37.8 | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 | 43.0 | 2.3 | 3.1 |
| Didipio underground | 15.0 | 1.8 | 0.8 | 14.8 | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | 29.8 | 1.5 | 1.5 |
| Didipio open pit stockpile | 15.8 | 2.0 | 1.0 | - | - | &nbsp;&nbsp;&nbsp;&nbsp;- | 15.8 | 2.0 | 1.0 |
| Didipio Total | 30.8 | 1.9 | 1.9 | 14.8 | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | 45.7 | 1.7 | 2.5 |
| Martha underground | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | - | 4.13 | 16 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 | 4.13 | 16 | 2.2 |
| Wharekirauponga | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | - | 4.10 | 16 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 | 4.10 | 16 | 2.1 |
| Waihi Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | - | 8.23 | 16 | &nbsp;&nbsp;&nbsp;&nbsp;4.3 | 8.23 | 16 | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| **Total Silver** | **36.1** | **1.9** | **2.2** | **60.8** | **4.0** | &nbsp;&nbsp;&nbsp;&nbsp;**7.8** | **96.9** | **3.2** | **9.9** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Copper** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Copper** | **Tonnes (Mt)** | **Cu (%)** | **Contained (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained (Mt)** |
| Didipio underground | &nbsp;&nbsp;&nbsp;&nbsp;15.0 | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;14.8 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;29.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Didipio open pit stockpile | &nbsp;&nbsp;&nbsp;&nbsp;15.8 | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | - | - | - | &nbsp;&nbsp;&nbsp;&nbsp;15.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Didipio Total | &nbsp;&nbsp;&nbsp;&nbsp;30.8 | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;14.8 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;45.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Total Copper | &nbsp;&nbsp;&nbsp;&nbsp;30.8 | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;14.8 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;45.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |

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**Notes:**

• Mineral Reserves are defined by mine designs based upon the following assumptions: metal prices of US$1,750/oz gold, US$3.50/lb copper and US$20/oz silver; and NZD/USD exchange rate of 0.61.

• Reported estimates of contained metal are not depleted for processing losses.

• For underground reserves, cut-offs applied to diluted grades.

• <u>Haile:</u>

o&nbsp;&nbsp;&nbsp;&nbsp;Open pit: The primary cut-off grade is 0.5 g/t Au, while oxide material is assigned a cut-off grade of 0.6 g/t Au.

<u>www.oceanagold.com</u> <u>16</u> 

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o&nbsp;&nbsp;&nbsp;&nbsp;Underground: The cut-off grade is 1.79 g/t Au, with adjacent lower grade stopes included in the Mineral Reserves estimate based on an incremental stope cut-off grade of 1.69 g/t Au.

• <u>Didipio:</u>

o&nbsp;&nbsp;&nbsp;&nbsp;Gold equivalence ("**AuEq**") is based upon the presented gold and copper prices as well as processing recoveries. AuEq = Au g/t + 1.37 x Cu%.

o&nbsp;&nbsp;&nbsp;&nbsp;The 15.8 Mt surface stockpile inventory includes 5.3 Mt of low-grade stocks mined at an approximate cut-off grade of 0.27 g/t AuEq.

o&nbsp;&nbsp;&nbsp;&nbsp;Underground: Incremental stopes proximal to development already planned to access main stoping areas are reported to a lower cut-off grade of 0.76 g/t AuEq.

• <u>Macraes:</u> Golden Point Underground ("**GPUG**") cut-off grade is 1.20 g/t Au. Stopes for which access already exists are reported to a lower cut-off grade of 1.01 g/t.

• <u>Waihi:</u>

o&nbsp;&nbsp;&nbsp;&nbsp;Martha underground cut-off grade for previously unmined stoping areas is 2.60 g/t Au, increasing to 3.0 g/t Au for stoping areas in close proximity to remnant workings, while development cut-off grade is 0.90 g/t Au.

o&nbsp;&nbsp;&nbsp;&nbsp;Wharekirauponga cut-off grade for stopes is 2.40 g/t Au, while development cut-off grade is 1.40 g/t Au.

**Mineral Resources**

The Measured, Indicated and Inferred Mineral Resource estimates (inclusive of Mineral Reserves) as at December 31, 2024 are presented in the table below.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** | &nbsp;&nbsp;&nbsp;&nbsp;**Cut-off grade** |
| **Gold** | **Tonnes**  | **Au** | **Contained**  | **Tonnes**  | **Au** | **Contained**  | **Tonnes** | **Au** | **Contained** | **Tonnes** | **Au** | **Contained** | &nbsp;&nbsp;&nbsp;&nbsp;**Cut-off grade** |
| **Gold** | **(Mt)** | **(g/t)** | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** | &nbsp;&nbsp;&nbsp;&nbsp;**Cut-off grade** |
| Horseshoe underground | 1.47 | 4.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 3.93 | 4.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 5.40 | 4.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | 0.8 | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 g/t Au |
| Palomino underground | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 4.72 | 3.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 4.72 | 3.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 1.1 | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 g/t Au |
| Haile open pits | 4.14 | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 30.8 | 1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | 34.9 | 1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.50 g/t & 0.60 g/t Au |
| Haile Total | 5.61 | 2.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | 39.4 | 2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | 45.1 | 2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | 4.1 | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |  |
| Didipio underground | 15.6 | 1.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 17.6 | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 33.2 | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | 6.4 | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 g/t AuEq |
| Didipio open pit stockpile | 15.8 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | - | - | 15.8 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;- | - | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;0.27 g/t AuEq |
| Didipio Total | 31.4 | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 17.6 | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 49.0 | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | 6.4 | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |  |
| Macraes underground | 0.30 | 2.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 7.91 | 2.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 8.22 | 2.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 g/t Au |
| Macraes open pits | 13.7 | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 25.1 | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | 38.8 | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;23 | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 g/t Au |
| Macraes Total | 14.0 | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 33.1 | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 47.1 | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;26 | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |  |
| Martha underground | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 6.71 | 5.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 6.71 | 5.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 | 4.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 g/t Au |
| Wharekirauponga | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 2.42 | 17.9 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | 2.42 | 17.9 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | 1.9 | 9.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 g/t Au |
| Waihi open pits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 9.72 | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 9.72 | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 | 0.50 g/t & 0.56 g/t Au |
| Waihi Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 18.9 | 5.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | 18.9 | 5.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;7.4 | 4.7 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |  |
| **Total Gold** | **51.0** | **1.02** | &nbsp;&nbsp;&nbsp;&nbsp;**1.68** | **109** | **2.07** | &nbsp;&nbsp;&nbsp;&nbsp;**7.26** | **160** | **1.74** | &nbsp;&nbsp;&nbsp;&nbsp;**8.94** | &nbsp;&nbsp;**44** | **1.6** | &nbsp;&nbsp;&nbsp;&nbsp;**2.2** |  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Silver** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Silver** | **Tonnes** | **Ag** | **Contained** | **Tonnes** | **Ag** | **Contained** | **Tonnes** | **Ag** | **Contained** | **Tonnes** | **Ag** | **Contained** |
| **Silver** | **(Mt)** | **(g/t)** | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** | **(Mt)** | **(g/t)** | **(Moz)** |
| Horseshoe underground | 1.47 | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 3.93 | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 | 5.4 | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Palomino underground | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 4.72 | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 | 4.7 | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Haile open pits | 4.14 | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 30.8 | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 | 35 | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Haile Total | 5.61 | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 39.4 | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 | 45 | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;3.3 | &nbsp;&nbsp;&nbsp;&nbsp;4.1 | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Didipio underground | 15.6 | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 | 17.6 | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 | 33.2 | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;6.4 | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Didipio open pit stockpile | 15.8 | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;- | - | &nbsp;&nbsp;&nbsp;&nbsp;- | 15.8 | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;- | - | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Didipio Total | 31.4 | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 | 17.6 | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 | 49.0 | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;&nbsp;6.4 | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Martha underground | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 6.71 | 21 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 | 6.7 | 21 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 | 22 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Wharekirauponga | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 2.42 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 | 2.4 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 | 15 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Waihi open pits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 9.72 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 | 9.7 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 | 9.6 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Waihi Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 18.9 | 16 | &nbsp;&nbsp;&nbsp;&nbsp;9.8 | 19 | 16 | &nbsp;&nbsp;&nbsp;&nbsp;9.8 | &nbsp;&nbsp;&nbsp;&nbsp;7.4 | 15 | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| **Total Silver** | **37.0** | **1.88** | &nbsp;&nbsp;&nbsp;&nbsp;**2.2** | **75.9** | **5.6** | &nbsp;&nbsp;&nbsp;**14** | **113** | **4.4** | &nbsp;&nbsp;&nbsp;**16** | &nbsp;&nbsp;**18** | **7.1** | &nbsp;&nbsp;&nbsp;&nbsp;**4.1** |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Copper** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Copper** | **Tonnes** | **Cu** | **Contained** | **Tonnes** | **Cu** | **Contained** | **Tonnes** | **Cu** | **Contained** | **Tonnes** | **Cu** | **Contained** |
| **Copper** | **(Mt)** | **(g/t)** | **(Mt)** | **(Mt)** | **(g/t)** | **(Mt)** | **(Mt)** | **(g/t)** | **(Mt)** | **(Mt)** | **(g/t)** | **(Mt)** |
| Didipio underground | 15.6 | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;17.6 | 0.32 | 0.056 | 33.2 | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.4 | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Didipio open pit stockpile | 15.8 | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | - | - | 15.8 | 0.29 | 0.046 | - | - | - |
| Didipio Total | 31.4 | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;17.6 | 0.32 | 0.056 | 49.0 | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.4 | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| **Total Copper** | **31.4** | **0.36** | &nbsp;&nbsp;&nbsp;&nbsp;**0.11** | &nbsp;&nbsp;&nbsp;&nbsp;**17.6** | **0.32** | **0.056** | **49.0** | **0.35** | &nbsp;&nbsp;&nbsp;&nbsp;**0.17** | &nbsp;&nbsp;&nbsp;&nbsp;**6.4** | **0.3** | &nbsp;&nbsp;&nbsp;&nbsp;**0.02** |

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**Notes:**

• Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

• All Mineral Resources estimates are based on the following assumptions: metal prices of US$1,950/oz gold, US$4.0/lb copper and US$23/oz silver; and NZD/USD exchange rate of 0.61.

• Open pit resources are constrained by shells based upon economic assumptions above.

• Underground resources are reported within volumes guided by optimized stope designs based upon economic assumptions above and exclude dilution.

• <u>Haile:</u>

o&nbsp;&nbsp;&nbsp;&nbsp;Open pit resources reported within reserve design pit.

o&nbsp;&nbsp;&nbsp;&nbsp;Open pit primary cut-off grade is 0.50 g/t Au, while oxide cut-off grade is 0.60 g/t Au. Palomino resources and Horseshoe resources cut-off grade is 1.50 g/t Au.

• <u>Didipio:</u>

o&nbsp;&nbsp;&nbsp;&nbsp;The 15.8 Mt surface stockpile inventory includes 5.3 Mt of low-grade stocks mined at an approximate cut-off grade of 0.27 g/t AuEq.

o&nbsp;&nbsp;&nbsp;&nbsp;Underground resources reported at a cut-off grade of 0.67 g/t AuEq between the 2,460 metres Relative Level ("**mRL**") and 1,965mRL with AuEq cut-off grade based on presented gold and copper prices. AuEq = Au g/t + 1.39 x Cu %.

• <u>Macraes:</u>

o&nbsp;&nbsp;&nbsp;&nbsp;Open pits cut-off grade is 0.3 g/t Au.

o&nbsp;&nbsp;&nbsp;&nbsp;GPUG cut-off grade is 0.9 g/t Au.

• <u>Waihi:</u>

o&nbsp;&nbsp;&nbsp;&nbsp;Waihi open pit resources reported within a pit design limited by infrastructure considerations.

o&nbsp;&nbsp;&nbsp;&nbsp;Martha underground cut-off grade is 2.15 g/t Au, Wharekirauponga cut-off grade is 2.10 g/t Au, Martha Open Pit cut-off grade is 0.5 g/t Au and Gladstone Open Pit cut-off grade is 0.56 g/t Au.

**Notes to Mineral Reserves and Mineral Resources Estimates**

All Mineral Reserves and Mineral Resources were estimated as at December 31, 2024, are shown on a 100% basis and have been prepared in accordance with NI 43-101.

All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.

Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration, however, there is no guarantee that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category.

The Mineral Reserves estimate for Haile open pits has been verified and approved by, or is based on information prepared by, or under the supervision of, D. Londoño, our Executive Vice President and Chief Operating Officer Americas. The Mineral Reserves estimate for Haile underground has been verified and approved by, or is based upon information prepared by, or under the supervision of, B. Drury, our Superintendent – Engineering Services (Underground), Haile. The Mineral Resources estimates for Haile open pit and underground have been verified and approved by, or are based on information prepared by, or under the supervision of, J. Moore, our Head of Resource Development.

The Mineral Reserves estimate for Didipio has been verified and approved by, or is based upon information prepared by, or under the supervision of, P. Jones, our Head of Underground Mining. The Mineral Resources estimate for Didipio has been verified and approved by, or is based on information prepared by, or under the supervision of, J. Moore.

The Mineral Reserves estimate for Macraes open pits has been verified and approved by, or is based on information prepared by, or under the supervision of, K. Madambi, our Manager – Technical Services & Projects, Macraes. The Mineral Reserves estimate for Macraes underground has been verified and approved by, or is based upon information prepared by, or under the supervision of, E. Leslie, our Group Mining Engineer. The Mineral Resources estimate for Macraes open pits has been verified and approved by, or is based on information prepared by, or under the supervision of, J. Moore. The Mineral Resources estimate for Macraes underground has been verified and

<u>www.oceanagold.com</u> <u>18</u> 

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approved by, or is based on information prepared by, or under the supervision of, M. Grant, our Senior Geologist – Resource Development, Macraes.

The Mineral Reserves estimate for Martha underground ("**MUG**") and WUG has been verified and approved by, or is based on information prepared by, or under the supervision of, D. Townsend, our Manager – Mining (Underground), Waihi. The Mineral Reserves estimate for WUG has been verified and approved by, or is based upon information prepared by, or under the supervision of, E. Leslie. The Mineral Resources estimate for Waihi's WUG, Martha underground MUG, Gladstone Open Pit ("**GOP**") and Martha Open Pit ("**MOP**") has been verified and approved by, or is based on information prepared by, or under the supervision of, L. Crawford-Flett, our Manager – Exploration and Geology, Waihi.

All such persons noted above are "qualified persons" as defined by NI 43-101. Mr. Londoño is a registered member of the Society of Mining Engineers with the Society of Mining, Metallurgy & Exploration. Each of Messrs. Crawford-Flett, Jones, Leslie, Madambi, Moore and Townsend is a Member and Chartered Professional with the Australasian Institute of Mining and Metallurgy. Mr. Grant is a member of the Australian Institute of Geoscientists. Ms. Drury is a Registered Member with the Society of Mining, Metallurgy & Exploration.

For further scientific and technical information supporting the disclosure in this Annual Information Form (including disclosure regarding Mineral Resources and Mineral Reserves, data verification, key assumptions, parameters, methods used to estimate the Mineral Resources and Mineral Reserves, and risks and other factors), please refer to each of the following NI 43-101 technical reports available under our profile on SEDAR+ at <u>www.sedarplus.com</u> and on our website at <u>www.oceanagold.com</u>: the Haile Technical Report; the Didipio Technical Report; the Macraes Technical Report; and the Waihi Technical Report.

**Haile Operation**

Certain portions of the following information are derived from and based on the Haile Technical Report, and are based on the assumptions, qualifications and procedures set out therein. For a more detailed overview of the Haile Gold Mine, please refer to the Haile Technical Report, which is available under our profile on SEDAR+ at <u>www.sedarplus.com</u> and on our website at <u>www.oceanagold.com</u>. We have also provided information that post-dates the Haile Technical Report.

**Property Description, Location and Access**

The Haile Gold Mine is located approximately five kilometres northeast of the town of Kershaw in southern Lancaster County, South Carolina and approximately 30 kilometres southeast of the city of Lancaster, the county seat and, which is approximately 80 kilometres northeast of Columbia, South Carolina. Lancaster County lies in the north-central part of the State of South Carolina.

The Haile property is accessible by U.S. Highway 601 northeast from the town of Kershaw for approximately five kilometres, with the main access via Snowy Owl Road.

Please see "*Mineral Permits and Regulatory Matters*" below for information relating to the nature and extent of our title to the Haile Gold Mine and permitting matters. Please also see "*Environmental and Social Matters*" below.

**History**

Haile is situated in the Carolina Terrane, which was the location of the first gold rush in the U.S. in the early 1800s. Gold was first discovered in 1827 near Haile in the gravels of Ledbetter Creek (now the Haile Gold Mine Creek), which led to placer mining and prospecting until 1829.

In 1882, a sixty-five-stamp mill was constructed and operated continuously until 1908. From mid-1937 to 1942, larger-scale mining was undertaken on site by the Haile Gold Mines Company and was shut down in 1942 because of World War II. By this time, the Haile Gold Mine had produced over $6.4 million worth of gold (in 1940 dollars).

Between 1981 and 1985 Piedmont Land and Exploration Company (later Piedmont Mining Company) ("**Piedmont**"), explored the historic Haile Gold Mine and surrounding properties. Piedmont mined the Haile deposits from 1985 to 1992, producing 85,000 ounces of gold from open pit heap leach operations that processed oxide and transitional ores.

<u>www.oceanagold.com</u> <u>19</u> 

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In May 1992, Amax Gold Inc. ("**Amax**") and Piedmont entered into a joint venture agreement and established the Haile Mining Company ("**HMC**"). At the end of the Amax/HMC program in 1994, a gold reserve estimate was prepared, but due to unfavourable economic conditions at the time, Amax did not proceed with mining but began a reclamation program to mitigate acid rock drainage conditions at the site.

Kinross Gold Corporation ("**Kinross**") acquired Amax in 1998, assumed Amax's portion of the HMC joint venture and later purchased Piedmont's interest. Kinross decided not to reopen the mine but did continue the closure/reclamation effort.

Romarco Minerals Inc. ("**Romarco**") acquired the Haile property from Kinross in October 2007 and began a confirmation drilling program in late 2007. Romarco completed the confirmation drill program in early 2008 and began infill and exploration drilling. The drill program was accelerated in early 2009 with a major reverse circulation ("**RC**") drilling program and was discontinued in April 2013 due to low gold prices. Drilling restarted in April 2015.

We acquired Romarco in 2015 and own the Haile Gold Mine through our wholly owned subsidiary, Haile Gold Mine Inc.

**Geological Setting, Mineralization and Deposit Types**

Geology

Haile is the largest gold deposit in the eastern U.S. It is situated within the northeast-trending Carolina Terrane, also known as the Carolina Slate Belt, which hosts the past-producing Ridgeway, Brewer and Barite Hill gold mines in South Carolina. The Haile district consists of nine gold deposits within a 3.5 kilometre by one kilometre area. The deposits occur within a variably deformed East Northeast ("**ENE**")-trending structural zone at or near the contact between metamorphosed Neoproterozoic volcanic and sedimentary rocks. The deposits are hosted in laminated siltstones and volcanic rocks of the Upper Persimmon Fork Formation and is dissected by barren North Northwest-striking diabase dykes. Deformation includes brittle and ductile styles with ENE-trending foliation, faults, brecciation, and isoclinal folds. Sedimentary rocks are folded within an ENE-trending anticlinorium with a steep Southeast limb and a gentle Northwest limb.

Mineralization and Deposit Types

The age of gold mineralization is assumed at approximately 549 million years ago, based on closely associated molybdenite dated using Re-Os, which postdates peak volcanism. Pressure shadows around pyrite grains, stretched pyrite and pyrrhotite grains, and flattened hydrothermal breccia clasts indicate that some deformation has occurred subsequent to sulfide mineralization. The Re-Os date coincides with a major tectonostratigraphic change from intermediate volcanism and tuffaceous to epiclastic sedimentation to basinal turbiditic sedimentation. Quartz-sericite-pyrite alteration is overprinted by regional greenschist facies metamorphism with carbonate-chlorite-pyrite alteration.

Haile gold mineralization occurs as an en-echelon five kilometre long by 1.5-kilometre-wide cluster of northeast-striking moderately-to steeply-dipping ore lenses. Ore body geometry, depth, size, grade, mineralogy and alteration are variable between deposits. Ore body geometry is strongly controlled by post-mineral shearing and rotation. Some of the deposits coalesce, especially in the central part of the district around the large Ledbetter deposit. Ore lenses are typically 50 metres to 300 metres long, 20 metres to 100 metres wide, and five metres to 30 metres thick. Gold mineralization is mostly hosted by laminated siltstone and intermediate volcanics of the upper Persimmon Fork Formation and is overlain by volcanic rocks. Mineralization is typically within 100 metres of the main sediment-volcanic contact. Haile is currently interpreted as a low-sulfidation, disseminated gold deposit.

**Mineral Permits and Regulatory Matters**

The Haile Gold Mine is subject to the Haile Mine Operating Permit, SC DES 401 Water Quality Certification, National Pollutant Discharge Elimination System (NPDES) permit, Title V Air Quality permit, and the 404 Permit. The current permits for the Haile Gold Mine expire on or around December 2039.

We own or control all land associated with the Haile Gold Mine and within the mining permit boundary. Our interest in the fee simple properties includes surface, water and mineral rights with no associated royalties and is free of all claims and access restrictions.

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Haile is unique in that mining occurs wholly on private land owned by Haile Gold Mine and does not impact federal/public (United States Department of the Interior Bureau of Land Management (BLM) or United States Forest Service (USFS)) lands that would be subject to projected modifications from these surface management agencies.

On May 24, 2018, we applied to the US ACOE to initiate the National Environmental Policy Act ("**NEPA**") process and launch a Supplemental Environment Impact Statement ("**SEIS**"). US ACOE has jurisdictional responsibility for all waters of the U.S. and works cooperatively with the U.S. Environmental Protection Agency ("**US EPA**") and SC DES for modifications that have impacts to wetlands, groundwater and surface water conditions and air emissions. Haile submitted a Project Description, Alternatives Analysis and additional technical reports in support of this application. These technical reports covered a wide range of matters, including impact assessments to the wetlands, air, land, vegetation, groundwater, surface water, flora and fauna, cultural heritage sites, socioeconomic conditions, and reclamation plans.

To adjust current and supplemental mine plans, a modified application of the 404 Permit under the Clean Water Act of 1972 was submitted in the fourth quarter of 2020. The final SEIS was published in August 2022. The SEIS ROD and modified 404 Permit were received in December 2022. Various permitting approvals/certifications were also required from SC DES, including modification of the Haile Mine Operating Permit, which was received in December 2022, and 401 Water Quality Certification which was received in November 2022. Other federal and state agencies included in the review process during the SEIS included US EPA, United States Fish and Wildlife Service, South Carolina Department of Natural Resources, South Carolina State Historic Preservation Office, South Carolina Department of Transportation and Catawba Indian Nation. The NEPA process also allows non-government or civil society groups ("**NGOs**") and other interested parties an opportunity for review and comment on the anticipated impacts.

Since December 2022, SC DES has approved two additional modifications to the Haile Mine Operating Permit. An expansion of the Horseshoe Underground operation was approved on February 21, 2024, and the Palomino Underground operation was approved on March 15, 2024.

**Environmental and Social Matters**

As required by the Haile Mine Operating Permit, the total estimated financial assurance is $123.8 million over the mine life, consisting of $103.8 million in surety bonds and a $20.0 million interest-bearing cash trust. We have satisfied the current financial assurance payment requirements by using a surety bond of $103.4 million and have paid $9.6 million in trust funding by December 31, 2024. The remaining estimated financial assurance of $10.8 million will be paid over the life of the mine with estimated assurance payments of $1.8 million to occur in 2025. The timing and amounts of these payments could change due to a number of factors, including changes in regulatory requirements, changes in scope and timing of closure activities. The State of South Carolina in the U.S. requires financial assurance for the estimated costs of mine reclamation and closure, including groundwater quality protection programs.

There is a significant amount of existing background and environmental baseline data available for Haile, and we continue with extensive environmental monitoring for both environmental management and regulatory compliance purposes. The permits we currently hold may be kept, modified, terminated or replaced during the mining process.

We are actively engaged with various community and conservation initiatives, including cultural educational initiatives at the Catawba Nation and Native American Studies Center, and community conservation efforts relating to endangered species protection, land preservation and wildlife habitat enhancement in South Carolina. We have been recognized by the South Carolina Wildlife Federation for our corporate responsibility and efforts to ensure the protection of wildlife and critical habitat through on-site accomplishments and initiatives with schools and neighbouring industries.

**Exploration**

Geologic mapping and surface sampling has been conducted in and around the Haile area. Mapping is challenged by poor bedrock exposure due to extensive saprolitic weathering, Coastal Plains Sands ("**CPS**") cover, and dense vegetation.

Historical mapping has been scanned and loaded into 3D software for structural interpretation, exploration planning and geologic modelling. The use of the structural dataset in conjunction with the drilling dataset has provided the foundation for a 3D digital geologic model. Surface samples have been compiled into a database and evaluated. Over 5,000 samples have been compiled based on location, sample type (rock chip, saprolite, soil, stream sediment), rock

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type, alteration and assay. Quality analysis/quality control ("**QA/QC**") data were generally lacking for these surface samples, and most were assayed only for gold.

In 2016, we conducted proprietary inversion modelling to depths of 1,500 metres using airborne magnetic and EM data. In 2023, we engaged a third party to reprocess previous surface induced polarization ("**IP**")/resistivity data and to perform additional downhole IP surveys. Downhole IP/resistivity was able to successfully detect known mineralization in a test hole, but five additional holes did not reveal any priority targets. Re-processed surface IP/resistivity data yielded new potential target areas.

Please see "*Production, Development and Exploration*" below for information relating to our planned exploration activities in 2025.

**Drilling**

The Haile database includes 3,754 holes in the Haile district which are securely stored in an acQuire database. Drill hole collar locations, downhole surveys, geological logs, geotechnical logs, density values and assays have been verified and used to build 3D geological models and for grade and tonnage interpolations. Geologic interpretation is based on structure, lithology and alteration as logged in the drill holes. The disseminated style of gold mineralization at Haile enables robust geologic models to be produced. Drill hole spacing typically ranges from 25 metres to 40 metres. Resource drilling at Haile has predominantly been conducted by core and RC drilling. Hole depths have ranged from 50 metres to 700 metres. Sample interval lengths average 1.5 metres and can vary based on geological logging. QA/QC results were validated from assay labs and showed excellent precision and accuracy relative to certified reference materials ("**CRMs**").

Full year 2024 exploration drilling totalled 32,436 metres focusing on resource definition and conversion, new exploration targets and geotechnical targets. Resource conversion targeted the Ledbetter deposit and Horseshoe Underground deposit, while geotechnical drilling targeted Ledbetter. Surface drilling targeted early-stage drill targets, including Palomino Extension, Horseshoe Lower, Pisces, Buckskin, and Ledbetter Extension.

Please see "*Production, Development and Exploration*" below for information relating to our planned drilling in 2025.

**Sampling, Analysis and Data Verification**

Drill core is cleaned, measured, and photographed at our on-site core shed. Geotechnical and geologic logging are completed on the whole core. All logging and sampling handling is conducted by our personnel. Data collecting during core logging includes structure, rock type, alteration, mineralogy, Rock Quality Designation (RQD), core recovery, hardness and joint condition. Alteration is logged as relative intensity and includes weak, moderate and strong categories. Standardized templates are used for all logging with drop down menus. Our geologists routinely review core together and compare notes to ensure accuracy and consistency.

Density samples are collected every ten metres and use the water immersion method to measure specific gravity. Competent core at Haile does not require plastic or wax coatings for density measurements. Tablet-based geology logging was initiated in 2017 and enables logs to be directly uploaded into an acQuire database. Core is primarily prepared and assayed at the independent ALS Limited ("**ALS**") laboratory in Tucson, Arizona and Reno, Nevada, U.S., but has also been prepared and assayed by our Kershaw Mineral Lab (KML) facility in Kershaw, South Carolina and the independent AHK Geochem preparation facility in Spartanburg, South Carolina.

Sample collection, preparation and analysis are according to industry standards. All labs used are certified to ISO-9001 standard or 17025 accredited for gold and silver through the Standards Council of Canada. The primary external labs used for checking assays at ALS Reno, Nevada and Tucson, Arizona are both ISO-9001 certified and 17025 accredited.

Certified standards are routinely inserted at a rate of one in 20 samples (5%). Standards used are purchased from and certified by Rocklabs. Blanks are routinely inserted at a rate of one in 20 samples (5%). Such blanks include commercially available marble, sand and quartz pebble.

Core, pulp and RC samples are stored securely. Sample transport is by our personnel between secure facilities and by approved couriers to external labs. No significant risks have been identified for sample contamination or sample exchange.

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All Haile drill hole data (assays, logs, surveys) are stored in a secure acQuire database which is managed by our senior database geologist. Assay data are imported by our exploration and geology personnel and checked by our senior database geologist. Strict data importing and verification protocols are followed to avoid, for example, overlapping or missing intervals, mismatched hole depths in different fields, duplicate hole IDs or sample numbers and invalid logging codes.

**Mineral Processing and Metallurgical Testing**

Samples of ore were collected for metallurgical testing, which indicated that the ore will respond to flotation and direct agitated cyanide leaching technology to extract gold.

Comminution test work on mineralized samples was performed by independent laboratories, Resource Development Inc. and ALS. Tests included Bond work indices and semi-autogenous grinding ("**SAG**") Mill Comminution and JK Drop Weight impact testing. The results of the test work were used to develop the expanded plant comminution circuit design.

Laboratory testing on ore composite samples demonstrated that the mineralization was readily amenable to flotation and cyanide leaching process treatment. A conventional flotation and cyanide leaching flow sheet can be used as the basis of process design. Currently, we use independent laboratories, SGS and PMC, for laboratory work related to processing.

The test work indicates that the different mineralized zones are similar in terms of ore grindability, mineral composition, and flotation and cyanide leaching response. Overall gold recovery will be in the range of 65% to 92%, dependent primarily on head grade to the mill and less related to which zone the ore is mined from. At this time, there are no known deleterious elements that will adversely affect gold recovery.

The data developed in the test programs has been used to establish a relationship between overall gold recovery and head grade. Testing continues to further develop the relationship of gold recovery and head grade as the material composition changes.

Testing of core samples from the Horseshoe and Palomino deposits has been undertaken using the same laboratory flowsheet that correlates well with plant performance. Overall results suggest these deposits will respond well to processing in the existing process plant without modification.

Please see "*Processing and Recovery Operations*" below for additional information.

**Mining Operations**

Open Pit Mining

The open pit mining method currently employed at Haile is conventional truck-and-excavator. The material encountered at Haile is a combination of soft (CPS and saprolite) overburden and hard (metavolcanics and metasediments) rock units.

CPS is loosely consolidated sand which can be mined without the need for drilling and blasting. Mineralization is not present in CPS, and thus, ore control and waste classification are not necessary. Saprolite is generally mined without blasting when possible and is sampled for waste classification to meet the requirements in our Overburden Management Plan.

Drilling and blasting are required in all other rock units. Drilling and blasting are performed on ten metre vertical benches. Multiple bit sizes (114 millimetres, 127 millimetres, 171 millimetres) are used depending on material type and application. Blast hole depth is ten metres plus subdrill, and subdrill ranges from 0.8 metres to 1.3 metres.

The number of samples taken per blasthole is material-type dependent. Blastholes in waste are typically sampled once on a 10-metre interval for Non-Acid Generating (NAG)/Potentially Acid Generating ("**PAG**") definition. Blastholes in ore are typically sampled three times at 3.3 metre sample intervals.

Flitch height is variable; waste is typically mined on a ten-metre flitch and ore is typically mined on a 3.3 metre flitch. The majority of ore is mined with hydraulic backhoe excavators, while the majority of waste is mined with hydraulic

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shovels. Front-end loaders may be used in either application in a backup capacity. The haul truck fleet is a mix of 175 tonne and 140 tonne payload units.

Underground Mining

The current underground reserves include two deposits: Horseshoe Underground and Palomino Underground. These deposits are separated by approximately 800 metres of planned development and encompasses mineralization that extends down at depth and outside the pit extension.

The underground operation is accessed via a production decline and two ventilation drives (one intake and one exhaust) developed from the pit to connect with a series of underground ventilation raises. Emergency egress is provided by a series of underground ladderways connected to the intake drive. Based on the orientation, depth and geotechnical characteristics of the mineralization, a transverse sublevel open stoping method (longhole) with ramp access is used for both deposits. The stopes are a combination of 20 metres and 15 metres wide at Horseshoe Underground and 15 metres wide planned at Palomino Underground. The stope strike length will vary based on mineralization grade and geotechnical considerations. A spacing of 25 metres between levels is used. Cemented rock fill ("**CRF**") is used to backfill the stopes, with sufficient strength to allow for mining adjacent to backfilled stopes.

Stope optimization is conducted using Deswik software and a mining schedule. Stoping horizons are accessed via the main production decline with level accesses. Level accesses support all necessary underground infrastructure, including ventilation (both exhaust and intake), along with escapeways, electrical and dewatering infrastructure. Access then connects to the footwall drives that connect to the access of the stopes. Grade control diamond drill holes target stope accesses and stopes prior to mining. Each stope has an access located at the top and bottom of the stope. Top accesses are designed to give access to stopes on the next level and to allow for backfilling. The stopes are drilled from the top and/or bottom and rings are blasted from the end of a stope toward the footwall access. The blasted material is remotely mucked from the bottom stope access into nearby stockpiles. The ore is then loaded from the stockpiles into trucks for haulage to the surface. A primary/secondary stoping sequence is used for scheduling to account for geotechnical constraints and safe extraction.

**Processing and Recovery Operations**

A conventional flotation and cyanide leaching flow sheet is used at Haile, comprising: Primary Jaw Crushing; conventional SAG–Ball Mill-Pebble Crusher ("**SABC**") grinding circuit incorporating flash flotation on the cyclone underflow; rougher flotation; two stage concentrate regrind with a tower mill followed by an Isa Mill; carbon-in-leach ("**CIL**") leaching of reground concentrate and flotation tailings; carbon stripping, electrowinning and smelting of bullion; and cyanide destruction.

Additional equipment was installed in some areas of the plant between 2018 and 2020 to achieve the expanded capacity of up to 4.0 million tonnes per annum ("**Mtpa**"). The production plant sees annual milling rates between 3.2 Mtpa and 3.8 Mtpa being processed depending on the source and ratio of higher competency underground and open pit material.

**Infrastructure**

The Haile mine infrastructure includes the Duckwood tailings storage facility ("**TSF**"), workshops, water treatment plant and ore processing facilities. The TSF has been designed to accommodate the mine tailings requirements.

The permitted TSF was expanded by raising the crest height in 2020 and 2021 to store plant tailings. The permitted East PAG Overburden Storage Area was also expanded and completed in the second half of 2021. Construction of the 541 Pond for West PAG Stage 1 completed in early 2024.

TSF Stage 4 will be commissioned in the first half of 2025. During the fourth quarter of 2024, early works for TSF Stage 5 involving ground works, infrastructure relocation and procurement of long lead items commenced. Upgrade of the water treatment plant commenced during the fourth quarter of 2024 and is expected to be completed mid-2025.

Construction of the surface infrastructure to support the underground mining commenced in 2021. To date, the infrastructure installed includes the underground mine office, shotcrete/CRF batch plant, high voltage electrical supply, contact water sediment ponds, raw and fire water pumps, compressor station, run-of-mine ("**ROM**") pad area, wash bay, permanent workshop and warehouse.

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**Capital and Operating Costs**

The table below summarizes the 2024 operating and capital costs for Haile:

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| | |
|:---|:---|
| **Operating Costs and Capital Summary 2024** | **Operating Costs and Capital Summary 2024** |
| **Operating Costs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$M** |
| &nbsp;&nbsp;Open pit mining costs (net of capitalized amounts) | 60.4  |
| &nbsp;&nbsp;Underground mining (net of capitalized amounts) | 37.5  |
| &nbsp;&nbsp;Process plant costs | 63.0  |
| General and administrative ("**G&A**") costs | 36.9  |
| &nbsp;&nbsp;Freight, handling and refining costs | 0.7  |
| **Total operating costs** | **198.5**  |
| **Capital and Exploration Expenditures** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$M** |
| &nbsp;&nbsp;Sustaining capital | 47.7  |
| &nbsp;&nbsp;Pre-strip and capitalized mining | 87.0  |
| &nbsp;&nbsp;Growth capital | 36.0  |
| &nbsp;&nbsp;Exploration | 7.4  |
| **Total capital and exploration expenditures** | **178.1**  |
| **Unit Metrics** | **$/t** |
| &nbsp;&nbsp;Open pit mining cost per tonne mined (including allocation of any capitalized mining costs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| &nbsp;&nbsp;Underground mining cost per tonne mined (including allocation of any capitalized mining costs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.67 |
| &nbsp;&nbsp;Processing cost per tonne milled | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.25 |
| &nbsp;&nbsp;G&A cost per tonne milled | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.40 |

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**Production, Development and Exploration**

Haile produced 212,560 ounces of gold in 2024 and is expected to produce 170,000 to 200,000 ounces of gold in 2025. Gold production is expected to be second half weighted, following the completion of waste stripping in Ledbetter Phase 3 in the latter half of the year. Mill feed at Haile includes a higher proportion of low-grade stockpiles in the first half, while mining progresses into higher grade ore in the Ledbetter pit in the second half of 2025.

The table below summarizes 2025 capital investment guidance for Haile:

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| | |
|:---|:---|
| **Capital Investment Guidance 2025**<sup>1</sup> | **$M** |
| &nbsp;&nbsp;Pre-strip and capitalized mining | 135 |
| &nbsp;&nbsp;Sustaining | 75 |
| &nbsp;&nbsp;Growth | 40  |
| &nbsp;&nbsp;&nbsp;Exploration | 10  |
| &nbsp;&nbsp;**Total investments** | **260**  |
| 1.Excludes capital leases. | 1.Excludes capital leases. |

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In 2025, total capital investment is expected at $260 million. Deferred stripping increases in line with the mine plan for Ledbetter Phase 3, sustaining capital includes staged construction of TSF 5 and West PAG 3 and growth capital relates primarily to the Palomino Underground, stripping circuit upgrades and upgrades to the water treatment plant. Exploration expenditure will focus on resource definition and conversion of both Horseshoe and Ledbetter Phase 4, in addition to several early-stage targets, including Pisces, with over 31,000 metres of drilling planned at Haile in 2025.

Study work for the Palomino Underground project, as well as trade-off work that considers whether the Ledbetter Phase 4 open pit should be mined as an underground mine, is ongoing.

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**Didipio Operation**

Certain portions of the following information are derived from and based on the Didipio Technical Report, and are based on the assumptions, qualifications and procedures set out therein. For a more detailed overview of the Didipio Mine, please refer to the Didipio Technical Report, which is available under our profile on SEDAR+ at <u>www.sedarplus.com</u> and on our website at <u>www.oceanagold.com</u>. We have also provided information that post-dates the Didipio Technical Report.

**Property Description, Location and Access**

The Didipio Mine is located in the northern Luzon region of the Philippines, approximately 270 kilometres north-northeast of Metro Manila. The nearest significant towns are Cabarroguis, in the Province of Quirino, located approximately 20 kilometres to the north, and Kasibu, in the Province of Nueva Vizcaya, to the west.

There are two alternative routes connecting the Didipio Mine by road to the port facilities at Manila and Poro Point, La Union. The main route, approaching from the north via the Municipality of Cabarroguis, is an all-weather route suitable for heavy trucks and bulk freight. The secondary access, approaching from the South via the Municipality of Kasibu, is also an all-weather route and is suitable for smaller trucks and light vehicles.

Following the completion of the Philippines Offering on May 13, 2024, we hold an 80% interest in OGPI, which owns the Didipio Mine. Please see "*General Development of the Business – 2024 Developments*" for more information with respect to the Philippines Offering.

Please see "*Mineral Permits and Regulatory Matters*" below for information relating to the nature and extent of our title to the Didipio Mine, applicable royalties and permitting matters. Please also see "*Environmental and Social Matters*" below.

**History**

The Didipio area was first recognized as a gold province in the 1970s, when alluvial gold deposits were discovered in the region. There had been no large-scale mining at Didipio at that time and there were no records of artisanal mining.

In May 1975, Victoria Consolidated Resources Corporation and Fil-Am Resources Inc. entered into an exploration agreement with a syndicate of claim owners who had title to an area covering the Didipio valley and undertook exploration activities, including a stream geochemistry program between 1975 and 1977. Marcopper Mining Corporation subsequently investigated the region in 1984, and Benguet Corporation examined the Didipio area in September 1985.

In April 1985, the Didipio area was explored by a consultant geologist engaged by local claim owner Mr. Jorge G. Gonzales, Sr. Geophilippines Inc. ("**GPI**") investigated the Didipio area in September 1987 and made mining lease applications in November 1987. In 1989, Cyprus Philippines Corporation ("**CPC**") and subsequently Arimco NL (as Arimco Mining Corporation ("**AMC**") in the Philippines) entered into an agreement with GPI and Mr. Gonzales to explore the Didipio area. Between April 1989 and December 1991, an exploration program was carried out. Subsequently, Climax Mining ("**Climax**") acquired control of AMC (renamed Climax-Arimco Mining Corporation ("**CAMC**")) and 100% of the interest of Cyprus Philippines Corporation and Arimco NL in the Didipio Mine in 1992.

The FTAA was executed in 1994 and was subsequently assigned from CAMC to Australasian Philippines Mining Incorporated ("**APMI**") (a subsidiary of CAMC and renamed OGPI in 2007). Prior to our acquisition, previous explorers had drilled a total of 230 diamond drill holes totalling 62,769 metres. The drilling metres were mostly for resource delineation of the Didipio porphyry gold-copper deposit, with a small percentage of drilling in nearby prospects.

**Geological Setting, Mineralization and Deposit Types**

Geology

The Didipio area is situated within the southern part of the meridional Cagayan Valley basin in north-eastern Luzon and is bounded on the east by the Sierra Madre Range, on the west by the Luzon Central Cordillera range and to the south by the Caraballo Mountains. The regional geology comprises late Miocene volcanic, volcanoclastic, intrusive

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and sedimentary rocks overlying a basement complex of pre-Tertiary age tonalite and schist, which have been interpreted to represent an island arc depositional and tectonic setting.

The Didipio deposit is hosted within the multiphase Didipio Stock, which is in turn part of a larger alkalic intrusive body, the Didipio Igneous Complex. The deposit has been identified as an alkalic gold-copper porphyry system, roughly elliptical in shape at surface (450 metres long by 150 metres wide) and with a vertical pipe-like geometry that extends to at least 800 metres below the surface. The local geology comprises north-northwest trending, steeply east-dipping composite monzodiorite intrusive, in contact with volcaniclastics of the Mamparang Formation. The monzodiorite lies in a circular topographic depression that is coincident with a circular IP anomaly.

Mineralization and Deposit Types

The porphyry-style mineralization is closely associated with a zone of K-feldspar alteration, the extent of which is marked by the Didipio Ridge, which is approximately 400 metres long and rising steeply to about 100 metres above an area of river flats and undulating ground.

Chalcopyrite and gold, along with pyrite and magnetite, are the main metallic minerals in the deposit. Higher grade gold and copper mineralization is closely associated with the Balut Dykes and Quartz Breccia, both of which are elongate in plan-view along the north-south trending, steeply north-east dipping Tatts Fault Zone.

The deposit was oxidized from the surface to a depth of between 15 metres and 60 metres, averaging 30 metres. The oxide zone formed a blanket over the top of the deposit. A five metre to 15-metre-thick transition zone was present over most of the deposit.

The Philippines Archipelago constitutes one of the world's premier porphyry copper provinces and is a typical area for the study of island arc porphyry systems (predominantly calc-alkaline porphyry deposits). While the Didipio gold-copper deposit has many broad similarities to calc-alkaline porphyry deposits, it is an alkaline mineralized stock containing disseminated and fracture/vein-controlled gold-copper mineralization with a later stage, higher-grade gold-copper mineralized quartz breccia.

**Mineral Permits and Regulatory Matters**

Financial or Technical Assistance Agreement (FTAA)

The Didipio Mine is operated under the FTAA with the Philippine Government, which grants title, exploration and mining rights within a fixed fiscal regime. The FTAA was executed in 1994 and was renewed in July 2021 with the execution of the FTAA addendum and renewal agreement (the "**FTAA Addendum and Renewal Agreement**") for an additional 25-year period commencing in June 2019.

The Didipio Mine is subject to several ongoing obligations under the FTAA to ensure that Didipio is operated in accordance with the social and environmental policies developed by the Philippine Government and enacted under the Philippine Mining Act of 1995 ("**PMA**"). Our compliance with the FTAA is measured by the implementation of the approved work programs, verified through regular compliance monitoring audits by the regulators, submission of periodic reporting requirements and payment of fiscal obligations, among others. In addition, other approvals required to be maintained under the FTAA contain conditions relating to community consultation that are required to be satisfied, including our Environmental Compliance Certificate ("**ECC**").

Prior to renewal, the then Nueva Vizcaya Provincial Government, with its position that the FTAA expired, ordered the municipal and barangay (the smallest administrative division in the Philippines and the Filipino term for a village, district or ward) local government units and other agencies to enjoin and restrain the operations of the Didipio Mine. This resulted in the setting up of road blockades to the Didipio Mine which prevented the entry of fuel, aggregates and other supplies and stopped the transportation of copper concentrate. The continued restraints of supplies necessary for sustained operations resulted in the temporary suspension of underground mining in mid-July 2019 and processing in October 2019.

After the renewal of the FTAA, blockades were removed, and we commenced ramp up activities for the resumption of full operations. By the end of the first quarter of 2022, the underground mine achieved target mining rates ahead of schedule.

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The FTAA Addendum and Renewal Agreement imposed certain additional obligations, including each of the following, all of which have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establishing and funding additional social development funds comprising each of the (a) Community Development Fund ("**CDF**") (1% of our gross mining revenue (calculated as sales less freight, handling, and refining costs) from the preceding calendar year) for the sustainable social, economic and cultural development of the communities in the region, and (b) Provincial Development Fund ("**PDF**") for the provinces of Quirino and Nueva Vizcaya (0.5% of the gross mining revenue from the preceding calendar year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferring our principal office to either Nueva Vizcaya or Quirino by July 2023, which was completed in February 2022 when our principal office was transferred to the Didipio Mine, Didipio, Kasibu, Nueva Vizcaya;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Listing of at least 10% of common shares of OGPI on the PSE by July 2024, which was completed in May 2024 pursuant to the Philippines Offering (please see "*General Development of the Business – 2024 Developments*" for further information on the Philippines Offering);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering not less than 25% of the annual gold doré production of the Didipio Mine to the Bangko Sentral ng Pilipinas, the central bank of the Philippines, to be purchased at a fair market price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reclassifying the 2% NSR paid or due to the Addendum Claimowners under the Addendum Agreement (defined below) after July 2021 as part of allowable deductions against net revenue (please see "*Mineral Permits and Regulatory Matters – Entitlements of Addendum Claimowners*" below for more information on the mining claims of certain claim owners).

The fiscal regime under the FTAA is governed by the principle that the Philippine Government expects a reasonable return in economic value for the exploitation of non-renewable natural resources under its national sovereignty. Based on this principle, we share with the Philippine Government in the net revenue (as defined by a formula) arising from the operations of the Didipio Mine on a 60%/40% basis. Hence, the Philippine Government receives 60% of the net revenue while we receive the remaining 40%.

For the purposes of the FTAA, "net revenue" is the gross mining revenue from commercial production from mining operations, less allowable deductions for, among other items, expenses relating to mining, processing, marketing and continuing mineral exploration, consulting fees, mine development, depreciation of capital assets, and certain specified overheads and interest on loans. The FTAA Addendum and Renewal Agreement reclassified the 2% NSR due to the Addendum Claimowners as a deduction from gross mining revenues rather than part of the Philippine Government's share on net revenue. Please see "*Mineral Permits and Regulatory Matters – Entitlements of Addendum Claimowners*" below for more information with respect to the 2% NSR.

The Philippine Government receives 60% of the net revenue less costs, taxes, duties, fees and other expenses paid or accrued, provided that payments made in any contract year of an expense accrued the previous year and already charged against the Philippine Government in the previous year shall no longer be chargeable. The chargeable costs and expenses also include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2% NSR paid or due to the Addendum Claimowners with respect only to a certain area indicated in the Addendum Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 8% free carried interest in OGPI equivalent to the Addendum Claimowners' free carried interest after full recovery of our pre-operating expenses and property expenses and with respect only to a certain area indicated in the Addendum Agreement (please see "*Mineral Permits and Regulatory Matters – Entitlements of Addendum Claimowners*" below for more information with respect to the 8% free carried interest); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any tax due on dividend payments to OGPI stockholders and any tax due on interest payments on foreign loans extended to OGPI by its stockholders, unless legislation is required to allow the deduction of the foregoing amounts, in which case the deduction shall be made only after the appropriate legislation has been passed.

The Didipio Mine is located within the area defined under the Partial Declaration of Mining Feasibility ("**PDMF**") approved by the Department of Environment and Natural Resources ("**DENR**") in October 2005. We retain the right to seek further partial declarations of mining feasibility in the future over other deposits in the broader area covered by

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the FTAA. The PDMF permits the operation and development of the Didipio Mine. As part of the requirements relating to the PDMF, we submit a three-year utilization work program for commercial production to the Mines and Geosciences Bureau ("**MGB**"). In December 2023, the MGB approved our three-year work program for the years 2023 to 2025.

Entitlements of Addendum Claimowners

The Addendum Claimowners are entitled to a free carried interest of 8% of OGPI and to a 2% NSR royalty, in each case with respect only to a certain area as defined in an addendum agreement with a syndicate of original claim owners, led by the late Mr. Jorge G. Gonzales, Sr. (the "**Gonzales Group**"), in respect of a portion covered by the FTAA, including the PDMF area in its entirety, which incorporates the Didipio Mine (the "**area of interest**") (such agreement, the "**Addendum Agreement"**) and the FTAA. Under the Addendum Agreement, the Addendum Claimowners will be entitled to a free carried interest of 8% of OGPI.

It is expected that the 8% free carried interest will be reflected as an equity interest in the capital stock of OGPI through the issuance of new shares in OGPI to the Addendum Claimowners. However, there are a couple of pending cases with respect to the Addendum Agreement. Please see "Legal Proceedings – Didipio Mining Claims" for further information.

Under the Addendum Agreement, the shares of stock corresponding to the 8% interest of the Addendum Claimowners in OGPI, when issued, shall have voting rights and shall have similar rights and privileges as those of the shares of stock of the other shareholders holding the remaining 92% of the equity of OGPI in respect of voting rights and distribution of dividends. Thus, apart from voting rights, the 8% free carried interest will entitle the Addendum Claimowners to a proportionate share of any dividends declared from the net profits of OGPI after full recovery of our pre-operating expenses and property expenses and with respect only to the area defined therein. Pursuant to the FTAA, any entitlements flowing to the Addendum Claimowners after recovery of pre-operating expenses and property expenses form part of the Philippine Government's share in the net revenue.

The Addendum Claimowners are also entitled to a 2% NSR in respect of a certain area defined in the FTAA. Under the FTAA Addendum and Renewal Agreement, the 2% NSR due after July 2021 is classified as part of allowable deductions against net revenue and therefore shared 60%/40% between the Philippine Government and us, respectively.

Under the Addendum Agreement, the payment of the 2% NSR shall commence upon actual production from the area of interest and shall be derived and payable by OGPI from the sale of gold doré and/or copper concentrate and other by-products from the operation of the area of interest.

We have accrued the 2% NSR since the commencement of actual production in 2013 pending the final resolution of the outstanding cases. Please see "Legal Proceedings – Didipio Mining Claims" for further information. The timing of cash settlement of the accrued NSR remains dependent on resolution of the proceedings. As of December 31, 2024, we have accrued $69.6 million ($63.3 million of royalties and $6.3 million related to free-carried interest) pertaining to this claim.

Environmental and Social Matters

In addition to regular monitoring, inspection and verification mine visits by the MGB, Environmental Management Bureau ("**EMB**") and the DENR, our operations are also monitored for, among others, compliance with our annual Environmental Protection and Enhancement Program ("**EPEP**") and other environmental laws by the Mine Rehabilitation Fund Committee (MRFC) and the Multipartite Monitoring Team ("**MMT**"). The MMT is composed of 14 members representing national governmental authorities, local government units and communities in the provinces of Nueva Vizcaya and Quirino and certain NGOs.

In August 1999, we obtained the ECC for the Didipio Mine. The ECC specifies environmental management and protection requirements, including the submission of an annual EPEP, Final Mine Rehabilitation & Decommissioning Plan (FMR/DP) and Social Development and Management Program ("**SDMP**").

Under the PMA, we are required during mining operations to allot annually a minimum of 1.5% of our operating costs for the SDMP, whereby 75% of the 1.5% shall be apportioned to the development of host and neighboring barangays. The remainder of the amount would be utilized for the development of mining technology and geosciences and for public awareness and education on mining and geosciences. We also allocate funds equivalent to 10% of our

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approved exploration work program budget for the Community Development Program to be implemented, in the areas where we are undertaking exploration activities.

The SDMP aims to facilitate sustained improvement to the living standards of the host and neighboring communities by helping to define, fund and implement development programs. We work collaboratively with the MGB, local government units of the host and adjacent communities, and local contractors to complete SDMP projects.

Under the FTAA Addendum and Renewal Agreement, we are required to annually allot an amount equivalent to 1% of gross mining revenues of the preceding year for the CDF and an amount equivalent to 0.5% of the gross mining revenues of the preceding year for the PDF. These additional social development funds, which are included as an allowable deduction in the computation of our net revenue, contribute to the sustainable social, economic and cultural development of the communities in the region.

**Exploration**

Exploration from 2015 to 2019 involved fieldwork and a series of drilling campaigns within the FTAA area. The drilling was focused on testing targets generated from various data sets, including geological and alteration mapping and rock sampling, stream sediment geochemistry, soil sampling, and deep imaging geophysics.

Exploration and resource definition activities were placed on hold between July 2019 and February 2022 due to the ongoing FTAA renewal process. During this time, a technical review of near mine exploration opportunities was undertaken. The study determined that at least five exploration targets exist with mine growth potential outside of resource definition areas already identified. Additionally, these zones could be accessed from existing Didipio underground infrastructure if proven economical. The targets have been the focus of drilling from underground since February 2022. In September 2024, we obtained approval for a five-year extension of the exploration period under the FTAA from 2024 to 2029.

Surface exploration drilling commenced at the Napartan prospect in 2024, with a total of four scout drillholes completed for 626 metres, targeting mineralized pegmatitic dykes identified in muck sourced from abandoned small scale mining adits and an associated copper-gold geochemical anomaly. A 2,000-hectare airborne drone magnetic geophysics survey was subsequently initiated at Napartan during the fourth quarter of 2024 and completed in February 2025.

Please see "*Production, Development and Exploration*" below for information relating to our planned exploration activities in 2025.

**Drilling**

Drilling recommenced underground in February 2022. Three drill rigs were operating since May 2024 from the 2160 mRL resource definition drill platforms; however, all drilling has been suspended since September 2024 due to flooding of the underground. The drilling focused on the Northern Monzonite, Eastern Monzonite and Eastern Breccia ("**EBX**") in Panel 3 and Panel 4. Additional intercepts of Balut Dyke, located immediately north of the Syenite Porphyry, confirm the strike extent of the Northern Balut Dyke below 2100L. Recent drillholes also intersected the Balut Dyke south of the Syenite Porphyry and drilling along the eastern margin of the orebody further defines the extent of the EBX.

Full year 2024 exploration drilling from underground totalled 14,835 metres. While underground drilling operations are currently suspended, underground exploration drilling is expected to resume once access to the lower levels of the mine becomes available, at which time Panel 3 resource conversion drilling will be prioritized.

Please see *"Production, Development and Exploration*" below for information relating to our planned drilling in 2025.

**Sampling, Analysis and Data Verification**

Sample preparation of Didipio drill core has been conducted in a number of phases. Starting from 2015, PQ and HQ diamond core has been cut in half. Half core is assayed and the other half is retained. NQ core is submitted whole for assaying. All core is submitted in one meter sample intervals except where sample intervals are split to align with lithology. Drill core is submitted to the independent SGS laboratory on site and staffed with SGS employees. RC holes were sub-sampled either through a cone splitter (Schramm) or riffle splitter (Edson). Blast holes were sub-sampled with a riffle splitter. Underground channel sampling is ongoing as the mine develops.

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The SGS sample procedure is as follows: over dry samples; crush using Jaw crusher in approximately four millimetres in size; crush using Boyd crusher into approximately two millimetres in size, and dry screen every 20th sample; split 15% of the sample using BOYD-RSD; pulverize 750 gram to one kilogram samples into 75 microns ("**µm**") and wet screen every 20th sample; and riffle split to 250 grams for assaying and 250 grams as pulp retention.

The samples obtained are handled and managed according to documented standard procedures. The entire sample handling process from acquisition, transport and delivery, sample preparation and analysis is supervised and/or monitored by our geology personnel. There is no identified area in the sample chain of custody which can result to mishandling or altering of samples.

SGS has performed the assay analysis at Didipio. Fire assaying is used for the standard gold assay procedure and Atomic Absorption Spectrometry ("**AAS**"), Inductively Coupled Plasma ("**ICP**") and X-Ray Fluorescence ("**XRF**") procedures are used for the standard copper assay procedure.

Since commissioning of the SGS onsite laboratory, all samples have gone directly from point of collection to the onsite SGS laboratory or for drill core via the onsite core shed. The core is photographed, split by a core saw (HQ and PQ sized core) and sampled every meter at the onsite core shed. The samples are uniquely numbered with two QA/QC CRM and one quartz blank sample standard inserted for every batch of 50 samples. The CRMs are typically low-grade CRM and medium grade CRM. The quartz blank sample is normally below detection limits. Thereafter, all drill core samples are transported by a technician or geologist directly from the onsite core shed to the onsite SGS laboratory. Upon arrival at the onsite SGS laboratory, samples are checked by the SGS staff in the presence of the mine or exploration geology representative. SGS inserts an additional six QA/QC check samples.

Performance for standards, blanks, field duplicates and laboratory repeats are considered acceptable. SGS field duplicates returned acceptable precision compared to original assays for both gold and copper.

**Mineral Processing and Metallurgical Testing**

A detailed design was prepared for our processing plant in February 2011 and site construction of the plant commenced in November 2011. First ore was introduced to the plant in December 2012, and commercial production commenced in April 2013.

Operational plant performance since the commencement of operations provides comparison data assisting in validating the recovery models developed in the prior feasibility phase and plant response to changes in grind size and partial oxidation of older stockpiled feed. The plant is generally capable of meeting the modelled recovery estimates and the impacts of partial oxidation of surface stockpiles has been studied and categorized for improved production forecasting.

Test work programs have been conducted in a number of stages as the predominate ore source has changed from open pit to stockpiles to underground. Several processing options and reagent modifications are under evaluation to increase metallurgical performance of stockpile material. To further investigate the variability of the different ore types at the Didipio Mine, a future ore test work was conducted in 2024 with both external and internal laboratories. The project aims to evaluate the variability in ore metallurgical parameters (A\*b, work index, gravity, copper and gold recoveries) between the ore types sampled from the underground. The data will also be used to develop models that will estimate the influence of geological and mineralogical attributes of these ore types to plant performance.

Samples selection is based on Bingo charts to represent all future underground ore to be processed. Panel 1 and Panel 2 recovery test works were performed at our in-house metallurgical laboratory facility. The gravity and flotation recoveries of Panel 1 and Panel 2 behaves as expected compared to the recovery model and historical processed underground ore recoveries. Panel 3 was initially sent to independent laboratory AMML for hardness and recovery testing. The hardness results are in line with previous test work which poses no significant concern on the plant throughput. However, the gold and copper recovery results came lower than expected. The Panel 3 samples were shipped back to our metallurgical laboratory for calibration tests, and gold recovery improved and aligned with the existing recovery models. Although there has been improvement in copper recovery, there seems to be a drop in copper recovery along with the depth of underground. Further mineralogical analysis is recommended to understand the copper losses in tails and run further flotation tests to see if we can increase recovery through optimization of flotation reagent dose rates.

Please see "*Processing and Recovery Operations*" below for additional information.

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**Mining Operations**

Open Pit Mining

Large scale open pit mining was completed in April 2017 with low and medium grade ore stockpiled. During the second quarter of 2019, mining took place at the base of the completed pit in order to extract a portion of ore in the crown pillar as part of the Crown Stabilization Project ("**CSP**"). Following the renewal of the FTAA, in the fourth quarter of 2021, additional ore was mined at the base of pit. Replacement of the ore mined from the crown pillar with CRF to improve geotechnical stability began in 2022, reducing the risk of potential water ingress into the underground mine and unlocking further Mineral Reserves from the crown pillar which will be extracted from underground. The CSP mining via open pit methods is complete, with CRF backfilling to be undertaken through to end of 2025.

Underground Mining

The underground project commenced in March 2015 with the construction of the underground portal and continued development occurring since then and first ore stoping occurring in December 2017. The long hole open stoping ("**LHOS**") method is used, which is a commonly employed, high-production, low-cost mining method that is suited to steeply dipping tabular-like orebodies. The method allows a high degree of mechanization and offers good mining selectivity, good recovery and is relatively flexible to suit variable geometries and ground conditions. The LHOS method can provide a high production rate once sufficient stopes are accessed and is considered low risk because mining crews do not have to enter the stope void. Remote loading of blasted ore is required once the stope brow is open to the extent where the operator may be exposed to uncontrolled sloughing from the stope cavity.

Production can commence from a stope once the top and/or bottom development ore drives (in ore) are established, and the expansion slot raise is mined between the two levels. Production drilling is a combination of upholes and downholes. Once loading and hauling of blasted ore is complete, backfilling commences via the placement of paste backfill that will be re-exposed during the extraction of the next stope in sequence. Once sufficient curing time has been allowed, the slot drive is developed in the immediately adjacent stope and the extraction sequence can commence. A primary/secondary stoping sequence is utilized at Didipio, where primary stopes are separated by a secondary stope. Extraction of the secondary stope can only occur after the two immediately adjacent primary stopes have been mined, backfilled and have had sufficient time to cure.

The ventilation system at Didipio is relatively simple, with multiple intakes (two x portal and one x shaft) and returns (two x shaft) providing adequate ventilation to the underground mine. Emergency egress from the underground is provided via a series of fully enclosed underground ladderways connected to the intake drive.

**Processing and Recovery Operations**

Ore is processed using a conventional SABC grinding circuit with a secondary pebble crusher circuit followed by froth flotation for recovery of gold and copper concentrate. A gravity circuit is incorporated within the grinding and flotation circuits to produce gold bullion on site.

The processing plant was designed with nameplate capacity of 2.5 Mtpa and is now permitted to operate at a rate of up to 4.3 Mtpa. In 2022 and 2023, throughput was 4.0 Mtpa to 4.1 Mtpa, and 3.8 Mtpa in 2024.

Copper and gold recovery rates have been in line with forecast rates used in the production planning process. Gold recovery ranges from 86% to 91%, while copper recovery ranges from 88% to 91%, in each case depending on the head grade.

**Infrastructure**

The Didipio Mine infrastructure includes a TSF, workshops, camp, water treatment plants, paste backfill plant and ore processing facilities. The TSF has been designed to accommodate the life of the mine tailings requirement, net of the paste backfill.

Our paste backfill plant was commissioned in December 2018. The plant reduces the TSF's capacity requirement. The plant also enables the implementation of a ground support strategy for regional stability, as the backfill ensures that no large-scale underground void is left after ore extraction from underground mining operations.

**Capital and Operating Costs**

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The table below summarizes the 2024 operating and capital costs for the Didipio Mine:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Operating Costs and Capital Summary 2024** | &nbsp;&nbsp;**Operating Costs and Capital Summary 2024** |
| &nbsp;&nbsp;**Operating Costs** | **$M** |
| &nbsp;&nbsp;Mining costs (net of capitalized amounts) | 56.4  |
| &nbsp;&nbsp;Process plant costs | 32.9  |
| &nbsp;&nbsp;G&A costs | 46.1  |
| &nbsp;&nbsp;&nbsp;Royalties, freight handling & refining costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;**Total operating costs** | **142.3** |
| &nbsp;&nbsp;**Capital and Exploration Expenditures** | **$M** |
| &nbsp;&nbsp;Sustaining capital | 20.4 |
| &nbsp;&nbsp;Pre-strip and capitalized mining | 8.6 |
| &nbsp;&nbsp;Growth capital | 8.2 |
| &nbsp;&nbsp;Exploration | 2.1 |
| &nbsp;&nbsp;**Total capital and exploration expenditures**  | **39.3**  |
| &nbsp;&nbsp;**Unit Metrics** | **$/t** |
| &nbsp;&nbsp;Mining cost per tonne mined (including allocation of any capitalized mining costs) | 40.50 |
| &nbsp;&nbsp;Processing cost per tonne milled | 8.77 |
| &nbsp;&nbsp;&nbsp;G&A cost per tonne milled | 12.61  |

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**Production, Development and Exploration**

The Didipio Mine produced 97,000 ounces of gold and 12,292 tonnes of copper in 2024 on a 100% basis and is expected to produce 85,000 to 105,000 ounces of gold and 13,000 to 15,000 tonnes of copper in 2025 on a 100% basis. Expected gold and copper production reflects the planned rate of mining from the higher-grade breccia stopes, as well as continued water management in the lower parts of the mine for much of the 2025 year.

The table below summarizes the 2025 capital investment guidance for the Didipio Mine:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Capital Investment Guidance 2025**<sup>1</sup> | **$M** |
| &nbsp;&nbsp;&nbsp;Pre-strip and capitalized mining | 10  |
| &nbsp;&nbsp;&nbsp;Sustaining | 25  |
| &nbsp;&nbsp;&nbsp;Growth | 15  |
| &nbsp;&nbsp;&nbsp;Exploration | 10  |
| &nbsp;&nbsp;**Total investments** | **60**  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.Production is on a 100% basis. Excludes capital leases. | &nbsp;&nbsp;&nbsp;&nbsp;1.Production is on a 100% basis. Excludes capital leases. |

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In 2025, total capital investment is expected at $60 million. Sustaining capital for the year primarily relates to improving underground mining operations, while capitalized mining relates to continued development of the underground decline. Exploration expenditure at Didipio in 2025 will focus on resource conversion of Panel 3, as well as early-stage exploration work at Napartan and other prospects within the FTAA, including True Blue and D'Fox.

A PFS for the Didipio Mine is in progress. The PFS will focus on identifying uplift requirements to support an optimized underground mining production rate of approximately 2.5 Mtpa. The PFS will also identify the preferred process plant operational throughput rate for the optimized underground operation and evaluate process plant augmentation requirements to scale to, and sustain, the already permitted 4.3 Mtpa processing rate. The PFS will be released subsequent to the completion of resource conversion drilling, and the completion of other ongoing dewatering work, and is now expected to be completed in 2026.

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**Macraes Operation**

Certain portions of the following information are derived from and based on the Macraes Technical Report, and are based on the assumptions, qualifications and procedures set out therein. For a more detailed overview of the Macraes Operation, please refer to the Macraes Technical Report, which is available under our profile on SEDAR+ at <u>www.sedarplus.com</u> and on our website at <u>www.oceanagold.com</u>. We have also provided information that post-dates the Macraes Technical Report.

**Property Description, Location and Access**

The Macraes Operation, located on the South Island of New Zealand, is the country's largest gold producing operation and includes both open pit and underground mining. Macraes is located approximately 60 kilometres north of Dunedin and 30 kilometres to the northwest of Palmerston in the Otago Region. The mining activities occur approximately two kilometres to five kilometres north and east of the Macraes township and is predominantly surrounded by farmland.

Access to the mine is by sealed roads from Dunedin, Oamaru, Middlemarch and Ranfurly. There is adequate access along sealed roads and farm tracks throughout the mine area.

Please see "*Mineral Permits and Regulatory Matters*" below for information relating to the nature and extent of our title to the Macraes Operation, applicable royalties and permitting matters. Please also see "Environmental and Social Matters" below.

**History**

The Macraes Operation has been mining and processing gold bearing ore since 1990 and has produced over 5 million ounces. The original permits comprising the Macraes Operation were owned by Golden Point Mining Limited, and by BHP Gold Mines (New Zealand) Ltd. ("**BHPNZ**"). In December 1989, the Macraes Mining Company Limited ("**MMCL**") obtained 100% ownership of these permits.

Two geophysical surveys were carried using IP/resistivity in April 1985. During 1987, an orientation stream sediment sampling survey was conducted by BHPNZ in the Round Hill area. Exploration activities conducted in the Macraes region prior to 1990 included approximately 56,000 metres of rotary air blast, RC and diamond drilling in 779 holes.

In December 1998, MMCL amalgamated with Macraes Mining Company Holdings Limited. This company subsequently changed its name to Gold and Resource Developments (NZ) Limited, and then to GRD Macraes Limited. In 2004, the name was changed to OceanaGold (New Zealand) Limited.

**Geological Setting, Mineralization and Deposit Types**

Geology

The Macraes Operation centres on a major, low-angle structure known as the Hyde-Macraes Shear Zone ("**HMSZ**"). This regionally continuous, late metamorphic deformation zone cuts greenschist facies metasedimentary rocks of the Otago Schist, a metamorphic belt that was formed by collisional amalgamation of the Caples and Torlesse terranes in the Early-Middle Jurassic.

The HMSZ is one of the largest Mesozoic structures mapped in the Otago Schist, traceable for at least 30 kilometres along strike in east Otago. Mining to date has occurred along a continuous strike length of six kilometres in numerous staged pits, three smaller discrete satellite pits five kilometres to six kilometres to the north, and at Golden Bar, a further six kilometres to the south. The HMSZ consists of variably altered, deformed and mineralized schist up to 150 metres thick, known as the intrashear schist. The thickest part of the shear zone consists of several mineralized zones stacked on metre-thick shears. These shears have ductile deformation textures overprinted by cataclasis. A shear known as the Hangingwall Shear ("**HWS**"), defines the upper limit of the intrashear schist. This shear, which can be up to 25 metres thick, is the most strongly mineralised structure at the Macraes Operation.

The Coronation and Coronation North deposits are located five kilometres to six kilometres to the northeast of the processing plant. Coronation consists of a 15 to 20 degrees dipping HWS that is between three metres and ten metres thick. Unlike deposits to the south, there is very little development of stockwork mineralization beneath the HWS. Located one kilometre to the north of Coronation is the Coronation North deposit, which was discovered in

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2015. Coronation North differs from previously mined ore bodies along the HMSZ and comprises a high-grade zone of ENE plunging mineralization associated with a left-hand lateral bend in the strike of the HWS.

The Innes Mills open pit is centred on mining the HWS and subparallel stacked lenses beneath. In outcrop, the shears typically dip 15 to 20 degrees to the east and are approximately five metres thick. Within the open pit, gold mineralization comprises mineralized schist and cataclasite, shear-parallel quartz veins and arrays of sub-vertical quartz veins.

Erratic mineralization locally occurs between the base of the HWS and the Footwall Fault. At the resource drilling stage, this mineralization manifests as poorly developed clusters of elevated gold grades, which often appear discontinuous. During mining, however, these typically present as zones of quartz vein arrays and mineralized shears. The Footwall Fault lies between 80 metres and 120 metres below the HWS and is identified as a cataclastic zone up to ten metres thick. To date, no economic mineralization has been located below the Footwall Fault.

GPUG encompasses the down-dip continuation of the HWS mined in the Round Hill and Golden Point open pits. Current drilling has shown this to extend more than 700 metres beyond the limit of the open pit design. The thickest, most mineralized part is a series of stacked lodes proximal to the Golden Point open pit. Mineralization continues as a single higher-grade lode down-dip to the north-northeast. Mineralization is contained within the intrashear schist, which is generally 80 metres to 100 metres thick, with the higher gold grades confined to the upper part, which is dominated by cataclasite, lode schist and local stockwork pelite lithologies. Numerous drill holes have penetrated through the intrashear schist into the Footwall Psammite. Mineralization is consistent with the ore delineated in the Golden Point and Round Hill open pits, however down-dip of Golden Point this is constrained to a single lode. The highest gold grades are contained within the strongly developed and visually distinguishable zone within the upper hangingwall, characterized by quartz cataclasite, and mineralized schist. This typically forms a well mineralized, continuous zone up to five metres to ten metres thick, with a gold grade of approximately 3 g/t.

Mineralization and Deposit Types

The Macraes deposit is an orogenic style gold deposit, with mineralization broadly synchronous with deformation, metamorphism and magmatism during a lithospheric-scale continental-margin orogeny. Most orogenic gold deposits like Macraes occur in greenschist facies rocks. Orogenic deposits typically formed on retrograde portions of pressure-temperature time paths during the last increments of crustal shortening and thus postdate regional metamorphism of the host rocks. The following four types of mineralization occur within the HMSZ at the Macraes Operation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineralized schist: This style of mineralization involves hydrothermal replacement of schist minerals with sulphides and microcrystalline quartz. Mineralization is accompanied by only minor deformation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Black sheared schist: This type of schist is pervaded by small scale anastomosing fine graphite, and sulphide bearing microshears. This type of mineralization is typically proximal to the HWS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shear-parallel quartz veins: These veins lie within and/or adjacent to the black sheared schist and have generally been deformed with the associated shears. The veins locally crosscut the foliation in the host schist at low to moderate angles. Veins are mainly massive quartz, with some internal lamination and localized brecciation. Sulphide minerals are scattered through the quartz, aligned along laminae and stylolitic seams. These veins range from one centimetre to more than two metres; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stockworks: These veins occur in localized swarms that are confined to the intrashear schist. Individual swarms are up to 2,000 square metres in area and consist of numerous subparallel veins. Most of these veins formed sub perpendicular to the shallow east dipping shear fabric of the intrashear schist. Stockwork veins are typically traceable for one metre to five metres vertically with most filling fractures that are five centimetres to ten centimetres thick but can be up to one metre thick.

**Mineral Permits and Regulatory Matters**

For the Macraes Operation, we hold a contiguous group of permits to the north-west and south-east of Macraes Flat, covering approximately 35 kilometres of strike of the HMSZ. Our permits comprise two minerals permits, MP 41064 and MP 52738, and one exploration permit granted under the Crown Minerals Act 1991 (New Zealand) (the "**CMA**"), which governs the prospecting, exploration, and mining of Crown-owned minerals in New Zealand.

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The Macraes Operation is fully permitted for current operations, operating under mining and exploration permits that provide the exclusive right to explore for and mine Crown-owned minerals (gold and silver) and a suite of resource consents and related permits and approvals that authorize our associated activities. We are the owner of most of the land in the immediate vicinity of the Macraes Operation, and most of the land within and outside of our minerals permits. Where we do not own land, we can obtain rights to access and occupy land from private or Crown landowners. The only access arrangements or surface rights agreements currently in place at the Macraes Operation relate to public roads. Roads are managed by the local Councils and are a temporary arrangement, while road realignments resulting from mining activities are completed and legalized. Covenants are in perpetuity and are for the required environmental biodiversity offset as part of the resource consent (permitting) process.

With respect to MP 41064, an annual royalty is payable to the Crown at the greater of 1% on net sales revenues from gold, silver and (for parts of the permit area) other minerals, including calcium tungstate mineral ("**scheelite**"), or 5% of accounting profits. With respect to gold and silver recovered from MP 52738, a royalty of 2% ad valorem is payable to the Crown annually. A royalty in an amount that is yet to be fixed will also be payable in respect of any scheelite recovered from the permit area. A royalty is payable to OW Hopgood on any gold, scheelite, or other minerals recovered from a specified project area in an amount equal to 5% of recovered minerals if recovered by open pit mining, and 3% of recovered minerals if recovered by underground mining.

Minerals permits are maintained in good standing by complying with minimum work program commitments and submitting technical and annual reports to the applicable regulators, as required. There are currently no known significant risks to access or title of the Macraes minerals permits or ability to currently perform work at the Macraes Operation under existing resource consents, or environmental liabilities that are not already appropriately bonded and managed under resource consent conditions. There is a programme of work underway during the current financial year to secure permits and resource consents that are required to support the future life of mine plan.

In December 2024, the New Zealand Parliament passed the FTA Act for regionally and nationally significant infrastructure and development projects. The Macraes Phase 4 Project, a mine extension permit, is one of 149 projects listed in Schedule 2 of the FTA Act with staged lodgment of applications. Allowing for preparation of the relevant application documents, it is envisaged that we will lodge our application for the Macraes Phase 4 Project under the FTA in 2025.

**Environmental and Social Matters**

Environmental management and mitigation measures are maintained at the Macraes Operation, including ongoing monitoring to ensure compliance with resource consent conditions. These consents are issued by the Otago Regional Council, the Waitaki District Council and the Dunedin City Council to authorize use of, and discharges to, land, water, and air, and are issued subject to various conditions.

Conditions of consent include the requirement to lodge a bond that secures environmental performance undertakings, is independently assessed, updated annually and peer reviewed by the applicable Councils. There is also a requirement to avoid, remedy or mitigate significant effects on the environment and offset or compensate residual effects, and monitor and report on compliance and activities undertaken in accordance with the consents. Tailings disposal facilities are maintained and managed in line with New Zealand Society on Large Dams guidelines and authorized by Environment Canterbury, and waste rock disposal is managed on an ongoing basis to ensure geochemical and geotechnical stability. Progressive rehabilitation is ongoing.

A key component of the resource consenting process is consulting with stakeholders, including local iwi (Māori) who maintain a strong cultural connection to the area. Understanding their concerns and, where possible, integrating those concerns into project design and execution forms a key part of maintaining a sound relationship. We are continually engaging with affected individuals and groups on our operational plans and activities.

An extensive volume of environmental data continues to be collected for compliance and operational purposes at the Macraes Operation, including surface water, groundwater, noise, vibration, dust, and terrestrial and aquatic ecology. The data gathered as part of the environmental monitoring program assists in assessing the effectiveness of mitigation strategies and understanding residual impacts from the Macraes Operation.

We have consents in place or in progress for continued mine operations at Macraes through to and potentially beyond 2030. These include replacements for expiring consents and the Macraes Phase 4 Project. This expansion includes extensions to existing pits and the construction of Stage 2 of the new TSF utilizing existing pit capacity in the Frasers Open Pit.

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We continue our 20-year partnership with Otago Fish and Game, a semi-government organization, to manage a Trout Hatchery on the Macraes site. During 2024, we strengthened our relationship with local iwi and have a proactive engagement and collaboration plan in place.

**Exploration**

The Macraes area is a mature exploration province and much of the strike potential has been tested near surface. There remains potential for discovery both down dip of previously mined open cuts and underground operations and along strike to the north and south.

Detailed geological mapping, geophysical surveys (including seismic surveys, magnetic and electromagnetic surveys), geochemical surveys (including stream sediment sampling, soil sampling and trenching), remote sensing and aerial photography, have been completed along the strike of the HMSZ. Target areas with favourable characteristics for gold mineralization have been systematically tested with drilling.

Please see "*Production, Development and Exploration*" below for information relating to our planned exploration activities in 2025.

**Drilling**

As at December 31, 2024, over 1,105,000 metres in approximately 8,500 drill holes have been drilled from surface at the Macraes Operation. Full year 2024 exploration drilling totalled 9,389 metres. During 2024, resource definition drilling was ongoing to improve resource confidence at Coronation, Coronation North and GPUG.

Holes usually have been surveyed at 30 metre intervals to the end of the hole. RC holes and diamond core are generally logged and classified at one metre intervals with exceptions for lithology changes in diamond core holes.

Drill hole information is stored in an electronic database. For drill holes prior to 1994, only collar, interval and assay information has been entered into the database, while the database contains all logged information for all drill holes post-1994.

Please see "*Production, Development and Exploration*" below for information relating to our planned drilling in 2025.

**Sampling, Analysis and Data Verification**

The sampling approach at the Macraes Operation consists of drill cuttings (RC percussion drilling) and half cut core samples (diamond drill core). The diamond drilling sampling has remained relatively constant over the life of the project, while the sampling of the percussion drilling has changed dependant on the drilling method.

Sampling of the RC percussion drilling is completed by trained employees who are supervised by technical staff. The sampling, splitting, tagging, bagging and storage of RC percussion drill holes is carried out in accordance with industry protocols and standards.

Drill core is logged and photographed, and the sections of core considered to be mineralized, or proximal to mineralized zones, are cut in half using a core saw and sampled by trained technicians and geologists, in accordance with sampling and QA protocols.

Sample recovery from RC percussion drilling and diamond drill core is routinely recorded in geological logs and recovery data is stored in a database. Sample preparation for analysis is carried out by independent laboratory staff (Amdel Limited ("**Amdel**") or SGS New Zealand Limited and is not conducted by any of our employees.

Between 2009 and mid-2011, all diamond core samples from surface exploration drilling, and most RC percussion drill samples were processed and analyzed by SGS laboratories in Ngakawau and Waihi. Samples were dried, crushed, split and then pulverized. One 50-gram pulp split was sent to SGS Waihi and analyzed for gold by fire assay. A second 50-gram subsample was retained in Ngakawau and used to make pressed powder pellets for XRF spectrometry analysis for arsenic and tungsten.

In mid-2011, SGS opened a new laboratory facility in Westport and took ownership of the laboratory services contract at the Macraes mine site. All the RC percussion chips and diamond core drill samples since 2011 were analyzed by SGS at the Macraes laboratory in New Zealand, using the process described above.

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From 2010 until 2012, the independent ALS Laboratory Group Minerals laboratory in Brisbane, Australia was retained to analyze high value (deep) diamond drill holes from surface drills to test the down dip extent of the FRUG mineralization and potential blind ore shoots. Half-core (NQ or HQ) samples were cut and sampled by our personnel and delivered to ALS Brisbane laboratory by freight companies. All sample preparation and analysis were completed by ALS employees. After crushing and pulverizing, all samples were analyzed by fire assay.

During 2013, selected sample pulps without existing tungsten analyses from Round Hill/Southern Pit and the Frasers 6 areas were retrieved from storage and analyzed for tungsten. The samples were retrieved and were initially analyzed in-house using our portable XRF ("**pXRF**") analyzer. Orientation studies were conducted, and sampling protocols were developed to ensure consistent presentation of the samples to the pXRF analyzer.

The QC database is incomplete for the Macraes Operation, in part due to the long exploration and mining history. Where available, the recovery and QA/QC data indicates the assay data is acceptable. The risk associated with the incomplete data is mitigated by the available mining and reconciliation data which supports the quality of the information. The data is suitable for the purposes of grade estimation. Potential biases associated with the sampling of wet RC percussion drilling has been addressed by replacing wet sampled RC percussion drill holes with their corresponding diamond or dry RC twins; or, in cases where no twin drill hole exists, globally determined wet sample bias correction factors have been used to factor gold grades for wet RC percussion drill hole samples.

**Mineral Processing and Metallurgical Testing**

Over the past 35 years, we have developed considerable experience in development and operation of the complex ore processing technology required to optimize gold recovery from the Macraes refractory ores. Emphasis is placed on efficiency, recoveries and the control of costs. The relatively high tonnage processed, the simple flotation reagent regime and economies resulting from concentration of the gold into a flotation product comprising between 1.5% and 3% of the ore mass treated reduce operating cost. The low operating cost of the core sulphide process is due to low comminution costs (contributed to by the coarse grind, and relatively soft ore).

We conduct a metallurgical ore testing program at the Macraes Operation using core from recently drilled areas to determine ore recovery parameters. The data produced from the test work feeds into the recovery models used in the life of mine plan. Test work checks ore amenability to the Macraes flowsheet of grinding/flotation and leaching.

Please see "*Processing and Recovery Operations*" below for additional information.

**Mining Operations**

Open Pit Mining

The open pit mining operation at Macraes utilizes hydraulic excavators and rear dump diesel trucks to extract both waste and ore, while the electric shovel is restricted to bulk waste only. Blasting requires moderate powder factors compared with some other operations due to the comparatively weak and fractured rock mass. Open pit mining is carried out by our personnel using leased or owned mining equipment. Ore concentration is carried out by our personnel.

Mining to date at the Macraes Operation has come from thirteen pits comprising (from north to south), Coronation North, Coronation, Deepdell North, Deepdell South, Golden Point, Northwest Pit, Round Hill, Southern Pit, Innes Mills, Innes Mills West, Frasers, Golden Ridge and Golden Bar. Current operations are based in the Innes Mills pits. The bulk of the future open pit tonnage from the Macraes Operation will be sourced from the Innes Mills deposit.

Mineralization has also been outlined to the north at the Nunns/New Zealand Gold & Tungsten, Longdale, Mt. Highlay and Mareburn deposits, and to the south at the Golden Bar, Taylor's, Wilson's, Shaw's and Ounce deposits.

Underground Mining

The underground longhole open stope uphole retreat mining operation at Macraes utilizes electro-hydraulic development jumbos, diesel load-haul-dump units, diesel haul trucks and longhole drill rigs to extract both waste and ore. The uphole retreat stope voids are not backfilled, and the mine design utilizes yielding pillars between adjacent extracted stopes to gradually deform over a timeframe that permits ore extraction. Development and production mining at GPUG is carried out by our personnel using owned mining equipment.

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We commissioned the now closed Frasers Underground ("**FRUG**") in January 2008, and access was via declines from within the Frasers open pit. FRUG was retreat mined to closure in August 2024. Over the life of FRUG, 965,000 ounces of gold were mined.

Mining at GPUG commenced in December 2020, becoming the second underground mine at the Macraes Operation. Access is by decline, with a second decline serving as the ventilation exhaust and secondary egress. Both decline portals are located in Golden Point Pit. Macraes open pit production runs in parallel with the underground operations, with all ore being processed through the Macraes processing plant.

During 2024, the underground mining rate ramped up over the year to a sustainable rate of just under 1.1 Mtpa at a gold grade of approximately 1.8 g/t. Underground ore is crushed and treated through the processing plant and blended into the plant feed with open pit ore. Underground ore is similar in its treatment characteristics to the open pit ore.

**Processing and Recovery Operations**

The Macraes Operation process plant comprises a crushing and grinding circuit that reduces ROM ore to a nominal particle size of 80% passing 120 µm to 140 µm at a treatment rate of approximately 6.4 Mtpa. The sulphide ore is then recovered through the flotation circuit to produce a concentrate, which is reground down to an 80% passing size of 15 µm. Grinding of the flotation concentrate is required to make it suitable for treatment in the pressure oxidation process.

Plant availability and utilization has been maintained at approximately 95% and 94%, respectively, which is at the high end of typical industry benchmarks for similar designed plants of the same age. Overall, recoveries are considered reasonable given the refractory, preg robbing nature and low feed grade of the ores. The processing plant has the capacity to treat up to 6.6 Mtpa and incorporates a SAG mill, flotation circuit, autoclave for pressure oxidation of the concentrate, CIL plant and smelting facilities.

In the pressure oxidation circuit, the sulphide ore in the concentrate is oxidized suitably for gold recovery in the CIL circuit. The CIL and elution processes recover the gold into a concentrated solution from where the precious metal is recovered through electrowinning, with final smelting of the electrowinning cathodes into gold bullion.

**Infrastructure**

We maintain appropriate infrastructure at the Macraes Operation, including road access, power, water supplies and administration facilities. Environmental management and mitigation measures are maintained at Macraes, including ongoing monitoring to ascertain compliance with resource consent conditions and permit requirements.

The new Frasers TSF project continued to progress in the fourth quarter of 2024 with commencement of construction of the pipelines, pump stations and associated infrastructure. Delivery of long lead time procurement items is in line with plan and the Frasers TSF is on track for commissioning in the first quarter of 2025.

Tailings and waste rock disposal facilities are maintained and managed on an ongoing basis. There is enough tailings storage capacity in the current Top Tipperary TSF to store tailings until June 2025 and then Frasers TSF is utilized for the remainder of mine life. Capacity of the Frasers TSF is sufficient for continued operations beyond 2030.

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**Capital and Operating Costs**

The table below summarizes the 2024 operating and capital costs for the Macraes Operation:

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| | |
|:---|:---|
| **Operating Costs and Capital Summary 2024** | **Operating Costs and Capital Summary 2024** |
| **Operating Costs** | **$M** |
| &nbsp;&nbsp;Mining costs (net of capitalized amounts) | 65.3  |
| &nbsp;&nbsp;Process plant costs | 35.1  |
| &nbsp;&nbsp;G&A costs | 19.6  |
| &nbsp;&nbsp;Royalties, freight, handling and refining costs | 5.7  |
| **Total operating costs** | **125.7**  |
| **Capital and Exploration Expenditures** | **$M** |
| &nbsp;&nbsp;Sustaining capital | 17.7  |
| &nbsp;&nbsp;Pre-strip and capitalized mining | 62.9  |
| &nbsp;&nbsp;Growth capital | 12.1  |
| &nbsp;&nbsp;Exploration | 2.3  |
| **Total capital and exploration expenditures** | **95.0**  |
| **Unit Metrics** | **$/t** |
| &nbsp;&nbsp;Open pit mining cost per tonne mined (including allocation of any capitalized mining costs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| &nbsp;&nbsp;Underground mining cost per tonne mined (including allocation of any capitalized mining costs) | 56.12  |
| &nbsp;&nbsp;Processing cost per tonne milled | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61 |
| &nbsp;&nbsp;G&A cost per tonne milled | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 |

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**Production, Development and Exploration**

The Macraes Operation produced 125,413 ounces of gold in 2024 and is expected to produce 135,000 to 150,000 ounces of gold in 2025. Gold production will be predominantly from Innes Mills Phase 7 through the first three quarters of 2025 and is expected to increase in the fourth quarter of 2025 when access to ore in Innes Mills Phase 8 is achieved.

The table below summarizes 2025 capital investment guidance for the Macraes Operation:

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| | |
|:---|:---|
| &nbsp;&nbsp;Capital Investment Guidance 2025<sup>1</sup> | $M |
| &nbsp;&nbsp;Pre-strip and capitalized mining | 70  |
| &nbsp;&nbsp;Sustaining | 35  |
| &nbsp;&nbsp;Growth | 5  |
| &nbsp;&nbsp;Exploration | 5  |
| &nbsp;&nbsp;**Total investments** | **115**  |
| 1.Assumes NZD:USD exchange rate of 0.57 and excludes capital leases. | 1.Assumes NZD:USD exchange rate of 0.57 and excludes capital leases. |

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In 2025, total capital investment at Macraes is expected at $115 million. Pre-strip and capitalized mining costs are associated primarily with Innes Mills Phase 8, of which the bulk of the investment is in the first half of the year. Sustaining capital will be incurred on mine life extension projects targeting additional cut-backs at existing open pits.

There are 12,500 metres of drilling planned across the Macraes site in 2025, with 2,880 metres of drilling scheduled for the first quarter to convert Inferred Mineral Resources at Coronation Phases 7 and 8, and Innes Mills Phase 9.

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**Waihi Operation**

Certain portions of the following information are derived from and based on the Waihi Technical Report, and are based on the assumptions, qualifications and procedures set out therein. For a more detailed overview of the Waihi Operation, please refer to the Waihi Technical Report, which is available under our profile on SEDAR+ at <u>www.sedarplus.com</u> and on our website at <u>www.oceanagold.com</u>. We have also provided information that post-dates the Waihi Technical Report.

**Property Description, Location and Access**

The Waihi Operation is located within the Hauraki District on the North Island of New Zealand, 142 kilometres southeast of Auckland, in the North Island of New Zealand. Waihi is located at the foot of the Coromandel Peninsula and is accessed by the State Highway 2 dual carriageway. MUG, MOP and GOP are located within the Waihi town. WUG is located approximately ten kilometres north of Waihi.

The Waihi Operation comprises two areas of mineralization which are at different stages of development, being open pit and underground mining. Open pit operations are currently suspended following a localized ramp failure in April 2015 and a larger failure of the north wall in April 2016. The underground operations, collectively referred to as MUG, comprise mining activities within the Edward, Empire West, Empire, Royal East and Rex mining areas. The proposed Waihi North Project includes WUG.

The Waihi Operation is accessible on paved roads and highways from State Highway 2 to the mine entrance on Baxter Road, located one kilometre south of Waihi, New Zealand. The international airport at Auckland is a 90-minute drive from the Waihi Operation.

Please see "*Mineral Permits and Regulatory Matters*" below for information relating to the nature and extent of our title to the Waihi Operation, applicable royalties and permitting matters. Please also see "*Environmental and Social Matters*" below.

**History**

The town of Waihi became established when the original Martha Mine opened as an underground operation in 1879. The mine was productive, producing approximately 1,056 tonnes of gold-silver bullion from about 12 million tonnes of ore by 1952. The historic mine extracted five main sub-parallel lodes together with numerous branch and cross lodes. Early stoping employed the cut and fill method, but this was phased out and largely replaced after 1914 by the shrink stoping method. Stopes were generally not backfilled after 1914 but left open. The workings reached a total depth of 600 metres from surface on 16 levels. Seven main shafts were used to access the mine and obtain supplies underground. Numerous other shafts were developed for ventilation and exploration. In 1894, the Waihi Gold Mining Company adopted the cyanide process for gold extraction, which was first trialled in the world at a nearby mine in Karangahake.

Historical underground mining took place in Waihi from 1879 to 1952 on the Martha vein system producing approximately 5 million ounces of gold. The Martha vein system was then mined in an open pit from 1988 to 2015 and produced approximately 2 million ounces of gold. Underground mining recommenced in 2004, and various vein systems have since been mined around Waihi to date. Minor historical underground mining took place at Wharekirauponga between 1893 to 1897 producing 19 ounces of gold.

Modern prospecting and exploration at Wharekirauponga recommenced between 1978 and 1993 by Amoco, BP and others which included 5,500 metres of drilling in 23 drill holes. Exploration drilling between 1979 and 1984 by Waihi Mining and Development Ltd. and AMAX Exploration Ltd. identified large open pit mineralization within the confines of the historic mining area.

Following the granting of permits, MOP began operations in 1988 as an unincorporated joint venture between subsidiaries of Normandy Mining Limited Group ("**Normandy**") and Otter Gold Mines Ltd ("**OGML**"). OGML's holding was acquired by Normandy in 2002 and Newmont Mining Corporation ("**Newmont"**) acquired full ownership of the Waihi Gold Mine Operation in 2002 through the acquisition of the Normandy Mining Group. We obtained full ownership of the Waihi Operation in October 2015.

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**Geological Setting, Mineralization and Deposit Types**

Geology

MUG and WUG are located within the Coromandel Peninsula which hosts over 50 known gold and silver deposits that make up the Hauraki Goldfield. The peninsula is built up of Miocene to Quaternary volcanic rocks (the Coromandel Volcanic Zone) overlying a Mesozoic basement. It is bound to the west by the Hauraki Rift, a large graben filled with Quaternary and Tertiary sediments, and to the south by volcanics deposited by the presently active Taupo Volcanic Zone (TVZ).

Mineralization and Deposit Types

The gold and silver mineralization occurs within low-sulphidation, epithermal quartz vein systems occupying large, north to northeast trending, normal faults and their subsidiary extensional structures. The vein systems comprise a 3D network of multiple vein sets that collectively strike greater than 1,000 metres, with a current vertical range of 300 metres (Wharekirauponga) and greater than 500 metres (Waihi) and include veins typically between 0.5 metres and five metres in width (but up to 30 metres locally). The main gold bearing minerals are electrum and silver sulphides developed within quartz veins.

All the gold deposits outlined to date are considered to be typical of epithermal vein gold-silver deposits. The Waihi and Wharekirauponga deposits display the following features that are typical of epithermal gold deposits elsewhere in the world:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold-silver mineralization is predominantly confined to localized bands within multiphase quartz veins;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Host lithologies for veins are volcanic units of andesitic and/or rhyolitic composition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sphalerite, galena, and chalcopyrite commonly occur with gold-silver mineralization within the MUG deposit. This base metal content increases at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Host rock volcanics have undergone pervasive hydrothermal alteration, often with complete replacement of primary mineralogy. Characteristic alteration minerals include quartz, adularia, albite, carbonate, pyrite, illite, chlorite, interlayered illite-smectite and chlorite-smectite clays extending over tens of metres laterally from major veins; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineralization is structurally controlled.

The geological controls on mineralization are well understood and are sufficient to support the estimation of Mineral Resources and Mineral Reserves for the Waihi Operation.

**Mineral Permits and Regulatory Matters**

Our prospecting, exploration and mining permits issued under the CMA provide exclusive rights to minerals owned by the Crown, including gold and silver, and confer rights to access those minerals underground, but not at surface without landowner access approval. All existing gold mining activities in Waihi including the current MUG, the ore processing plant, existing tailings facilities and the inactive Martha open pit are within the existing Favona MP 41808.

MP 41808 extends across an area characterized by urban and rural land use. Land ownership is variable, including parcels we own and those owned by private landowners and government agencies. All requisite landowner approvals are in place as required for surface land access to support the existing operations. In addition to land access and mineral rights, we hold a suite of resource consents from the Hauraki District Council and Waikato Regional Council authorizing mining within the MP 41808 area.

Wharekirauponga is held under MP 60541. The proposed WUG and the related planned access tunnels and surface infrastructure are within land owned and administered by government agencies including the Department of Conservation ("**NZ DOC"**), are within land we own, or have no surface expression for which land access rights are required. Approvals processes are underway or planned to secure surface access rights over government-owned land as required for exploration, environmental management and monitoring activities, ventilation rise structures, the proposed surface facilities site at Willows, the services trench connecting Willows to the existing Waihi Operation and the new TSF 3.

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An access arrangement with NZ DOC has been granted to allow for existing exploration activities (including surface drilling) to take place within MP 60541. Approvals processes are underway or planned to secure land access for additional exploration sites and environmental management and monitoring activities.

WUG, including planned ventilation stacks, the dual access tunnel and surface exploration activities, is within land primarily owned by the Crown and administered by NZ DOC as conservation land. An area of council-owned unformed road reserve, located within the forest park, is effectively zoned as conservation land.

Planned portal access to the mine, together with other associated planned surface infrastructure and the proposed processing plant to Willows access tunnel, are located on land variously owned by us and by private landowners and government agencies and characterized by urban and rural land use. Requirements for third party surface access rights, in the form of access arrangements issued under the CMA or licences and easements, are confined to government agencies, with processes underway or planned to secure these as part of the Waihi North Project, which includes WUG, permitting and consenting work plan.

We will require a suite of resource consents authorizing mining of WUG and the construction and operation of associated infrastructure, mostly within the MP 60541 and MP 41808 areas. Processes are underway or planned to secure these as part of the Waihi North Project permitting and consenting work plan.

On March 4, 2025, we announced that we lodged our application for the grant of Fast-track approvals for the Waihi North Project under the FTA Act. Using the FTA Act, together with existing permitting and consenting processes, we assume resource consent approval, and the other approvals as required for the development of the Waihi North Project to commence, by December 2025. This timetable would allow us to commence decline and underground development work for the proposed WUG mine in 2026.

Annual royalties from MUG and WUG are payable to the Crown at the greater of 1% on net sales revenues from gold and silver or 5% of accounting profits. In addition, parts of MP 60541 and MP 41808 are subject to a 2% royalty payable to Osisko Gold Royalties Limited.

**Environmental and Social Matters**

Waihi

The Waihi mine holds all environmental permits, water rights, certificates, licenses and agreements required for the operation of the current mine and relevant activities. Since the start of operation, the site has collected well over 30 years of environmental data, relating to noise levels, blast vibration, air quality, surface and treated water discharge quality, ground settlement and ground water levels. This data is reported to various regulatory bodies as required by our various consents and permits.

External independent experts are engaged annually to assist in the review of monitoring reports, required to be submitted to and reviewed by various regulators who utilize independent expert reviewers to assist them. Failure to comply with the conditions of resource consents may lead to payment of fines, prosecution and, in the most severe cases, review or cancellation of consent.

We have established various stakeholder engagement structures for the representation of stakeholders and project affected people including iwi, resident groups, community-based organizations and local government. Community engagement and consultation is an ongoing component of the existing Waihi Operation.

Waihi North Project

As part of existing consenting processes, we have commissioned independent experts to provide a range of specialist environmental technical reports on the actual and potential effects to the environment of allowing the activities associated with developing and operating the Waihi North Project.

The technical assessments conclude that the Waihi North Project's effects can be responsibly managed through the application of the effects management hierarchy, to produce appropriate environmental, social and cultural outcomes. We will manage the majority of any potential adverse effects through prevention and mitigation, including the use of offsetting and compensation for residual effects on terrestrial and aquatic biodiversity and habitat values, so that residual effects are minimized. The Waihi North Project is targeting a biodiversity net gain, incorporating measures for

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the sole purpose of providing benefits to the environment, in recognition of the conservation purpose of the land above the proposed WUG operations.

Community engagement and consultation for the Waihi North Project commenced in 2020, although initial engagement with iwi and regulators began much earlier, around 2017. We have well-established positive working relationships with key stakeholders, and this has provided a solid platform for understanding and respecting diverse viewpoints. Understanding the relationship between the project and the external context is crucial to effective stakeholder engagement. Building trust through the open sharing of information and perspectives helps to inform decision making, and progress the consenting process based on mutual trust and shared values.

We recognize the special relationship that iwi have with land and water, and that this relationship is important to spiritual and cultural wellbeing. We have had a consultation program in place with iwi for many years covering the operating mine, the mineral exploration program and new projects, and this is ongoing.

Of the nine groups that claim cultural interests and associations with the proposed Waihi North Project area, five have agreed that they will provide a Cultural Impact Assessment for the Waihi North Project. The remaining four iwi groups have either chosen not to complete an assessment, defer to another iwi group they recognize as having authority over specific matters, or opted not to engage further.

**Exploration**

Exploration undertaken at Waihi since the discovery of gold in 1878 has included underground and open pit mapping, geochemical sampling, spectral analysis, airborne geophysical surveys, ground resistivity geophysics, extensive diamond drilling, engineering studies and mining operations. Exploration conducted at Wharekirauponga since 1986 has consisted of geological and structural mapping, geochemical sampling, airborne, ground and downhole geophysical surveys and surface drilling.

Since 2015, we have continued exploration activity within the Waihi and Wharekirauponga areas. Work has included geological mapping and rock sampling for spectral and geochemical analysis, soil surveys, structural analysis and ground resistivity in the form of CSAMT and gravity survey.

Please see "*Production, Development and Exploration*" below for information relating to our planned exploration activities in 2025.

**Drilling**

Since 1980, approximately 424 kilometres of diamond core has been drilled within the Martha and Gladstone areas and approximately 76 kilometres of diamond drilling at Wharekirauponga. Additionally, approximately 86 kilometres has been drilled in approximately 4,000 RC grade control holes during the open pit operation. Recent diamond drilling has largely focused on the Wharekirauponga, Martha and Gladstone deposits. The exploration programs completed to date are appropriate to the style of the deposit and prospects.

We have drilled approximately 356 kilometres of diamond core in Waihi (MP 41808) and 64 kilometres at Wharekirauponga (MP 60541) since acquiring the Waihi Operation from Newmont in 2015. Full year 2024 exploration drilling totalled 31,953 metres.

Diamond drill holes are drilled from both underground and the surface using triple tube wireline methods with some surface holes pre-collared through post-mineral rocks by tricone or Stratapac. Surface holes are collared using large-diameter PQ core, both as a means of improving core recovery and to provide greater opportunity to case off and reduce diameter when drilling through broken ground and historic stopes. PQ drill hole diameter is usually reduced to HQ at the base of the post-mineral stratigraphy. Underground drill core diameter is usually HQ and sometimes reduced to NQ and rarely BQ where necessary, particularly around historical underground workings in Waihi. Drill core is routinely oriented below the base of the post-mineral stratigraphy.

Please see "*Production, Development and Exploration*" below for information relating to our planned drilling in 2025.

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**Sampling, Analysis and Data Verification**

Diamond core is sampled using intervals chosen by the logging geologists based on geological boundaries or assigned a nominal length of one or two metres. Once core is logged, photographed and sample intervals allocated, it is cut in half length ways. If a vein is present, the cut line is preferentially aligned to intercept the downhole apex of the structure. Within each sample interval, one half of the core is bagged for sampling and the other is kept in storage. Whole core is sampled under the following conditions: underground grade control drilling; exploration drilling on occasion where there was significant core loss coupled with visible electrum; and exploration drilling all BQ core is whole core sampled due to reduced sample volumes. BQ diameter core is only rarely drilled.

Underground face samples collected by the ore control geologists are selected according to visual changes in lithology, vein texture and/or alteration. The minimum face sample interval size is 0.3 metres with a maximum interval of two metres. The geologist assigns three QA/QC samples per face. The sample is taken by chipping rock into the collection hoop on a continuous line across the interval, starting with the first interval on the left-hand side of the face.

Labelled calico bags containing the cut core or underground face samples are routinely transported to the local, independent SGS laboratory in Waihi for sample preparation.

Samples are dried and crushed to 80% passing 3.3 millimetres, then ring pulverized to 80% passing 75 µm. Approximately 30 grams of the pulverized material is assayed for gold by fire assay followed by AAS determination. Exploration samples are also analyzed for silver, copper, arsenic, lead, zinc and antimony, by Aqua Regia digest and ICP-MS. Wharekirauponga drill core sample intervals where visible electrum is logged are followed up by a subsequent screen fire assay after the routine 30-gram fire assay.

In addition to routine QC procedures, umpire assays are carried out at the independent Ultratrace Laboratories in Perth and/or ALS in Brisbane, Australia. Multi-element data is obtained routinely from the Waihi SGS laboratory for all exploration assay samples for the elements silver, copper, arsenic, lead, zinc and antimony, which are potential pathfinders for epithermal mineralization. For samples with over-range silver and lead, these elements are found to be extracted more efficiently by using a more dilute Aqua Regia digest (one gram sample weight rather than the standard ten gram per 50 ml). Selected samples from greenfield drilling may undergo additional muti-element analysis at the ALS laboratory in Brisbane, Australia.

Drill core QA/QC sample preparation at the Waihi SGS laboratory is monitored through sieving of jaw crush and pulp products, routine generation of duplicate samples from a second split of the jaw crush and calculation of the fundamental error. One or two standards and a blank are inserted for every 20 core samples. Data acquired by sampling, analysis and test work is reviewed prior to use in estimation. The Waihi protocol requires CRM (standards) to be reported to within two standard deviations of the Certified Value.

The sampling methods have been considered by qualified persons as acceptable, meet industry-standard practice and are acceptable for Mineral Resource and Mineral Reserve estimation and mine planning purposes. The quality of the analytical data is reliable and sample preparation, analysis and security are performed in accordance with exploration best practices and industry standards.

Internal and external data verification programs and audits are performed on a regular basis. This work supports the geological interpretations and the database quality and therefore supports the use of the data in Mineral Resource and Mineral Reserve estimation and in mine planning.

**Mineral Processing and Metallurgical Testing**

With more than 35 years of proven operating performance, there is a high level of confidence that the Waihi process flowsheet is well suited to regional geology. Significant operating experience and metallurgical test work data have been accumulated over the life-of-mine informing the development and selection of processing options for future orebodies.

Metallurgical test work on Wharekirauponga mineralization has been used to generate recovery and throughput estimates for inclusion in the WUG technical and financial models. To support the test work program, a geometallurgical matrix was developed identifying the main gold bearing domains and composites targeted for metallurgical analysis. The basis was that the existing grind/leach process would be suitable for treatment of the WUG orebody.

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Test work results support ongoing use of the existing Waihi plant flowsheet, with plant expansions to enable higher WUG throughput rates. Metallurgical analysis also confirmed that the existing P80 targets of 75 µm for open pit ores and 53 µm for underground ores can be expected to continue to deliver gold recoveries of greater than 90%.

Please see "*Processing and Recovery Operations*" below for additional information.

**Mining Operations**

MUG

MUG is accessed via the existing Favona portal through the existing Trio and Correnso workings and shares the ventilation development and shafts as well as the underground workshop, crib room and dewatering systems.

Exploration drives were completed on 800 mRL and 920 mRL in 2018. Development of MUG commenced in mid-2019. Development has focussed on ramp access for Edward, Empire, Rex and Royal mine areas, footwall, fill, and ore drive development, ventilation and secondary egress connections, and drilling platforms. Two portal breakthroughs have been completed in the southwestern corner of MOP and are being used for ventilation and secondary egress purposes and dumping of underground waste into the bottom of the pit.

The development strategy involves mining of declines for access to five main production areas. Access drives are mined to develop drilling and loading levels, generally intersecting the orebodies centrally. Access drives are spaced generally at 14 metres to 18 metres vertically over the height of the mine. Ore drives and access drives will be developed in both directions along strike from the access drives. Stockpiles are mined off the decline and in levels for truck loading.

The key differences with recent operating practices involve the development of footwall drives, crosscuts and pass systems in selected locations mainly confined to Edward, Empire East and Empire West to backfill the historical workings. Crosscut spacing is generally at 15 metres. Historical stopes are backfilled to provide both regional and local stability.

Mining options available for MUG are limited because of the permit conditions, blasting and backfill constraints. Modified Avoca mining was selected as the preferred mining method. MUG has been designed with a 14 metre to 18 metre level spacing, floor to floor primarily to limit blast vibration, but this also assists hanging wall and footwall stability.

Approximately 50% of the Mineral Reserves estimate will involve the extraction of remnant skins in the footwall or hanging wall of previously mined (historical) stopes, or the extraction of both remnant skins. Historical backfill may also be mined, as this material may be above the cut-off grade. However, as this material is currently classified as Inferred Mineral Resource, it is not included in the Mineral Reserves estimate.

Following operating practices and detailed studies over the last nine years, the following methods are applied for the extraction of remnant areas, adjacent to historic workings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Modified Avoca method whereby the historic stope is backfilled with cemented fill prior to stoping and the remnant skin is extracted by conventional modified Avoca using rockfill in a bottom-up sequence that exposes the cemented fill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Modified Avoca method adjacent to the collapsed historic stope where backfill with CRF is not feasible and a stand off from the historic wall of three metres is maintained with lower estimated recoveries, higher dilution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remote, side ring method where the historic backfill is extracted together with remnant wall rock in a top-down sequence with cemented backfill; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transverse stoping method where the historic backfill is extracted together with remnant wall rock in a top down or bottom-up sequence with cemented or rock backfill.

The side ring and transverse mining method for the extraction of remnant skins and historic backfill use conventional drilling and remote loading methods. This method involves additional waste development adjacent to the remnant stopes, which increases overall development quantities and mining costs. Permit conditions and the mining method require all stopes and selected developments to be backfilled.

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WUG

A geotechnical field characterization program has been undertaken to assess the expected rock quality. This program included logging core, laboratory strength testing, in situ stress measurements and oriented core logging of jointing. The results of this program have provided adequate quantity and quality of data for PFS-level design of the underground workings.

A geotechnical assessment of the orebody shape and ground conditions has determined that a combination of longhole open stoping in wide areas and modified Avoca stoping in narrow areas are appropriate mining methods. Stopes have been sized to maintain stability once mucked empty. Within the wider areas, a primary/secondary extraction sequence with tight backfilling allows optimization of ore recovery while maintaining ground stability. Primary stopes and selected secondary stopes will be backfilled with cemented rockfill. The design has been laid out using empirical design methods based on similar case histories. The modelling results confirm that stopes and access drifts are predicted to remain stable during active mining.

Stope optimization was completed on the resource model based on a level interval of 20 metres high. In the wider transverse stoping areas, the stope length was set to 15 metres along strike and the maximum width limited to 20 metres, whereas in the narrower Avoca areas, stope length was based on geotechnical considerations.

Within the transverse mining area, each stope has a five metre by five metre access located at the bottom of the stope. Top accesses (also five metres by five metres) are designed to give access to stopes on the next level and to allow for backfilling. The stopes will be drilled from the top and rings will be blasted from the end of a stope toward the footwall access. The blasted material will be mucked using tele-remote equipment. A primary/secondary stoping sequence will be used. The stopes will be connected to a level access located in waste material and to the main ramp, which is located in the footwall. Each level access is connected to the ventilation system. Ore will be mucked from the bottom stope access using 15 tonne loaders and loaded into 50 tonne trucks for haulage to surface.

The underground mine production schedule is based on the productivity rates developed from a combination of existing MUG benchmarking, first principles and benchmarking against similar projects where applicable. The schedule was completed based on mining operations occurring 365 days/year, 7 days/week, with two 12 hour shifts each day. A production rate of approximately 2,200 tonnes per day is targeted, with ramp-up to full production in mid- to late 2033.

The commencement of surface works is planned for 2025, assuming all consents are received from authorities. Underground portal development is scheduled to begin in 2026. Portal development is required before the decline access can begin. Material development ore is anticipated to be achieved in 2032 with first production from the stopes scheduled to occur in 2033 and last through to 2038 based on the current Mineral Reserves estimate. Further exploration is planned to be undertaken with the objective of increasing the known Mineral Resources and Mineral Reserves.

**Processing and Recovery Operations**

A conventional process is used for gold recovery at the Waihi Operation. The processing plant has been operational since 1988, undergoing a major upgrade in 1999 to increase overall throughput capacity and a minor upgrade in 2006 to allow campaign treatment of underground ore. Its current throughput capacity is approximately 0.7 Mtpa when milling 100% underground ore.

Ore is processed using a SABC grinding circuit with a secondary pebble crusher, followed by carbon-in-pulp (CIP) leaching. Gold is absorbed onto carbon then stripped in solution, passed through electrowinning and smelted to produce gold doré bullion for sale.

Considerable operating experience and metallurgical test work data have been accumulated over the life-of-mine, and this informs the development and selection of processing options for future orebodies. Metallurgical test work on MUG and WUG orebodies supports ongoing use of the existing Waihi Operation flowsheet with plant expansions to enable higher throughput rates. These expansions are expected to be timed to align with the development of WUG. Key elements of the expansions include: installation of an upstream jaw crusher; replacement of the 1.2 MW ball mill with a 1.8 MW tower mill; refurbishment of the adsorption circuit; and new pumps and pipework for delivery of tailings to TSF3. Such expansions are expected to increase throughput capacity to 0.8 Mtpa of underground ore.

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**Infrastructure**

The modern Waihi Operation has been in production since 1988 with site infrastructure developed to support the MOP and MUG operations. MUG uses the existing process facilities, tailings storage, water treatment facilities and other site infrastructure. The power supply is provided from the national grid and supplied to the site substation at the processing plant area.

New surface facilities and infrastructure will be required for WUG, including a new tailings dam and temporary waste rock disposal, water treatment expansion and power supply upgrade. The Willows property, adjacent to the Coromandel Forest Park, was purchased in 2021. A surface facility area, waste rock stack, containment pond, magazine and parking for employees will be located at Willows and will serve as the access to WUG.

A new tunnel will be developed from Willows to the existing processing plant, to eliminate any surface impacts as the ore is transported from WUG to the mill.

The new TSF3 is to be constructed adjacent to existing tailings facilities at Baxter Road for the Waihi Operation, featuring downstream construction and associated stockpiles, containment ponds and diversion drains.

**Capital and Operating Costs**

The table below summarizes the 2024 operating and capital costs for the Waihi Operation:

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| | |
|:---|:---|
| **Operating Costs and Capital Summary 2024** | **Operating Costs and Capital Summary 2024** |
| **Operating Costs** | **$M** |
| Mining costs (net of capitalized amounts) | 50.2  |
| Process plant costs | 16.6  |
| G&A costs | 14.4  |
| Royalties, freight, handling and refining costs | 1.5  |
| **Total operating costs** | **82.7**  |
| **Capital and Exploration Expenditures** | **$M** |
| Sustaining capital | 10.4  |
| Pre-strip and capitalized mining | 22.8  |
| Growth capital<sup>1</sup> | 8.8  |
| Exploration<sup>1</sup> | 16.8  |
| **Total capital and exploration expenditures** | **58.8**  |
| **Unit Metrics** | **$/t** |
| Mining cost per tonne mined (including allocation of any capitalized mining costs) | 66.78 |
| Processing cost per tonne milled | 29.66 |
| G&A cost per tonne milled | 23.79 |

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1. Growth capital and exploration includes Waihi North Project costs of $16.9 million.

**Production, Development and Exploration**

The Waihi Operation produced 53,815 ounces of gold in 2024 and is expected to produce 55,000 to 70,000 ounces of gold in 2025. The increase in production from 2024 is in-line with demonstrated performance in the remnant mining areas during the 2024 year.

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The table below summarizes the 2025 capital investment guidance for the Waihi Operation:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Capital Investment Guidance 2025**<sup>1</sup> | **$M** |
| &nbsp;&nbsp;&nbsp;Pre-strip and capitalized mining | 15  |
| &nbsp;&nbsp;&nbsp;Sustaining | 15  |
| &nbsp;&nbsp;&nbsp;Growth | 40  |
| &nbsp;&nbsp;&nbsp;Exploration | 15  |
| &nbsp;&nbsp;**Total investments** | **85**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Assumes NZD:USD exchange rate of 0.57 and excludes capital leases.

In 2025, total capital investment is expected to be $85 million. Sustaining capital for the year primarily relates to underground development and TSF expansion. The largest component of the investment is $40 million to $45 million of growth capital related to early works, study and consenting costs associated with the Waihi North Project. Ongoing exploration will be focused on Mineral Resource growth, Mineral Resource definition and conversion drilling of both the MUG and Wharekirauponga deposits, with 22,000 metres of drilling planned in 2025.

The early-works capital budget of $40 to $45 million for 2025 is for design and staged construction activities to enable tunnel development commencing in 2026, subject to receipt of necessary permits. The 2025 early works include construction of the services trench (power, water and communications) and water treatment plant upgrade.

The Waihi North Project was previously named by the New Zealand Government as being eligible to apply for permitting (consenting) approvals under the FTA Act process. On March 4, 2025, we announced that we lodged our application for the grant of Fast-track approvals under the FTA Act. We remain committed to continued engagement with relevant stakeholders in respect of the Waihi North Project.

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**Risk Factors**

Investment in our securities involves a high degree of risk and should be regarded as speculative due to the nature of our business. Prior to making an investment in our securities, prospective investors should carefully consider the risk factors set out below. Such risk factors could have a material adverse effect on, among other matters, our operating results, earnings, properties, business and condition (financial or otherwise). The risks described below are not the only ones facing us. Additional risks not currently known to us, or that we currently deem immaterial, may also adversely affect our business, exploration and development plans and activities, mining operations, financial condition, results of operations or prospects.

We may not achieve our production estimates, forecasts or guidance.

We cannot give any assurance that we will achieve our production estimates, forecasts and guidance for any reporting period or over the life of our operations. Our failure to achieve our production estimates, forecasts and guidance could have a material adverse effect on any or all our future cash flows, profitability, results of operations and financial condition. The realization of production estimates, forecasts and guidance are dependent on, among other matters: the accuracy of Mineral Resources and Mineral Reserves estimates; the accuracy of mining assumptions regarding ore grades and recovery rates; geotechnical parameters and ground conditions; physical characteristics of ores; the presence or absence of particular metallurgical characteristics; gold, copper and silver price assumptions; and the accuracy of estimated rates and costs of mining, ore haulage and processing.

Actual production may vary from estimates, forecasts and guidance for a variety of reasons, including: the availability of certain types of ores; actual ore mined varying from estimates of grade or tonnage; dilution and geo-metallurgical and other characteristics; short-term operating factors such as the need for sequential development of ore bodies and the processing of new or adjacent ore grades from those planned; mine failures, slope failures or equipment failures; industrial accidents; natural phenomena, such as inclement weather conditions, floods (including water ingress in underground mines), droughts, rock/land slides and earthquakes and related disruption to our supply chain; encountering unusual or unexpected geological conditions; changes in power costs and potential power shortages; shortages of principal consumable supplies needed for mining operations, including explosives, fuels, chemical reagents, water, equipment parts and lubricants; plant and equipment failure; the inability to process certain types of ores; labour shortages or strikes; lack of required labour; civil disobedience and protests; blockades; public health epidemics or outbreaks of diseases and subsequent operation stoppage; decisions from legal proceedings; and restrictions or regulations imposed by governmental authorities or other changes in the regulatory environment. In addition to adversely affecting mineral production, such occurrences could also result in damage to mineral properties, underground mines, open-pit mines (including surface stockpile), interruptions in production, injury or death to persons, damage to our property or others, monetary losses and legal liabilities. These factors may cause a mineral deposit that has been mined profitably in the past to become unprofitable, forcing us to cease production. Each of these factors also applies to our mines not yet in production, and to operations that are to be expanded. In these cases, we do not have the benefit of actual experience in verifying our estimates, forecasts and guidance and there is a greater likelihood that actual production results will vary from the estimates, forecasts and guidance.

Our Mineral Reserves and Mineral Resources are estimates based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated.

The Mineral Resources and Mineral Reserves figures presented herein are estimated by our personnel. There are numerous uncertainties inherent in estimating Mineral Reserves and Mineral Resources, including many factors beyond our control. Mineral Resources estimates are necessarily imprecise and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. Accordingly, Mineral Resources estimates may require further consideration as more drilling and sampling information becomes available, as actual production experience is gained or as our mining methods are changed. There can be no assurance that any part or all our Mineral Resources will be accurate or constitute or will be converted into Mineral Reserves or that any or all our Mineral Reserves will be successfully processed and produced into doré or concentrate.

Further, operating factors relating to Mineral Reserves, such as the development of the ore bodies or the processing of new or different ore grades, along with lower market prices, increased production costs, and reduced recovery, rates may result in a revision of our Mineral Reserves estimates or may render our Mineral Reserves estimates unprofitable to exploit. If we encounter mineralization or formations different from those predicted by past drilling, sampling and similar examinations, Mineral Reserves estimates may have to be adjusted in a way that might adversely affect our operations.

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An extended period of operational underperformance, including increased production costs or reduced recovery rates, may render Mineral Reserves containing relatively lower grades of mineralization uneconomic to recover and may ultimately result in the restatement of Mineral Reserves and/or Mineral Resources estimates.

In addition, our Mineral Resources estimates include Inferred Mineral Resources. Inferred Mineral Resources have a great amount of uncertainty as to their continuity and physical properties and their economic and legal feasibility. Furthermore, it cannot be assumed and there is no guarantee that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category.

The inclusion of Mineral Resources estimates should not be regarded as a representation that these amounts can be economically exploited, and no assurances can be given that such Mineral Resources estimates will be converted into Mineral Reserves. There is no guarantee that the Mineral Resources estimated are capable of being directly reclassified as Mineral Reserves, nor that all or any part of the Inferred Mineral Resources will be upgraded to a Measured or Indicated Mineral Resource category. Future fluctuations in the variables underlying our estimates may result in material changes to our Mineral Reserve estimates and such changes could have a material adverse effect on any or all our future cash flows, profitability, results of operations and financial condition.

Our capital expenditure and operating cost estimates may not be accurate.

Capital and operating cost estimates made in respect of our existing mining operations and our growth and exploration projects may not prove accurate. Capital and operating costs are estimates based on the interpretation of geological data, feasibility studies, costs of consumables, anticipated climatic conditions and other factors at the time of making such estimates. Any of the following events, among the other uncertainties described in this Annual Information Form, could affect the ultimate accuracy of such estimates: unanticipated changes in grade and tonnage of ore to be mined and processed; changes in operational conditions; incorrect data on which engineering assumptions are made; delays in construction schedules; unanticipated transportation or other costs; scarcity or disruption in the supply chain; the accuracy of major equipment and construction cost estimates; labour negotiations; changes in government regulation (including regulations regarding prices, cost of consumables, royalties, duties, taxes, permitting, greenhouse gas emissions and restrictions on production quotas for exportation of minerals); decisions from legal proceedings, technology and title claims.

There is no assurance that we will continue to successfully produce gold doré or copper concentrate, that we will be able to meet any production forecasts, or that we will be able to successfully bring new mines into production.

Our ability to sustain or increase the current level of production is dependent on the continued economic operation and development of Haile, Didipio, Macraes and Waihi. No assurances can be given that planned development and expansion projects, including the Waihi North Project, will result in additional Mineral Reserves, that planned development timetables will be achieved, that gold or copper production forecasts will be achieved, or that our development or exploration projects will be successful.

Increased costs and tariffs, changes in metal prices, adverse currency fluctuations, availability of construction services, equipment and supplies, labour shortages, cost of inputs or other factors could have a material adverse effect on our business, financial condition, results of operations and prospects, and could impede current gold production or our ability to bring new gold and copper mines into production or expand existing mines.

There is no assurance that we will be able to maintain, improve or complete development of our mineral projects on time or to budget due to, among other matters, changes in the economics of the mineral projects, the delivery and installation of plant and equipment, cost overruns, and the adequacy of current personnel, systems, procedures and controls to support our operations. Any of these matters would have a material adverse effect on our business, financial condition, results of operations and prospects.

The Didipio Mine is dependent on the FTAA with the Philippine Government; however, there is no guarantee that the validity of the FTAA will not be challenged.

The FTAA with the Philippine Government with an initial term ending in June 2019, was renewed in July 2021 for an additional 25-year period effective from June 2019 and ending in June 2044. The renewal was granted on similar terms and conditions under the original FTAA, with certain additional conditions, all of which have been satisfied. Please see "*Didipio Operation – Mineral Permits and Regulatory Matters – Financial or Technical Assistance Agreement (FTAA)*" for further information.

The FTAA provides that we or our assignees shall be required, after ten years from the recovery of pre-operating expenses and property expenses under the FTAA or 20 years after the effective date of the FTAA, whichever is later,

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to divest our equity within a period of one year by either: (a) disposing 60% of our equity (or such lesser equity requirement as may be imposed by law at that time) to be a qualified entity to Filipinos or any Philippine juridical entity at the end of such year; or (b) allowing the terms of the FTAA to continue to govern the relation of the parties therein and by disposing 60% of our equity holdings or such lesser equity requirement as may be imposed by law at that time to be a qualified entity to Filipinos or any Philippine juridical entity. The one-year divestment period may be extended by the DENR Secretary if there are justifiable economic reasons warranting the extension, and if the divestment requirement is met, we can, at our option, avail of the rights and privileges of converting the FTAA into a mineral production sharing agreement, in which case the revenue sharing under the FTAA shall no longer apply.

In a letter dated October 1999 from the DENR Secretary to our predecessor in interest (CAMC), the DENR stated that it does not interpose any objection to the deletion of the divestment requirement, as the PMA and its implementing rules and regulations do not prescribe or impose any mandatory divestment requirement on mining companies. The deletion of the divestment requirement was not discussed during the FTAA renewal process and the FTAA Addendum and Renewal Agreement does not address the divestment provision in the FTAA. There is no assurance that the Philippine Government will not invoke or enforce such divestment provision.

The FTAA renewal has been challenged in the past, and there is no assurance that the renewed FTAA will not be challenged by third parties, including NGOs who may also initiate legal proceedings to challenge the legality of the renewal. These may create uncertainties around the continuity and validity of the FTAA and subject us to legal proceedings, any of which may interfere with the operations at the Didipio Mine, which may in turn have a material adverse effect on our business, financial condition, results of operations and prospects.

One of our subsidiaries, along with the Philippines Office of the Executive Secretary, the DENR, the MGB and the EMB, as well as several Local Government Units, are parties to a case filed in April 2024 by an NGO group and two individuals. The petitioners questioned the approval of the renewal of the FTAA for alleged failure to conduct prior consultation, and made generalized allegations about violations of the ECC and human rights. The substantive case is currently with the Regional Trial Court of Nueva Vizcaya to determine the merits of the petitioners' allegations.

There is also an ongoing case involving the DENR, along with a number of mining companies (including OGPI), initiated in 2008 by a group of NGOs and individuals challenging the constitutionality of the PMA and the financial and technical assistance agreements in the Supreme Court of the Philippines. The case is still pending with the Supreme Court of the Philippines for a decision. Notwithstanding the fact that the Supreme Court of the Philippines has previously upheld the constitutionality of the PMA and financial and technical assistance agreements, in general, and the Supreme Court of the Philippines has previously dismissed a petition which assailed the constitutionality of the PMA and its implementing rules and regulations and sought the cancellation of the FTAA, we are mindful that litigation is an inherently uncertain process and the outcome of the case may have a material adverse effect on our business, financial condition, results of operations and prospects.

Please see "*Legal Proceedings – FTAA Challenges*" for further information.

Our understanding of applicable laws and regulations, and of our agreements with relevant governmental authorities may be different from the interpretation thereof by such governmental authorities.

We are subject to various applicable laws, rules and regulations. While we believe that we have, at all relevant times, materially complied with all applicable laws, rules and regulations, there is no assurance that: the interpretation thereof by relevant governmental authorities is the same as ours; the relevant governmental authorities will not legally or administratively challenge our interpretation of or reliance on these applicable laws, rules and regulations; or we will not have to incur additional costs or payments in order to comply with such applicable laws, rules and regulations and to maintain current operations.

In addition, we are a party to certain agreements with the relevant governmental authorities, including the FTAA. Some of the contractual provisions may be specific to us and there may be no legal precedents in relation to their interpretation. There can be no assurance that the relevant governmental authorities will, in all instances, interpret these agreements in a way that is consistent with our interpretation of the provisions. This variance in interpretation may result in incurring additional costs or payments in order to maintain our operations at the current level or taking other actions that may result in a material adverse effect on our business, financial condition, results of operations and prospects, or in events having a material adverse effect on our business, financial condition, results of operations and prospects.

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Our business may require substantial capital investment, and we may be unable to raise additional funding on favourable terms.

The construction and operation of any potential future projects, including the Waihi North Project, and exploration projects may require significant funding. Our operating cash flow and other sources of funding may become insufficient to meet all these requirements. As a result, new sources of capital may be needed to meet the funding requirements of these investments our ongoing business activities. Our ability to raise and service these will depend on a range of factors, such as macroeconomic conditions, future gold, copper and silver prices, our operational performance, sustainability considerations, our current cash flow and debt position and our financial condition, among other factors. If these factors deteriorate, our ability to pursue new business opportunities, invest in existing and new projects, fund our ongoing operations and business activities, service our outstanding debts and pay dividends could be significantly constrained.

Further, global financial conditions have been subject to increased volatility, which may impact on our ability to source debt facilities. If and when we have drawn debt, we are potentially exposed to adverse interest rate movements that may increase the financial risk inherent in our business and could have a material adverse effect on our business, financial condition, results of operations and prospects. Debt financing may additionally expose us to adverse gold, copper and silver price movements (depending on the type and quantity of hedging policies entered into as a requirement of the financing). Such investments may significantly increase the financial risk inherent in our business and could have a material adverse effect on our business, financial condition, results of operations and prospects.

In the ordinary course of our operations and developments, we are required to issue financial assurances, particularly bonding and bank guarantee instruments, to secure statutory and environmental performance undertakings and commitments to local communities. Our ability to provide such assurances is subject to external financial and credit markets and assessments, and our own financial position.

We may not be able to generate sufficient cash to service all our indebtedness.

During the year ended December 31, 2024, we repaid all amounts drawn under the Facility and, as of the date hereof, the Facility remains undrawn. However, we may incur debt from time to time under the Facility or from other sources, and our ability to make scheduled payments on, or refinance, our debt obligations will depend on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, legislative, regulatory and other factors beyond our control. We may be unable to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures, or to dispose of material assets, seek additional debt or equity capital or restructure or refinance our indebtedness. We may not be able to affect any such alternative measures, if necessary, on commercially reasonable terms or at all and, even if successful, those alternatives may not allow us to meet our scheduled debt service obligations.

Changes in the market price of gold, copper and silver will affect the profitability of our operations and financial condition.

Our revenues, profitability and viability depend on the market price of gold, copper and silver produced from our mining operations. The market price of these metals is set in the world market and is affected by numerous factors beyond our control, including: the demand for precious metals; expectations with respect to the rate of inflation; interest rates; currency exchange rates; the demand for jewelry and industrial products containing precious metals; metal production; inventories; costs; change in global or regional investment or consumption patterns; sales by central banks and other holders; speculators and producers of gold and other metals in response to any of the above factors; and global and regional political and economic factors.

The markets are also affected by demand from the end-user industries of the respective metals. Gold is considered a safe haven during market uncertainties and in high inflationary and weak U.S. dollar environments, whereas copper, as an industrial metal, tends to increase in price when economic and market trends are on an upward or strengthening trajectory.

A sharp, prolonged, or significant decline in the market price of gold, copper or silver below our production costs for any sustained period would have a material adverse impact on our actual and anticipated profit, cash flow and results of our current and anticipated future operations. A decline in the market price of gold, copper or silver may also

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require us to write-down our Mineral Reserves, which would have a material adverse effect on the value of our securities. Further, if revenue from gold, copper concentrate or silver declines, we may experience liquidity difficulties. We will also have to assess the economic impact of any sustained lower gold, copper or silver price on recoverability and, therefore, on cut-off grades and the level of our Mineral Reserves and Mineral Resources.

Movements in commodity prices can also create uncertainty in relation to the costs of exploration, development and construction activities, which have resulted in material fluctuations in the demand for, and cost of, exploration, development and construction services, supplies and equipment (including mining fleet equipment). Varying demand for services, supplies and equipment could cause project costs to alter materially, resulting in delays if services, supplies or equipment cannot be obtained in a timely manner due to inadequate availability, and could increase potential scheduling difficulties.

Further, gold, copper and silver are each sold throughout the world based principally on the U.S. dollar price. We pay for goods and services in U.S. dollars and other currencies, including Philippine peso and New Zealand dollar. Adverse fluctuations in these other currencies relative to the U.S. dollar could have a material adverse effect on our business, financial condition, results of operations and prospects.

Increased uncertainty in the global economy caused by the threat or imposition of tariffs could negatively impact our operations.

On February 1, 2025, the President of the U.S. signed an executive order imposing tariffs on goods originating in Canada, Mexico and China and imported to the U.S. The governments of Canada, Mexica and China then promptly announced retaliatory tariffs. On February 3, 2025, the U.S. President announced a pause on the imposition of the U.S. tariffs on Canadian and Mexican goods for a 30-day period and the Canadian government then withdrew its tariffs. The U.S. tariffs came into effect on March 4, 2025, and the Canadian government imposed retaliatory tariffs on certain U.S. goods commencing as of the same date. However, on March 6, 2025, the U.S. President announced a further temporary suspension on the imposition of the U.S. tariffs on goods from Canada and Mexico that claim and qualify for U.S.-Mexico-Canada Agreement preference until April 2, 2025. On March 12, 2025, tariffs on imports of steel and aluminum and downstream products into the U.S. from all countries, including Canada, came into effect. In response, the Canadian government imposed a retaliatory surtax on certain U.S. goods, including many unrelated to aluminum and steel products. These are in addition to the Canadian retaliatory tariffs on other U.S. goods that have been in effect since March 4, 2025.

While we do not export products to the U.S., the economic impact of tariffs or a broader trade war on the Canadian economy, the U.S. economy and the global economy could negatively impact capital markets, commodity prices and our ability to raise funds to undertake capital expenditures.

A Canada-U.S. or a broader trade war also has the potential to adversely impact global supply chains and make supplies that we require more expensive, harder to obtain or unavailable. Scarcity or disruption in the global supply chain would likely increase the cost of supplies required generally, which could impair our ability to operate.

The indirect effects of tariffs imposed by the U.S. or counter tariffs in response are difficult to assess, but the potential for tariffs represents a risk and may adversely affect our business, financial condition and results of operations.

We are subject to various operating risks, which could have an adverse impact on our business, results of operations and financial condition.

In common with other enterprises undertaking business in the mining sector, our mineral exploration, project development, mining and related activities are subject to conditions beyond our control that can reduce, halt or limit production or increase the costs of production. Our mining operations are influenced by changing conditions that can affect production levels and costs for varying periods and as a result can diminish our revenues and profitability, including: the discovery and/or acquisition of Mineral Reserves and Mineral Resources; successful conclusions to feasibility and other mining studies; access to adequate capital for project development and to sustaining capital; design and construction of efficient mining and processing facilities within capital expenditure budgets; the securing and maintaining of title to tenements; obtaining permits, consents and approvals necessary for the conduct of exploration and mining; compliance with the terms and conditions of all permits, consents and approvals during the course of mining activities; access to competent operational management and prudent financial administration, including the availability and reliability of appropriately qualified employees, contractors and consultants; the ability to procure major equipment items and key consumables in a timely and cost-effective manner; supply chain/logistics disruptions or delays; the ability to access reliable and disruption power supply; and the ability to access road and port networks for the shipment of gold and copper concentrate. Increases in oil prices, and in turn diesel fuel prices,

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and the cost of equipment and supplies would add significantly to operating costs. These are all beyond our control. An inability to secure ongoing supply of such equipment, supplies and services at prices assumed within the short and long term mine plans, and assumed within feasibility studies, could have a material adverse effect on our business, financial condition, results of operations and prospects. This could render a previously profitable project unprofitable. Costs can also be affected by factors such as changes in market conditions, government policies and exchange rates, all of which are unpredictable and outside our control. Our operations are also exposed to industrial disruption, which can be beyond our control.

Our mining operations are subject to a number of risks and hazards, including: environmental hazards; industrial accidents; labour disputes; catastrophic accidents; fires; blockades or other acts of social activism; changes in the regulatory environment; impact of non-compliance with laws and regulations; climate change transition, physical, legal and social-license related risks; natural phenomena, such as inclement weather conditions (including rainfall), earthquakes, seismicity, natural disasters, open pit and underground floods, pit wall failures, ground movements, tailings dam failures and cave-ins; pipeline failures; encountering unusual or unexpected geological conditions; and technological failure of mining methods.

We also face increased risks related to development in urban areas and extracting around historical workings at Waihi's MUG. MUG utilizes modified Avoca and remnant mining methods within the historic workings, which results in specific geotechnical risks.

There is no assurance that the foregoing risks and hazards will not result in any or all of the following: death of, or personal injury to, our employees or other personnel; the loss of mining equipment; damage or destruction of our mineral properties or production facilities; delays in, or interruption of, the development of our projects, including the Waihi North Project; monetary losses; deferral or unanticipated fluctuations in production; environmental damage; adverse governmental action and potential legal liabilities. Any of these factors could have a material adverse effect on our business, financial condition, results of operations and prospects.

There is no assurance that our exploration and development activities will be successful.

Mineral resource exploration and the development of mineral projects into mines is highly speculative, characterized by a number of significant risks including, among other matters, unprofitable efforts resulting not only from the failure to discover mineral deposits, but also from finding mineral deposits that, though present, are insufficient in quantity and quality to return a profit from production. There is no assurance as to our ability to sustain or increase our Mineral Reserves and Mineral Resources or replace them as they become depleted. To replace, sustain or increase the current Mineral Reserves and Mineral Resources, further Mineral Reserves and Mineral Resources must be identified and existing ones brought into production. Any gold and copper exploration program entails risks relating to the location of ore bodies that are economically viable to mine, the development of appropriate metallurgical processes, the receipt of necessary governmental permits, licenses and consents and the construction of mining and processing facilities at any site chosen for mining. No assurance can be given that any exploration program will result in the discovery of new Mineral Reserves or Mineral Resources or that the expansion of existing Mineral Reserves or Mineral Resources will be successful.

Our Mineral Reserves may not be replaced, and failure to identify, acquire and develop additional Mineral Reserves could have an adverse impact on our business, results of operations and financial condition.

Our profitability depends substantially on our ability to mine, in a cost-effective manner, gold, copper and silver that possess the quality and characteristics desired or required by our customers. Because our Mineral Reserves decline as we mine our gold, copper and silver Mineral Reserves, our future success and growth depend upon our ability to identify, grow, expand or acquire additional Mineral Resources that are economically recoverable. If we fail to define additional Mineral Reserves on any of our existing or future properties, our existing Mineral Reserves will eventually be depleted.

A failure to discover new Mineral Resources and define Mineral Reserves on such Mineral Resources, to enhance our existing Mineral Reserves or to develop new operations to maintain or grow our Mineral Reserves could have a material adverse effect on our business, financial condition, results of operations and prospects.

Increased competition could adversely affect our ability to acquire suitable producing properties or prospects for mineral exploration in the future.

There is a limited supply of mining rights and desirable mining prospects available in the areas where our current projects are situated. Many companies are engaged in the mining and mine development business, including large,

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established mining companies with substantial financial resources, operational capabilities and long earnings records. We compete both with large international global mining companies and domestic mining companies.

We may be at a competitive disadvantage in acquiring mining, exploration and development rights, as some of our competitors have greater financial resources and larger technical staff. Accordingly, there can be no assurance that we will be able to compete successfully against other companies in acquiring new prospecting, development or mining rights.

Regulatory, consenting and permitting risks may delay or adversely affect our gold, copper and silver production.

The business of mineral exploration, project development, mining and processing is subject to extensive national and local laws and plans relating to: permitting and maintenance of title; environmental consents; taxation; employee relations; socio-economic, cultural, heritage and historic matters; health and safety; royalties; land acquisitions; and other matters. There is a risk that the necessary permits, consents, authorizations and agreements to implement planned exploration, project development or mining may not be obtained under conditions or within time frames that make such plans economic. There is also a risk that applicable laws, regulations or governing authorities will change and that such changes will result in additional material expenditures or time delays. Failure to obtain required permits, consents and authorizations or to maintain compliance with such permits, consents and authorizations once obtained could result in injunctions, fines, suspension or revocation of permits, consents and authorizations and other penalties. The permitting and consent process may require extensive consultation and enables many interested third parties to participate in the process. This imposes additional risk that permits and consents may be delayed, plans varied or rejected, and our operations may be materially impacted as a result.

We may fail to fulfill the terms and conditions of licenses, permits, consents and other authorizations, or fail to renew them on expiration.

We are required to maintain business licenses, permits, consents and other authorizations, and are also required to obtain and renew various permits, including business permits and permits concerning, for example, health and safety and environmental standards.

Many of our licenses, permits, consents and other authorizations contain various requirements that must be complied with to keep such licenses, permits, consents and other authorizations valid. If we fail to meet the terms and conditions of any of our licenses, permits, consents or other authorizations necessary for our operations, these may be suspended or terminated, leading to temporary or potentially permanent closing of operations, facilities, properties or other adverse consequences, or we may be subject to the payment of fines, penalties or charges imposed by the relevant regulatory agency. In addition, there is no certainty that any given license, permit, consent or authorization will be deemed sufficient by the relevant governmental authorities to fully cover activities conducted in reliance on such license, permit or authorization.

There can be no assurance that we will have, or continue to be able to obtain or renew, the necessary licenses, permits, consents and other authorizations for our properties or that such licenses, permits, consents and other authorizations will not be revoked. Our failure to obtain, maintain or renew material licenses, permits, consents and other authorizations, respectively, could have a material adverse effect on our business, financial condition, results of operations and prospects.

Continued compliance with safety, health, social and environmental laws and regulations may adversely affect our business, results of operations and financial condition.

We expend significant financial and managerial resources to comply with a complex set of social, environmental, health and safety laws, regulations, guidelines and permitting requirements. We anticipate that we will be required to continue to expend significant financial and managerial resources in the future as the recent trend towards stricter environmental laws is likely to continue. The possibility of more stringent laws or more rigorous enforcement or new judicial interpretation of existing laws exists in the areas of human rights, worker health and safety, the disposition of waste, the decommissioning and rehabilitation of mining sites, climate change and other environmental matters, each of which could have a material adverse effect on our exploration, operations or the cost or the viability of a particular project.

Our facilities operate under various operating and environmental permits, licenses and approvals that contain conditions that must be met and our right to continue operating our facilities is dependent upon compliance with these conditions. Failure to meet certain of these conditions could result in interruption or closure of exploration,

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development or mining operations or material fines or penalties, all of which could have a material adverse effect on our business, financial condition, results of operations and prospects.

For example, over recent years, initiatives to reform New Zealand's laws regulating permitting of land use at both the central government and local government level have proposed and partially implemented restrictions on proposed land use development where this could impact freshwater, biodiversity values and highly productive land. We actively participate in submitting on changes in environmental regulation as they occur and note new government policy following a change of government in 2023, which would be expected to review certain of these reforms within the next two years. There is no assurance that regulatory changes over time will not adversely affect our existing or planned operations and future development opportunities in New Zealand, or our use of land and access to it.

Our investments and operations are subject to numerous risks associated with operating in foreign jurisdictions.

Our investments and operations are subject to the risks normally associated with the conduct of business in foreign countries. The occurrence of events associated with these risks could have a material and adverse effect on our profitability or the viability of our affected foreign operations, which could also have a material and adverse effect on our future cash flows, earnings, results of operations and financial condition. Risks may include, among others: labour disputes; invalidation of governmental orders and permits; corruption; uncertain political, regulatory and economic environments; sovereign risk, including the risk that our mining concessions may be susceptible to revision or cancellation by new laws or changes in direction by the current government; war; human rights violations; civil disturbances and terrorist actions; arbitrary changes in laws or policies of particular countries (including tax laws); the failure of foreign parties to honour contractual relations; delays in obtaining, or the inability to obtain, necessary governmental permits, authorizations and consents; opposition to mining from environmental groups or other NGOs; limitations on foreign ownership; limitations on the repatriation of earnings; limitations on gold, copper and silver exports; instability due to economic under-development; inadequate infrastructure; and increased financing costs. In addition, the enforcement our legal rights to exploit our properties may not be recognized by any foreign government, or by the court system of a foreign country. These risks may limit or disrupt our operations, restrict the movement of funds, or result in the deprivation of mining-related rights or the taking of property by nationalization or expropriation without fair compensation.

While we believe that the governments and populations of each of the U.S., Philippines and New Zealand support the development of natural resources, there can be no assurance that future political and economic conditions in such countries will not result in the adoption of different policies or attitudes affecting the development and ownership of Mineral Resources. This may affect our ability to undertake exploration, development and mining activities in respect of our current and future properties.

We may be subject to sudden tax changes, which can have a material adverse effect on profitability.

The introduction of new tax laws, regulations or rules, or changes to, or differing interpretation of, or application of, existing tax laws, regulations or rules in Canada, the U.S., the Philippines (notwithstanding the protections provided under the FTAA), New Zealand or any of the countries in which our operations or business is or will be located, could result in an increase in taxes, or other governmental charges, duties or impositions, an unreasonable delay in the refund of certain taxes owing to us or the application of unfavourable currency controls or on the repatriation of profits. No assurance can be given that new tax or foreign exchange laws, rules or regulations will not be enacted or that existing such laws, rules or regulations will not be changed, interpreted or applied in a manner that could result in our profits being subject to additional taxation, result in us not recovering certain taxes on a timely basis, be refunded at reasonably equivalent U.S. dollar value as at the time paid, or restricting the manner in and efficiency with which we manage our cash balances, or at all, or that could otherwise have a material adverse effect on our business, financial condition, results of operations and prospects.

The costs of complying with applicable laws and governmental regulations may have an adverse impact on our business, results of operations and financial condition.

Our operations and exploration activities are subject to applicable laws and regulations governing various matters. These include applicable laws and regulations relating to repatriation of capital, exchange controls, taxation, labour standards, occupational health and safety, and historic and cultural preservation. In particular, mining operations are subject to a variety of industry-specific health and safety laws and regulations. These applicable laws and regulations are formulated to improve and protect the health and safety of employees. Should compliance with standards require a material increase in future expenditure, it could have a material adverse effect on our business, financial condition, results of operations or prospects.

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Amendments to current applicable laws, regulations and permits governing operations and activities of mining companies, or the more stringent enforcement thereof, could have a material adverse effect on our business, financial condition, results of operations or prospects by increasing exploration expenses, future capital expenditures or future production costs or by reducing the future level of production, or cause the abandonment of or delays in the exploration and development of our mineral projects.

Our insurance coverage does not cover all our potential losses, liabilities and damages related to our business and certain risks are uninsured or uninsurable.

While we are covered by insurance against certain risks, the nature of these risks is such that liability could exceed policy limits or could be excluded from coverage. There are also risks against which we cannot insure or against which we may elect not to insure. The potential costs that could be associated with any liabilities not covered by insurance, or that are in excess of insurance coverage, or associated with compliance with applicable laws and regulations, may cause substantial delays and require significant capital outlays. This could adversely affect our cash flows, earnings, results of operations and financial condition.

We may become subject to liability for pollution or other hazards against which we have not insured or cannot insure, including those in respect of past mining activities. We are also exposed to the liability of the costs of meeting rehabilitation obligations on the cessation of mining operations.

Disruption to the supply of, and/or an increase in prices of power and water supplies, including infrastructure, could negatively affect our business, financial condition and results of operations.

Our ability to obtain a secure supply of power and water at a reasonable cost depends on many factors, including: global and regional supply and demand; political and economic conditions; problems that can affect local supplies; delivery, security and reliability of energy infrastructure; and relevant regulatory regimes, all of which are outside our control. We can provide no assurance that we can obtain or secure supplies of power and water at reasonable costs at all our facilities and the failure to do so could have a material adverse effect on our business, financial condition, results of operations and prospects.

Our properties are subject to environmental risks.

Mining operations have inherent risks and liabilities associated with the pollution of the environment and the disposal of waste produced as a result of mineral exploration and production. Open pit and underground mining, and processing gold, copper and silver, are subject to risks and hazards, including industrial accidents, and discharge of toxic chemicals, breach of tailings dams, fire, flooding, rock falls and subsidence. The occurrence of any of these hazards can delay production, increase production costs or result in liability to us. Such incidents may also result in a breach of the conditions of a mining lease, permit or consent or relevant regulatory regime, with consequent exposure to enforcement procedures, including possible revocation of leases, permits or consents.

Environmental hazards may exist on the properties on which we hold interests which are unknown at present, and which have been caused by previous or existing owners or operators of the properties. We may incur unanticipated costs associated with the reclamation or restoration of mining properties. In addition, we may incur costs from reclamation activities in countries where we have mining and exploration operations in excess of any bonds or other financial assurances which we may be required to give, which costs may have a material adverse effect on our profitability, results of operation and financial condition.

The impacts of climate change may adversely affect our operations.

Climate change may directly or indirectly affect our business and operations.

The physical effects of climate change may have an adverse effect at some of our operations. These may include extreme weather events, natural disasters, resource shortages, changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. For example, severe drought conditions impacting the regions in which we operate may affect our access to adequate water supplies to sustain operations in the normal course, may result in conflicting needs with local communities, or may materially increase operating costs. Conversely, extraordinary storm events may result in localized flooding directly or indirectly impacting mine personnel and operations. Physical climate risks are particularly relevant for our operations in each of the U.S., Philippines and New Zealand, especially as they relate to rainfall, and if any drought-like conditions were to persist, the relevant mine and local communities may be required to seek out alternative freshwater sources or alter existing water management and/or require treatment facilities which may result in adverse impacts to production and operating costs.

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Further, our facilities depend on regular and steady supplies of consumables to operate efficiently. Operations also rely on the availability of energy from public power grids. The supply of consumables and the availability of energy may be put under stress or face service interruptions due to more extreme acute and chronic weather events. If the effects of climate change cause prolonged disruption to the delivery of essential commodities, then production efficiency may be reduced, which may result in a material adverse effect on our business, financial condition, results of operations and prospects.

Climate change transition risks (such as regulatory, technological, legal and societal) may significantly increase our operating costs and adversely affect our operations.

A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to the potential impacts of climate change, such as those limiting greenhouse gas emissions or the use of specific types of fuels, placing restrictions on access to certain water resources or introducing new carbon or water taxes. Where legislation already exists, regulation relating to emission levels and energy efficiency is becoming more stringent. Some of the costs associated with reducing emissions can be offset by increased energy efficiency and technological innovation. However, if the current regulatory trend continues, and depending on the nature, speed, focus and jurisdiction of these regulatory changes, this may pose varying levels of financial and reputational risk to our business.

Although we continue to take steps to anticipate potential costs, financial and otherwise, associated with climate change, there can be no assurance that the transition risks associated with climate change or related regulatory/governmental actions will not negatively impact our operations. In addition, we may be subject to activism from environmental groups and organizations campaigning against our mining and processing activities, which could affect our reputation and disrupt our operations. The occurrence of any of the foregoing could result in a material adverse effect on our business, financial condition, results of operations and prospects.

Social acceptance of mining activities in the areas where we operate is important for our business operations and we have been, and may be in the future, subject to complaints, activism or negative publicity in respect of issues affecting communities around mines and the environment.

The acceptance by host communities and neighboring communities of our mining activities is important for a secure and stable operating environment and is considered by regulatory agencies in permit applications. Opposition by host and neighboring communities to proposed or ongoing mining activities could result in suspensions or delays in mining operations and our supply chain.

Our operations have been subject to unsubstantiated allegations of human rights violations. We have openly and transparently engaged with the relevant international and local organizations in relation to such allegations. We continue to engage with relevant stakeholders through meaningful dialogue and use the feedback gained from this engagement to improve our management of key issues and impacts, respond to concerns or issues relating to our business activities, identify opportunities, inform our business strategy and activities and develop social investment programs collaboratively.

There is no assurance that we or our operations will not be the target of any protests or will be subject to allegations of violations of human rights or the environment in the future. Any such negative publicity may have a material adverse effect on our business, financial condition, reputation, results of operations and prospects.

Further, while we seek to operate responsibly, NGOs could direct adverse publicity and/or disrupt our operations, regardless of our successful compliance with social and environmental best practices, due to political factors, activities of unrelated third parties on lands in which we have an interest, or our operations specifically. Any such actions could have an adverse effect on our reputation, relationships with host communities, financial condition, results of operations or prospects.

We may be subject to emerging regulatory and legislative requirements and scrutiny with respect to human rights.

Our operations may be subject to emerging regulations and legislation globally with respect to human rights issues, including Indigenous and vulnerable people, forced labour, child labour and other slavery-like practices, and as a result, we may face further scrutiny from investors, shareholders and other stakeholders regarding such matters.

We strongly support and respect human rights consistent with the Universal Declaration of Human Rights and seek to ensure we are not complicit in human rights abuses committed by others, however the mining industry faces increasing scrutiny by human rights groups and is particularly prone to complaints and/or legal disputes in connection

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with human rights risks associated with large scale land acquisition and resettlement of people, adverse environmental impacts, health and safety, the use of migrant labour, child labour, forced labour, Indigenous Peoples rights and risks arising from operations in areas that are or may be conflict affected and/or that host artisanal and illegal mining activities.

Compliance with emerging modern slavery, human trafficking and forced labour reporting, training and due diligence regulations and laws could increase our operating costs. Further, if we fail to appropriately identify and respond to human rights abuses or allegations thereof, either internally or externally or through third party business relationships, we could face costly and disruptive enforcement actions, potential litigation, investor and stakeholder dissatisfaction, and reputational damage.

Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operational continuity.

Greater scrutiny on multi-national companies to contribute to sustainable outcomes in the places where they operate has led to a proliferation of standards, reporting initiatives and expectations focused on environmental stewardship, social performance, sustainable development, community engagement and transparency. The resource extraction industry, and mining in particular, has seen significant increases in stakeholder expectations and attention. The sector is increasingly required to meaningfully engage with impacted stakeholders and understand, avoid or mitigate negative impacts while optimizing socio-economic development and other opportunities associated with their operations.

Despite our commitment to responsible environmental management, sustainable development, social investment and on-going engagement with communities and stakeholders, no assurances can be provided that changing stakeholder expectations will not result in interest from activists who seek a more rapid or significant response, or persons seeking undue project benefits under the guise of environmental concerns, or adverse financial, reputational and operational impacts to our business, including, without limitation, operational disruption, increased costs, increased investment obligations and increased taxes and royalties payable to governments.

Our success depends on our ability to attract and retain qualified personnel and to maintain satisfactory labour relations.

Recruiting and retaining qualified personnel is critical to our success. Gold, copper and silver mining is a labour-intensive industry, and the number of persons skilled in the acquisition, exploration and development of mining properties in the jurisdictions in which we operate may be limited and competition for such personnel is intense both from within and outside such jurisdictions.

Production at our mining operations is dependent upon the efforts of our employees and our relations with our unionized and non-unionized employees. Certain members of our Philippines and New Zealand based operations staff are represented by various labour unions and subject to collective agreements. We consider our labour relations to be positive. The status of unionization may change over time due to changes in the number and types of positions filled over time. We cannot give assurance that we will be able to negotiate or renew union agreements without an increase in labour costs, which if not conceded could result in work stoppages and other labour disturbances. Increased labour costs, a strike or other labour disruption could have a material adverse effect on our business, financial condition, results of operations or prospects.

We may be unable to obtain, renew, amend or extend our material agreements or there may be non-compliance by parties thereto.

We have, and may continue to enter into, material agreements such as offtake agreements, loan agreements, bullion sales agreement, concession agreements, consultancy agreements, service agreements and investment agreements, among others.

Our business, cash flows, earnings, results of operations and financial condition could be materially and adversely affected if we are unable to comply with or breach or default on our obligations under any of these agreements, if we are unable to meet our payment obligations under these agreements, if we are unable to renew or enter into substantially similar agreements or if these agreements are suspended, terminated or revoked prior to their expiration.

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We enter into contracts with third-party contractors for services, and such third-party contractors may not always be available, or may not be able to meet our quality standards or to deliver services on a timely or satisfactory manner.

We enter into contracts with third-party contractors to provide various services, including maintenance of our mining equipment and heavy machinery, trucking services, blasting works, repair and maintenance of roads and infrastructure, brokerage and logistics services, secured transportation of gold doré and the transportation and treatment of hazardous wastes. There can be no assurance that we will be able to find or engage third-party contractors for any particular service or find a contractor that is willing to undertake a particular service within our budget and schedule (including as a result of a lack of manpower due to a shortage of available and qualified workers), which could result in cost increases or delays. Furthermore, there can be no assurance that the services rendered by any of our third-party contractors will meet our quality standards or will be able to deliver services on a timely or satisfactory manner. Contractors may also experience financial or other difficulties, including insolvency, and shortages or increases in the price of materials or labour may occur, any of which could delay the completion or increase the cost of services, and we may incur additional costs as a result thereof.

We are subject to various anti-corruption laws and regulations and carry on business in jurisdictions which may be subject to sanctions or other similar kinds of measures.

We are subject to various Canadian and foreign anti-corruption laws and regulations, including each of the Canadian *Corruption of Foreign Public Officials Act, U.S. Foreign Corrupt Practices Act and Australian Crimes Legislation Amendment (Combatting Foreign Bribery) Act.* In general, these laws prohibit a company and its employees and intermediaries from bribing or making other prohibited payments to foreign officials or other persons to obtain or retain business or gain some other business advantage. We cannot predict the nature, scope or effect of future regulatory requirements to which our operations might be subject, or the way existing laws might be administered or interpreted. Failure by us, our predecessors or other persons or entities with whom we do business to comply with the applicable legislation and other similar foreign laws could expose us and our senior management to civil and/or criminal penalties, other sanctions and remedial measures, and legal expenses and reputational damage, all of which could materially and adversely affect our business, financial condition, results of operations and prospects. Likewise, any investigation of any alleged violations of the applicable anti-corruption legislation by Canadian or foreign authorities could also have an adverse impact on our business, financial condition, results of operations and prospects.

Certain jurisdictions in which we carry on business, or certain nationals of those jurisdictions, are or may become subject to sanctions or other similar measures imposed by individual countries, such as Canada, the U.S. or through United Nations sanctions that Canada implements. In addition, there is the risk that individuals or entities with which we currently engage or do business with could be designated or identified under such sanctions or measures. Our failure to comply with such sanctions or measures, whether inadvertent or otherwise, could expose us and our senior management to civil and/or criminal penalties, becoming implicated or designated under such sanctions, becoming subject to additional remedial processes (including limitations on our ability to carry on our business or operations in a given jurisdiction), legal expenses, or reputational damage, all of which could materially and adversely affect our business, financial condition, results of operations and prospects, at both our specific operations and our company as a whole. We are strongly committed to fully complying with all sanctions and other similar measures that affect our business and the jurisdictions in which we operate. Additional or expanded sanctions may have other impacts on our operations.

International conflicts may impact our business.

International conflicts and other geopolitical tensions and events, including war, military action, terrorism, trade disputes and international responses thereto, have historically led to, and may in the future lead to, uncertainty or volatility in global financial markets. For example, Russia's invasion of Ukraine has led to sanctions being levied against Russia by the international community and may continue to result in additional sanctions or other international action, any of which may have a destabilizing effect on commodity prices (such as coal, gas and oil) and global economies more broadly. Volatility in commodity prices caused by such events may adversely affect our business, financial condition and results of operations.

Global financial conditions have been subject to increased volatility which may impact on our ability to source debt facilities.

As a potential future borrower of money, we are potentially exposed to adverse interest rate movements that may increase the financial risk inherent in our business and could have a material adverse impact on profitability and cash flow. Project financing, if ever undertaken, may additionally expose us to adverse gold, copper and silver price movements (depending on the type and quantity of metal hedging policies entered into as a requirement of project

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financing). Such investments may significantly increase the financial risk inherent in our business and could have a material impact on our profitability and cash flow.

In the ordinary course of our operations and developments, we are required to issue financial assurances, particularly bonding or bank guarantee instruments, to secure statutory and environmental performance undertakings and commitments to local communities. Our ability to provide such assurances is subject to external financial and credit markets and assessments, and our own financial position.

Failure of information systems or a component of information systems could, depending on the nature of any such failure, adversely impact our reputation and results of operations.

Our operations, and those of our third-party service providers and vendors, depend in part on the proper functioning and availability of information technology ("**IT**") systems, networks, equipment, and software, and the security of those systems. These systems are vulnerable to an increasing threat of continually evolving cybersecurity risks. These risks may take the form of malware, viruses, cyber threats, extortion, employee error, malfeasance, system errors or other types of risks, and may occur from inside or outside of our organization. Cybersecurity risk is increasingly difficult to identify and quantify and cannot be fully mitigated because of the rapid evolving nature of the threats, targets and consequences. Additionally, unauthorized parties may attempt to gain access to these systems or our information through fraud or other means of deceiving our third-party service providers, employees or vendors. A significant breach of, disruption or damage to, or failure to maintain, upgrade or replace our IT systems and software could result in IT system failures, delays, the corruption and destruction of our data, misuse of data, extensive personal injury, property damage, loss of confidential information and significant cost increases. The failure of information systems or a component of information systems could, depending on the nature and extent of any such failure, adversely impact our reputation and results of operations. There can be no assurance that our ability to monitor for or mitigate cybersecurity risks will be fully effective, and we may fail to identify cybersecurity breaches or discover them in a timely way.

Although to date we have not experienced any known material losses or interruptions to our day-to-day operations as a result of a failure of our IT systems and have not experienced any material security breach in the past five years, there can be no assurance that we will not experience any such failure, breach, loss or interruption in the future.

In addition, as the regulatory environment related to information security, data collection and use, and privacy becomes increasingly rigorous, with new and constantly changing requirements applicable to our business, compliance with those requirements could also result in additional costs. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

Pandemic, outbreaks of infectious disease or other public health crisis could adversely impact us.

An outbreak of infectious disease, a pandemic or a similar public health threat, such as the COVID-19 outbreak, or a fear of any of the foregoing, could adversely impact us by causing operating, supply chain and project development delays and disruptions, and increased costs. Pandemics and outbreaks of infectious diseases represent a serious threat to maintaining a skilled workforce in the mining industry and is a major challenge. There can be no assurance that our personnel will not be impacted by future pandemic diseases with workforce productivity reduced and increased medical costs and/or insurance premiums as a result of these health risks. Furthermore, our operations may be suspended or restricted due to government-mandated actions.

We are subject to inflation risks, which might adversely affect our financial condition and the results of operations.

Since we are unable to influence or control the market price at which we sell the products we produce, it is possible that higher inflation rates globally and in the countries in which our projects are hosted could increase our operating or capital costs or may result in less revenue from the sale of such products than expected (absent an increase in the price of such products). Country-specific inflation rates are often volatile and unpredictable, and global inflation rates rose consistently at the end of 2021 and through 2022 as a result of numerous global economic factors and the continuing impact of the COVID-19 pandemic. Significantly higher and sustained rates of inflation, with subsequent increases in operational costs, could result in the deferral or closure of projects and mines if operating costs become prohibitive. Any subsequent increases in capital costs from sustained rates of inflation may delay or stop expansion plans at our operations or development activities where such cost increases make such activities not economically viable. This could have a material adverse effect on our business, financial position and results of operations.

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We are subject to risks related to the use of derivatives.

We may, from time to time, use certain derivative products to manage the risks associated with gold, copper and silver price volatility, changes in other metal input prices, interest rates, foreign currency exchange rates and energy prices. The use of derivative instruments involves certain inherent risks, including: credit risk, which is the risk that the creditworthiness of a counterparty may adversely effect its ability to perform its payment and other obligations under its agreement with us or adversely effect the financial and other terms of the counterparty is able to offer us; market liquidity risk, which is the risk that we have entered into a derivate position that cannot be closed out quickly, by either liquidating such derivative instrument or by establishing an offsetting position; and unrealized mark-to-market risk, which is the risk that, in respect of certain derivative products, an adverse change in market prices for commodities, currencies of interest rates will result in incurring an unrealized mark-to-market loss in respect of such derivative products.

We are subject to litigation risks.

All industries, including the mining industry, are subject to legal claims, with and without merit. Defense and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, the resolution of any particular legal proceeding to which we are or may become subject could have a material adverse effect on our business, financial condition, results of operations and prospects, including on our mining and project development operations. We are currently subject to the material legal proceedings described in the section entitled "*Legal Proceedings*".

Our shareholders' interests may be diluted in the future.

We may require additional funding for exploration and development programs and potential acquisitions. If we raise additional funding by issuing equity securities or hybrid securities that are convertible into equity securities, such financing may substantially dilute the interest of existing shareholders. Sales of substantial amounts of our Common Shares, or the availability of Common Shares for sale, could adversely affect the prevailing market prices for our Common Shares. A decline in the market prices of our Common Shares could impair our ability to raise additional capital through the sale of securities should we desire to do so.

The market price for our Common Shares cannot be assured.

Securities markets have experienced volatility in prices and volumes and the market prices of securities of many companies have experienced wide fluctuations which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. There can be no assurance that such fluctuation will not adversely affect the price of our securities, and the market price of our Common Shares may decline below the price paid by shareholders for their securities. As a result of this volatility, investors may not be able to sell their Common Shares at or above the price they paid. In the past, following periods of volatility in the market price of a company's securities, shareholders have often instituted class action securities litigation against those companies. Such litigation, if instituted, could result in substantial cost and diversion of management attention and resources, which could significantly harm our profitability and reputation.

Our dividend policy may change and there is no guarantee that we will declare and pay any dividends.

In February 2023, we announced the reinstatement of our dividend policy, and, in February 2025, we announced a doubling of our annual dividend payment, to $0.04 per Common Share ($0.01 payable quarterly). Our dividend policy allows for the payment of an additional amount at the discretion of our Board of Directors based on financial and operating conditions while considering capital and investment requirements for growth opportunities. The policy is reviewed periodically based on, among other things, our current and projected performance and liquidity profile. Any decision to pay cash dividends or distributions on Common Shares in the future will be made by our Board of Directors based on our earnings, financial requirements and other conditions existing at such time. There is no guarantee that we will declare and pay any dividends.

We conduct our major operations through our subsidiaries. Our ability to obtain dividends or other distributions from subsidiaries may be subject to restrictions on dividends or repatriation of earnings under applicable laws, monetary transfer restrictions and credit facilities. There can be no assurance that there will be no future restrictions on repatriation, the payment of dividends or other distributions from our subsidiaries which are necessary to enable us to pay dividends in the future.

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Potential future acquisitions or investments in other companies may have a negative impact on our business.

We may seek to expand our business through acquisitions, and we intend to consider and evaluate opportunities for growth through acquisitions when suitable acquisition targets present themselves. There can be no assurance that we will find attractive acquisition candidates in the future, or that we will be able to acquire such candidates on economically acceptable terms, if at all. Acquisitions may require substantial capital and negotiations of potential acquisitions and the integration of acquired operations could disrupt our business by diverting the attention of management and employees away from day-to-day operations. The difficulties of integration may be increased by the necessity of coordinating geographically diverse organizations, integrating personnel with disparate backgrounds and combining different corporate cultures.

At times, acquisition candidates may have liabilities or adverse operating issues that we fail to discover through due diligence before the acquisition. If we consummate any future acquisitions, our capitalization and results of operations may change significantly.

Any acquisition involves potential risks, including, among other things: mistaken assumptions about mineral properties, Mineral Resources or Mineral Reserves and costs, including synergies; an inability to successfully integrate any project that we acquire; an inability to hire, train or retain qualified personnel to manage and operate the operations acquired; the assumption of unknown liabilities; limitations on rights to indemnity from the seller; mistaken assumptions about the overall cost of equity or debt; unforeseen difficulties operating acquired projects, which may be in new geographic areas; and the loss of key employees and/or key relationships at the acquired project.

Acquisitions or investments may require us to expend significant amounts of cash, resulting in our inability to use these funds for other business purposes. The potential impairment or complete write-off of goodwill and other intangible assets related to any such acquisition may reduce our overall earnings and could negatively affect our balance sheet.

The occurrence of any of the foregoing could have a material adverse effect on our business, financial condition, results of operations or prospects.

Canadian investors may have difficulty in the enforcement of statutory civil liability.

Although we are a company existing under the laws of British Columbia, the majority of our assets are located outside of Canada. As a result, it may be difficult for Canadian investors to realize a judgment obtained in Canada with respect to the enforcement of statutory civil liability under applicable Canadian securities laws against our assets located in the Philippines and other foreign jurisdictions.

Canadian investors may have difficulty effecting service of process on our directors and officers.

Since a number of our directors or officers live outside of Canada, it may not be possible to effect service of process on them and since all, or a substantial portion of, their assets are located outside Canada, there may be difficulties in enforcing judgments against them obtained in Canadian courts. Similarly, essentially all our assets are located outside Canada and there may be difficulties in enforcing judgments obtained in Canadian courts.

Conflicts of interest may arise between our directors and officers.

Certain of our directors and officers are directors, officers or shareholders of other natural resource companies. Such associations may give rise to actual or perceived conflicts of interest from time to time. All directors and officers are required to disclose any actual and potential conflicts of interest they might have with our interests. Further, we have instituted processes to identify and address any such conflict of interest. Nevertheless, there is a risk that conflicts of interests may not always be fully or timely identified, which could potentially result in adverse impacts on us.

Our reputation may be negatively affected by social media and other web-based applications, which are beyond our control.

As a result of the increased usage, speed and global reach of social media and other web-based applications used to generate, publish and discuss user-generated content and to connect with others, we are at greater risk of how we may be perceived by the public. Damage to our reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether credible, factual, true or not. While we place great emphasis on protecting and nurturing our reputation, we do not ultimately have direct control over how we are perceived by others, including how we are viewed on social media and other web-based applications. Harm to our reputation, which could be promulgated through social media and other web-based applications, may lead to

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increased challenges in developing and maintaining investor confidence and stakeholder relations, and could act as an obstacle to our overall ability to maintain our current operations, to advance our projects, and to procure capital from investors, which could have a material adverse effect on us and our business.

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**Dividends and Distributions**

In 2015, our Board of Directors declared an inaugural semi-annual dividend of $0.01 per Common Share. Our dividend policy allows for an additional amount to be paid at the discretion of our Board of Directors based on financial and operating conditions, while taking into account capital and investment requirements for growth opportunities.

In 2021, our Board of Directors determined it was prudent to pause semi-annual dividends. In February 2023, our Board of Directors determined to reinstate our dividend policy and, in April 2023, we resumed payment of a $0.01 per Common Share semi-annual dividend. We continued this dividend policy through the end of 2024.

The following table sets forth the dividends we have paid for each of the three most recently completed financial years:

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|:---|:---|:---|
| &nbsp;&nbsp;**Year** | **Dividend Payment Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per Common Share ($)** |
| &nbsp;&nbsp;2024 | October 11, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;2024 | April 26, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;2023 | October 6, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.01 |
| &nbsp;&nbsp;2023 | April 28, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.01 |

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On February 19, 2025, our Board of Directors announced a doubling of the annual dividend payment, to $0.04 per Common Share, $0.01 payable quarterly. The first such dividend is payable on April 25, 2025 to shareholders of record as at the close of business on March 5, 2025.

The amount and timing of any dividends is within the discretion of our Board of Directors. Our Board of Directors reviews the dividend policy periodically based on, among other things, our current and projected performance and liquidity profile. There is no guarantee that we will declare and pay any dividends. Please see "Risk Factors" for additional information.

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**Description of Share Capital**

We are authorized to issue an unlimited number of Common Shares, and an unlimited number of preferred shares, issuable in series (the "**Preferred Shares**").

As at December 31, 2024, there were 702,471,037 Common Shares and no Preferred Shares issued and outstanding. All Common Shares are fully paid and have no par value.

In July 2024, we received approval from the TSX to buy back up to 35.5 million of our Common Shares pursuant to the NCIB, representing approximately 5% of our outstanding Common Shares and approximately 5% of the public float of Common Shares, over a 12-month period ending on or before July 23, 2025. Decisions regarding purchases are based on market conditions, share price, best use of available cash and other factors. Any Common Shares purchased under the NCIB are subsequently cancelled.

In 2024, we purchased 8.8 million Common Shares ($24.1 million) under the NCIB.

Our Board of Directors has approved the buy back of up to $100 million of Common Shares in 2025 under the NCIB. As of February 28, 2025, we had purchased 3.5 million Common Shares ($9.4 million) under the NCIB in 2025.

**Classes of Shares**

Common Shares

Each Common Share entitles the holder thereof to receive notice of any meetings of shareholders, and to attend and cast one vote per Common Share at all such meetings. Holders of Common Shares do not have cumulative voting rights with respect to the election of directors and, accordingly, holders of a majority of the Common Shares entitled to vote in any election of directors may elect all directors standing for election.

Holders of Common Shares are entitled to receive dividends, if any, on a pro-rata basis, as and when declared by our Board of Directors at its discretion from funds available. Upon the liquidation, dissolution or winding up of OceanaGold, holders of Common Shares are entitled to receive on a pro-rata basis our net assets after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking in priority to, or equally with, the holders of Common Shares with respect to liquidation, dissolution or winding up of OceanaGold. The Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.

Preferred Shares

We currently have no Preferred Shares issued and outstanding. Preferred Shares may, at any time or from time to time, be issued in one or more series. Our Board of Directors shall fix before issuance, the designation, number and consideration per Preferred Share (in addition to any provisions attaching to the Preferred Shares of each series).

Except as required by law or as otherwise determined by our Board of Directors in respect of a series of Preferred Shares, the holder of a Preferred Share shall not be entitled to vote at meetings of shareholders. The Preferred Shares of each series rank on a priority with the Preferred Shares of every other series and are entitled to preference over the Common Shares and any other shares ranking subordinate to the Preferred Shares with respect to priority and payment of dividends and distribution of assets in the event of liquidation, dissolution or winding-up of OceanaGold.

**Employee Equity Incentive Plans**

Under the Performance Share Rights Plan approved by our shareholders in 2024 (the "**Performance Share Rights Plan**"), the number of Common Shares that may be issued on the redemption of performance rights (the "**Performance Rights**") that have been granted and remain outstanding under the Performance Rights Plan may not at any time exceed 3.5% of our then issued and outstanding Common Shares. The Performance Share Rights Plan provides for a mechanism whereby outstanding Performance Rights accrue the value, through additional Performance Rights, of dividend payments made on our Common Shares during the performance period of such Performance Rights. Our executives and various senior employees are eligible to participate in the Performance Share Rights Plan.

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Subject to our performance relative to our peer group, the Performance Rights may vest at the end of a three-year performance period. In circumstances where some or all the Performance Rights become vested at the end of the performance period, they will be redeemable for Common Shares without any payout by the designated participant.

A total of 3,863,341 Common Shares were issued on the redemption of Performance Rights during the year ended December 31, 2024. As at December 31, 2024, 17,098,326 Performance Rights were outstanding.

**Non-Executive Director Deferred Unit Plan**

In 2016, we introduced a cash based Deferred Unit Plan for Non-Executive Directors (the "**Deferred Unit Plan**"). The Deferred Unit Plan provides that our non-executive directors are issued notional units that are economically equivalent to owning Common Shares (the "**Deferred Units**"). Each Deferred Unit has an initial value equal to the value of a Common Share at the time of grant. No equity is issued pursuant to the Deferred Unit Plan. Whenever cash dividends are paid on the Common Shares, additional Deferred Units are credited to the holders of Deferred Units.

A total of 240,034 Deferred Units were issued during the year ended December 31, 2024. As at December 31, 2024, 1,097,305 Deferred Units were outstanding.

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**Prior Sales**

During the year ended December 31, 2024, we issued the following securities not listed or quoted on a marketplace:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date of Issue** | **Number of**<br>**Securities** | **Price per Security**<br>**(C$)** | **Type of Security** |
| &nbsp;&nbsp;January 3, 2024 | 76013 | $2.46 | Deferred Units |
| &nbsp;&nbsp;February 21, 2024 | 7210352 | $2.70 | &nbsp;&nbsp;&nbsp;&nbsp;Performance Rights |
| &nbsp;&nbsp;March 8, 2024 | 4138 | $2.75 | Deferred Units |
| &nbsp;&nbsp;April 2, 2024 | 62916 | $3.02 | Deferred Units |
| &nbsp;&nbsp;July 3, 2024 | 49890 | $3.28 | Deferred Units |
| &nbsp;&nbsp;August 16, 2024 | 192308 | $2.70 | &nbsp;&nbsp;&nbsp;&nbsp;Performance Rights |
| &nbsp;&nbsp;October 2, 2024 | 43056 | $3.76 | Deferred Units |
| &nbsp;&nbsp;October 11, 2024 | 29432 | $3.52 | &nbsp;&nbsp;&nbsp;&nbsp;Performance Rights |
| &nbsp;&nbsp;October 11, 2024 | 4021 | $3.52 | Deferred Units |

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**Market for Securities**

**Exchange Listings**

Our Common Shares are listed and posted for trading on the TSX under the symbol "OGC" and the OTCQX® Best Market in the U.S. under the symbol "OCANF".

Trading Price and Volume

The following table sets forth the high and low sales price and volume of sales of our Common Shares on the TSX for 2024.

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| | | | |
|:---|:---|:---|:---|
| | **High**<br>**(C$)** | **Low**<br>**(C$)** | **Volume**<br>**(# Shares)** |
| &nbsp;&nbsp;January | $2.72 | $2.45 | 14344150 |
| &nbsp;&nbsp;February | $2.84 | $2.10 | 27296990 |
| &nbsp;&nbsp;March | $3.06 | $2.44 | 35141270 |
| &nbsp;&nbsp;April | $3.32 | $2.95 | 46470110 |
| &nbsp;&nbsp;May | $3.29 | $2.95 | 31134110 |
| &nbsp;&nbsp;June | $3.35 | $3.04 | 27118600 |
| &nbsp;&nbsp;July | $3.74 | $3.14 | 27805340 |
| &nbsp;&nbsp;August | $3.67 | $3.00 | 35319760 |
| &nbsp;&nbsp;September | $3.97 | $3.33 | 39350640 |
| &nbsp;&nbsp;October | $4.27 | $3.73 | 27249140 |
| &nbsp;&nbsp;November | $4.45 | $3.72 | 31780920 |
| &nbsp;&nbsp;December | $4.49 | $3.91 | 27657430 |

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As of March 28, 2025, the closing price of our Common Shares on the TSX was C$4.72.

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**Directors and Executive Officers**

**Board of Directors**

The following table sets forth, for each of our directors, the person's name, province/state and country of residence, position held with OceanaGold (if any), principal occupation within the immediately preceding five years, the director's date of appointment and the committees on which the director served as at December 31, 2024. Directors are elected each year at our annual meeting of shareholders to serve until the next annual meeting or until a successor is elected or appointed.

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|:---|:---|:---|:---|
| **Name, Province/State & Country of Residence**<sup>1</sup> | **Principal Occupation & Employment for Past 5 years** | **OceanaGold**<br>**Director Since** | **Board Committee Membership** |
| Mr. Paul Benson<br>Perth, Western Australia, Australia | Non-Executive Director, OceanaGold Director, President & Chief Executive Officer, SSR Mining (from August 2015 to September 2020) | May 6, 2021 | Audit and Risk Governance and Nominations (Chair)<br>Remuneration, People and Culture Sustainability Technical |
| Mr. Gerard Bond<br>Vancouver, British Columbia, Canada | Executive Director and President & Chief Executive Officer, OceanaGold Finance Director & Chief Financial Officer, Newcrest Mining Limited (from January 2012 to January 2022) | April 4, 2022 | N/A |
| Ms. Linda Broughton Vancouver, British Columbia, Canada | Non-Executive Director, OceanaGold Vice President Technical Services, Alexco Resource Corp./Hecla Mining Company (from November 2014 to June 2023) | April 24, 2023 | Remuneration, People and Culture Sustainability Technical |
| Ms. Sandra M. Dodds<br>Melbourne, Victoria, Australia | Non-Executive Director, OceanaGold Director, Fletcher Building (since September 2023)<br>Director, Contact Energy Limited (since September 2021)<br>Director, Snowy Hydro Limited (since July 2019)<br>Director, Beca Group Limited (from April 2021 to March 2024)<br>Director, MACA Limited (from October 2020 to September 2021) | November 5, 2020 | Audit and Risk (Chair) Governance and Nominations Remuneration, People and Culture |
| Mr. Craig J. Nelsen<br>Centennial, Colorado, United States | Non-Executive Director, OceanaGold Principal, Nelsen Group LLC (since May 2014)<br>Non-Executive Director and Chair, ATEX Resources Inc (since January 2021)<br>Non-Executive Director, Golden Star Resources Ltd (from May 2011 to January 2022) | February 21, 2019 | Remuneration, People and Culture (Chair) Sustainability Technical |

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|:---|:---|:---|:---|
| **Name, Province/State & Country of Residence**<sup>1</sup> | **Principal Occupation & Employment for Past 5 years** | **OceanaGold**<br>**Director Since** | **Board Committee Membership** |
| Mr. Alan N. Pangbourne<br>Vancouver, British Columbia,<br>Canada | Non-Executive Director, OceanaGold<br>Director, Chesapeake Gold Corp.<br>(since December 2020)<br>President & CEO, Chesapeake Gold Corp. (from December 2020 to November 2023)<br>Non-Executive Director, TMAC Resources (from September 2020 to February 2021)<br>Director & CEO, Guyana Goldfields (from May 2019 to August 2020) | October 1, 2022 | Audit and Risk Sustainability Technical (Chair) |
| Mr. Ian M. Reid<br>Edmonton, Alberta, Canada | Non-Executive Director, OceanaGold Director, Canadian Western Bank (from March 2011 to February 2025)<br>Director, Stuart Olson Inc. (from May 2007 to January 2020) | April 26, 2018 | Audit and Risk Governance and Nominations Sustainability (Chair) |

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1. On February 20, 2025, Ms. Stefanie Loader was appointed as an independent non-executive director to the Board of Directors. Please see Ms. Loader's biography below.

The following is biographical information relating to each of our directors:

***Mr. Paul Benson*** was appointed as the Chair of our Board of Directors in October 2021, after joining as non-executive director in May 2021. Mr. Benson is a senior mining executive and company director with demonstrated performance in operations and project management, leadership, capital raising, strategy and business development, focused on value creation. His experience includes gold, copper, tin, lead, zinc, silver, mineral sands, iron ore, uranium and coal, with qualifications and experience in most aspects of the mining value chain from exploration, geology, mining and management through corporate finance. Previously, Mr. Benson was SSR Mining Inc.'s President and Chief Executive Officer and a member of its board of directors. He brings more than 30 years of experience in various technical and business capacities. Mr. Benson was CEO and Managing Director of Troy Resources Limited and for 20 years prior he held a number of executive and operating roles in Australia and overseas with BHP Billiton Ltd. ("**BHP**"), Rio Tinto and Renison Goldfields. Mr. Benson holds a Bachelor of Science in Geology and Exploration Geophysics and a Bachelor of Engineering in Mining, both from the University of Sydney. He also earned a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia and a Masters of Science (Distinction) in Management from the London Business School.

***Mr. Gerard M. Bond*** was appointed as our executive director and President and Chief Executive Officer in April 2022. Mr. Bond's commodities experience includes gold, copper, nickel and aluminium. He has an extensive background in corporate finance, mergers and acquisitions, treasury, and human resources, and has held numerous senior executive roles across North America, Europe and Australia. He has a proven track record of driving performance and delivering on business potential. Prior to his appointment at OceanaGold, Mr. Bond was the Finance Director and Chief Financial Officer at Newcrest Mining Limited ("**Newcrest**") for ten years, from January 2012 to January 2022. Before joining Newcrest, he was at BHP where, over his 14 years there, he held various senior executive roles in mergers and acquisitions, treasury, as Deputy CFO of the aluminium business, CFO and then Acting President of the nickel business, and finally as BHP's Head of Group Human Resources. Prior to joining BHP, he worked in corporate finance for Coopers & Lybrand. Mr. Bond holds a Bachelor of Commerce from the University of Melbourne and completed a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia.

***Ms. Linda M. Broughton*** was appointed a non-executive director in April 2023. Ms. Broughton is an experienced and highly successful mining executive with over 35 years of experience in both corporate and operations roles in a variety of environmental and mining-related fields throughout North and South America. She specializes in environmental geochemistry, water and tailings management, mine reclamation, and closure, as well as risk management. Ms. Broughton was the Vice President Technical Services for Alexco Resource Corp., where she was responsible for the reclamation of an historical mining district in northern Canada. She also managed mine development and mine closure projects through design, permitting, and implementation as Vice President Projects at Alexco Resource Corp. Before that, she held various senior environmental and engineering roles with BHP Closed Sites, BHP Base Metals, SRK (UK and Canada), Compañia Minera Antamina Peru, as well as various independent

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consulting roles. Ms. Broughton participates in industry organizations as a corporate representative and is on independent technical review boards. Ms. Broughton holds a Bachelor of Science (Mining Engineering) from Queen's University and a Master of Applied Science from the University of British Columbia. She is also a graduate of the ICD-Rotman Directors Education Program in Canada and holds the ICD.D designation.

***Ms. Sandra M. Dodds*** was appointed a non-executive director in November 2020 and is the Chair of our Audit and Risk Committee. Ms. Dodds brings to the role over 25 years of operational and financial experience as an executive responsible for the strategy, operations and performance for multiple business units across Australia, New Zealand and Asia. Prior to her role as CEO Infrastructure at Broadspectrum, Ms. Dodds spent ten years at Downer EDI Limited in several executive roles, including as CFO for Downer Works Global, Executive General Manager Operations and CEO of Downer Asia. Ms. Dodds is currently a Non-Executive Director at Snowy Hydro Limited, Beca Group Limited and Contact Energy Limited. Ms. Dodds has served on several boards since 2014 as Chair of TW Power Services Limited, a Director of MACA Limited, Infrastructure Partnerships Australia and Sydney Harbour Ferries Limited. Ms. Dodds received her Bachelor of Commerce from the University of Otago in New Zealand. She is a Fellow for the New Zealand Institute of Chartered Accountants Australia and New Zealand and is a Graduate of the Australian Institute of Company Directors.

***Ms. Stefanie Loader*** was appointed a non-executive director in February 2025. Ms. Loader's executive experience comprises operations leadership, mineral exploration, project and studies management, and corporate strategy. She also has Board experience, as well as being the Chair of a Health, Safety, Environment and Community Committee and of a Nominations and Remuneration Committee. Ms. Loader's experience spans a wide range of commodities and regions including copper and gold in Australia, Laos, Chile and Peru, and diamonds in Canada and India. She held the role of Managing Director of Northparkes copper and gold mine in Australia for CMOC International and Rio Tinto from 2012 to 2017. Ms. Loader was Chair of the New South Wales (NSW) Minerals Council from 2015 to 2017. She also served in the office of the CEO for Rio Tinto, supporting the Executive Committee, and as an Exploration Executive. In 2013, Ms. Loader was recognized as one of the Australian Financial Review's 100 Women of Influence and was the winner of the 2024 Outstanding Contribution to NSW Mining Award. She holds a B.Sc. Honours in Geology from the University of Western Australia and a Graduate Certificate in Applied Statistics from Murdoch University, Australia.

***Mr. Craig J. Nelsen*** was appointed a non-executive director in February 2019 and is the Chair of our Remuneration, People and Culture Committee and a geologist with over 40 years of experience in the mining business. Mr. Nelsen was Founder, CEO, Chair and Director of Avanti Mining. Formerly, he was Executive Vice President, Exploration of Gold Fields Limited, founder, Chief Executive Officer and Chair of the former Metallica Resources (now New Gold) and has also held a variety of strategic positions at Lac Minerals Ltd., culminating in Executive Vice President Exploration. Mr. Nelsen currently serves as Non-Executive Chair and Director of ATEX Resources Inc. Mr. Nelsen holds a M.S. degree in geology from the University of New Mexico and a B.A. in Geology from the University of Montana.

***Mr. Alan N. Pangbourne*** was appointed a non-executive director in October 2022 and is the Chair of our Technical Committee. Mr. Pangbourne has over 35 years of experience in global mining operations and most recently was the President and CEO of Guyana Goldfields Inc. through to its sale to Zijin Mining Group Co., Ltd. in August 2020. Previously, Mr. Pangbourne was Chief Operating Officer of SSR Mining Inc., Vice President Projects South America for Kinross Gold Corporation, and held increasingly senior roles at BHP, including President and Chief Operating Officer of Nickel Americas, Projects Director for BHP's Uranium Division, which includes the Olympic Dam Expansion, and Project Manager for BHP's Spence copper project in Chile. He was also General Manager at an engineering company that specialized in gold heap leach and carbon-in-pulp plants. Mr. Pangbourne holds a Bachelor of Applied Science (Extractive Metallurgy) and a Graduate Diploma in Mineral Processing from the Western Australian School of Mines.

***Mr. Ian M. Reid*** joined our Board of Directors in April 2018 as a non-executive director and held the position of Chair from June 2019 until September 2021. Mr. Reid is the Chair of our Sustainability Committee. An experienced leader, he brings to the role more than thirty years' experience in managing the successful growth and operations of major multinational companies. As a senior executive of Finning International Inc., Caterpillar Inc.'s largest equipment dealer globally, Mr. Reid has extensive experience in servicing and supporting mines and other heavy civil operations in Canada, the United Kingdom and South America. He participated in Caterpillar Inc.'s Global Mining Strategy Council along with the other top ten mining dealers worldwide until his retirement in 2008. Mr. Reid has extensive experience serving as an independent director for numerous public and privately held corporations in a variety of industries, including construction (civil and commercial), energy services, consulting engineering, commercial and retail tire, mining and financial services. Mr. Reid received a Bachelor of Commerce from the University of

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Saskatchewan and has completed the Advanced Management Program at Harvard. He supports many charities and has been awarded the Alberta Centennial Medal "for outstanding service" to the people and province of Alberta.

Executive Officers

The following table sets forth, for each of our executive officers (other than our President and Chief Executive Officer, who is listed in the above table), the person's name, province/state and country of residence, position held with OceanaGold and principal occupation within the immediately preceding five years as at December 31, 2024.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Province/State & Country of Residence** | &nbsp;&nbsp;&nbsp;**Principal Occupation & Employment for Past 5 Years** | &nbsp;&nbsp;**Employed Since** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ms. Michelle Du Plessis<br>Melbourne, Victoria, Australia | &nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, Chief People & Technology Officer, OceanaGold (since March 2023)<br>Vice President, Global HR Operations, BHP (from June 2021 to September 2022)<br>Vice President, Transformation, Enterprise Improvement, BHP (from June 2018 to June 2021) | &nbsp;&nbsp;2023 |
| &nbsp;&nbsp;&nbsp;Dr. Craig A. Feebrey Brisbane, Queensland, Australia | &nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, Chief Exploration Officer, OceanaGold (since November 2015) | &nbsp;&nbsp;2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mr. David Londoño<br>Waxhaw, North Carolina, United States | &nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, Chief Operating Officer Americas, OceanaGold (since July 2022)<br>Executive General Manager, Haile Operations, OceanaGold (from July 2021 to July 2022)<br>Vice President – Special Projects, Kirkland Lake Gold (from June 2020 to January 2021)<br>Mine General Manager, Detour Lake Gold, Kirkland Lake Gold (from October 2018 to June 2020) | &nbsp;&nbsp;2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mr. Bhuvanesh Malhotra<br>Brisbane, Queensland, Australia | &nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, Chief Technical & Projects Officer, OceanaGold (since January 2024)<br>Technical Director (Copper and Simandou), Rio Tinto (from March 2021 to February 2023)<br>General Manager, Technical Services, Rio Tinto Iron Ore (from November 2018 to February 2021) | &nbsp;&nbsp;2024 |
| &nbsp;&nbsp;&nbsp;Ms. Megan Saussey Brisbane, Queensland, Australia | &nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, Chief Sustainability Officer, OceanaGold (since December 2022)<br>General Manager Net Zero & Climate and General Manager Sustainability and Community, APA Group (from May 2020 to September 2022)<br>Non-Executive Director United Nations Global Compact Network Australia (from October 2012 to November 2020), Acting Chair (from October 2018 to March 2019)<br>Senior Vice President Social Responsibility & Environment, Oil Search Ltd (from June 2019 to January 2020), other General Management roles (from May 2001 to May 2019) | &nbsp;&nbsp;2022 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Province/State & Country of Residence** | &nbsp;&nbsp;&nbsp;**Principal Occupation & Employment for Past 5 Years** | &nbsp;&nbsp;**Employed Since** |
| &nbsp;&nbsp;&nbsp;Mr. Peter Sharpe Brisbane, Queensland, Australia | &nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, Chief Operating Officer Asia-Pacific, OceanaGold (since October 2022)<br>Integration Director, Newcrest Mining Limited (from October 2021 to July 2022)<br>General Manager Lihir Gold, Newcrest Mining Limited (from February 2020 to September 2021)<br>General Manager Cadia Valley Operations, Newcrest Mining Limited (from August 2016 to January 2020) | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;&nbsp;Ms. Liang Tang<br>Vancouver, British Columbia, Canada | &nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, General Counsel & Company Secretary, OceanaGold (since 2016) | &nbsp;&nbsp;2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mr. Marius van Niekerk<br>Vancouver, British Columbia, Canada | &nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, Chief Financial Officer, OceanaGold (since May 2023)<br>Vice President, Finance – Americas, Newcrest Mining Limited (from March 2022 to May 2023)<br>Vice President, Finance – Commercial Management and Integration, Newcrest Red Chris Mining (from November 2020 to March 2022)<br>Director, Destiny Resources (from 2017 to August 2021) | &nbsp;&nbsp;2023 |

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The following is biographical information relating to each of our executive officers:

***Ms. Michelle Du Plessis*** was appointed our Executive Vice President, Chief People & Technology Officer in March 2023. Ms. Du Plessis has over 25 years of experience in human resources, transformation and executive leadership across multiple industries and countries. Prior to joining OceanaGold, Ms. Du Plessis spent 15 years with BHP in operational and strategic roles, leading a cross functional improvement and transformation function and most recently leading Global HR operations. Prior to that, Ms. Du Plessis worked for other international organizations, including Whirlpool and Murray & Roberts spanning human resources, health, safety, environment and community, operational management, continuous improvement and transformation portfolios.

***Dr. Craig A. Feebrey*** was appointed our Executive Vice President, Chief Exploration Officer in November 2015. He is responsible for exploration and geology and Chairs the Resource and Reserve Steering Committee. Mr. Feebrey is an experienced geologist with over 30 years of global exploration and commercial success. He has held several executive, senior technical, and management positions across major international mining organizations and junior exploration companies. His major focus has been in gold and copper exploration, business development, and mining across Australia, Asia-Pacific, and the Americas. Mr. Feebrey is a Chartered Professional Geologist and holds a Doctor of Philosophy (Geology) and Master of Science from Hokkaido University, Japan, and a Bachelor of Science and Graduate Diploma of Science from the University of New England, Australia. He is a fellow of the Society of Economic Geologists, and a member of the Australian Institute of Mining and Metallurgy, and Australian Institute of Company Directors.

***Mr. David Londoño*** was appointed our Executive Vice President, Chief Operating Officer Americas in July 2022 and has over 35 years of experience in the mining industry, having worked in different countries and various commodities, including coal, copper and gold. Mr. Londoño joined OceanaGold in July 2021, as Executive General Manager of the Haile Gold Mine, where he has made a positive impact to the bottom line by driving operational success, focusing on safety, efficiency and profitability. He was previously the General Manager for Detour Gold Corporation where he turned around the operation before being sold to Kirkland Lake Gold. Mr. Londoño has also worked for AngloGold Ashanti and Barrick Gold in different senior operating and technical capacities. Mr. Londoño started his career in Colombia as mine supervisor at the Cerrejon coal mine, one of the world's largest open pits. He holds a Bachelor of Science degree in Mine Engineering from Universidad Nacional de Colombia, a Master of Science in Earth and Systems Engineering from Colorado School of Mines and an MBA from Regis University. On February 19, 2025, we announced that Mr. Londoño is leaving OceanaGold to return to Colombia for family reasons, effective April 4, 2025.

Mr. Bhuvanesh Malhotra was appointed our Executive Vice President, Chief Technical & Projects Officer in January 2024. He has over 25 years of experience in operational and technical roles across multiple commodities and mining

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methods, driving safety performance, operational excellence, and sustainable transformational change. Most recently, Mr. Malhotra was Technical Director (Copper and Simandou) for Rio Tinto, based in Brisbane, Australia, where he was accountable for championing technical and operational excellence to maximize asset performance, including technical and business evaluation of sustaining and growth options across the value chain, driving long term strategic goals. This role included management of a global portfolio of assets in North America, Mongolia, South America, Australia and West Africa. Prior to that, he held various operational and technical roles at Rio Tinto, including General Manager, Technical Services and General Manager Operations for the West Angelas and Robe Valley operations for Rio Tinto Iron Ore. Mr. Malhotra holds a Bachelor of Mining Engineering from Nagpur University, India. On February 19, 2025, we announced that Mr. Malhotra will permanently assume executive accountabilities for the Haile Gold Mine upon Mr. Londoño's departure.

***Ms. Megan Saussey*** was appointed our Executive Vice President, Chief Sustainability Officer in December 2022. Ms. Saussey has more than 25 years of experience spanning upstream oil and gas, energy infrastructure and property development across Australia, Papua New Guinea, North America and the Middle East. Her deep expertise at operational and corporate levels includes social performance, human rights, climate change, environment, and a range of stakeholder engagement functions on large and complex projects. Prior to joining OceanaGold, Ms. Saussey was the General Manager Sustainability & Community at APA Group where she also led the enterprise transformation for net zero and climate. Her previous experience includes nine years at Oil Search Ltd. where she held a range of executive leadership roles, including SVP Social Responsibility and Environment, and 14 years at Lend Lease in both Australia and the U.S. Ms. Saussey was a non-executive director of the United Nations Global Compact Network Australia for eight years, where her responsibilities included Acting Board Chair and Committee Chair. She holds a Masters of Business Administration and a Master of Laws (Human Rights Law & Policy) from the University of New South Wales and is a Graduate of the Australian Institute of Company Directors.

***Mr. Peter Sharpe*** was appointed our Executive Vice President, Chief Operating Officer Asia-Pacific in October 2022 and is a mining executive with more than 25 years of broad-based industry experience spanning Australia, Papua New Guinea, North America and South America. Prior to joining OceanaGold, Mr. Sharpe spent the vast majority of his career working for various operations across the three major mining companies of Newcrest, South 32 and BHP. At Newcrest, Mr. Sharpe held senior leadership roles including General Manager at Cadia, General Manager at Lihir and as the Director of Integration for the acquisition of Pretivm Resources in Canada. Prior to joining Newcrest, Mr. Sharpe had 18 years with BHP and South32 where he held a number of senior leadership roles including VP Operations Cannington, Asset President NSW Energy Coal and VP Colombia Coal where he represented BHP's 33% JV interest in Cerrejon in Colombia. He holds a Bachelor of Engineering (Civil) from the University of Newcastle.

***Ms. Liang Tang*** was appointed our Executive Vice President, General Counsel and Company Secretary in January 2013. Ms. Tang is a practising lawyer with a broad range of legal and corporate experience in the gold mining sector, including capital markets, debt financing, and corporate and commercial law. She joined our legal and company secretariat team in April 2009 and is currently responsible for legal affairs, compliance and corporate governance. Prior to joining OceanaGold, Ms. Tang was a commercial lawyer in private practice. Ms. Tang holds a Bachelor of Commerce, a Bachelor of Laws and a Master of Laws from the University of Melbourne. She is fluent in Chinese Mandarin.

***Mr. Marius van Niekerk*** was appointed our Executive Vice President, Chief Financial Officer in May 2023. He is a mining executive with approximately 25 years of broad-based mining and technology industry experience spanning South Africa, the UK (London), Mozambique, Singapore and Canada. Prior to joining OceanaGold, he spent the vast majority of his mining career working for various operations and corporate centers across BHP and Newcrest. Mr. van Niekerk has experience in aluminium, alumina, energy, energy coal, gold and copper and, prior to joining OceanaGold, he was the VP Finance-Americas for Newcrest. From 2019 to 2023, he was responsible for both commercial integrations and financial oversight of the Red Chris and Pretivm/Brucejack mines in British Columbia, Canada. Prior to joining Newcrest, Mr. van Niekerk also spent 13 years with BHP where he held a number of senior leadership roles. Mr. van Niekerk holds a Bachelor in Economic and Management Sciences from the University of Pretoria (South Africa), an Honors in Accounting Sciences from the University of South Africa and he is a Chartered Accountant in South Africa and a CPA Ontario, Canada. He is also a graduate of the ICD-Rotman Directors Education Program in Canada and holds the ICD.D designation.

**Shareholdings of Directors and Executive Officers**

As at March 28, 2025, our directors and executive officers, as a group, beneficially owned, or controlled or directed, directly or indirectly, 2,920,884 Common Shares, representing approximately 0.42% of our issued and outstanding Common Shares.

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**Cease Trade Orders or Bankruptcies**

None of our directors or executive officers is, as at the date of this Annual Information Form, or was within ten years before the date of this Annual Information Form, a director, chief executive officer or chief financial officer of any company (including OceanaGold) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)was subject to an order that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)was subject to an order that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

For the purposes of subsections (a) and (b), "order" means a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, and in each case that was in effect for a period of more than 30 consecutive days.

None of our directors or executive officers, or a shareholder holding a sufficient number of our securities to affect materially the control of OceanaGold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is, as at the date of this Annual Information Form, or has been within the ten years before the date of this Annual Information Form, a director or executive officer of any company (including OceanaGold) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)has, within the ten years before the date of this Annual Information Form, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder.

The foregoing information, not being within our knowledge, has been furnished by the respective directors, executive officers and shareholders holding a sufficient number of our securities to affect materially control of OceanaGold.

**Penalties or Sanctions**

None of our directors or executive officers, or a shareholder holding a sufficient number of our securities to affect materially the control of OceanaGold, has been subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision regarding OceanaGold.

The foregoing information, not being within our knowledge, has been furnished by the respective directors, officers and shareholders holding a sufficient number of our securities to affect materially control of OceanaGold.

**Conflicts of Interest**

To our knowledge, and other than as disclosed in this Annual Information Form, there are no known existing or potential conflicts of interest among OceanaGold, our directors and executive officers, or other members of management, or of any proposed director, officer or other member of management as a result of their outside business interests, except that certain of the directors and officers serve as directors and officers of other mineral resource companies, and therefore it is possible that a conflict may arise between their duties to OceanaGold and their duties as a director or officer of such other companies. See "*Interest of Management and Others in Material Transactions" and "Risk Factors*".

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Our directors are required by law to act honestly and in good faith, with a view to our best interests, and to disclose any interests that they may have in any material contract or material transaction. If a conflict of interest arises at a meeting of our Board of Directors, any director in a conflict is required to disclose his or her interest and abstain from voting on such matter. Our directors and officers are aware of the existence of laws governing accountability of directors and officers for corporate opportunity requiring disclosure by directors of conflicts of interest in respect of OceanaGold. Our directors and officers are required to comply with such laws in respect of any conflicts of interest, or in respect of any breaches of duty.

**Code of Conduct**

We have adopted a Code of Conduct, which is applicable to all our directors, officers, employees, contractors and anyone acting on our behalf. Our Code of Conduct describes our commitment to conduct our activities to high standards of business ethics and conduct. Our Code of Conduct is a practical guide for everyone at OceanaGold. It helps to guide all of us in our decision-making and is supportive of our Values. A copy of our Code of Conduct is available on our website at <u>www.oceanagold.com</u>.

Our Code of Conduct is supplemented by formal policies and procedures in relation to matters such as continuous disclosure, securities trading, health and safety, anti-bribery and anti-corruption, environment and communities, human rights, respect at work and fair employment, among others. Please see "Description of Business – Sustainability" for further information.

Our Board of Directors monitors compliance with the Code of Conduct through internal audit reporting, reporting on material incidents raised through our whistleblower mechanism and Management reporting on the implementation of various measures, including the gifts and conflicts register, safety records tracking and environmental records monitoring. The relevant member of our Executive Leadership Team is responsible for informing our Board of Directors or relevant Committees of any material breaches of the Code of Conduct.

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**Audit Committee**

We have established an Audit and Risk Committee, comprised of four independent directors, which operates under a charter approved by our Board of Directors. A copy of our Audit and Risk Committee charter is set out in Schedule A to this Annual Information Form.

Our Audit and Risk Committee's primary responsibility is to oversee our financial reporting process, financial risk management systems and internal control structure. It also reviews the scope and quality of our external audits and makes recommendations to our Board of Directors in relation to the appointment or removal of the external auditor.

**Composition of the Audit Committee**

The current members of our Audit and Risk Committee are Ms. Sandra M. Dodds (Chair) and Messrs. Paul Benson, Alan Pangbourne and Ian Reid. Each member of our Audit and Risk Committee is independent and financially literate within the meaning of National Instrument 52-110 – *Audit Committees* ("**NI 52-110**").

The education and experience of each Audit and Risk Committee member that is relevant to the performance of his or her responsibilities as a member of our Audit and Risk Committee are set out in the biographical information in the "*Directors and Executive Officers*" section of this Annual Information Form.

**Audit Committee Oversight**

At no time since the commencement of our most recently completed financial year was a recommendation of our Audit and Risk Committee to nominate or compensate an external auditor not adopted by our Board of Directors.

**Reliance on Certain Exemptions**

At no time since the commencement of our most recently completed financial year have we relied on any exemption from NI 52-110.

**Pre-Approval Policies and Procedures**

Our Audit and Risk Committee is responsible for pre-approving the retention of an external auditor for any permitted non-audit services to be provided to OceanaGold or our subsidiaries, provided that our Audit and Risk Committee is not required to approve in advance non-audit services where: (a) the aggregate amount of all such non-audit services provided to OceanaGold constitutes not more than 5% of the total amount of revenues paid by us to the external auditor during the fiscal year in which the non-audit services are provided; (b) such services were not recognized by us at the time of the engagement to be non-audit services; and (c) such services are promptly brought to the attention of our Audit and Risk Committee and approved prior to the completion of the audit by our Audit and Risk Committee, or by one or more members of our Audit and Risk Committee to whom authority to grant such approvals has been delegated by our Audit and Risk Committee. No non-audit services were approved pursuant to the de *minimis* exemption to the pre-approval requirement.

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**External Auditor Service Fees**

The aggregate fees incurred by our external auditor, PricewaterhouseCoopers, Chartered Accountants in each of the last two financial years are as follows:

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|:---|:---|:---|:---|:---|
| **Financial Year Ended** | **Audit fees** <br>**($000)** | **Audit-related fees**<sup>1</sup> <br>**($000)** | **Tax fees**<sup>2</sup> **($000)** | **All other fees**<sup>3</sup> <br>**($000)** |
| 2024 | 1497 | 30 | 620 | 277 |
| 2023 | 1297 | 91 | 633 | 358 |

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1. Audit-related fees include fees associated with the *Extractive Sector Transparency Measures* Act Annual Report and royalties audit.

2. Tax fees include fees associated with annual tax compliance and with tax consulting advice obtained in relation to ad-hoc projects such as funding restructuring.

3. All other fees include services provided for the listing of OGPI and other consulting fees.

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**Legal Proceedings and Regulatory Actions**

OceanaGold and our subsidiaries are, from time to time, involved in various legal proceedings and claims arising in the ordinary course of business. We cannot predict with reasonable certainty, the likelihood or outcome of these matters. Legal proceedings that are pending against OceanaGold and/or our subsidiaries, as well as claims that may have a material effect on our financial condition or future results of operations, are outlined below.

**Didipio Mining Claims**

A subsidiary of OceanaGold and the Gonzales Group are involved in an arbitration proceeding with respect to the Addendum Agreement (the "**Arbitration**"). The Arbitration commenced in 2000 but is presently suspended due to the Liggayu dispute (discussed below) and the irrevocable resignation of the arbitrator.

In a complaint dated July 2008 before the Philippines Regional Trial Court, a third party, Mr. Liggayu, disputed the terms of the Addendum Agreement and the rights of the Gonzales Group to claim an interest in the Didipio Mine. Mr. Liggayu alleged that he is the true and beneficial owner and real-party-in-interest of the Didipio mining claims and sought to enjoin OceanaGold from making any payments to, or in dealing with, the Gonzales Group, and instead to recognize his rights.

In a decision dated March 11, 2025, the Regional Trial Court declared that Mr. Liggayu and the heirs of Mr. Gonzales are partners on a 50-50 basis, to all the rights, participation and interests, as claimowners of the Didipio mining claims in the name of Mr. Gonzales, beginning January 2007 onwards. It further declared that the rights and entitlements of Mr. Liggayu cannot be directly enforced by him against OceanaGold in the existing agreements, specifically the FTAA, which Mr. Liggayu can internally claim and enforce only against the heirs of Mr. Gonzales, and vice versa. All parties have until April 2, 2025 to file a Motion for Reconsideration. If no party files a Motion for Reconsideration, the decision will become final and executory.

We believe there is no near-term impact on our business or operations as the decision does not require payment of money by OceanaGold and the Arbitration proceeding is yet to be resolved.

**FTAA Challenges**

The DENR, along with a number of mining companies (including OGPI), are parties to a case that began in 2008 whereby a group NGOs and individuals challenged the constitutionality of the PMA and financial and technical assistance agreements in the Supreme Court of the Philippines. The petitioners initiated the challenge despite the fact that the Supreme Court of the Philippines had upheld the constitutional validity of both the PMA and the financial and technical assistance agreements in an earlier landmark case in 2005. In early 2013, the Supreme Court of the Philippines requested the parties to participate in oral debates on the issue. The case is still pending with Supreme Court of the Philippines for a decision.

In addition, OGPI, along with the Philippines Office of the Executive Secretary, the DENR, the MGB and the EMB, as well as several Local Government Units, are parties to a case filed in April 2024 by an NGO group and two individuals. The petitioners questioned the approval of the renewal of the FTAA for alleged failure to conduct prior consultation and made generalized allegations about violations of the ECC and human rights.

Subsequent to the filing of the petition, the Regional Trial Court of Nueva Vizcaya denied the petitioners application for a Temporary Environmental Protection Order against OceanaGold. The substantive case to determine the merits of the petitioners' allegations is currently in the early stages of the Regional Trial Court process.

<u>www.oceanagold.com</u> <u>81</u> 

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**Interest of Management and Others in Material Transactions**

No director, executive officer, person or company that beneficially owns, or controls or directs, directly or indirectly, more than 10% of our issued Common Shares, or any of their respective associates or affiliates, has any material interest, direct or indirect, in any transaction in which we have participated prior to the date of this Annual Information Form, or in any proposed transaction, which has materially affected or will materially affect us.

<u>www.oceanagold.com</u> <u>82</u> 

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**Transfer Agent and Registrar**

The transfer agent and registrar for our Common Shares is Computershare Investor Services Inc. at its offices in Toronto, Ontario and Vancouver, British Columbia.

<u>www.oceanagold.com</u> <u>83</u> 

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**Material Contracts**

Except for contracts entered into in the ordinary course of business, there are no material contracts that we have entered in the financial year ended December 31, 2024 or before the last financial year but are still in effect.

<u>www.oceanagold.com</u> <u>84</u> 

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**Interest of Experts**

The following persons have been named as having prepared or certified a report, valuation, statement or opinion described or included in a filing, or referred to in a filing, made under National Instrument 51-102 – *Continuous Disclosure Obligations* during, or relating to, our financial year ended December 31, 2024: D. Carr, L. Crawford-Flett, B. Drury, C. Feebrey, M. Grant, K. Hollis, P. Jones, E. Leslie, D. Londoño, K. Madambi, T. Maton, J. Moore, P. Sharpe and D. Townsend (OceanaGold); L. Standridge and R. Cook (Call & Nicholas, Inc.); J. Newton Janney-Moore and W. Kingston (NewFields Mining & Technical Services LLC); M. Sullivan and B. Miller Clarkson (SRK Consulting (U.S.), Inc.). Please see "*Introductory Notes – Technical Information*" and "*Summary of Mineral Reserves and Mineral Resources Estimates*" for further information.

Each of D. Carr, L. Crawford-Flett, B. Drury, C. Feebrey, M. Grant, K. Hollis, P. Jones, E. Leslie, D. Londoño, K. Madambi, T. Maton, J. Moore, P. Sharpe and D. Townsend, at the time of or after such person prepared or certified the applicable report, valuation, statement or opinion: (a) held registered or beneficial interests, direct or indirect, in certain of our securities or other property (or securities or other property of one of our associates or affiliates), representing less than one percent of our outstanding securities; and (b) was, or was expected to be, elected, appointed or employed as a director, officer or employee of OceanaGold (or of one of our associates or affiliates).

Each of L. Standridge and R. Cook (Call & Nicholas, Inc.), J. Newton Janney-Moore and W. Kingston (NewFields Mining & Technical Services LLC) and M. Sullivan and B. Miller Clarkson (SRK Consulting (U.S.), Inc.) are considered to be "independent" of OceanaGold as defined in NI 43-101.

Our independent registered public accounting firm is PricewaterhouseCoopers, Chartered Accountants, who has issued an independent auditor's report dated February 19, 2025 in respect of our consolidated financial statements as at December 31, 2024 and December 31, 2023 and for each of the years then ended. PricewaterhouseCoopers, Chartered Accountants has advised that they are independent of OceanaGold in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) and the ethical requirements that are relevant to the audit of our consolidated financial statements in Canada.

<u>www.oceanagold.com</u> <u>85</u> 

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**Additional Information**

Additional information, including that relating to directors' and officers' remuneration and indebtedness, principal holders of our securities and securities authorized for issuance under equity compensation plans, is contained in our management information circular for the annual general and special meeting of shareholders held on June 6, 2024.

Additional financial information is provided in our comparative financial statements and management's discussion and analysis for the year ended December 31, 2024, which is available under our profile on SEDAR+ at <u>www.sedarplus.com</u>.

Additional information relating to us is available under our profile on SEDAR+ at <u>www.sedarplus.com</u>.

Dated March 31, 2025.

**BY ORDER OF THE BOARD OF DIRECTORS**

"*Gerard Bond*"

Gerard Bond

President and Chief Executive Officer

<u>www.oceanagold.com</u> <u>86</u> 

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**Schedule A – Audit and Risk Committee Charter**

**1. ROLE**

1.1.The Audit and Risk Committee (the Committee) is a sub-committee established by the OceanaGold Board to assist the Board in the effective discharge of its responsibilities in relation to the matters set out in this Charter. The Committee is accountable to the Board for its performance.

1.2.The Committee's responsibilities are set out in this Charter and include assisting the Board in its oversight in the following key areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the quality and integrity of OceanaGold's financial statements and reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)internal and external audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)risk management and internal controls; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)compliance with legal and regulatory requirements regarding financial disclosure.

1.3.The Committee acts primarily in an advisory and oversight capacity to the Board. In making recommendations to the Board, the Committee does not, of itself, have the power or authority of the Board in dealing with the matter on which it advises except where certain powers are specifically set out in this Charter, as required by applicable laws or the rules of any relevant stock exchange or are otherwise delegated by the Board.

1.4.It is not the duty or responsibility of the Committee or Committee members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to plan or conduct audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to determine that OceanaGold's financial statements are complete and accurate and are in accordance with generally accepted accounting principles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)to conduct other types of auditing or accounting reviews or similar procedures or investigations.

1.5.The Committee and its Chairman are members of the OceanaGold Board appointed to the Committee to provide broad oversight of OceanaGold's financial statements and the risk and control related activities of OceanaGold and to apply necessary and appropriate levels of due diligence, and are specifically not accountable or responsible for the day to day operations or performance of such activities.

1.6.Management is responsible for the preparation, presentation and integrity of OceanaGold's financial statements. Management is also responsible for implementing appropriate accounting and financial reporting principles and policies and systems of risk management and internal controls and procedures designed to provide reasonable assurance that assets are safeguarded, and transactions are properly authorized, recorded and reported and to assure the effectiveness and efficiency of operations, the reliability of financial reporting and compliance with accounting standards and applicable laws and regulations.

**2. KEY RESPONSIBILITIES**

The key responsibilities of the Committee in fulfilling its role are set out below.

**2.1.Financial Statements and Reporting**

The Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)review and recommend to the Board the draft annual financial statements including Management's Discussion & Analysis and any related media release or presentation pack;

<u>www.oceanagold.com</u> <u>A-1</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)approve the draft quarterly financial statements including Management's Discussion & Analysis and any related media release or presentation pack; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)review and recommend to the Board any other public disclosure document or regulatory filing containing or accompanying financial information of OceanaGold as requested by the Board from time to time.

In discharging its responsibilities, the Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)verify that a robust system of corporate reporting processes and financial controls are in place to safeguard the quality and integrity of the financial statements including the process supporting the President and Chief Executive Officer and Chief Financial Officer certifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)review and endorse judgements made by Management that have a material impact on the financial statements as they relate to changes in accounting policy and standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)review and consider the procedures that are in place for the review of the Company's public disclosure of financial information extracted or derived from the Company's financial statements, and periodically assess the adequacy of those procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)review and discuss with Management and the external auditor the financial statements and accompanying notes and related public disclosure documents prior to submission to the Board for approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)undertake such other due diligence and enquiries and discussions with Management, the external auditor and the internal auditor as the Committee thinks otherwise necessary or appropriate in the circumstances with respect to OceanaGold's financial statements and other public disclosure documents of a financial nature.

**2.2.External Audit**

The Committee will review and recommend to the Board the appointment, termination and remuneration of the external auditor, who will report directly to the Committee.

In discharging its responsibilities, the Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)verify the independence of the external auditor at least on an annual basis, including the pre-approval of non-audit engagements with a value greater than that permitted under OceanaGold's policy from time to time in relation to non-audit services provided by the external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)review and endorse the scope of the external audit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)review the outcomes of the external audit plan, highlighting any material issues to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)review and resolve disagreements between Management and the external auditor regarding financial reporting or the application of any accounting principles or practices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)review and approve OceanaGold's hiring policies regarding partners, employees and former partners and employees of the present and former external auditor.

**2.3.Internal Audit**

In discharging its responsibilities, the Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)approve Management's appointment or termination of the internal auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)review and endorse the scope of the internal audit plan;

<u>www.oceanagold.com</u> <u>A-2</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)review the outcomes of the internal audit plan, highlighting any material issues to the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)periodically review resourcing of the internal audit function to ensure its objectivity and independence.

**2.4.Risk Management and Internal Controls**

The Committee will review and report to the Board in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the adequacy and effectiveness of OceanaGold's framework, methodologies and systems of risk management to identify and manage existing, new and emerging material risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)verification that a robust and sound system of internal controls is in place and operating effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Management's performance against the risk management framework by means of a regular Enterprise Risk Management Update; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the adequacy of OceanaGold's insurance program.

**2.5.Compliance and Complaints**

The Committee will review and report to the Board in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the adequacy and effectiveness of the processes and systems in place across OceanaGold to ensure legal and regulatory compliance regarding financial disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the effectiveness of the processes and systems in place for detecting, reporting and preventing business or employee misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Committee will establish and monitor a process and procedures for the receipt and treatment of "speak up" reports, anonymously or otherwise, by employees and shall review periodically with Management those procedures and any significant complaints received.

**3. MEMBERSHIP AND MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Committee will comprise not less than three non-executive directors. All Committee members must be "independent" and "financially literate" (or become financially literate within a reasonable period of time after their appointment to the Committee) as those terms are defined from time to time under relevant statutory and stock exchange listing rules, or if not so defined as interpreted by the Board in its business judgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Chairman of the Committee will be appointed by the Board and cannot be the Chairman of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company Secretary or a delegate shall act as the secretary of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)A standing invitation to Committee meetings will be extended to all non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Committee may invite any member of Management, or any other person, to attend a meeting of the Committee, as the Committee thinks appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Committee will meet as frequently as required but not less than four times per financial year. Any Committee member or the Company Secretary may convene a Committee meeting and two independent non-executive directors shall constitute a quorum. Each Committee member will have one vote and the Chairman will not have a casting vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Chairman of the Committee (or delegate) shall provide a report to the Board following each Committee meeting.

<u>www.oceanagold.com</u> <u>A-3</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Committee may hold a closed session in the absence of Management as and when the Committee deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)All recommendations of the Committee are to be referred to the Board, the Sustainability Committee, Remuneration, People and Culture Committee or the Governance and Nominations Committee as appropriate.

**4. AUTHORITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In carrying out its responsibilities, the Committee has the authority to discuss directly with Management, external or internal auditors, independent counsel or experts (including the authority to set and pay the compensation of such independent counsel or expert advisors) any issue or matter within its remit and to request reports, explanations and information of any of the activities or policies, procedures or standards of the OceanaGold group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Committee is authorized to take any action required from time to time in relation to its composition, membership and activities to ensure compliance with any relevant statutory or stock exchange listing rule requirements from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Committee is authorized by the Board to obtain external legal and other professional advice or services if it considers this necessary.

**5. REVIEW**

**5.1.Performance**

The Committee will each year evaluate its performance against this Charter and agree areas of focus and work program for the following year.

**5.2.Review of Terms of Charter**

The Committee will review its Charter at least every two years and otherwise as and when required.

**Approved by:**

**Audit and Risk Committee of the Board of**

**OceanaGold Corporation**

February 20, 2024

<u>www.oceanagold.com</u> <u>A-4</u>

## Exhibit 99.2

**Exhibit 99.2**![cover1b.jpg](cover1b.jpg)

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|:---|:---|
| Annual Information Form | Annual Information Form |
| For the year ended December 31, 2025 | For the year ended December 31, 2025 |
| Date: March 27, 2026 | ![oceanagoldlogo.jpg](oceanagoldlogo.jpg) |
| | ![oceanagoldlogo.jpg](oceanagoldlogo.jpg) |

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|:---|:---|
| Annual Information Form 2025 | ![oglogo.jpg](oglogo.jpg) |

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**Table of Contents**

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|:---|:---|
| Introductory Notes | 1 |
| &nbsp;&nbsp;&nbsp;Date of Information | 1 |
| &nbsp;&nbsp;&nbsp;Cautionary Note Regarding Forward-Looking Information | 1 |
| &nbsp;&nbsp;&nbsp;Currency and Exchange Rate Information | 3 |
| &nbsp;&nbsp;&nbsp;Technical Information | 3 |
| &nbsp;&nbsp;&nbsp;Cautionary Note for United States Readers | 5 |
| Corporate Structure | 6 |
| &nbsp;&nbsp;&nbsp;Name, Address and Incorporation | 6 |
| &nbsp;&nbsp;&nbsp;Intercorporate Relationships | 6 |
| General Development of the Business | 7 |
| &nbsp;&nbsp;&nbsp;Recent Developments | 8 |
| &nbsp;&nbsp;&nbsp;2025 Developments | 8 |
| &nbsp;&nbsp;&nbsp;2024 Developments | 9 |
| &nbsp;&nbsp;&nbsp;2023 Developments | 10 |
| Description of Business | 11 |
| &nbsp;&nbsp;&nbsp;Business Strategy | 11 |
| &nbsp;&nbsp;&nbsp;Principal Products | 11 |
| &nbsp;&nbsp;&nbsp;Special Skills and Knowledge | 12 |
| &nbsp;&nbsp;&nbsp;Competitive Conditions | 12 |
| &nbsp;&nbsp;&nbsp;Cycles | 13 |
| &nbsp;&nbsp;&nbsp;Employees | 13 |
| &nbsp;&nbsp;&nbsp;Foreign Operations | 13 |
| &nbsp;&nbsp;&nbsp;Changes to Contracts | 13 |
| &nbsp;&nbsp;&nbsp;Sustainability | 13 |
| Summary of Mineral Reserves and Mineral Resources Estimates | 18 |

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|:---|:---|
| Annual Information Form 2025 | ![oglogo.jpg](oglogo.jpg) |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Mineral Reserves | 18 |
| &nbsp;&nbsp;&nbsp;Mineral Resources | 20 |
| &nbsp;&nbsp;&nbsp;Notes to Mineral Reserves and Mineral Resources Estimates | 22 |
| Haile Operation | 24 |
| &nbsp;&nbsp;&nbsp;Property Description, Location and Access | 24 |
| &nbsp;&nbsp;&nbsp;History | 24 |
| &nbsp;&nbsp;&nbsp;Geological Setting, Mineralization and Deposit Types | 25 |
| &nbsp;&nbsp;&nbsp;Mineral Permits and Regulatory Matters | 25 |
| &nbsp;&nbsp;&nbsp;Environmental and Social Matters | 26 |
| &nbsp;&nbsp;&nbsp;Exploration | 27 |
| &nbsp;&nbsp;&nbsp;Drilling | 27 |
| &nbsp;&nbsp;&nbsp;Sampling, Analysis and Data Verification | 28 |
| &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 28 |
| &nbsp;&nbsp;&nbsp;Mining Operations | 29 |
| &nbsp;&nbsp;&nbsp;Processing and Recovery Operations | 30 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 30 |
| &nbsp;&nbsp;&nbsp;Capital and Operating Costs | 31 |
| &nbsp;&nbsp;&nbsp;Production, Development and Exploration | 31 |
| Macraes Operation | 33 |
| &nbsp;&nbsp;&nbsp;Property Description, Location and Access | 33 |
| &nbsp;&nbsp;&nbsp;History | 33 |
| &nbsp;&nbsp;&nbsp;Geological Setting, Mineralization and Deposit Types | 33 |
| &nbsp;&nbsp;&nbsp;Mineral Permits and Regulatory Matters | 35 |
| &nbsp;&nbsp;&nbsp;Environmental and Social Matters | 36 |
| &nbsp;&nbsp;&nbsp;Exploration | 36 |
| &nbsp;&nbsp;&nbsp;Drilling | 37 |
| &nbsp;&nbsp;&nbsp;Sampling, Analysis and Data Verification | 37 |

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|:---|:---|
| Annual Information Form 2025 | ![oglogo.jpg](oglogo.jpg) |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 38 |
| &nbsp;&nbsp;&nbsp;Mining Operations | 39 |
| &nbsp;&nbsp;&nbsp;Processing and Recovery Operations | 39 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 40 |
| &nbsp;&nbsp;&nbsp;Capital and Operating Costs | 40 |
| &nbsp;&nbsp;&nbsp;Production, Development and Exploration | 40 |
| Waihi Operation | 42 |
| &nbsp;&nbsp;&nbsp;Property Description, Location and Access | 42 |
| &nbsp;&nbsp;&nbsp;History | 43 |
| &nbsp;&nbsp;&nbsp;Geological Setting, Mineralization and Deposit Types | 43 |
| &nbsp;&nbsp;&nbsp;Mineral Permits and Regulatory Matters | 43 |
| &nbsp;&nbsp;&nbsp;Environmental and Social Matters | 44 |
| &nbsp;&nbsp;&nbsp;Exploration | 45 |
| &nbsp;&nbsp;&nbsp;Drilling | 46 |
| &nbsp;&nbsp;&nbsp;Sampling, Analysis and Data Verification | 46 |
| &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 47 |
| &nbsp;&nbsp;&nbsp;Mining Operations | 47 |
| &nbsp;&nbsp;&nbsp;Processing and Recovery Operations | 49 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 50 |
| &nbsp;&nbsp;&nbsp;Capital and Operating Costs | 50 |
| &nbsp;&nbsp;&nbsp;Production, Development and Exploration | 51 |
| Didipio Operation | 52 |
| &nbsp;&nbsp;&nbsp;Property Description, Location and Access | 52 |
| &nbsp;&nbsp;&nbsp;History | 52 |
| &nbsp;&nbsp;&nbsp;Geological Setting, Mineralization and Deposit Types | 53 |
| &nbsp;&nbsp;&nbsp;Mineral Permits and Regulatory Matters | 53 |
| &nbsp;&nbsp;&nbsp;Environmental and Social Matters | 56 |

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|:---|:---|
| Annual Information Form 2025 | ![oglogo.jpg](oglogo.jpg) |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Exploration | 57 |
| &nbsp;&nbsp;&nbsp;Drilling | 57 |
| &nbsp;&nbsp;&nbsp;Sampling, Analysis and Data Verification | 58 |
| &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 59 |
| &nbsp;&nbsp;&nbsp;Mining Operations | 59 |
| &nbsp;&nbsp;&nbsp;Processing and Recovery Operations | 60 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 60 |
| &nbsp;&nbsp;&nbsp;Capital and Operating Costs | 61 |
| &nbsp;&nbsp;&nbsp;Production, Development and Exploration | 62 |
| Other Properties | 63 |
| &nbsp;&nbsp;&nbsp;Regional Exploration Program – Philippines | 63 |
| &nbsp;&nbsp;&nbsp;Regional Exploration Program – United States | 63 |
| Risk Factors | 64 |
| Dividends and Distributions | 86 |
| Description of Share Capital | 87 |
| &nbsp;&nbsp;&nbsp;Classes of Shares | 87 |
| &nbsp;&nbsp;&nbsp;Employee Equity Incentive Plans | 88 |
| &nbsp;&nbsp;&nbsp;Non-Executive Director Deferred Unit Plan | 88 |
| Prior Sales | 89 |
| Market for Securities | 90 |
| &nbsp;&nbsp;&nbsp;Exchange Listings | 90 |
| &nbsp;&nbsp;&nbsp;Trading Price and Volume | 90 |
| Directors and Executive Officers | 91 |
| &nbsp;&nbsp;&nbsp;Board of Directors | 91 |
| &nbsp;&nbsp;&nbsp;Executive Officers | 96 |
| &nbsp;&nbsp;&nbsp;Shareholdings of Directors and Executive Officers | 98 |

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|:---|:---|
| Annual Information Form 2025 | ![oglogo.jpg](oglogo.jpg) |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Cease Trade Orders or Bankruptcies | 98 |
| &nbsp;&nbsp;&nbsp;Penalties or Sanctions | 99 |
| &nbsp;&nbsp;&nbsp;Conflicts of Interest | 99 |
| &nbsp;&nbsp;&nbsp;Code of Conduct | 99 |
| Audit Committee | 101 |
| &nbsp;&nbsp;&nbsp;Composition of the Audit Committee | 101 |
| &nbsp;&nbsp;&nbsp;Audit Committee Oversight | 101 |
| &nbsp;&nbsp;&nbsp;Reliance on Certain Exemptions | 101 |
| &nbsp;&nbsp;&nbsp;Pre-Approval Policies and Procedures | 101 |
| &nbsp;&nbsp;&nbsp;External Auditor Service Fees | 101 |
| Legal Proceedings and Regulatory Actions | 103 |
| &nbsp;&nbsp;&nbsp;Didipio Mining Claims | 103 |
| &nbsp;&nbsp;&nbsp;FTAA Challenges | 103 |
| Interest of Management and Others in Material Transactions | 105 |
| Transfer Agent and Registrar | 106 |
| Material Contracts | 107 |
| Interest of Experts | 108 |
| Additional Information | 109 |
| Schedule A – Audit and Risk Committee Charter | A-1 |

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|:---|:---|
| Annual Information Form 2025 | ![oglogo.jpg](oglogo.jpg) |

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**Introductory Notes**

Date of Information

In this Annual Information Form (the "**Annual Information Form"**), OceanaGold Corporation, together with our subsidiaries, as the context requires, is referred to as "**we**", "**our**", "**us**" or "**OceanaGold**". Unless otherwise stated, all information contained in this Annual Information Form is as at December 31, 2025, being the date of our most recently completed financial year, and the use of the present tense and of the words "is", "are", "current", "currently", "presently", "now" and similar expressions in this Annual Information Form is to be construed as referring to information given as of that date. Readers are also encouraged to review our audited annual financial statements and Management's Discussion and Analysis for the year ended December 31, 2025 copies of which are available under our profile on SEDAR+ at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Information

This Annual Information Form contains certain "forward-looking statements" and "forward-looking information" (collectively, "**forward-looking statements**") within the meaning of applicable Canadian and United States securities laws. Forward-looking statements may include, but are not limited to, statements with respect to: our production, cost and capital Guidance for 2026; our future financial and operating performance; the development, expansion and operation of our mining projects; costs of production; timing of the portal construction, first development ore and steady state production at Palomino Underground and Ledbetter Underground at Haile; timing of the construction of the services trench, civil works at the expanded water treatment plant site and the decline and underground development work, including other associated work such as vertical shafts for ventilation and dewatering infrastructure at the Waihi North Project; timing of the mobilization and tunnelling of the underground mine at the Waihi North Project; anticipated production levels and mine lives; the estimation, realization and classification of Mineral Reserves and Mineral Resources; growth capital, sustaining capital, operating and exploration expenditures; the availability of, and access to, labour, equipment, power, water and other inputs; the timing, cost and outcome of development, construction and expansion activities; costs and timing of future exploration and drilling programs, including our site and regional exploration programs; the timing and receipt of required permits, certifications, approvals, consents and renewals under applicable legislation; statements related to the Macraes Phase 4 Project ("**MP4**") being listed in Schedule 2 of the New Zealand's Fast-track Approvals Act 2024 (the "**FTA Act**") and expected timing for submission of the MP4 Fast-track application for the required permits for the ongoing mine life extension plans; compliance with applicable environmental, social, health and safety and other regulatory requirements; water management and strategies and tailings management initiatives at our operations; geotechnical and operational conditions; social licence to operate and stakeholder relationships; competition for mineral properties; expectations regarding the impact of changes to material contracts, subcontracts or commercial agreements; the structuring, implementation and timing of equity interest (including carried interest) arrangements or other economic interests with third parties; the availability and terms of financing; our dividend policy and share buyback activities, including the amount of and timing for anticipated purchases under our ongoing Normal Course Issuer Bid ("**NCIB**"); foreign operations and political, economic and regulatory conditions in the jurisdictions in which we operate; governmental regulation of mining operations and exploration operations; fluctuations in commodity prices, including gold, copper and silver, and foreign exchange rates; statements related to our anticipated listing on the New York Stock Exchange (the "**NYSE**"); the adequacy of our insurance coverage; title matters, disputes and land access; information technology and cybersecurity matters; changes in laws, taxation and

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accounting standards; the timing and outcome of current or pending legal proceedings, regulatory matters and other disputes.

All statements in this Annual Information Form that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: the risk of not achieving our production estimates, forecasts or Guidance; inaccuracy of Mineral Reserves, Mineral Resources and operating and capital cost estimates; the actual results of current and future production, development and/or exploration activities; possible variations of ore grade, metallurgy or recovery rates; changes in mine plans, project parameters or assumptions as plans continue to be refined; delays in, or inability to complete, development or construction or expansion activities or to re-commence or sustain operations as planned; failures or underperformance of plant, equipment, infrastructure or processes; geotechnical risks or events, including open pit wall stability, crown pillar failure, land subsidence and tailings dam failures; challenges associated with effective water management; environmental, health and safety and climate-related risks; risks related to community acceptance, stakeholder engagement and social licence to operate; competition for mineral properties and other growth opportunities; legal and regulatory challenges to current and future permits, certifications, approvals or licences; adverse judicial, regulatory or governmental decisions; delays in, or inability to obtain, financing or governmental approvals on acceptable terms; changes in laws, regulations, taxation regimes, regulated accounting standards or their interpretation or application; the risks associated with operating in foreign jurisdictions, including political instability, changes in policy or law, civil unrest or conflict; fluctuations in the prices of gold, copper and silver; general business, economic and market conditions (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; fluctuations in foreign exchange rates, including the value of the U.S. dollar relative to the Canadian dollar, the New Zealand dollar or the Philippine peso; inflationary pressure; labour availability, retention and turnover; accidents, labour disputes and other operational risks of the mining industry; limitations of insurance coverage or uninsured risks; the conclusions of economic evaluations, studies and models; and those other factors identified and described in more detail in the section entitled "*Risk Factors*". The list is not exhaustive of the factors that may affect our forward-looking statements.

Our forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date of this Annual Information Form, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to our ability to carry on current and future operations, including: exploration and development activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; our ability to meet or achieve guidance, estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of

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necessary approvals, permits or certifications; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Our forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date of this Annual Information Form. We do not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities we will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

Currency and Exchange Rate Information

All amounts in this Annual Information Form are expressed in U.S. dollars unless otherwise indicated. A reference in this Annual Information Form to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**C$**" or "**Canadian dollar**" is to the lawful currency of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**NZ$**" or "**New Zealand dollar**" is to the lawful currency of New Zealand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**₱**", "**Php**" or "**Philippine peso**" is to the lawful currency of the Philippines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**$**", "**US$**" or "**U.S. dollar**" is to the lawful currency of the United States.

The high, low, average and closing exchange rates for Canadian dollars, New Zealand dollars and Philippine pesos in terms of U.S. dollars for the last three fiscal years ended December 31, were as follows:

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|  |  | **C$:US$** | **NZ$:US$** | **Php:US$** |
| 2025 | &nbsp;&nbsp;Closing rate | 0.7293 | 0.5753 | 0.0170 |
| 2025 | &nbsp;&nbsp;Average rate | 0.7159 | 0.5821 | 0.0174 |
| 2025 | &nbsp;&nbsp;High | 0.7374 | 0.6083 | 0.0181 |
| 2025 | &nbsp;&nbsp;Low | 0.6853 | 0.5544 | 0.0169 |
| 2024 | &nbsp;&nbsp;Closing rate | 0.6950 | 0.5601 | 0.0172 |
| 2024 | &nbsp;&nbsp;Average rate | 0.7301 | 0.6050 | 0.0175 |
| 2024 | &nbsp;&nbsp;High | 0.7549 | 0.6364 | 0.0181 |
| 2024 | &nbsp;&nbsp;Low | 0.6938 | 0.5601 | 0.0169 |
| 2023 | &nbsp;&nbsp;Closing rate | 0.7572 | 0.6332 | 0.0181 |
| 2023 | &nbsp;&nbsp;Average rate | 0.7410 | 0.6137 | 0.0180 |
| 2023 | &nbsp;&nbsp;High | 0.7620 | 0.6501 | 0.0185 |
| 2023 | &nbsp;&nbsp;Low | 0.7200 | 0.5811 | 0.0175 |

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As of March 26, 2026, rates for Canadian dollars, New Zealand dollars and Philippine pesos in terms of U.S. dollars were C$0.7222:US$, NZ$0.5769:US$ and Php0.0166:US$, respectively.

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Technical Information

The disclosure included in this Annual Information Form uses Mineral Reserve and Mineral Resource classification terms that comply with reporting standards in Canada and the Mineral Reserve and Mineral Resource estimates are made in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("**CIM**") Council – Definition Standards for Mineral Resources & Mineral Reserves adopted by the CIM Council on May 19, 2014 (the "**CIM Standards**"), which were adopted by the Canadian Securities Administrators' (the "**CSA**") National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* ("**NI 43-101**"). NI 43-101 is a rule developed by the CSA that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The following definitions are reproduced from the CIM Standards:

A ***Modifying Factor*** or ***Modifying Factors*** are considerations used to convert Mineral Resources to Mineral Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

A ***Mineral Resource*** is a concentration or occurrence of solid material of economic interest in or on the earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

An ***Inferred Mineral Resource*** is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An ***Indicated Mineral Resource*** is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

A ***Measured Mineral Resource*** is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

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A ***Mineral Reserve*** is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at pre-feasibility or feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported. The public disclosure of a Mineral Reserve must be demonstrated by a pre-feasibility study or feasibility study.

A ***Probable Mineral Reserve*** is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

A ***Proven Mineral Reserve*** is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors.

The term "qualified person" as used in this Annual Information Form means a qualified person as that term is defined by NI 43-101. Except where otherwise disclosed herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Greg Hollett, our Head of Mine Engineering, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Haile operational matters contained in this Annual Information Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of Messrs. Euan Leslie, our Group Mining Engineer, and Knowell Madambi, our Manager – Technical Services & Projects, Macraes, each of whom is a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Macraes operational matters contained in this Annual Information Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of Messrs. Leroy Crawford-Flett, Euan Leslie, Trevor Maton and David Townsend and Ms. Kirsty Hollis, each of whom is our employee and a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Waihi operational matters and the Waihi North Project contained in this Annual Information Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Phillip Jones, our Head of Underground Mining, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Didipio operational matters contained in this Annual Information Form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Keenan Jennings, our Executive Vice President and Chief Exploration Officer, a qualified person as defined by NI 43-101, has approved the scientific and technical information related to exploration matters contained in this Annual Information Form.

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Cautionary Note for United States Readers

Unless otherwise indicated, the scientific and technical disclosure in this Annual Information Form was prepared in accordance with NI 43-101, which differs from the scientific and technical disclosure requirements of the U.S. Securities and Exchange Commission (the "**U.S. SEC**") that are applicable to domestic United States reporting companies. Any Mineral Reserves and Mineral Resources reported by the Company in accordance with NI 43-101 may not qualify as such under U.S. SEC standards, including Subpart 1300 of Regulation S-K under the United States Exchange Act of 1934, as amended (the "**U.S. Exchange Act**").

Accordingly, Mineral Resource and Mineral Reserve information and other scientific and technical information contained or referenced in this Annual Information Form may not be comparable to similar scientific and technical information disclosed by United States public companies subject to the reporting and technical disclosure requirements of the U.S. SEC.

Our public disclosure documents, including this Annual Information Form, are subject to review by applicable securities regulatory authorities and stock exchanges upon which our securities are listed. While we employ internal personnel and engage external counsel and other experts to review our disclosure documents for compliance with applicable regulatory requirements, the applicable securities regulatory authorities may take a different view or interpretation of applicable legislative provisions, instruments, policies and notices than us, or exercise discretion in a manner that is contrary to our expectations. In such instances, we may be required to issue supplemental or amended disclosure documents or clarifying news releases, which may be inconsistent with peer disclosures, cause investor uncertainty and negatively impact our ability to compete with comparable mining companies. Such outcomes could have an adverse effect on our business, results of operations, financial condition and the price of our common shares (the "**Common Shares**").

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**Corporate Structure**

Name, Address and Incorporation

OceanaGold was incorporated under the *Business Corporations Act* (British Columbia) on March 22, 2007, as the Canadian holding company for the purpose of carrying on the business of Oceana Gold Ltd (now Oceana Gold Pty Ltd). Our registered office and head office is located at Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

Our Common Shares are listed and posted for trading on the Toronto Stock Exchange ("**TSX**") under the symbol "**OGC**". We have applied to list our Common Shares on the NYSE and expect trading to begin in early April 2026.

Intercorporate Relationships

A significant portion of our business is carried on through our subsidiaries. The following chart includes the name and jurisdiction of incorporation of our material subsidiaries and certain subsidiaries that we consider significant as described in this Annual Information Form.

All ownership of such subsidiaries is 100%, except for OceanaGold (Philippines), Inc. ("**OGP**"), which completed an initial public offering (the "**Philippines Offering**") of 20% of the issued and outstanding common shares in the capital of OGP on the Philippine Stock Exchange, Inc. (the "**PSE**") on May 13, 2024 under the ticker "**OGP**". Please see "*General Development of the Business – 2024 Developments*" for additional information.

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![ocgbritishcolumbia.jpg](ocgbritishcolumbia.jpg)

**Note:** Pursuant to the Financial or Technical Assistance Agreement (the "**FTAA**") for our Didipio Mine, certain claimowners (the "**Addendum Claimowners**") are entitled to a free carried interest of 8% of OGP and 2% net smelter return ("**NSR**") royalty of OGP. Please see "*Didipio Operation – Mineral Permits and Regulatory Matters – Entitlements of Addendum Claimowners*" for additional information.

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**General Development of the Business**

We are a global gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering value and returns for our shareholders. Our success is enabled by our strategy, our people, and our portfolio of assets. Our head office is in Vancouver, Canada, and we have four operating mines. Our material properties consist of the following four mines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Haile Gold Mine, our wholly owned operation located in South Carolina, United States ("**Haile**" or "**Haile Gold Mine**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Macraes Operation, our wholly owned operation located in the South Island, New Zealand ("**Macraes**" or the "**Macraes Operation**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Waihi Operation, our wholly owned operation, which includes the Waihi North Project, located in the North Island, New Zealand ("**Waihi**" or the "**Waihi Operation**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Didipio Mine, our 80%-owned gold and copper mine located in Luzon, Philippines ("**Didipio**" or "**Didipio Mine**").

![didipiomine.jpg](didipiomine.jpg)

Recent Developments

On March 27, 2026, we filed an updated Technical Report for each of the following mines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Haile, entitled "NI 43-101 Technical Report *–* Haile Gold Mine, Lancaster County, South Carolina", dated March 27, 2026 with an effective date of December 31, 2025, prepared by D. Carr, G. Hollett, B. Drury, J. Moore and D. Corley (OceanaGold), L. Standridge and R. Cook (Call & Nicholas, Inc.), J.

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Newton Janney-Moore and W. Kingston (NewFields Mining & Technical Services LLC) and B. Miller (SRK Consulting (U.S.), Inc.) (the "**Haile Technical Report**"). Please see *"Haile Operation*" for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Macraes Operation, entitled "NI 43-101 Technical Report *–* Macraes Operation, Otago, New Zealand", dated March 27, 2026, with an effective date of December 31, 2025, prepared by M. Grant, K. Madambi, E. Leslie and D. Carr (OceanaGold) (the "**Macraes Technical Report**"). Please see *"Macraes Operation*" for additional information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Didipio, entitled "NI 43-101 Technical Report *–* Didipio Mine Luzon Island, Philippines", dated March 27, 2026, with an effective date of December 31, 2025, prepared by D. Carr, P. Jones, and J. Moore (OceanaGold) (the "**Didipio Technical Report**"). Please see "*Didipio Operation*" for additional information.

On February 18, 2026, we announced that our Board of Directors approved the doubling of our share buyback program for 2026 to repurchase up to $350 million of our Common Shares under our NCIB and tripling of our 2026 quarterly dividend payment to $0.09 per Common Share. Please see each of "*Description of Share Capital*" and "*Dividends and Distributions*" for additional information.

2025 Developments

On February 19, 2025, we announced that Mr. David Londoño, our Executive Vice President, Chief Operating Officer Americas, was leaving OceanaGold to return to Colombia for family reasons, effective April 4, 2025. Mr. Bhuvanesh Malhotra, our Executive Vice President, Chief Technical & Projects Officer at the time, permanently assumed Mr. Londoño's executive accountabilities for the Haile Gold Mine upon Mr. Londoño's departure. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on Mr. Malhotra's experience.

On February 19, 2025, we also announced that our Board of Directors approved the repurchase of up to $100 million of our Common Shares in 2025 under our NCIB and doubling of our annual dividend payment, to $0.01 per Common Share payable quarterly. Please see each of "*Description of Share Capital*" and "*Dividends and Distributions*" for additional information.

On February 20, 2025, we appointed Ms. Stefanie Loader as an independent non-executive director to our Board of Directors. Please see "*Directors and Executive Officers – Board of Directors*" for additional information on Ms. Loader's experience.

On March 4, 2025, we announced that we lodged our application for the grant of Fast-track Approvals for our Waihi North Project, which includes the Wharekirauponga Underground development project ("**WUG**"), under the FTA Act for regionally and nationally significant infrastructure and development projects. The Fast-track Approvals process under the FTA Act aimed to streamline the consent application process through a "one-stop-shop" designed to reduce regulatory complexity while retaining important environmental, cultural and social standards.

On May 7, 2025, we announced a proposed consolidation of all of our issued and outstanding Common Shares on the basis of a consolidation ratio of up to three to one (the "**Share Consolidation**"). The intent of the Share Consolidation was to prepare for a potential listing on a major U.S. stock exchange, including the NYSE, in early April 2026. Shareholders approved the Share Consolidation on June 4, 2025 and our Common

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Shares were consolidated on a basis of three pre-consolidated Common Shares for one post-consolidation Common Share, effective June 23, 2025. Please see "*Corporate Structure – Name, Address and Incorporation*" above for additional information on our anticipated NYSE listing.

On July 22, 2025, we announced that we received approval from the TSX to renew our NCIB to buy back approximately 23 million Common Shares, representing a maximum of 10% of our outstanding Common Shares during the 12-month period commencing on July 24, 2025 and ending on or before July 23, 2026. Please see "*2024 Developments*" below for additional information on our NCIB.

On August 6, 2025, we announced that Mr. Peter Sharpe, our Executive Vice President, Chief Operating Officer Asia Pacific, was leaving OceanaGold to pursue other opportunities outside the gold industry, effective October 24, 2025. Mr. Bhuvanesh Malhotra, our Executive Vice President, Chief Technical & Projects Officer at the time, who had taken executive accountabilities of the Haile Gold Mine earlier in the year, became Executive Vice President, Chief Operating Officer for all operations and retained executive accountability for the Technical and Projects function, effective September 26, 2025.

On August 6, 2025, we also announced that Mr. Keenan Jennings was appointed Executive Vice President, Chief Exploration Officer, effective September 29, 2025. Mr. Jennings replaced Mr. Craig Feebrey who retired after 10 years with OceanaGold. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on Mr. Jennings' experience.

On September 22, 2025, Ms. Megan Saussey, our Executive Vice President, Chief Sustainability Officer, departed OceanaGold and Mr. Richard Savage was appointed as Acting Executive Vice President, Chief Sustainability Officer. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on Mr. Savage's experience.

On November 5, 2025, we announced that our Board of Directors approved a 75% increase in our 2025 share repurchase program to a maximum of $175 million of Common Shares in the open market through the facilities of the TSX under our NCIB program. This amount was increased from the previously approved maximum of $100 million. In 2025, we purchased and cancelled approximately 9.9 million Common Shares under our NCIB for a value of $175.1 million, excluding $3.4 million in applicable taxes.

On December 18, 2025, we announced the final decision from the Expert Panel appointed by the New Zealand government approving the Waihi North Project. The permit approval includes the development of WUG and the associated surface infrastructure, expansion of the current processing plant and water treatment plant and construction of a new tailings storage facility ("**TSF**"). With the permit approval of the Waihi North Project, our Board of Directors approved each of the selection of the mining contractor to begin tunnelling for the underground mine, the bulk earthworks contract and the contract for a power upgrade project. Please see "*Waihi Operation*" for additional information.

2024 Developments

On January 9, 2024, we announced the appointment of Mr. Bhuvanesh Malhotra as Executive Vice President, Chief Technical & Projects Officer, effective January 22, 2024.

On May 13, 2024, we announced that OGP completed the Philippines Offering on the PSE. The shares are listed under the ticker "**OGP**". OGP holds our interest in the Didipio Mine and, pursuant to the terms of the renewed FTAA, was required to list its common shares on the PSE. The Philippines Offering was a secondary

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offering of OGP common shares. The final Philippines Offering price was ₱13.33 per share for 456,000,000 common shares in the capital of OGP and gross proceeds totalling ₱6.08 billion (approximately $106 million (based on an exchange rate of $1=₱57.32)) were raised. Available proceeds from the Philippines Offering, net of fees and taxes, were received by one of our wholly owned subsidiaries and applied to the repayment of debt then owing under the OceanaGold revolving credit facility (the "**Facility**").

On June 24, 2024, we announced that we completed the sale of our interest in the Blackwater project in New Zealand to Tasman Mining Limited, a wholly owned subsidiary of Endura Mining Pty Ltd (formerly Federation Mining Pty Ltd), for proceeds of $30 million in cash.

On July 22, 2024, we announced that we received approval from the TSX to buy back up to 35.5 million of our Common Shares, representing approximately 5% of our outstanding Common Shares and approximately 5% of the public float of Common Shares, pursuant to the NCIB in the open market through the facilities of the TSX over a 12-month period commencing on July 24, 2024 and ending on or before July 23, 2025. Any Common Shares purchased under the NCIB are subsequently cancelled. We purchased approximately 8.8 million (pre-Share Consolidation) Common Shares ($24.1 million) under the NCIB in 2024.

On October 6, 2024, we announced that both of our Waihi North Project and MP4 were included in the 149 projects listed in Schedule 2 of the FTA Act. The New Zealand Parliament passed the FTA Act in December 2024.

On December 11, 2024, we filed an updated technical report for our Waihi Operation entitled "NI 43-101 Technical Report Waihi District Pre-feasibility Study, New Zealand", dated December 11, 2024 with an effective date of June 30, 2024, prepared by D. Townsend, L. Crawford-Flett, K. Hollis, E. Leslie and T. Maton (OceanaGold) (the "**Waihi Technical Report**"), announcing the results of our Waihi District pre-feasibility study ("**PFS**"). Please see *"Waihi Operation*" for additional information.

2023 Developments

On February 21, 2023, we announced the appointment of Ms. Michelle Edelson as Executive Vice President, Chief People & Technology Officer, effective March 2023. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on the experience of Ms. Edelson.

On February 21, 2023, we also announced our Board of Directors' decision to reinstate our dividend policy and pay a $0.01 per share semi-annual dividend. The first dividend payment was made on April 28, 2023. Please see "*Dividends and Distributions*" for additional information.

On March 22, 2023, we announced the appointment of Mr. Marius van Niekerk as Executive Vice President, Chief Financial Officer. Please see "*Directors and Executive Officers – Executive Officers*" for additional information on Mr. van Niekerk's experience.

On April 24, 2023, we appointed Ms. Linda Broughton as an independent non-executive director to our Board of Directors. Please see "*Directors and Executive Officers – Board of Directors*" for additional information on Ms. Broughton's experience.

On September 14, 2023, we announced mining of first ore from the Horseshoe Underground at our Haile Gold Mine.

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On September 18, 2023, we announced that we qualified to trade on the OTCQX market in the U.S. and began trading on the OTCQX® Best Market under the symbol "**OCANF**".

On December 15, 2023, we refinanced the Facility with seven leading international banks with decreased interest margins, standby fees and certain other key terms. The size of the Facility was restructured from $250 million to $200 million plus a $50 million uncommitted accordion, in line with business requirements. The Facility is secured against present and future assets, property and undertakings and has a term of four years, maturing on December 31, 2027. As of December 31, 2024, we repaid all amounts drawn under the Facility, and the Facility remains undrawn.

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**Description of Business**

Business Strategy

We are a global gold and copper producer focused on safely and responsibly maximizing the generation of Free Cash Flow from our operations, delivering value and returns to our shareholders.

We are driven by our Purpose: Mining gold for a better future.

Our Vision is to be a company people trust, want to work and partner with, supply and invest in, to create value. This Vision is brought to life by our Values – Care, Respect, Integrity, Performance and Teamwork. Our Values guide our behaviours and put our people, local communities, the environment and our stakeholders at the forefront of our decision-making.

We deliver on our Purpose and Vision through the five pillars of our Corporate Strategy, set forth below. These define our commitments and tactics for increasing and sustaining a higher value for our Common Shares.

![executingourcorporatestrat.jpg](executingourcorporatestrat.jpg)

Principal Products

Each of our operations produce gold doré bars (containing gold and silver) and, at the Didipio Mine, we also produce copper-gold concentrate. Sales from the production of these products form all our revenues.

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Our revenue by product category in each of the last two financial years is as follows:

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| **Product Revenue** | **2025** | **2024** |
| &nbsp;&nbsp;Gold bullion | 79% | 77% |
| &nbsp;&nbsp;Gold concentrate<sup>1</sup> | 13% | 14% |
| &nbsp;&nbsp;Copper concentrate<sup>1</sup> | 7% | 8% |
| &nbsp;&nbsp;Silver | 1% | 1% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;All concentrate sales are generated by our Didipio Mine.

Gold is our primary product and an essential metal in the global economy. It is valued both as a store of wealth and for its role in the international financial system, including as a reserve asset held by central banks as part of foreign exchange and monetary reserves. The majority of gold demand is driven by jewellery and investment.

Gold is also used in small quantities in high-value technical applications. Gold's exceptional conductivity, resistance to corrosion and chemical stability make it well suited to use in electronics, medical technologies and aerospace systems, including components that must perform consistently in demanding or sensitive environments.

Silver and copper, produced alongside gold are also crucial in industries such as the manufacturing, renewable energy, electric vehicle and transport sectors. These metals are also used globally to produce life-saving medical devices, power technologies that connect communities and people worldwide and in products that support the transition to a lower carbon economy.

Our revenues, profitability and viability depend on the market price of gold, copper and silver produced from our operations. The market price of these metals is set in the world market and is affected by numerous factors beyond our control, including: the demand for gold, copper and silver; expectations with respect to the rate of inflation; interest rates; currency exchange rates; the demand for jewellery and industrial products containing precious and base metals; gold, copper and silver production; inventories; costs; change in global or regional investment or consumption patterns; sales by central banks and other holders; speculators and producers of gold, copper, silver and other metals in response to any of the above factors; and global and regional political and economic factors, the effect of which cannot accurately be predicted. There can be no assurance that the price of any commodities will be such that any of the properties in which we have an interest may be mined at a profit.

In addition, market price fluctuations of gold could adversely affect the profitability of our operations and lead to impairments and write downs of mineral properties. Metal prices have increased significantly, particularly in recent years. Please see "*Risk Factors*" for additional information.

Special Skills and Knowledge

Various aspects of our business require specialized skills and knowledge, certain of which are in high demand and in limited supply. Such skills and knowledge include the areas of permitting, engineering, geology, metallurgy, logistical planning, design and implementation of exploration programs, mine construction and development and mine operation, as well as legal, compliance, finance, accounting, commercial, procurement, risk management, safety and security, environmental management, community

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relations and human resources. We have highly qualified Management personnel and staff and an active recruitment program to attract and retain the right talent. Training programs are in place for the workforce and development and training programs also target development of internal and local talent.

Competitive Conditions

The mining business is a competitive business. We compete with numerous other companies and individuals in the search for and the acquisition of quality properties, mineral claims, permits, concessions and other mineral interests, as well as recruiting and retaining qualified employees. Our ability to acquire and develop properties in the future will depend not only on our ability to develop and operate our present properties, but also on our ability to select and acquire suitable producing properties or prospects with high potential for discovery and subsequent development.

Cycles

The mineral exploration, development and production business is subject to mineral and metal price cycles. The marketability of minerals and metals is also affected by worldwide economic cycles.

Employees

As at December 31, 2025, our workforce comprised over 5,400 people across Canada, Australia, the U.S., New Zealand, the Philippines and Singapore. This included approximately 3,200 employees and 2,200 contractors.

Production at our mining operations is dependent upon the efforts of our employees and our relations with our unionized and non-unionized employees. Certain members of our New Zealand and Philippines based operations staff are represented by various labour unions and subject to collective agreements. We consider our labour relations to be positive and our employee engagement score is above industry benchmark, further indicating a positive culture.

Foreign Operations

We conduct mining, development and exploration activities in multiple jurisdictions outside of Canada, including each of the United States, New Zealand and the Philippines. As a result, a significant portion of our assets and operations are located in foreign countries, and are therefore subject to various levels of socio-political, economic and other risks and uncertainties. These risks and uncertainties vary from country to country and include, but are not limited to, government regulations (or changes to such regulations) with respect to restrictions on production, export controls, income taxes, royalties, excise and other taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, local ownership requirements and land claims of local people, community relations, Indigenous Peoples and cultural heritage, regional and national instability and security, mine safety, corruption and sanctions. The effect of these factors cannot be accurately predicted.

Please see "*Risk Factors*" for additional information.

Changes to Contracts

Our business is not expected to experience material adverse impacts in relation to any renegotiation or termination of contracts or subcontracts during the current financial year. Where required, we undertake

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major contract renegotiations in a planned and timely manner in accordance with our internal policies and procedures.

Sustainability

Our sustainability strategy (our "**Sustainability Strategy**") enables us to take a planned and managed approach to sustainability, focusing on embedding strong sustainability governance, systems and processes across our global operations, to effectively manage our material sustainability risks, impacts and opportunities.

This includes creating a safe workplace, managing impacts to the environment and creating opportunities and benefits for our shareholders and the local communities where we operate.

Sustainability Committee

Our Board of Directors, Executive Leadership Team, and Senior Leadership Team frequently assess and address key sustainability issues, risks and opportunities relevant to our business. The Sustainability Committee, operating under our Board of Directors, plays a key role in overseeing, monitoring and reviewing our Sustainability Strategy, policies, governance, performance, risk management and reporting. The Sustainability Committee also provides oversight of applicable legal and regulatory requirements related to safety, occupational health, environment, climate change, social performance, human rights and sustainable development.

Responsible Mining Governance

Our approach to responsible mining is guided by a comprehensive framework (the "**Responsible Mining Framework**") that guides our business decisions, activities and commitments. Anchored by our Vision, Values, and Code of Conduct, it is centred on an Integrated Management System ("**IMS**"), which includes Board-endorsed policies covering key sustainability areas, performance standards and guidelines (the "**Responsible Mining Policies**").

Our Responsible Mining Framework is informed by the ISO 14001:2015 Environmental Management System Standard, and ISO 45001:2018 Occupational Health and Safety Management System Standard ("**ISO 45001:2018**") and is independently reviewed annually for alignment with these standards. Our Responsible Mining Framework and IMS support our commitment to the World Gold Council's Responsible Gold Mining Principles (the "**RGMPs**"). As a member of the World Gold Council, we are committed to ensuring our mining operations continue to conform with the RGMPs.

Since committing to the RGMPs in 2019, we have taken key steps to conform with the RGMPs by: updating our policies, systems and controls; sharing relevant information with stakeholders; and securing independent assurance. Our conformance with the RGMPs is reviewed annually and independently assured.

Responsible Mining Policies

Our Responsible Mining Policies describe our dedication to maintaining high standards in performance, governance and ethics. These policies cover topics such as health and safety, environmental management, climate change, social responsibility, human rights, fair employment practices and workplace respect. Copies of our Responsible Mining Policies are available on our website at <u>www.oceanagold.com</u>.

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Our Health and Safety Policy sets out our commitment to safeguard and continuously improve the well-being of our people through a robust management system. Such policy is underpinned by operational standards and manuals that guide the implementation of safety and well-being initiatives across our business.

Our Environment Policy establishes the commitments and principles that underpin how we responsibly manage actual or potential environmental impacts across all our activities, including exploration, all stages of the project development cycle, mining operations and closure. It provides a clear framework to support and ensure compliance with all applicable laws where we operate. We also set standards for managing key areas such as water, mine closure, biodiversity, cyanide use and tailings management.

Our Climate Change Policy provides a clear framework for how we manage climate-related risks, impacts and opportunities across our business. It sets out our approach to reducing operational (Scope 1 and 2) greenhouse gas emissions, improving energy efficiency and strengthening resilience in the transition to a low carbon economy. The policy guides transparent reporting in line with applicable laws and recognized international standards and is supported by internal standards and guidance.

Under the commitments set forth in our External Affairs and Social Performance Policy and Human Rights Policy, we are committed to respecting human rights across all our operations and supply chain and strive to establish and maintain positive relationships with external stakeholders and strong social performance through our supporting standards to help make sure our policies are consistently applied throughout OceanaGold.

Health and Safety

The health, safety and well-being of our employees and contractors are central to our Values and the success of our business. We are committed to providing a safe, secure and healthy working environment and to prevent work-related fatalities, injuries, occupational health diseases, and psychological harm. This extends across all our business activities, including exploration, project development, mining operations and closure.

We are committed to implementing fit for purpose practices, health and safety management systems, and standards aligned with ISO 45001:2018 and other internationally accepted standards and regulations. This commitment involves consultation and active participation of the workforce to identify, minimize and eliminate risk and manage the safety, health and well-being of our workforce.

We engage in regular consultation and communication with our workforce to ensure robust processes, resources and information are in place to foster a strong culture of safety and transparency regarding our performance. Our objective is to maintain a workplace free from fatalities and life-altering injuries, where the well-being of all personnel is proactively supported and prioritized. To monitor performance across all locations, we aspire to consistently report on, investigate and learn from our health and safety incidents, with a commitment to continuous improvement in every aspect of our operations.

OceanaGold's OurSafe Behaviours ("**OSB**") program encourages everyone to take ownership of safety in their work areas by speaking up, reporting workplace hazards and intervening when they see unsafe behaviour. OSB is grounded in site-specific, or team-specific, behaviours and actions defined and articulated by the workforce for the workforce.

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Environmental Protection and Climate Change

Our operations are subject to comprehensive laws and regulations designed to protect the environment, natural resources and human health. These regulations encompass a range of issues, including air emissions, water discharges, waste and hazardous substance management, reporting of greenhouse gas emissions, management of tailings facilities, protection of cultural heritage and land reclamation and closure associated with mining activities. We are obligated to obtain all necessary regulatory approvals, permits and certifications for our sites and activities, and to meet bonding requirements within applicable domestic frameworks. Non-compliance with these environmental regulations may result in civil or, in certain instances, criminal sanctions, which could include suspension or revocation of permits or certifications. Failure to adhere to environmental requirements could lead to project development delays, substantial financial impacts, other significant operational consequences, fines, penalties or litigation initiated by governmental bodies or private parties or considerable capital expenditures.

Additionally, environmental laws and regulations in the countries in which we operate require that we undertake impact studies, routine environmental monitoring and, in some cases, require periodic independent environmental audits to be performed. These studies, monitoring and independent audits could reveal presently unknown environmental impacts that would require us to make significant capital outlays or cause material changes or delays in our intended operations and activities. Please see "*Risk Factors*" for additional information.

We responsibly manage climate change-related risks and opportunities by undertaking climate risk and opportunity assessments across our operations and integrating climate-related and emissions reduction considerations into business planning, through appropriate governance mechanisms and performance metrics. A Board-approved Climate Transition Plan has been developed, outlining actions to manage climate-related risks and emissions reductions over time and was released in December 2025. A copy of our Climate Transition Plan is available on our website at www.oceanagold.com.

Stakeholder Engagement

We are committed to fostering genuine and respectful engagement with communities that host our operations, suppliers, and local and national governments. Our goal is to create positive outcomes for both our business and host communities by creating socio-economic opportunities across our operating footprint. Aligned with our Values and policies, we make it a priority to listen to the diverse perspectives within the communities in which we operate and to understand their views on the potential impacts and risks of our activities.

This engagement process is essential in managing any concerns and integrating community feedback into our operational and business planning. Through actively engaging with our stakeholders, we build and maintain strong long-term relationships.

Our External Affairs and Social Performance standards help identify and analyze how we: impact the communities where we operate; align our operational performance with local aspirations; create opportunities and value for stakeholders; and respect cultural heritage.

Each of our operations is required to implement a stakeholder engagement plan that identifies our key stakeholders, facilitates ongoing dialogue and delivers transparent, timely and fact-based communication in

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an accessible and clear manner. We also maintain a community complaints and grievance systems for the effective management and resolution of community grievances.

Sustainability Report

We provide annual reports on our performance across sustainability topics that are material to both our stakeholders and our business. Each year, we publish a comprehensive suite of sustainability reports and disclosures. Our group-level annual Sustainability Report serves as our primary disclosure of our sustainability performance for the reporting period and encompasses all operating assets, including exploration and project development activities.

Our annual Sustainability Report is prepared with reference to several global and industry sustainability reporting frameworks and standards, including IFRS S1 General Requirements (2023) and S2 Climate-related Financial Disclosure (2023), the Sustainability Accounting Standards Board ("**SASB**") Metals & Mining Standard (2024), Global Reporting Initiative ("**GRI**") Universal and General Topic Standards (2021) and GRI G4 Mining and Metals Sector Disclosure Standard (2024). Our most recent Sustainability Report and other annual sustainability disclosures are available on our website at <u>www.oceanagold.com</u>.

We continuously monitor the external environment for emerging, new or changing developments regarding voluntary and mandatory sustainability-related reporting or disclosure requirements. We also plan for and adjust our reporting approach as necessary and appropriate.

Diversity and Inclusion

Each of our Respect at Work Policy and Fair Employment Policy set clear expectations for a workplace free from bullying, intimidation or harassment – where people feel respected, included, supported and able to speak up without fear of retaliation. Our approach to diversity and inclusion is to place emphasis on promoting fairness and opportunity at all levels across our hiring, performance, development and training processes. We have implemented a Code of Conduct, whistleblower hotline and necessary training and communication designed to identify and eliminate inequity and unfair treatment in the workplace. A copy of our Code of Conduct is available on our website at <u>www.oceanagold.com</u>.

To support our diversity objectives at our Board of Directors level, our Governance and Nominations Committee will, when identifying and considering the selection of candidates for election to the Board, give consideration to the level of representation of women on our Board and diversity criteria other than gender, including age, ethnicity, geographical location and background of the candidate. As of the date of this Annual Information Form, we have three female directors: Ms. Linda Broughton; Ms. Sandra Dodds; and Ms. Stefanie Loader (three out of eight members, or 37.5%, female representation).

As of the date of this Annual Information Form, we also have two female members on our Executive Leadership Team: Ms. Michelle Edelson, Executive Vice President, Chief People and Technology Officer; and Ms. Liang Tang, Executive Vice President, General Counsel and Company Secretary (two out of seven members, or 28.6%, female representation).

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**Summary of Mineral Reserves and Mineral Resources Estimates**

The following tables summarize our Mineral Reserves and Mineral Resources estimates as at December 31, 2025.

Mineral Reserves

The Proven and Probable Mineral Reserves estimates as at December 31, 2025 are presented below.

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| | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Gold** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| Horseshoe Underground | 1.52 | 4.39 | 0.21 | 2.63 | 4.24 | 0.36 | 4.14 | 4.29 | 0.57 |
| Palomino Underground | - | - | - | 3.62 | 2.96 | 0.34 | 3.62 | 2.96 | 0.34 |
| Ledbetter Underground | - | - | - | 4.00 | 3.39 | 0.44 | 4.00 | 3.39 | 0.44 |
| Open Pits | 2.47 | 1.23 | 0.10 | 16.1 | 1.62 | 0.84 | 18.6 | 1.57 | 0.94 |
| **Haile Total** | **3.99** | **2.43** | **0.31** | **26.3** | **2.33** | **1.98** | **30.3** | **2.35** | **2.29** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| Didipio Underground | 13.5 | 1.39 | 0.60 | 14.7 | 0.85 | 0.40 | 28.3 | 1.11 | 1.01 |
| Didipio Open Pit Stockpile | 13.2 | 0.30 | 0.13 | - | - | - | 13.2 | 0.30 | 0.13 |
| **Didipio Total** | **26.7** | **0.85** | **0.73** | **14.7** | **0.85** | **0.40** | **41.5** | **0.85** | **1.13** |
| **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** |
| Macraes Underground | 0.04 | 2.01 | 0.00 | 2.57 | 1.90 | 0.16 | 2.62 | 1.90 | 0.16 |
| Macraes Open Pit | 11.5 | 0.55 | 0.20 | 19.7 | 0.64 | 0.40 | 31.2 | 0.61 | 0.61 |
| **Macraes Total** | **11.5** | **0.56** | **0.21** | **22.3** | **0.78** | **0.56** | **33.8** | **0.71** | **0.77** |
| **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** |
| Martha Underground | - | - | - | 3.43 | 3.85 | 0.42 | 3.43 | 3.85 | 0.42 |
| Wharekirauponga | - | - | - | 4.10 | 9.20 | 1.21 | 4.10 | 9.20 | 1.21 |
| **Waihi Total** | **-** | **-** | **-** | **7.53** | **6.76** | **1.64** | **7.53** | **6.76** | **1.64** |
| **Total Gold** | **42.3** | **0.92** | **1.25** | **70.9** | **2.01** | **4.58** | **113** | **1.60** | **5.83** |

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| | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Silver** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| Horseshoe Underground | 1.52 | 1.5 | 0.1 | 2.63 | 1.8 | 0.2 | 4.14 | 1.7 | 0.2 |
| Palomino Underground | - | - | - | 3.62 | 2.7 | 0.3 | 3.62 | 2.7 | 0.3 |
| Ledbetter Underground | - | - | - | 4.00 | 11 | 1.3 | 4.00 | 11 | 1.3 |
| Open Pits | 2.47 | 2.1 | 0.2 | 16.1 | 2.3 | 1.2 | 18.6 | 2.2 | 1.3 |
| **Haile Total** | **3.99** | **1.9** | **0.2** | **26.3** | **3.5** | **3.0** | **30.3** | **3.3** | **3.2** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| Didipio Underground | 13.5 | 1.7 | 0.7 | 14.7 | 1.3 | 0.6 | 28.3 | 1.5 | 1.4 |
| Didipio Open Pit Stockpile | 13.2 | 1.9 | 0.8 | - | - | - | 13.2 | 1.9 | 0.8 |
| **Didipio Total** | **26.7** | **1.8** | **1.6** | **14.7** | **1.3** | **0.6** | **41.5** | **1.7** | **2.2** |
| **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** |
| Martha Underground | - | - | - | 3.43 | 17 | 1.9 | 3.43 | 17 | 1.9 |
| Wharekirauponga | - | - | - | 4.10 | 16 | 2.1 | 4.10 | 16 | 2.1 |
| **Waihi Total** | **-** | **-** | **-** | **7.53** | **17** | **4.0** | **7.53** | **17** | **4.0** |
| **Total Silver** | **30.7** | **1.8** | **1.8** | **48.6** | **4.9** | **7.6** | **79.3** | **3.7** | **9.5** |

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| | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Copper** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| Didipio Underground | 13.5 | 0.38 | 0.05 | 14.7 | 0.31 | 0.05 | 28.3 | 0.35 | 0.10 |
| Didipio Open Pit Stockpile | 13.2 | 0.28 | 0.04 | - | - | - | 13.2 | 0.28 | 0.04 |
| **Didipio Total** | **26.7** | **0.33** | **0.09** | **14.7** | **0.31** | **0.05** | **41.5** | **0.32** | **0.13** |
| **Total Copper** | **26.7** | **0.33** | **0.09** | **14.7** | **0.31** | **0.05** | **41.5** | **0.32** | **0.13** |

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Notes:

• Mineral Reserves are defined by mine designs based upon the following assumptions: metal prices of US$2,200/oz gold, US$4.00/lb copper and US$25/oz silver; and NZD/USD exchange rate of 0.60.

• Reported estimates of contained metal are not depleted for processing losses.

• For underground Mineral Reserves, cut-offs applied to diluted grades.

• Mineral Reserves are reported on a 100% basis. We hold an 80% attributable interest in the Didipio Mine.

• Haile:

&nbsp;&nbsp;&nbsp;&nbsp;◦ Open Pit: The primary cut-off grade is 0.5 g/t Au, while oxide material is assigned a cut-off grade of 0.6 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Underground: The cut-off grade is 1.86 g/t Au.

• Didipio:

&nbsp;&nbsp;&nbsp;&nbsp;◦ Gold equivalence ("**AuEq**") is based upon the presented gold and copper prices as well as processing recoveries. AuEq = Au g/t + 1.27 x Cu%.

&nbsp;&nbsp;&nbsp;&nbsp;◦ The 13.2 Mt surface stockpile inventory includes 5.3 Mt of low-grade stocks mined at an approximate cut-off grade of 0.27 g/t AuEq.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Underground: A cut-off grade of 1.16 g/t AuEq is used. Incremental stopes proximal to development already planned to access main stoping areas are reported to a lower cut-off grade of 0.76 g/t AuEq.

• Macraes:

&nbsp;&nbsp;&nbsp;&nbsp;◦ Open Pit: Primary cut-off grade is 0.25 g/t while Golden Bar is 0.30 g/t.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Underground: Golden Point cut-off grade is 1.08 g/t Au. Stopes for which access already exists are reported to a lower cut-off grade of 0.94 g/t.

• Waihi:

&nbsp;&nbsp;&nbsp;&nbsp;◦ Martha Underground cut-off grade for previously unmined stoping areas is 2.60 g/t Au, increasing to 3.2 g/t Au for stoping areas in close proximity to remnant workings.

&nbsp;&nbsp;&nbsp;&nbsp;◦ WUG cut-off grade for stopes is 2.40 g/t Au.

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Mineral Resources

The Measured, Indicated and Inferred Mineral Resource estimates (inclusive of Mineral Reserves) as at December 31, 2025 are presented in the table below.

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| **Gold** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Gold** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** |
| **Haile** | | | | | | | | | | | | |
| Horseshoe Underground | 1.98 | 5.11 | 0.33 | 2.76 | 5.11 | 0.45 | 4.74 | 5.11 | 0.78 | 0.5 | 2.7 | 0.0 |
| Palomino Underground | . | . | . | 4.19 | 3.38 | 0.45 | 4.19 | 3.38 | 0.45 | 0.8 | 2.5 | 0.1 |
| Ledbetter Underground | . | . | . | 4.07 | 4.12 | 0.54 | 4.07 | 4.12 | 0.54 | 1.2 | 2.9 | 0.1 |
| Open Pits | 2.58 | 1.21 | 0.10 | 16.1 | 1.64 | 0.85 | 18.7 | 1.58 | 0.95 | 0.6 | 0.9 | 0.0 |
| **Haile Total** | **4.56** | **2.91** | **0.43** | **27.1** | **2.63** | **2.30** | **31.7** | **2.67** | **2.72** | **3.1** | **2.4** | **0.2** |
| **Didipio** |  |  |  |  |  |  |  |  |  |  |  |  |
| Didipio Underground | 14.3 | 1.53 | 0.71 | 17.7 | 0.89 | 0.51 | 32.0 | 1.18 | 1.21 | 9.2 | 0.9 | 0.3 |
| Open Pit Stockpiles | 13.2 | 0.29 | 0.12 | . | . | . | 13.2 | 0.29 | 0.12 |  |  |  |
| **Didipio Total** | **27.5** | **0.94** | **0.83** | **17.7** | **0.89** | **0.51** | **45.2** | **0.92** | **1.34** | **9.2** | **0.9** | **0.3** |
| **Macraes** |  |  |  |  |  |  |  |  |  |  |  |  |
| Macraes Underground | 0.08 | 3.02 | 0.01 | 6.37 | 2.28 | 0.47 | 6.45 | 2.29 | 0.47 | 2.4 | 1.8 | 0.1 |
| Open Pits | 12.6 | 0.62 | 0.25 | 35.7 | 0.67 | 0.76 | 48.3 | 0.65 | 1.01 | 25 | 0.7 | 0.5 |
| **Macraes Total** | **12.7** | **0.63** | **0.26** | **42.1** | **0.91** | **1.23** | **54.8** | **0.85** | **1.49** | **27** | **0.8** | **0.7** |
| **Waihi** |  |  |  |  |  |  |  |  |  |  |  |  |
| Martha Underground |  |  |  | 6.33 | 5.24 | 1.07 | 6.33 | 5.24 | 1.07 | 2.2 | 4.6 | 0.3 |
| Wharekirauponga |  |  |  | 2.63 | 17.3 | 1.46 | 2.63 | 17.3 | 1.46 | 2.9 | 8.5 | 0.8 |
| Open Pits |  |  |  | 9.72 | 1.78 | 0.56 | 9.72 | 1.78 | 0.56 | 3.2 | 1.8 | 0.2 |
| **Waihi Total** |  |  |  | **18.7** | **5.13** | **3.08** | **18.7** | **5.13** | **3.08** | **8.3** | **4.9** | **1.3** |
| **Total Gold** | **44.8** | **1.05** | **1.51** | **106** | **2.10** | **7.11** | **150** | **1.78** | **8.63** | **48** | **1.6** | **2.5** |

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| | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Silver** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** |
| **Haile** | | | | | | | | | | | | |
| Horseshoe Underground | 1.98 | 1.9 | 0.1 | 2.76 | 2.1 | 0.2 | 4.74 | 2.0 | 0.3 | 0.5 | 1.0 | 0.0 |
| Palomino Underground | . | . | . | 4.19 | 2.8 | 0.4 | 4.19 | 2.8 | 0.4 | 0.8 | 2.1 | 0.1 |
| Ledbetter Underground | . | . | . | 4.07 | 12.0 | 1.6 | 4.07 | 12 | 1.6 | 1.2 | 7.5 | 0.3 |
| Open Pits | 2.58 | 2.2 | 0.2 | 16.1 | 2.5 | 1.3 | 18.7 | 2.5 | 1.5 | 0.6 | 2.4 | 0.0 |
| **Haile Total** | **4.56** | **2.0** | **0.3** | **27.1** | **4.0** | **3.5** | **31.7** | **3.7** | **3.8** | **3.1** | **4.0** | **0.4** |
| **Didipio** |  |  |  |  |  |  |  |  |  |  |  |  |
| Didipio Underground | 14.3 | 1.8 | 0.8 | 17.7 | 1.4 | 0.8 | 32 | 1.6 | 1.6 | 9.2 | 1.2 | 0.4 |
| Open Pit Stockpiles | 13.2 | 1.9 | 0.8 | . | . | . | 13.2 | 1.9 | 0.8 |  |  |  |
| **Didipio Total** | **27.5** | **1.8** | **1.6** | **17.7** | **1.4** | **0.8** | **45.2** | **1.7** | **2.4** | **9.2** | **1.2** | **0.4** |
| **Waihi** |  |  |  |  |  |  |  |  |  |  |  |  |
| Martha Underground |  |  |  | 6.33 | 20 | 4.1 | 6.33 | 20 | 4.1 | 2.2 | 24 | 1.7 |
| Wharekirauponga |  |  |  | 2.63 | 27 | 2.3 | 2.63 | 27 | 2.3 | 2.9 | 13 | 1.2 |
| Open Pits |  |  |  | 9.72 | 10 | 3.2 | 9.7 | 10 | 3.2 | 3.2 | 9.6 | 1.0 |
| **Waihi Total** |  |  |  | **18.7** | **16** | **9.6** | **18.7** | **16** | **9.6** | **8.3** | **15** | **3.9** |
| **Total Silver** | **32.1** | **1.9** | **1.9** | **63.5** | **6.8** | **14** | **95.6** | **5.1** | **16** | **21** | **7.1** | **4.7** |

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| | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Copper** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** |
| **Didipio** | | | | | | | | | | | | |
| Didipio Underground | 14.3 | 0.43 | 0.06 | 17.7 | 0.33 | 0.06 | 32.0 | 0.37 | 0.12 | 9.2 | 0.3 | 0.02 |
| Open Pit Stockpiles | 13.2 | 0.28 | 0.04 | . | . | . | 13.2 | 0.28 | 0.04 |  |  |  |
| **Didipio Total** | **27.5** | **0.36** | **0.10** | **17.7** | **0.33** | **0.06** | **45.2** | **0.35** | **0.16** | **9.2** | **0.3** | **0.02** |
| **Total Copper** | **27.5** | **0.36** | **0.10** | **17.7** | **0.33** | **0.06** | **45.2** | **0.35** | **0.16** | **9.2** | **0.3** | **0.02** |

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Notes:

• Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

• All Mineral Resources are based on the following assumptions: metal prices of US$2,450/oz gold, US$4.50/lb copper and US$28.50/oz silver; and NZD/USD exchange rate of 0.60.

• Macraes Open Pit Mineral Resources are constrained by optimized shells based upon the economic assumptions above. Waihi Open Pit Mineral Resources are reported within a pit design limited by infrastructural considerations. Haile Open Pit Mineral Resources are reported within the Mineral Reserve design pit.

• Underground Mineral Resources are reported within volumes guided by conceptual stope designs which are based upon the economic assumptions above and exclude dilution.

• Mineral Reserves are reported on a 100% basis. We hold an 80% attributable interest in the Didipio Mine.

• Haile - Open Pit primary cut-off grade is 0.50 g/t Au, while oxide cut-off grade is 0.60 g/t Au. Horseshoe, Ledbetter and Palomino Underground Mineral Resources at 1.70 g/t Au cut-off.

• Didipio

&nbsp;&nbsp;&nbsp;&nbsp;◦ 13.2 Mt surface stockpile inventory based on mining cut-off grades at the time ranging from 0.27 g/t to 0.40 AuEq.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Underground Mineral Resources reported at a cut-off grade of 0.67 g/t AuEq between the 2,460mRL and 1,800mRL, with AuEq cut-off grade based on presented gold and copper prices. AuEq = Au g/t + 1.27 x Cu %.

• Macraes

&nbsp;&nbsp;&nbsp;&nbsp;◦ Open Pits cut-off grades between 0.25 g/t Au and 0.40 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Golden Point Underground cut-off grade is 0.97 g/t Au.

• Waihi

&nbsp;&nbsp;&nbsp;&nbsp;• Martha Underground cut-off grade is 2.15 g/t Au and Wharekirauponga cut-off grade is 1.70 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;• Martha Open Pit cut-off grade is 0.5 g/t Au and Gladstone Open Pit cut-off grade is 0.56 g/t Au.

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Notes to Mineral Reserves and Mineral Resources Estimates

All Mineral Reserves and Mineral Resources were estimated as of December 31, 2025 and have been prepared in accordance with NI 43-101.

Mineral Reserves and Mineral Resources estimates are reported on a 100% basis. We hold an 80% attributable interest in the Didipio Mine. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade and contained metal content.

Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration; however, there is no guarantee that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category.

The Mineral Resources estimate for Haile open pit has been verified and approved by, or is based on information prepared by, or under the supervision of, J. Moore, our Head of Resource Development. The Mineral Reserves estimate for Haile open pits has been verified and approved by, or is based on information prepared by, or under the supervision of, G. Hollett, our Head of Mine Engineering. The Mineral Resources estimate for Haile underground has been verified and approved by, or is based on information prepared by, or under the supervision of, D. Corley, our Principal Resource Geologist, and the Mineral Reserves estimate for Haile underground has been verified and approved by or is based upon information prepared by, or under the supervision of, B. Drury, our Superintendent – Engineering Services (underground), Haile.

The Mineral Resources estimate for Didipio has been verified and approved by, or is based on information prepared by, or under the supervision of J. Moore, while the Mineral Reserves estimate for Didipio underground has been verified and approved by, or is based upon information prepared by, or under the supervision of, P. Jones, our Head of Underground Mining.

The Mineral Resources estimate for Macraes open pit and underground operations has been verified and approved by, or is based on information prepared by, or under the supervision of, M. Grant, our Senior Geologist – Resource Development, Macraes. The Mineral Reserves estimate for Macraes open pits has been verified and approved by, or is based on information prepared by, or under the supervision of, K. Madambi, our Manager – Technical Services & Projects, Macraes. The Mineral Reserves estimate for Macraes underground has been verified and approved by, or is based upon information prepared by, or under the supervision of, E. Leslie, our Group Mining Engineer.

The Mineral Resources estimate for Waihi's WUG, Martha Underground, Gladstone Open Pit and Martha Open Pit has been verified and approved by, or is based on information prepared by, or under the supervision of, L. Crawford-Flett, our Manager – Exploration and Geology, Waihi. The Mineral Reserves estimate for Martha Underground has been verified and approved by, or is based on information prepared by, or under the supervision of, D. Townsend, our Manager – Mining (Underground), Waihi. The Mineral Reserves estimate for WUG has been verified and approved by, or is based upon information prepared by, or under the supervision of, E. Leslie, our Group Mining Engineer.

All such persons noted above are "qualified persons" for the purposes of NI 43-101. Messrs. Crawford-Flett, Jones, Leslie, Madambi, Moore and Townsend are Members and Chartered Professionals with the

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Australasian Institute of Mining and Metallurgy. Messrs. D. Corley and M. Grant are members of the Australian Institute of Geoscientists. Mr. Hollett is a Professional Engineer registered with the Engineers and Geoscientists of British Columbia. Ms. Drury is a Registered Member with the Society of Mining, Metallurgy & Exploration.

For further scientific and technical information supporting the disclosure in this Annual Information Form (including disclosure regarding Mineral Resources and Mineral Reserves, data verification, key assumptions, parameters, methods used to estimate the Mineral Resources and Mineral Reserves, and risks and other factors), please refer to the following NI 43-101 technical reports available under our profile on SEDAR+ at <u>www.sedarplus.ca</u> and on our website at <u>www.oceanagold.com</u>: the Haile Technical Report; the Macraes Technical Report; the Waihi Technical Report; and the Didipio Technical Report.

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**Haile Operation**

Certain portions of the following information are derived from and based on the Haile Technical Report, and are based on the assumptions, qualifications and procedures set out therein. For a more detailed overview of the Haile Gold Mine, please refer to the Haile Technical Report, which is available under our profile on SEDAR+ at <u>www.sedarplus.ca</u> and on our website at <u>www.oceanagold.com</u>.

Property Description, Location, Access and Ownership

The Haile Gold Mine is located approximately five kilometres northeast of the town of Kershaw in southern Lancaster County, South Carolina. It is approximately 30 kilometres southeast of the city of Lancaster, the county seat, and approximately 80 kilometres northeast of Columbia, the state capital of South Carolina. As of December 31, 2025, we own a total of 10,978 acres in South Carolina with no royalties. Of this total, 5,469 acres are within the mine permit boundary.

The Haile property is accessible by U.S. Highway 601, with the main access via Snowy Owl Road.

The Haile Gold Mine is 100% owned and operated through our wholly owned subsidiary, Haile Gold Mine Inc.

Please see "*Mineral Permits and Regulatory Matters*" below for information relating to the nature and extent of our title to the Haile Gold Mine and permitting matters. Please also see "*Environmental and Social Matters*" below.

History

Haile is situated in the Carolina Terrane, which was the location of the first gold rush in the U.S. in the early 1800s. Gold was first discovered in 1827 near Haile in the gravels of Ledbetter Creek (now the Haile Gold Mine Creek), which led to placer mining and prospecting until 1829.

In 1882, a sixty-five-stamp mill was constructed and operated continuously until 1908. From mid-1937 to 1942, larger scale mining was undertaken on site by the Haile Gold Mines Company and was shut down in 1942 under the Production Limitation Act of Congress to preserve machinery and manpower for the war effort. By this time, the Haile Gold Mine had produced over $6.4 million worth of gold (in 1940 dollars).

The 1980s heralded the first successful modern exploration at Haile. Between 1981 and 1985, Piedmont Land and Exploration Company (later Piedmont Mining Company) ("**Piedmont**") explored the historic Haile Gold Mine and surrounding properties. Piedmont mined the Haile deposits from 1985 to 1992, producing 85,000 ounces of gold from open pit heap leach operations that processed oxide and transitional ores.

In May 1992, Amax Gold Inc. ("**Amax**") and Piedmont entered into a joint venture agreement and established the Haile Mining Company ("**HMC**"). At the end of the Amax/HMC program in 1994, a gold reserve estimate was prepared, but due to unfavourable economic conditions at the time, Amax did not proceed with mining.

Kinross Gold Corporation ("**Kinross**") acquired Amax in 1998, assumed Amax's portion of the HMC joint venture and later purchased Piedmont's interest. Kinross decided not to reopen the mine.

Romarco Minerals Inc. ("**Romarco**") acquired the Haile property from Kinross in October 2007. From 2008 to 2015, Romarco undertook significant drilling programs, completed a feasibility study and fully permitted and

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began construction of the Haile Gold Mine. We acquired Romarco in October 2015 and became owner and operator of Haile. Project construction during 2015 and 2016 included a new Carbon-In-Leach ("**CIL**")-flotation process plant, power upgrades, a lined Potentially Acid Generating ("**PAG**") overburden storage area (OSA), and a TSF. The first gold pour at the new process plant was in January 2017.

Geological Setting, Mineralization and Deposit Types

Geology

Haile is the largest operating gold deposit in the eastern U.S. It is situated within the northeast-trending Carolina Terrane, also known as the Carolina Slate Belt, which hosts the past-producing Ridgeway, Brewer, and Barite Hill gold mines in South Carolina. The Haile district consists of nine gold deposits within a three-and-a-half kilometre by one kilometre area. The deposits occur within a variably deformed east-northeast ("**ENE**")-trending structural zone at or near the contact between metamorphosed Neoproterozoic volcanic and sedimentary rocks. The deposits are hosted in metamorphosed laminated siltstones and volcanic rocks of the Upper Persimmon Fork Formation and are dissected by barren NNW striking diabase dikes. Deformation includes brittle and ductile styles with ENE trending foliation, faults, brecciation, and isoclinal folds. Sedimentary rocks are folded within an ENE trending anticlinorium with a steep SE limb and a gentle NW limb. Foliation dips to NW.

Mineralization and Deposit Types

The age of gold mineralization is assumed at ~ (approximately) 549 Ma (mega-annum), based on closely associated molybdenite dated using Re-Os, which postdates peak volcanism. Pressure shadows around pyrite grains, stretched pyrite and pyrrhotite grains, and flattened hydrothermal breccia (brecciated rocks) clasts indicate that some deformation has occurred subsequent to sulphide mineralization whereas the bulk geometry and orientation of the deposits is difficult to reconcile with pre-folding emplacement. The Re-Os date coincides with a major tectonostratigraphic change from intermediate volcanism and tuffaceous to epiclastic sedimentation to basinal turbiditic sedimentation. Quartz-sericite-pyrite ("QSP") alteration is overprinted by regional greenschist facies metamorphism with carbonate-chlorite-pyrite alteration.

Haile gold mineralization occurs as an en-echelon five kilometre long by 1.5-kilometre-wide cluster of northeast-striking moderately- to steeply-dipping ore lenses. Ore body geometry, depth, size, grade, mineralogy and alteration varies between deposits and is strongly controlled by post-mineral shearing and rotation. Some of the deposits coalesce, especially in the central part of the district around the large Ledbetter deposit. Ore lenses are typically 50 metres to 300 metres long, 20 metres to 100 metres wide, and 5 metres to 30 metres thick. Gold mineralization is mostly hosted by laminated siltstone and intermediate volcanics of the upper Persimmon Fork Formation and is overlain by volcanic rocks. Mineralization is typically within 100 metres of the main sediment-volcanic contact. Locally, Intrusive Breccias have been mapped that appear to have elevated tellurides. The origin of these is not yet fully understood. Haile is currently interpreted as a structurally-modified low-sulfidation, disseminated gold deposit.

Mineral Permits and Regulatory Matters

The Haile Gold Mine is subject to the Haile Mine Operating Permit, SC DES 401 Water Quality Certification, National Pollutant Discharge Elimination System (NPDES) permit, Title V Air Quality permit, and the permit under Section 404 of the Clean Water Act (the "**404 Permit**"). The current permits for the Haile Gold Mine expire in December 2039.

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We own or control all land associated with the Haile Gold Mine and within the mining permit boundary. Our interest in the properties includes surface, water and mineral rights with no associated royalties and is free of all claims and access restrictions.

Haile is relatively unique in that mining occurs wholly on private land owned by Haile Gold Mine and does not impact federal/public (United States Department of the Interior Bureau of Land Management (BLM) or United States Forest Service (USFS)) lands that would be subject to modifications from these surface management agencies.

In May 2018, we applied to the United States Army Corps of Engineers ("**US ACOE**") to initiate the National Environmental Policy Act ("**NEPA**") process and launch a Supplemental Environment Impact Statement ("**SEIS**"). US ACOE has jurisdictional responsibility for all waters of the U.S. and works cooperatively with the U.S. Environmental Protection Agency ("**US EPA**") and South Carolina Department of Environmental Services (formerly the South Carolina Department of Health and Environmental Control) ("**SC DES**") for modifications that have impacts to wetlands, groundwater and surface water conditions and air emissions. Haile submitted a Project Description, Alternatives Analysis and additional technical reports in support of this application. These technical reports covered a wide range of matters, including impact assessments to the wetlands, air, land, vegetation, groundwater, surface water, flora and fauna, cultural heritage sites, socioeconomic conditions, and reclamation plans.

To adjust current and supplemental mine plans, a modified application of the 404 Permit under the Clean Water Act of 1972 was submitted in the fourth quarter of 2020. The final SEIS was published in August 2022. The Supplemental Environmental Impact Statement Record of Decision ("**SEIS ROD**") and modified 404 Permit were received in December 2022. Various permitting approvals/certifications were also required from SC DES, including modification of the Haile Mine Operating Permit, which was received in December 2022, and 401 Water Quality Certification which was received in November 2022. Other federal and state agencies included in the review process during the SEIS included US EPA, United States Fish and Wildlife Service, South Carolina Department of Natural Resources, South Carolina State Historic Preservation Office, South Carolina Department of Transportation and Catawba Indian Nation. The NEPA process also allows non-government or civil society groups ("**NGOs**") and other interested parties an opportunity for review and comment on the anticipated impacts.

Since December 2022, SC DES has approved two additional modifications to the Haile Mine Operating Permit. An expansion of the Horseshoe Underground operation was approved on February 21, 2024, and the Palomino Underground operation was approved on March 15, 2024. The permit modification for the method of mining change for Ledbetter Phase 4 to an underground is classed as a minor modification and is expected to be completed in 2027 before mining takes place in 2028.

Environmental and Social Matters

The Haile Mine Operating Permit, which became final and effective during the first quarter of 2015, included a schedule for estimated financial assurance of $65.0 million over the mine life consisting of $55.0 million in surety bonds or other mechanisms and $10.0 million in an interest-bearing cash trust. The Haile Mine Operating Permit was modified and updated in December 2022 with the approval of our SEIS application and reclamation plan. The updated permit changed the total estimated financial assurance to $132.7 million, adjusted annually for inflation, over the mine life, consisting of $112.7 million in surety bonds and a $20.0

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million interest-bearing cash trust. We have satisfied our current financial assurance payment requirements by using a surety bond of $112.7 million and have paid $11.4 million in trust funding by December 31, 2025.

The remaining estimated financial assurance of $8.6 million will be paid over the life of Haile with estimated assurance payments of $1.8 million to occur from 2026 to 2028, $1.2 million in 2029, and $1.0 million from 2030 to 2031. The timing and amounts of these payments could change due to a number of factors, including changes in regulatory requirements, changes in scope and timing of closure activities. The State of South Carolina in the U.S. requires financial assurance for the estimated costs of mine reclamation and closure, including groundwater quality protection programs. The surety bond and other financial assurance must therefore be maintained in force continuously throughout the life of the mining operation and may only be released, partially or in full, after the State of South Carolina approves its release.

We are actively engaged with various community and conservation initiatives, including cultural educational initiatives at the Catawba Nation and Native American Studies Center, and community conservation efforts relating to endangered species protection, land preservation and wildlife habitat enhancement in South Carolina. We have been recertified by the International Cyanide Management Institute (ICMI) in full compliance under the Cyanide Code, in alignment with the Global Industry Standard for Tailings Management (GISTM), and recognized by the South Carolina Wildlife Federation for our corporate responsibility and efforts to ensure the protection of wildlife and critical habitat through on-site accomplishments and initiatives with schools and neighbouring industries.

Exploration

Geologic mapping and surface sampling are key tools for exploration at Haile despite the fact that mapping is challenged by poor bedrock exposure due to extensive saprolitic weathering, Coastal Plains Sands ("**CPS**") cover, and dense vegetation.

Historical mapping has been scanned and loaded into 3D software for structural interpretation, exploration planning and geologic modelling. The use of the structural dataset in conjunction with the drilling dataset has provided the foundation for a 3D digital geologic model. Over 5,000 surface samples have been compiled based on location, sample type (rock chip, saprolite, soil, stream sediment), rock type, alteration and assay to further the geological knowledge. However, quality analysis/quality control ("**QA/QC**") data were generally lacking for these surface samples, and most were assayed only for gold.

Numerous geophysical surveys, including gravity, airborne and ground magnetics, electromagnetics and induced polarization ("**IP**") have been used to further explore the Haile district. Overall, data is useful in mapping diabase dikes and other intrusive bodies, and in determining areas that warrant additional investigation.

Please see "*Production, Development and Exploration*" below for information relating to our planned exploration activities in 2026.

Drilling

Resource definition drilling at Haile by Romarco and subsequently by us has significantly increased the Mineral Resources since 2007. Mineral Reserve growth has resulted from continued drilling, project development and higher gold prices. Initial Mineral Reserves for Horseshoe and Palomino Undergrounds were declared in 2017 and 2023, respectively.

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The Haile database includes 3,754 holes in the Haile district that are securely stored in an acQuire database. Drill hole collar locations, downhole surveys, geological logs, geotechnical logs, density values and assays have been verified and used to build 3D geological models and are used for grade and tonnage interpolations. Geologic interpretation is based on structure, lithology and alteration as logged in the drill holes. Robust geological models and downhole geophysics enable better prediction of the nature and behaviour of the disseminated style of gold mineralization at Haile. Orientation of core is completed through downhole camera surveys and reconstruction of core at surface that allows detailed spatially correct readings of faults, joints, and other features. This allows a detailed structural interpretation of the distribution of gold mineralization. Resource drilling at Haile has predominantly been conducted by core and reverse circulation ("**RC**") drilling, with drill hole spacing typically ranging from 25 metres to 40 metres. Hole depths have ranged from 50 metres to 700 metres. Sample interval lengths average 1.5 metres and can vary based on geological logging. QA/QC results were validated from assay labs and showed excellent precision and accuracy relative to Certified Reference Materials ("**CRMs**").

Full year 2025 exploration expenditure from both surface and underground platforms totalled $10.9 million for 34,000 metres drilled. Drill results released in 2025 continued to show extension of continuity in underground targets at Haile. This will be further pursued in 2026.

Please see "*Production, Development and Exploration*" below for information relating to our planned drilling in 2026.

Sampling, Analysis and Data Verification

Drill core is cleaned, measured, and photographed at our on-site core shed. Geotechnical and geologic logging are completed on the whole core. All logging and sampling handling is conducted by our personnel. Data collecting during core logging includes structure, rock type, alteration, mineralogy, Rock Quality Designation ("**RQD**"), core recovery, hardness and joint condition. Standardized templates are used for logging consistency. Our geologists routinely review core together and compare notes to ensure accuracy and continuous improvement.

Density samples are collected every 10 metres and use the water immersion method to measure specific gravity. Competent core at Haile does not require plastic or wax coatings for density measurements. Sample collection, preparation and analysis are according to industry standards. Core is primarily prepared and assayed at the independent ALS Limited ("**ALS**") laboratory in Tucson, Arizona and Reno, Nevada, U.S., both of which are ISO-9001 certified and 17025 accredited. At times, samples have been prepared and assayed by our Kershaw Mineral Lab ("**KML**") facility in Kershaw, South Carolina and the independent AHK Geochem preparation facility in Spartanburg, South Carolina.

Certified Standards are routinely inserted at a rate of one in 20 samples (5%). Standards used are purchased from and certified by Rocklabs. Blanks are routinely inserted at a rate of one in 20 samples (5%). Such blanks include commercially available marble, sand and quartz pebble.

Core, pulp and RC samples are stored securely. Sample transport is by our personnel between secure facilities and by approved couriers to external labs. No significant risks have been identified for sample contamination or sample exchange.

All Haile drill hole data (assays, logs, surveys) are stored in a secure acQuire database which is managed by our senior database geologist. Assay data are imported by our exploration and geology personnel and

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checked by our senior database geologist. Strict data importing and verification protocols are followed to avoid, for example, overlapping or missing intervals, mismatched hole depths in different fields, duplicate hole IDs or sample numbers and invalid logging codes.

Mineral Processing and Metallurgical Testing

Samples of ore were collected for metallurgical testing, which indicated that the ore will respond to flotation and direct agitated cyanide leaching technology to extract gold.

Comminution test work on mineralized samples was performed by independent laboratories, Resource Development Inc., ALS and SGS. Tests included Bond work indices and semi-autogenous grinding ("**SAG**") Mill Comminution and JK Drop Weight impact testing. The results of the test work were used to develop the expanded plant comminution circuit design.

Laboratory testing on ore composite samples demonstrated that the mineralization was readily amenable to flotation and cyanide leaching process treatment. A conventional flotation and cyanide leaching flow sheet was subsequently used as the basis of process design.

The relative low variability of test work indicates that the different mineralized zones are similar in terms of ore grindability, mineral composition, and flotation and cyanide leaching response. Overall gold recovery will be in the range of 65% to 92%, dependent primarily on head grade to the mill and less related to which zone the ore is mined from.

The data developed in the test programs have been used to establish a relationship between overall gold recovery and head grade. Operating experience and metallurgical development programs have indicated this relationship is valid over the life of Haile.

Testing of core samples from the Horseshoe, Ledbetter and Palomino deposits has been undertaken using the same laboratory flowsheet that correlates well with plant performance. Overall results suggest these deposits respond well to processing in the existing process plant without modification.

Testwork undertaken on the Ledbetter Underground Resource has indicated that the Intrusive Breccia domain has a significantly different deportment of gold with the majority present in a number of telluride minerals rather than native gold inclusions. The testwork program has indicated an increase in leach residence time from the current 36 hours to 96 hours can significantly offset the impact of the telluride leach kinetics and return acceptable leach recoveries compared to the performance of metasediment-hosted ore domains.

Please see "*Processing and Recovery Operations*" below for additional information.

Mining Operations

Open Pit Mining

The open pit at Haile is currently being mined using conventional truck and excavator methods. The material encountered at Haile is a combination of soft (CPS and saprolite) overburden and hard (metavolcanics and metasediments) rock units.

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CPS is loosely consolidated sand which can be mined without the need for drilling and blasting. Overburden and waste material are classified using blasthole sulphur and carbon assays that inform the routing and placement of materials. Mineralization is not present in CPS, and thus, ore control and waste classification between Non-Acid Generating ("**NAG**") / PAG are not necessary. Saprolite is generally mined without blasting when possible and is sampled for waste classification to meet the requirements in our Overburden Management Plan.

Drilling and blasting are required in all other rock units. Drilling and blasting are performed on ten metre vertical benches. Multiple bit sizes (114 millimetres, 127 millimetres, 171 millimetres) are used depending on material type and application. Blast hole depth is 10 metres plus subdrill, and subdrill ranges from 0.8 metres to 1.3 metres.

The number of samples taken per blasthole is material-type dependent. Blastholes in waste are typically sampled once on a 10-metre interval for NAG/PAG definition. Blastholes in ore are typically sampled three times at 3.3 metre sample intervals.

Flitch height is variable; waste is typically mined on a ten-metre flitch and ore is typically mined on a 3.3 metre flitch. The majority of ore is mined with hydraulic backhoe excavators, while the majority of waste is mined with hydraulic shovels. Front-end loaders may be used in either application in a backup capacity. The haul truck fleet is a mix of 175 tonne and 140 tonne payload units.

Underground Mining

The current underground Mineral Reserves include three deposits that are extensions of the open pit: Horseshoe Underground; Ledbetter Underground; and Palomino Underground. These deposits are separated by approximately one kilometre of development and encompasses mineralization that extends down at depth and outside the pit extents. The Horseshoe Underground operation is accessed via a production decline and two ventilation drives (one intake and one exhaust) developed from the pit to connect with a series of underground ventilation raises. Emergency egress is provided by a series of underground ladderways connected to the intake drive. Based on the orientation, depth and geotechnical characteristics of the mineralization, a transverse sublevel open stoping method (longhole) with ramp access is used for all deposits. The stopes are 15 metres to 20 metres wide at Horseshoe Underground and are planned to be 15 metres wide at Ledbetter Underground and Palomino Underground. The stope strike length will vary based on mineralization grade and geotechnical considerations. A spacing of 25 metres between levels is used. Cemented rock fill ("**CRF**"), Unconsolidated Rock Fill ("**URF**"), or a combination of the two, is used to backfill the stopes. Primary stopes are mined first in the sequence which are backfilled with CRF and Secondary stopes which lie between the primary stopes are backfilled with mixture fill or URF depending upon the stope's location. A feasibility level study is underway evaluating the use of paste fill for the Ledbetter Underground and Palomino Underground, with completion by end of year 2026.

Stope optimization is conducted using Deswik software and a mining schedule. Stoping horizons are accessed via the main production decline with level accesses. These support all necessary underground infrastructure, including ventilation (both exhaust and intake), along with escapeways, electrical and dewatering infrastructure. The level accesses connect to the footwall drives to the stope entries. Diamond drill holes are used for grade control to evaluate stopes prior to mining. Each stope has access at its top and bottom. Top entry points are designed to give access to stopes on the next level and to allow for backfilling. The stopes are drilled from the top and/or bottom and rings are blasted from the end of a stope toward the

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footwall access. The blasted material is remotely mucked from the bottom stope access into nearby stockpiles. The ore is then loaded from the stockpiles into trucks for haulage to the surface. A primary/secondary stoping sequence is used for scheduling to account for geotechnical constraints and safe extraction.

Processing and Recovery Operations

A conventional flotation and cyanide leaching flow sheet is used at Haile, comprising: Primary Jaw Crushing; conventional SAG–Ball Mill-Pebble Crusher ("**SABC**") grinding circuit incorporating flash flotation on the cyclone underflow; rougher flotation; two stage concentrate regrind with a tower mill followed by an Isa Mill; CIL leaching of reground concentrate and flotation tailings; carbon stripping, electro-winning and smelting of bullion; and cyanide destruction.

Additional equipment was installed in some areas of the plant between 2018 and 2020 to achieve the expanded capacity of up to 3.5 million tonnes per annum ("**Mtpa**") and to ensure required concentrate regrind performance to maximize gold recovery at higher throughput rates. The production plant sees annual milling rates between 2.8 Mtpa and 3.0 Mtpa being processed depending on the source and ratio of higher competency underground and open pit material.

The existing flowsheet has proved to be very successful in recovery of gold from the ore with rates 2.5% above the original feasibility study model at head grades above 1.7 g/t gold. With the presence of gold hosted in tellurides in part of the Ledbetter Underground, a modification to the leach circuit is planned to increase residence time to overcome slower leach kinetics in this material.

Contact water treatment capacity has been expanded on site to account for increased PAG storage and open pit catchment area. The expanded plant has been augmented with the addition of a reverse osmosis stage to ensure compliance with discharge permits across a wider range of contact water hardness.

Infrastructure

The Haile mine infrastructure includes the Duckwood TSF, workshops, water treatment plant and ore processing facilities. The TSF has been designed to accommodate the mine tailings requirements for the Haile life of mine ("**LOM**") plan.

The permitted Duckwood TSF was expanded by raising the crest height in 2020 and 2021 to store plant tailings and will be progressively expanded, to a total capacity of 63 million tonnes, to store plant tailings by raising the crest height using downstream construction methods. The permitted East PAG Overburden Storage Area was also expanded and completed in the second half of 2021. Construction of the 541 Pond for West PAG Stage 1 was completed in early 2024. The existing permitted PAG facility is currently being expanded to store additional PAG material.

The TSF Stage 4 was commissioned in the first quarter of 2026.

The underground infrastructure required to support underground mining includes extension of the ventilation, dewatering, power lines, air and water supplies. The surface facilities that support the underground mining include a run-of-mine ("**ROM**") stockpile area for underground ore, a batch plant, maintenance shop and warehouse, offices, laydown storage areas, and will host the future metal removal plant. The current facilities utilized for Horseshoe Underground will support Palomino Underground with

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nominal upgrades required. Mining of Palomino Underground requires an upgrade and extension of a high voltage power line along with a ventilation shaft to the 800 level. Ledbetter Underground is planned to have its own surface facilities consisting of ROM stockpile area with metal removal plant, maintenance shop and warehouse, laydown storage areas, offices and a batch plant.

All other infrastructure is in place that is required for the Haile LOM plan.

Capital and Operating Costs

The table below summarizes the 2025 operating and capital costs for Haile:

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| **Operating Costs and Capital Summary 2025** |  |
| **Operating Costs** | **$M** |
| Open pit mining costs (net of capitalized amounts) | 62.0 |
| Underground mining (net of capitalized amounts) | 57.7 |
| Process plant costs | 85.4 |
| General and administrative ("**G&A**") costs | 46.5 |
| Freight, handling and refining costs | 0.9 |
| **Total operating costs** | **252.5** |
| **Capital and Exploration Expenditures** | **$M** |
| Sustaining capital | 69.7 |
| Deferred stripping and capitalized mining | 109.0 |
| Growth capital | 41.6 |
| Exploration | 10.9 |
| **Total capital and exploration expenditures** | **231.2** |
| **Unit Metrics** | **$/t** |
| Mining cost (open pit) per tonne mined (including allocation of any capitalized mining costs) | 4.85 |
| Mining cost (underground) per tonne mined (including allocation of any capitalized mining costs) | 90.53 |
| Processing cost per tonne milled | 29.79 |
| G&A cost per tonne milled | 18.61 |

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Production, Development and Exploration

Haile produced 184,733 ounces of gold in 2025 and is expected to produce 235,000 to 260,000 ounces of gold in 2026. Gold production is expected to be lowest in the first quarter and then steps-up in the second quarter and then remain consistent for the remainder of the year, driven largely by open pit and underground ore mine sequencing.

The table below summarizes 2026 capital investment guidance for Haile:

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| **Capital Investment Guidance 2026** | **$M** |
| Sustaining | 95 |
| Pre-strip and capitalized mining | 45 |
| Growth | 90 |
| Exploration | 10 |
| **Total investments** | **240** |

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Notes: &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Excludes capital leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Capital Investment Guidance range of ±5%.

In 2026, total capital investment is expected to be $240 million. Sustaining capital includes ongoing TSF lifts and construction of West PAG, while growth capital relates primarily to the Palomino Underground development and process plant resilience upgrades. Pre-strip and capitalized mining costs at Haile will be primarily related to Snake pit, beginning in the third quarter.

Approximately 34,500 metres of drilling is planned at Haile in 2026 at an estimated cost of $10 million from both surface and underground. Drilling will focus on Mineral Resource conversion at Ledbetter Underground, Mineral Resource development at Pisces and further definition of the mineral potential at Clydesdale. Additional work is underway to further define areas of interest to fully assess the mineral endowment potential of Haile.

The Haile Technical Report reflects the conversion of the final phase of the open pit at Ledbetter Underground to an underground mine. This has removed lower margin open pit ounces while increasing Haile's Net Present Value ("**NPV**"). Haile is expected to produce on average 210,000 ounces of gold per year from 2027 through 2031, providing the mine a more consistent, de-risked production profile. Notably, open pit mining continues at Haile across the other open pits until 2033, which remain part of the planned mining sequence in conjunction with the underground operation.

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**Macraes Operation**

Certain portions of the following information are derived from and based on the Macraes Technical Report, and are based on the assumptions, qualifications and procedures set out therein. For a more detailed overview of the Macraes Operation, please refer to the Macraes Technical Report, which is available under our profile on SEDAR+ at <u>www.sedarplus.ca</u> and on our website at <u>www.oceanagold.com</u>.

Property Description, Location, Access and Ownership

The Macraes Operation, located on the South Island of New Zealand, is the country's largest gold producing operation and includes both open pit and underground mining. Macraes is located approximately 60 kilometres north of Dunedin and 30 kilometres to the northwest of Palmerston in the Otago Region. The mining activities occur approximately two kilometres to five kilometres north and east of the Macraes township and is predominantly surrounded by farmland.

Access to the mine is by sealed roads from the regional towns of Dunedin, Oamaru, Middlemarch and Ranfurly. There is adequate access along sealed roads and farm tracks throughout the mine area. The Macraes mining and exploration permits cover a contiguous area of 14,576 hectares.

The Macraes Operation is 100% owned and operated through our wholly owned subsidiary, Oceana Gold (New Zealand) Limited ("**OGNZL**"). Please see "*Mineral Permits and Regulatory Matters*" below for information relating to the nature and extent of our title to the Macraes Operation, applicable royalties and permitting matters. Please also see "*Environmental and Social Matters*" below.

History

The first records of mining in the Macraes area date to 1862 with alluvial mining at Murphy's Flat, with Macraes Flat, Deepdell and some parts of Horse Flat being worked soon after. Discovery of the modern Macraes mine resulted from two geophysical surveys carried using IP/resistivity in April 1985. During 1987, an orientation stream sediment sampling survey was conducted by BHP Gold Mines (New Zealand) Ltd. ("**BHPNZ**") in the Round Hill area. Exploration activities conducted in the Macraes region prior to 1990 included approximately 56,000 metres of rotary air blast, RC and diamond drilling in 779 holes.

The original permits comprising the Macraes Operation were owned by Golden Point Mining Limited, and by BHPNZ. In December 1989, the Macraes Mining Company Limited ("**MMCL**") obtained 100% ownership of these permits.

In December 1998, MMCL amalgamated with Macraes Mining Company Holdings Limited. This company subsequently changed its name to Gold and Resource Developments (NZ) Limited, and then to GRD Macraes Limited. In 2004, the name was changed to Oceana Gold (New Zealand) Limited.

The Macraes Operation is presently the largest gold producing operation in New Zealand. To December 31, 2025, over 5.0 million ounces of gold have been produced. The Macraes Operation consists of large-scale open pit mining, underground mining and an adjacent process plant inclusive of an autoclave for pressure oxidation of the ore, details of which are provided below.

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Geological Setting, Mineralization and Deposit Types

Geology

The Macraes Gold Mine centres on a major, low-angle structure known as the Hyde-Macraes Shear Zone ("**HMSZ**"). This regionally continuous, late metamorphic deformation zone cuts greenschist facies metasedimentary rocks of the Otago Schist, a metamorphic belt that was formed by collisional amalgamation of the Caples and Torlesse terranes in the Early-Middle Jurassic.

The HMSZ is one of the largest Mesozoic structures mapped in the Otago Schist, traceable for at least 30 kilometres along strike in east Otago. Mining to date has occurred along a continuous strike length of six kilometres in numerous staged pits, three smaller discrete satellite pits five kilometres to six kilometres to the north, and at Golden Bar, a further six kilometres to the south. The HMSZ consists of variably altered, deformed and mineralized schist up to 150 metres thick, known as the Intra-shear Schist. The thickest part of the shear zone consists of several mineralized zones stacked on metre-thick shears. These shears have ductile deformation textures overprinted by cataclasis. A shear known as the Hanging Wall Shear ("**HWS**"), defines the upper limit of the Intra-shear Schist. This shear, which can be up to 25 metres thick, is the most strongly mineralised structure at the Macraes Gold Mine.

The Coronation deposit is located five kilometres to the northeast of the processing plant. Coronation consists of a 15 to 20 degrees dipping HWS that is between three metres and ten metres thick. Unlike deposits to the south, there is very little development of stockwork mineralization beneath the HWS. Located one kilometre further north is the Coronation North deposit, which was discovered in 2015. Coronation North differs from previously mined ore bodies along the HMSZ and comprises a high-grade zone of ENE plunging mineralization associated with a left-hand lateral bend in the strike of the HWS.

The Innes Mills open pit is centred on mining the HWS and subparallel stacked lenses beneath. In outcrop, the shears typically dip 15 to 20 degrees to the east and are approximately five metres thick. Within the open pit, gold mineralization comprises mineralized schist and cataclasite, shear-parallel quartz veins and arrays of sub-vertical quartz veins.

Erratic mineralization locally occurs between the base of the HWS and the Footwall Fault. At the resource drilling stage, this mineralization manifests as poorly developed clusters of elevated gold grades, which often appear discontinuous. During mining, however, these typically present as zones of quartz vein arrays and mineralized shears. The Footwall Fault lies between 80 metres and 120 metres below the HWS and is identified as a cataclastic zone up to ten metres thick. To date, no economic mineralization has been located below the Footwall Fault.

The Golden Point Underground mine ("**GPUG**") encompasses the down-dip continuation of the HWS mined in the Round Hill and Golden Point open pits. Current drilling has shown this to extend more than 700 metres beyond the limit of the open pit design. The thickest, most mineralized part is a series of stacked lodes proximal to the Golden Point open pit. Mineralization continues as a single higher-grade lode down-dip to the north-northeast. Mineralization is contained within the Intra-shear Schist, which is generally 80 metres to 100 metres thick, with the higher gold grades confined to the upper part, which is dominated by cataclasite, lode schist and local stockwork pelite lithologies. Numerous drill holes have penetrated through the Intra-shear Schist into the Footwall Psammite. Mineralization is consistent with the ore delineated in the Golden Point and Round Hill open pits, however down-dip of Golden Point this is constrained to a single lode. The highest gold grades are contained within the strongly developed and visually distinguishable zone within the upper

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hanging wall, characterized by quartz cataclasite, and mineralized schist. This typically forms a well mineralized, continuous zone up to five metres to ten metres thick, with a gold grade of approximately 3 g/t.

Mineralization and Deposit Types

The Macraes deposit is an orogenic style gold deposit, with mineralization broadly synchronous with deformation, metamorphism and magmatism during a lithospheric-scale continental-margin orogeny. Most orogenic gold deposits like Macraes occur in greenschist facies rocks. Orogenic deposits typically formed on retrograde portions of pressure-temperature time paths during the last increments of crustal shortening and thus postdate regional metamorphism of the host rocks.

Mineralization within the HMSZ is hosted within lower greenschist facies pelitic to psammitic metasediments that are variably altered, deformed, and mineralized. This package of schist, known as the Intrashear Schist, is bounded above by the HWS, and below by the Footwall Fault, and can be up to 150 m thick. The thickest parts of the HMSZ comprise multiple, stacked shears and associated quartz vein arrays. The shears have ductile deformation textures overprinted by cataclasis (Craw et al., 1999). The Hangingwall shear, which is the most continuous and intensely mineralized structure, can be up to 25 m thick and is commonly darker coloured due to fine grained graphite and sheared sulphide minerals (McKeag et al., 1989).

There is a strong empirical correlation between gold, arsenic, scheelite, silicification and deformation intensity within the HMSZ. Gold-scheelite-pyrite-arsenopyrite mineralization is associated with replacement and fissure quartz veins within late metamorphic shearing. Shear-parallel quartz veins and cataclastic shears contain the highest gold and scheelite grades.

The following four types of mineralization are recognised within the HMSZ at Macraes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineralized schist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Black, sheared schist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shear-parallel quartz veins, ranging from 1 cm to 2 m; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stockworks (aka quartz vein arrays).

Gold is associated with pyrite and arsenopyrite in all the above styles of mineralization.

Tungsten as scheelite is found predominantly within mineralized quartz veins, although subordinate phases of disseminated scheelite within schist and remobilised stringer veins are also observed.

Mineral Permits and Regulatory Matters

For the Macraes Operation, we hold a contiguous group of permits to the north-west and south-east of Macraes Flat, covering approximately 35 kilometres of strike of the HMSZ. Our permits comprise two minerals permits, MP 41064 and MP 52738, granted under the Crown Minerals Act 1991 (New Zealand) (the "**CMA**"), which governs the prospecting, exploration, and mining of Crown-owned minerals in New Zealand.

The Macraes Operation is fully permitted for current activities, operating under mining permits that provide the exclusive right to explore for and mine Crown-owned minerals (gold and silver) and a suite of resource

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consents, permits and approvals that authorize our associated activities. Macraes owns land in the immediate vicinity of the Macraes Operation, and most of the land within and outside of our minerals permits. Where we do not own land, we can obtain rights to access land from private or Crown landowners. The only surface rights arrangements currently in place to support exploration and mining at the Macraes Operation relate to realigned public roads. Roads are managed by the local Councils and are a temporary arrangement, dealt with under resource consents, while road realignments resulting from mining activities are completed and legalized. There are a number of permanent ecological covenants affecting some of our landholdings at the Macraes Operation, which are located on land not required for mining. As required for environmental and biodiversity offset, a number of covenants in perpetuity are in place to satisfy the resource consent (permitting) process.

With respect to mineral permit, MP 41064, which expires in 2030, an annual royalty is payable to the Crown set at the greater of 1% on net sales revenues from gold, silver and (for parts of the permit area) other minerals, including calcium tungstate mineral ("**scheelite**"), or 5% of accounting profits. With respect to gold and silver recovered from mineral permit, MP 52738, which expires in 2045, a royalty of 2% ad valorem is payable to the Crown annually. A royalty in an amount that is yet to be fixed will also be payable in respect of any scheelite recovered from the permit area. A royalty is payable to OW Hopgood on any gold, scheelite, or other minerals recovered from a specified project area in an amount equal to 5% of recovered minerals if recovered by open pit mining, and 3% of recovered minerals if recovered by underground mining.

Minerals permits are maintained in good standing by complying with the relevant work program commitments and submitting technical and annual reports to the regulators, as required. There are currently no known significant risks to access or title of the Macraes minerals permits or ability to currently perform work at the Macraes Operation under existing resource consents, or environmental liabilities that are not already appropriately bonded and managed under resource consent conditions.

In December 2024, the New Zealand Parliament passed the FTA Act for regionally and nationally significant infrastructure and development projects. The MP4, a mine extension permit, is one of 149 projects listed in Schedule 2 of the FTA Act with staged lodgement of applications. In the fourth quarter of 2025, work commenced on the MP4 Fast-track application for the required permits for the ongoing mine life extension plans, expected to be submitted in the third quarter of 2026. Current mining operations have resource consents up to 2028 while the TSF has resource consents up to 2032.

Environmental and Social Matters

Environmental management and mitigation measures are in effect at the Macraes Operation to achieve compliance with resource consent conditions. These consents are issued by the Otago Regional Council, the Waitaki District Council and the Dunedin City Council to authorize use of, and discharges to, land, water, and air, and are issued subject to various conditions.

Consent conditions include the requirement to lodge a bond that secures environmental performance undertakings, that is independently assessed, updated annually and peer reviewed by the applicable Councils. There is also a requirement to avoid, remedy or mitigate significant effects on the environment and offset or compensate residual effects, and monitor and report on compliance activities undertaken in accordance with the consent conditions. TSFs are designed, constructed, maintained and managed in line with the New Zealand Society on Large Dams (NZSOLD) guidelines, along with meeting domestic NZ Building Act (Dam Safety) requirements administered and authorized by the Otago Regional Council and Environment

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Canterbury. The Macraes Operation manages geochemical and geotechnical stability of TSFs and waste rock disposal on an ongoing basis to ensure consent compliance. Progressive rehabilitation is ongoing.

A key component of the resource consenting process is consulting with stakeholders, including local iwi (Māori) who maintain a strong cultural connection to the area. Understanding their concerns and, where possible, integrating those concerns into project design and execution forms a key part of maintaining a sound relationship. We are continually engaging with affected individuals and groups on our operational plans and activities.

An extensive volume of environmental data continues to be collected for compliance and operational purposes at the Macraes Operation, including surface water, groundwater, noise, vibration, dust, and terrestrial and aquatic ecology. The data is gathered as part of the environmental monitoring program and assessing the effectiveness of mitigation strategies, and understanding residual impacts from the Macraes Operation.

We continue our 20-year partnership with Otago Fish and Game, a semi-government organization, to manage a Trout Hatchery on the Macraes site. During 2025, we continued to strengthen our relationship with local iwi and have a proactive engagement and collaboration plan in place.

Exploration

The Macraes area is a mature exploration district and much of the near-surface strike potential has been tested. There remains potential for discovery both down dip of previously mined open cuts and underground operations and along strike to the north and south.

Detailed geological mapping, geophysical surveys (including seismic surveys, magnetic and electromagnetic surveys), geochemical surveys (including stream sediment sampling, soil sampling and trenching), remote sensing and aerial photography, have been completed along the strike of the HMSZ. These form the basis for on-going exploration and generation of new targets. Those target areas with favourable characteristics for gold mineralization are systematically tested with drilling.

Please see "*Production, Development and Exploration*" below for information relating to our planned exploration activities in 2026.

Drilling

As at December 31, 2025, over 1,151,000 metres in approximately 8,985 drill holes have been drilled from surface at the Macraes Operation. In 2025, full year exploration expenditure totalled $6.6 million for a total of 30,500 metres drilled across Coronation, Coronation North, GPUG and Innes Mills, primarily targeting the definition and conversion of Inferred Mineral Resources. Exploration in 2025 was focused on increasing confidence in mine life extension targets.

Holes usually have been surveyed at 30 metre intervals to the end of the hole. RC holes and diamond core are generally logged and classified at one metre intervals with exceptions for lithology changes in diamond core holes.

Drill hole information is stored in a secure acQuire database. For drill holes prior to 1994, only collar, interval and assay information has been entered into the database, while post-1994 entries contain all logged

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information for each drill hole. Due to the long exploration and mining history of the Macraes Operation, the quality control database is incomplete for some of earlier drilling (1980s) making complete and thorough investigation impossible. However, most of the Mineral Resources supported by early drilling have now been mined out and therefore no longer represent a significant risk to the operation.

The available recovery and QA/QC data, in addition to 35 years of mining and reconciliation data, indicate the assay data meet acceptable limits of accuracy and precision and is therefore suitable for the purposes of grade estimation.

Please see "*Production, Development and Exploration*" below for information relating to our planned drilling in 2026.

Sampling, Analysis and Data Verification

The sampling approach at the Macraes Operation consists of drill cuttings (RC percussion drilling) and half cut core samples (diamond drill core). The diamond drilling sampling procedures has remained relatively constant over the life of the project, while the sampling of the percussion drilling has changed dependent on the drilling method.

Sampling of the RC percussion drilling is completed by trained employees who are supervised by technical staff. The sampling, splitting, tagging, bagging and storage of RC percussion drill holes is carried out in accordance with industry protocols and standards.

Drill core is logged and photographed, and the sections of core considered to be mineralized, or proximal to mineralized zones, are cut in half using a core saw and sampled by trained technicians and geologists, in accordance with sampling and QA protocols.

Sample recovery from RC percussion drilling and diamond drill core is routinely recorded in geological logs and recovery data is stored in a database. Sample preparation for analysis is carried out by independent laboratory staff Amdel Limited ("**Amdel**") or SGS New Zealand Limited and is not conducted by any of our employees.

Between 2009 and mid-2011, all diamond core samples from surface exploration drilling, and most RC percussion drill samples were processed and analyzed by SGS laboratories in Ngakawau and Waihi. Samples were dried, crushed, split and then pulverized. One 50-gram pulp split was sent to SGS Waihi and analyzed for gold by fire assay. A second 50-gram subsample was retained in Ngakawau and used to make pressed powder pellets for XRF spectrometry analysis for arsenic and tungsten.

In mid-2011, SGS opened a new laboratory facility in Westport and took ownership of the laboratory services contract at the Macraes mine site. All the RC percussion chips and diamond core drill samples since 2011 were analyzed by SGS at the Macraes laboratory in New Zealand, using the process described above.

From 2010 until 2012, the independent ALS Laboratory Group Minerals laboratory in Brisbane, Australia was retained to analyze high value (deep) diamond drill holes from surface drills to test the down dip extent of the now-closed Frasers Underground mineralization and potential blind ore shoots. Half-core (NQ or HQ) samples were cut and sampled by our personnel and delivered to ALS Brisbane laboratory by freight companies. All sample preparation and analysis were completed by ALS employees. After crushing and pulverizing, all samples were analyzed by fire assay.

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To more fully understand the tungsten potential, during 2013, selected sample pulps from Round Hill/Southern Pit and the Frasers 6 areas were retrieved from storage and analyzed for tungsten. An orientation study was completed to assess the veracity of this approach, then initial analyses were carried out using our portable XRF ("**pXRF**") analyzer.

From March 2025 SGS New Zealand Limited started running geology and routine plant samples from Macraes through the Chrysos Photon Assay instrument. Photon assay results currently represent 2.0% to 2.2% of the sample data within three open pit Resource estimates (Coronation North, Coronation and Innes Mills) and 0.6% of the Golden Point Underground Resource estimate.

In December 2025, 250 samples analysed by Photon Assay at Macraes were sent to SGS Waihi for umpire checks by Fire Assay. Results are expected in early 2026.

As mentioned above, the QC database is incomplete for the Macraes Operation, in part due to the long exploration and mining history. Where available, the recovery and QA/QC data indicates the assay data are acceptable. The risk associated with the incomplete data is mitigated by the available mining and reconciliation data which supports the quality of the information. The data is suitable for the purposes of grade estimation. Potential biases associated with the sampling of wet RC percussion drilling has been addressed by replacing wet sampled RC percussion drill holes with their corresponding diamond or dry RC twins; or, in cases where no twin drill hole exists, globally determined wet sample bias correction factors have been used to factor gold grades for wet RC percussion drill hole samples.

Mineral Processing and Metallurgical Testing

Over the past 36 years, we have developed considerable experience in development and operation of the complex ore processing technology required to optimize gold recovery from the Macraes refractory ores. Emphasis is placed on efficiency, recoveries and cost control. The relatively high tonnage processed, the simple flotation reagent regime and economies resulting from concentration of the gold into a flotation product comprising between 1.5% and 3% of the ore mass treated reduce the operating cost. The low operating cost of the core sulphide process is due to low comminution costs (driven by the coarse grind, and relatively soft ore).

We conduct a metallurgical ore testing program at the Macraes Operation using core from recently drilled areas to determine ore recovery parameters. The data produced from the test work feeds into the recovery models used in the life of mine plan. Test work checks ore amenability to the Macraes flowsheet of grinding/flotation and leaching.

Please see "*Processing and Recovery Operations*" below for additional information.

Mining Operations

Open Pit Mining

The open pit mining operation at Macraes utilizes hydraulic excavators and diesel rigid dump trucks to extract both waste and ore, while an electric-hydraulic shovel is restricted to bulk waste. Blasting requires relatively light powder factors compared with some other operations due to the comparatively weak and fractured rock mass. Ore is blasted in 7.5 metre-high benches and excavated in three, nominally 2.5 metre-high, flitches.

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For backhoe excavators, waste is blasted in 15 metre benches and excavated in four flitches, and for the electric shovel, waste is blasted and excavated in 10 metre benches.

The open pit fleet is held to a consistent size from 2026 to 2032. The fleet includes three Hitachi EX3600 backhoe excavators, one Hitachi EX3600 electric shovel, and one Hitachi EX2500 excavator loading up to twenty-four Caterpillar 789C/D haul trucks. The open pit hauling fleet is reduced to twenty-one trucks in 2031 and five trucks in 2032.

Underground Mining

Macraes underground mining is completed by a combination of retreat uphole and reverse-fire open-stoping methods along the line of strike. The underground ore is dumped at an in-pit stockpile location and rehandled by the open pit fleet to the process plant's ROM stockpile. Dilution and ore loss factors used in the mining schedule are supported by extensive operating experience. The underground retreat uphole stope mining operation utilizes electro-hydraulic development jumbos, diesel load-haul-dump units, diesel haul trucks and longhole drill rigs to extract both waste and ore. The uphole retreat stope voids are not backfilled, and the mine design utilizes yielding pillars between adjacent extracted stopes to gradually deform over a timeframe that permits ore extraction.

The current underground longhole open stope uphole fleet will be maintained from 2026 to 2028, reducing to one truck and two loaders in 2029.

Processing and Recovery Operations

The Macraes Operation process plant comprises a crushing and grinding circuit that reduces ROM ore to a nominal particle size of 80% passing 120 microns ("**µm**") to 140 µm at a treatment rate of approximately 6.2Mtpa to 6.4 Mtpa. The sulphide ore is then recovered through the flotation circuit to produce a concentrate, which is reground down to an 80% passing size of 15 µm. Grinding of the flotation concentrate is required to make it suitable for treatment in the pressure oxidation process.

Plant availability and utilization has been maintained at approximately 95% and 94%, respectively, which is at the high end of typical industry benchmarks for similar designed plants of the same age. Overall, recoveries are considered reasonable given the refractory, preg-robbing (*i.e.*, weakly carbonaceous) nature and low feed grade of the ores. The processing plant has the capacity to treat up to 6.6 Mtpa and incorporates a SAG mill, flotation circuit, autoclave for pressure oxidation of the concentrate, CIL plant and smelting facilities.

In the pressure oxidation circuit, the sulphide ore in the concentrate is oxidized suitably for gold recovery in the CIL circuit. The CIL and elution processes recover the gold into a concentrated solution from where the precious metal is recovered through electrowinning, with final smelting of the electrowinning cathodes into gold doré.

Infrastructure

We maintain required infrastructure at the Macraes Operation, including road access, power, water supplies and administration facilities. Surface infrastructure required to support the life of mine plan is in place or requires only minor modifications.

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Tailings and waste rock disposal facilities are maintained and managed on an ongoing basis. Progressive rehabilitation is ongoing. There is enough tailings storage capacity in the current Frasers Tailing Storage Facility ("**FTSF**") to store tailings for the remainder of the current planned mine life. A raise of the FTSF to accommodate tailings to beyond 2032, for future growth opportunities is being designed for resource consent and permit application to be submitted in the third quarter of 2026.

Capital and Operating Costs

The table below summarizes the 2025 operating and capital costs for the Macraes Operation:

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| **Operating Costs and Capital Summary 2025** |  |
| **Operating Costs** | **$M** |
| Mining costs (net of capitalized amounts) | 90.8 |
| Process plant costs | 56.3 |
| G&A costs | 27.2 |
| Royalties, freight, handling and refining costs | 14.6 |
| **Total operating costs** | **188.9** |
| **Capital and Exploration Expenditures** | **$M** |
| Sustaining capital | 38.1 |
| Deferred stripping and capitalized mining  | 46.6 |
| Growth capital | 2.8 |
| Exploration | 6.6 |
| **Total capital and exploration expenditures** | **94.1** |
| **Unit Metrics** | **$/t** |
| Mining cost (open pit) per tonne mined (including allocation of any capitalized mining costs) | 1.78 |
| Mining cost (underground) per tonne mined (including allocation of any capitalized mining costs) | 51.61 |
| Processing cost per tonne milled | 9.13 |
| G&A cost per tonne milled | 6.02 |

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Production, Development and Exploration

The Macraes Operation produced 147,007 ounces of gold in 2025 and is expected to produce 135,000 to 155,000 ounces of gold in 2026. Gold production is expected to be lower in the second half of the year when mining from Innes Mills Phase 8 is completed and open pit activities transition to stripping Innes Mills Phase 9. This will be partially offset by smaller-scale ore production from Coronation North Phase 5 in the second half of the year.

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The table below summarizes 2026 capital investment guidance for the Macraes Operation:

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| **Capital Investment Guidance 2026** | **$M** |
| Sustaining | 30 |
| Deferred stripping & capitalized mining | 65 |
| Growth | 10 |
| Exploration | 10 |
| **Total investments** | **115** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Assumes NZD:USD exchange rate of 0.58.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Excludes capital leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Capital Investment Guidance range of ±5%

In 2026, total capital investment at Macraes is expected to be $115 million. Pre-strip and capitalized mining costs are associated primarily with activities in Coronation Phase 5 in the first half and Innes Mills Phase 9 in the second half of the year. Sustaining capital expenditure relating to mine life extension includes equipment rebuild costs, process plant resilience, and environment and permitting work related to further life extension.

Significantly increased exploration expenditures will focus on increasing confidence in mine life extension targets and expanding known Mineral Resources in light of the current gold price environment. Exploration activity is set to increase to $10 million in 2026 with approximately 45,500 metres of drilling planned. Drilling in the first quarter of 2026 will focus on Mineral Resource conversion at Coronation and GPUG and Mineral Resource definition at GPUG extension and Innes Mills, where we will be evaluating the potential for future phases and cutbacks of existing open pits. Away from the active mining areas, additional work is planned at Golden Bar and Nunns to further support Mineral Resource development and mine planning activities.

In the fourth quarter of 2025, work commenced on the MP4 Fast-track application for the required permits for the ongoing mine life extension plans, expected to be submitted in the third quarter of 2026.

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**Waihi Operation**

Certain portions of the following information are derived from and based on the Waihi Technical Report, and are based on the assumptions, qualifications and procedures set out therein. For a more detailed overview of the Waihi Operation, please refer to the Waihi Technical Report, which is available under our profile on SEDAR+ at <u>www.sedarplus.ca</u> and on our website at <u>www.oceanagold.com</u>. We have also provided information that post-dates the Waihi Technical Report.

Property Description, Location, Access and Ownership

The Waihi Operation is located within the Hauraki District on the North Island of New Zealand, 142 kilometres southeast of Auckland, in the North Island of New Zealand. The town of Waihi ("**Waihi**") is located at the foot of the Coromandel Peninsula and is accessed by the State Highway 2 dual carriageway. Martha Underground ("**MUG**"), Martha Open Pit ("**MOP**") and Gladstone Open Pit are located within Waihi. WUG is located approximately ten kilometres north of Waihi.

The Waihi Operation is accessible on paved roads and highways from State Highway 2 to the mine entrance on Baxter Road, located one kilometre south of Waihi. The international airport at Auckland is a 90-minute drive from the Waihi Operation.

The Waihi Operation comprises two areas of mineralization, being open pit and underground mining. Open pit operations are currently suspended. The underground operations, collectively referred to as MUG, comprise mining activities within the Edward, Empire West, Empire, Royal East and Rex mining areas. The proposed Waihi North Project includes the development of a new underground mine at WUG.

The Waihi Operation is 100% owned and operated through our wholly owned subsidiary, OGNZL.

Please see "*Mineral Permits and Regulatory Matters*" below for information relating to the nature and extent of our title to the Waihi Operation, applicable royalties and permitting matters. Please also see "*Environmental and Social Matters*" below.

History

The town of Waihi was established when the original Martha Mine opened as an underground operation in 1879. The mine produced approximately five million ounces of gold-silver bullion from about 12 million tonnes of ore between 1879-1952. The historic mine extracted five main sub-parallel lodes together with numerous branch and cross lodes. Early stoping employed the cut and fill method, but this was phased out and largely replaced after 1914 by the shrink stoping method. Stopes were generally not backfilled after 1914 but left open. The workings reached a total depth of 600 metres from surface on 16 levels. Seven main shafts were used to access the mine and obtain supplies underground. Numerous other shafts were developed for ventilation and exploration. In 1894, the Waihi Gold Mining Company adopted the cyanide process for gold extraction, used for the first time globally at the nearby Crown mine in Karangahake.

The Martha vein system was then mined as an open pit from 1988 to 2015, producing approximately two million ounces of gold. Open pit operations were suspended following a localized ramp failure in April 2015.

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Underground mining recommenced in 2004, and various vein systems have since been mined around Waihi to date.

Minor historical underground mining took place at Wharekirauponga between 1893 to 1897 producing 19 ounces of gold.

Modern prospecting and exploration at Wharekirauponga was first carried out between 1978 and 1993 by Amoco, BP and others which included 5,500 metres of drilling in 23 drill holes. Exploration drilling at Waihi between 1979 and 1984 by Waihi Mining and Development Ltd. and AMAX Exploration Ltd. identified large open pit mineralization within the confines of the historic mining area.

Following the granting of permits, MOP began operations in 1988 as an unincorporated joint venture between subsidiaries of Normandy Mining Limited Group ("**Normandy**") and Otter Gold Mines Ltd ("**OGML**"). OGML's holding was acquired by Normandy in 2002 and Newmont Mining Corporation ("**Newmont**") acquired full ownership of the Waihi Operation in 2002 through the acquisition of Normandy.

We acquired full ownership of the Waihi Operation from Newmont in October 2015.

Geological Setting, Mineralization and Deposit Types

Geology

MUG and WUG are located within the Coromandel Peninsula which hosts over 50 known gold and silver deposits that make up the Hauraki Goldfield. The peninsula is built up of Miocene to Quaternary volcanic rocks (the Coromandel Volcanic Zone) overlying a Mesozoic basement. It is bound to the west by the Hauraki Rift, a large graben filled with Quaternary and Tertiary sediments, and to the south by volcanics deposited by the presently active Taupo Volcanic Zone (TVZ).

Mineralization and Deposit Types

The gold and silver mineralization occurs within low-sulphidation, epithermal quartz vein systems occupying large, north to northeast trending, normal faults and their subsidiary extensional structures. These veins are typically banded in nature and hosted by the andesite volcanics. There are commonly minor amounts of base metals, including sphalerite, galena and chalcopyrite that increase with depth. These are not economic and are not recovered. The rocks are typically hydrothermally altered with quartz, adularia, calcite, chlorite and smectite extending over tens of metres from major veins.

The mineralized zones comprise a network of multiple vein sets that collectively strike greater than 1,000 metres, with a current vertical range of 300 metres (Wharekirauponga) and greater than 500 metres (Waihi) and include veins typically between 0.5 metres and five metres in width (but may be up to 30 metres locally). The main gold-bearing minerals are electrum and silver sulphides developed within quartz veins.

The geological controls on mineralization are well-understood and are sufficient to support the estimation of Mineral Resources and Mineral Reserves for the Waihi Operation.

Mineral Permits and Regulatory Matters

Our prospecting, exploration and mining permits issued under the CMA provide exclusive rights to minerals owned by the Crown, including gold and silver, and confer rights to access those minerals underground, but

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not at surface without landowner access approval. All existing gold mining activities in Waihi including the current MUG, the ore processing plant, existing tailings facilities and the inactive MOP are within the Favona mineral permit, MP 41808.

Mineral permit, MP 41808 extends across an area characterized by urban and rural land use. Land ownership is variable, including parcels we own and those owned by private landowners and government agencies. All requisite landowner approvals are in place as required for surface land access to support the existing MUG operations. In addition to land access and mineral rights, we hold a suite of resource consents from the Hauraki District Council and Waikato Regional Council authorizing mining within the MP 41808 area.

Wharekirauponga is held under MP 60541. The proposed WUG and the related planned portal, dual access tunnels and surface infrastructure are either within land owned and administered by government agencies including the Department of Conservation ("**NZ DOC**") or are within land we own, or have no surface expression for which land access rights are required. The proposed Willows access tunnel is located on land variously owned by us, private landowners, and government agencies that is characterized by rural and urban land use and has no surface expression beyond portal access at Willows (on land we own) for which third party land access rights are required.

During 2025 we secured access rights over government-owned land for the services trench connecting Willows to the existing Waihi Operation, and resource consents authorizing the construction and operation of the services trench, and we commenced construction. We also secured necessary approvals to facilitate 'early works' for surface infrastructure on land we own at Willows. In December 2025, we obtained Fast-track Approvals for the Waihi North Project, which includes WUG, under the FTA Act. The FTA Act and ancillary approvals processes, subject to conditions, secure surface access rights over government-owned land, in the form of access arrangements issued under the CMA or licences and easements, as required for exploration, environmental management and monitoring activities, ventilation rise structures, the proposed surface facilities site at Willows and the new TSF 3.

An access arrangement with NZ DOC has been granted to allow for exploration activities (including surface drilling) to take place within MP 60541. The FTA Act approvals processes include a new access arrangement with NZ DOC to secure land access for additional exploration sites and environmental management and monitoring activities.

The FTA Act approvals provide for the development of the Waihi North Project to commence on a timetable that allows us to commence decline and underground development work for the proposed WUG mine in mid- 2026.

The FTA Act appeal period expired on February 5, 2026, and notification of any appeals was required by February 13, 2026. We received a notice of appeal from one party and remain confident in our ability to defend this appeal. No injunction has been sought on our current activities and we continue to progress the project in line with the accelerated plan.

In accordance with the CMA, annual royalties from MUG and WUG are payable to the Crown at the greater of 1% on net sales revenues from gold and silver or 5% of accounting profits. In addition, parts of mineral permits MP 60541 and MP 41808 are subject to a 2% royalty payable to OR Royalties Inc. (formerly Osisko Gold Royalties Limited).

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Environmental and Social Matters

Waihi

The Waihi mine holds all environmental permits, water rights, certificates, licences and agreements required for the operation of the current mine and relevant activities. Since the start of operation, the site has collected over 30 years of environmental data, relating to noise levels, blast vibration, air quality, surface and treated water discharge quality, ground settlement and ground water levels. This data is reported to various regulatory bodies as required by our various consents and permits.

External independent experts are engaged annually to assist in their review of relevant monitoring reports. Failure to comply with the conditions of resource consents may lead to payment of fines, prosecution and, in the most severe cases, review or cancellation of consent.

We have established various stakeholder engagement forums for the representation of stakeholders and project affected people including iwi (Māori), local resident groups, community-based organizations and local government. Community engagement and consultation is an ongoing component of the existing Waihi Operation.

Waihi North Project

We obtained the FTA Act approvals for the Waihi North Project, which includes WUG, in December 2025. As part of the consenting approval process, we commissioned independent experts to provide a range of specialist environmental technical reports on the actual and potential effects to the environment of allowing the activities associated with developing and operating the Waihi North Project.

The technical assessments concluded that the Waihi North Project's effects can be responsibly managed through the application of the effects management hierarchy, to produce appropriate environmental, social and cultural outcomes. We manage the majority of any potential adverse effects through prevention and mitigation, including the use of offsetting and compensation for residual effects, if any, on terrestrial and aquatic biodiversity and habitat values, so that residual effects are minimized. The Waihi North Project is targeting a biodiversity net gain, incorporating measures for the sole purpose of providing benefits to the environment, in recognition of the conservation purpose of the land above the proposed WUG operations.

Community engagement and consultation for the Waihi North Project commenced in 2020, although initial engagement with iwi and regulators began much earlier, around 2017. We have well-established positive working relationships with key stakeholders, and this has provided a solid platform for understanding and respecting diverse viewpoints. Understanding the relationship between the project and the external context is crucial to effective stakeholder engagement. Building trust through the open sharing of information and perspectives helps to inform decision making, and progress the consenting process based on mutual trust and shared values.

We recognize the special relationship that iwi have with land and water, and that this relationship is important to spiritual and cultural well-being. We have extensive consultation programs in place with iwi covering the operating mine, the mineral exploration program and new projects.

Of the nine groups that claim cultural interests and associations with the proposed Waihi North Project area, four have provided a Cultural Impact Assessment ("**CIA**") for the Waihi North Project. The remaining five iwi groups have either chosen not to complete an assessment, defer to another iwi group they recognize as

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having authority over specific matters, or opted not to engage further. We are currently progressing a number of initiatives with these iwi groups arising from the recommendations of these CIAs. These include revitalizing the site's existing Iwi Advisory Group and establishing a Mātauranga Māori Monitoring Programme, which would integrate traditional Māori knowledge into the site's environmental monitoring and management framework.

Exploration

Historic exploration undertaken at Waihi since the discovery of gold in 1878 has included underground and open pit mapping, geochemical sampling, spectral analysis, airborne geophysical surveys, ground resistivity geophysics and extensive diamond drilling. Exploration conducted at Wharekirauponga since 1986 has consisted of geological and structural mapping, geochemical sampling, airborne, ground and downhole geophysical surveys and surface diamond drilling.

Since 2015, we have carried out further exploration activity within the Waihi and Wharekirauponga areas. Work has included geological mapping and rock sampling for spectral and geochemical analysis, soil surveys, structural analysis and ground resistivity in the form of controlled-source audio-frequency magnetotelluric ("**CSAMT**") and gravity survey.

This exploration has been successful in defining and delineating extensions to the Waihi vein system that has supported the production profile. At Wharekirauponga, we have defined a high-grade Measured and Indicated Mineral Resource that is open to the south and north, with further potential at depth.

Please see "*Production, Development and Exploration*" below for information relating to our planned exploration activities in 2026.

Drilling

Since 1980, approximately 435 kilometres of diamond core has been drilled in Waihi (MP41808) of which 367 kilometres has been completed by us since we acquired it from Newmont in 2015. Approximately 86 kilometres of diamond drilling at Wharekirauponga (MP 60541) has been drilled, of which 74 kilometres has been drilled by us. Additionally, approximately 86 kilometres has been drilled in approximately 4,000 RC grade control holes during the open pit operation. Recent diamond drilling has largely focused on the Wharekirauponga, Martha and Gladstone deposits The exploration programs completed to date are appropriate to the style of the deposit and prospects. Full year 2025 exploration expenditure totalled $17.3 million for a total of 21,600 metres drilled across the Waihi District.

Diamond drill holes are drilled from both underground and the surface using triple tube wireline methods with some surface holes pre-collared through post-mineral rocks by tricone or Stratapac. Surface holes are collared using large-diameter PQ core (85-millimetre diameter), both as a means of improving core recovery and to provide greater opportunity to case off and reduce diameter when drilling through broken ground and historic stopes. PQ drill hole diameter is usually reduced to HQ (63-millimetre diameter) at the base of the post-mineral stratigraphy. Underground drill core diameter is usually HQ and sometimes reduced to NQ (47-millimetre diameter) and rarely BQ (36-millimetre diameter) where necessary, particularly around historical underground workings in Waihi. Drill core is routinely oriented below the base of the post-mineral stratigraphy.

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Please see "*Production, Development and Exploration*" below for information relating to our planned drilling in 2026.

Sampling, Analysis and Data Verification

Diamond core is sampled using intervals chosen by the logging geologists based on geological boundaries or assigned a nominal length of one or two metres. Once core is logged, photographed and sample intervals allocated, it is cut in half length ways. If a vein is present, the cut line is preferentially aligned to intercept the downhole apex of the structure. Within each sample interval, one half of the core is bagged for sampling and the other is kept in storage. Whole core is sampled under the following conditions: underground grade control drilling; exploration drilling on occasion where there was significant core loss coupled with visible electrum; and exploration drilling all BQ core is whole core sampled due to reduced sample volumes.

Underground face samples collected by the ore control geologists are selected according to visual changes in lithology, vein texture and/or alteration. The minimum face sample interval size is 0.3 metres with a maximum interval of two metres. The geologist assigns three QA/QC samples per face. The sample is taken by chipping rock into the collection hoop on a continuous line across the interval, starting with the first interval on the left-hand side of the face.

Labelled calico bags containing the cut core or underground face samples are routinely transported to the local, independent SGS laboratory in Waihi for sample preparation.

Samples are dried and crushed to 80% passing 3.3 millimetres, then ring pulverized to 80% passing 75 µm. Approximately 30 grams of the pulverized material is assayed for gold by fire assay followed by AAS determination. Exploration samples are also analyzed for silver, copper, arsenic, lead, zinc and antimony, by Aqua Regia digest and ICP-MS. Wharekirauponga drill core sample intervals where visible electrum is logged are followed up by a subsequent screen fire assay after the routine 30-gram fire assay.

In addition to routine QC procedures, umpire assays are carried out at the independent Ultratrace Laboratories in Perth and/or ALS in Brisbane, Australia. Multi-element data are obtained routinely from the Waihi SGS laboratory for all exploration assay samples for the elements silver, copper, arsenic, lead, zinc and antimony, which are potential pathfinders for epithermal mineralization. For samples with over-range silver and lead, these elements are found to be extracted more efficiently by using a more dilute Aqua Regia digest (one gram sample weight rather than the standard ten gram per 50 ml). Selected samples from greenfield drilling may undergo additional multi-element analysis at the ALS laboratory in Brisbane, Australia.

Drill core QA/QC sample preparation at the Waihi SGS laboratory is monitored through sieving of jaw crush and pulp products, routine generation of duplicate samples from a second split of the jaw crush and calculation of the fundamental error. One or two standards and a blank are inserted for every 20 core samples. Data acquired by sampling, analysis and test work is reviewed prior to use in estimation. The Waihi protocol requires CRM (standards) to be reported to within two standard deviations of the Certified Value.

The sampling methods have been considered by qualified persons as acceptable, meet industry-standard practice and are acceptable for Mineral Resource and Mineral Reserve estimation and mine planning purposes. The quality of the analytical data is reliable and sample preparation, analysis and security are performed in accordance with exploration best practices and industry standards.

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Internal and external data verification programs and audits are performed on a regular basis. This work supports the geological interpretations and the database quality and therefore supports the use of the data in Mineral Resource and Mineral Reserve estimation and in mine planning.

Mineral Processing and Metallurgical Testing

With more than 36 years of proven operating performance across the Waihi District, there is a high level of confidence that the Waihi process flowsheet is well suited to the mined rock composition and associated mineralization. Significant operating experience and metallurgical test work data have been accumulated over the life-of-mine informing the development and selection of processing options for future orebodies.

Metallurgical test work on Wharekirauponga mineralization has been used to generate recovery and throughput estimates for inclusion in the WUG technical and financial models. To support the test work program, a geometallurgical matrix was developed identifying the main gold bearing domains and composites targeted for metallurgical analysis. The basis was that the existing grind/leach process would be suitable for treatment of the WUG orebody.

Test work results support ongoing use of the existing Waihi plant flowsheet, with plant expansions to enable higher WUG throughput rates. Metallurgical analysis also confirmed that the existing P80 targets of 75 µm for open pit ores and 53 µm for underground ores can be expected to continue to deliver gold recoveries of greater than 90%.

Please see "*Processing and Recovery Operations*" below for additional information.

Mining Operations

MUG

MUG is accessed via the existing Favona portal through the existing Trio and Correnso workings and shares the ventilation development and shafts as well as the underground workshop, crib room and dewatering systems.

Development of MUG commenced in mid-2019. Development has focussed on ramp access for Edward, Empire, Rex and Royal mine areas, footwall, fill, and ore drive development, ventilation and secondary egress connections, and drilling platforms. Two portal breakthroughs have been completed in the southwestern corner of MOP and are being used for ventilation and secondary egress purposes and dumping of underground waste into the bottom of the pit.

The development strategy involves mining of declines for access to five main production areas. Access drives are mined to develop drilling and loading levels, generally intersecting the orebodies centrally. Access drives are spaced generally at 14 metres to 18 metres vertically over the height of the mine floor to floor primarily to limit blast vibration, but this also assists hanging wall and footwall stability. Ore drives and access drives will be developed in both directions along strike from the access drives. Stockpiles are mined off the decline and in levels for truck loading.

The key differences with recent operating practices involve the development of footwall drives, crosscuts and pass systems in selected locations mainly confined to Edward, Empire East and Empire West to backfill the historical workings. Crosscut spacing is generally at 15 metres. Historical stopes are backfilled to provide both regional and local stability.

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There are permit conditions on blasting and backfill constraints at MUG, and Modified Avoca mining was selected as the preferred mining method.

Approximately 50% of the Mineral Reserves estimate will involve the extraction of remnant skins in the footwall or hanging wall of previously mined (historical) stopes, or the extraction of both remnant skins. Historical backfill may also be mined, as this material may be above the cut-off grade. However, as this material is currently classified as Inferred Mineral Resource, it is not included in the Mineral Reserves estimate.

Following operating practices and detailed studies over the last nine years, the following methods are applied for the extraction of remnant areas, adjacent to historic workings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Modified Avoca method whereby the historic stope is backfilled with cemented fill prior to stoping and the remnant skin is extracted by conventional modified Avoca using rockfill in a bottom-up sequence that exposes the cemented fill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Modified Avoca method adjacent to the collapsed historic stope where backfill with CRF is not feasible and a stand off from the historic wall of three metres is maintained with lower estimated recoveries, higher dilution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remote, side ring method where the historic backfill is extracted together with remnant wall rock in a top-down sequence with cemented backfill; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transverse stoping method where the historic backfill is extracted together with remnant wall rock in a top down or bottom-up sequence with cemented or rock backfill.

The side ring and transverse mining method for the extraction of remnant skins and historic backfill use conventional drilling and remote loading methods. This method involves additional waste development adjacent to the remnant stopes, which increases overall development quantities and mining costs. Permit conditions and the mining method require all stopes and selected developments to be backfilled.

WUG

There is currently no mining at WUG, as design and development continues.

A geotechnical field characterization program has been undertaken to assess the expected rock quality. This program included logging core, laboratory strength testing, in situ stress measurements and oriented core logging of jointing. The results of this program have provided adequate quantity and quality of data for PFS-level design of the underground workings.

A geotechnical assessment of the orebody shape and ground conditions has determined that a combination of longhole open stoping in wide areas and modified Avoca stoping in narrow areas are appropriate mining methods. Stopes have been sized to maintain stability once mucked empty. Within the wider areas, a primary/secondary extraction sequence with tight backfilling allows optimization of ore recovery while maintaining ground stability. Primary stopes and selected secondary stopes will be backfilled with cemented rockfill. The design has been laid out using empirical design methods based on similar case histories. The modelling results confirm that stopes and access drifts are predicted to remain stable during active mining.

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Stope optimization was completed on the Mineral Resource model based on a level interval of 20 metres high. In the wider transverse stoping areas, the stope length was set to 15 metres along strike and the maximum width limited to 20 metres, whereas in the narrower Avoca areas, stope length was based on geotechnical considerations.

Within the transverse mining area, each stope has a five metre by five metre access located at the bottom of the stope. Top accesses (also five metre by five metre) are designed to give access to stopes on the next level and to allow for backfilling. The stopes will be drilled from the top and rings will be blasted from the end of a stope toward the footwall access. The blasted material will be mucked using tele-remote equipment. A primary/secondary stoping sequence will be used. The stopes will be connected to a level access located in waste material and to the main ramp, which is located in the footwall. Each level access is connected to the ventilation system. Ore will be mucked from the bottom stope access using 17 tonne loaders and loaded into 50 tonne trucks for haulage to surface.

The underground mine production schedule is based on the productivity rates developed from a combination of existing MUG benchmarking, first principles and benchmarking against similar projects where applicable. The schedule was completed based on mining operations occurring 365 days/year, seven days/week, with two 12 hour shifts each day. A production rate of approximately 2,200 ore tonnes per day is targeted, with ramp-up to full production in 2033.

The surface works involving service trench, bulk earthworks and expansion of the water treatment plant is underway. Underground portal development is scheduled to begin in mid-2026. Portal development is required before the decline access can begin. Material development ore is anticipated to be achieved in 2032 with first production from the stopes scheduled to occur in 2033 and last through to 2038 based on the current Mineral Reserves estimate. Further exploration is planned to be undertaken with the objective of increasing the known Mineral Resources and Mineral Reserves.

Processing and Recovery Operations

A conventional process is used for gold recovery at the Waihi Operation. The processing plant has been operational since 1988, undergoing a major upgrade in 1999 to increase overall throughput capacity and a minor upgrade in 2006 to allow campaign treatment of underground ore. Its current throughput capacity is approximately 0.7 Mtpa when milling 100% underground ore.

Ore is processed using a SABC grinding circuit with a secondary pebble crusher, followed by carbon-in-pulp (CIP) leaching. Gold is absorbed onto carbon then stripped in solution, passed through electrowinning and smelted to produce gold doré for sale.

Considerable operating experience and metallurgical test work data have been accumulated over the life-of-mine, and this informs the development and selection of processing options for future orebodies. Metallurgical test work on MUG and WUG orebodies supports ongoing use of the existing Waihi Operation flowsheet with plant expansions to enable higher throughput rates. These expansions are expected to be timed to align with the development of WUG. Key elements of the expansions include: installation of an upstream jaw crusher; replacement of the 1.2 MW ball mill with a 1.8 MW tower mill; refurbishment of the adsorption circuit; and new pumps and pipework for delivery of tailings to TSF3. Such expansions are expected to increase throughput capacity to 0.8 Mtpa of underground ore.

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Infrastructure

The modern Waihi Operation has been in production since 1988 with site infrastructure developed to support the MOP and MUG operations. MUG uses the existing process facilities, tailings storage, water treatment facilities and other site infrastructure. The power supply is provided from the national grid and supplied to the site substation at the processing plant area, with supplementary diesel generation being used until the power supply upgrade is completed.

On December 18, 2025, we received permit approval for the Waihi North Project. We are now permitted to develop WUG and the associated surface infrastructure, expansion of the current processing plant and water treatment plant and the construction of a new TSF.

Early works, detailed design and project activities continued to advance at Waihi North Project in the fourth quarter of 2025. Access, drainage and pre-stripping commenced in January 2026 at the Willows site in preparation of the Willows bulk earthworks. The construction of the five kilometre services trench that will convey power, water and communications from the existing Waihi operations to the Willows surface facilities, and the civil works at the expanded water treatment plant site, are progressing well. Both projects are planned for completion by the second quarter of 2026, which will enable the decline and underground development work to commence.

The mining contractor for the tunnelling of the underground mine was selected in the fourth quarter of 2025 and is expected to mobilize and begin tunnelling in the first half of 2026. New surface facilities and infrastructure will be required for mining of WUG, including a new tailings dam and temporary waste rock disposal, water treatment expansion and power supply upgrade. The Willows property, adjacent to the Coromandel Forest Park, was purchased in 2021. A surface facility area, waste rock stack, containment pond, magazine and parking for employees will be located at Willows and will serve as the access to WUG.

A new tunnel will be developed from Willows to the existing processing plant, to eliminate any surface impacts as the ore is transported from WUG to the mill.

The new TSF3 is to be constructed adjacent to existing tailings facilities at Baxter Road for the Waihi Operation, featuring downstream construction and associated stockpiles, containment ponds and diversion drains.

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Capital and Operating Costs

The table below summarizes the 2025 operating and capital costs for the Waihi Operation:

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| **Operating Costs and Capital Summary 2025** |  |
| **Operating Costs** | **$M** |
| Mining costs (net of capitalized amounts) | 90.6 |
| Process plant costs | 21.6 |
| G&A costs | 20.2 |
| Royalties, freight, handling and refining costs | 5.3 |
| **Total operating costs** | 137.7 |
| **Capital and Exploration Expenditures** | **$M** |
| Sustaining capital | 15.9 |
| Capitalized mining | 20.6 |
| Growth capital<sup>1</sup> | 42.8 |
| Exploration<sup>1</sup> | 17.3 |
| **Total capital and exploration expenditures** | **96.6** |
| **Unit Metrics** | **$/t** |
| Mining cost per tonne mined (including allocation of any capitalized mining costs) | 90.57 |
| Processing cost per tonne milled | 31.10 |
| G&A cost per tonne milled | 36.08 |

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Note:

1.&nbsp;&nbsp;&nbsp;&nbsp; Growth capital and exploration includes Waihi North Project costs, which include study, permitting and property acquisition costs, of $43.0 million and $10.1 million, respectively, for a total of $53.1 million.

Production, Development and Exploration

The Waihi Operation produced 75,125 ounces of gold in 2025 and is expected to produce 60,000 to 75,000 ounces of gold in 2026. Production is expected to vary slightly quarter-to-quarter, with the second and third quarter being the strongest as a result of the planned mine sequence.

The table below summarizes the 2026 capital investment guidance for the Waihi Operation:

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| Capital Investment Guidance 2026 | **$M** |
| Sustaining | 15 |
| Capitalized mining | 15 |
| Growth | 160 |
| Exploration | 25 |
| **Total investments** | **215** |

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Notes: &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Assumes NZD:USD exchange rate of $0.58.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Excludes capital leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; Capital Investments Guidance range of ± 5%.

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In 2026, total capital investment is expected to be $215 million. Sustaining capital for the year primarily relates to process plant improvements and TSF expansion, and capitalized mining relates to underground development at Martha. The Waihi North Project makes up the largest portion of growth capital, notably including mobilization and tunnelling from the underground mining contractor, site infrastructure and existing processing plant and power upgrades. This includes upgrades to the water treatment plant, services trench, portal construction, commencement of decline development and preliminary work associated with development of the first ventilation shaft.

An increase in exploration drilling is expected in 2026 with approximately 34,000 metres planned across the Waihi District at a planned spend of $25 million (up $7.7 million year-on-year) focused on Mineral Resource growth and conversion at Wharekirauponga and both Mineral Resource conversion and definition of mine-adjacent vein extensions at MUG. Our receipt of permit approval for the Waihi North Project confirms plans to effectively double the number of exploration drill sites and allowable drill rigs during 2026 at Wharekirauponga. This increased activity is expected to commence in the first half of 2026 where the exploration effort will be directed towards converting Mineral Resources to Mineral Reserves, pivoting towards a growth focus in the latter part of the year. Additional effort is being directed to exploration along the trajectory of the tunnel to be constructed to determine whether further resources can be identified.

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**Didipio Operation**

Certain portions of the following information are derived from and based on the Didipio Technical Report, and are based on the assumptions, qualifications and procedures set out therein. For a more detailed overview of the Didipio Mine, please refer to the Didipio Technical Report, which is available under our profile on SEDAR+ at <u>www.sedarplus.ca</u> and on our website at <u>www.oceanagold.com</u>.

Property Description, Location, Access and Ownership

The Didipio Mine is located in the north of Luzon Island, approximately 270 kilometres north-northeast of Manila, in the Republic of the Philippines. The nearest significant towns are Cabarroguis, in the Province of Quirino, located approximately 20 kilometres to the north, and Kasibu, in the Province of Nueva Vizcaya, approximately 18 kilometres to the west.

There are two alternative routes connecting the Didipio Mine by road to the port facilities at Manila and Poro Point, La Union. The main route, approaching from the north via the Municipality of Cabarroguis, is an all-weather route suitable for heavy trucks and bulk freight. The secondary access, approaching from the South via the Municipality of Kasibu, is also an all-weather route and is suitable for smaller trucks and light vehicles.

Following the completion of the Philippines Offering on May 13, 2024, we hold an 80% interest in OGP, which owns the Didipio Mine. Please see "*General Development of the Business – 2024 Developments*" for more information with respect to the Philippines Offering.

Please see "*Mineral Permits and Regulatory Matters*" below for information relating to the nature and extent of our title to the Didipio Mine, applicable royalties and permitting matters. Please also see "*Environmental and Social Matters*" below.

History

The Didipio area was first recognized as a gold province in the 1970s, when alluvial gold deposits were discovered in the region. There had been no large-scale mining at Didipio at that time and there were no records of artisanal mining.

In May 1975, Victoria Consolidated Resources Corporation and Fil-Am Resources Inc. entered into an exploration agreement with a syndicate of claim owners who had title to an area covering the Didipio valley and undertook exploration activities, including a stream geochemistry program between 1975 and 1977. Marcopper Mining Corporation subsequently investigated the region in 1984, and Benguet Corporation examined the Didipio area in September 1985.

In April 1985, the Didipio area was explored by a consultant geologist engaged by local claim owner Mr. Jorge G. Gonzales, Sr. This was followed by further investigation by Geophilippines Inc. ("**GPI**") in September 1987, after which GPI submitted mining lease applications in November 1987. In 1989, Cyprus Philippines Corporation ("**CPC**") and subsequently Arimco NL (as Arimco Mining Corporation ("**AMC**") in the Philippines) entered into an agreement with GPI and Mr. Gonzales to explore the Didipio area. Between April 1989 and December 1991, an exploration program was carried out. Subsequently, Climax Mining ("**Climax**") acquired control of AMC (later renamed to Climax-Arimco Mining Corporation ("**CAMC**") and 100% of the interest of Cyprus Philippines Corporation and Arimco NL in the Didipio Mine in 1992.

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The FTAA was executed in June 1994 and was subsequently assigned from CAMC to Australasian Philippines Mining Incorporated ("**APMI**") (a subsidiary of CAMC, which was renamed to OGP in 2007). Prior to our acquisition, previous explorers had drilled a total of 230 diamond drill holes totalling 62,769 metres. The drilling metres were mostly for Mineral Resource delineation of the Didipio porphyry gold-copper deposit, with a small percentage of drilling in nearby prospects that include True Blue, D'Fox, San Pedro, D'Beau, and Morning Star. While there were mineralized drill intersections at True Blue and D'Fox, there was no exhaustive follow-up programme to delineate resources on these prospects.

Prior to acquisition by OceanaGold, previous explorers had drilled a total of 230 diamond drill holes totalling 62,769 metres. The drilling metres were mostly for resource delineation of the Didipio porphyry gold-copper deposit, with a small percentage of drilling in nearby prospects.

Geological Setting, Mineralization and Deposit Types

Geology

The Didipio area is situated within the southern part of the meridional Cagayan Valley basin in north-eastern Luzon and is bounded on the east by the Sierra Madre Range, on the west by the Luzon Central Cordillera range and to the south by the Caraballo Mountains. The regional geology comprises late Miocene volcanic, volcanoclastic, intrusive and sedimentary rocks overlying a basement complex of pre-Tertiary age tonalite and schist, which have been interpreted to represent an island arc depositional and tectonic setting.

The Didipio deposit is hosted within the multiphase Didipio Stock, which is in turn part of a larger alkalic intrusive body, the Didipio Igneous Complex. The local geology comprises north-northwest trending, steeply east-dipping composite monzodiorite intrusive, in contact with volcaniclastics of the Mamparang Formation. The monzodiorite lies in a circular topographic depression that is coincident with a circular IP anomaly.

Mineralization and Deposit Types

The deposit is a gold-copper alkalic porphyry system, roughly elliptical in shape at surface (450 metres long by 150 metres wide) and with a vertical pipe-like geometry that extends to at least 800 metres below the surface. Alkalic porphyries are a class of gold-copper deposits that are characterised by a lack of significant hydrothermal quartz, low sulfur content, and a potassic core with a sodic alteration halo. They are typically formed in post-collision rift zones and are really much smaller than the large calc-alkaline porphyries such as is observed in South America. The mineralization is closely associated with a zone of potassic feldspar alteration, the extent of which is marked by the Didipio Ridge, approximately 400 metres long and rising steeply to about 100 metres above an area of river flats and undulating ground.

Chalcopyrite and gold, along with pyrite and magnetite, are the main metallic minerals in the deposit. Higher grade gold and copper mineralization is closely associated with the Balut Dykes and Quartz Breccia, both of which are elongated along the north-south trending, steeply north-east dipping Tatts Fault Zone.

The deposit was oxidized from the surface to a depth of between 15 metres and 60 metres, averaging 30 metres. The oxide zone formed a blanket over the top of the deposit. A five metre to 15 metre-thick transition zone was present over most of the deposit.

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Mineral Permits and Regulatory Matters

Financial or Technical Assistance Agreement (FTAA)

The Didipio Mine is operated under the FTAA with the Philippine Government, which grants title, large-scale exploration, development and mining rights within a fixed fiscal regime. The FTAA was executed in June 1994 and was renewed in July 2021 with the execution of the FTAA addendum and renewal agreement (the "**FTAA Addendum and Renewal Agreement**") for an additional 25-year period, commencing in June 2019. The FTAA carried a minimum expenditure commitment of $50 million, which has now been exceeded.

The Didipio Mine is subject to several ongoing obligations under the FTAA to ensure that Didipio is operated in accordance with the social and environmental policies developed by the Philippine Government and enacted under the Philippine Mining Act of 1995 ("**PMA**"). Our compliance with the FTAA is measured by the implementation of the approved work programs, verified through regular compliance monitoring audits by the regulators, submission of periodic reporting requirements and payment of fiscal obligations, among others. In addition, other approvals required to be maintained under the FTAA contain conditions relating to community consultation that are required to be satisfied, including our Environmental Compliance Certificate ("**ECC**").

The FTAA Addendum and Renewal Agreement imposed certain additional obligations, including each of the following, all of which have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establishing and funding additional social development funds comprising each of the (a) Community Development Fund ("**CDF**") (1% of our gross mining revenue (calculated as sales less freight, handling, and refining costs) from the preceding calendar year) for the sustainable social, economic and cultural development of the communities in the region, and (b) Provincial Development Fund ("**PDF**") for the provinces of Quirino and Nueva Vizcaya (0.5% of the gross mining revenue from the preceding calendar year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferring our principal office to either Nueva Vizcaya or Quirino by July 2023, which was completed in February 2022 when our principal office was transferred to the Didipio Mine, Didipio, Kasibu, Nueva Vizcaya;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Listing of at least 10% of common shares of OGP on the PSE by July 2024, which was completed in May 2024 pursuant to the Philippines Offering (please see "*General Development of the Business – 2024 Developments*" for additional information on the Philippines Offering);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering not less than 25% of the annual gold doré production of the Didipio Mine to the *Bangko Sentral ng Pilipinas*, the central bank of the Philippines, to be purchased at a fair market price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reclassifying the 2% NSR paid or due to the Addendum Claimowners under the Addendum Agreement (defined below) after July 2021 as part of allowable deductions against net revenue (please see "*Mineral Permits and Regulatory Matters – Entitlements of Addendum Claimowners*" below for more information on the mining claims of certain claim owners).

The fiscal regime under the FTAA is governed by the principle that the Philippine Government expects a reasonable return in economic value for the exploitation of non-renewable natural resources under its national sovereignty. Based on this principle, we share with the Philippine Government in the net revenue (as

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defined by a formula) arising from the operations of the Didipio Mine on a 60%/40% basis. Hence, the Philippine Government receives 60% of the net revenue while we receive the remaining 40%.

For the purposes of the FTAA, "net revenue" is the gross mining revenue from commercial production from mining operations, less allowable deductions for, among other items, expenses relating to mining, processing, marketing and continuing mineral exploration, consulting fees, mine development, depreciation of capital assets, and certain specified overheads and interest on loans. The FTAA Addendum and Renewal Agreement reclassified the 2% NSR due to the Addendum Claimowners as a deduction from gross mining revenues rather than part of the Philippine Government's share on net revenue. Please see "*Mineral Permits and Regulatory Matters – Entitlements of Addendum Claimowners*" below for more information with respect to the 2% NSR.

The Philippine Government receives 60% of the net revenue less costs, taxes, duties, fees and other expenses paid or accrued, provided that payments made in any contract year of an expense accrued the previous year and already charged against the Philippine Government in the previous year shall no longer be chargeable. The chargeable costs and expenses also include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2% NSR paid or due to the Addendum Claimowners with respect only to a certain area indicated in the Addendum Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 8% free carried interest in OGP equivalent to the Addendum Claimowners' free carried interest after full recovery of our pre-operating expenses and property expenses and with respect only to a certain area indicated in the Addendum Agreement (please see "*Mineral Permits and Regulatory Matters – Entitlements of Addendum Claimowners*" below for more information with respect to the 8% free carried interest); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any tax due on dividend payments to OGP stockholders and any tax due on interest payments on foreign loans extended to OGP by its stockholders, unless legislation is required to allow the deduction of the foregoing amounts, in which case the deduction shall be made only after the appropriate legislation has been passed.

The FTAA provides that we or our assignees shall be required, after ten years from the recovery of pre-operating expenses and property expenses under the FTAA or 20 years after the effective date of the FTAA, whichever is later, to divest our equity within a period of one year by either: (a) disposing 60% of our equity holdings (or such lesser equity requirement as may be imposed by law at that time) to be a qualified entity to Filipinos or any Philippine juridical entity at the end of such year; or (b) allowing the terms of the FTAA to continue to govern the relation of the parties therein and by disposing 60% of our equity holdings (or such lesser equity requirement as may be imposed by law at that time) to be a qualified entity to Filipinos or any Philippine juridical entity. The one-year divestment period may be extended by the Department of Environment and Natural Resources ("DENR") Secretary if there are justifiable economic reasons warranting the extension, and if the divestment requirement is met, we can, at our option, avail of the rights and privileges of converting the FTAA into a mineral production sharing agreement, in which case the revenue sharing under the FTAA shall no longer apply.

In a letter dated October 1999 from the DENR Secretary, the DENR stated that it does not interpose any objection to the deletion of the divestment requirement, as the PMA and its implementing rules and regulations do not prescribe or impose any mandatory divestment requirement on mining companies. The

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deletion of the divestment requirement was not discussed during the FTAA renewal process and the FTAA Addendum and Renewal Agreement does not address the divestment provision in the FTAA. There is no assurance that the Philippine Government will not invoke or enforce such divestment provision. Please see "*Risk Factors*" for additional information.

The Didipio FTAA is not covered by the new fiscal regime mandated by Republic Act No. 12253 of the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, which was signed into law in September 2025.

The Didipio Mine is located within the area defined under the Partial Declaration of Mining Feasibility ("**PDMF**") approved by the DENR in October 2005. We retain the right to seek further partial declarations of mining feasibility in the future over other deposits in the broader area covered by the FTAA. The PDMF permits the operation and development of the Didipio Mine. As part of the requirements relating to the PDMF, we submit a three-year utilization work program for commercial production to the Mines and Geosciences Bureau ("**MGB**"). In December 2023, the MGB approved our three-year work program for the years 2023 to 2025 and, in October 2025, we submitted our three-year work program for 2026 to 2028.

Entitlements of Addendum Claimowners

The Addendum Claimowners are entitled to a free carried interest of 8% of OGP and to a 2% NSR royalty, in each case with respect only to a certain area as defined in an addendum agreement with a syndicate of original claim owners, led by the late Mr. Jorge G. Gonzales, Sr. (the "**Gonzales Group**"), in respect of a portion covered by the FTAA, including the PDMF area in its entirety, which incorporates the Didipio Mine (the "**area of interest**") (such agreement, the "**Addendum Agreement**") and the FTAA. Under the Addendum Agreement, the Addendum Claimowners will be entitled to a free carried interest of 8% of OGP.

It is expected that the 8% free carried interest will be reflected as an equity interest in the capital stock of OGP through the issuance of new shares in OGP to the Addendum Claimowners. However, there are two pending cases with respect to the Addendum Agreement. Please see *"Legal Proceedings and Regulatory Actions – Didipio Mining Claims*" for additional information.

Under the Addendum Agreement, the shares of stock corresponding to the 8% interest of the Addendum Claimowners in OGP, when issued, shall have voting rights and shall have similar rights and privileges as those of the shares of stock of the other shareholders holding the remaining 92% of the equity of OGP in respect of voting rights and distribution of dividends. Thus, apart from voting rights, the 8% free carried interest will entitle the Addendum Claimowners to a proportionate share of any dividends declared from the net profits of OGP after full recovery of our pre-operating expenses and property expenses and with respect only to the area defined therein. Pursuant to the FTAA, any entitlements flowing to the Addendum Claimowners after recovery of pre-operating expenses and property expenses form part of the Philippine Government's share in the net revenue.

The Addendum Claimowners are also entitled to a 2% NSR in respect of a certain area defined in the FTAA. Under the original FTAA, the NSR due to the Addendum Claimowners are considered part of the Philippine Government share in net revenue and therefore borne by the Philippine Government in its entirety. However, under the FTAA Addendum and Renewal Agreement, the 2% NSR due after July 2021 is classified as part of allowable deductions against net revenue and therefore shared 60%/40% between the Philippine Government and us, respectively.

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Under the Addendum Agreement, the payment of the 2% NSR shall commence upon actual production from the area of interest and shall be derived and payable by OGP from the sale of gold doré and/or copper concentrate and other by-products from the operation of the area of interest.

We have accrued as a liability in the accounts of OGP the 2% NSR since the commencement of actual production in 2013 pending the final resolution of the outstanding cases. Please see *"Legal Proceedings and Regulatory Actions – Didipio Mining Claims*" for additional information. The timing of cash settlement of the accrued NSR remains dependent on resolution of the proceedings. As of December 31, 2025, we have accrued as a liability in the accounts of OGP $69.6 million ($63.3 million of royalties and $6.3 million related to free-carried interest) pertaining to this claim.

Environmental and Social Matters

In addition to regular monitoring, inspection and verification mine visits by the MGB, Environmental Management Bureau ("**EMB**") and the DENR, operations are also monitored for compliance with the annual Environmental Protection and Enhancement Program ("**EPEP**") and other environmental laws by the Mine Rehabilitation Fund Committee ("**MRFC**") and the Multipartite Monitoring Team ("**MMT**"). The MMT is composed of 14 members representing national governmental authorities, local government units and communities in the provinces of Nueva Vizcaya and Quirino and certain NGOs.

The ECC specifies environmental management and protection requirements, including the submission of an annual EPEP, Final Mine Rehabilitation & Decommissioning Plan (FMR/DP) and Social Development and Management Program ("**SDMP**").

Under the PMA, OGP is required during mining operations to allot annually a minimum of 1.5% of operating costs for the SDMP, whereby 75% of the 1.5% shall be apportioned to the development of host and neighboring barangays. The remainder of the amount is utilized for the development of mining technology and geosciences and for public awareness and education on mining and geosciences. OGP also allocates funds equivalent to 10% of the approved exploration work program budget for the Community Development Program to be implemented, in the areas where OGP is undertaking exploration activities.

The SDMP aims to facilitate sustained improvement to the living standards of the host and neighbouring communities by helping to define, fund and implement development programs. We work collaboratively with the MGB, local government units of the host and adjacent communities, and local contractors to complete SDMP projects.

Under the FTAA Addendum and Renewal Agreement, OGP is required to annually allot an amount equivalent to 1% of gross mining revenues of the preceding year for the CDF and an amount equivalent to 0.5% of the gross mining revenues of the preceding year for the PDF. These additional social development funds, which are included as an allowable deduction in the computation of net revenue, contribute to the sustainable social, economic and cultural development of the communities in the region.

OGP holds the permits, certificates, licences and agreements required to conduct current operations for the Didipio Mine. The ECC issued was last amended on April 26, 2022 to increase the processing plant throughput from 3.5 Mtpa to 4.3 Mtpa.

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Exploration

Exploration from 2015 to 2019 involved fieldwork and a series of drilling campaigns within the FTAA area. The drilling was focused on testing targets generated from various data sets, including geological and alteration mapping, rock chip sampling, stream sediment geochemistry, soil sampling, and deep imaging geophysics.

Exploration and Resource definition activities were placed on hold between July 2019 and February 2022 due to the ongoing FTAA renewal process. Regional exploration activities were restarted in 2023 with drilling completed at Napartan in 2024 before the expiry of the exploration period in August 2024. In September 2024, we obtained approval for a five-year extension of the exploration period under the FTAA from 2024 to 2029. Drilling of near-mine targets at True Blue and D'Fox were initiated in 2025 and is expected to continue in 2026.

Regional surface exploration drilling commenced at the Napartan prospect in 2024, with a total of four drillholes completed for 626 metres, targeting mineralized pegmatitic dykes identified in muck-out samples sourced from abandoned small scale mining adits and an associated copper-gold geochemical anomaly. A 2,000-hectare airborne drone magnetic geophysics survey was subsequently initiated at Napartan during the fourth quarter of 2024 and completed in February 2025. Drilling was restarted at Napartan in July 2025 completing ten holes for 4000 metres. The Napartan drillholes returned insignificant assay results and the drilled area was included in the Annual Relinquishment Report submitted in December 2025.

Please see "*Production, Development and Exploration*" below for information relating to our planned exploration activities in 2026.

Drilling

Underground Drilling

Drilling recommenced underground in February 2022. Three drill rigs operated underground from May 2024 from the 2160 mRL Resource Definition drill platforms. However, all underground drilling was suspended in September 2024 due to inundation of the lower levels of the mine resulting from extensive rainfall associated with a succession of typhoons impacting the area. Following dewatering of the lower levels in 2025, underground drilling restarted in the first quarter of 2026. Drilling will focus on the Northern Monzonite, Eastern Monzonite and Eastern Breccia ("EBX") in Panel 3 and Panel 4. Additional intercepts of Balut Dyke, located immediately north of the Syenite Porphyry, confirm the strike extent of the Northern Balut Dyke below 2100L.

Surface Drilling

During 2025, a total of 5,700 metres were drilled from surface at prospects within the FTAA including True Blue, D'Fox and Napartan. At D'Fox, located approximately 3 kilometres southeast of the Didipio Mine, six holes for 2,500 metres were completed, and additional follow-up is pending. At True Blue, an area of known mineralization 800 metres northeast of the Didipio Mine, 1,000 metres of resource conversion drilling were completed.

At Napartan, five holes for 2,200 metres were drilled, completing the planned drill program. Based on the results received from the Napartan prospect and in line with requirements of the FTAA, a total area of 1,957 hectares was relinquished on December 31, 2025, which included Napartan.

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As at December 31, 2025, the drill hole database for the FTAA area contained records of 3,452 holes for a total of 278,888 metres drilled.

In December 2025, we submitted with the MGB our Annual Relinquishment Report and relinquished the above-mentioned 1,957 hectares, bringing our FTAA contract area to 5,000 hectares, the maximum contract area allowed to be retained under the PMA and FTAA. With this, the final property boundary has been established.

Full year exploration expenditure for 2025 totalled $5.5 million.

Please see "*Production, Development and Exploration*" below for information relating to our planned drilling in 2026.

Sampling, Analysis and Data Verification

Starting from 2015, PQ (85-millimetres diameter) and HQ (63-millimetres diameter) diamond core was cut in half. Half core is assayed and the other half is retained. NQ (47-millimetres diameter) core is submitted whole for assaying. All core is submitted in one metre sample intervals except where sample intervals are split to align with lithology. Drill core is submitted to the independent SGS laboratory on site and staffed with SGS employees. Reverse circulation ("**RC**") holes were sub-sampled either through a cone splitter (Schramm) or riffle splitter (Edson). Blast holes were sub-sampled with a riffle splitter. Underground channel sampling is ongoing as the mine develops.

The SGS sample procedure is as follows: oven dry samples; crush using jaw crusher to approximately four millimetres in size; crush using Boyd crusher into approximately two millimetres in size, and dry screen every 20th sample; split 15% of the sample using BOYD-RSD; pulverize 750 gram to one kilogram samples to 75 µm and wet screen every 20th sample; and riffle split to 250 grams for assaying and 250 grams as pulp retention.

The samples obtained are handled and managed according to documented standard procedures. The entire sample handling process from acquisition, transport and delivery, sample preparation and analysis is supervised and/or monitored by Didipio Mine geology personnel. There is no identified area in the sample chain of custody which can result in mishandling or altering of samples.

SGS undertakes the assay analysis at the Didipio Mine. Fire assaying is used for the standard gold assay procedure and Atomic Absorption Spectrometry ("**AAS**"), Inductively Coupled Plasma ("**ICP**") and X-Ray Fluorescence ("**XRF**") procedures are used for the standard copper assay procedure.

Since commissioning of the SGS onsite laboratory, all samples from near-mine exploration have gone directly from point of collection to the onsite SGS laboratory or for drill core via the onsite core shed. The core is photographed, split by a core saw (HQ and PQ sized core) and sampled every metre at the onsite core shed. The samples are uniquely numbered with two QA/QC Certified Reference Material ("CRM") and one quartz blank sample inserted for every batch of 50 samples. The CRMs are typically low-grade CRM and medium grade CRM. The quartz blank sample is normally below detection limits. Thereafter, all drill core samples are transported by a technician or geologist directly from the onsite core shed to the onsite SGS laboratory. Upon arrival at the onsite SGS laboratory, samples are checked by the SGS staff in the presence of the mine or exploration geology representative. SGS inserts an additional six QA/QC check samples.

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Performance for standards, blanks, field duplicates and laboratory repeats are considered acceptable. SGS field duplicates returned acceptable precision compared to original assays for both gold and copper.

Mineral Processing and Metallurgical Testing

A detailed design was prepared for the processing plant in February 2011 and site construction of the plant commenced in November 2011. First ore was introduced to the plant in December 2012, and commercial production was achieved in April 2013.

Operational plant performance since the commencement of operations provides comparison data assisting in validating the recovery models developed in the prior feasibility phase and plant response to changes in grind size and partial oxidation of older stockpiled feed. The plant is capable of meeting the modelled recovery estimates and the impacts of partial oxidation of surface stockpiles has been studied and categorized for improved production forecasting.

Test work programs have been conducted in several stages as the predominate ore source has changed from open-pit to underground. Several processing options and reagent modifications are under evaluation to increase metallurgical performance of stockpile material. To further investigate the variability of the different ore types, future ore test work programs were conducted in 2024 with both external and internal laboratories. The project aimed to evaluate the variability in ore metallurgical parameters (competency, work index, gravity, copper and gold recoveries) between the ore types sampled from the Didipio underground. Data is used to develop models that will estimate the influence of geological and mineralogical attributes of these ore types to plant performance.

A future ores testing program has been maintained with progressive testing with the availability of fresh core from infill drilling programs to allow variability testing to be undertaken and increase the knowledge of recovery and ore competency for production planning. Current test work is focused on developing independent throughput and recovery models for open-pit stockpiles and underground ore.

Please see "*Processing and Recovery Operations*" below for additional information.

Mining Operations

Open Pit Mining

Open pit mining ceased at Didipio in 2017.

Underground Mining

The underground project commenced in March 2015 with the construction of the underground portal and continued development occurring since then with first production occurring in December 2017. The long hole open stoping method ("**LHOS**") is employed underground at the Didipio Mine for the extraction of underground ore. LHOS allows for a high degree of mechanization and good mining selectivity, high mining recovery and scheduling flexibility. A primary/secondary stoping sequence is utilized where primary stopes are separated by a secondary stope. Extraction of the secondary stope can only occur after the two immediately filled adjacent primary stopes have been mined, backfilled and have time to cure.

Stope dimensions vary depending on their location within the orebody. On the eastern side of the orebody in the monzonite zone, stopes are up to 60 metre high whereas in the breccia zone on the western side of the

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orebody, more conservative stope dimensions are adopted due to poorer ground conditions. These include, where required, significant stope crown support to prevent unravelling. Paste backfill is utilized for backfilling of all stope voids. A top-down sequence beneath paste fill is employed.

The Western Breccia zone has been subjected to recent studies and optimization due to poor ground conditions. A small section of bottom-up mining and smaller stope sizes planned to mitigate any potential unravelling due to these conditions has been trialled with good success. The extraction sequence in the Western Breccia is geotechnically constrained and planned to be mined slower than previous versions of the mining schedule resulting in a diversion of a portion of ounces from this zone to later years of the LOM. This strategy strives to provide a safe and sustainable production sequence that maximizes metal recovery.

The current decline face has advanced to the 2133 mRL. Approximately 47 kilometres of lateral development remains in the mining schedule which includes capital development in the lower part of the mine to establish production levels down to the 1980 mRL and associated active dewatering and critical pumping infrastructure including Capital Pump Station 1 ("**CPS1**"). Lateral development rates of just under 8 kilometres a year are required from 2027 to 2029 before tailing off once capital development is complete at depth in 2030 per the current schedule. Additional capital development will be required if drill conversion programs in Panel 3 and 4 are successful, however are not considered in mine schedules or capital cost estimates for this report.

Historic haulage rates from the Didipio underground has achieved annual rates exceeding 1.6 Mtpa and instantaneous rates in excess of 2.5 Mtpa but these have not been sustained due to various interruptions to production, including poor performance of Breccia stopes on the western side of the orebody and inundation of the lower levels of the mine following typhoons in 2024, with the lower levels of the mine remediated in late 2025.

A PFS has been undertaken to assess increased throughput from the underground mine. Results from the study show that throughput rates in excess of 2.5 Mtpa can be achieved with additional mining fronts at depth available and upgrades to existing pumping, electrical and paste fill infrastructure. Planned production rates from the underground in 2026 is 1.9 Mtpa, increasing to 2.1 Mtpa in 2027, 2.2 Mtpa in 2028, and 2.6 Mtpa in 2029, in line with the commissioning of planned dewatering and primary ventilation infrastructure to support the increased mining rates. Production from the underground is complete in 2037 based on current Mineral Reserves.

Processing and Recovery Operations

Recovery of copper and gold at Didipio is achieved from the use of froth flotation following a conventional SAG Mill – Ball Mill – Pebble Crushing grinding circuit and gravity recovery circuit, which produces both a gold-copper concentrate and a gold doré. Considerable operating experience has been accumulated over the life of the mine having operated since 2012. Following processing of first ore in December 2012, and the first concentrate shipments in April 2013, the processing plant has achieved targeted utilization rates greater than 95% when required and processing rates greater than 4.1 Mtpa. Copper and gold recovery rates have been in line with forecast rates used in the production planning process.

Progressive improvement projects continue to be implemented. The installation of additional gravity gold equipment to target coarser gold in the underground ore was completed in 2022 along with the addition of pH

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modifier in the flotation circuit to counteract impacts from underground paste dilution in the feed in 2024 to aid metal recovery.

Processing throughput is planned to ramp up to 4.3 Mtpa, the currently permitted limit, in 2027. Average gold recovery over the LOM is 88.2% whilst average copper recovery is 89.5%. Open-pit stockpiles are expected to be exhausted in 2032 with a small amount of residual material that makes up the current ROM pad processed in 2037.

Infrastructure

Construction of the Didipio Mine commenced in 2011 and the mine has been in operation since 2012. Established infrastructure includes a TSF, workshops, camp, water treatment plant, pastefill plant and ore processing facilities.

Power supply for the Didipio Mine is connected to the national grid via a 69kV dedicated line to Bayombong with diesel generators on site providing a backup source. Improvements in power reticulation and delivery has increased reliability and reduced unplanned outages.

The TSF has been designed to accommodate the LOM tailings requirement net of paste backfill. The current construction schedule supports the tailings deposition schedule.

Recently, underground performance has been impacted by the ability to manage periods of higher rainfall. Additional planned dewatering and electrical infrastructure will enable aquifer depressurization at depth, adequate pumping capacity, and ensure there is sufficient latent capacity to manage periods of higher rainfall during typhoon seasons, including surface water diversion projects and upgrades to in-pit dewatering systems.

Upgrades are underway to existing infrastructure to support increased underground throughput including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Primary ventilation upgrades to support mining at depth and increased fleet requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface paste plant and underground reticulation upgrades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construction and commissioning of CPS1 in 2027 and other associated dewatering infrastructure including borefields and active dewatering stations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface electrical upgrades including an additional 25 MVA substation.

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Capital and Operating Costs

The table below summarizes the 2025 operating and capital costs for the Didipio Mine:

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| **Operating Costs and Capital Summary 2025** |  |
| **Operating Costs** | **$M** |
| Mining costs (net of capitalized amounts) | 60.4 |
| Process plant costs | 35.6 |
| G&A costs | 44.0 |
| Royalties, freight handling & refining costs | 10.4 |
| **Total operating costs** | **156.8** |
| **Capital and Exploration Expenditures** | **$M** |
| Sustaining capital | 27.4 |
| Pre-strip and capitalized mining | 8.3 |
| Growth capital | 7.0 |
| Exploration | 5.5 |
| **Total capital and exploration expenditures** | **48.2** |
| **Unit Metrics** | **$/t** |
| Mining cost per tonne mined (including allocation of any capitalized mining costs) | 43.33 |
| Processing cost per tonne milled | 8.79 |
| G&A cost per tonne milled | 13.20 |

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Production, Development and Exploration

The Didipio Mine produced 90,700 ounces of gold and 13,300 tonnes of copper in 2025 on a 100% basis and is expected to produce 85,000 to 105,000 ounces of gold and 13,000 to 15,000 tonnes of copper in 2026 on a 100% basis. The production and cost profile is expected to be relatively even across the year.

The table below summarizes the 2026 capital investment guidance for the Didipio Mine:

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| **Capital Investment Guidance 2026** | **$M** |
| Sustaining | 25 |
| Capitalized mining | 10 |
| Growth | 20 |
| Exploration | 10 |
| **Total investments** | **65** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Production is on a 100% basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Excludes capital leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; Capital Investment Guidance range of ±5%.

In 2026, total capital investment is expected at $65 million. Sustaining capital for the year primarily relates to mobile fleet upgrades, investments in plant resilience and ongoing investment associated with maintaining mine integrity. Capitalized mining costs relate to continued development of the underground decline and additional fleet requirements as part of the underground mining rate expansion project.

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Exploration expenditure at Didipio in 2026 is focused on underground drilling of Panels 3 and 4 at depth, in addition to some spend on drilling other targets proximal to the mine. Underground exploration drilling has resumed in the first quarter of 2026, with Panel 3 Mineral Resource conversion drilling prioritized. In 2026, approximately 27,600 metre of drilling is planned from underground targeting Panels 3 and 4 and 10,300 metre of Mineral Resource conversion drilling is planned for True Blue. Total exploration expenditure planned for 2026 is $10 million, up from the 2025 actual expenditures of $5.5 million.

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**Other Properties**

Regional Exploration Program *–* Philippines

At our 100%-owned Manag project in northern Luzon, Philippines, we received endorsement from the MGB to the Regional National Commission on Indigenous Peoples (NCIP) to conduct the Free Prior and Informed Consent ("**FPIC**") process that would allow the approval of the exploration permit that has been suspended. Such process allows for the initiation of exploration activities once completed.

We also have an option to purchase the Manhulayan project in Agusan del Sur, Philippines. In 2025, the MGB approved the restoration of a two-year exploration permit for such project, valid through October 2026. At the same time, MGB excised a portion of the original exploration permit and designated it as a "Small-Scale Mining Area" which was established to formalize and regulate small-scale mining.

Regional Exploration Program *–* United States

In 2025 and the first quarter of 2026, we continued to advance our regional exploration strategy in the United States on our two earn-in transactions which were completed in 2025.

Brewer (South Carolina)

We have an earn-in joint venture agreement with Carolina Rush Corporation ("**Carolina Rush**") relating to the Brewer Gold-Copper Project in South Carolina, U.S. (the "**Brewer Project**"), located approximately 13 kilometres from Haile, which includes a firm minimum commitment of funding $1.5 million in exploration expenditures in the first year. The agreement provides for an option for us to earn up to an 80% interest in the project by funding up to an aggregate of $20 million in staged exploration expenditures and exercising the underlying Brewer Project option by December 31, 2030.

During the fourth quarter of 2025, approval was received from Carolina Rush's shareholders for the earn-in joint venture agreement relating to the Brewer Project. Drilling commenced in January 2026, testing deep porphyry style targets.

TJ, Jake Creek, Hot Creek (Nevada)

We have entered into earn-in joint venture agreements with Headwater Gold Inc. ("**Headwater**") to explore each of the TJ, Jake Creek and Hot Creek projects in Nevada, U.S., which include a firm minimum commitment of funding an aggregate of $2.5 million in exploration expenditures across the three projects in the first two years. The agreements provide for staged expenditures of up to an aggregate of $65 million across the projects to earn up to a 65% interest in each project, with an option to earn a further 10% interest (for a total of 75%) in each project upon completion of a PFS and granting Headwater a 1% NSR royalty.

In December 2025, the initial drill program at the TJ project to test multiple epithermal vein targets commenced. Approximately 1,350 metres of core drilling were completed over five holes in two target areas. All holes encountered hydrothermal breccias and veining within pervasive epithermal alteration. As of the date of this Annual Information Form, results are pending release by Headwater.

In February 2026, Headwater announced the start of CSAMT and gravity geophysical surveys over the Jake Creek project to better define structures and prioritize drill targets. Detailed mapping has also identified additional epithermal veining in the area.

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**Risk Factors**

Investment in our securities involves a high degree of risk and should be regarded as speculative due to the nature of our business. Prior to making an investment in our securities, prospective investors should carefully consider the risk factors set out below. Such risk factors could have a material adverse effect on, among other matters, our operating results, earnings, properties, business and condition (financial or otherwise). The risks described below are not the only ones facing us. Additional risks not currently known to us, or that we currently deem immaterial, may also adversely affect our business, exploration and development plans and activities, mining operations, financial condition, results of operations or prospects.

We may not achieve our production estimates, forecasts or Guidance.

We cannot give any assurance that we will achieve our production estimates, forecasts and Guidance for any reporting period or over the life of our operations. Our failure to achieve our production estimates, forecasts and Guidance could have a material adverse effect on any or all our future cash flows, profitability, results of operations, financial condition and reputation.

The realization of production estimates, forecasts and Guidance are dependent on, among other matters: the accuracy of our Mineral Resources and Mineral Reserves estimates; the accuracy of mining assumptions regarding ore grades and recovery rates; geotechnical parameters and ground conditions; physical characteristics of ores; the presence or absence of particular metallurgical characteristics; gold, copper and silver price assumptions; and the accuracy of estimated rates and costs of mining, ore haulage and processing.

Actual production may vary from estimates, forecasts and Guidance for a variety of reasons, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)geotechnical and geological: the availability of certain types of ores; the inability to process certain types of ores; actual ore mined varying from estimates of grade or tonnage; dilution and geo-metallurgical and other characteristics; the need for sequential development of ore bodies and the processing of new or adjacent ore grades from those planned; mine failures, tailings dam failures, crown pillar failure at Didipio, pit wall instability or slope failures in open cut pits; unusual or unexpected geological conditions.

We also face increased risks, including subsidence, inrush or inundation events related to development in urban areas and extracting around historical workings at Waihi's MUG. MUG utilizes modified Avoca and remnant mining methods within the historic workings, which results in specific geotechnical risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)asset and infrastructure: plant and equipment failure; the risk of critical water management initiatives, such as the water treatment plant performance and further upgrades at Haile and Waihi not being implemented successfully resulting in operational delays; power outages, equipment failures or the unavailability or failure of backup or redundancy systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)external and supply chain: industrial accidents; natural phenomena, such as inclement weather conditions, floods (including water ingress in underground mines), droughts, rock/landslides and earthquakes and related disruption to our supply chain; international conflicts and other geopolitical tensions and events, changes in power and oil, and in turn diesel fuel, costs and potential power shortages; shortages of principal consumable supplies needed for mining operations, including explosives, fuels, chemical reagents, water, equipment parts and lubricants; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)workforce, legal and regulatory: inability to obtain or maintain necessary permits; labour shortages or strikes; lack of required labour; civil disobedience and protests; blockades; public health epidemics or outbreaks of diseases and subsequent operation stoppage; decisions from legal proceedings; and restrictions or regulations imposed by governmental authorities or other changes in the regulatory environment.

In addition to adversely affecting production, such occurrences could also result in damage to properties, underground mines, open pit mines (including surface stockpile), injury or death to persons, monetary losses and legal liabilities. These factors may cause a mineral deposit that has been mined profitably in the past to become unprofitable, forcing us to cease production.

Each of the above factors also applies to our development projects not yet in production and to operations that are to be expanded, including at Haile and the Waihi North Project. In these cases, we do not have the benefit of actual experience in verifying our estimates, forecasts and Guidance and there is a greater likelihood that future production forecasts and actual results will vary from the estimates, forecasts and Guidance.

We are subject to various operating risks, which could have an adverse impact on our business, results of operations and financial condition.

In common with other enterprises undertaking business in the mining sector, our mineral exploration, project development, mining and related activities are subject to conditions beyond our control that can reduce, halt or limit production or increase the costs of production, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)operational hazards and risks: environmental hazards; occupational hazards, including risks of injury or loss of life arising from underground and surface mining activities, equipment operation, ground conditions and exposure to hazardous environments; industrial accidents; catastrophic accidents; significant failure to key equipment used to process materials; fires, explosions and equipment failures; natural phenomena, such as inclement weather conditions (including rainfall), earthquakes, seismicity, natural disasters; open pit and underground floods; geotechnical risks such as pit wall failures, ground movements including impacts to public infrastructure and roads, tailings dam failures and cave-ins; water storage facility failures; pipeline failures; unusual or unexpected geological conditions; and technological failure of mining methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)development and permitting: the discovery and/or acquisition of Mineral Reserves and Mineral Resources; successful conclusions to feasibility and other mining studies; access to adequate capital for project development and to sustaining capital; design and construction of efficient mining and processing facilities within capital expenditure budgets; the ability to execute on water management initiatives and strategies at our operations resulting in operational delays or the inability to obtain or maintain necessary permits or certifications; the securing and maintaining of title to tenements; obtaining required permits, certifications, consents and approvals; compliance with required permits, certifications, consents and approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)supply chain, infrastructure and human resources: the ability to procure major equipment items and key consumable supplies, including explosives, fuels, chemical reagents, water, equipment parts and lubricants, in a timely and cost-effective manner; supply chain/logistics disruptions or delays, including as a result of international conflicts, such as the recent U.S.-Israel-Iran conflict (impacting the wider Middle East); the ability to access reliable and disruption to power supply; and the ability to access road and port networks for the shipment of gold and copper concentrate; an inability to

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secure ongoing supply of equipment, supplies and services at prices assumed within the short and long term mine plans, and assumed within feasibility studies; access to competent operational management and prudent financial administration, including the availability and reliability of appropriately qualified employees, contractors and consultants; labour disputes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)external and market: changes in market conditions, government policies and exchange rates; industrial disruption; increases in oil prices, and in turn diesel fuel prices, and the cost of equipment and supplies; acts of social activism; international conflicts and other geopolitical tensions and events, including war, military action, terrorism, trade disputes and international responses thereto; changes in the regulatory environment; impact of non-compliance with laws and regulations; blockades or other climate change transition, physical, legal and social-license related risks.

There is no assurance that the foregoing risks and hazards will not result in any or all of the following: death of, or personal injury to personnel; the loss of mining equipment; damage or destruction of our mineral properties or production facilities; delays in, or interruption of, the development of our projects, including at Haile and the Waihi North Project; monetary losses; increased costs; disruptions to operations; deferral or unanticipated fluctuations in production; environmental damage or other impacts; adverse governmental action; and potential legal liabilities. Any of these factors could have a material adverse effect on our business, reputation, financial condition, results of operations and prospects, and could render a previously profitable operation or project unprofitable.

Our Mineral Reserves and Mineral Resources are estimates based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated.

The Mineral Resources and Mineral Reserves figures presented herein are estimated by our qualified personnel. There are numerous uncertainties inherent in estimating Mineral Reserves and Mineral Resources, including many factors beyond our control.

Mineral Resources estimates are necessarily imprecise and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. Accordingly, Mineral Resources estimates may require further consideration as more drilling and sampling information becomes available, as actual production experience is gained or as our mining methods are changed. In addition, our Mineral Resources estimates include Inferred Mineral Resources. Inferred Mineral Resources have a great amount of uncertainty as to their continuity and physical properties and their economic and legal feasibility.

The inclusion of Mineral Resources estimates should not be regarded as a representation that these amounts can be economically exploited, and no assurances can be given that such Mineral Resources estimates will be converted into Mineral Reserves. There is no guarantee that the Mineral Resources estimated are capable of being directly reclassified as Mineral Reserves, nor that all or any part of the Inferred Mineral Resources will be upgraded to a Measured or Indicated Mineral Resource category.

Further, operating factors relating to Mineral Reserves, such as the development of the ore bodies or the processing of new or different ore grades, along with lower market prices, increased production costs, and reduced recovery rates may result in a revision of our Mineral Reserves estimates or may render our Mineral Reserves estimates unprofitable to exploit. If we encounter mineralization or formations different from those predicted by past drilling, sampling and similar examinations, Mineral Reserves estimates may have to be

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adjusted in a way that might adversely affect our operations. An extended period of operational underperformance, including increased production costs or reduced recovery rates, may render Mineral Reserves containing relatively lower grades of mineralization uneconomic to recover and may ultimately result in the restatement of Mineral Reserves and/or Mineral Resources estimates. There can be no assurance that any or all our Mineral Reserves will be successfully processed and produced into gold doré or concentrate. Future fluctuations in the variables underlying our Mineral Resource estimates may result in material changes to our Mineral Reserve estimates and such changes could have a material adverse effect on any or all our future cash flows, profitability, results of operations and financial condition.

Our capital expenditure and operating cost estimates may not be accurate.

Capital and operating cost estimates made in respect of our existing mining operations, our growth and development projects, including at Haile and the Waihi North Project, and our exploration activities, including under our earn-in agreements, may not prove accurate. Capital and operating costs are estimates based on the interpretation of geological data, feasibility studies, costs of consumables, anticipated climatic conditions and other factors at the time of making such estimates. Any of the following events, among the other uncertainties described in this Annual Information Form, could affect the ultimate accuracy of such estimates: unanticipated changes in grade and tonnage of ore to be mined and processed; changes in operational conditions; incorrect data on which engineering assumptions are made; delays in construction schedules; unanticipated transportation or other costs; scarcity or disruption in the supply chain; the accuracy of major equipment and construction cost estimates; labour negotiations; changes in government regulation (including regulations regarding prices, cost of consumables, royalties, duties, taxes, permitting, greenhouse gas emissions and restrictions on production quotas for exportation of minerals); decisions from legal proceedings; and technology and title claims.

There is no assurance that we will continue to successfully produce gold doré or copper concentrate or that we will be able to successfully bring new mines into production.

Our ability to sustain or increase the current level of production is dependent on the continued economic operation and development of Haile, Macraes, Waihi and Didipio. No assurances can be given that planned development and expansion projects, including at Haile and the Waihi North Project, will result in additional Mineral Reserves, that planned development timetables will be achieved, that gold or copper production forecasts will be achieved, or that our development or exploration projects will be successful.

Increased costs and tariffs, changes in metal prices, adverse currency fluctuations, availability of construction services, equipment and supplies, labour shortages, cost of inputs or other factors could have a material adverse effect on our business, financial condition, results of operations and prospects, and could impede current gold or copper production or our ability to bring new gold and copper mines into production or expand existing mines.

There is no assurance that we will be able to maintain, improve or complete development of our mineral projects on time or to budget due to, among other matters, changes in the economics of our mineral projects, the delivery and installation of plant and equipment, cost overruns, and the adequacy of current personnel, systems, procedures and controls to support our operations. Any of these matters would have a material adverse effect on our business, financial condition, results of operations and prospects.

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Geotechnical, hydrogeological and other physical conditions may adversely affect our operations.

Our mining operations are subject to geotechnical, hydrogeological and other physical risks that are inherent in the exploration, development and extraction of mineral resources. These risks may increase as operations mature, as open pits deepen and as underground mining progresses to greater depths or into more complex geological environments. Such conditions can give rise to ground instability, pit wall, slope or crown pillar failures, subsidence, seismic events, water ingress, flooding, elevated temperatures or other adverse physical conditions that may be difficult to predict or mitigate.

Adverse geotechnical or hydrogeological conditions may require changes to mine design, sequencing or mining methods, additional ground support or water management measures, or temporary or extended suspensions of operations. In underground operations, unexpected ground conditions or water inflows may affect the stability of excavations, including declines, shafts or ventilation infrastructure, and may result in damage to equipment, delays to development activities or increased operating and capital costs.

Our operations may also be exposed to risks associated with extreme weather events or natural hazards, including heavy rainfall, flooding, landslides, earthquakes, cyclones, wildfires or other natural disasters, depending on location. Such events may disrupt operations, restrict access to mine sites, damage infrastructure or facilities, or adversely affect surrounding communities and the environment.

In addition, our TSFs and other water and waste management infrastructure are subject to geotechnical and hydrological risks. Although these facilities are designed, constructed, operated and monitored in accordance with applicable regulatory requirements and industry standards, there can be no assurance that instability, seepage or failure will not occur. A failure or significant geotechnical incident involving a TSF, dam or pit slope could result in loss of life, environmental damage, regulatory investigations or enforcement actions, remediation obligations, reputational harm, suspension of operations and increased costs.

The occurrence of any of these events, or a failure to effectively manage or mitigate geotechnical, hydrogeological or related physical risks at a commercially reasonable cost, could have a material adverse effect on our business, financial condition, results of operations, cash flows and future prospects.

We may experience challenges managing water effectively.

Our mining and processing, development, and exploration activities are heavily reliant upon the availability and effective management of water. Responsible water management includes the methods through which water procurement (including surface water, freshwater, groundwater and wastewater), water treatment and discharge, and water reuse are carried out to ensure access to and proper care of this resource. Due to the volume of water required by a mining operation, water being a finite resource and the potential effects of a mine on shared resources such as surface and ground waters, water management of a mine can be a source of pollution and conflict with local communities. We apply different approaches to water management depending on the context within which we are conducting business.

Ineffective dewatering practices and/or intense rainfall events can result in inundation of open pits or underground workings, failure of our water storage facilities, slope failure due to excessive pore water pressures and poor sediment settling in TSFs. Failure to collect and/or treat contact water prior to release to the environment may result in water contaminated with metals and other chemical reagents coming into contact with water resources which are shared with local communities and wildlife. Water abstraction can

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result in over-extraction and uneven distribution of water resources, a risk that is particularly prevalent in dry and arid regions prone to water scarcity.

Inability to manage water on site could affect our operations and the surrounding environment. This may lead to production impacts, higher costs, potential environmental impacts and negative impact on community relations as a result thereof, which in turn could have a material adverse effect on our business, financial condition and prospects.

Our Mineral Reserves may not be replaced, and failure to identify, acquire and develop additional Mineral Reserves could have an adverse impact on our business, results of operations and financial condition.

Our profitability depends substantially on our ability to mine, in a cost-effective manner, gold, copper and silver that possess the quality and characteristics desired or required by our customers. Because our Mineral Reserves decline as we mine our gold, copper and silver Mineral Reserves, our future success and growth depend upon our ability to identify, grow, expand or acquire additional Mineral Resources that are economically recoverable. If we fail to define additional Mineral Reserves on any of our existing or future properties, our existing Mineral Reserves will eventually be depleted.

A failure to discover or acquire new Mineral Resources and define Mineral Reserves on such Mineral Resources, to enhance our existing Mineral Reserves or to develop new operations to maintain or grow our Mineral Reserves could have a material adverse effect on our business, financial condition, results of operations and prospects.

There is no assurance that our development and exploration activities will be successful.

The development of our growth projects, including at Haile and the Waihi North Project, into mines and Mineral Resource exploration activities, including under our earn-in agreements, is characterized by a number of significant risks including, among other matters, unprofitable efforts resulting not only from the failure to discover mineral deposits, but also from finding mineralization that, though present, is insufficient in quantity and quality to return a profit from production. Any gold and copper exploration program entails risks relating to the development of appropriate metallurgical processes, the receipt of necessary governmental permits, licenses and consents and the construction of mining and processing facilities at any site chosen for mining. No assurance can be given that any exploration program will result in the discovery of new Mineral Reserves or Mineral Resources or that the expansion of existing Mineral Reserves or Mineral Resources will be successful.

Regulatory, consenting and permitting risks may delay or adversely affect our gold, copper and silver production.

The business of mineral exploration, project development, mining and processing is subject to extensive national and local laws and plans relating to each of the following: permitting and maintenance of title; environmental consents; taxation; employee relations; socio-economic, cultural, heritage and historic matters; health and safety; royalties; land acquisitions; and other matters. There is a risk that the necessary permits, certifications, consents, authorizations and agreements to implement planned exploration, project development or mining may not be obtained under conditions or within time frames that make such plans economic. There is also a risk that applicable laws, regulations or governing authorities will change and that

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such changes will result in additional material expenditures or time delays. Failure to obtain required permits, certifications, consents and authorizations or to maintain compliance with such permits, certifications, consents and authorizations once obtained, could result in injunctions, fines, suspension or revocation of permits, certifications, consents and authorizations and other penalties. The permitting and consent process may require extensive consultation and enables many interested third parties to participate in the process. This imposes additional risk that permits, certifications and consents may be delayed, plans varied or rejected, and our operations may be materially impacted as a result.

For example, prior to the deadline for lodging appeals, we received a notice of appeal from one party relating to the Fast-track permit approval for the Waihi North Project. While we remain confident in our ability to defend this appeal and no injunction has been sought on our current activities, such appeal may interfere with the advancement of the Waihi North Project, which may in turn have a material adverse effect on our business, financial condition, results of operations and prospects.

The Didipio Mine is dependent on the FTAA with the Philippine Government; however, there is no guarantee that the validity of the FTAA will not be challenged or that the divestment provision will not be enforced.

The FTAA with the Philippine Government with an initial term ending in June 2019, was renewed in July 2021 for an additional 25-year period effective from June 2019 and ending in June 2044. The renewal was granted on similar terms and conditions under the original FTAA, with certain additional conditions, all of which have been satisfied. Please see "*Didipio Operation – Mineral Permits and Regulatory Matters – Financial or Technical Assistance Agreement (FTAA)*" for additional information.

The FTAA provides that we or our assignees shall be required, after ten years from the recovery of pre-operating expenses and property expenses under the FTAA or 20 years after the effective date of the FTAA, whichever is later, to divest our equity within a period of one year by either: (a) disposing 60% of our equity holdings (or such lesser equity requirement as may be imposed by law at that time) to be a qualified entity to Filipinos or any Philippine juridical entity at the end of such year; or (b) allowing the terms of the FTAA to continue to govern the relation of the parties therein and by disposing 60% of our equity holdings (or such lesser equity requirement as may be imposed by law at that time) to be a qualified entity to Filipinos or any Philippine juridical entity. The one-year divestment period may be extended by the DENR Secretary if there are justifiable economic reasons warranting the extension, and if the divestment requirement is met, we can, at our option, avail of the rights and privileges of converting the FTAA into a mineral production sharing agreement, in which case the revenue sharing under the FTAA shall no longer apply.

In a letter dated October 1999 from the DENR Secretary, the DENR stated that it does not interpose any objection to the deletion of the divestment requirement, as the PMA and its implementing rules and regulations do not prescribe or impose any mandatory divestment requirement on mining companies. The deletion of the divestment requirement was not discussed during the FTAA renewal process and the FTAA Addendum and Renewal Agreement does not address the divestment provision in the FTAA. There is no assurance that the Philippine Government will not invoke or enforce such divestment provision.

In addition, the renewed FTAA is subject to ongoing and potential legal challenges. A case filed in 2024 against OGP and various Philippine government entities, including the Office of the Executive Secretary, DENR and related agencies, challenges aspects of the FTAA Addendum and Renewal Agreement. There is also a long-standing case before the Supreme Court of the Philippines, initiated in 2008 by NGOs and

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individuals, challenging the constitutionality of the PMA and financial and technical assistance agreements, including those applicable to Didipio. While the Supreme Court of the Philippines has previously upheld the constitutionality of the Mining Act and dismissed earlier challenges to the FTAA framework, litigation outcomes are inherently uncertain.

Any adverse decisions, further legal challenges by third parties (including NGOs), or regulatory actions could create uncertainty regarding the continuity, enforceability or validity of the FTAA, interfere with operations at the Didipio Mine, result in operational disruptions or delays, or impose additional obligations or restrictions. Any of these outcomes could have a material adverse effect on our business, financial condition, results of operations and prospects.

Please see "*Legal Proceedings and Regulatory Actions – FTAA Challenges*" for additional information.

We may fail to fulfil the terms and conditions of licenses, permits, certifications, consents and other authorizations, or fail to renew them on expiration.

We are required to maintain business licenses, permits, certifications, consents and other authorizations, and are also required to obtain and renew various permits and certifications, including business permits and permits concerning, for example, health and safety and environmental standards.

Many of our licenses, permits, certifications, consents and other authorizations contain various requirements that must be complied with to keep such licenses, permits, certifications, consents and other authorizations valid. If we fail to meet the terms and conditions of any of our licenses, permits, certifications, consents or other authorizations necessary for our operations, these may be suspended or terminated, leading to temporary or potentially permanent closing of operations, facilities or properties or other adverse consequences, or we may be subject to the payment of fines, penalties or charges imposed by the relevant regulatory agency. In addition, there is no certainty that any given license, permit, consent or authorization will be deemed sufficient by the relevant governmental authorities to fully cover activities conducted in reliance on such license, permit, consent or authorization.

There can be no assurance that we will have, or continue to be able to obtain or renew, the necessary licenses, permits, certifications, consents and other authorizations for our properties or that such licenses, permits, certifications, consents and other authorizations will not be revoked. Our failure to obtain, maintain or renew material licenses, permits, certifications, consents and other authorizations, may result in penalties, restrictions on operations or damage to stakeholder confidence, which could have a material adverse effect on our business, financial condition, results of operations and prospects.

Continued compliance with health and safety, social and environmental laws and regulations may adversely affect our business, results of operations and financial condition.

We expend significant financial and Management resources to comply with a complex set of health and safety, social and environmental laws, regulations, guidelines and permitting requirements. We anticipate that we will be required to continue to expend significant financial and Management resources in the future as the recent trend towards stricter health and safety, social and environmental laws is likely to continue. The possibility of more stringent laws or more rigorous enforcement or new judicial interpretation of existing laws exists in the areas of human rights, workforce health and safety, the disposition of waste, the decommissioning and rehabilitation of mining sites, climate change and other environmental matters, each of which could have a material adverse effect on our operations or the cost or the viability of a particular

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project. Failure to meet the conditions under our various permits, certifications, consents, licenses and approvals could result in interruption or closure of exploration, development or mining operations, material fines or penalties or a loss of community support, all of which could have a material adverse effect on our business, financial condition, results of operations and prospects.

For example, over recent years, initiatives to reform New Zealand's laws regulating permitting of land use at both the central government and local government level have proposed and partially implemented restrictions on proposed land use development where this could impact freshwater, biodiversity values and highly productive land. There is no assurance that regulatory changes over time will not adversely affect our existing or planned operations and future development opportunities in New Zealand, or our use of land and access to it.

Our investments and operations are subject to numerous risks associated with operating in foreign jurisdictions.

Our investments and operations are subject to the risks normally associated with the conduct of business in foreign countries. The occurrence of events associated with these risks could have a material and adverse effect on our profitability or the viability of our affected foreign operations, which could also have a material and adverse effect on our future cash flows, earnings, results of operations and financial condition. Risks may include, among others: labour disputes; invalidation of governmental orders, permits or certifications; corruption; uncertain political, regulatory and economic environments; sovereign risk, including the risk that our mining concessions may be susceptible to revision or cancellation by new laws or changes in direction by the current government; war; human rights violations; civil disturbances and terrorist actions; arbitrary changes in laws or policies of particular countries (including tax laws); the failure of foreign parties to honour contractual relations; delays in obtaining, or the inability to obtain, necessary governmental licenses, permits, certifications, consents or authorizations; opposition to mining from environmental groups or other NGOs; limitations on foreign ownership; limitations on the repatriation of earnings; limitations on gold, copper and silver exports; instability due to economic under-development; inadequate infrastructure; and increased financing costs. In addition, the enforcement of our legal rights to operate may not be recognized by any foreign government, or by the court system of a foreign country. These risks may limit or disrupt our operations, restrict the movement of funds, or result in the deprivation of mining-related rights or the taking of property by nationalization or expropriation without fair compensation.

While we believe that the governments and populations of each of the U.S., New Zealand and Philippines support the development of natural resources, there can be no assurance that future political and economic conditions in such countries will not result in the adoption of different policies or attitudes affecting the development and ownership of Mineral Resources. This may affect our ability to undertake exploration, development and mining activities in respect of our current and future properties.

We may be subject to sudden tax changes, which can have a material adverse effect on profitability.

The introduction of new tax laws, regulations or rules, or changes to, or differing interpretation of, or application of, existing tax laws, regulations or rules in Canada, the U.S., New Zealand, the Philippines (notwithstanding the protections provided under the FTAA), Australia, Singapore or any of the countries in which our operations or business is or will be located, could result in an increase in taxes, or other governmental charges, duties or impositions, an unreasonable delay in the refund of certain taxes owing to

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us or the application of unfavourable currency controls or on the repatriation of profits. No assurance can be given that new tax or foreign exchange laws, rules or regulations will not be enacted or that existing laws, rules or regulations will not be changed, interpreted or applied in a manner that could result in our profits being subject to additional taxation, result in us not recovering certain taxes on a timely basis, be refunded at reasonably equivalent U.S. dollar value as at the time paid, or restricting the manner in and efficiency with which we manage our cash balances, or at all, or that could otherwise have a material adverse effect on our business, financial condition, results of operations and prospects.

The costs of complying with applicable laws and governmental regulations may have an adverse impact on our business, results of operations and financial condition.

Our operations and exploration activities are subject to applicable laws and regulations governing various matters. These include applicable laws and regulations relating to: repatriation of capital; exchange controls; taxation; labour standards; health and safety; environment; and historic and cultural preservation. In particular, mining operations are subject to a variety of industry-specific health and safety laws and regulations. Should compliance with standards require a material increase in future expenditure, it could have a material adverse effect on our business, financial condition, results of operations or prospects.

Amendments to current applicable laws, regulations, permits or certifications governing our operations and activities of mining companies, or the more stringent enforcement thereof, could have a material adverse effect on our business, financial condition, results of operations or prospects by increasing exploration expenses, future capital expenditures or future production costs or by reducing the future level of production, or cause the abandonment of or delays in the exploration and development of our mineral projects.

Disruption to the supply of, and/or an increase in prices of power and water supplies, including infrastructure, could negatively affect our business, financial condition and results of operations.

Our ability to obtain a secure supply of power and water at a reasonable cost depends on many factors, including: global and regional supply and demand; political and economic conditions; problems that can affect local supplies; delivery, security and reliability of energy infrastructure; and relevant regulatory regimes, all of which are outside our control. We can provide no assurance that we can obtain or secure supplies of power and water at reasonable costs at all our facilities and the failure to do so could have a material adverse effect on our business, financial condition, results of operations and prospects.

Tailings and waste management facilities have significant risks, including the potential to cause health and safety, environmental and reputational consequences.

Mining and milling processes generate waste rock and tailings, and the disposal of these materials is subject to substantial regulation and involve significant environmental risks. Tailings are a common by-product of the mining process, consisting of the processed rock or soil left over from the separation of the commodities of value from the rock or soil within which they occur. Tailings are commonly in the form of a slurry of fine silt and sand sized particles and water. Tailings are managed in specially engineered facilities that are planned, designed, constructed, operated, decommissioned and closed in such a manner that all structures are stable, and all aspects conform with national or state legislative and regulatory requirements, our standards, accepted international practices and commitments to stakeholders. While we employ a comprehensive approach to tailings management, there can be no guarantee that a tailings incident will not occur.

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Waste rock dumps and tailings facilities may also be subject to ground movements or deteriorating ground conditions, natural weathering, the generation and release of acid rock drainage affecting water quality, extraordinary weather or earthquake events resulting in structural instability or overflow, all of which could require that deposition activities be suspended or altered. The tailings facility infrastructure, including pipelines, pumps and liners, among others, may fail or rupture. The occurrence of such an event may result in environmental release, extended business interruption, damage or harm to third parties and communities, regulatory fines and penalties, revocation or suspension of permits, certifications, or licenses, material impact to cash flows, balance sheet, share price and reputational damage.

Environmental and regulatory authorities conduct periodic or annual inspections of our operations. As a result of these inspections, we are from time to time required to modify our waste and water management programs, complete additional monitoring work or take remedial actions with respect to the operations as it pertains to waste or water management. Liabilities resulting from non-compliance, damage, regulatory orders or demands, could adversely and materially affect our business, results of operations and financial condition. Moreover, in the event that we are deemed liable for any damage caused by a breach, failure or overflow, our losses or consequences of regulatory action might be significant and may not be covered by insurance policies.

Potential future acquisitions or investments in other companies may have a negative impact on our business.

We may seek to expand our business through acquisitions, and we intend to consider and evaluate opportunities for growth through acquisitions when suitable acquisition targets present themselves. There can be no assurance that we will find attractive acquisition candidates in the future or that we will be able to acquire such candidates on economically acceptable terms, if at all. Acquisitions may require substantial capital and negotiations of potential acquisitions and the integration of acquired operations could disrupt our business by diverting the attention of Management and employees away from day-to-day operations. The difficulties of integration may be increased by the necessity of coordinating geographically diverse organizations, integrating personnel with disparate backgrounds and combining different corporate cultures.

At times, acquisition candidates may have liabilities or adverse operating issues that we fail to discover through due diligence before the acquisition. If we consummate any future acquisitions, our capitalization and results of operations may change significantly.

Any acquisition involves potential risks, including, among other things: mistaken assumptions about mineral properties, Mineral Resources or Mineral Reserves and costs, including synergies; an inability to successfully integrate any operation and/or project that we acquire; an inability to hire, train or retain qualified personnel to manage and operate the operations and/or projects acquired; the assumption of unknown liabilities; limitations on rights to indemnity from the seller; mistaken assumptions about the overall cost of equity or debt; unforeseen difficulties operating acquired operations and/or projects, which may be in new geographic areas; and the loss of key employees and/or key relationships at the acquired operation and/or project.

Acquisitions or investments may require us to expend significant amounts of cash, resulting in our inability to use these funds for other business purposes. The potential impairment or complete write-off of goodwill and other intangible assets related to any such acquisition may reduce our overall earnings and could negatively affect our balance sheet.

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The occurrence of any of the foregoing could have a material adverse effect on our business, financial condition, results of operations or prospects.

Our properties are subject to environmental risks.

Mining operations have inherent risks and liabilities associated with the pollution of the environment and the disposal of waste produced as a result of mineral exploration and production. Open pit and underground mining, and processing gold, copper and silver, are subject to risks and hazards, including industrial accidents, unintended spills, discharge of toxic chemicals or other hazardous substances, breach of tailings dams, fire, flooding, rock falls and subsidence. The occurrence of any of these can harm the environment, delay production, increase production costs, negatively affect our operations' reputation if not properly controlled or result in liability to us. Such events may also result in a breach of the conditions of a mining lease, permit or consent or relevant regulatory regime, with consequent exposure to enforcement procedures, including possible revocation of leases, permits, certifications or consents.

Environmental liabilities may exist on the properties on which we hold interests which are unknown at present, and which have been caused by previous or existing owners or operators of the properties. We may incur unanticipated costs associated with the reclamation or restoration of mining properties. In addition, we may incur costs from reclamation activities in countries where we have mining and exploration operations in excess of any bonds or other financial assurances which we may be required to give, which costs may have a material adverse effect on our profitability, results of operation and financial condition.

The impacts of climate change, including the potential for extreme weather events and shifts in climate patterns, may adversely affect our operations.

Climate change may directly or indirectly affect our business and operations. The physical effects of climate change may include extreme weather events, natural disasters, resource shortages, changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. For example, severe drought conditions impacting the regions in which we operate may affect our access to adequate water supplies to sustain operations in the normal course, and may result in conflicting needs with local communities or materially increase operating costs. Conversely, extraordinary storm and rainfall events may result in localized flooding directly or indirectly impacting the safety of mine personnel, infrastructure and our production performance.

Further, our facilities depend on regular and steady supplies of consumables to operate efficiently. Operations also rely on the availability of energy from public power grids. The supply of consumables and the availability of energy may be put under stress or face service interruptions due to more extreme acute and chronic weather events. If the effects of climate change cause prolonged disruption to the delivery of essential commodities, then production efficiency may be reduced, which may result in a material adverse effect on our business, financial condition, results of operations and prospects.

Our Climate Transition Plan, which is available on our website at www.oceanagold.com, includes additional information on our approach to identifying, mitigating or adapting to physical and transition climate change related risks and opportunities.

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Climate change transition risks (such as regulatory, technological, legal and societal) may significantly increase our operating costs and adversely affect our operations.

A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to the potential impacts of climate change, such as those limiting greenhouse gas emissions or the use of specific types of fuels, placing restrictions on access to certain water resources or introducing new carbon or water taxes. Where legislation already exists, regulation relating to emission levels and energy efficiency is becoming more stringent. Some of the costs associated with reducing emissions can be offset by increased energy efficiency and technological innovation. However, if the current regulatory trend continues, and depending on the nature, speed, focus and jurisdiction of these regulatory changes, this may pose varying levels of financial and reputational risk to our business.

Although we continue to take steps to anticipate potential costs, financial and otherwise, associated with climate change, there can be no assurance that the transition risks associated with climate change or related regulatory or governmental actions will not negatively impact our operations. In addition, we may be subject to activism from environmental groups, NGOs and other organizations campaigning against our mining and processing activities, which could affect our reputation and disrupt our operations. The occurrence of any of the foregoing could result in a material adverse effect on our business, financial condition, results of operations and prospects.

Our success depends on our ability to attract and retain qualified personnel and to maintain satisfactory labour relations.

Recruiting and retaining qualified personnel is critical to our success. Gold, copper and silver mining is a labour-intensive industry, and the number of persons skilled in the acquisition, exploration and development of mining properties in the jurisdictions in which we operate may be limited and competition for such personnel is intense both from within and outside such jurisdictions.

Production at our mining operations is dependent upon the efforts of our employees and our relations with our unionized and non-unionized employees. Certain members of our New Zealand and Philippines based operations staff are represented by various labour unions and subject to collective agreements. We consider our labour relations to be positive and, over the years, we have successfully negotiated collective agreements without disruptions to operations. Management works collaboratively with union leaders and maintains open channels of communication, fostering a culture of mutual respect and trust, in accordance with our Values. We also regularly engage with employees to address concerns, provide feedback, and ensure a safe and productive work environment.

Despite these positive relationships, the status of unionization may change over time due to changes in the number and types of positions filled. Relations between us and our employees may also be affected by changes in the scheme of labour relations that may be introduced by the relevant governmental authorities in those jurisdictions in which we carry on business. We cannot give assurance that we will be able to satisfactorily negotiate or renew union agreements and may face tougher negotiations or higher wage demands than would be the case for non-unionized labour, which could result in work stoppages and other labour disturbances. Changes in legislation, increased labour costs, a strike or other labour disruption could have a material adverse effect on our business, financial condition, results of operations or prospects.

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International conflicts may impact our business.

International conflicts and other geopolitical tensions and events, including war, military action, terrorism, trade disputes and international responses thereto, have historically led to, and may in the future lead to, uncertainty or volatility in global financial markets. For example, Russia's invasion of Ukraine has led to sanctions being levied against Russia by the international community and may continue to result in additional sanctions or other international action, or for example, the recent U.S.-Israel-Iran conflict (impacting the wider Middle East) that escalated in late February 2026 and remains ongoing has led to a surge oil prices, any of which have had and may continue to have a destabilizing effect on commodity prices (such as coal, gas and oil, as well as gold, copper and silver), equipment and key consumable prices and global economies more broadly. Volatility in commodity prices caused by such events may adversely affect our business, financial condition and results of operations.

Our insurance coverage does not cover all our potential losses, liabilities and damages related to our business and certain risks are uninsured or uninsurable.

While we are covered by insurance against certain risks, the nature of these risks is such that liability could exceed policy limits or be excluded from coverage. There are also risks against which we cannot insure or against which we may elect not to insure. The potential costs that could be associated with any liabilities not covered by insurance, or that are in excess of insurance coverage, or associated with compliance with applicable laws and regulations, may cause substantial delays and require significant capital outlays. This could adversely affect our cash flows, earnings, results of operations and financial condition.

We may become subject to liability for pollution or other hazards against which we have not insured or cannot insure, including those in respect of past mining activities. We are also exposed to the liability of the costs of meeting rehabilitation obligations on the cessation of mining operations.

Failure of information systems or a component of information systems could, depending on the nature of any such failure, adversely impact our reputation and results of operations.

Our operations, and those of our third-party service providers and vendors, depend in part on the proper functioning and availability of information technology ("**IT**") systems, networks, equipment and software, and the security of those systems. These systems are vulnerable to an increasing threat of continually evolving cybersecurity risks. These risks may take the form of malware, viruses, cyber threats, extortion, employee error, malfeasance, system errors or other types of risks, and may occur from inside or outside of our organization. Cybersecurity risk is increasingly difficult to identify and quantify and cannot be fully mitigated because of the rapid evolving nature of the threats, targets and consequences. Additionally, unauthorized parties may attempt to gain access to these systems or our information through fraud or other means of deceiving our employees, contractors, third-party service providers or vendors. A significant breach of, disruption or damage to, or failure to maintain, upgrade or replace our IT systems and software could result in IT system failures, delays, the corruption and destruction of our data, misuse of data, extensive personal injury, property damage, loss of confidential information and significant cost increases. The failure of information systems or a component of information systems could, depending on the nature and extent of any such failure, adversely impact our reputation and results of operations. There can be no assurance that our ability to monitor or mitigate cybersecurity risks will be fully effective, and we may fail to identify cybersecurity breaches or discover them in a timely way.

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Although to date we have not experienced any known material losses or interruptions to our day-to-day operations as a result of a failure of our IT systems and have not experienced any material security breach in the past five years, there can be no assurance that we will not experience any such failure, breach, loss or interruption in the future.

In addition, as the regulatory environment related to information security, data collection and use, and privacy becomes increasingly rigorous, with new and constantly changing requirements applicable to our business, compliance with those requirements could also result in additional costs. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

We are subject to various anti-corruption laws and regulations and carry on business in jurisdictions which may be subject to sanctions or other similar kinds of measures.

We are subject to a wide range of Canadian and foreign anti-corruption, fraud, business integrity and sanctions laws and regulations, including legislation with extraterritorial application, such as the Canadian Corruption of Foreign Public Officials Act, the U.S. Foreign Corrupt Practices Act and Australian foreign bribery laws. These regimes are increasingly complex and continue to evolve, with many jurisdictions requiring companies to implement and maintain effective compliance programs and controls to prevent, detect and respond to fraud, bribery, corruption and other business integrity breaches.

Liability under these laws may arise not only from direct misconduct, but also from failures in systems, controls, oversight or compliance programs, including where a company is alleged to have failed to take reasonable steps to prevent misconduct by employees, contractors or other associated third parties. Given our reliance on contractors, service providers and other intermediaries in the jurisdictions in which we operate, misconduct by such parties could expose us to civil or criminal liability, even where such conduct was not authorized by, or known to, senior management.

Investigations or enforcement actions relating to alleged violations of anti-corruption, business integrity or sanctions laws may be conducted by multiple authorities across different jurisdictions and may require significant management time, operational disruption, compliance remediation and professional costs, regardless of the outcome. Any failure to comply with applicable requirements, whether inadvertent or otherwise, could result in substantial penalties, regulatory enforcement actions, reputational harm and adverse impacts on our business, financial condition, results of operations and prospects.

In addition, certain jurisdictions in which we operate, or certain individuals or entities with which we engage, are or may become subject to economic sanctions or similar measures. Additional or expanded sanctions, or any failure to comply with applicable sanctions regimes, could further restrict our operations and materially adversely affect our business.

We may be subject to emerging regulatory and legislative requirements and scrutiny with respect to human rights.

Our operations are subject to evolving global regulations and legislation concerning human rights matters, including those affecting Indigenous Peoples and vulnerable populations, forced labour, child labour and other slavery-like practices. Consequently, we may experience increased scrutiny from investors, shareholders and other stakeholders regarding these issues.

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The mining industry continues to attract growing attention from human rights organizations and is notably susceptible to complaints or legal disputes related to risks such as large-scale land acquisition, community resettlement, environmental impacts, health and safety concerns, the employment of migrant, child, or forced labour, the rights of Indigenous Peoples and risks associated with operations in conflict-affected areas or those with artisanal and unregulated mining activities.

Adhering to evolving regulations and laws regarding modern slavery, human trafficking and forced labour reporting, training and due diligence may result in increased operational costs. Additionally, inadequate identification or response to human rights abuses or related allegations – whether internally, externally, or through third-party business associations – may expose us to enforcement actions, potential litigation, dissatisfaction among investors and stakeholders, and reputational damage.

Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operational continuity.

The increased focus on holding multinational companies accountable for contributing to sustainable outcomes in their areas of operation has led to the emergence of numerous standards, reporting frameworks and heightened expectations regarding environmental stewardship, social performance, sustainable development, community engagement and transparency. The resource extraction sector, particularly mining, has experienced a notable rise in stakeholder scrutiny and demands. Organizations in this industry are expected to thoroughly engage with affected stakeholders, identify, prevent or mitigate negative impacts, and maximize socio-economic development and other benefits related to their activities.

Although we are committed to responsible environmental management, sustainable development, social investment and ongoing engagement with communities and stakeholders, evolving stakeholder expectations may generate interest from groups seeking more rapid or significant action, individuals pursuing unwarranted project advantages under environmental concerns or lead to potential adverse financial, reputational and operational consequences. These may include, but are not limited to, operational disruptions, increased costs, higher investment requirements, and greater taxes and royalties owed to governmental authorities.

Social acceptance of mining activities in the areas where we operate is important for our business operations and we have been, and may be in the future, subject to complaints, activism or negative publicity in respect of issues affecting communities around mines and the environment.

The acceptance by host and neighbouring communities of our mining activities is important for a secure and stable operating environment and is considered by regulatory agencies in permit applications. Opposition by host and neighbouring communities to proposed or ongoing mining activities could result in suspensions or delays in mining operations and our supply chain.

In the past, our operations have been subject to unsubstantiated allegations of human rights violations at our Didipio Mine. We have openly and transparently engaged with the relevant international and local organizations in relation to such allegations. We continue to engage with relevant stakeholders through meaningful dialogue and use the feedback gained from this engagement to improve our management of key issues and impacts, respond to concerns or issues relating to our business activities, identify opportunities, inform our business strategy and activities and develop social investment programs collaboratively.

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There is no assurance that the business will not be the target of protests or subject to allegations of violations of human rights or environmental laws and regulations in the future. Any such negative publicity may have a material adverse effect on our business, financial condition, reputation, results of operations and prospects.

Further, while we seek to operate responsibly, NGOs could direct adverse publicity and/or disrupt our operations, regardless of our successful compliance with social and environmental best practices, due to political factors, activities of unrelated third parties on lands in which we have an interest, or our operations specifically. Any such actions could have an adverse effect on our reputation, relationships with host communities, financial condition, results of operations or prospects.

We are subject to litigation risks.

All industries, including the mining industry, are subject to legal claims. Defence and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, the resolution of any particular legal proceeding to which we are or may become subject could have a material adverse effect on our business, financial condition, results of operations and prospects, including on our mining and project development operations. Please see "*Legal Proceedings and Regulatory Actions*" for additional information.

Our understanding of applicable laws and regulations, and of our agreements with relevant governmental authorities, may be different from the interpretation thereof by such governmental authorities.

We are subject to various applicable laws, rules and regulations. While we believe that we have, at all relevant times, materially complied with all applicable laws, rules and regulations, there is no assurance that: the interpretation thereof by relevant governmental authorities is the same as ours; the relevant governmental authorities will not legally or administratively challenge our interpretation of or reliance on these applicable laws, rules and regulations; or we will not have to incur additional costs or payments in order to comply with such applicable laws, rules and regulations and to maintain current operations.

In addition, we are a party to certain agreements with the relevant governmental authorities, including the FTAA. Some of the contractual provisions may be specific to us and there may be no legal precedents in relation to their interpretation. There can be no assurance that the relevant governmental authorities will, in all instances, interpret these agreements in a way that is consistent with our interpretation of the provisions. This variance in interpretation may result in incurring additional costs or payments in order to maintain our operations at the current level or taking other actions that may result in a material adverse effect on our business, financial condition, results of operations and prospects, or in events having a material adverse effect on our business, financial condition, results of operations and prospects.

We may be unable to obtain, renew, amend or extend our material agreements or there may be non-compliance by parties thereto.

We have entered into, and may continue to enter into, material agreements such as offtake agreements, loan agreements, bullion sales agreement, concession agreements, consultancy agreements, service agreements and investment agreements, among others.

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Our business, cash flows, earnings, results of operations and financial condition could be materially and adversely affected if we are unable to comply with or breach or default on our obligations or meet our payment obligations under these agreements or renew or enter into substantially similar agreements or if these agreements are suspended, terminated or revoked prior to their expiration.

Our business may require substantial capital investment, and we may be unable to raise additional funding on favourable terms.

The construction and operation of any potential future projects, including at Haile and the Waihi North Project, and exploration projects may require significant funding. Our operating cash flow and other sources of funding may become insufficient to meet all these requirements. As a result, new sources of capital may be needed to meet the funding requirements of these investments and our ongoing business activities. Our ability to raise and service these will depend on a range of factors, such as macroeconomic conditions, future gold, copper and silver prices, our operational performance, sustainability considerations, our current cash flow and debt position and our financial condition, among other factors. If these factors deteriorate, our ability to pursue new business opportunities, invest in existing and new projects, fund our ongoing operations and business activities, service our outstanding debts and pay dividends could be significantly constrained.

Further, global financial conditions have been subject to increased volatility, which may impact on our ability to source debt facilities. If we have drawn debt, we are potentially exposed to adverse interest rate movements that may increase the financial risk inherent in our business and could have a material adverse effect on our business, financial condition, results of operations and prospects. Debt and project financing, if ever undertaken, may additionally limit our exposure to gold, copper and silver price movements if hedging programs are a requirement of a financing. Such investments may significantly increase the financial risk inherent in our business and could have a material adverse effect on our business, financial condition, results of operations and prospects.

In the ordinary course of our operations and developments, we are required to issue financial assurances, particularly bonding and bank guarantee instruments, to secure statutory and environmental performance undertakings and commitments to local communities. Our ability to provide such assurances is subject to external financial and credit markets and assessments, and our own financial position.

Changes in the market price of gold, copper and silver will affect the profitability of our operations and financial condition.

Our revenues, profitability and viability depend on the market price of gold, copper and silver produced from our mining operations. The market price of these metals is set in the world market and is affected by numerous factors beyond our control, including: the demand for precious metals; expectations with respect to the rate of inflation; interest rates; currency exchange rates; the demand for jewellery and industrial products containing precious metals; metal production; inventories; costs; changes in global or regional investment or consumption patterns; sales by central banks and other holders; speculators and producers of gold and other metals in response to any of the above factors; and global and regional political and economic factors.

The markets are also affected by demand from the end-user industries of the respective metals. Gold is considered a safe haven asset during market uncertainties and in high inflationary and weak U.S. dollar

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environments, whereas copper, as an industrial metal, tends to increase in price when economic and market trends are on an upward or strengthening trajectory.

A sharp, prolonged or significant decline in the market price of gold, copper or silver below our production costs for any sustained period would have a material adverse impact on our actual and anticipated profit, cash flow and results of our current and anticipated future operations. A decline in the market price of gold, copper or silver may also require us to write-down our Mineral Reserves, which would have a material adverse effect on the value of our Common Shares.

Movements in commodity prices can also create uncertainty in relation to the costs of exploration, development and construction activities, which have resulted in material fluctuations in the demand for, and cost of, exploration, development and construction services, supplies and equipment (including mining fleet equipment). Varying demand for services, supplies and equipment could cause project costs to alter materially, resulting in delays if services, supplies or equipment cannot be obtained in a timely manner due to inadequate availability, and could increase potential scheduling difficulties.

Further, gold, copper and silver are each sold throughout the world based principally on the U.S. dollar price. We pay for goods and services in U.S. dollars and other currencies, including the New Zealand dollar and Philippine peso. Adverse fluctuations in these other currencies relative to the U.S. dollar could have a material adverse effect on our business, financial condition, results of operations and prospects.

Increased uncertainty in the global economy caused by the threat or imposition of tariffs could negatively impact our operations.

The imposition of tariffs or the threat of such tariffs, including the amount and length of tariffs, by the U.S. against Canada and other jurisdictions, and the related threatened and actual tariff retaliatory responses and other potential measures by certain jurisdictions, including Canada, have resulted in heightened uncertainty regarding the costs and supply of goods and services. The imposition of tariffs and retaliatory measures may cause disruption in global trade that affects prices, exchange rates, availability of tariffed goods or services and changes in consumption and production levels on tariffed goods and services.

While we do not export products to the U.S., the economic impact of tariffs or a broader trade war on the Canadian economy, the U.S. economy and the global economy could negatively impact capital markets, commodity prices and our ability to raise funds to undertake capital expenditures.

A Canada-U.S. or a broader trade war also has the potential to adversely impact global supply chains and make supplies that we require more expensive, harder to obtain or unavailable. Scarcity or disruption in the global supply chain would likely increase the cost of supplies required generally, which could impair our ability to operate.

The indirect effects of tariffs imposed by the U.S. or counter tariffs in response are difficult to assess, but the potential for tariffs represents a risk and may adversely affect our business, financial condition and results of operations.

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We are subject to inflation risks, which might adversely affect our financial condition and the results of operations.

Since we are unable to influence or control the market price at which we sell the products we produce, it is possible that higher inflation rates globally and in the countries in which our operations are hosted could increase our operating or capital costs. Country-specific inflation rates are often volatile and unpredictable, and global inflation rates have continued to rise consistently since 2021 as a result of numerous global economic factors, including the impact of the COVID-19 pandemic. Significantly higher and sustained rates of inflation, with subsequent increases in operational costs, could result in the deferral or closure of projects and mines if operating costs become prohibitive. Any subsequent increases in capital costs from sustained rates of inflation may delay or stop expansion plans at our operations or development activities where such cost increases make such activities not economically viable. This could have a material adverse effect on our business, financial position and results of operations.

We enter into contracts with third-party contractors for services, and such third-party contractors may not always be available, or may not be able to meet our quality standards or to deliver services on a timely or satisfactory manner.

We enter into contracts with third-party contractors to provide various services, including maintenance of our mining equipment and heavy machinery, trucking services, blasting works, repair and maintenance of roads and infrastructure, brokerage and logistics services, secured transportation of gold doré and copper concentrate and the transportation and treatment of hazardous wastes. There can be no assurance that we will be able to find or engage third-party contractors for any particular service or find a contractor that is willing to undertake a particular service within our budget and schedule (including as a result of a lack of manpower due to a shortage of an available and qualified workforce), which could result in cost increases or delays. Furthermore, there can be no assurance that the services rendered by any of our third-party contractors will meet our quality standards or will be able to deliver services in a timely or satisfactory manner. Contractors may also experience financial or other difficulties, including insolvency, and shortages or increases in the price of materials or labour may occur, any of which could delay the completion or increase the cost of services, and we may incur additional costs as a result thereof.

Pandemic, outbreaks of infectious disease or other public health crisis could adversely impact us.

An outbreak of infectious disease, pandemic, or similar public health threat – such as the COVID-19 pandemic – or concerns related to such incidents, may negatively affect our operations through delays, supply chain disruptions, project development setbacks and increased costs. Such occurrences pose significant challenges to sustaining a skilled workforce within the mining industry. It cannot be guaranteed that future pandemics or other health risks will not impact our personnel, which could result in reduced productivity and higher medical or insurance costs. Moreover, government-mandated actions may require us to suspend or restrict operational activities.

We are subject to risks related to the use of derivatives.

We may, from time to time, use certain derivative products to manage the risks associated with gold, copper and silver price volatility, changes in other metal input prices, interest rates, foreign currency exchange rates and energy prices. The use of derivative instruments involves certain inherent risks, including: credit risk, which is the risk that the creditworthiness of a counterparty may adversely effect its ability to perform its

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payment and other obligations under its agreement with us or adversely effect the financial and other terms of the counterparty is able to offer us; market liquidity risk, which is the risk that we have entered into a derivate position that cannot be closed out quickly, by either liquidating such derivative instrument or by establishing an offsetting position; and unrealized mark-to-market risk, which is the risk that, in respect of certain derivative products, an adverse change in market prices for commodities, currencies of interest rates will result in incurring an unrealized mark-to-market loss in respect of such derivative products.

Our reputation may be negatively affected by social media and other web-based applications, which are beyond our control.

As a result of the increased usage, speed and global reach of social media and other web-based applications used to generate, publish and discuss user-generated content and to connect with others, we are at greater risk of how we may be perceived by the public. Damage to our reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether credible, factual, true or not. While we place great emphasis on protecting and nurturing our reputation, we do not ultimately have direct control over how we are perceived by others, including how we are viewed on social media and other web-based applications. Harm to our reputation, which could be promulgated through social media and other web-based applications, may lead to increased challenges in developing and maintaining investor confidence and stakeholder relations, and could act as an obstacle to our overall ability to maintain our current operations, to advance our projects and to procure capital from investors, which could have a material adverse effect on us and our business.

Our shareholders' interests may be diluted in the future.

We may require additional funding for exploration and development programs and potential acquisitions. If we raise additional funding by issuing equity securities or hybrid securities that are convertible into equity securities, such financing may substantially dilute the interest of existing shareholders. Sales of substantial amounts of our Common Shares, or the availability of Common Shares for sale, could adversely affect the prevailing market prices for our Common Shares. A decline in the market prices of our Common Shares could impair our ability to raise additional capital through the sale of securities should we desire to do so.

The market price for our Common Shares cannot be assured.

Securities markets have experienced volatility in prices and volumes and the market prices of securities of many companies have experienced wide fluctuations which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. There can be no assurance that such fluctuation will not adversely affect the price of our securities, and the market price of our Common Shares may decline below the price paid by shareholders for their securities. As a result of this volatility, investors may not be able to sell their Common Shares at or above the price they paid. In the past, following periods of volatility in the market price of a company's securities, shareholders have instituted class action securities litigation against those companies. Such litigation, if instituted, could result in substantial cost and diversion of Management attention and resources, which could significantly harm our profitability and reputation.

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Our dividend policy may change and there is no guarantee that we will declare and pay any dividends.

In February 2023, we announced the reinstatement of our dividend policy and, in February 2026, we announced a tripling of our quarterly dividend payment to $0.09 per Common Share. Our dividend policy allows for the payment of an additional amount at the discretion of our Board of Directors based on financial and operating conditions while considering capital and investment requirements for growth opportunities. The policy is reviewed periodically based on, among other things, our current and projected performance and liquidity profile. Any decision to pay cash dividends or distributions on Common Shares in the future will be made by our Board of Directors based on our earnings, financial requirements and other conditions existing at such time. There is no guarantee that we will declare and pay any dividends. Please see "*Dividends and Distributions*" for additional information.

We conduct our major operations through our subsidiaries. Our ability to obtain dividends or other distributions from subsidiaries may be subject to restrictions on dividends or repatriation of earnings under applicable laws, monetary transfer restrictions and credit facilities. There can be no assurance that there will be no future restrictions on repatriation, the payment of dividends or other distributions from our subsidiaries which are necessary to enable us to pay dividends in the future.

We are required to comply with continued listing criteria of the stock exchanges where our Common Shares are listed.

We must meet continuing listing standards to maintain the listing of the Common Shares on the TSX and, if our Common Shares are listed on the NYSE, the NYSE, including minimum trading price of such Common Shares. If we fail to comply with listing standards and the TSX or NYSE delists our Common Shares, we and our shareholders could face significant material adverse consequences, including: a limited availability of market quotations for our Common Shares; reduced liquidity for our Common Shares; reduced analyst coverage of us; and a decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future. In addition, our Board of Directors may determine that the cost of maintaining our listing on the TSX or NYSE outweighs the benefits of such listing.

If our Common Shares are listed on the NYSE, we will be subject to increased costs as a result of being a public company in both Canada and the U.S., and Management is and will be required to devote substantial time to public company compliance efforts.

Our business is subject to evolving corporate governance and public disclosure regulations that have increased both our compliance costs and the risk of non-compliance, which could adversely impact the market value of our Common Shares or other securities. We are and will be subject to changing rules and regulations promulgated by a number of governmental and self-regulated organizations, including Canadian and U.S. securities administrators and regulators, the TSX and the NYSE. These rules and regulations continue to evolve in scope and complexity creating many new requirements. Our efforts to comply with such legislation could result in increased general, administration and legal expenses and a diversion of Management time and attention from revenue-generating activities to compliance activities.

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As a "foreign private issuer", we are subject to different U.S. securities laws and rules than a domestic U.S. issuer, which, upon listing on the NYSE, may result in our shareholders receiving different and less timely information than information required to be reported by United States domestic issuers.

We qualify as a "foreign private issuer", as such term is defined in Rule 3b-4 under the U.S. Exchange Act, and we also qualify to use the Canada-United States Multi-Jurisdictional Disclosure System (MJDS). Therefore, upon listing on the NYSE, we will be subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a result, we will not file the same reports that a U.S. domestic issuer is required to file with the U.S. SEC. We will not be subject to the U.S. SEC's proxy solicitation requirements, and our insiders will not be subject to the requirements of Section 16 of the U.S. Exchange Act.

We may fail to maintain the adequacy of internal control over financial reporting as required by the Sarbanes-Oxley Act, which could adversely affect investor confidence and the market value of our Common Shares.

If our Common Shares are registered under the U.S. Exchange Act in connection with a listing on the NYSE, we will become subject to U.S. federal securities laws applicable to foreign private issuers, including the requirement to establish and maintain effective internal control over financial reporting ("**ICFR**") and to report on our ICFR under Section 404 of the Sarbanes-Oxley Act of 2002 ("**SOX**"). Under SOX, Management must perform and report on an annual assessment of the effectiveness of our ICFR and our independent registered public accounting firm must attest to, and report on, Management's assessment of our ICFR.

Implementing and maintaining effective ICFR in a manner that satisfies SOX is complex, time-consuming and costly and requires significant effort by Management and personnel across the organization, including formalizing and documenting processes and controls, maintaining appropriate evidence of control performance, testing controls for design and operating effectiveness, remediating identified deficiencies and monitoring changes in processes, systems and personnel.

Our ICFR may not be effective, or we may not be able to maintain effective ICFR on a timely basis, including as we continue to enhance our control environment and as applicable laws, regulations, rules, interpretations or auditing standards evolve. If we identify one or more control deficiencies that rise to the level of a material weakness, or if we fail to timely remediate deficiencies, we could be required to incur significant remediation costs, experience increased external audit effort and fees, be required to disclose material weaknesses or other adverse findings and face reputational harm or loss of investor confidence in the reliability of our financial statements. Any of these outcomes could have a negative effect on our business and the trading price of our Common Shares or the market value of other securities.

Canadian and U.S. investors may have difficulty in the enforcement of statutory civil liability.

Although we are a company existing under the laws of British Columbia, the majority of our assets are located outside of Canada and the U.S. As a result, it may be difficult for Canadian and U.S. investors to realize a judgement obtained in Canada or the U.S. with respect to the enforcement of statutory civil liability under applicable Canadian or U.S. securities laws against our assets located in New Zealand, the Philippines and other foreign jurisdictions.

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Canadian and U.S. investors may have difficulty effecting service of process on our directors and officers.

Since certain of our directors or officers live outside of Canada and the U.S., it may not be possible to effect service of process on them and since all, or a substantial portion of, their assets are located outside Canada and the U.S., there may be difficulties in enforcing judgements against them obtained in Canadian or U.S. courts. Similarly, a majority of our assets are located outside Canada and there may be difficulties in enforcing judgements obtained in Canadian courts.

We may not be able to generate sufficient cash to service our indebtedness.

During the year ended December 31, 2024, we repaid all amounts drawn under the Facility and, as of the date of this Annual Information Form, the Facility remains undrawn. However, we may incur debt from time to time under the Facility or from other sources, and our ability to make scheduled payments on, or refinance, our debt obligations will depend on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, legislative, regulatory and other factors beyond our control. We may be unable to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures, or to dispose of material assets, seek additional debt or equity capital or restructure or refinance our indebtedness. We may not be able to affect any such alternative measures, if necessary, on commercially reasonable terms or at all and, even if successful, those alternatives may not allow us to meet our scheduled debt service obligations.

Conflicts of interest may arise for our directors.

Certain of our directors are directors, officers or shareholders of other natural resource companies. Such associations may give rise to actual or perceived conflicts of interest from time to time. All directors and officers are required to disclose any actual and potential conflicts of interest they might have with our interests. Further, we have instituted processes to identify and address any such conflict of interest. Nevertheless, there is a risk that conflicts of interests may not always be fully or timely identified, which could potentially result in adverse impacts on us.

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**Dividends and Distributions**

In 2015, our Board of Directors declared an inaugural semi-annual dividend of $0.01 per Common Share (pre-Share Consolidation). Our dividend policy allows for an additional amount to be paid at the discretion of our Board of Directors based on financial and operating conditions, while taking into account capital and investment requirements for growth opportunities.

In 2021, our Board of Directors determined it was prudent to pause semi-annual dividends. In February 2023, our Board of Directors determined to reinstate our dividend policy and, in April 2023, we resumed payment of a $0.01 per Common Share (pre-Share Consolidation) semi-annual dividend.

On February 19, 2025, our Board of Directors announced a doubling of the annual dividend payment, to $0.04 per Common Share (pre-Share Consolidation), resulting in $0.01 per Common Share (pre-Share Consolidation) dividend payable quarterly. The first such dividend was paid on April 25, 2025 to shareholders of record as at the close of business on March 5, 2025. In August 2025, following the Share Consolidation, our Board of Directors determined to declare a dividend of $0.03 per Common Share, payable on a quarterly basis. We continued this dividend policy through the end of 2025.

The following table sets forth the dividends we have paid for each of the three most recently completed financial years (dividends declared and paid on and prior to June 20, 2025 remain unadjusted for the Share Consolidation):

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| **Year** | **Dividend Payment Date** | **Per Common Share ($)** |
| 2025 | December 19, 2025 | $0.03 |
| 2025 | September 19, 2025 | $0.03 |
| 2025 | June 20, 2025 | $0.01 |
| 2025 | April 25, 2025 | $0.01 |
| 2024 | October 11, 2024 | $0.01 |
| 2024 | April 26, 2024 | $0.01 |
| 2023 | October 6, 2023 | $0.01 |
| 2023 | April 28, 2023 | $0.01 |

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On February 18, 2026, our Board of Directors announced a tripling of the quarterly dividend payment to $0.09 per Common Share. The first such dividend is payable on April 2, 2026 to shareholders of record as at the close of business on March 4, 2026.

The amount and timing of any dividends is within the discretion of our Board of Directors. Our Board of Directors reviews the dividend policy periodically based on, among other things, our current and projected performance and liquidity profile. There is no guarantee that we will declare and pay any dividends. Please see "*Risk Factors*" for additional information.

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**Description of Share Capital**

We are authorized to issue an unlimited number of Common Shares, and an unlimited number of preferred shares, issuable in series (the "**Preferred Shares**").

As at December 31, 2025, there were 225,121,801 Common Shares and no Preferred Shares issued and outstanding. All Common Shares are fully paid and have no par value.

In July 2025, we received approval from the TSX to buy back up to 23 million of our Common Shares pursuant to the NCIB, representing approximately 10% of our outstanding Common Shares and approximately 10% of the public float of Common Shares, over a 12-month period ending on or before July 23, 2026.

Decisions regarding purchases are based on market conditions, share price, best use of available cash and other factors. Any Common Shares purchased under the NCIB are subsequently cancelled.

In 2025, our Board of Directors approved the buy back of up to $175 million of Common Shares in 2025 under the NCIB. We purchased and cancelled approximately 9.9 million Common Shares for a value of $175.1 million, excluding $3.4 million in applicable taxes under the NCIB in 2025.

On February 18, 2026, our Board of Directors approved the repurchase of up to a maximum of $350 million of our Common Shares in 2026 under the NCIB. As of March 26, 2026, we had purchased approximately 1.854,324 Common Shares for a value of $70.3 million under the NCIB in 2026.

Classes of Shares

Common Shares

Each Common Share entitles the holder thereof to receive notice of any meetings of shareholders, and to attend and cast one vote per Common Share at all such meetings. Holders of Common Shares do not have cumulative voting rights with respect to the election of directors and, accordingly, holders of a majority of the Common Shares entitled to vote in any election of directors may elect all directors standing for election.

Holders of Common Shares are entitled to receive dividends, if any, on a pro-rata basis, as and when declared by our Board of Directors at its discretion from funds available. Upon the liquidation, dissolution or winding up of OceanaGold, holders of Common Shares are entitled to receive on a pro-rata basis our net assets after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking in priority to, or equally with, the holders of Common Shares with respect to the liquidation, dissolution or winding up of OceanaGold. Our Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.

Preferred Shares

We currently have no Preferred Shares issued and outstanding. Preferred Shares may, at any time or from time to time, be issued in one or more series. Our Board of Directors shall fix before issuance each of the designation, number and consideration per Preferred Share (in addition to any provisions attaching to the Preferred Shares of each series).

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Except as required by law or as otherwise determined by our Board of Directors in respect of a series of Preferred Shares, the holder of a Preferred Share shall not be entitled to vote at meetings of shareholders. The Preferred Shares of each series will rank on a priority with the Preferred Shares of every other series and are entitled to preference over the Common Shares and any other shares ranking subordinate to the Preferred Shares with respect to priority and payment of dividends and distribution of assets in the event of liquidation, dissolution or winding-up of OceanaGold.

Employee Equity Incentive Plans

Under the Amended and Restated Performance Share Rights Plan for Designated Participants of OceanaGold Corporation and its Affiliates approved by our shareholders in 2024 (the "**Performance Share Rights Plan**"), the number of Common Shares that may be issued on the redemption of performance rights (the "**Performance Share Rights**") that have been granted and remain outstanding under the Performance Share Rights Plan may not at any time exceed 3.5% of our then issued and outstanding Common Shares. The Performance Share Rights Plan provides for a mechanism whereby outstanding Performance Share Rights accrue the value, through additional Performance Share Rights, of dividend payments made on our Common Shares during the performance period of such Performance Share Rights. Our executives and various employees are eligible to participate in the Performance Share Rights Plan.

Performance Share Rights granted to designated participants may from time-to-time vest when we meet certain target milestones for the applicable performance period, in accordance with the vesting schedule established at the time of grant by our Board of Directors. There are two components to each Performance Share Right granted under the Performance Share Rights Plan: a performance condition based on our Common Share price performance relative to peers; and a service condition. The performance condition weighting varies according to the designated participants' job levels with vesting up to 200% of target. Upon vesting, the Performance Share Rights are payable partly in Common Shares and partly in cash in accordance with the Performance Share Rights Plan, at the discretion of our Board of Directors.

A total of 898,294 Common Shares were issued on the redemption of Performance Share Rights during the year ended December 31, 2025. As at December 31, 2025, 5,515,849 Performance Share Rights were outstanding.

Non-Executive Director Deferred Unit Plan

In 2016, we introduced a cash-based Deferred Unit Plan for Non-Executive Directors (the "**Deferred Unit Plan**"). The Deferred Unit Plan provides that our non-executive directors are issued notional units that are economically equivalent to owning Common Shares (the "**Deferred Units**"). Each Deferred Unit has an initial value equal to the value of a Common Share at the time of grant. No equity is issued pursuant to the Deferred Unit Plan. Whenever cash dividends are paid on the Common Shares, additional Deferred Units are credited to the holders of Deferred Units.

A total of 60,473 Deferred Units were issued during the year ended December 31, 2025. As at December 31, 2025, 426,241 Deferred Units were outstanding.

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**Prior Sales**

During the year ended December 31, 2025, we issued the following securities not listed or quoted on a marketplace (in each case, adjusted for the Share Consolidation):

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| **Date of Issue** | **Number of Securities** | **Price per Security (C$)** | **Type of Security** |
| January 3, 2025 | 14334 | $12.09 | Deferred Units |
| February 20, 2025 | 1613688 | $12.42 | Performance Rights |
| February 24, 2025 | 579901 <sup>1</sup> | $11.64 | Performance Rights |
| February 24, 2025 | 12221 | $11.64 | Deferred Units |
| March 6, 2025 | 1410 <sup>2</sup> | $11.94 | Deferred Units |
| April 1, 2025 | 2408 | $14.22 | Performance Rights |
| April 2, 2025 | 14042 | $14.28 | Deferred Units |
| April 25, 2025 | 8600 <sup>3</sup> | $14.94 | Performance Rights |
| May 22, 2025 | 921 <sup>2</sup> | $17.70 | Deferred Units |
| June 20, 2025 | 9645 <sup>3</sup> | $20.43 | Performance Rights |
| July 3, 2025 | 9841 | $19.31 | Deferred Units |
| August 5, 2025 | 58014 | $19.57 | Performance Rights |
| August 21, 2025 | 747 <sup>2</sup> | $23.13 | Deferred Units |
| August 27, 2025 | 52556 | $23.98 | Performance Rights |
| September 19, 2025 | 7306 <sup>3</sup> | $27.68 | Performance Rights |
| October 2, 2025 | 6391 | $30.60 | Deferred Units |
| November 20, 2025 | 566 <sup>2</sup> | $31.45 | Deferred Units |
| December 19, 2025 | 5066 <sup>3</sup> | $39.08 | Performance Rights |

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Notes:

1. Additional issuance of Performance Share Rights based on the TSR Performance Factor from our 2022 Performance Share Rights grants.

2. Additional Deferred Units credited to the holders of Deferred Units following the payment of cash dividends on Common Shares.

3. Additional Performance Share Rights accrued through the dividend payments made on our Common Shares during the performance period of such Performance Share Rights.

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**Market for Securities**

Exchange Listings

Our Common Shares are listed and posted for trading on the TSX under the symbol "**OGC**" and the OTCQX® Best Market in the U.S. under the symbol "**OCANF**".

We are preparing to list our Common Shares on the NYSE and anticipate our Common Shares will be listed on the NYSE in early April 2026.

Trading Price and Volume

The following table sets forth the high and low sales price and volume of sales of our Common Shares (adjusted in all cases for the Share Consolidation) on the TSX for 2025:

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| | **High <br>(C$)** | **Low <br>(C$)** | **Volume <br>(# Shares)** |
| January | $13.02 | $11.67 | 8071666 |
| February | $14.07 | $11.34 | 15779127 |
| March | $14.40 | $10.95 | 21290030 |
| April | $15.72 | $13.05 | 14356754 |
| May | $18.39 | $13.89 | 16004703 |
| June | $21.06 | $18.68 | 17823509 |
| July | $19.89 | $18.61 | 15964209 |
| August | $25.10 | $18.91 | 21286383 |
| September | $29.71 | $25.10 | 24180611 |
| October | $36.74 | $30.50 | 20179381 |
| November | $36.62 | $29.76 | 14677800 |
| December | $39.91 | $34.37 | 16737511 |

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As of March 26, 2026, the closing price of our Common Shares on the TSX was C$39.73.

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**Directors and Executive Officers**

Board of Directors

The following table sets forth, for each of our directors, the person's name, province/state and country of residence, position held with OceanaGold (if any), principal occupation within the immediately preceding five years, the director's date of appointment and the committees on which the director served as at December 31, 2025. Directors are elected each year at our annual meeting of shareholders to serve until the next annual meeting or until a successor is elected or appointed.

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| **Name, Province/State & Country of Residence** | **Principal Occupation & Employment for Past 5 years** | **OceanaGold Director Since** | **Board Committee Membership during 2025** |
| Mr. Paul Benson<br>Perth, Western Australia, Australia | Chair and Non-Executive Director, OceanaGold<br>Director, President & Chief Executive Officer, SSR Mining Inc. (from August 2015 to September 2020) | May 6, 2021 | Audit and Risk; <br>Governance and Nominations (Chair); <br>Remuneration, People and Culture; <br>Sustainability; <br>Technical |
| Mr. Gerard Bond<br>Vancouver, British Columbia, Canada | Executive Director and President & Chief Executive Officer, OceanaGold<br>Finance Director & Chief Financial Officer, Newcrest Mining Limited (from January 2012 to January 2022) | April 4, 2022 | N/A |
| Ms. Linda Broughton<br>Vancouver, British Columbia, Canada | Non-Executive Director, OceanaGold<br>Independent Director, Avino Silver & Gold Mines Ltd. (since February 2026)<br>Owner, Watermark Consulting (since March 2024)<br>Vice President Technical Services, Alexco Resource Corp./Hecla Mining Company (from November 2014 to June 2023) | April 25, 2023 | Remuneration, People and Culture; <br>Sustainability; <br>Technical |
| Ms. Sandra M. Dodds<br>Melbourne, Victoria, Australia | Non-Executive Director, OceanaGold<br>Director, Fletcher Building (since September 2023)<br>Director, Contact Energy Limited (since September 2021)<br>Director, Snowy Hydro Limited (from July 2019 to March 2026)<br>Director, Beca Group Limited (from April 2021 to March 2024)<br>Director, MACA Limited (from October 2020 to September 2021) | November 5, 2020 | Audit and Risk (Chair);<br>Governance and Nominations; Remuneration, People and Culture |

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| **Name, Province/State & Country of Residence** | **Principal Occupation & Employment for Past 5 years** | **OceanaGold Director Since** | **Board Committee Membership during 2025** |
| Ms. Stefanie E. Loader<br>Kangaroobie, New South Wales, Australia | Non-Executive Director, OceanaGold<br>Lead Independent Director, Sunrise Energy Metals Limited (since June 2017)<br>Director, Clean TeQ Water Ltd (from July 2021 to March 2022)<br>Director, St Barbara Ltd (from November 2018 to June 2024) | February 20, 2025 | N/A<sup>1</sup> |
| Mr. Craig J. Nelsen<br>Centennial, Colorado, United States | Non-Executive Director, OceanaGold<br>Principal, Nelsen Group LLC (since May 2014)<br>Non-Executive Director and Chair, ATEX Resources Inc. (since January 2021)<br>Non-Executive Director, Golden Star Resources Ltd (from May 2011 to January 2022) | February 21, 2019 | Remuneration, People and Culture (Chair); <br>Sustainability;<br>Technical |
| Mr. Alan N. Pangbourne<br>Vancouver, British Columbia, Canada | Non-Executive Director, OceanaGold<br>Non-Executive Director, Chesapeake Gold Corp. (from November 2023 to May 2025)<br>President & CEO, Chesapeake Gold Corp. (from December 2020 to November 2023) <br>Non-Executive Director, TMAC Resources Inc. (from September 2020 to February 2021)<br>CEO, Guyana Goldfields (from May 2019 to August 2020)<br>Director, Guyana Goldfields Inc. (from May 2019 to August 2020) | October 1, 2022 | Audit and Risk; <br>Sustainability; <br>Technical (Chair) |
| Mr. Ian M. Reid<br>Edmonton, Alberta, Canada | Non-Executive Director, OceanaGold<br>Director, Fountain Tire Limited (since October 2020)<br>Director, Canadian Western Bank (from March 2011 to February 2025) <br>Director, Ashco Shareholders Inc. (from May 2013 to May 2025)<br>Director, Stuart Olson Inc. (from May 2007 to January 2020) | April 26, 2018 | Audit and Risk; <br>Governance and Nominations; <br>Sustainability (Chair)<sup>2</sup> |

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Notes:

1. Ms. Loader was appointed to the Sustainability Committee (Chair), Governance and Nominations Committee, and Technical Committee, effective January 1, 2026.c

2. Mr. Reid was a member and Chair of the Sustainability Committee until December 31, 2025.

The following is biographical information relating to each of our directors:

***Mr. Paul Benson*** was appointed as the Chair of our Board of Directors in October 2021, after joining as non-executive director in May 2021. He also serves as the Chair of our Governance and Nominations Committee. Mr. Benson is a senior mining executive and company director with demonstrated performance in operations and project management, leadership, capital raising, strategy and business development, focused on value creation. His experience includes gold, copper, tin, lead, zinc, silver, mineral sands, iron ore, uranium and coal, with qualifications and experience in most aspects of the mining value chain from exploration, geology, mining and management through corporate finance. Previously, Mr. Benson was SSR Mining Inc.'s ("**SSR Mining**") President and Chief Executive Officer and a member of its board of directors. He brings more than 40 years of experience in various technical and business capacities. Mr. Benson was CEO and Managing Director of Troy Resources Limited and for 20 years prior he held a number of executive and operating roles in Australia and overseas with BHP Billiton Ltd. ("**BHP**"), Rio Tinto and Renison Goldfields. Mr. Benson holds a Bachelor of Science in Geology and Exploration Geophysics and a Bachelor of Engineering in Mining, both from the University of Sydney. He also earned a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia and a Masters of Science (Distinction) in Management from the London Business School.

***Mr. Gerard M. Bond*** is an experienced and accomplished executive in the global resources and finance industry. He was appointed as our executive director and President and Chief Executive Officer in April 2022. Mr. Bond's commodities experience includes gold, copper, nickel and aluminium. He has an extensive background in corporate finance, mergers and acquisitions, treasury and human resources, and has held numerous senior executive roles across North America, Europe and Australia. He has a proven track record of driving performance and delivering on business potential. Prior to his appointment at OceanaGold, Mr. Bond was the Finance Director and Chief Financial Officer at Newcrest Mining Limited ("**Newcrest**") for ten years, from January 2012 to January 2022. Before joining Newcrest, he was at BHP where, over his 14 years there, he held various senior executive roles in Mergers and Acquisitions, Treasury, as Deputy CFO of the Aluminium business, CFO and then Acting President of the Nickel business, and finally as BHP's Head of Group Human Resources. Prior to joining BHP, he worked in corporate finance for Coopers & Lybrand. Mr. Bond holds a Bachelor of Commerce from the University of Melbourne and completed a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. He was previously a Chartered Accountant.

***Ms. Linda M. Broughton*** was appointed a non-executive director in April 2023. She is an experienced mining executive with over 35 years of experience in both corporate and operations roles throughout North and South America. She has specialized in environmental geochemistry, water and tailings management, risk management, and mine reclamation. Ms. Broughton currently serves on several industry review boards and is an independent director of Avino Silver & Gold Mines (TSX:ASM, NYSE American: ASM). From 2014 to 2023, Ms. Broughton was Vice President Technical Services for Alexco Resource Corp. as well as President of their subsidiary, ERDC, where she was responsible for the reclamation of an historical mining district in northern Canada. Prior to that, she held various senior environmental and engineering roles with BHP Billiton in Chile and USA, Compañia Mineral Antamina in Peru, and SRK Consulting in Canada and the UK. Ms. Broughton

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holds a Bachelor of Science (Mining Engineering) from Queen's University and a Master of Applied Science from the University of British Columbia. She is also a graduate of the ICD-Rotman Directors Education Program in Canada and holds the ICD.D designation.

***Ms. Sandra M. Dodds*** was appointed a non-executive director in November 2020 and is the Chair of our Audit and Risk Committee. She brings to the role over 26 years of operational and financial experience as an executive responsible for the strategy, operations and performance for multiple business units across Australia, New Zealand and Asia. Prior to her role as CEO Infrastructure at Broadspectrum, Ms. Dodds spent ten years at Downer EDI Limited in several executive roles, including as CFO for Downer Works Global, Executive General Manager Operations and CEO of Downer Asia. She is currently a Non-Executive Director at and Contact Energy Limited and Fletcher Building Limited. Ms. Dodds has served on several boards since 2014 as Chair of TW Power Services Limited, a Director of MACA Limited, Infrastructure Partnerships Australia, Snowy Hydro Limited, Beca Group Limited, and Sydney Harbour Ferries Limited. She received her Bachelor of Commerce from the University of Otago in New Zealand. She is a Fellow for the New Zealand Institute of Chartered Accountants Australia and New Zealand and is a Graduate of the Australian Institute of Company Directors.

***Ms. Stefanie E. Loader*** was appointed a non-executive director in February 2025 and took on the role as Chair of our Sustainability Committee, effective January 1, 2026. She is a highly accomplished geologist and mining executive with a track-record in successful mining operations, mineral exploration, project and studies management, and multinational corporate strategy. She also has Board experience, as well as being the Chair of a Health, Safety, Environment and Community Committee and Nominations and Remuneration Committee. Ms. Loader's experience spans a wide range of commodities and regions including gold and copper in Australia, Laos, Chile and Peru, and diamonds in Canada and India. She held the role of Managing Director of Northparkes copper and gold mine in Australia for CMOC International and Rio Tinto from 2012 to 2017. Ms. Loader was Chair of the New South Wales Minerals Council from 2015 to 2017. She also served in the office of the CEO for Rio Tinto, supporting the Executive Committee, and as an Exploration Executive. In 2013, Ms. Loader was recognized as one of the Australian Financial Review's 100 Women of Influence, and was the winner of the 2024 Outstanding Contribution to NSW Mining Award. She holds a B.Sc. Honours in Geology from the University of Western Australia and a Graduate Certificate in Applied Statistics from Murdoch University, Australia.

***Mr. Craig J. Nelsen*** was appointed a non-executive director in February 2019 and is the Chair of our Remuneration, People and Culture Committee and a geologist with over 40 years of experience in the mining business. Mr. Nelsen was Founder, CEO, Chair and Director of Avanti Mining Inc. Formerly, he was Executive Vice President, Exploration of Gold Fields Limited, founder, Chief Executive Officer and Chair of the former Metallica Resources (now New Gold) and has also held a variety of strategic positions at Lac Minerals Ltd., culminating in Executive Vice President Exploration. Mr. Nelsen currently serves as Non-Executive Chair and Director of ATEX Resources Inc. He holds a M.S. degree in Geology from the University of New Mexico and a B.A. in Geology from the University of Montana.

***Mr. Alan N. Pangbourne*** was appointed a non-executive director in October 2022 and is the Chair of our Technical Committee. He has over 35 years of experience in global mining operations and most recently was the President and CEO of Guyana Goldfields Inc. through to its sale to Zijin Mining Group Co., Ltd. in August 2020. Previously, Mr. Pangbourne was Chief Operating Officer of SSR Mining, Vice President Projects South America for Kinross, and held increasingly senior roles at BHP, including President and Chief Operating Officer of Nickel Americas, Projects Director for BHP's Uranium Division, which includes the Olympic Dam

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Expansion, and Project Manager for BHP's Spence copper project in Chile. He was also General Manager at an engineering company that specialized in gold heap leach and carbon-in-pulp plants. Mr. Pangbourne holds a Bachelor of Applied Science (Extractive Metallurgy) and a Graduate Diploma in Mineral Processing from the Western Australian School of Mines.

***Mr. Ian M. Reid*** joined our Board of Directors in April 2018 as a non-executive director and held the position of Chair from June 2019 until September 2021 and was the Chair of the Sustainability Committee until December 31, 2025. An experienced leader, he brings to the role more than thirty years' experience in managing the successful growth and operations of major multinational companies. As a senior executive of Finning International Inc., Caterpillar Inc.'s largest equipment dealer globally, Mr. Reid has extensive experience in servicing and supporting mines and other heavy civil operations in Canada, the United Kingdom and South America. He participated in Caterpillar Inc.'s Global Mining Strategy Council along with the other top ten mining dealers worldwide until his retirement in 2008. Mr. Reid has extensive experience serving as an independent director for numerous public and privately held corporations in a variety of industries, including construction (civil and commercial), energy services, consulting engineering, commercial and retail tire, mining and financial services. He received a Bachelor of Commerce from the University of Saskatchewan and has completed the Advanced Management Program at Harvard.

Executive Officers

The following table sets forth, for each of our executive officers (other than our President and Chief Executive Officer, who is listed in the above table), the person's name, province/state and country of residence, position held with OceanaGold and principal occupation within the immediately preceding five years as at December 31, 2025.

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| &nbsp;&nbsp;&nbsp;**Name, Province/State & Country of Residence** | **Principal Occupation & Employment for Past 5 Years** | &nbsp;&nbsp;&nbsp;**Employed Since** |
| &nbsp;&nbsp;&nbsp;Ms. Michelle Edelson<br>Melbourne, Victoria, Australia | Executive Vice President, Chief People & Technology Officer, OceanaGold (since March 2023)<br>Vice President, Global HR Operations, BHP (from June 2021 to September 2022)<br>Vice President, Transformation, Enterprise Improvement, BHP (from June 2018 to June 2021) | &nbsp;&nbsp;&nbsp;2023 |
| &nbsp;&nbsp;&nbsp;Mr. Keenan Jennings<br>Brisbane, Queensland, Australia | &nbsp;&nbsp;Executive Vice President, Chief Exploration Officer, OceanaGold (since September 2025)<br>Director, Coppernico Metals (from January 2024 to September 2025)<br>Expert-in-Residence, Fleet Space Technologies (from October 2023 to September 2025)<br>Vice President, Metals Exploration, BHP (from March 2018 to September 2023) | &nbsp;&nbsp;&nbsp;2025 |

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| &nbsp;&nbsp;&nbsp;**Name, Province/State & Country of Residence** | **Principal Occupation & Employment for Past 5 Years** | &nbsp;&nbsp;&nbsp;**Employed Since** |
| &nbsp;&nbsp;&nbsp;Mr. Bhuvanesh Malhotra<br>Brisbane, Queensland, Australia | Executive Vice President, Chief Operating Officer, OceanaGold (since September 2025)<br>Executive Vice President, Chief Technical & Projects Officer, OceanaGold (from January 2024 to September 2025)<br>Technical Director (Copper and Simandou), Rio Tinto (from March 2021 to February 2023)<br>General Manager, Technical Services, Rio Tinto Iron Ore (from November 2018 to February 2021) | &nbsp;&nbsp;&nbsp;2024 |
| &nbsp;&nbsp;&nbsp;Mr. Richard Savage<br>Brisbane, Queensland, Australia | Acting Executive Vice President, Chief Sustainability Officer, OceanaGold (since September 2025)<br>Vice President, External Affairs & Social Performance (from July 2023 to September 2025)<br>Manager, Communities, Rio Tinto (from May 2021 to July 2023) | &nbsp;&nbsp;&nbsp;2023 |
| &nbsp;&nbsp;&nbsp;Ms. Liang Tang<br>Vancouver, British Columbia, Canada | Executive Vice President, General Counsel & Company Secretary, OceanaGold (since 2016) | &nbsp;&nbsp;&nbsp;2009 |
| &nbsp;&nbsp;&nbsp;Mr. Marius van Niekerk<br>Vancouver, British Columbia, Canada | Executive Vice President, Chief Financial Officer, OceanaGold (since May 2023)<br>Vice President, Finance – Americas, Newcrest (from March 2022 to May 2023)<br>Vice President, Finance – Commercial Management and Integration, Newcrest Red Chris Mining (from November 2020 to March 2022) | &nbsp;&nbsp;&nbsp;2023 |

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The following is biographical information relating to each of our executive officers:

***Ms. Michelle Edelson*** was appointed our Executive Vice President, Chief People & Technology Officer in March 2023. She has over 25 years of experience in human resources, transformation and executive leadership across multiple industries and countries. Prior to joining OceanaGold, Ms. Edelson spent 15 years with BHP in operational and strategic roles, leading a cross functional improvement and transformation function and leading Global HR operations. Prior to that, Ms. Edelson worked for other international organizations, including Whirlpool and Murray & Roberts spanning human resources, health, safety, environment and community, operational management, continuous improvement and transformation portfolios.

***Mr. Keenan Jennings*** was appointed our Executive Vice President, Chief Exploration Officer in September 2025. He is responsible for exploration and geology and is the Chair of our Resource and Reserve Steering Committee. Mr. Jennings is a deeply experienced geologist with 35 years of global exploration and commercial success. He has held executive roles with BHP, Rio Tinto and Anglo American. Mr. Jennings began his career in Australia before moving to Latin America and then London to take up a corporate leadership role in Anglo American's head office. He was most recently VP Metals Exploration for BHP, based in Toronto, Canada, where he led a team of 140 people and was accountable for designing and implementing

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the long-term global strategy for BHP exploration. Originally from New Zealand, Mr. Jennings is a graduate from the University of Auckland (Master of Science) and Deakin University (MBA). He is a fellow of the Australasian Institute of Mining and Metallurgy, a Fellow of the Society of Economic Geologists, a Chartered Geologist with the Geological Society of London, and a member of the Australian Institute of Directors.

***Mr. Bhuvanesh Malhotra*** was initially appointed our Executive Vice President, Chief Technical & Projects Officer in January 2024, and was subsequently appointed our Executive Vice President, Chief Operating Officer in September 2025. He has over 25 years of experience in operational and technical roles across multiple commodities and mining methods, driving safety performance, operational excellence and sustainable transformational change. Prior to joining OceanaGold, Mr. Malhotra was Technical Director (Copper and Simandou) for Rio Tinto, based in Brisbane, Australia, where he was accountable for championing technical and operational excellence to maximize asset performance, including technical and business evaluation of sustaining and growth options across the value chain, driving long term strategic goals. This role spanned a global portfolio of assets in North America, Mongolia, South America, Australia and West Africa. Mr. Malhotra also held various operational and technical roles at Rio Tinto, including General Manager Technical Services and General Manager Operations for the West Angelas and Robe Valley operations for Rio Tinto Iron Ore. Mr. Malhotra holds a Bachelor of Mining Engineering from Nagpur University, India.

***Mr. Richard Savage*** was appointed as Acting Executive Vice President, Chief Sustainability Officer in September 2025. He has more than 25 years of experience in sustainability and social performance across the mining industry and has held several senior positions including at Rio Tinto and Barrick Gold. At Barrick Gold, Mr. Savage served as Head of Sustainability for Latin America and Australia Pacific. His extensive international background encompasses work in Australia, Papua New Guinea, South America, Zambia and Saudi Arabia. Mr. Savage holds a Bachelor of Social Science from Edith Cowan University, Western Australia.

***Ms. Liang Tang*** was appointed our Executive Vice President, General Counsel and Company Secretary in January 2016. She is a practising lawyer with a broad range of legal and corporate experience in the gold mining sector, including capital markets, debt financing, and corporate and commercial law. Prior to joining OceanaGold, Ms. Tang was a commercial lawyer in private practice. She holds a Bachelor of Commerce, a Bachelor of Laws and a Master of Laws from the University of Melbourne.

***Mr. Marius van Niekerk*** was appointed our Executive Vice President, Chief Financial Officer in May 2023. He is a mining executive with approximately 25 years of broad-based mining and technology industry experience spanning South Africa, the UK (London), Mozambique, Singapore and Canada. Prior to joining OceanaGold, he spent the vast majority of his mining career working for various operations and corporate centres across BHP and Newcrest. Mr. van Niekerk has experience in aluminium, alumina, energy, energy coal, gold and copper. Prior to joining OceanaGold, he was the VP Finance-Americas for Newcrest. From 2019 to 2023, he was responsible for both commercial integrations and financial oversight of the Red Chris and Pretivm/Brucejack mines in British Columbia, Canada. Prior to joining Newcrest, Mr. van Niekerk spent 13 years with BHP where he held a number of senior leadership roles. He holds a Bachelor in Economic and Management Sciences from the University of Pretoria (South Africa) and an Honors in Accounting Sciences from the University of South Africa, and he is a Chartered Accountant in South Africa and a CPA in Ontario, Canada. He is also a graduate of the ICD-Rotman Directors Education Program in Canada and holds the ICD.D designation.

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Shareholdings of Directors and Executive Officers

As at March 26, 2026, our directors and executive officers, as a group, beneficially owned, or controlled or directed, directly or indirectly, 984,315 Common Shares, representing approximately 0.44% of our issued and outstanding Common Shares.

Cease Trade Orders or Bankruptcies

None of our directors or executive officers is, as at the date of this Annual Information Form, or was within ten years before the date of this Annual Information Form, a director, chief executive officer or chief financial officer of any company (including OceanaGold) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)was subject to an order that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)was subject to an order that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

For the purposes of subsections (a) and (b), "order" means a cease trade order, an order similar to a cease trade order or an order that denied the relevant company access to any exemption under securities legislation, and in each case that was in effect for a period of more than 30 consecutive days.

None of our directors or executive officers, or a shareholder holding a sufficient number of our securities to affect materially the control of OceanaGold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is, as at the date of this Annual Information Form, or has been within the ten years before the date of this Annual Information Form, a director or executive officer of any company (including OceanaGold) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)has, within the ten years before the date of this Annual Information Form, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder.

The foregoing information, not being within our knowledge, has been furnished by the respective directors, executive officers and shareholders holding a sufficient number of our securities to affect materially control of OceanaGold.

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Penalties or Sanctions

None of our directors or executive officers, or a shareholder holding a sufficient number of our securities to affect materially the control of OceanaGold, has been subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision regarding OceanaGold.

The foregoing information, not being within our knowledge, has been furnished by the respective directors, officers and shareholders holding a sufficient number of our securities to affect materially control of OceanaGold.

Conflicts of Interest

To our knowledge, and other than as disclosed in this Annual Information Form, there are no known existing or potential conflicts of interest among OceanaGold, our directors and executive officers, or other members of Management, or of any proposed director, officer or other member of Management as a result of their outside business interests, except that certain of the directors and officers serve as directors and officers of other mineral resource companies, and therefore it is possible that a conflict may arise between their duties to OceanaGold and their duties as a director or officer of such other companies. See "*Interest of Management and Others in Material Transactions*" and "*Risk Factors*".

Our directors are required by law to act honestly and in good faith, with a view to our best interests, and to disclose any interests that they may have in any material contract or material transaction. If a conflict of interest arises at a meeting of our Board of Directors, any director in a conflict is required to disclose his or her interest and abstain from voting on such matter. Our directors and officers are aware of the existence of laws governing accountability of directors and officers for corporate opportunity requiring disclosure of conflicts of interest in respect of OceanaGold and any breaches of duty. Our directors and officers are required to comply with such laws, our Code of Conduct and, in the case of our directors, our Board Renewal Policy, in respect of any conflicts of interest. A copy of our Board Renewal Policy is available on our website at www.oceanagold.com.

Code of Conduct

We have adopted a Code of Conduct, which is applicable to all our directors, officers, employees, contractors and anyone acting on our behalf. Our Code of Conduct describes our commitment to conduct our activities to high standards of business ethics and conduct. Our Code of Conduct is a practical guide for everyone at OceanaGold. It helps to guide all of us in our decision-making and is supportive of our Values. A copy of our Code of Conduct is available on our website at <u>www.oceanagold.com</u>.

Our Code of Conduct is supplemented by formal policies and procedures in relation to matters such as continuous disclosure, securities trading, health and safety, anti-bribery and anti-corruption, environment

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and communities, human rights, respect at work and fair employment, among others. Please see "*Description of Business – Sustainability*" for additional information.

Our Board of Directors monitors compliance with the Code of Conduct through internal audit reporting, reporting on material incidents raised through our whistleblower mechanism and Management reporting on the implementation of various measures, including our gifts and conflicts register, safety records tracking and environmental records monitoring. The relevant member of our Executive Leadership Team is responsible for informing our Board of Directors or relevant Committees of any material breaches of the Code of Conduct.

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**Audit Committee**

We have established an Audit and Risk Committee, comprised of four independent directors, which operates under a charter approved by our Board of Directors. A copy of our Audit and Risk Committee charter is set out in Schedule A to this Annual Information Form.

Our Audit and Risk Committee's primary responsibility is to oversee our financial reporting process, financial risk management systems and internal control structure. It also reviews the scope and quality of our external audits and makes recommendations to our Board of Directors in relation to the appointment or removal of the external auditor.

Composition of the Audit Committee

The current members of our Audit and Risk Committee are Ms. Sandra M. Dodds (Chair) and Messrs. Paul Benson, Alan Pangbourne and Ian Reid. Each member of our Audit and Risk Committee is independent and financially literate within the meaning of National Instrument 52-110 – *Audit Committees* ("**NI 52-110**").

The education and experience of each Audit and Risk Committee member that is relevant to the performance of his or her responsibilities as a member of our Audit and Risk Committee are set out in the biographical information in the "*Directors and Executive Officers*" section of this Annual Information Form.

Audit Committee Oversight

At no time since the commencement of our most recently completed financial year was a recommendation of our Audit and Risk Committee to nominate or compensate an external auditor not adopted by our Board of Directors.

Reliance on Certain Exemptions

At no time since the commencement of our most recently completed financial year have we relied on any exemption from NI 52-110.

Pre-Approval Policies and Procedures

Our Audit and Risk Committee is responsible for pre-approving the retention of an external auditor for any permitted non-audit services to be provided to OceanaGold or our subsidiaries, provided that our Audit and Risk Committee is not required to approve in advance non-audit services where: (a) the aggregate amount of all such non-audit services provided to OceanaGold constitutes not more than 5% of the total amount of revenues paid by us to the external auditor during the fiscal year in which the non-audit services are provided; (b) such services were not recognized by us at the time of the engagement to be non-audit services; and (c) such services are promptly brought to the attention of our Audit and Risk Committee and approved prior to the completion of the audit by our Audit and Risk Committee, or by one or more members of our Audit and Risk Committee to whom authority to grant such approvals has been delegated by our Audit and Risk Committee. No non-audit services were approved pursuant to the *de minimis* exemption to the pre-approval requirement.

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External Auditor Service Fees

Given the relocation of our head office to Vancouver, we appointed PricewaterhouseCoopers LLP ("**PwC Canada**") as our independent auditor, effective as of February 19, 2025. Our predecessor auditor, PricewaterhouseCoopers, Chartered Accountants (PwC Australia), resigned at our request as our independent auditor effective as of the same date.

The aggregate fees incurred by our external auditor in each of the last two financial years are as follows:

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| **Financial Year Ended** | **Audit fees**<sup>1</sup> <br>**($000)** | **Audit-related fees**<sup>2</sup> <br>**($000)** | **Tax fees**<sup>3</sup> <br>**($000)** | **All other fees**<sup>4</sup> <br>**($000)** |
| 2025 | 1700 | 313 | 485 | 0 |
| 2024 | 1497 | 30 | 620 | 277 |

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Notes:

1. Audit fees include services in connection with our consolidated and statutory financial statement audits.

2. Audit-related fees include fees associated with the Sustainability Report and Extractive Sector Transparency Measures Act Annual Report and royalties audit.

3. Tax fees include fees associated with annual tax compliance and with tax consulting advice obtained in relation to ad-hoc projects such as funding restructuring.

4. All other fees include services provided for the public listing of OGP and other consulting fees.

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**Legal Proceedings and Regulatory Actions**

OceanaGold and our subsidiaries are, from time to time, involved in various legal proceedings and claims arising in the ordinary course of business. We cannot predict with reasonable certainty the likelihood or outcome of these matters. Legal proceedings that are pending against OceanaGold and/or our subsidiaries, as well as claims that may have a material effect on our financial condition or future results of operations, are outlined below.

Didipio Mining Claims

A subsidiary of OceanaGold, OGP, and the Gonzales Group are involved in an arbitration proceeding with respect to the Addendum Agreement (the "**Arbitration**"). The Arbitration commenced in 2000 but is presently suspended due to the Liggayu dispute (discussed below) and the irrevocable resignation of the arbitrator.

In a complaint dated July 4, 2008 before the Philippines Regional Trial Court ("**RTC**"), a third party, Mr. Liggayu, disputed the terms of the Addendum Agreement and the rights of the Gonzales Group to claim an interest in the Didipio Mine. Mr. Liggayu alleged that he is the true and beneficial owner and real-party-in-interest of the Didipio mining claims and sought to enjoin OceanaGold from making any payments to, or in dealing with, the Gonzales Group, and instead to recognize his rights.

In a decision dated March 11, 2025, the RTC declared that Mr. Liggayu and the heirs of Mr. Gonzales Sr. are partners on a 50-50 basis, to all the rights, participation and interests, as claimowners of the Didipio mining claims in the name of Mr. Gonzales Sr., beginning January 2007 onwards. It further declared that the rights and entitlements of Mr. Liggayu cannot be directly enforced by him against OceanaGold in the existing agreements, specifically the FTAA, which Mr. Liggayu can internally claim and enforce only against the heirs of Mr. Gonzales Sr., and vice versa ("the **March 2025 Decision**").

On April 2, 2025, Mr. Liggayu moved for partial reconsideration of this decision, claiming that, among others: he is the true and lawful owner of the Didipio mining claims; if a partnership exists, it should be from 1985 and should cover all the subject mining claims and not just for Mr. Gonzales Sr's portion of the claim; and his rights and entitlements should be directly enforceable by him against OceanaGold. Both the Gonzales Group and OceanaGold filed an opposition to Mr. Liggayu's partial motion for reconsideration. In a decision dated October 21, 2025, the RTC denied Mr. Liggayu's motion for partial reconsideration (the "**October 2025 Resolution**"). Mr. Liggayu filed a Notice of Appeal with respect to each of the March 2025 Decision and October 2025 Resolution. This case is now elevated to the Court of Appeals.

We believe there is no near-term impact on our business or operations as the decisions do not require payment of money by OceanaGold and the Arbitration proceeding is yet to be resolved.

FTAA Challenges

The DENR, along with a number of mining companies (including OGP), are parties to a case that began in 2008 whereby a group NGOs and individuals challenged the constitutionality of the PMA, the FTAAs and Mineral Production Sharing Agreements in the Supreme Court of the Philippines. The petitioners initiated the challenge despite the fact that the Supreme Court of the Philippines had upheld the constitutional validity of both the PMA and the FTAAs in an earlier landmark case in 2005. In early 2013, the Supreme Court of the Philippines requested the parties to participate in oral debates on the matter. The case is still pending with the Supreme Court of the Philippines for a decision.

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Notwithstanding the fact that the Supreme Court has previously upheld the constitutionality of the PMA and FTAAs, we are mindful that litigation is an inherently uncertain process and the outcome of the case may adversely affect our operation and financial position.

In addition, OGP, along with each of the Philippines Office of the Executive Secretary, DENR, MGB and EMB, as well as several Local Government Units, are parties to a case filed in April 2024 by an NGO group and two individuals (the "**Petitioners**"). The Petitioners questioned the approval of the renewal of the FTAA for alleged failure to conduct prior consultation and made generalized allegations about violations of the ECC and human rights.

Subsequent to the filing of the petition, the RTC of Nueva Vizcaya denied the Petitioners' application for a Temporary Environmental Protection Order against OceanaGold. Further, in a resolution dated April 2, 2025, the RTC dismissed most of the issues raised by the Petitioners but decided that the issue of whether our subsidiary is currently engaged in open pit mining is a question of fact that should be decided at trial. The Petitioners filed a Motion for Partial Reconsideration which was subsequently denied by the RTC in October 2025. The Petitioners then filed a Petition for Review before the Supreme Court, seeking a review of the RTC's decisions. In an Order dated December 5, 2025, the RTC deferred further proceedings until the Supreme Court issues a resolution on the Petition for Review.

Separately, the Petitioners have submitted a motion for the Court to reconsider its April resolution. All parties have been requested to respond to the motion prior to the Court making a decision.

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**Interest of Management and Others in Material Transactions**

No director, executive officer, person or company that beneficially owns, or controls or directs, directly or indirectly, more than 10% of our issued Common Shares, or any of their respective associates or affiliates, has any material interest, direct or indirect, in any transaction in which we have participated prior to the date of this Annual Information Form, or in any proposed transaction, which has materially affected or will materially affect us.

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**Transfer Agent and Registrar**

The transfer agent and registrar for our Common Shares is Computershare Investor Services Inc. at its offices in Toronto, Ontario and Vancouver, British Columbia.

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**Material Contracts**

Except for contracts entered into in the ordinary course of business, there are no material contracts that we have entered in the financial year ended December 31, 2025 or before the last financial year but are still in effect.

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**Interest of Experts**

The following persons have been named as having prepared or certified a report, valuation, statement or opinion described or included in a filing, or referred to in a filing, made under National Instrument 51-102 – *Continuous Disclosure Obligations* during, or relating to, our financial year ended December 31, 2025: D. Carr, D. Corley, L. Crawford-Flett, B. Drury, C. Feebrey, M. Grant, G. Hollett, K. Hollis, P. Jones, D. Londoño, E. Leslie, K. Madambi, T. Maton, J. Moore and D. Townsend (OceanaGold); L. Standridge and R. Cook (Call & Nicholas, Inc.); J. Newton Janney-Moore and W. Kingston (NewFields Mining & Technical Services LLC); M. Sullivan and B. Miller (SRK Consulting (U.S.), Inc.). Please see "*Introductory Notes – Technical Information*" and "*Summary of Mineral Reserves and Mineral Resources Estimates*" for additional information.

Each of D. Carr, D. Corley, L. Crawford-Flett, B. Drury, C. Feebrey, M. Grant, G. Hollett, K. Hollis, K. Jennings, P. Jones, D. Londoño, E. Leslie, K. Madambi, T. Maton, J. Moore and D. Townsend, at the time of or after such person prepared or certified the applicable report, valuation, statement or opinion: (a) held registered or beneficial interests, direct or indirect, in certain of our securities or other property (or securities or other property of one of our associates or affiliates), representing less than one percent of our outstanding securities; and (b) was, or was expected to be, elected, appointed or employed as a director, officer or employee of OceanaGold (or of one of our associates or affiliates).

Each of L. Standridge and R. Cook (Call & Nicholas, Inc.), J. Newton Janney-Moore and W. Kingston (NewFields Mining & Technical Services LLC) and M. Sullivan and B. Miller (SRK Consulting (U.S.), Inc.) are considered to be "independent" of OceanaGold as defined in NI 43-101.

Our independent auditor, PricewaterhouseCoopers LLP, Chartered Professional Accountants, ("**PwC Canada**") issued an independent auditor's report dated February 18, 2026 in respect of our annual consolidated financial statements as at December 31, 2025 and for the year then ended. PwC Canada has advised that they are independent with respect to us within the meaning of the CPABC Code of Professional Conduct.

Our predecessor auditor, PricewaterhouseCoopers LLP ("**PwC Australia**"), has issued an independent auditor's report dated February 19, 2025, except as to Note 11 which is as of February 18, 2026 in respect of our consolidated financial statements as at December 31, 2024 and for the year then ended. PwC Australia has advised that they are independent of us in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) and the ethical requirements that are relevant to the audit of our consolidated financial statements in Canada.

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**Additional Information**

Additional information, including that relating to directors' and officers' remuneration and indebtedness, principal holders of our securities and securities authorized for issuance under equity compensation plans, is contained in our management information circular for the annual general and special meeting of shareholders held on June 4, 2025.

Additional financial information is provided in our comparative financial statements and Management's Discussion and Analysis for the year ended December 31, 2025, which is available under our profile on SEDAR+ at <u>www.sedarplus.ca</u>.

Additional information relating to us is available under our profile on SEDAR+ at <u>www.sedarplus.ca</u>.

Dated March 27, 2026.

**BY ORDER OF THE BOARD OF DIRECTORS** 

*"Gerard Bond"*

Gerard Bond

President and Chief Executive Officer

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**Schedule A – Audit and Risk Committee Charter**

**1.&nbsp;&nbsp;&nbsp;&nbsp;ROLE**

1.1.&nbsp;&nbsp;&nbsp;&nbsp;The Audit and Risk Committee (the Committee) is a sub-committee established by the OceanaGold Board to assist the Board in the effective discharge of its responsibilities in relation to the matters set out in this Charter. The Committee is accountable to the Board for its performance.

1.2.&nbsp;&nbsp;&nbsp;&nbsp;The Committee's purpose and responsibilities are set out in this Charter and include assisting the Board in its oversight in the following key areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the quality and integrity of OceanaGold's financial statements and reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)internal and external audit, including OceanaGold's independent registered auditor's qualifications and independence and the performance of OceanaGold's independent registered auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)risk management and internal controls; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)compliance with legal and regulatory requirements regarding financial disclosure.

1.3.&nbsp;&nbsp;&nbsp;&nbsp;The Committee acts primarily in an advisory and oversight capacity to the Board. In making recommendations to the Board, the Committee does not, of itself, have the power or authority of the Board in dealing with the matter on which it advises except where certain powers are specifically set out in this Charter, as required by applicable laws or the rules of any relevant stock exchange or are otherwise delegated by the Board.

1.4.&nbsp;&nbsp;&nbsp;&nbsp;It is not the duty or responsibility of the Committee or Committee members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to plan or conduct audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to determine that OceanaGold's financial statements are complete and accurate and are in accordance with generally accepted accounting principles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)to conduct other types of auditing or accounting reviews or similar procedures or investigations.

1.5.&nbsp;&nbsp;&nbsp;&nbsp;The Committee and its Chairman are members of the OceanaGold Board appointed to the Committee to provide broad oversight of OceanaGold's financial statements and the risk and control related activities of OceanaGold and to apply necessary and appropriate levels of due diligence, and are specifically not accountable or responsible for the day to day operations or performance of such activities.

1.6.&nbsp;&nbsp;&nbsp;&nbsp;Management is responsible for the preparation, presentation and integrity of OceanaGold's financial statements. Management is also responsible for implementing appropriate accounting and financial reporting principles and policies and systems of risk management and internal controls and procedures designed to provide reasonable assurance that assets are safeguarded, and transactions are properly authorized, recorded and reported and to assure the effectiveness and

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efficiency of operations, the reliability of financial reporting and compliance with accounting standards and applicable laws and regulations.

**2.&nbsp;&nbsp;&nbsp;&nbsp;KEY RESPONSIBILITIES**

The key responsibilities of the Committee in fulfilling its role are set out below.

**2.1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Reporting**

The Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)review and recommend to the Board the draft annual financial statements including Management's Discussion & Analysis and any related media release or presentation pack;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)approve the draft quarterly financial statements including Management's Discussion & Analysis and any related media release or presentation pack; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)review and recommend to the Board any other public disclosure document or regulatory filing containing or accompanying financial information of OceanaGold as requested by the Board from time to time.

In discharging its responsibilities, the Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)verify that a robust system of corporate reporting processes and financial controls are in place to safeguard the quality and integrity of the financial statements including the process supporting the President and Chief Executive Officer and Chief Financial Officer certifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)review and endorse judgements made by Management that have a material impact on the financial statements as they relate to changes in accounting policy and standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)review and consider the procedures that are in place for the review of OceanaGold's public disclosure of financial information extracted or derived from OceanaGold's financial statements, and periodically assess the adequacy of those procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)review and discuss with Management and the external auditor the financial statements and accompanying notes and related public disclosure documents prior to submission to the Board for approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)undertake such other due diligence and enquiries and discussions with Management, the external auditor and the internal auditor as the Committee thinks otherwise necessary or appropriate in the circumstances with respect to OceanaGold's financial statements and other public disclosure documents of a financial nature.

**2.2.&nbsp;&nbsp;&nbsp;&nbsp;External Audit**

The Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)select and retain an independent registered public accounting firm to act as OceanaGold's independent auditor for the purpose of auditing OceanaGold's annual financial statements, books, records, accounts and internal controls over financial reporting (subject to ratification by OceanaGold's shareholders of the selection of the independent auditor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)set the compensation of OceanaGold's independent auditor;

<u>oceanagold.com</u> <u>A-2</u>

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|:---|:---|
| Annual Information Form 2025 | ![oglogo.jpg](oglogo.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)oversee the work done by OceanaGold's independent auditor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)terminate OceanaGold's independent auditor, if necessary.

In discharging its responsibilities, the Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)verify the qualifications, independence, and performance of the external auditor at least on an annual basis, including the pre-approval of non-audit engagements with a value greater than that permitted under OceanaGold's policy from time to time in relation to non-audit services provided by the external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)obtain and review, at least annually, a report by the independent auditor describing: the firm's internal quality-control procedures; any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; and (to assess the auditor's independence) all relationships between the independent auditor and OceanaGold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)review and endorse the scope of the external audit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)review the outcomes of the external audit plan, highlighting any material issues to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)review and resolve disagreements between Management and the external auditor regarding financial reporting or the application of any accounting principles or practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)review and approve OceanaGold's hiring policies regarding partners, employees and former partners and employees of the present and former external auditor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)review and discuss with OceanaGold's independent auditor any other matters required to be discussed by applicable requirements of the U.S. Public Company Accounting Oversight Board ("PCAOB") and the U.S. Securities and Exchange Commission ("SEC").

**2.3.&nbsp;&nbsp;&nbsp;&nbsp;Internal Audit**

In discharging its responsibilities, the Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)approve Management's appointment or termination of the internal auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)review and endorse the scope of the internal audit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)review the outcomes of the internal audit plan, highlighting any material issues to the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)periodically review resourcing of the internal audit function to ensure its objectivity and independence.

**2.4.&nbsp;&nbsp;&nbsp;&nbsp;Risk Management and Internal Controls**

The Committee will review and report to the Board in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the adequacy and effectiveness of OceanaGold's framework, methodologies and systems of risk management to identify and manage existing, new and emerging material risks;

<u>oceanagold.com</u> <u>A-3</u>

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|:---|:---|
| Annual Information Form 2025 | ![oglogo.jpg](oglogo.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)verification that a robust and sound system of internal controls is in place and operating effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Management's performance against the risk management framework by means of a regular Enterprise Risk Management Update; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the adequacy of OceanaGold's insurance program.

**2.5.&nbsp;&nbsp;&nbsp;&nbsp;Compliance and Complaints**

The Committee will review and report to the Board in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the adequacy and effectiveness of the processes and systems in place across OceanaGold to ensure legal and regulatory compliance regarding financial disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the effectiveness of the processes and systems in place for detecting, reporting and preventing business or employee misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Committee will establish and monitor a process and procedures for the receipt and treatment of "speak up" reports, anonymously or otherwise, by employees and shall review periodically with Management those procedures and any significant complaints received.

**3.&nbsp;&nbsp;&nbsp;&nbsp;MEMBERSHIP AND MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Committee will comprise not less than three non-executive directors. All Committee members must be (i) "independent", including in accordance with the requirements of Rule 10A-3 of the U.S. Securities Exchange Act of 1934, as amended, and (ii) "financially literate" (or become financially literate within a reasonable period of time after their appointment to the Committee) as those terms are defined from time to time under relevant statutory and stock exchange listing rules, or if not so defined as interpreted by the Board in its business judgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At least one member of the Committee must have accounting or related financial management expertise, as determined by the Board. At least one member of the Committee must be an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K of the SEC rules. A person who satisfies this definition of audit committee financial expert will also be presumed to have accounting or related financial management expertise. No member of the Committee shall accept (directly or indirectly) any consulting, advisory, or other compensatory fee from OceanaGold or any of its subsidiaries or affiliates (other than remuneration for acting in his or her capacity as a director).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Chairman of the Committee will be appointed by the Board and cannot be the Chairman of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company Secretary or a delegate shall act as the secretary of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)A standing invitation to Committee meetings will be extended to all non-executive directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Committee may invite any member of Management, or any other person, to attend a meeting of the Committee, as the Committee thinks appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Committee will meet as frequently as required but not less than four times per financial year. Any Committee member or the Company Secretary may convene a Committee meeting and two independent non-executive directors shall constitute a quorum. Each Committee member will have one vote and the Chairman will not have a casting vote.

<u>oceanagold.com</u> <u>A-4</u>

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|:---|:---|
| Annual Information Form 2025 | ![oglogo.jpg](oglogo.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Chairman of the Committee (or delegate) shall provide a report to the Board following each Committee meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Committee may hold a closed session in the absence of Management as and when the Committee deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)All recommendations of the Committee are to be referred to the Board, the Sustainability Committee, Remuneration, People and Culture Committee or the Governance and Nominations Committee as appropriate.

**4.&nbsp;&nbsp;&nbsp;&nbsp;AUTHORITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In carrying out its responsibilities, the Committee has the authority to discuss directly with Management, external or internal auditors, independent counsel or experts (including the authority to set and pay the compensation of such independent counsel or expert advisors) any issue or matter within its remit and to request reports, explanations and information of any of the activities or policies, procedures or standards of the OceanaGold group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Committee is authorized to take any action required from time to time in relation to its composition, membership and activities to ensure compliance with any relevant statutory or stock exchange listing rule requirements from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Committee is authorized by the Board to obtain external legal and other professional advice or services if it considers this necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Committee is authorized to expend funds for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

**5.&nbsp;&nbsp;&nbsp;&nbsp;REVIEW**

**5.1.&nbsp;&nbsp;&nbsp;&nbsp;Performance**

The Committee will each year evaluate its performance against this Charter and agree areas of focus and work program for the following year.

**5.2.&nbsp;&nbsp;&nbsp;&nbsp;Review of Terms of Charter**

The Committee will review its Charter at least every two years and otherwise as and when required.

**Approved by:**

**Audit and Risk Committee** 

**Board of Directors of OceanaGold Corporation**

December 10, 2025

<u>oceanagold.com</u> <u>A-5</u>

## Exhibit 99.3

**Exhibit 99.3&nbsp;&nbsp;&nbsp;&nbsp;**

![image_0a.jpg](image_0a.jpg)

**Management's Discussion and Analysis**

Fourth Quarter and Full Year 2024 Results

February 19, 2025

------

**Highlights Overview**

• **Fourth quarter production of 150,900 ounces of gold and 3,100 tonnes of copper**, an increase in gold production of 12% from the prior quarter.

• **Record quarterly and annual production at Haile and best quarterly production at Waihi since production commenced at Martha Underground in 2021.**

• **Full year 2024 production of 488,800 ounces of gold and 12,300 tonnes of copper,** achieving updated production guidance.

• **Quarterly and full year All-In Sustaining Cost ("AISC")**<sup>†</sup> **of $1,563 and $1,777 per ounce, respectively.**

• **Record quarterly and annual revenue of $427 million and $1.29 billion, respectively.**

• **Record quarterly and annual Net Profit**<sup>†</sup> **of $103 million and $192 million, respectively.**

• **Adjusted EPS**<sup>†</sup> **of $0.15,** an increase of 67% from the prior quarter.

• **Fourth quarter EBITDA Margin**<sup>†</sup> **of 58% and Operating Cash Flow Per Share**<sup>†</sup> **of $0.36.**

• **Record quarterly and annual Free Cash Flow**<sup>†</sup> **of $147 million and $245 million, respectively.**

• **Repaid the remaining $85.0 million of the revolving credit facility during the quarter, ending the year with Net Cash**<sup>†</sup> **of $192 million.**

• **Repurchased 8.8 million common shares for $24.1 million** since July 2024, at an average price of CAD$3.79 per share.

• **Declared a $0.01 per share dividend** in February 2025, payable in April 2025.

• **Declared an initial Mineral Reserve at Wharekirauponga of 4.1 Mt at 9.2 g/t for 1.21 Moz Au.**

• **Total Mineral Reserves increased by 27% to 6.2 Moz Au, net of mining depletion.**

**Multi-Year Outlook**

• **Projected production growth of ~20% from 2024 to 2026,** driven by Haile and Macraes.

---

| | | | |
|:---|:---|:---|:---|
| **Production & Cost Guidance** |  | **2025** | **2026** |
| Gold production | koz | 450 - 520 | 550 - 620 |
| Copper production | kt | 13 - 15 | 13 - 15 |
| AISC† | $/oz | 1900 - 2050 | 1400 - 1600 |

---

• **Intention to continue share repurchases under the NCIB in 2025.**

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 1 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Gold Produced<sup>1</sup> | koz | **150.9** | 134.9 | 129.8 | **488.8** | 477.3 |
| Copper Produced | kt | **3.1** | 3.4 | 3.8 | **12.3** | 14.2 |
| AISC<sup>†</sup> | $/oz | **1563** | 1729 | 1658 | **1777** | 1587 |
| Revenue | $M | **427.3** | 345.2 | 267.3 | **1294.0** | 1026.3 |
| Net profit (loss) | $M | **102.7** | 60.6 | (18.9) | **192.0** | 83.1 |
| Adjusted net profit<sup>†</sup> | $M | **107.6** | 66.4 | 6.6 | **208.3** | 120.1 |
| EBITDA† | $M | **246.4** | 157.0 | 56.5 | **587.7** | 368.2 |
| Adjusted EBITDA<sup>†</sup> | $M | **251.3** | 162.8 | 91.6 | **604.0** | 413.6 |
| Free Cash Flow<sup>†2</sup> | $M | **146.5** | 65.7 | 16.1 | **245.2** | 42.4 |
| Earnings (loss) per share - basic<sup>3</sup> | $/share | **$0.14** | $0.08 | $(0.03) | **$0.26** | $0.12 |
| Adjusted earnings per share - diluted<sup>†3</sup> | $/share | **$0.15** | $0.09 | $0.01 | **$0.29** | $0.16 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.36** | $0.22 | $0.12 | **$0.83** | $0.56 |
| Free Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.20** | $0.09 | $0.02 | **$0.34** | $0.06 |

---

1 Production is on a 100% basis as all operations are controlled by OceanaGold.

2 Includes proceeds of $30.0 million from the sale of the Blackwater project in the second quarter of 2024.

3 Attributable to the shareholders of the Company.

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| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 2 |

---

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---

| | |
|:---|:---|
| **Table of Contents** | |
| Results Overview | 3 |
| Capital Expenditures | 5 |
| Safety | 5 |
| Outlook | 6 |
| Mine Operations and Results |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haile | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Didipio | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macraes | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waihi | 17 |
| Financial Results | 19 |
| Liquidity and Capital Resources | 24 |
| Capital Commitments | 27 |
| Transactions with Related Parties | 28 |
| Outstanding Share Data | 28 |
| Non-IFRS Financial Information | 28 |
| Internal Controls | 35 |
| Accounting Estimates, Policies and Changes Risk and Uncertainties | 36 |
| Notes to Reader | 36 |

---

This Management's Discussion & Analysis ("MD&A") is dated as of February 19, 2025 and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024. In this MD&A, a reference to "OceanaGold" or the "Company" refers to OceanaGold Corporation and its subsidiaries. Additional information about OceanaGold, including the Annual Information Form, is available on the Company's website at oceanagold.com and under the Company's profile on SEDAR+ at sedarplus.com. All amounts are in United States dollars ("$") unless otherwise indicated. All production results and the Company's guidance presented in this MD&A reflect total production at the mines on a 100% basis as the Company has the ability to exercise control at all operations.

This MD&A contains certain "forward-looking statements". Please refer to the cautionary language under the heading "Notes to Reader" section of this MD&A.

**Nature of Operations**

OceanaGold is engaged in the exploration, development and operation of gold and gold/copper mines. OceanaGold operates four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the 80%-owned Didipio Mine in the Philippines; and the wholly-owned Macraes and Waihi operations in New Zealand.

The Company's common shares trade under the symbol 'OGC' on the Toronto Stock Exchange ("TSX") in Canada and under the symbol 'OCANF' on the OTCQX market in the United States. The Company is domiciled in British Columbia, Canada and the registered address of the Company is Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

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| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 3 |

---

------

**Results Overview**

**Operational and Financial**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Gold Produced<sup>1</sup> |  |  |  |  |  |  |
| Haile | koz | **75.2** | 64.9 | 37.6 | **212.6** | 152.5 |
| Didipio | koz | **19.7** | 27.9 | 42.8 | **97.0** | 138.5 |
| Macraes | koz | **37.9** | 28.3 | 36.1 | **125.4** | 137.0 |
| Waihi | koz | **18.1** | 13.8 | 13.3 | **53.8** | 49.3 |
| Total gold produced<sup>1</sup> | koz | **150.9** | 134.9 | 129.8 | **488.8** | 477.3 |
| Gold Sales |  |  |  |  |  |  |
| Haile | koz | **73.9** | 53.6 | 29.6 | **208.5** | 146.2 |
| Didipio | koz | **20.8** | 28.9 | 39.7 | **100.4** | 135.7 |
| Macraes | koz | **36.6** | 29.5 | 36.3 | **124.8** | 137.1 |
| Waihi | koz | **19.0** | 12.8 | 13.2 | **54.0** | 48.9 |
| Total gold sales | koz | **150.3** | 124.8 | 118.8 | **487.7** | 467.9 |
| Average Gold Price | $/oz | **2665** | 2511 | 1993 | **2433** | 1955 |
| Copper Produced<sup>1</sup> - Didipio | koz | **3.1** | 3.4 | 3.8 | **12.3** | 14.2 |
| Copper Sales - Didipio | koz | **2.8** | 3.5 | 3.9 | **11.7** | 13.8 |
| Average Copper Price | $/lb | **4.16** | 4.15 | 3.80 | **4.16** | 3.87 |
| Cash Costs<sup>†</sup> |  |  |  |  |  |  |
| Haile | $/oz | **598** | 683 | 1521 | **955** | 884 |
| Didipio | $/oz | **1033** | 824 | 549 | **851** | 614 |
| Macraes | $/oz | **1214** | 1458 | 901 | **1192** | 996 |
| Waihi | $/oz | **1130** | 1538 | 1345 | **1427** | 1300 |
| Consolidated Cash Costs<sup>†</sup> | $/oz | **875** | 987 | 987 | **1047** | 883 |
| AISC<sup>†</sup> |  |  |  |  |  |  |
| Haile | $/oz | **1287** | 1537 | 2570 | **1628** | 1921 |
| Didipio | $/oz | **1389** | 1103 | 737 | **1140** | 730 |
| Macraes | $/oz | **1535** | 2099 | 1468 | **1906** | 1570 |
| Waihi | $/oz | **1557** | 2252 | 1829 | **2087** | 1914 |
| Consolidated AISC<sup>†</sup> | $/oz | **1563** | 1729 | 1658 | **1777** | 1587 |
| Free Cash Flow<sup>†2</sup> | $M | **146.5** | 65.7 | 16.1 | **245.2** | 42.4 |
| Net profit (loss) | $M | **102.7** | 60.6 | (18.9) | **192.0** | 83.1 |
| Adjusted net profit<sup>†</sup> | $M | **107.6** | 66.4 | 6.6 | **208.3** | 120.1 |
| EBITDA<sup>†</sup> | $M | **246.4** | 157.0 | 56.5 | **587.7** | 368.2 |
| Adjusted EBITDA<sup>†</sup> | $M | **251.3** | 162.8 | 91.6 | **604.0** | 413.6 |
| Earnings (loss) per share - basic<sup>3</sup> | $/share | **$0.14** | $0.08 | $(0.03) | **$0.26** | $0.12 |
| Adjusted earnings per share - diluted<sup>†3</sup> | $/share | **$0.15** | $0.09 | $0.01 | **$0.29** | $0.16 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.36** | $0.22 | $0.12 | **$0.83** | $0.56 |
| Free Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.20** | $0.09 | $0.02 | **$0.34** | $0.06 |

---

1 Production is reported on a 100% basis as all operations are controlled by OceanaGold.

2 Includes proceeds of $30.0 million from the sale of the Blackwater project in the second quarter of 2024.

3 Attributable to the shareholders of the Company.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 4 |

---

------

*Production*

The Company produced 150,900 ounces of gold and 3,100 tonnes of copper in the fourth quarter of 2024. Fourth quarter gold production was 12% higher than the prior quarter as a result of higher production from Haile, Macraes and Waihi. Haile delivered a record production quarter, exceeding the previous record in the third quarter by 16%, as a result of processing higher grade ore from Ledbetter open pit and higher ore tonnes from Horseshoe underground. Gold production at Macraes was 34% higher than the prior quarter due to record processing volumes of higher ore grade resulting from increased ore mined from Innes Mills Phase 7 open pit. Waihi's fourth quarter production was 31% higher than the prior quarter as a result of higher grades in the mined remnant stoping areas. This was offset by 29% lower production at Didipio compared to the prior quarter, primarily due to multiple severe weather events impacting underground mining, feed grade to the mill and mill availability.

Fourth quarter gold production was 16% higher than the prior corresponding quarter as a result of higher production at Haile and Waihi. Haile's fourth quarter gold production was 100% higher than the prior corresponding quarter due to access to higher grade ore from the open pit and the addition of Horseshoe underground ore feed. Waihi's fourth quarter gold production was 36% higher than the prior corresponding quarter as a result of higher mined grades combined with higher tonnes mined. Gold production at Macraes was 5% higher than the prior corresponding quarter as a result of marginally better grades from the open pit. This was offset by 54% lower production at Didipio in the fourth quarter, reflecting multiple severe weather events impacting underground mining and processing, as well as changes to the mining rate in the high-grade breccia areas associated with the stope redesign.

The Company produced 488,800 ounces of gold for the full year, a 2% increase relative to the prior corresponding year. The primary contributor to the production growth came from Haile, which delivered a 39% increase in gold production as a result of higher grades from the open pit and the addition of Horseshoe underground ore feed. Waihi gold production also increased by 9% as a result of higher mined grades combined with higher tonnes mined. This was offset by a 8% decrease in production at Macraes due to lower grades from the open pit, and a 30% decrease in gold production at Didipio due to the process plant interruptions in the second quarter, the impact of the breccia stope design, and third and fourth quarter 2024 weather impacts.

*AISC*<sup>†</sup>

The Company recorded fourth quarter AISC<sup>†</sup> of $1,563 per ounce on gold sales of 150,300 ounces, a 10% decrease compared to the AISC of the prior quarter. The decrease was primarily due to the 20% increase in gold sales volumes driven by a 12% increase in production (see above), partially offset by a decrease in by-product credits as a result of lower copper production at Didipio and a higher stock-based compensation expense.

The Company recorded full year AISC<sup>†</sup> of $1,777 per ounce on gold sales of 487,700 ounces, a 12% increase compared to the prior corresponding year. The increase was due higher mining costs due to underground mining at Haile for the full 2024 year, higher labour rates and activities, higher mobile maintenance costs to improve reliability and the processing of low grade stockpile material in the first half of 2024, partially offset by a 4% increase in gold sales volumes due to production (discussed above).

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| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 5 |

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**Capital and Exploration Expenditure**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended<br>$M** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Consolidated** | **Consolidated** | **Consolidated** |
| **Quarter ended<br>$M** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Q4 2024** | Q3 2024 | Q4 2023 |
| Sustaining Capital | 19.1 | 4.8 | 4.6 | 2.9 | **31.4** | 25.4 | 22.2 |
| Pre-strip and Capitalized Mining | 30.5 | 2.5 | 5.1 | 5.6 | **43.7** | 51.6 | 41.6 |
| Growth Capital<sup>1</sup> | 8.8 | 2.3 | 8.2 | 3.6 | **22.9** | 11.6 | 13.0 |
| Exploration<sup>1,2</sup> | 1.0 |  | 0.5 | 2.9 | **4.4** | 10.4 | 7.2 |
| **Total expenditure** | **59.4** | **9.6** | **18.4** | **15.0** | **102.4** | **99.0** | **84.0** |

---

1Growth capital and exploration at Waihi includes Waihi North Project costs of $5.3 million, $4.6 million and $4.2 million for the fourth quarter of 2024, third quarter of 2024 and fourth quarter of 2023, respectively.

2Capital and exploration expenditure by location includes related regional greenfield exploration where applicable.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Full year December 31<br>$M** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Consolidated** | **Consolidated** |
| **Full year December 31<br>$M** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **2024** | 2023 |
| Sustaining Capital | 47.7 | 20.4 | 17.7 | 10.4 | 96.2 | 92.9 |
| Pre-strip and Capitalized Mining | 87.0 | 8.6 | 62.9 | 22.8 | 181.3 | 171.7 |
| Growth Capital<sup>3</sup> | 36.0 | 8.2 | 12.1 | 8.8 | 65.1 | 63.1 |
| Exploration<sup>3</sup> | 7.4 | 2.1 | 2.3 | 16.8 | 28.6 | 24.8 |
| **Total expenditure** | **178.1** | **39.3** | **95.0** | **58.8** | **371.2** | **352.5** |

---

3Growth capital and exploration at Waihi includes Waihi North Project costs of $16.9 million and $13.9 million for the year and the prior corresponding year, respectively.

Fourth quarter site capital and exploration expenditure of $102.4 million was consistent with the prior quarter with increases in growth expenditures at Haile related to TSF 5 construction and expansion of site electricity distribution infrastructure, partially offset by lower stripping at Macraes.

Full year site capital and exploration expenditure of $371.2 million was 5% higher than the prior corresponding year due to an increase in pre-stripping costs at Macraes related to Innes Mills Phase 7, partially offset by a decrease in capitalized mining costs at Haile with the Horseshoe underground transitioning from developing to producing in 2023.

**Safety**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Consolidated** | **Consolidated** | **Consolidated** |
| **Quarter ended** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Q4 2024** | Q3 2024 | Q4 2023 |
| Fatalities |  |  |  |  | **—** | 1.0 |  |
| 12MMA TRIFR<sup>1</sup> | 2.9 | 0.3 | 0.8 | 1.5 | **1.0** | 1.1 | 0.9 |
| Recordable injuries | 3 | 1 | 2 | 3 | **9** | 15 | 9 |

---

1 Total Recordable Incident Frequency Rate ("TRIFR") per 200,000 hours worked.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Full Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Haile** | &nbsp;&nbsp;&nbsp;&nbsp;**Didipio** | **Macraes** | &nbsp;&nbsp;&nbsp;&nbsp;**Waihi** | **Consolidated** | **Consolidated** |
| **Full Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Haile** | &nbsp;&nbsp;&nbsp;&nbsp;**Didipio** | **Macraes** | &nbsp;&nbsp;&nbsp;&nbsp;**Waihi** | **2024** | 2023 |
| Fatalities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |  |  | **2** |  |
| Recordable injuries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | **50** | &nbsp;&nbsp;&nbsp;37 |

---

There were 9 recordable injuries during the quarter compared to 15 recordable injuries in the prior quarter. All sites improved safety performance in the fourth quarter, underpinned by the embedding of OurSafe behaviours and Stop & Think with further local application of learnings at all sites from the two fatalities which occurred during the year.

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| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 6 |

---

------

**2025 Guidance**

The Company's 2025 production and cost guidance is tabulated below.

**2025 Full-Year Guidance**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Production & Costs**<sup>1</sup> | | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Consolidated** |
| Gold Production | koz | 170 - 200 | 85 - 105 | 135 - 150 | 55 - 70 | **450 - 520** |
| Copper Production | kt | - | 13 - 15 | - | - | **13 - 15** |
| Cash Costs<sup>†,2</sup> | $/oz | 950 - 1050 | 800 - 900 | 1025 - 1175 | 1600 - 1800 | **1025 - 1175** |
| AISC<sup>†,2</sup> | $/oz | 2050 - 2200 | 1150 - 1250 | 1800 - 1950 | 2000 - 2200 | **1900 - 2050** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Capital Investments**<sup>1,3</sup> **($M)** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Consolidated**<sup>4</sup> | **Included in AISC**<sup>†</sup> |
| Pre-strip and Capitalized Mining | 135 | 10 | 70 | 15 | **220 —235** | 220 - 235 |
| Sustaining | 75 | 25 | 35 | 15 | **135 —155** | 135 - 155 |
| Growth | 40 | 15 | 5 | 40 | **90 —100** | – |
| Exploration | 10 | 10 | 5 | 15 | **40** | 10 |
| **Total Investments** | **260** | **60** | **115** | **85** | **485 — 530** | **365 - 400** |

---

1Production is on a 100% basis as all operations are controlled by OceanaGold. Assumes a New Zealand dollar to United States dollar exchange rate of 0.57.

2Includes by-product credits based on copper price of $4.50 per pound.

3Excludes capital leases.

4Includes corporate capital and excludes rehabilitation costs at Reefton and Junction Reefs.

In 2025, Haile is expected to produce 170,000 to 200,000 ounces of gold at an AISC<sup>†</sup> of between $2,050 and $2,200 per ounce. Gold production is expected to be second-half weighted, following the completion of waste stripping in Ledbetter Phase 3. Mill feed at Haile includes a higher proportion of low grade stockpiles in the first half, while mining progresses into higher grade ore in the Ledbetter pit in the second half of 2025. Reflecting the production profile, Haile's AISC<sup>†</sup> is expected to be higher in the first half of the year and progressively reduce throughout the year.

At Haile, total capital investment is expected at $260 million. Deferred stripping increases in line with the mine plan for Ledbetter 3, sustaining capital includes construction of TSF 5 and West PAG 3 and growth capital relates primarily to the Palomino underground, stripping circuit upgrades and upgrades to the water treatment plant. Exploration expenditure will focus on resource definition and conversion of both Horseshoe and Ledbetter 4, in addition to several early-stage targets.

In 2025, Didipio is expected to produce 85,000 to 105,000 ounces of gold and 13,000 to 15,000 tonnes of copper at an AISC<sup>†</sup> between $1,150 and $1,250 per ounce. Expected gold and copper production reflects the reduced rate of mining from the higher grade breccia stopes and continued water management in the lower parts of the mine for much of the year.

At Didipio, total capital investment is expected at $60 million. Sustaining capital for the year primarily relates to improving underground mining operations, while capitalized mining relates to continued development of the underground decline. Exploration expenditure at Didipio in 2025 will focus on resource conversion of panel 3, as well as early stage exploration work at the Napartan prospect.

In 2025, Macraes is expected to produce 135,000 to 150,000 ounces of gold at an AISC<sup>1</sup> of between $1,800 and $1,950 per ounce. Gold production will be predominately from Innes Mills Phase 7 through the first three quarters and is expected to increase in the fourth quarter when access to ore in Innes Mills Phase 8 is achieved. As a result of the open pit production profile, AISC<sup>1</sup> is also expected to decrease in the fourth quarter.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 7 |

---

------

Total capital investment at Macraes is expected at $115 million. Pre-strip and capitalized mining costs are associated primarily with Innes Mills Phase 8, of which the bulk of the investment is in the first half of the year. Sustaining capital will be incurred on mine life extension projects.

In 2025, Waihi is expected to produce 55,000 to 70,000 ounces of gold, at an AISC<sup>1</sup> of between $2,000 and $2,200 per ounce. The increase in production from 2024 is in-line with demonstrated performance in the remnant mining areas during the 2024 year.

At Waihi, total capital investment is expected at $85 million. Sustaining capital for the year primarily relates to underground development and TSF expansion. The largest component of the investment at Waihi is $40 million to $45 million of growth capital related to early works, study and consenting costs associated with the Waihi North Project. Ongoing exploration will be focused on Mineral Resource growth,

Mineral Resource definition and conversion drilling of both the Martha Underground and Wharekirauponga deposits.

**Multi-Year Outlook**

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| | | | |
|:---|:---|:---|:---|
| **Production & Costs**<sup>2</sup> | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2026** |
| Gold Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 - 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 - 620 |
| Copper Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 - 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 - 15 |
| AISC<sup>1,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;1900 - 2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 - 1600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Capital Investments**<sup>2,4</sup> | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2026** |
| Pre-strip and Capitalized Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 - 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 - 150 |
| Sustaining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 - 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 - 130 |
| Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 - 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 - 185 |
| Exploration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$M** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**485 - 530** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**440 - 505** |

---

2 Assumes a New Zealand dollar to United States dollar exchange rate of 0.57 for all years.

3 AISC guidance based on copper price of $4.50/lb for 2025 and $4.50/lb for 2026.

4 Excludes capital leases and rehabilitation costs at Reefton and Junction Reefs and includes corporate capital.

The Company expects to deliver production growth of ~20% from 2024 by 2026 at a declining AISC<sup>1</sup> which is expected to be 16% lower in 2026.

The multi-year outlook reflects lower projected production at Haile in 2025 while open pit activities are focused on stripping Ledbetter Phase 3, followed by an increase in production in 2026 when full access to ore is achieved. Macraes contributes significantly to the production growth in both years, while Didipio production has been moderated to reflect changes in the mining rate in the breccia areas of the mine associated with the stope redesign, and the management of water at lower levels of the underground mine.

**Haile**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Gold Produced | koz | **75.2** | 64.9 | 37.6 | **212.6** | 152.5 |
| Ore Mined (Open Pit) | kt | **952** | 818 | 337 | **2408** | 2947 |
| Ore Mined Grade (Open Pit) | g/t | **2.65** | 2.43 | 1.96 | **2.42** | 1.63 |
| Waste Mined (Open Pit) | kt | **7847** | 6809 | 6764 | **26322** | 30063 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 8 |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Ore Mined (U/G) | kt | **145** | 109 | 78 | **404** | 83 |
| Ore Mined Grade (U/G) | g/t | **5.18** | 6.24 | 5.55 | **5.32** | 5.32 |
| Waste Mined (U/G) | kt | **76** | 73 | 74 | **299** | 105 |
| Mill Feed | kt | **659** | 750 | 874 | **2963** | 3357 |
| Mill Feed Grade | g/t | **4.00** | 3.00 | 1.62 | **2.59** | 1.72 |
| Gold Recovery | % | **88.8** | 89.7 | 82.2 | **86.2** | 81.3 |

---

Fourth quarter gold production was 16% higher than the prior quarter and the second consecutive quarterly production record at Haile, delivering record annual gold production. The increase is driven by processing more ore tonnes mined at Horseshoe underground and higher grades mined from Ledbetter open pit, resulting in combined milled grades of 4.00 g/t, a 33% increase in grade from the prior quarter. This was partially offset by a 12% decrease in mill throughput, primarily as a result of harder open pit material. Open pit ore tonnes mined from Ledbetter increased by 16% from the prior quarter and grades increased by 9% over the same period per the mine sequence. Horseshoe underground ore tonnes increased by 33% from the prior quarter due to improved stope availability, while underground ore grades decreased by 17% per the mine sequence.

Fourth quarter gold production was 100% higher than the prior corresponding quarter due to 182% more ore tonnes mined from Ledbetter open pit at 35% higher grades. The variance in open pit activity is related to the mine sequence and access to Ledbetter Phase 2 ore. A full production quarter at Horseshoe underground, compared to the underground ramp up in the prior corresponding quarter, also contributed to the higher combined production during the period. The combined increase in ore production from both open pit and underground activities resulted in a 147% higher mill feed grade and 8% higher recovery when compared to the corresponding quarter. This was offset by 25% lower milled tonnes primarily as a result of harder material from Ledbetter Phase 2.

Full year gold production was 39% higher than the prior corresponding year due to processing higher grade ores from the open pit and the addition of high grade underground ore. A 51% increase in mill feed grade contributed to a 6% higher recovery when compared to the prior corresponding year. This was partially offset by 12% lower milled tonnes as a result of harder material from Ledbetter Phase 2. Total open pit material mined was 13% below the prior corresponding year due to a combination of unplanned material rehandle, lower labour availability, harder ore in Ledbetter Phase 2.

**Financial performance**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2024** | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Gold Sales | koz | **73.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.6 | **208.5** | &nbsp;&nbsp;&nbsp;&nbsp;146.2 |
| Average Gold Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **2655** | 2517 | 1996 | **2448** | 1953 |
| Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **598** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | 1521 | **955** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 |
| AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1287** | 1537 | 2570 | **1628** | 1921 |
| **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** |  |  |
| Mining Cost (Open Pit)<sup>1</sup> | &nbsp;&nbsp;&nbsp;$/t mined | **4.12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | **5.01** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 |
| Mining Cost (U/G)<sup>1</sup> | &nbsp;&nbsp;&nbsp;$/t mined | **80.54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.86 | **92.67** | &nbsp;&nbsp;&nbsp;&nbsp;80.86 |
| Processing Cost | &nbsp;&nbsp;&nbsp;$/t milled | **25.70** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.91 | **21.25** | &nbsp;&nbsp;&nbsp;&nbsp;19.04 |
| General & Administrative ("G&A") Cost | &nbsp;&nbsp;&nbsp;$/t milled | **19.54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.67 | **12.40** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.87 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Mining unit costs include allocation of any capitalized mining costs.

Fourth quarter open pit mining unit costs were 15% lower than the prior quarter due to a 15% increase in tonnes mined with absolute costs remaining consistent. Open pit mining unit costs were 15% lower than the prior corresponding quarter due to a 24% increase in tonnes mined partially offset by higher costs

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| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 9 |

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------

related to contract labour and maintenance parts. Open pit mining unit costs were 24% higher than the prior corresponding year, driven by lower tonnes mined due to lower fleet availabilities in early 2024 and higher costs, primarily attributed to increased maintenance costs aimed at improving reliability, and increased contract labour costs.

Full year underground mining unit costs were 15% higher than the prior corresponding year due to increases in maintenance requirements and further investment in ground support.

Fourth quarter processing unit costs were 22% higher than the prior quarter due a 12% decrease in mill feed and an increase in costs related to a mobile secondary crusher to trial treatment of the harder ore and maintenance work on the tailings facility. Processing unit costs were 43% and 12% higher than the prior corresponding quarter and year, respectively, for primarily the same reasons.

Fourth quarter G&A unit costs were 64% higher than the prior quarter primarily due to lower throughput, higher stock-based compensation expense and a $1.9 million write-down of obsolete stores inventory. The same drivers in increases in labour costs and associated insurance premiums are responsible for the 155% and 58% increases from the prior corresponding quarter and corresponding year, respectively.

Fourth quarter AISC<sup>†</sup> of $1,287 per ounce sold was 16% lower than the prior quarter and 50% lower than the prior corresponding period primarily due to 38% and 149% increases in gold sales volumes, respectively, partially offset by higher sustaining capital. Full year AISC<sup>†</sup> was 15% lower than the prior corresponding year primarily due to the 43% increase in gold sales volumes, partially offset by higher mining costs related to underground mining activity for the full 2024 year.

**Exploration**

Fourth quarter exploration expenditure totaled $1.0 million for a total of 6,262 metres drilled.

At Horseshoe underground, drilling totaled 1,751 metres in the fourth quarter, targeting Horseshoe Extension targets outside the current Horseshoe resource.

From surface, 4,511 metres of drilling were completed targeting early-stage drill targets including Palomino Extension, Horseshoe Lower, Pisces, Buckskin, and Ledbetter Extension.

Full year 2024 exploration drilling totalled 32,436 metres.

There are 31,000 metres of drilling planned across the Haile site in 2025 focusing on resource definition and conversion of the Horseshoe underground and multiple early-stage targets from surface.

**Projects**

The expansion of West PAG 2 was completed and preliminary work on West PAG 3 commenced during the fourth quarter.

Tailings storage facility ("TSF") Stage 4 will be commissioned in the first half of 2025. During the fourth quarter, early works for TSF Stage 5 involving ground works, infrastructure relocation and procurement of long lead items commenced.

Upgrade of the water treatment plant commenced during the quarter and is expected to be completed mid 2025.

Feasibility study work for the Palomino underground project, as well as trade-off work that considers whether the Ledbetter Phase 4 open pit should be mined as an underground mine, is ongoing.

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| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 10 |

---

------

**Didipio**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | **2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Gold Produced<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **19.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.8 | **97.0** | &nbsp;&nbsp;&nbsp;&nbsp;138.5 |
| Copper Produced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **3.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** | 14.2 |
| Ore Mined | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **307** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | **1513** | 1583 |
| Ore Mined Grade - Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **1.54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.71** | 2.42 |
| Ore Mined Grade - Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **0.40** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.45** | 0.56 |
| Waste Mined | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| Mill Feed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **945** | 1038 | 1015 | **3753** | 4100 |
| Mill Feed Grade - Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **0.74** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.91** | 1.16 |
| Mill Feed Grade - Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **0.37** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.37** | 0.39 |
| Gold Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **88.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**88.6** | 90.0 |
| Copper Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **87.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**88.7** | 88.8 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Production is on a 100% basis as OceanaGold controls Didipio. Effective May 13, 2024, the ownership interest changed from 100% to 80%.

Fourth quarter gold production was 29% lower than the prior quarter due to multiple severe weather events impacting the site over an intense 20 day period, resulting in underground flooding from both rainwater and groundwater inflows at the very bottom of the mine and limiting access to some areas at the lower levels of the mine. As a result, ore tonnes mined from underground decreased by 18% during the quarter. Prior to the weather events, the underground mine was on track to achieve annualized rates of 2.0 million tonnes per annum ("Mtpa") in line with the targeted optimization rates. The weather events also caused local power outages and mill downtime, resulting in a 9% decrease in tonnes milled. Due to lower underground ore mined, a higher portion of low-grade stockpile material was fed through the mill, contributing to a 22% lower milled grade during the quarter.

Fourth quarter gold production was 54% lower than the prior corresponding quarter. The decrease was primarily due to changes to the underground mining rate in the high-grade breccia areas associated with the stope redesign that resulted in a 51% decrease in mined grade. This was combined with 23% lower ore tonnes mined from underground directly related to the impacts of the severe weather and resulted in a higher reliance on low-grade stockpile feed to the mill.

Full year gold production was 30% lower than the prior corresponding year. The decrease was primarily due to 29% lower grade from underground as a result of the stope redesign in the high-grade breccia areas and a decrease in underground ore mined due to weather events in the third and fourth quarters. Interruptions in the process plant in the second quarter and power outages due to the severe weather events in the fourth quarter also contributed to an 8% decrease in mill feed this year.

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Gold Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **20.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.4** | &nbsp;&nbsp;&nbsp;&nbsp;135.7 |
| Copper Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **2.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** | &nbsp;&nbsp;&nbsp;&nbsp;13.8 |
| Average Gold Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **2693** | 2511 | 2039 | **2434** | 1974 |
| Average Copper Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/lb | **4.16** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | 3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16** | &nbsp;&nbsp;&nbsp;&nbsp;3.87 |
| Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1033** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**851** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 11 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| AISC<sup>†, 2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1389** | 1103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | **1140** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 |
| **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** |  |  |
| Mining Cost<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t mined | **51.05** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.50** | &nbsp;&nbsp;&nbsp;&nbsp;35.05 |
| Processing Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **10.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.77** | &nbsp;&nbsp;&nbsp;&nbsp;6.92 |
| G&A Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **15.12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.61** | &nbsp;&nbsp;&nbsp;&nbsp;8.75 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Mining unit costs include allocation of any capitalized mining costs.

2&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share of Financial or Technical Assistance Agreement ("FTAA") at Didipio of $(7.4) million, $15.5 million and $8.1 million for the fourth quarter, third quarter, and full year 2024, respectively, as it is considered in the nature of an income tax.

Fourth quarter mining unit costs were 18% higher than the prior quarter due to 18% lower tonnes mined and unplanned costs related to dewatering and infrastructure remediation as a result of the severe weather events, partially offset by lower active stoping and development spend. Similarly, mining unit costs were 31% higher than the prior corresponding quarter, for primarily the same reasons. Mining unit costs were 16% higher than the corresponding year due to 6% lower tonnes mined and an increase in costs attributable to the breccia stope redesign and increased maintenance, repair costs on the drilling and loader fleet related to midlife refurbishments and unplanned dewatering and remediation costs.

Fourth quarter processing unit costs were 27% and 47% higher than the prior quarter and prior corresponding quarter, respectively, as a result of lower tonnes milled due to downtime with a slow restart ramp up as a result of the severe weather events and increased costs in the current quarter associated with a planned shutdown to reline the mill. Full year processing unit costs were 27% higher than the corresponding year due to a 8% decrease in mill feed as previously discussed and increased maintenance costs as part of an improvement plan targeting improved reliability.

Fourth quarter G&A unit costs were 30% higher than the prior quarter due to lower tonnes milled, higher stock-based compensation expense and costs for the safety behavioural improvement program. G&A unit costs were 50% and 44% higher than the prior corresponding quarter and the corresponding year, respectively, due to lower tonnes milled, higher stock-based compensation expense, additional costs supporting the Philippine Stock Exchange ("PSE") listing requirements and a write-down of obsolete stores inventory.

Fourth quarter AISC<sup>†</sup> of $1,389 per ounce was 26% higher than the prior quarter primarily due to a 28% decrease in gold sales volumes and a decrease in by-product credits, partially offset by lower capital spending. Fourth quarter AISC<sup>†</sup> was 88% higher than the prior corresponding quarter primarily due to a 48% decrease in gold sales volumes. AISC<sup>†</sup> is 56% higher than the prior corresponding year primarily due to a 26% decrease in gold sales volumes, increased mining and G&A costs and higher capital additions to the mining fleet.

**FTAA — Additional Government Share**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Gross mining revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78.7** | &nbsp;&nbsp;&nbsp;&nbsp;101.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.4 | &nbsp;&nbsp;&nbsp;&nbsp;**338.6** | 365.9 |
| Less: Allowable deductions<sup>1</sup> | **(56.0)** | (52.4) | (54.6) | **(206.7)** | (177.0) |
| Less: Amortization deduction<sup>2</sup> | **(3.2)** | (3.3) | (3.1) | **(13.0)** | (13.0) |
| Net Revenue per the FTAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.5** | &nbsp;&nbsp;&nbsp;&nbsp;45.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.7 | &nbsp;&nbsp;&nbsp;&nbsp;**118.9** | 175.9 |
| Entitlement share | **60%** | 60% | 60% | **60%** | 60% |
| Total Government Share<sup>3</sup><br>(60% of Net Revenue per the FTAA) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** | &nbsp;&nbsp;&nbsp;&nbsp;27.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.4 | &nbsp;&nbsp;&nbsp;&nbsp;**71.3** | 105.5 |
| Deduct: Free-carried interest | **(2.5)** | (1.0) | (0.2) | **(6.1)** | (0.2) |
| Deduct: Production taxes | **(9.3)** | (3.1) | (17.3) | **(29.4)** | (43.7) |
| Deduct: Income tax | **(7.3)** | (6.9) | (5.4) | **(27.7)** | (10.6) |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 12 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Carried-forward balance utilization (deduction) | **—** | (0.9) | (1.1) | **—** | (30.7) |
| **Additional Government Share** | **(7.4)** | &nbsp;&nbsp;&nbsp;&nbsp;15.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** | &nbsp;&nbsp;&nbsp;&nbsp;20.3 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Allowable deductions under the FTAA include expenses attributed to exploration, development and commercial production, which includes, expenses relating to mining, processing, exploration, capitalized pre-stripping, royalties, rehabilitation, marketing, administration, community and social development, depreciation and amortization and interest charged on borrowings.

2&nbsp;&nbsp;&nbsp;&nbsp;The FTAA Addendum and Renewal Agreement modified the amortization of unrecovered pre-operating costs to instead be deducted across a fixed period of 13 years commencing in 2021.

3&nbsp;&nbsp;&nbsp;&nbsp;All taxes and fees paid to the Philippine Government, including corporate income tax and indirect taxes such as excise, local business, property and withholding taxes, are deducted from the Government's 60% share of Net Revenue.

The Didipio mine is held under a FTAA entered into with the Republic of the Philippines in June 1994, which was renewed in 2021, retrospectively to 2019, for another 25-year period until June 2044.

Under the FTAA, "Net Revenue" is the gross mining revenues derived from operations, less allowable deductions and an amortization deduction. The Philippine Government is entitled to 60% of the Net Revenue of the mine less taxes and fees paid to the Government.

The Additional Government Share of $8.1 million for the full year is an accrued but unpaid amount, as the payment will occur annually in April of each year based on the payment required in respect of the preceding year. The Company made the first Additional Government Share payment of $20.3 million in April 2024.

**Exploration**

There were no exploration activities within the underground mine during the fourth quarter due to limited access following the severe weather events experienced during the quarter. Underground exploration drilling is expected to resume once access to the lower levels of the mine becomes available, at which time Panel 3 resource conversion drilling will be prioritized.

Full year 2024 exploration drilling totalled 14,835 metres.

A 2,000 hectare airborne drone magnetic geophysics survey commenced at Napartan during the quarter and is 50% complete. The survey is targeting gold-copper mineralization that has been identified in artisanal workings and shallow diamond drill holes.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 13 |

---

------

**Projects**

A Pre-Feasibility Study ("PFS") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") is in progress. The PFS will focus on identifying uplift requirements to support an optimized underground mining production rate of approximately 2.5 Mtpa. The PFS will also identify the preferred process plant operational throughput rate for the optimized underground operation and evaluate process plant augmentation requirements to scale to, and sustain, the already permitted 4.3 Mtpa processing rate.

The PFS will be released subsequent to the completion of resource conversion drilling, and the completion of other ongoing dewatering work, and is now expected to be completed in 2026.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 14 |

---

------

**Macraes**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Gold Produced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **37.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**125.4** | 137.0 |
| Ore Mined (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **1365** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | 1529 | **2794** | 7336 |
| Ore Mined Grade (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **0.78** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.72** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Waste Mined (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **9714** | 11558 | 11074 | **45545** | 40210 |
| Ore Mined (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **250** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**830** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| Ore Mined Grade (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **1.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | 1.30 | **1.70** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Waste Mined (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**203** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
| Mill Feed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **1677** | 1560 | 1655 | **6575** | 5751 |
| Mill Feed Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **0.87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.74** | 0.90 |
| Gold Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **81.3** | 77.0 | 83.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.5 |

---

Fourth quarter gold production was 34% higher than the prior quarter primarily due to a 128% increase in open pit ore tonnes mined, improving the grade to the mill. The increase in open pit ore tonnes was the result of full access to ore in Innes Mills Phase 7 following completion of a waste stripping campaign through the first three quarters of the year. Underground ore mined also increased by 14% at 22% higher grades as a result of increased stope availability. Milled tonnes increased by 7% during the quarter and resulted in record quarterly throughput. Mill optimization work throughout 2024, including increased grinding circuit capacity, optimized power load distribution, and the removal of material flow bottlenecks, enabled this record mill throughput.

Fourth quarter gold production was marginally above the prior corresponding quarter.

Full year gold production was 8% lower than the prior corresponding year, primarily due to lower open pit ore tonnes mined as a result of planned waste stripping at Innes Mills Phase 7 in the first three quarters of 2024. Record annual mill throughput of 6.6 Mt and a 42% increase in underground ore mined from Golden Point underground combined to partially offset the lower overall feed grade to the mill associated with lower open pit ore tonnes.

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Gold Sales | koz | **36.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**124.8** | 137.1 |
| Average Gold Price Received | $/oz | **2660** | 2491 | 1947 | **2400** | 1940 |
| Cash Costs<sup>†</sup> | $/oz | **1214** | 1458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | **1192** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
| AISC<sup>†</sup> | $/oz | **1535** | 2099 | 1468 | **1906** | 1570 |
| **Unit Costs** | **Unit Costs** |  |  |  |  |  |
| Mining Cost (Open Pit)<sup>1</sup> | $/t mined | **1.36** | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.45** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Mining Cost (U/G)<sup>1</sup> | $/t mined | **49.60** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56.12** | 62.35 |
| Processing Cost | $/t milled | **7.53** | 8.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.61** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38 |
| G&A Cost | $/t milled | **4.09** | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Mining unit costs include allocation of any capitalized mining costs.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 15 |

---

------

Fourth quarter open pit mining unit costs were 15% lower than the prior quarter as a result of lower maintenance costs. Fourth quarter underground mining unit costs were 14% lower than the prior quarter due a 14% increase in material mined, as total costs remained consistent. The increase in underground material mined is also the primary driver for the 19% decrease in underground mining unit costs from the prior corresponding quarter, partially offset by an increase in ground support costs. Underground mining unit costs were 10% lower than the prior corresponding year driven by the increase in material mined, partially offset by higher costs in line with increased material moved.

Fourth quarter processing unit costs were 11% lower than the prior quarter due to higher tonnes milled, reflecting higher availability as the prior quarter was impacted by unplanned downtime and higher maintenance costs. Processing unit costs were 15% higher than the prior corresponding quarter due to increased planned maintenance costs in the grinding circuit.

Fourth quarter G&A unit costs were 32% higher than the prior quarter due to higher stock-based compensation expense and asset management and continuous improvement, partially offset by higher tonnes milled. G&A unit costs were 48% higher than the prior corresponding quarter for primarily the same reasons.

Fourth quarter AISC<sup>†</sup> of $1,535 per ounce was 27% lower than the prior quarter primarily due a 24% increase in gold sales volumes and lower capitalized pre-stripping costs, in line with plan. Full year AISC<sup>†</sup> was 21% higher than the prior corresponding year primarily due 9% decrease in gold sales volumes, higher stripping costs and the processing of a higher proportion of low grade stockpile material in 2024.

**Exploration**

Fourth quarter exploration expenditure totaled $0.5 million for a total of 1,370 metres drilled. Drilling occurred at both Coronation North and Golden Point underground, targeting the conversion of Inferred Mineral Resources to Indicated Mineral Resources.

Full year 2024 exploration drilling totalled 9,389 metres.

There are 12,500 metres of drilling planned across the Macraes site in 2025, with 2,880 metres of drilling scheduled for the first quarter to convert Inferred Mineral Resources at Coronation Phases 7 and 8, and Innes Mills Phase 9.

**Projects**

Construction works continued at Top Tipperary TSF during the fourth quarter of 2024 with the embankment raised to the final design height of 570 metres relative level. The new Frasers TSF project continued to progress with commencement of construction of the pipelines, pump stations and associated infrastructure. Delivery of long lead time procurement items is in line with plan and the Frasers TSF is on track for commissioning in the first quarter of 2025.

**Waihi**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | **2024** | 2023 |
| Gold Produced | koz | **18.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.8** | 49.3 |
| Ore Mined | kt | **151** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**560** | 473 |
| Ore Mined Grade | g/t | **4.06** | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.19** | 3.48 |
| Waste Mined | kt | **161** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**525** | 509 |
| Mill Feed | kt | **146** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**560** | 470 |
| Mill Feed Grade | g/t | **4.07** | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | **3.20** | 3.48 |
| Gold Recovery | % | **94.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93.3** | 93.5 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 16 |

---

------

Fourth quarter gold production was 31% higher than the prior quarter as a result of a 31% increase in ore grade mined from large remnant stopes in Edward and Empire West areas of the mine. The increase in mined grade was a combination of planned grade per the stope sequence and positive reconciliation from the remnant ore. Higher-grade ore to the mill drove a slight 1% increase in recovery rates for the quarter.

Fourth quarter gold production was 36% higher than the prior corresponding quarter. The increase was driven by an 18% increase in mined grade from large remnant stopes in Edward and Empire West, as well as a 13% increase in ore tonnes mined. Additional ore tonnes mined were a result of additional development through the year to enable mining from more productive stopes.

Full year gold production was 9% higher than the prior corresponding year. Ore tonnes mined increased by 18% due to increased development rates and improved compliance to plan, but was slightly offset by 8% lower grade in certain remnant stopes.

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Gold Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **19.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | **54.0** | 48.9 |
| Average Gold Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **2681** | 2529 | 1975 | **2452** | 1950 |
| Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1130** | 1538 | 1345 | **1427** | 1300 |
| AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1557** | 2252 | 1829 | **2087** | 1914 |
| **Unit Costs** |  |  |  |  |  |  |
| Mining Cost<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t mined | **62.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.78** | 62.84 |
| Processing Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **25.95** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.19 | 28.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.66** | 30.99 |
| G&A Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **28.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.79** | 25.44 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Mining unit costs include allocation of any capitalized mining costs.

Fourth quarter mining unit costs were 10% lower than the prior quarter due to a 14% increase in tonnes mined enabled by an increase in equipment utilization rates, partially offset by an increase in ground support, maintenance and contractor costs.

Fourth quarter processing unit costs were 14% lower than the prior quarter driven by a reduction in power costs in the current quarter and higher maintenance work during the prior quarter on tank repairs.

Fourth quarter G&A unit costs were 35% higher than the prior quarter due to an increase in costs related to higher stock-based compensation expense, asset management and continuous improvement. Full year G&A unit costs were 6% lower than the prior corresponding year due to a 19% increase in tonnes milled, partially offset by higher site maintenance and labour costs.

Fourth quarter AISC<sup>†</sup> of $1,557 per ounce was 31% lower than the prior quarter due to the 49% increase in gold sales volumes driven by higher production. Fourth quarter AISC<sup>†</sup> was 15% lower than the prior corresponding quarter due to the 45% increase in gold sales volume, partially offset by higher mining costs and mine development and sustaining capital. Full year AISC<sup>†</sup> of $2,087 per ounce was 9% higher than the prior corresponding year primarily due to lower grade ore mined and processed in 2024 and higher sustaining capital, partially offset by the 10% increase in sales volumes.

**Exploration**

Fourth quarter exploration expenditure totaled $2.9 million for a total of 8,752 metres drilled. The majority of drilling took place at Martha Underground, where 6,898 metres were drilled for resource conversion with up to four diamond drill rigs. At Wharekirauponga, 1,854 metres of resource expansion drilling was completed on the East Graben ("EG") vein with up to three diamond drill rigs active. Drilling continues to extend the southern high-grade shoot to the south which remains open.

Positive drill results were announced from the ongoing exploration and resource conversion program at Wharekirauponga (for further details, refer to December 14, 2024 OceanaGold press release).

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 17 |

---

------

Full year 2024 exploration drilling totalled 31,953 metres.

There are 22,000 metres of drilling planned at Waihi in 2025, with drilling in the first quarter focused on resource conversion and expansion of the Martha underground and Wharekirauponga deposits.

**Projects**

During the fourth quarter, the Company released the Waihi District NI 43-101 PFS which outlined a plan to mine 1.6 Moz over a 15-year mine life, including an initial Mineral Reserve estimate of 4.1 Mt at 9.2 g/t for 1.2 Moz at the Wharekirauponga underground mine.

An early-works capital budget of $40 to $45 million is expected to be spent in 2025 for design and construction activities, subject to receipt of necessary permits. These works include the surface civil works, services (power, water and communications), waste rock stacks, underground portals, tunnelling and infrastructure, water treatment plant and processing plant upgrade and TSF design.

The New Zealand Government's Fast-track Approvals Bill was passed into law in December 2024. The Waihi North Project was previously named by the Government as being eligible to apply for permitting (consenting) approvals under the Fast-track Approvals process and the Company expects to submit its application in the first quarter of 2025. The Fast-track Approvals process aims to streamline the consent application process through a 'one-stop-shop' designed to reduce regulatory complexity while retaining important environmental, cultural and social standards. OceanaGold remains committed to continued engagement with relevant stakeholders in respect of the Waihi North Project.

The Company is advancing internal Feasibility work so that the project will be ready to commence upon receipt of consents, expected by the end of 2025.

The following table summarizes the capital spent on the Waihi North Project during the periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Growth capital | **3.7** | 2.3 | 1.6 | **8.4** | 6.0 |
| Exploration | **1.6** | 2.3 | 2.6 | **8.5** | 7.9 |
| **Total expenditure** | **5.3** | 4.6 | 4.2 | **16.9** | 13.9 |

---

**Consolidated Financial Results**

**Revenue**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Gold | $M | **400.6** | 313.4 | 236.8 | **1186.7** | 914.7 |
| Copper | $M | **25.9** | 32.2 | 32.9 | **107.8** | 117.9 |
| Silver | $M | **4.0** | 3.5 | 2.6 | **12.9** | 12.0 |
| Treatment, refining and selling costs | $M | **(3.2)** | (3.9) | (5.0) | **(13.4)** | (18.3) |
| **Net revenue** | $M | **427.3** | 345.2 | 267.3 | **1294.0** | 1026.3 |
| Average Gold Price received | $/oz | **2665** | 2511 | 1993 | **2433** | 1955 |
| Average Copper Price received1 | $/lb | **4.16** | 4.15 | 3.80 | **4.16** | 3.87 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;The Average Copper Price received includes mark-to-market revaluation on shipments not yet finalized and final adjustments on prior period shipments.

Fourth quarter consolidated revenue of $427.3 million was a record for the Company and 24% higher than the prior quarter due to a 20% increase in gold sales volumes and a 6% increase in the average realized gold price. Fourth quarter revenue was 60% higher than the prior corresponding quarter, reflecting a 27% increase in gold sales volumes and a 34% higher average realized gold price.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 18 |

---

------

Full year consolidated revenue was 26% higher than the prior corresponding year due to a 24% higher average gold price and 4% increase in sales volumes.

**Operating Expenses**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| $M | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Cost of sales, excluding depreciation and amortization | **155.1** | 149.7 | 145.9 | **600.5** | 498.8 |
| Depreciation and amortization | **100.5** | 86.0 | 71.8 | **321.2** | 228.8 |
| General and administration | **21.4** | 11.3 | 10.4 | **64.2** | 64.3 |
| Indirect taxes | **7.6** | 5.5 | 8.2 | **25.6** | 26.3 |
| Additional Government Share<sup>1</sup> | **(7.4)** | 15.5 | 6.4 | **8.1** | 20.3 |
| **Total Operating Expenses** | **122.1** | **118.3** | **96.8** | **419.1** | **339.7** |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Refer to the Didipio section in this MD&A for more details.

*Cost of Sales, excluding deprecation and amortization*

Variance explanations are covered in the ASIC section of the Results Overview and the Financial Performance sections of each mining operation.

*Depreciation and Amortization*

Fourth quarter depreciation and amortization of $100.5 million was 17% higher than the prior quarter due to increased production across all the sites, except Didipio. Fourth quarter depreciation and amortization was 40% higher than the prior corresponding quarter and 40% higher than the prior corresponding year, driven primarily by increased production and amortization expense at Haile due to higher ore production from Ledbetter Phase 2 and Horseshoe underground, partially offset by lower production at Didipio.

*General and Administration*

Fourth quarter G&A expense of $21.4 million was 89% higher than the prior quarter is primarily due to an additional $7.8 million of stock-based compensation expense recorded in the fourth quarter related to revaluation of unvested cash-settled performance share rights under the long-term incentive plan.

Fourth quarter G&A expense is 106% higher than the prior corresponding quarter for primarily the same reasons.

Full year G&A expense was in line with the prior corresponding year due to the capitalization of certain exploration activities and allocation of asset management and continuous improvement expenditures to sites in 2024, mostly offset by incremental costs related to the revaluation of cash-settled performance share rights under the long-term incentive plan.

*Additional Government Share*

The Additional Government Share for the fourth quarter was a recovery of $7.4 million, compared to expenses of $15.5 million and $6.4 million for the prior quarter and the prior corresponding quarter, respectively, due to the decrease in production and profitability at Didipio as a result of the severe weather events during the fourth quarter discussed above.

**Other (expenses) / income and taxation**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| $M | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Interest expense and finance costs | **(3.7)** | (5.2) | (6.6) | **(22.2)** | (22.6) |
| Interest income | **0.8** | 0.9 | 0.3 | **3.1** | 1.6 |
| Foreign exchange (loss) gain | **(3.0)** | 1.3 | 6.9 | **(7.9)** | (1.8) |
| Gain (loss) on disposal of assets | **1.1** |  | (0.2) | **18.1** | (1.2) |
| Impairment of indirect tax receivables | **—** |  | (38.3) | **—** | (38.3) |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 19 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| OGP listing costs | **—** | (5.4) |  | **(10.9)** |  |
| Restructuring expense | **—** |  | (3.7) | **(1.9)** | (3.7) |
| Other expense | **(2.3)** | (2.1) | (4.6) | **(5.3)** | (3.4) |
| **Total Other (expenses) income** | **(7.1)** | (10.5) | (46.2) | **(27.0)** | (69.4) |
| Income tax (expense) benefit recognized in net profit | **(40.3)** | (6.1) | 2.7 | **(55.4)** | (35.3) |

---

*Interest expense and finance costs*

Fourth quarter interest expense and finance costs of $3.7 million was 29% lower than the prior quarter primarily due to a decrease in average amounts drawn under the revolving credit facility (the "Facility") during the quarter.

Full year interest and finance costs of $22.2 million was in line with the prior corresponding year as a result of lower average amounts drawn under the Facility and lower interest rates in 2024, mostly offset by accretion expense (non-cash) on increased asset retirement obligations.

*Foreign exchange (loss) gain*

Fourth quarter foreign exchange losses of $3.0 million were driven by the translation of USD denominated debt and lease liabilities in New Zealand.

Full year foreign exchange losses were $7.9 million for primarily the same reasons.

*Gain (loss) on disposal of assets*

Full year gain on disposal of assets of $18.1 million primarily related to the sale of the Company's interest in the Blackwater project in New Zealand, for cash consideration of $30.0 million and a pre-tax gain of $17.6 million.

*Income tax expense*

Fourth quarter income tax expense of $40.3 million was 561% higher than the prior quarter primarily due to the increased operational profits at Haile and Macraes and deferred tax adjustments due to re-evaluation on the recognition of deferred tax assets.

The income tax expense of $6.1 million in the prior quarter was primarily due to income tax expense related to results at Didipio and Haile.

Full year income tax expense of $55.4 million was 57% higher than the prior corresponding year primarily due to increased operational profits at Haile, Macraes and Waihi and deferred tax adjustments due to re-evaluation on the recognition of deferred tax assets.

The Company recorded an annual effective tax rate of 22.4% compared to 29.8% in the corresponding period in 2023. This decrease is mainly attributable to the utilization of losses carried forward in New Zealand and at Haile.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 20 |

---

------

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **$M, except AISC, average price and per share amounts** | **Q4 2024** | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
| Gold Produced<sup>1</sup> (koz) | **150.9** | 134.9 | 98.2 | 104.8 | 129.8 | 99.0 | 130.1 | 118.1 |
| Copper Produced<sup>1</sup> (kt) | **3.1** | 3.4 | 2.8 | 3.0 | 3.8 | 3.4 | 3.4 | 3.5 |
| Average Gold Price received ($/oz) | **2665** | 2511 | 2385 | 2092 | 1993 | 1934 | 1967 | 1919 |
| Average Copper Price received ($/lb) | **4.16** | 4.15 | 4.58 | 3.90 | 3.80 | 3.76 | 3.67 | 4.29 |
| Revenue | **427.3** | 345.2 | 251.2 | 270.3 | 267.3 | 214.1 | 301.0 | 243.9 |
| Adjusted EBITDA<sup>†</sup> | **251.3** | 162.8 | 109.0 | 80.9 | 91.6 | 64.8 | 155.7 | 102.1 |
| AISC<sup>†</sup> | **1563** | 1729 | 2131 | 1823 | 1658 | 1911 | 1318 | 1567 |
| Free Cash Flow<sup>†</sup> | **146.5** | 65.7 | 31.2 | 1.8 | 16.1 | (29.6) | 72.3 | (16.4) |
| Adjusted net profit<sup>†</sup> | **107.6** | 66.4 | 30.6 | 3.7 | 6.6 | 0.1 | 71.9 | 41.0 |
| Net profit (loss) | **102.7** | 60.6 | 34.0 | (5.3) | (18.9) | (5.5) | 68.6 | 38.9 |
| **Earnings (loss) per share**<sup>2</sup> |  |  |  |  |  |  |  |  |
| Basic | **$0.14** | $0.08 | $0.04 | $(0.01) | $(0.03) | $(0.01) | $0.10 | $0.06 |
| Diluted | **$0.14** | $0.08 | $0.04 | $(0.01) | $(0.03) | $(0.01) | $0.09 | $0.05 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Production is on a 100% basis as all operations are controlled by OceanaGold.

2&nbsp;&nbsp;&nbsp;&nbsp;Attributable to the shareholders of the Company.

The most significant factors causing variation in the quarterly results are the changes in the gold and copper price, changes in production reflecting the variability in the grade of ore mined at each of the operations, gold and copper recoveries, the timing of waste stripping and maintenance activities and movements in inventories.

Notably, the third and fourth quarters of 2024 realized all-time high gold prices translating into higher revenue, cash flow and profitability than in the past.

In the second quarter of 2024, there was a gain on sale of the Company's interest in the Blackwater project for a cash consideration of $30.0 million, resulting in a pre-tax gain of $17.6 million.

In the fourth quarter of 2023, there was a non-cash write-down of indirect tax receivables in the Philippines totaling $38.3 million relating to historic tax receivables (excise and value-added taxes) which significantly impacted the quarterly net loss.

The second quarter of 2023 benefited from significant favourable timing of sales and working capital, which impacted the following quarter with lower sales volumes and working capital adjustments.

**Selected Annual Information**

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per share amounts** | **2024** | 2023 | 2022 |
| Revenue | **1294.0** | 1026.3 | 967.4 |
| Net profit | **192.0** | 83.1 | 132.6 |
| Net earnings per share – basic | **$0.26** | $0.12 | $0.19 |
| Net earnings per share – diluted | **$0.26** | $0.12 | $0.18 |
| Total assets | **2489.1** | 2446.3 | 2290.6 |
| Total non-current financial liabilities | **41.9** | 197.0 | 224.6 |
| Cash dividends paid per share | **$0.02** | $0.02 | $0.00 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 21 |

---

------

The Company's revenue and earnings reflect the results of the operations in the United States, the Philippines and New Zealand. Revenue continued to increase since 2022, a result of increasing gold prices and sales volumes with all-time high realized gold prices and higher gold sales in 2024. The increases in net profit and earnings per share ("EPS") from higher revenues were partially offset by higher costs of sales due to inflationary pressures as well as depreciation, particularly at Haile.

The continuing decrease in non-current financial liabilities is primarily a result of repayments of the Facility over the years, with the Company paying $135.0 million in 2024 and repaying in full the drawn amounts by December 31, 2024.

In 2023, the Company began paying dividends of $0.01 per share on a semi-annual basis and has continued this dividend policy through the end of 2024.

**Liquidity and Capital Resources**

**Balance Sheet**

---

| | | |
|:---|:---|:---|
| **$M** | **December 31, 2024** | December 31, 2023 |
| Cash and cash equivalents | **193.5** | 61.7 |
| Other Current Assets | **271.8** | 263.8 |
| Non-Current Assets | **2023.8** | 2120.8 |
| **Total Assets** | **2489.1** | 2446.3 |
| Current Liabilities | **308.8** | 311.0 |
| Non-Current Liabilities | **253.8** | 402.2 |
| **Total Liabilities** | **562.6** | 713.2 |
| **Total Shareholders' Equity** | **1820.0** | 1733.1 |
| **Non-controlling interest** | **106.5** |  |

---

Current assets increased $139.8 million during the year ended December 31, 2024, primarily due to an increase in cash (refer to Cash Flows below) and an increase in current inventories driven by a reclassification of non-current ore inventory to current at Haile based on expected usage of low grade stockpile, partially offset by a decrease in receivables as a result of timing of shipments at year end and processing of stockpile inventory at Macraes during 2024.

Non-current assets decreased $97.0 million during the year ended December 31, 2024, primarily due to ore inventory reclassification to current at Haile and depreciation of property, plant and equipment and mining assets at Haile and New Zealand, partially offset by mining assets additions associated with the development of capital projects, primarily at Haile.

Current liabilities remained consistent during the year ended December 31, 2024, with lower trade and other payables as a result of timing differences, mostly offset by an increase in employee benefits due to the reclassification and revaluation of the current cash portion of outstanding performance share rights under the long-term incentive plan from contributed surplus and increase in tax liabilities in New Zealand associated with current operating taxable income.

Non-current liabilities decreased $148.4 million during the year ended December 31, 2024, primarily due to the net repayment of $135.0 million of the Facility and a reduction in mining fleet lease liabilities due to ongoing lease payments, partially offset by the reclassification and revaluation of non-current cash portion of outstanding performance share rights from contributed surplus.

The increase in non-controlling interest relates to the recognition and subsequent $4.6 million share in earnings of the 20% interest in Didipio that was listed on the PSE in May 2024.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 22 |

---

------

**Cash Flows**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| $M, except per share amount | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Cash flows provided by Operating Activities | **246.1** | 164.7 | 94.8 | **593.9** | 384.2 |
| Cash flows used in Investing Activities | **(99.6)** | (99.0) | (78.7) | **(348.7)** | (341.8) |
| Cash flows used in Financing Activities | **(120.7)** | (66.7) | (13.9) | **(120.5)** | (57.8) |
| Free Cash Flows<sup>†</sup> | **146.5** | 65.7 | 16.1 | **245.2** | 42.4 |
| Free Cash Flow per share - diluted<sup>†</sup> | **$0.20** | $0.09 | $0.02 | **$0.34** | $0.06 |
| Operating Cash Flow per share - diluted<sup>†</sup> | **$0.36** | $0.22 | $0.12 | **$0.83** | $0.56 |

---

Cash flows provided by operating activities for the fourth quarter were 49% higher than the prior quarter, in line with increased gold sales volumes and higher realized gold prices, partially offset by higher total operating costs of sales, as previously discussed. Full year cash flows provided by operating activities of $593.9 million were 55% higher than the prior corresponding year due to the same reasons as the increase from the prior quarter.

Cash flows used in investing activities for the fourth quarter of $99.6 million were consistent with the prior quarter with increases in sustaining capital at Haile related to TSF 5 construction and expansion of site electricity distribution infrastructure offset by slightly lower spend across the other sites. Full year cash flows used in investing activities of $348.7 million were 2% higher than the prior corresponding year due to an increase in pre-stripping costs at Macraes related to Innes Mills Phase 7, partially offset by a decrease in capitalized mining costs at Haile with the Horseshoe underground transitioning from developing to producing in 2023 and the Blackwater project sale proceeds in the second quarter of 2024.

Cash flows used in financing activities for the fourth quarter were $120.7 million, reflecting the repayment of $85.0 million drawn under the Facility, $6.3 million of dividends paid to OGP shareholders, $5.5 million payment of lease liabilities and $16.3 million of share buybacks at an average price of $2.75 (CAD$3.79) per share. In the prior quarter, cash outflows from financing activities were $66.7 million due to repayment of $40.0 million drawn under the Facility, $3.0 million of dividends to OGP shareholders, $10.0 million payment of lease liabilities and $7.8 million of share buybacks. Full year cash flows used in financing activities of $120.5 million mainly reflected net repayments of debt and lease liabilities, dividends paid and share buybacks, partially offset by the net proceeds of $95.1 million from the listing of OGP on the PSE. In the prior corresponding year, cash outflows from financing activities were $57.8 million due to repayments of $27.3 million of lease liabilities and $16.2 million of debt and $14.3 million of dividends paid to shareholders of the Company.

Fourth quarter Free Cash Flow<sup>†</sup> was $80.8 million higher than the prior quarter, with the increase due to higher gold sales volumes and higher realized gold prices. Full year Free Cash Flow<sup>†</sup> was $202.8 million higher than the prior corresponding year due to the same reasons.

**Debt Management and Liquidity**

---

| | | |
|:---|:---|:---|
| **$M** | **December 31, 2024** | December 31, 2023 |
| Revolving credit facility | **—** | (135.0) |
| Fleet facility<sup>1</sup> | **(2.8)** | (4.4) |
| Unamortized transaction costs | **1.2** | 1.2 |
| **Total debt** | **(1.6)** | (138.2) |
| Cash and cash equivalents | **193.5** | 61.7 |
| **Net Cash (Debt)**<sup>†</sup> | **191.9** | (76.5) |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Fleet facility arrangement for mining equipment financing which will be fully repaid in 2025. There are no additional amounts available under the fleet facility.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 23 |

---

------

As at December 31, 2024, the Company was in a Net Cash<sup>†</sup> position of $191.9 million compared to Net Debt<sup>†</sup> of $76.5 million as at December 31, 2023, reflecting strong cash flows from operations as a result of record realized gold prices and higher sales volumes as well as the proceeds from the OGP listing and sale of the Blackwater project, both of which occurred during the second quarter.

On December 15, 2023, the Company refinanced its Facility with seven leading international banks, which resulted in decreased interest margins, standby fees and certain other key terms. The size of the Facility is $200 million plus a $50 million uncommitted accordion. The objective of the accordion feature, which is not reflected in Liquidity<sup>†</sup>, is to reduce undrawn commitment fees while preserving bank-approved capacity. The Facility is secured against present and future assets, property and undertakings and has a term maturing on December 31, 2027.

During the year ended December 31, 2024, the Company repaid all amounts drawn under the Facility. In early 2024, the Company drew $50.0 million in order to cover short-term cash requirements and then subsequently repaid $185.0 million, representing all amounts previously outstanding, resulting in a total amount drawn under the Facility as at December 31, 2024 of nil (December 31, 2023: $135.0 million). As at December 31, 2024, the Company was in compliance with all covenant obligations related to the Facility.

The Company had immediately available Liquidity<sup>†</sup> of $393.5 million at December 31, 2024 (December 31, 2023: $126.7 million), comprised of $193.5 million (December 31, 2023: $61.7 million) in cash and $200.0 million (December 31, 2023: $65.0 million) in undrawn Facility. The increase in Liquidity<sup>†</sup> primarily relates to the proceeds collected as noted above.

As at December 31, 2024, the Company was in a net current asset position of $156.5 million compared to $14.5 million as at December 31, 2023, primarily due to the increase in cash.

**Share Buyback**

In July 2024, the Company received approval from the TSX to buyback up to 35.5 million common shares pursuant to a Normal-Course Issuer Bid in the open market through the facilities of the TSX or alternative Canadian trading systems over the following 12 months. During the year ended December 31, 2024, the Company repurchased and cancelled 8,768,741 common shares for consideration of $24.1 million at an average price of $2.75 (CAD$3.79) per share of which 5,603,341 common shares were purchased during the fourth quarter for consideration of $16.3 million at an average price of $2.92 (CAD$4.03) per share.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 24 |

---

------

**Hedging**

The Company has a hedging program covering up to 80% of the forecast diesel consumption at Haile and Macraes on a rolling 12-month basis. The resulting hedging arrangements consist of monthly cash-settled swap transactions referencing the following appropriate diesel pricing indices to fix diesel prices and reduce input cost volatility:

<sup>•</sup> US Gulf Coast Ultra-Low Sulfur No 2 Diesel for an amount representing 80% of the forecast diesel consumption at Haile during 2024, split into even monthly amounts; and

<sup>•</sup> Platts Singapore (Gasoil) for an amount representing 80% of the forecast diesel consumption at Macraes during 2024, split into even monthly amounts.

The Company is covered at approximately 80% of forecast diesel consumption at Haile and Macraes through to the end of 2025 and has elected to apply hedge accounting to these diesel hedging arrangements in accordance with IFRS.

The Company periodically uses forward contracts to hedge currency exposure. During the second quarter of 2024, the Company entered into forward contracts to hedge currency exposure resulting from the receipt of Philippine peso proceeds from the OGP listing. These forward contracts were settled during the third quarter and all net listing proceeds have been successfully repatriated.

During the year ended December 31, 2024, the Company recorded realized losses of $0.1 million within cost of sales and unrealized losses of $0.9 million in other comprehensive income as a result of the hedging arrangements.

There are no other hedges related to gold, silver, copper, currencies or diesel.

**Capital Commitments**

Capital commitments relate principally to the purchase of property, plant and equipment at Haile, Macraes and Waihi and the mine development at Didipio, Macraes and Waihi. The Company's capital commitments as at December 31, 2024, are as follows:

---

| | |
|:---|:---|
| **As at December 31, 2024**<br>**$M** | **Capital**<br>**Commitments** |
| Within 1 year | **11.4** |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 25 |

---

------

**Related Party Transactions**

*Compensation of Key Management*

Key Management includes directors (executive and non-executive) and some members of the Executive Leadership Team. The compensation paid or payable to key Management for employee services is shown below:

---

| | | |
|:---|:---|:---|
| **$M** | **2024** | 2023 |
| Salaries and short-term employee benefits | **9.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Stock-based expense | **11.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 |
| Post-employment benefits | **0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Long Term Benefits | **1.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Termination benefits | **1.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| **Total** | **23.6** | 14.6 |

---

**Outstanding Share Data**

The following table sets out the common shares, performance share rights and deferred units outstanding as at the date of this MD&A:

---

| | |
|:---|:---|
| **Shares/ units** | **February 19, 2025** |
| Common shares | **702,471,037** |
| Performance share rights | **17,098,326** |
| Deferred units | **1,140,361** |

---

**Non-IFRS Financial Information**

Throughout this MD&A, the Company has provided measures prepared according to International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") as well as some non-IFRS performance measures. As non-IFRS performance measures do not have a standardized meaning prescribed by IFRS, they are unlikely to be comparable to similar measures presented by other companies. The Company provides these non-IFRS measures as they are used by certain investors to evaluate OceanaGold's performance. Accordingly, such non-IFRS measures are intended to provide additional information and should not be considered in isolation, or a substitute for measures of performance in accordance with IFRS.

These measures are used internally by the Company's Management to assess the performance of the business and make decisions on the allocation of resources and are included in this MD&A to provide greater understanding of the underlying performance of the operations. Investors are cautioned not to place undue reliance on any non-IFRS financial measures included in this MD&A.

**Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share**

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 26 |

---

------

Prior to the first quarter of 2024, Adjusted Net Profit/(Loss) was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/ loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/ losses.

The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Net profit (loss) | **102.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.6 | (18.9) | **192.0** | &nbsp;&nbsp;&nbsp;&nbsp;83.1 |
| Foreign exchange (gain) loss | **3.0** | (1.3) | (6.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Write-down of assets | **1.9** | 1.7 | 38.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** | &nbsp;&nbsp;&nbsp;&nbsp;41.1 |
| Gain on sale of Blackwater project | **—** |  |  | **(17.6)** |  |
| Tax expense on sale of Blackwater project | **—** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9** |  |
| OGP listing costs | **—** | 5.4 |  | &nbsp;&nbsp;&nbsp;&nbsp;**10.9** |  |
| Restructuring costs | **—** |  | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| **Adjusted net profit** | **107.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.4 | 6.6 | **208.3** | &nbsp;&nbsp;&nbsp;&nbsp;120.1 |
| **Adjusted weighted average number of common shares - fully diluted** | **724.6** | 726.5 | 722.6 | **724.8** | &nbsp;&nbsp;&nbsp;&nbsp;722.6 |
| **Adjusted earnings per share** | **0.15** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;**0.29** | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |

---

**EBITDA and Adjusted EBITDA**

The Company's Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses, write-downs, gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue.

Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/losses.

The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Net profit (loss) | **102.7** | 60.6 | (18.9) | **192.0** | 83.1 |
| Depreciation and amortization | **100.5** | 86.0 | 71.8 | **321.2** | 228.8 |
| Net interest expense and finance costs | **2.9** | 4.3 | 6.3 | **19.1** | 21.0 |
| Income tax expense(recovery) on earnings | **40.3** | 6.1 | (2.7) | **55.4** | 35.3 |
| **EBITDA** | **246.4** | 157.0 | 56.5 | **587.7** | 368.2 |
| Write-down of assets | **1.9** | 1.7 | 38.3 | **8.3** | 39.9 |
| Gain on sale of Blackwater project | **—** |  |  | **(17.6)** |  |
| Tax expense on sale of Blackwater project | **—** |  |  | **4.9** |  |
| OGP listing costs | **—** | 5.4 |  | **10.9** |  |
| Restructuring expense | **—** |  | 3.7 | **1.9** | 3.7 |
| Foreign exchange (gain) loss | **3.0** | (1.3) | (6.9) | **7.9** | 1.8 |
| **Adjusted EBITDA** | **251.3** | 162.8 | 91.6 | **604.0** | 413.6 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 27 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Revenue | **427.3** | 345.2 | 267.3 | **1294.0** | 1026.3 |
| **EBITDA Margin** | **58%** | 45% | 21% | **45%** | 36% |

---

**Cash Costs and AISC**

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of cash costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 28 |

---

------

The following table provides a reconciliation of consolidated Cash Costs and AISC:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Cost of sales, excl. depreciation and amortization | **155.1** | 149.7 | 145.9 | **600.5** | 498.8 |
| Indirect taxes | **7.6** | 5.5 | 8.2 | **25.6** | 26.3 |
| Selling costs | **3.2** | 3.9 | 5.1 | **13.4** | 18.3 |
| Other cash adjustments | **(4.7)** | (0.3) | (6.4) | **(8.5)** | (0.5) |
| By-product credits | **(29.7)** | (35.6) | (35.4) | **(120.5)** | (129.8) |
| **Total Cash Costs (net)** | **131.5** | 123.2 | 117.4 | **510.5** | 413.1 |
| Sustaining capital and leases | **77.8** | 80.7 | 63.9 | **288.8** | 269.2 |
| Corporate general & administration | **23.5** | 11.2 | 13.8 | **62.9** | 53.4 |
| Onsite exploration and drilling | **0.5** | 0.8 | 1.7 | **4.2** | 7.0 |
| **Total AISC** | **233.3** | 215.9 | 196.8 | **866.4** | 742.7 |
| Gold sales (koz) | **150.3** | 124.8 | 118.8 | **487.7** | 467.9 |
| **Cash Costs ($/oz)** | **875** | 987 | 987 | **1047** | 883 |
| **AISC ($/oz)**<sup>1</sup> | **1563** | 1729 | 1658 | **1777** | 1587 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share related to the FTAA at Didipio of $(7.4) million, $15.5 million and $8.1 million for the fourth quarter, third quarter and full year 2024, respectively, as it is considered in nature of an income tax.

The following tables provides a reconciliation of Cash Costs and AISC for each operation:

*Haile*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| **Cash costs of sales** | **51.3** | 44.7 | 46.7 | **199.7** | 135.9 |
| By-product credits | **(0.8)** | (0.7) | (0.4) | **(3.0)** | (4.2) |
| Inventory adjustments | **(6.5)** | (7.5) | (1.2) | **2.0** | (3.0) |
| Freight, treatment and refining charges | **0.2** | 0.1 |  | **0.5** | 0.6 |
| **Total Cash Costs (net)** | **44.2** | **36.6** | **45.1** | **199.2** | **129.3** |
| Sustaining and leases | **20.5** | 15.7 | 10.2 | **53.1** | 52.5 |
| Pre-strip and capitalized mining | **30.5** | 29.9 | 20.9 | **87.0** | 99.2 |
| Onsite exploration and drilling | **—** |  |  | **—** |  |
| **Total AISC** | **95.2** | **82.2** | **76.2** | **339.3** | **281.0** |
| Gold sales (koz) | **73.9** | 53.6 | 29.6 | **208.5** | 146.2 |
| **Cash Costs ($/oz)** | **598** | 683 | 1521 | **955** | 884 |
| **AISC ($/oz)** | **1287** | 1537 | 2570 | **1628** | 1921 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 29 |

---

------

*Didipio*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| **Cash costs of sales** | **40.0** | 36.0 | 34.0 | **147.6** | 129.0 |
| By-product credits | **(27.0)** | (33.5) | (33.9) | **(112.0)** | (121.6) |
| Royalties | **0.8** | 2.1 | 2.7 | **5.9** | 7.3 |
| Indirect taxes | **5.2** | 5.7 | 8.2 | **21.3** | 26.3 |
| Inventory adjustments | **(1.7)** | 7.3 | 4.3 | **5.0** | 18.8 |
| Freight, treatment and refining charges | **4.2** | 6.2 | 6.5 | **17.6** | 23.5 |
| **Total Cash Costs (net)** | **21.5** | 23.8 | 21.8 | **85.4** | 83.3 |
| Sustaining and leases | **4.8** | 5.7 | 5.9 | **20.4** | 11.1 |
| Pre-strip and capitalized mining | **2.5** | 2.4 | 1.6 | **8.6** | 4.3 |
| Onsite exploration and drilling | **—** |  |  | **—** | 0.3 |
| **Total AISC** | **28.8** | 31.9 | 29.3 | **114.4** | 99.0 |
| Gold sales (koz) | **20.8** | 28.9 | 39.7 | **100.4** | 135.7 |
| **Cash Costs ($/oz)** | **1033** | 824 | 549 | **851** | 614 |
| **AISC1 ($/oz)** | **1389** | 1103 | 737 | **1140** | 730 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share of FTAA at Didipio of $(7.4) million, $15.5 million and $8.1 million for the fourth quarter, third quarter, and full year 2024, respectively, as it is considered in the nature of an income tax.

*Macraes*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| **Cash costs of sales** | **44.5** | 38.9 | 31.6 | **137.1** | 145.7 |
| Less: by-product credits | **0.2** |  |  | **0.1** | (0.1) |
| Royalties | **1.0** | 0.2 | 1.4 | **3.4** | 3.8 |
| Inventory adjustments | **(1.7)** | 3.9 | (0.4) | **7.4** | (13.5) |
| Freight, treatment and refining charges | **0.3** | 0.1 | 0.2 | **0.8** | 0.7 |
| **Total Cash Costs (net)** | **44.3** | 43.1 | 32.8 | **148.8** | 136.6 |
| Sustaining and leases | **5.9** | 5.0 | 4.9 | **24.1** | 30.2 |
| Pre-strip and capitalized mining | **5.1** | 13.7 | 15.1 | **62.9** | 45.5 |
| Onsite exploration and drilling | **0.2** | 0.1 | 0.6 | **1.3** | 2.9 |
| **Total AISC** | **55.5** | **61.9** | **53.4** | **237.1** | **215.2** |
| Gold sales (koz) | **36.6** | 29.5 | 36.3 | **124.8** | 137.1 |
| **Cash Costs ($/oz)** | **1214** | 1458 | 901 | **1192** | 996 |
| **AISC($/oz)** | **1535** | 2099 | 1468 | **1906** | 1570 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 30 |

---

------

*Waihi*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| **Cash costs of sales** | **22.1** | 21.3 | 18.8 | **80.9** | 66.8 |
| By-product credits | **(2.1)** | (1.4) | (1.1) | **(5.6)** | (4.0) |
| Royalties | **0.5** | 0.4 | 0.3 | **1.5** | 1.1 |
| Inventory adjustments | **0.9** | (0.6) | (0.3) | **0.1** | (0.4) |
| Add: Freight, treatment and refining charges | **0.1** |  |  | **0.2** | 0.2 |
| **Total Cash Costs (net)** | **21.5** | 19.7 | 17.7 | **77.1** | 63.7 |
| Sustaining and leases | **2.9** | 2.7 | 1.3 | **9.9** | 3.6 |
| Pre-strip and capitalized mining | **5.6** | 5.6 | 4.0 | **22.8** | 22.7 |
| Onsite exploration and drilling | **0.3** | 0.7 | 1.1 | **2.9** | 3.8 |
| **Total AISC** | **30.3** | **28.7** | **24.1** | **112.7** | **93.8** |
| Gold sales (koz) | **19.0** | 12.8 | 13.1 | **54.0** | 48.9 |
| **Cash Costs ($/oz)** | **1130** | 1538 | 1345 | **1427** | 1300 |
| **AISC ($/oz)** | **1557** | 2252 | 1829 | **2087** | 1914 |

---

**Net Cash/(Debt)**

Net Cash/(Debt) has been calculated as total debt plus cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Prior to 2024, lease liabilities were included in the calculation of Net Cash/ (Debt). The change in respect of 2024 is consistent with the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have been recalculated excluding lease liabilities.

A reconciliation of this measure is provided in the Debt Management and Liquidity section of this MD&A.

**Liquidity**

Liquidity has been calculated as cash and cash equivalents and the total of funds available to be drawn under the Company's Facility. Management believes this is a useful measure of the Company's ability to repay its current liabilities.

The following table provides a reconciliation of Liquidity:

---

| | | |
|:---|:---|:---|
| $M | **December 31, 2024** | December 31, 2023 |
| Cash and Cash Equivalents | **193.5** | 61.7 |
| Funds available to be drawn under the Facility | **200.0** | 65.0 |
| **Liquidity** | **393.5** | 126.7 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 31 |

---

------

**Operating Cash Flow per share**

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of total fully diluted cash Operating Cash Flow per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| $M, except per share amounts | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Cash provided by operating activities | **246.1** | 164.7 | 94.8 | **593.9** | 384.2 |
| Changes in working capital | **14.1** | (3.7) | (5.3) | **4.4** | 22.7 |
| **Cash flows provided by operating activities before changes in working capital** | **260.2** | 161.0 | 89.5 | **598.3** | 406.9 |
| Adjusted weighted average number of common shares - fully diluted | **724.6** | 726.5 | 722.6 | **724.8** | 722.6 |
| **Operating Cash Flow per share** | **$0.36** | $0.22 | $0.12 | **$0.83** | $0.56 |

---

**Free Cash Flow**

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of Free Cash Flow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | 2023 |
| Cash flows provided by Operating Activities | **246.1** | 164.7 | 94.8 | **593.9** | 384.2 |
| Cash flows used in Investing Activities | **(99.6)** | (99.0) | (78.7) | **(348.7)** | (341.8) |
| **Free Cash Flow** | **146.5** | 65.7 | 16.1 | **245.2** | 42.4 |
| Adjusted weighted average number of common shares - fully diluted | **724.6** | 726.5 | 722.6 | **724.8** | 722.6 |
| **Free Cash Flow per share** | **$0.20** | $0.09 | $0.02 | **$0.34** | $0.06 |

---

**Leverage Ratio**

Leverage Ratio is calculated as Net Cash/(Debt) divided by Adjusted EBITDA for the preceding 12-month period. Management believes this is a useful indicator to monitor the Company's ability to meet its financial obligations. The following table provides a reconciliation of the Leverage Ratio:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except ratio amounts** | **Q4 2024** | Q3 2024 | Q4 2023 |
| Net Cash/(Debt) | **191.9** | 71.8 | (76.5) |
| Adjusted EBITDA | **604.0** | 444.3 | 410.1 |
| **Leverage Ratio** | **0.00x** | 0.00x | 0.19x |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 32 |

---

------

**Internal Controls Over Financial Reporting**

**Management's Annual Report on Internal Control Over Financial Reporting**

The Company's Management, with the participation of the Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations and may not prevent or detect misstatements. Even when the Company's system of internal control over financial reporting is determined to be effective, it can only provide reasonable assurance with respect to financial statement preparation and presentation.

Management has used the criteria established in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission to evaluate the effectiveness of the Company's internal control over financial reporting.

As at December 31, 2024, Management, with the participation of the Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the Company's internal control over financial reporting and concluded that the Company's internal control over financial reporting was effective.

**Changes in Internal Control Over Financial Reporting**

There has been no change in the Company's internal control over financial reporting during the year ended December 31, 2024 which has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

**Disclosure Controls and Procedures**

Disclosure controls and procedures are designed under applicable Canadian laws to provide reasonable assurance that information required to be disclosed in reports filed or submitted by the Company under Canadian securities legislation is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms and include, without limitation, controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted by the Company under Canadian securities legislation is accumulated and communicated to Management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

As at December 31, 2024, Management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures, as defined in the rules of the Canadian Securities Administrators. Based upon the results of that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2024, the Company's disclosure controls and procedures were effective.

**Accounting Estimates, Policies and Changes**

The preparation of financial statements in conformity with IFRS Accounting Standards requires Management to make estimates, judgements and assumptions that affect the amounts reported in the consolidated financial statements and related notes. The Company's significant accounting policies and critical estimates and judgements are disclosed in Notes 3 and 4 of OceanaGold's audited consolidated financial statements for the year ended December 31, 2024.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 33 |

---

------

**Risks and Uncertainties**

This document contains certain forward-looking statements that involve risks, uncertainties and other factors that could cause actual results, performance, prospects, opportunities and continued mining operations to differ materially from those expressed or implied by those forward-looking statements. The exploration and development of natural resources are highly speculative in nature and the Company's business operations, investments and prospects are subject to significant risks. For further detail and discussion of these risks and uncertainties, please refer to the risk factors set forth in the Company's most recent Annual Information Form available on the Company's profile on SEDAR+ at sedarplus.com and on the Company's website at oceanagold.com, and the Company's other filings and submissions with securities regulators on SEDAR+, which could materially affect the Company's business, operations, investments and prospects and could cause actual events to differ materially from those described in forward-looking statements relating to the Company. Additional risks and uncertainties not presently known to the Company or that the Company currently considers immaterial may also impair the business, operations, investments and prospects of the Company. If any of the risks actually occur, the business of the Company may be harmed and its financial condition and results of operations may suffer significantly.

**Notes to Reader**

**Cautionary Statement Regarding Forward-Looking Information**

This MD&A contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. All statements in this MD&A that address events or developments that the Company expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold and copper; general business, economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 34 |

---

------

or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits, including the FTAA, and those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available on SEDAR+ at sedarplus.com under the Company's name. The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Cautionary Statements Regarding Mineral Reserve and Mineral Resource Estimates**

The disclosure in this MD&A was prepared in accordance with NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "U.S. SEC"), and resource and reserve information contained or referenced in this MD&A may not be comparable to similar information disclosed by public companies subject to the technical disclosure requirements of the U.S. SEC. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 35 |

---

------

**Qualified Persons**

David Londono, Executive Vice President, Chief Operating Officer Americas and Peter Sharpe, Executive Vice President, Chief Operating Officer Asia-Pacific, qualified persons under NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to operational matters contained in this MD&A.

Craig Feebrey, Executive Vice President and Chief Exploration Officer, a qualified person under NI 43-101, has approved the scientific and technical information regarding exploration matters contained in this MD&A.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 36 |

---

## Exhibit 99.4

**Exhibit 99.4**

![oceanab.jpg](oceanab.jpg)

**OCEANAGOLD CORPORATION**

**CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

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![pwclogob.jpg](pwclogob.jpg)

Independent auditor's report

To the Shareholders of OceanaGold Corporation

**Our opinion**

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of OceanaGold Corporation and its subsidiaries (together, the Company) as at December 31, 2024 and 2023, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRS).

**What we have audited**

The Company's consolidated financial statements comprise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consolidated statements of financial position as at December 31, 2024 and 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consolidated statements of income for the years then ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consolidated statements of comprehensive income for the years then ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consolidated statements of changes in equity for the years then ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consolidated statements of cash flows for the years then ended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the notes to the consolidated financial statements, comprising material accounting policy information and other explanatory information.

**Basis for opinion**

We conducted our audit in accordance with International Standards on Auditing. Our responsibilities under those standards are further described in the *Auditor's responsibilities for the audit of the consolidated financial statements* section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Independence**

We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) and the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.

PricewaterhouseCoopers, ABN 52 780 433 757

2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331 MELBOURNE VIC 3001

T: +61 3 8603 1000, F: +61 3 8603 1999, www.pwc.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

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![pwclogob.jpg](pwclogob.jpg)

**Key audit matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2024. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

---

| | |
|:---|:---|
| **Key audit matter** | **How our audit addressed the key audit matter** |

---

**Provision for the cost of asset retirement obligations**

*Refer to Note 11 Asset Retirement Obligations*

As a result of its mining and processing operations, the Company is obliged to restore and rehabilitate the land disturbed by its operations.

Rehabilitation activities at each operation are governed by the existence of legislative and operating license requirements. As at December 31, 2024, the consolidated statements of financial position included provisions for asset retirement obligations of $166.1 million.

We considered this a key audit matter given the significance of these provisions and the determination required judgement in the assessment of the nature and extent of future works to be performed, the future cost of performing the works, the timing of when the rehabilitation activities will take place and economic assumptions, such as the discount rate, applied to the forecast future cash outflows associated with the rehabilitation activities at each operation to bring them to their present value.

We obtained the Company's assessment of their obligations to rehabilitate disturbed areas at each mine site and the estimated future cost of that work, which forms the basis for the provision for asset retirement obligation calculations (the 'models').

We evaluated and tested significant inputs, including data and assumptions, utilised in the models by performing the following procedures, amongst others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the Company's asset retirement obligation cost forecasts in light of the applicable legislative and operating license requirements at each mining location, including the process by which they were developed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the competency, capabilities and objectivity of the Company's experts, whether internal or external to the Company, who evaluated the Company's closure plans and the assessment of the asset retirement obligations at each mine site;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compared a sample of changes in the provisions during the year to supporting information, utilising our understanding of the Company's operations and associated rehabilitation plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Considered the appropriateness of the discount rates utilised in calculating the present value of the provision by comparing them to current market consensus rates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tested the mathematical accuracy of selected data in the models; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Considered whether the timing of the cash flows in the models was consistent with current life of mine plans, any correspondence with relevant authorities, as well as rehabilitation plans submitted to relevant authorities for each mine site.

We evaluated the reasonableness of the disclosures in light of the requirements of IFRS.

**Regulatory and operational matters in the Philippines**

*Refer to Note 17 Additional Government Share at Didipio and Note 28 Contingencies*

The Company makes a number of accounting considerations relating to its operations in the Philippines.

**Legal matters**

The Company is involved in a number of ongoing legal cases with local authorities and other parties in the Philippines relating to the Financial or Technical Assistance Agreement (FTAA) and other operating matters ('the legal matters').

The Company has not recognised a provision for these legal matters, based on their assessment of the merits of the cases, however it has disclosed relevant legal matters as contingent liabilities;

**Additional Government Share Liability** Pursuant to the FTAA, the Government of the Philippines is entitled to 60% of the Net Revenue of the mine less taxes and fees paid to the Government, after the Company recovers development expenditures.

In relation to the legal matters in the Philippines, we performed the following procedures, amongst others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updated our understanding of each of the legal matters disclosed in the consolidated financial statements by making enquiries of the Company's inhouse legal counsel and external counsel, where relevant, as to their knowledge and understanding of the legal matters, and by reading selected relevant correspondence between the Company, its lawyers and relevant authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Considered the results of audit procedures performed on the Philippines operations during the year and whether these identified any new factors that would impact the appropriateness and classification of the legal matters disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Considered the status of the legal claims in light of the requirements of IFRS.

In relation to the Additional Government Share liability, we obtained the Company's calculation (the "Additional Government Share model") and performed the following procedures, amongst others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreed the input data contained in the Additional Government Share model

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![pwclogob.jpg](pwclogob.jpg)

At December 31, 2024, the Company recognised a liability of $8.1 million for the Additional Government Share payable to the Government of the Philippines. $20.3 million was paid during the year in settlement of the 2023 Additional Government Share payable.

We considered these matters to be a key audit matter given the uncertainty surrounding the ongoing legal matters whereby the outcome may adversely affect the ability for the Company to operate in the Philippines, as well as the complexity associated with the calculation of the Additional Government Share liability.

relating to the operating performance of the Didipio mine to supporting information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assessed the appropriateness of a sample of revenue transactions and allowable deductions contained in the calculation of Net Revenue, against the requirements of the FTAA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assessed the appropriateness of a sample of taxes and fees deducted from Net Revenue in the Additional Government Share model, against the requirements of the FTAA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assessed the accuracy of the Company's liability calculation, taking into consideration the requirements of the FTAA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreed the payment of the Additional Government Share made in the year to bank statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tested the mathematical accuracy of a selection of data in the Additional Government Share model.

We evaluated the adequacy of the disclosures of the tax and legal matters and the Additional Government Share liability in light of the requirements of IFRS.

**Other information**

Management is responsible for the other information. The other information comprises the Management's Discussion and Analysis.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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![pwclogob.jpg](pwclogob.jpg)

**Responsibilities of management and those charged with governance for the consolidated financial statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

**Auditor's responsibilities for the audit of the consolidated financial statements**

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial

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statements represent the underlying transactions and events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Ben Gargett.

**/s/PricewaterhouseCoopers**

PricewaterhouseCoopers

Chartered Accountants

Melbourne, Australia

February 19, 2025

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**OceanaGold Corporation**

Consolidated Statements of Financial Position

As at December 31

(in millions of United States dollars)

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **2024** | **2023** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | $193.5 | $61.7 |
| Trade and other receivables | 5 | 13.7 | 44.2 |
| Inventories | 6 | 239.5 | 205.3 |
| Prepayments |  | 18.6 | 14.3 |
| Total current assets |  | 465.3 | 325.5 |
| **Non-current assets** |  |  |  |
| Trade and other receivables | 5 | 44.1 | 48.6 |
| Inventories | 6 | 111.0 | 166.7 |
| Deferred tax assets | 20 | 39.0 | 48.9 |
| Property, plant and equipment | 7 | 741.8 | 800.5 |
| Mining assets | 8 | 1087.9 | 1056.1 |
| Total non-current assets |  | 2023.8 | 2120.8 |
| **TOTAL ASSETS** |  | $**2489.1** | $**2446.3** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables |  | $198.7 | $212.3 |
| Employee benefits |  | 28.7 | 23.5 |
| Current tax liabilities |  | 47.9 | 36.4 |
| Lease liabilities | 9 | 28.1 | 33.2 |
| Debt | 10 | 1.6 | 1.6 |
| Derivative hedges |  | 0.9 | – |
| Asset retirement obligations | 11 | 2.9 | 4.0 |
| Total current liabilities |  | 308.8 | 311.0 |
| **Non-current liabilities** |  |  |  |
| Employee benefits |  | 15.1 | 2.0 |
| Deferred tax liabilities | 20 | 33.6 | 32.9 |
| Lease liabilities | 9 | 41.9 | 60.4 |
| Debt | 10 | – | 136.6 |
| Asset retirement obligations | 11 | 163.2 | 170.3 |
| Total non-current liabilities |  | 253.8 | 402.2 |
| **TOTAL LIABILITIES** |  | **562.6** | **713.2** |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Share capital | 12 | 1219.5 | 1236.2 |
| Retained earnings |  | 611.6 | 438.3 |
| Contributed surplus |  | 64.8 | 73.2 |
| Other reserves |  | (75.9) | (14.6) |
| **TOTAL SHAREHOLDERS' EQUITY** |  | **1820.0** | **1733.1** |
| Non-controlling interest | 14 | **106.5** | **–** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** |  | $**2489.1** | $**2446.3** |

---

On behalf of the Board of Directors:

---

| | |
|:---|:---|
| */s/ Paul Benson* | */s/ Sandra M. Dodds* |
| Paul Benson | Sandra M. Dodds |
| Director | Director |
| February 19, 2025 | February 19, 2025 |

---

The accompanying notes to the Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 7

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**OceanaGold Corporation**

Consolidated Statements of Income

For the years ended December 31

(in millions of United States dollars, except per share data)

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **2024** | **2023** |
| **Revenue** | 15 | $**1294.0** | $**1026.3** |
| Cost of sales, excluding depreciation and amortization | 16 | (600.5) | (498.8) |
| Depreciation and amortization |  | (321.2) | (228.8) |
| General and administration |  | (64.2) | (64.3) |
| Indirect taxes |  | (25.6) | (26.3) |
| Additional Government Share | 17 | (8.1) | (20.3) |
| Operating profit |  | 274.4 | 187.8 |
| **Other (expense) income** |  |  |  |
| Foreign exchange loss |  | (7.9) | (1.8) |
| Gain (loss) on disposal of assets | 18 | 18.1 | (1.2) |
| Interest expense and finance costs | 10 | (22.2) | (22.6) |
| Interest income |  | 3.1 | 1.6 |
| OGP listing costs | 14 | (10.9) | – |
| Restructuring expense |  | (1.9) | (3.7) |
| Write-down of indirect tax receivables |  | – | (38.3) |
| Other expense |  | (5.3) | (3.4) |
| Profit before income tax |  | 247.4 | 118.4 |
| Income tax expense | 20 | (55.4) | (35.3) |
| **Net profit** |  | $**192.0** | $**83.1** |
| **Attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | 14 | $4.6 | $– |
| &nbsp;&nbsp;&nbsp;Equity holders of the Company |  | $187.4 | $83.1 |
| **Earnings per share attributable to shareholders of the Company** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 19 | $0.26 | $0.12 |
| &nbsp;&nbsp;&nbsp;Diluted | 19 | $0.26 | $0.12 |
| Weighted average number of common shares outstanding: |  |  |  |
| *(in millions)* |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic |  | 708.8 | 706.8 |
| &nbsp;&nbsp;&nbsp;Diluted |  | 724.8 | 722.6 |

---

The accompanying notes to the Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 8

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**OceanaGold Corporation**

Consolidated Statements of Comprehensive Income

For the years ended December 31

(in millions of United States dollars, except per share data)

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **2024** | **2023** |
| **Net profit** | 15 | $**192.0** | $**83.1** |
| **Other comprehensive income** |  |  |  |
| *Items that may be reclassified to profit or loss* |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translation loss |  | $(53.6) | $(16.1) |
| &nbsp;&nbsp;&nbsp;Loss on fair value of derivative hedges |  | (0.9) | – |
| *Items that will not be reclassified to profit or loss* |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss on fair value of financial assets |  | – | (0.7) |
| Other comprehensive loss, net of tax |  | (54.5) | (16.8) |
| **Total comprehensive income** |  | $**137.5** | $**66.3** |
| **Total comprehensive income attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 14 | 4.6 | – |
| &nbsp;&nbsp;&nbsp;Equity holders of the Company |  | 132.9 | 66.3 |

---

The accompanying notes to the Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 9

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**OceanaGold Corporation**

Consolidated Statements of Cash Flows

For the years ended December 31

(in millions of United States dollars)

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| | | | |
|:---|:---|:---|:---|
| | **Notes** | **2024** | **2023** |
| **Operating activities** |  |  |  |
| Net profit |  | $192.0 | $83.1 |
| *Items not affecting cash* |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense |  | 321.2 | 228.8 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  | 27.7 | 14.2 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss |  | 7.9 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposal of assets | 18 | (18.1) | 1.2 |
| &nbsp;&nbsp;&nbsp;Non-cash finance costs |  | 5.9 | (0.1) |
| &nbsp;&nbsp;&nbsp;Rehabilitation provision for closed operations |  | 1.3 | 4.3 |
| &nbsp;&nbsp;&nbsp;Rehabilitation provision utilized |  | (3.3) | (4.3) |
| &nbsp;&nbsp;&nbsp;Write-down of indirect tax receivables | 5 | – | 38.3 |
| &nbsp;&nbsp;&nbsp;Write-down of inventory | 6 | 8.3 | – |
| &nbsp;&nbsp;&nbsp;Income tax expense | 20 | 55.4 | 35.3 |
| Changes in working capital | 21 | (4.4) | (18.4) |
| **Net cash provided by operating activities** |  | **593.9** | **384.2** |
| **Investing activities** |  |  |  |
| Payment for property, plant and equipment |  | (48.2) | (46.8) |
| Payment for mining assets: exploration and evaluation |  | (17.4) | (12.0) |
| Payment for mining assets: development |  | (138.1) | (121.9) |
| Payment for mining assets: in production |  | (176.5) | (169.2) |
| Proceeds from sale of assets | 18 | 31.5 | 8.1 |
| **Net cash used in investing activities** |  | **(348.7)** | **(341.8)** |
| **Financing activities** |  |  |  |
| Repayment of lease liabilities | 9 | (31.4) | (27.3) |
| Repayment of debt | 10 | (186.7) | (16.2) |
| Proceeds from debt | 10 | 50.0 | – |
| Proceeds from OGP listing | 14 | 106.0 | – |
| OGP listing costs | 14 | (10.9) | – |
| Share buyback | 12 | (24.1) | – |
| Dividends paid to equity holders of the Company |  | (14.1) | (14.3) |
| Dividends paid to non-controlling interests | 14 | (9.3) | – |
| **Net cash used in financing activities** |  | **(120.5)** | **(57.8)** |
| Effect of exchange rate changes on cash |  | 7.1 | (6.1) |
| Net increase (decrease) in cash and cash equivalents |  | 131.8 | (21.5) |
| Cash and cash equivalents at the beginning of the year |  | 61.7 | 83.2 |
| **Cash and cash equivalents at the end of the year** |  | $**193.5** | $**61.7** |

---

Supplemental cash flow information (Note 21).

The accompanying notes to the Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 10

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**OceanaGold Corporation**

Consolidated Statements of Changes in Equity

(in millions of United States dollars, except for per share data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**<br>**(in millions)** | **Share<br>Capital** | **Contributed<br>Surplus** | **Other**<br>**Reserves** | **Retained**<br>**Earnings** | **Non-**<br>**controlling**<br>**Interest** | **Total**<br>**Equity** |
| **Balance at January 1, 2024** | **707.4** | $**1236.2** | $**73.2** | $**(14.6)** | $**438.3** | $**–** | $**1733.1** |
| Recognition of non-controlling interest | – | – | – | (6.8) | – | 111.2 | 104.4 |
| Comprehensive (loss) income for the period | – | – | – | (54.5) | 187.4 | 4.6 | 137.5 |
| Employee share rights: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based payments | – | – | 15.7 | – | – | – | 15.7 |
| &nbsp;&nbsp;&nbsp;Forfeiture of rights | – | – | (1.9) | – | – | – | (1.9) |
| &nbsp;&nbsp;&nbsp;Exercise of rights | 3.9 | 7.4 | (13.6) | – | – | – | (6.2) |
| &nbsp;&nbsp;&nbsp;Reclassification of performance share rights | – | – | (8.6) | – | – | – | (8.6) |
| Share buybacks | (8.8) | (24.1) | – | – | – | – | (24.1) |
| Dividends paid | – | – | – | – | (14.1) | (9.3) | (23.4) |
| **Balance at December 31, 2024** | **702.5** | $**1219.5** | $**64.8** | $**(75.9)** | $**611.6** | $**106.5** | $**1926.5** |
| **Balance at January 1, 2023** | **704.2** | $**1230.5** | $**71.1** | $**2.2** | $**369.5** | $**–** | $**1673.3** |
| Comprehensive (loss) income for the period | – | – | – | (16.8) | 83.1 | – | 66.3 |
| Employee share rights: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based payments | – | – | 15.0 | – | – | – | 15.0 |
| &nbsp;&nbsp;&nbsp;Forfeiture of rights | – | – | (0.8) | – | – | – | (0.8) |
| &nbsp;&nbsp;&nbsp;Exercise of rights | 3.2 | 5.7 | (12.1) | – | – | – | (6.4) |
| Dividends paid | – | – | – | – | (14.3) | – | (14.3) |
| **Balance at December 31, 2023** | **707.4** | $**1236.2** | $**73.2** | $**(14.6)** | $**438.3** | $**–** | $**1733.1** |

---

The accompanying notes to the Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 11

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**1&nbsp;&nbsp;&nbsp;&nbsp;NATURE OF OPERATIONS**

OceanaGold Corporation (the "Company" or "OceanaGold") is domiciled in British Columbia, Canada and the registered address of the Company is Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada. The Company's common shares trade under the symbol 'OGC' on the Toronto Stock Exchange ("TSX") in Canada and under the symbol 'OCANF' on the OTCQX market in the United States.

The Company is engaged in the exploration, development and operation of gold and gold/copper mines. OceanaGold operates four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the 80%-owned Didipio Mine in the Philippines; and the wholly-owned Macraes and Waihi operations in New Zealand.

The consolidated financial statements were approved by the Board of Directors on February 19, 2025.

**2&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION**

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board ("IFRS Accounting Standards").

These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value. The consolidated financial statements are presented in United States dollars ("USD"), unless otherwise noted.

**3&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING POLICIES**

The material accounting policies used in the preparation of these consolidated financial statements are described below. These policies have been applied consistently to all the years presented, unless otherwise stated.

***Consolidation***

*Subsidiaries*

Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. All intercompany balances, transactions, revenues and expenses have been eliminated on consolidation.

The Company's material subsidiaries are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Company.

---

| | | | |
|:---|:---|:---|:---|
| | | **Ownership Interest** | **Ownership Interest** |
| **Name of entity** | **Country of incorporation** | **2024** | **2023** |
| Haile Gold Mine Inc. | United States | **100%** | 100% |
| OceanaGold (Philippines) Inc. | Philippines | **80%** | 100% |
| Oceana Gold (New Zealand) Limited | New Zealand | **100%** | 100% |

---

*Business combinations*

The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration transferred also includes the fair value of any asset or liability resulting from a contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary. Acquisition-related costs are expensed as incurred.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Company recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest's proportionate share of the acquiree's net identifiable assets.

OceanaGold Corporation 12

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

The excess of any consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, the difference is recognized directly in profit or loss as gain on bargain purchase.

Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.

When control of a subsidiary is acquired in stages, its carrying value prior to the acquisition of control is compared with the fair value of the identifiable net assets at that date. If fair value is greater than/less than carrying value, the gain/loss is recorded in the Consolidated Statements of Income.

***Foreign currency translation***

These consolidated financial statements are expressed in USD which is the reporting currency for OceanaGold Corporation.

During the year ended December 31, 2024, the Company completed a transition of its head offices from Australia to Canada. This resulted in a change in underlying transactions, events and circumstances, requiring a reassessment of the functional currency of the Company and certain non-operating subsidiaries. Primary and secondary factors under IAS 21, The effects of changes in foreign exchange rates, were considered and it was determined that USD represents the OceanaGold's primary economic environment. On December 1, 2024, the functional currency of the Company and certain non-operating subsidiaries changed from Australian dollars ("AUD") to USD. The major controlled entities of OceanaGold have either United States dollars, New Zealand dollars ("NZD") and Philippines pesos ("PHP") as their functional currency.

*Functional and presentation currency*

The financial statements of entities that have a functional currency different from the reporting currency are translated into USD as follows: assets and liabilities - at the closing rate at the date of the Consolidated Statements of Financial Position, and income and expenses - at the average rate of the reporting period (as this is considered a reasonable approximation to actual rates). All resulting changes are recognized in OCI as cumulative translation adjustments.

When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in OCI related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in OCI related to the subsidiary are re-allocated between controlling and non-controlling interests.

*Transactions and balances*

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than an operation's functional currency are recognized in the Consolidated Statements of Comprehensive Income

***Financial instruments***

*Cash and cash equivalents*

Cash and cash equivalents in the Consolidated Statements of Financial Position comprise cash at bank and on hand and short-term deposits that are highly liquid readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

*Trade and other receivables*

Trade and other receivables are initially recorded at the amount of contracted sales proceeds, and then subsequently carried at amortized cost using the effective interest method, when applicable, less provision for impairment. The Company recognizes loss allowances for expected credit losses ("ECLs") on financial assets measured at amortized cost. The Company applies the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognized upon initial recognition of the receivables. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The collectability of trade and other receivables is reviewed on an ongoing basis, with anticipated losses regularly updated to reflect current and forward-looking information.

OceanaGold Corporation 13

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

Trade receivables related to the concentrate sales are initially recorded at the amount of the provisional sales prices, and then subsequently recorded at fair value each period until final settlement occurs.

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. If collection of the amount is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Due to the short-term nature of the current receivables, their carrying amount is assumed to be the same as their fair value.

*Other financial assets*

The Company classifies its financial assets as those to be measured subsequently at fair value (either through OCI or through profit or loss) and those to be measured at amortized cost. The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investment in equity instruments that are not held for trading, the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income ("FVOCI").

The Company reclassifies debt instruments when and only when its business model for managing those assets changes.

Financial assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent measurement of debt instruments depends on the Company's business model for managing the asset and cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its debt instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortized costs: Assets that are held for collection of contractual cash flows where those cash flows represent solely payment of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit and loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the Consolidated Statements of Income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amounts are taken through OCI, except for interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is not reclassified from equity to profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the Consolidated Statements of Income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fair value through Profit and loss ("FVPL"): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises.

The Company subsequently measures all equity investments at fair value. The Company's Management has elected to present the fair value gains and losses on equity investments in OCI. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the Company's right to receive payments is established.

*Trade and other payables*

Trade and other payables are liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services.

Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

*Interest bearing loans and liabilities*

All loans and borrowings are initially recognized at the fair value of the consideration received, net of issue costs associated with the borrowing. After initial recognition, interest bearing loans and liabilities are subsequently

OceanaGold Corporation 14

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

carried at amortized cost using the effective interest method by taking into account any issue costs and any discount or premium on settlement.

Borrowings are removed from the Consolidated Statements of Financial Position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the Consolidated Statements of Income as other income or finance costs. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.

*Derivative financial instruments and hedge accounting*

The Company, where applicable, uses derivative financial instruments to manage commodity price and foreign currency exposures.

Derivative financial instruments are initially recognized in the Consolidated Statements of Financial Position at fair value and subsequently re-measured at their fair values at each reporting date.

The fair value of gold hedging instruments including forwards, put and call options is calculated by discounting the future value of the hedge contract at the appropriate prevailing quoted market rates at reporting date.

For the purposes of hedge accounting, where applicable, hedges are classified as either fair value hedges when they hedge the exposure to changes in the fair value of a recognized asset or liability; or cash flow hedges where they hedge exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a forecasted transaction. The method of recognizing the resulting gain or loss is dependent on the nature of the item being hedged.

At the inception of the transaction where hedge accounting applies, the Company documents the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as hedges to specific forecast gold sales.

Changes in the fair value of derivatives that are designated against future production qualify as cash flow hedges and, if highly effective, the gain or loss on the effective portion is recognized in accumulated other comprehensive income. The ineffective portion is recognized in the profit or loss within other income or other expenses. Amounts deferred in Accumulated Other Comprehensive Income are transferred to the income statement and classified as revenue in the same periods during which the hedged sales affect the profit or loss.

When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in Accumulated Other Comprehensive Income at that time would remain in Other Comprehensive Income and is recognized when the committed or forecast production is ultimately recognized in the income statement. However, if the committed or forecast production is no longer expected to occur, the cumulative gain or loss reported in Other Comprehensive Income is immediately transferred to the Consolidated Statements of Income.

When the hedged commitment results in the recognition of an asset or a liability, the associated gains or losses, previously recognized in Accumulated Other Comprehensive Income, are included in the initial measurement of the acquisition cost or other carrying amount of the asset or liability. Cash received or paid on the settlement or maturity of derivatives are recorded as operating cash flows.

The net gains and losses that relate to contracts not designated for hedge accounting purposes are recognized in the income statement.

***Inventories***

Ore stockpiles, in-circuit and finished metal inventory (gold and silver) are valued at the lower of weighted average production cost and net realizable value. Production costs include the cost of raw materials, direct labour, mine-site overhead expenses and applicable depreciation and depletion of mineral properties, plant and equipment. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future production costs to convert the inventories into saleable form and estimated costs to sell.

Ore stockpile inventory represents mined ore on the surface or underground that is available for further processing. In-circuit inventory represents material in the mill circuit that is in the process of being converted into

OceanaGold Corporation 15

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

a saleable form. Finished metal inventory represents gold and silver doré and concentrate located at the mine, in transit to customers and at refineries.

Materials and supplies inventories are valued at the lower of weighted average cost and net realizable value. Replacement costs of materials and spare parts are generally used as the best estimate of net realizable value.

Any write-downs of inventory to net realizable value are recorded within cost of sales in the statement of earnings (loss). If there is a subsequent increase in the value of inventory, the previous write-downs to net realizable value are reversed up to cost to the extent that the related inventory has not been sold.

***Property, plant and equipment***

Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the item. In the event that all or part of the purchase consideration is deferred, cost is determined by discounting the amounts payable in the future to their present value as at the date of acquisition.

Subsequent costs are included in the asset's carrying amount, or recognized as a separate asset as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance costs are charged to the profit or loss during the reporting period in which they are incurred.

Property, plant and equipment, except freehold land, are depreciated over their estimated useful lives on a straight line, reducing balance or units of production basis, as considered appropriate, commencing from the time the asset is held ready for use.

---

| | |
|:---|:---|
| Depreciation rates used are as follows: |  |
| Buildings | 2% - 10% per annum |
| Mining equipment (operating sites) | unit of production based on reserves |
| Property, plant and equipment (non-operating sites) | 10% - 33% per annum |
| Other plant and equipment | 7% - 48% per annum |

---

The asset's residual values, useful lives and amortization methods are reviewed and adjusted if appropriate, at each financial year end.

An item of property, plant and equipment is derecognized upon disposal or when no further economic benefits are expected from its use.

Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognized.

***Mining assets***

*Exploration and evaluation expenditure*

Exploration and evaluation expenditure is stated at cost and is accumulated in respect of each identifiable area of interest. Such costs are only carried forward to the extent that they are expected to be recovered through the successful development of the area of interest (or alternatively by its sale), or where activities in the area have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable resources, and where active work is continuing. Accumulated costs in relation to an abandoned area are expensed in profit or loss in the period in which the decision to abandon the area is made. At each period end, or when facts or circumstances indicate impairment, a review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

Once the technical feasibility, commercial viability and a development decision have been established, the value of the asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment. The exploration and evaluation asset is subject to an impairment test prior to reclassification in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources.

OceanaGold Corporation 16

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

*Mining properties under development*

Mining properties under development are accounted for at cost and are not amortized until production has commenced and include major expansion projects at operating mines. Cost includes expenditure that is directly attributable to the development of mining properties and preparing them for production. Mining properties under development also include some tangible assets which will be reclassified to property, plant and equipment upon completion of the construction project.

*Mining properties in production*

Mining properties in production (including exploration, evaluation and development expenditure) are accumulated and brought to account at cost less accumulated amortization in respect of each identifiable area of interest. Amortization of capitalized costs, including the estimated future capital costs over the life of the area of interest, is provided on the units of production basis, proportional to the depletion of the mineral resource of each area of interest expected to be ultimately economically recoverable.

***Deferred stripping***

In open pit mining operations, it is necessary to remove overburden and other waste materials to access ore from which minerals can be extracted economically. The process of removing overburden and waste materials is referred to as stripping. During the development of a mine (or pit), before production commences, stripping costs are capitalized as part of the investment in construction of the mine (or pit) and are subsequently amortized over the life of the mine (or pit) on a units of production basis.

Production stripping activity is disclosed within Mining Assets in production. In order for production phase stripping costs to qualify for capitalization as a stripping activity asset, three criteria must be met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It must be possible to identify the "component" of the ore body for which access has been improved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It must be possible to reliably measure the costs that relate to the stripping activity.

A "component" is a specific volume of the ore body that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life.

Components of an ore body are determined with reference to life of mine plans and take account of factors such as the geographical separation of mining locations and/or the economic status of mine development decisions. Capitalized stripping costs are initially measured at cost and represent an accumulation of costs directly incurred in performing the stripping activity that improves access to the identified component of the ore body, plus an allocation of directly attributable overhead costs.

Such deferred costs are then charged against the income statement on a systematic units of production basis over the expected useful life of an identified component of the ore body.

Changes to the life of mine plan, identified components of an ore body, stripping ratios, units of production and expected useful life are accounted for prospectively.

***Impairment***

The carrying amounts of non-current assets included in mineral properties, plant and equipment are reviewed for impairment whenever facts and circumstances suggest that the carrying amounts may not be recoverable. If there are indicators of impairment, the recoverable amount of the asset is estimated in order to determine the extent of any impairment. Where the asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash generating unit ("CGU") to which the asset belongs is determined. The recoverable amount of an asset or CGU is determined as the higher of its fair value less costs of disposal ("FVLCD") and its value in use. An impairment loss exists if the assets or CGU's carrying amount exceeds the recoverable amount and is recorded as an expense immediately.

Fair value is the price that would be received from selling an asset in an orderly transaction between market participants at the measurement date. For mining assets this would generally be determined based on the present value of the estimated future cash flows arising from the continued development, use or eventual disposal of the asset. Costs of disposal are incremental costs directly attributable to the disposal of an asset. Future cash flows are estimated using the following significant assumptions: mineral reserves and mineral resources, production profile, operating costs, capital costs, commodity prices, foreign exchange rates and discount rates. All inputs used are those that an independent market participant would consider appropriate. In addition, the Company may use other approaches in determining fair value which may include estimates related

OceanaGold Corporation 17

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

to the dollar value per unit of mineral reserve and mineral resource, cash-flow multiples, comparable transactions, and market capitalization of comparable assets.

Value in use is determined as the present value of the future cash flows expected to be derived from continuing use of an asset or cash generating unit in its present form. These estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash generating unit for which estimates of future cash flows have not been adjusted.

Impairment losses are evaluated for potential reversals when events or circumstances warrant such consideration. Where an impairment loss is subsequently reversed, the amount of such reversal is limited such that the revised carrying amount of the asset or cash-generating unit does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in the prior years. A reversal of an impairment loss is recognized into earnings immediately.

***Leases***

A lease is an agreement between two or more parties that creates enforceable rights and obligations, or part of a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. An arrangement will contain a lease if the arrangement includes an identified asset, those assets cannot be substituted by the supplier, the Company receives substantially all of the economic benefits from the use of the assets during the term of the arrangement and the Company has the right to direct the use of the asset. A lease is effectively an obligation to pay future rentals (a liability) and a right to use a leased asset for a period of time (a right of use ("ROU") asset).

For lessee accounting, leases are recognized in the Statements of Financial Position as a ROU asset with a corresponding lease liability representing all the future payments of the leases at the commencement date of the contract. The commencement date is the date on which a lessor makes an underlying asset available for use by a lessee. For leases with a lease term of 12 months or less and does not include an option to purchase the underlying asset or items of low value, of $5,000 or less when new, are recognized as an expense in the Consolidated Statements of Income on either a straight-line basis over the lease term or another systematic basis.

The ROU asset is initially measured at cost, which comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of the initial measurement of the lease liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any lease payments made at or before the commencement date, less any lease incentives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any initial direct costs incurred by the lessee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An estimate of costs to be incurred by the lessee in dismantling and removing the underlying assets or restoring the site on which the assets are located.

After the commencement date the ROU asset is measured at cost less any accumulated depreciation and any accumulated impairment losses and adjusted for any re-measurement of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at that date, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed payments, less any lease incentives receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amounts expected to be payable by the lessee under the residual value guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The exercise price of a purchase option of the lessee is reasonably certain to exercise that option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.

The lease payments exclude variable elements which are dependent on external factors. Variable lease payments not included in the initial measurement of the lease liability are recognized directly in the Consolidated Statements of Income.

The lease payments are discounted using the Company's incremental borrowing rate or the rate implicit in the lease contract. The lease term determined by the Company comprises non-cancellable period of lease contracts, periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.

OceanaGold Corporation 18

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

After the commencement date the Company measures the lease liability by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect lease payments made, and re-measuring the carrying amount to reflect any reassessment or lease modifications.

The ROU asset is depreciated over the life of the lease term (or the useful life of the underlying asset if ownership of the underlying asset transfers to the lessee by the end of the lease term, or if the cost of the ROU asset reflects that the lessee will exercise a purchase option, or if the useful life of the underlying asset is shorter than the lease term), while the interest expense relating to the lease liability is also recognized over the lease term.

The principal repayments of the lease liability is recognized as part of financing activities, while interest payments is deductions from operating activities in the Consolidated Statements of Cash Flows.

***Employee benefits***

*Wages, salaries and annual leave*

Liabilities for wages and salaries, including non-monetary benefits, and annual leave expected to be settled within 12 months of the reporting date are recognized in Employee Benefits in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

*Defined contribution pension funds*

Contributions to defined contribution funds are recognized as an expense in the Consolidated Statements of Income as they become payable.

***Provisions***

Provisions are recognized when the Company has a present obligation, it is probable that there will be a future sacrifice of economic benefits and a reliable estimate can be made of the amount of the obligation.

When the Company expects some or all of a provision to be recovered from a third party, the receivable is recognized as a separate asset but only when the reimbursement is virtually certain and it can be measured reliably. The expense relating to any provision is presented in the Consolidated Statements of Income net of any reimbursement.

Provisions are measured at the present value of Management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability (if not built into the estimated cash flows). The increase in the provision due to the passage of time is recognized as an interest expense.

***Asset retirement and environmental rehabilitation***

Asset retirement and environmental rehabilitation provisions include the dismantling and demolition of infrastructure and the removal of residual materials and remediation of disturbed areas. The provision is recognized in the accounting period when the obligation arising from the related disturbance occurs, whether this occurs during the mine development or during the production phase, based on the net present value of estimated future costs. The costs are estimated on the basis of a closure plan.

The amortization or 'unwinding' of the discount applied in establishing the net present value of provisions is accounted for in the Consolidated Statements of Income in each accounting period. The amortization of the discount is shown as an interest expense.

Other movements in the provisions for closure and restoration costs, including those resulting from new disturbance, updated cost estimates, changes to the lives of operations and revisions to discount rates are capitalized within property, plant and equipment or mining properties and development, to the extent that any such amount does not exceed the recoverable amount of the asset. Any amount in excess of the recoverable amount is recognized as a loss immediately and any remaining balance that relates to sites that are closed are expensed to profit and loss.

If an adjustment results in an addition to the costs of the related asset, consideration will be given to whether an indication of impairment exists and the impairment policy will apply. These costs are then depreciated over the life of the area of interest to which they relate.

OceanaGold Corporation 19

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

***Share capital***

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

***Revenue***

Revenue is recognized when control is passed to the customer, either over time or at a point in time, the amount of revenue can be reliably measured, it is probable that the economic benefits associated with the sale will flow to the Company and the costs incurred or to be incurred in respect of the sale can be reliably measured. Control is generally determined to be when risk and title to the goods passes to the customer.

Bullion revenue is recognized at a point in time upon transfer of control to the customer and is measured based on the price specified in the sales contract at the time of sale.

Concentrate revenue is recognized when control is transferred to the buyer and is measured based on the estimated fair value of the total consideration receivable and is net of deductions related to treatment and refining charges using forward market gold, copper and silver prices on the expected date that the final sales prices will be fixed based on an agreed quotational period. Variations to the sales price occur based on movements in quoted market prices up to the date of final settlement are classified as provisional price adjustments and recorded within revenue. Changes in the fair value over the quotational period and up until final settlement are calculated by reference to the forward market prices.

***Interest income***

Interest income is recognized on a time proportional basis using the effective interest rate method.

***Stock-based compensation***

The Company provides equity-settled and cash-settled awards to employees, directors and other designated persons of the Company.

Equity-settled awards are measured by reference to the fair value of the compensation at the date at which they are granted. The fair value of options or rights over shares issued is determined by using appropriate pricing model as per Note 13. In valuing equity-settled awards, no account is taken of any performance conditions, other than conditions linked to the price of the shares of OceanaGold Corporation ('market conditions').

The cost of equity-settled award is recognized, together with a corresponding increase in equity, over the period between the grant date and the date on which the relevant employees become fully entitled to the award ('vesting date').

The cumulative expense recognized for equity-settled awards at each reporting date until vesting date reflects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extent to which the vesting period has expired, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number of awards that, in the opinion of the directors of the Company, will ultimately vest.

No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date.

Cash-settled awards are measured at fair value initially using the market value of the underlying shares on the TSX on the grant date and the awards are required to be remeasured to fair value at each reporting date until settlement.

The cost is then recorded over the vesting period of the award. This expense, and any changes in the fair value of the award are recognized in the Consolidated Statements of Income with a corresponding increase or decrease in liability recorded until settlement.

***Borrowing costs***

Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial period of time to prepare for its intended use are capitalized as part of the cost of the asset. Capitalization of borrowing costs begins when there are borrowings, and activities commence to prepare an

OceanaGold Corporation 20

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

asset for its intended use. Capitalization of borrowing costs ends when substantially all activity necessary to prepare a qualifying asset for its intended use are complete. When proceeds of project-specific borrowings are invested on a temporary basis, borrowing costs are capitalized net of any investment income.

***Income tax***

Income tax comprises current and deferred income tax. Income tax is recognized as a component of net profit except to the extent that it relates to items recognized directly in equity or as a component of OCI.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted, at the end of the reporting period, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets and liabilities are measured on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the balance sheet date and which are expected to apply when the deferred tax assets are realized or the deferred tax liabilities are settled.

Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences and the carry forward of unused tax losses to the extent that it is probable that sufficient future taxable income, including income arising from reversing taxable temporary differences and tax planning opportunities, will be available against which those deductible temporary differences and the carry forward of unused tax losses can be utilized.

Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries except where the reversal of the temporary difference can be controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets are reviewed at the balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax assets to be recovered.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

***Earnings per share***

Basic earnings/loss per share is calculated by dividing the net profit/loss by the weighted average number of shares outstanding during the period. Diluted earnings/loss per share is calculated by dividing the net profit/loss by the weighted-average number of shares outstanding during the period, assuming that all potentially dilutive securities were exercised. The Company's potentially dilutive securities comprise stock based compensation granted to employees and directors.

**New IFRS accounting standards and pronouncements - adopted by the Company**

**Amendments to IAS 12: Income Taxes - International Tax Reform - Pillar Two Model Rules**

The International Accounting Standards Board issued amendments to IAS 12, Income Taxes, in response to the Organization for Economic Co-operation and Development's ("OECD") Pillar Two model tax rules. The amendments provide for a mandatory temporary exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The amendments also provide for separate disclosure of current tax related to Pillar Two income taxes, and in periods in which Pillar Two legislation is enacted or substantively enacted but not yet in effect, disclosure of known or reasonable estimable information that helps users of financial statements understand exposure to Pillar Two income taxes.

The Company has applied the mandatory temporary exception to recognizing and disclosing information relating to deferred taxes. Pillar Two legislation has been enacted or substantially enacted in certain jurisdictions in which

OceanaGold Corporation 21

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

the Company operates. The legislation is effective for the Company's financial year beginning January 1, 2024. The Company has assessed the potential exposure of Pillar Two legislation, and has not accrued any Pillar Two income taxes for the year ended December 31, 2024.

**Amendments to IAS 1: Non-current liabilities with covenants**

The amendments clarify that covenants of loan arrangements which an entity must comply with only after the reporting date would not affect classification of a liability as current or non-current at the reporting date. However, those covenants that an entity is required to comply with on or before the reporting date would affect classification as current or non-current, even if the covenant is only assessed after the entity's reporting date.

The amendments introduce additional disclosure requirements. When an entity classifies a liability arising from a loan arrangement as non-current and that liability is subject to the covenants which an entity is required to comply with within twelve months of the reporting date, the entity shall disclose information in the notes that enables users of financial statements to understand the risk that the liability could become repayable within twelve months of the reporting period, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the carrying amount of the liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;information about the covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;facts and circumstances, if any, that indicate the entity may have difficulty complying with the covenants. Such facts and circumstances could also include the fact that the entity would not have complied with the covenants based on its circumstances at the end of the reporting period.

The amendment is effective for annual reporting periods beginning on or after January 1, 2024. As at December 31, 2024, the Company was in full compliance with all covenant obligations under its revolving bank credit facility (Note 10).

**Amendments to IFRS 8: Operating Segments**

In July 2024, the IFRS IC published an agenda decision which discusses how an entity applies the requirements in paragraph 23 of IFRS 8: Operating Segments. The Company has considered this decision as part of the presentation at December 31, 2024 (Note 22).

**New IFRS accounting standards and pronouncements - not yet adopted**

**Amendments to IFRS 9: Financial Instruments and IFRS 7: Financial Instruments: Disclosures**

In May 2024, the IASB issued amendments to update classification and measurement requirements in IFRS 9: Financial Instruments, and related disclosure requirements in IFRS 7: Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

The amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company is currently assessing the effect of these amendments on our financial statements.

**IFRS 18: Presentation and Disclosure in Financial Statements**

In April 2024, the IASB issued IFRS 18: Presentation and Disclosure of Financial Statements ("IFRS 18"), which replaces IAS 1: Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management-defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are

OceanaGold Corporation 22

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements.

The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted. The Company is currently assessing the effect of this new standard to its financial statements but has not yet adopted.

**4&nbsp;&nbsp;&nbsp;&nbsp;CRITICAL ESTIMATES AND JUDGEMENTS**

***Areas of judgement***

*Mining asset impairment*

The future recoverability of mining assets (Note 8) including capitalized exploration and evaluation expenditure is dependent on a number of factors, including whether the Company decides and is permitted to exploit the related tenements itself or, if not, whether it successfully recovers the related mining assets through sale.

Factors that could impact the future recoverability include the level of reserves and resources, future technological changes which could impact the cost of mining, future legal changes (including changes to environmental restoration obligations), changes to commodity prices and foreign exchange rates, and renewal of contracts, licences and permits.

Exploration and evaluation expenditure (Note 8) is capitalized if activities in the area of interest have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. To the extent that capitalized exploration and evaluation expenditure is determined not to be recoverable in the future, the capitalized exploration and evaluation assets for that area of interest are written down to their recoverable amount in the period in which this determination is made.

*Deferred stripping*

The Company defers mining costs incurred during the production stage of its operations, which are calculated in accordance with accounting policy Note 3 - Deferred stripping. Changes in an individual mine's design will result in changes to the life of component ratios of production. Changes in other technical or economic parameters that impact reserves will also have an impact on the life of component production and cost profile even if they do not affect the mine design. Changes to deferred mining resulting from change in life of component ratios are accounted for prospectively.

*Uncertain tax positions*

The Company's accounting policy for taxation requires Management's judgement in relation to the application of income tax legislation. There may be some transactions and calculations undertaken during the ordinary course of business where the ultimate tax determination is uncertain. The Company recognizes liabilities for tax, and if appropriate, taxation investigation or audit issues, based on whether tax is probable to be due and payable, including consideration of if there is further recourse to appeals. Where the taxation outcome of such matters is different from the amount initially recorded, such difference will impact the current and deferred tax positions in the period in which the assessment is made.

In addition, certain deferred tax assets for deductible temporary differences and carried forward taxation losses have been recognized. In recognizing deferred tax assets, assumptions have been made regarding the Company's ability to generate future taxable profits from current operations after reaching commercial production and successful development of certain identified exploration targets where there are higher degrees of confidence in the economic extraction of minerals.

Utilization of the tax losses also depends on the ability of the entity to satisfy certain tests such as substantial change of control tests at the time the losses are recouped. If the entities fail to satisfy the tests, the carried forward losses that are currently recognized as deferred tax assets would have to be written off to income tax expense. There is an inherent risk and uncertainty in applying this judgement and a possibility that changes in legislation or corporate merger and acquisition activity will impact upon the carrying amount of deferred tax assets and deferred tax liabilities recognized on the Consolidated Statements of Financial Position. Deferred taxes are disclosed within Note 20 to the financial statements.

Moreover, in certain jurisdictions, tax losses may be restricted and only available to offset future profits generated from the same mining permit area over a defined period. In this case, the recovery of the losses depends on the successful exploitation of the relevant project. Restricted losses could be forfeited if the project did not proceed. Disclosure of taxation is included in Note 20.

OceanaGold Corporation 23

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

*Non-controlling interest*

A third party has a contractual right to an 8% interest in the common share capital of OceanaGold Philippines, Inc. ("OGP"), the operating entity of the Didipio mine in the Philippines. The interest has similar voting and dividend rights to the remaining majority only once allocated to a court designated beneficiary. A subsidiary of the Company is currently involved in arbitration proceedings with the third party over certain payment claims.

At the same time, the third party is also involved in a legal dispute with another party over the ownership of the 8% interest. At December 31, 2024 no equity has been issued due to the various uncertainties and no non-controlling interest has been recognized. A non-controlling interest will be recognized once an obligation is determined to exist, and shares are issued. This requirement has not yet been satisfied due to, amongst other matters, a court restriction resulting from the litigation challenging the claim of this third party from a party not related to the Company.

***Areas of estimation uncertainty***

*Impairment of assets*

The Company assesses each CGU at period end, to determine whether there are any indications of impairment or reversal of impairment. Where an indicator of impairment or reversal exists, a formal estimate of the recoverable amount is made. Recoverable amount is the higher of the fair value less cost of disposal and value in use calculated in accordance with accounting policy. These assessments require the use of estimates and assumptions such as commodity prices (gold, copper and silver), discount rates, exchange rates (New Zealand dollar and Philippines Peso to the US Dollar), sustaining capital requirements, operating performance (including the magnitude and timing of related cash flows, production levels and grade of ore being processed), future operating development from certain identified development or exploration targets where there is high degree of confidence in the economic extraction of minerals and conversion of resources (measured and indicated and inferred) and their estimated fair value, including those factors that could be impacted by the Company's current and emerging principal risks such as climate change.

The recoverable amount of exploration assets is dependent on various factors including technical studies, further exploration, and the eventual grant of mining permits. Should these be unsuccessful, the exploration assets could be impaired.

The Company has four CGUs, Macraes and Waihi in New Zealand, Didipio in the Philippines and Haile in the United States of America.

*Net realizable value of inventories*

The Company reviews the carrying value of its inventories (Note 6) at each reporting date to ensure that the cost does not exceed net realizable value. Estimates of net realizable value include a number of assumptions and estimates, including the grade and quantity of ore, commodity price forecasts, foreign exchange rates and costs to process inventories to a saleable product.

*Asset retirement obligations*

Decommissioning and restoration costs are a normal consequence of mining activities, and the majority of this expenditure is incurred at the end of a mine's life. In determining an appropriate level of provision, consideration is given to the expected future costs to be incurred in respect of nature of planned rehabilitation work and the timing of these expected future costs (largely dependent on the life of the mine).

The ultimate cost of decommissioning and restoration is uncertain and costs can vary in response to many factors including changes to the relevant legal requirements, the emergence of new restoration techniques, experience at other mine sites, cost inflation above or below expectations, changes in the timing of cash flows which are based on life of mine plans and changes in discount rates. The expected timing of expenditure can also change, for example in response to changes in reserves or to production rates.

Changes to any of the estimates could result in significant changes to the level of provisioning required, which would in turn impact future financial results. These estimates are reviewed annually and adjusted where necessary to ensure that the most up to date data is used. The carrying value of the asset retirement obligation liability has been disclosed in Note 11 to the financial statements.

*Climate change*

The Company has exposure to climate change transition, physical, legal and social-license related risks. These impacts and current climate-related legislation on the financial statements involves significant judgement and key estimates.

OceanaGold Corporation 24

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

OceanaGold considers the International Sustainability Standards Board ("ISSB") IFRS S2 Climate-related Disclosures (which has replaced the Task Force on Climate-Related Financial Disclosures ("TCFD")) when disclosing matters related to climate change. In 2024, the Company undertook group level climate scenario analysis and transition risk assessment and physical risk scan that will inform a more detailed risk assessment.

**5&nbsp;&nbsp;&nbsp;&nbsp;TRADE AND OTHER RECEIVABLES**

---

| | | |
|:---|:---|:---|
| | **December 31** <br>**2024** | **December 31**<br>**2023** |
| Trade receivables | $5.2  | $37.0  |
| Other receivables | 52.6  | 55.8  |
| **Total trade and other receivables** | $**57.8**  | $**92.8**  |
| Current | $13.7  | $44.2  |
| Non-Current | $44.1  | $48.6  |

---

As at December 31, 2024, the Company has recognized $16.6 million of input tax credits (December 31, 2023: $25.8 million) in Other Receivables related to the Philippines, which are recoverable under the Financial or Technical Assistance Agreement ("FTAA") governing the Didipio mine. The application for recovery of these input tax credits are at various stages, with the timing of final resolution uncertain and as such they are classified as non-current. The Company believes that the amounts receivable at December 31, 2024 will be collected in full.

In 2023, the Company recorded a $38.3 million (2024: Nil) write-down of indirect tax receivables in the Philippines as the Company elected to discontinue legal proceedings aimed at recovering amounts owed. Were these taxes recovered, it would have resulted in a cash refund to the Company and an associated credit to the Additional Government Share, no net cash flow impact to the Company.

The remainder of Other Receivables relate to various indirect tax receivables and deposits at banks in support of environmental bonds (Note 28).

**6&nbsp;&nbsp;&nbsp;&nbsp;INVENTORIES**

---

| | | |
|:---|:---|:---|
| | **December 31**<br>**2024** | **December 31**<br>**2023** |
| Ore | $219.1  | $238.6  |
| Gold in circuit | 27.9  | 32.1  |
| Gold on hand | 1.5  | 2.4  |
| Gold and copper concentrate | 16.0  | 4.7  |
| Maintenance stores | 86.0  | 94.2  |
| **Total inventories** | $**350.5**  | $**372.0**  |
| Current | $239.5  | $205.3  |
| Non-Current | $111.0  | $166.7  |

---

There was $8.3 million of obsolete stores inventory written down in cost of sales during the year ended December 31, 2024 (2023: Nil).

OceanaGold Corporation 25

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**7&nbsp;&nbsp;&nbsp;&nbsp;PROPERTY, PLANT AND EQUIPMENT**

The following tables summarize the net book value of property, plant and equipment as at December 31, 2024 and 2023 and the changes during the years then ended:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Land** | &nbsp;&nbsp;&nbsp;**Buildings** | **Plant and equipment** | **Total** |
| **Net book value** | | | | |
| **At January 1, 2024** | $**59.9**  | $**55.1**  | $**685.5**  | $**800.5**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | –  | 1.7  | 60.6  | 62.3  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in rehabilitation provision | –  | –  | (2.2) | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers | 1.7  | 6.8  | 2.6  | 11.1  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals/write-off | (0.5) | (0.3) | (0.6) | (1.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation charge | –  | (6.3) | (104.8) | (111.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange movements | (4.0) | (1.1) | (12.3) | (17.4) |
| **As at December 31, 2024** | $**57.1**  | $**55.9**  | $**628.8**  | $**741.8**  |
| Cost or fair value | $57.1  | $112.9  | $1642.3  | $1812.3  |
| Accumulated depreciation and impairment | –  | (57.0) | (1013.5) | (1070.5) |
| **As at December 31, 2024** | $**57.1**  | $**55.9**  | $**628.8**  | $**741.8**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Land** | &nbsp;&nbsp;&nbsp;**Buildings** | **Plant and equipment** | **Total** |
| **Net book value** | | | | |
| **At January 1, 2023** | $**59.6**  | $**57.9**  | $**655.3**  | $**772.8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 0.4  | 0.5  | 73.3  | 74.2  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in rehabilitation provision | –  | –  | 43.0  | 43.0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers | –  | 2.4  | 26.5  | 28.9  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals/write-off | –  | –  | (9.9) | (9.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation charge | –  | (5.6) | (102.5) | (108.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange movements | (0.1) | (0.1) | (0.2) | (0.4) |
| **As at December 31, 2023** | $**59.9**  | $**55.1**  | $**685.5**  | $**800.5**  |
| Cost or fair value | $59.9  | $107.3  | $1687.3  | $1854.5  |
| Accumulated depreciation and impairment | –  | (52.2) | (1001.8) | (1054.0) |
| **As at December 31, 2023** | $**59.9**  | $**55.1**  | $**685.5**  | $**800.5**  |

---

**Right-of-use assets**

The following tables summarize the net book value of right-of-use assets as at December 31, 2024 and 2023, which are included in Plant and equipment, and the changes during the years then ended:

---

| | | | |
|:---|:---|:---|:---|
| | | **Machinery and** | **Total** |
| | &nbsp;&nbsp;&nbsp;**Properties** | &nbsp;&nbsp;&nbsp;**equipment** | **Total** |
| **Net book value** | | | |
| **At January 1, 2024** | $**2.9**  | $**86.8**  | $**89.7**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 0.2  | 12.0  | 12.2  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | (0.7) | (26.0) | (26.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers | –  | (5.5) | (5.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals/write-off | –  | (0.4) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange movements | (0.2) | (3.2) | (3.4) |
| **At December 31, 2024** | $**2.2**  | $**63.7**  | $**65.9**  |

---

OceanaGold Corporation 26

------

**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Machinery and** | |
| | **Properties** | **equipment** | **Total** |
| **Net book value** | | | |
| **At January 1, 2023** | $**0.9**  | $**94.4**  | $**95.3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 2.6  | 19.4  | 22.0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | (0.7) | (27.8) | (28.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers | –  | 1.6  | 1.6  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals/write-off | –  | (0.7) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange movements | 0.1  | (0.1) | –  |
| **At December 31, 2023** | $**2.9**  | $**86.8**  | $**89.7**  |

---

All machinery and equipment right-of-use assets are pledged as security for lease liabilities (Note 11).

**8&nbsp;&nbsp;&nbsp;&nbsp;MINING ASSETS**

The following tables summarize the net book value of mining assets as at December 31, 2024 and 2023 and the changes during the years then ended:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Exploration**<br>**and evaluation phase** | **Development phase** | **In production phase** | **Total** |
| **Net book value** | | | | |
| **At January 1, 2024** | $**91.3**  | $**207.4**  | $**757.4**  | $**1056.1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 15.4  | 147.8  | 173.7  | 336.9  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers | (2.6) | (154.7) | 146.2  | (11.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals | (8.8) | (3.3) | –  | (12.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization for the period | –  | –  | (231.4) | (231.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange movements | (7.2) | (6.1) | (37.2) | (50.5) |
| **At December 31, 2024** | $**88.1**  | $**191.1**  | $**808.7**  | $**1087.9**  |
| **At December 31, 2024:** |  |  |  |  |
| Cost or fair value | $88.1  | $191.1  | $2608.7  | $2887.9  |
| Accumulated amortization and impairment | –  | –  | (1800.0) | (1800.0) |
|  | $**88.1**  | $**191.1**  | $**808.7**  | $**1087.9**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Exploration**<br>**and evaluation phase** | **Development phase** | **In production phase** | **Total** |
| **Net book value** | | | | |
| **At January 1, 2023** | $**107.4**  | $**173.8**  | $**606.8**  | $**888.0**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 12.0  | 123.5  | 215.0  | 350.5  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers | (27.0) | (90.2) | 88.3  | (28.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization for the period | –  | –  | (152.8) | (152.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange movements | (1.1) | 0.3  | 0.1  | (0.7) |
| **At December 31, 2023** | $**91.3**  | $**207.4**  | $**757.4**  | $**1056.1**  |
| **At December 31, 2023:** |  |  |  |  |
| Cost or fair value | $91.3  | $207.4  | $2326.0  | $2624.7  |
| Accumulated amortization and impairment | –  | –  | (1568.6) | (1568.6) |
|  | $**91.3**  | $**207.4**  | $**757.4**  | $**1056.1**  |

---

OceanaGold Corporation 27

------

**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

The mining assets under development mainly included the underground operations and development projects at Didipio Mine in the Philippines, the Waihi North Project in New Zealand and the underground surface work, water treatment expansion, potentially acid generating waste storage development and the tailings facility lift construction at the Haile Gold Mine in the United States.

**9&nbsp;&nbsp;&nbsp;&nbsp;LEASE LIABILITIES**

Lease liabilities are measured at the present value of the fixed and variable lease payments, net of cash lease incentives, that are not paid at December 31, 2024 and 2023. Lease payments are apportioned between the finance charges and reduction of the lease liability using the incremental borrowing rate implicit in the lease where available or the Company's incremental borrowing rate to achieve a constant rate of interest on the remaining balance of the liability.

The Company has provided guarantees for certain mobile mining equipment leases entered into by the controlled entities. At December 31, 2024, the outstanding rental obligations (including finance charges) under these leases (which excluded any non-mobile mining equipment leases) amounted to $58.1 million (December 31, 2023: $83.0 million). Associated with these guarantees are certain financial compliance undertakings by the Company, including gearing covenants. The Company is in full compliance with these covenants as at December 31, 2024.

During the year ended December 31, 2024, the Company made principal lease liabilities payments of $31.4 million (2023: $27.3 million) and interest payments of $6.3 million (2023: $5.5 million).

**10&nbsp;&nbsp;&nbsp;&nbsp;DEBT**

---

| | | |
|:---|:---|:---|
| | **December 31 2024** | **December 31 2023** |
| Revolving bank credit facility |  | 135.0  |
| Fleet facility | 2.8 | 4.4 |
| Unamortized transaction costs | (1.2) | (1.2) |
| **Total interest-bearing loans and borrowings** | $**1.6**  | $**138.2**  |
| Current | $1.6  | $1.6  |
| Non-current | $—  | $136.6  |

---

*Revolving bank credit facility*

The Company has a revolving bank credit facility (the "Facility") with seven international banks providing $200.0 million committed plus a $50.0 million uncommitted accordion. The Facility, entered into in December 2023 with a term of 4 years, is secured against present and future assets, property and undertakings and matures on December 31, 2027.

During the year ended December 31, 2024, the Company repaid all amounts drawn under the Facility. In early 2024, the Company drew $50.0 million in order to cover short-term cash requirements and then subsequently repaid $185.0 million, representing all amounts previously outstanding, from proceeds from the operating cash flows, the sale of the Blackwater project (Note 18) and OGP public offering (Note 14), resulting in a total amount drawn under the Facility as at December 31, 2024 of nil (December 31, 2023: $135.0 million).

As at December 31, 2024, the Company was in full compliance with all covenant obligations and has $200.0 million (December 31, 2023: $65.0 million) available to the Company under the Facility.

*Fleet facility*

In 2020, the Company entered into a $10.0 million fleet facility arrangement for mining equipment financing, of which $9.7 million was drawn. At December 31, 2024, there was $2.8 million (December 31, 2023: $4.4 million) drawn which will be fully repaid in 2025. There are no additional amounts available under the fleet facility.

*Unamortized transaction costs*

The Company has $1.2 million (December 31, 2023: $1.2 million) in capitalized costs related to the upfront fees and other costs associated with refinancing the Facility that are being amortized over the term of the Facility.

OceanaGold Corporation 28

------

**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**Finance costs**

Interest expense and finance costs related to the debt for the year ended December 31, 2024 was $10.7 million (2023: $11.1 million).

**Assets pledged**

As security for the Company's banking facilities, the lenders have been granted real property mortgages over titles relevant to the mines in the New Zealand and United States of America (Note 22 total segment assets). They also have the ability to enter into real property and mortgages in respect of the Didipio mine, and be assigned the FTAA, subject to the requirements of applicable laws. Furthermore, certain subsidiaries of the Company have granted security in favour of the bank group over their assets which include shares that they own in various other subsidiaries of the Company.

**11&nbsp;&nbsp;&nbsp;&nbsp;ASSET RETIREMENT OBLIGATIONS**

The following tables summarize the Company's asset retirement obligations as at December 31, 2024 and 2023 and the changes during the years then ended:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| **At January 1** | $**174.3**  | $**130.9**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimates | 0.4  | 47.8  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion | 2.9  | 0.2  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilized | (3.3) | (4.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange adjustment | (8.2) | (0.3) |
| **At December 31** | $**166.1**  | $**174.3**  |
| Current | $2.9  | $4.0  |
| Non-current | $163.2  | $170.3  |

---

A provision for rehabilitation is recorded in relation to the gold/copper mining operations for the rehabilitation of the disturbed mining area to a state acceptable to various regulatory authorities. While rehabilitation is ongoing, final rehabilitation of the disturbed mining area is not expected until the cessation of mining for each of Haile, Didipio, Macraes and Waihi. Rehabilitation provisions are based on rehabilitation plans estimated on survey data, expected labour rates and the timing of the current mining schedule. Provisions are discounted using a risk-free rate, with the cash flows adjusted for risks.

Asset retirement obligations are initially recorded as a liability at present value of estimated future costs, using risk free discount rates of between 2.15% and 6.00% (2023: 1.90% to 5.90%). The liability for retirement and remediation on an undiscounted basis is estimated to be approximately $234.4 million (2023: $230.0 million).

**12&nbsp;&nbsp;&nbsp;&nbsp;SHARE CAPITAL**

**Authorized capital**

The Company is authorized to issue an unlimited number of common shares with no par value.

**Dividends**

During the year ended December 31, 2024, the Company declared and paid two dividends of $0.01 per common share totaling $14.1 million to equity holders of the Company (2023: declared and paid two dividends of $0.01 per common share totaling $14.3 million).

**Purchase of own shares**

In July 2024, the Company received approval from the TSX to buyback up to 35.5 million common shares, pursuant to a Normal Course Issuer Bid ("NCIB") in the open market through the facilities of the TSX or alternative Canadian trading systems over the next 12 months. During the year ended December 31, 2024, the Company repurchased and cancelled 8,768,741 common shares for consideration of $24.1 million.

OceanaGold Corporation 29

------

**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**13&nbsp;&nbsp;&nbsp;&nbsp;STOCK-BASED COMPENSATION**

**Performance share rights plan**

The following table summarizes the outstanding rights granted under the performance share rights plan as at December 31, 2024 and December 31, 2023 and the changes during the years then ended:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| | **Units** | **Units** |
| **At January 1** | **16923449** | **14118205** |
| Granted | 8112525 | 7705663 |
| Forfeited | (2062396) | (803603) |
| Exercised | (5875252) | (4096816) |
| **At December 31** | **17098326** | **16923449** |
| **Exercisable at year end** | **–** | **–** |

---

The performance share rights outstanding at December 31, 2024 had a weighted average remaining life of 1.5 years with no exercise price.

Performance share rights granted to designated participants may from time to time vest when the Company meets target milestones for the applicable performance period, in accordance with the vesting schedule established at the time of grant by the Board. There are two components to each performance share right: a performance condition based on the Company's performance relative to peers ("TSR") and a service condition. The performance condition weighting varies according to the designated participants' job levels with vesting up to 200% of target for Executives. Upon vesting, the performance share rights are payable partly in shares and partly in cash in accordance with the plan. The Board has further discretion should they choose to exercise it.

In 2024, the 2021 performance rights vested at 150%. Settlement was partly in shares and partly in cash.

As a result of cash settlements, the Company has established an intention to settle the performance rights partly in cash. Accordingly, the Company has reclassified $8.6 million related to the cash portion of its outstanding unvested performance rights as financial liabilities in Employee Benefits from Contributed Surplus during the year ended December 31, 2024. The reclassified rights were revalued and an additional expense of $7.8 million was recognized in addition to the ongoing vesting charge of $0.5 million. At December 31, 2024, the fair value of the units and corresponding liability was $17.0 million (December 31, 2023: Nil).

Rights granted were priced using Monte Carlo simulation (using the Black-Scholes framework) to model the Company's future price and TSR performance against the comparator group at vesting date. Monte Carlo simulation is a procedure for randomly sampling changes in market variables in order to value derivatives. This simulation models the TSR of the comparator group jointly by taking into account the historical correlation of the returns of securities in the comparator group. At December 31, 2024, the fair value of the cash portion of the unvested rights was calculated based on the closing TSR rank and share price of the Company.

The following are the weighted average assumptions used in determining the fair value of the performance share rights granted for the year ended December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Dividend Yield** | **Expected**<br>**Volatility** | **Risk-Free**<br>**Interest Rate** | **Expected Life of Option (years)** | **Exercise Price**<br>**(CAD)** | **Share Price at Grant Date (CAD)** | **Weighted Average Fair Value (CAD)** |
| —% | 49.99% | 3.87% | 3 | $0.00 | $2.78 | $2.22/ $4.17 |

---

OceanaGold Corporation 30

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**Deferred Unit Plan ("DUP")**

The following table summarizes the outstanding deferred units granted under the deferred unit plan as at December 31, 2024 and December 31, 2023 and the changes during the years then ended:

---

| | | |
|:---|:---|:---|
| | **2024**<br>**Units** | **2023**<br>**Units** |
| **At January 1** | 1063093 | 758686 |
| Granted | 240034 | 304407 |
| Exercised | (205822) | – |
| **At year end** | **1097305** | **1063093** |
| **Exercisable at year end** | **–** | **–** |

---

The fair value of the units granted under the DUP is calculated as the estimated future cash flow and it is remeasured at each reporting date and at the date of settlement. Any changes in fair value are recognized in the Consolidated Statements of Income with a corresponding increase or decrease in liability. At December 31, 2024, the fair value of the units and corresponding liability was $3.0 million (December 31, 2023: $2.0 million) at a share price of $2.77 (CAD$3.98).

**14&nbsp;&nbsp;&nbsp;&nbsp;NON-CONTROLLING INTEREST**

On May 13, 2024, OGP, a wholly owned subsidiary of the Company, completed a secondary offering and public listing (the "Offering") of 20% of the outstanding common shares of OGP on the Philippines Stock Exchange ("PSE") for net proceeds of $95.1 million (gross proceeds of $106.0 million less listing costs of $10.9 million). OGP holds the Company's interest in the Didipio Mine and, pursuant to the terms of the renewed FTAA, was required to list at least 10% of its common shares on the PSE.

Immediately prior to the Offering, the carrying amount of the net assets of OGP was $556.1 million, resulting in the recognition of a non-controlling interest ("NCI") of $111.2 million and offsetting decrease in the equity attributable to the shareholders of the Company. For the period from May 13, 2024 to December 31, 2024, there was $4.6 million of income and $9.3 million of dividends paid attributed to the NCI resulting in a closing NCI balance of $106.5 million at December 31, 2024.

The following is the summarized financial information of OGP as at and for the year ended December 31, 2024:

---

| | |
|:---|:---|
| Current assets | $127.5  |
| Non-current assets | 541.4  |
| **Total assets** | **668.9**  |
| Current liabilities | 126.9  |
| Non-current liabilities | 9.4  |
| **Total liabilities** | **136.3**  |
| **Net assets** | $**532.6**  |
| Equity attributable to owners of the Company | $426.1  |
| Non-controlling interest | $106.5  |
| Non-controlling interest % | 20% |
| Revenue | $342.9  |
| Expenses | (300.7) |
| **Net profit** | $**42.2**  |
| Profit attributable to shareholders of the Company | $37.6  |
| Profit attributable to non-controlling interests | $4.6  |
| **Total net profit** | $**42.2**  |

---

OceanaGold Corporation 31

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**15&nbsp;&nbsp;&nbsp;&nbsp;REVENUE**

---

| | | |
|:---|:---|:---|
| | **2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| Gold bullion | $1005.2  | $742.0  |
| Gold in concentrate<sup>1</sup> | 181.5  | 172.7  |
| Copper in concentrate<sup>1</sup> | 107.8  | 117.9  |
| Silver | 12.9  | 12.0  |
|  | 1307.4  | 1044.6  |
| Less: Concentrate treatment, refining and selling costs | (13.4) | (18.3) |
| **Total Revenue** | $**1294.0**  | $**1026.3**  |

---

1. All concentrate sales are generated by the Didipio mine.

**16&nbsp;&nbsp;&nbsp;&nbsp;COST OF SALES**

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Materials and consumables costs | $274.2  | $251.7  |
| Employee benefits expenses | 216.7  | 174.6  |
| Other costs | 109.6  | 72.5  |
| **Total cost of sales, excluding depreciation and amortization** | $**600.5**  | $**498.8**  |

---

**17&nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL GOVERNMENT SHARE AT DIDIPIO**

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Gross mining revenue | $338.6  | $365.9  |
| Less: Allowable deductions | (206.7) | (177.0) |
| Less: Amortization deduction | (13.0) | (13.0) |
| **Net Revenue per the FTAA** | $**118.9**  | $175.9  |
| Entitlement share | 60% | 60% |
| **Total Government Share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(60% of Net Revenue per the FTAA)** | $**71.3**  | $105.5  |
| Deduct: Free-carried interest | (6.1) | (0.2) |
| Deduct: Production taxes | (29.4) | (43.7) |
| Deduct: Income tax | (27.7) | (10.6) |
| Carried forward balance utilization (deduction) | —  | (30.7) |
| **Additional Government Share** | $**8.1**  | $**20.3**  |

---

Under the FTAA, "Net Revenue" is the gross mining revenues derived from operations, less allowable deductions and an amortization deduction.

Allowable Deductions under the FTAA include expenses attributed to exploration, development and production which includes, expenses relating to mining, processing, exploration, capitalised pre-stripping, royalties, rehabilitation, marketing, administration, community and social development, depreciation and amortization and interest charged on borrowings.

All taxes and fees paid to the Philippines Government, including corporate income tax and indirect taxes such as excise, local business, property and withholding taxes as well as amounts accrued under the free-carried interest, are deducted from the Government's 60% share of Net Revenue to arrive at any Additional Government Share payable.

The Additional Government Share accrued of $8.1 million for the year ended December 31, 2024 is payable within four months of year end. Accordingly, the liability has been classified as current within trade and other payables. The Company made its first Additional Government Share payment of $20.3 million in April 2024.

OceanaGold Corporation 32

------

**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**18&nbsp;&nbsp;&nbsp;&nbsp;BLACKWATER PROJECT SALE**

On June 24, 2024, OceanaGold completed the sale of the Company's interest in the Blackwater project in New Zealand, for cash consideration of $30.0 million. As a result of the sale, a pre-tax $17.6 million gain was recognized during the year ended December 31, 2024.

**19&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER SHARE**

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| **Net profit attributable to shareholders of the Company** | $**187.4**  | $**83.1**  |
| **Basic weighted average number of shares (in millions)** | 708.8  | 706.8  |
| Effect of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;Performance share rights | 16.0  | 15.8  |
| **Diluted weighted average number of shares (in millions)** | **724.8**  | **722.6**  |
| **Earnings per share attributable to shareholders of the Company:** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.26  | $0.12  |
| &nbsp;&nbsp;&nbsp;Diluted | $0.26  | $0.12  |

---

**20&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAXES**

Income tax recognized in net profit is comprised of the following:

---

| | | |
|:---|:---|:---|
| | **2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| Current income tax expense | $41.0  | $38.9  |
| Deferred income tax expense (recovery) | 14.4  | (3.6) |
| **Income tax expense recognized in net profit** | $**55.4**  | $**35.3**  |

---

The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated profit before income taxes due to the following:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Profit before income tax | $247.4  | $118.4  |
| Statutory tax rate of 27% (2023: 27%) | 27% | 27% |
| Expected income tax expense | $66.8  | $32.0  |
| Differences in tax rates in foreign jurisdictions | (4.4) | 1.4  |
| (Utilization) accumulation of tax losses/temporary differences not recognized | 11.4  | (4.0) |
| Expenditure not allowed for income tax purposes | 12.0  | 8.4  |
| Other deductible for income tax purposes | (19.1) | (3.9) |
| Adjustments in respect of income tax of previous years | (11.3) | 1.4  |
| **Income tax expense recognized in net profit** | $**55.4**  | $**35.3**  |

---

OceanaGold Corporation 33

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

The recognized deferred income tax assets and liabilities are offset on the balance sheet and are comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended December 31, 2024** | **Opening Balance** | **Recovery (Expense) Recognized in Net Profit** | **Recovery (Expense) Recognized in OCI** | **Closing**<br>**Balance** |
| **Deferred tax assets** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses available for offset against future taxable income | $65.3 | $(17.3) | $(0.8) | $47.2 |
| &nbsp;&nbsp;&nbsp;Provisions and accrued expenses | 44.6 | 9.6 | (3.2) | 51.0 |
| &nbsp;&nbsp;&nbsp;Mineral assets and property, plant and equipment | – | 0.5 | – | 0.5 |
| Gross deferred tax assets | 109.9 | (7.2) | (4.0) | 98.7 |
| &nbsp;&nbsp;&nbsp;Set-off of deferred tax liabilities | (61.0) | 1.3  | –  | (59.7) |
| **Net deferred tax assets** | $**48.9**  | $**(5.9)** | $**(4.0)** | $**39.0**  |
| **Deferred tax liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral assets and property, plant and equipment | $(84.2) | $(16.5) | $7.7  | $(93.0) |
| &nbsp;&nbsp;&nbsp;Inventories | (9.7) | 9.3  | 0.1  | (0.3) |
| Gross deferred tax liabilities | (93.9) | (7.2) | 7.8  | (93.3) |
| &nbsp;&nbsp;&nbsp;Set-off of deferred tax assets | 61.0  | (1.3) | –  | 59.7  |
| **Net deferred tax liabilities** | $**(32.9)** | $**(8.5)** | $**7.8**  | $**(33.6)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended December 31, 2023** | **Opening Balance** | **Recovery (Expense) Recognized in Net Profit** | **Recovery (Expense) Recognized in OCI** | **Closing**<br>**Balance** |
| **Deferred tax assets** | | | | |
| &nbsp;&nbsp;&nbsp;Losses available for offset against future taxable income | $69.7 | $(4.4) | $– | $65.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions and accrued expenses | 27.6 | 17.0 | – | 44.6 |
| &nbsp;&nbsp;&nbsp;Mineral assets and property, plant and equipment | 14.7 | (14.7) | – | – |
| Gross deferred tax assets | 112.0  | (2.1) | –  | 109.9  |
| &nbsp;&nbsp;&nbsp;Set-off of deferred tax liabilities | (64.6) | 3.6  |  | (61.0) |
| **Net deferred tax assets** | $**47.4**  | $**1.5**  | $**–**  | $**48.9**  |
| **Deferred tax liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral assets and property, plant and equipment | (95.6) | 14.3  | (2.9) | (84.2) |
| &nbsp;&nbsp;&nbsp;Inventories | (1.1) | (8.6) | –  | (9.7) |
| Gross deferred tax liabilities | (96.7) | 5.7  | (2.9) | (93.9) |
| &nbsp;&nbsp;&nbsp;Set-off of deferred tax assets | 64.6  | (3.6) | –  | 61.0  |
| **Net deferred tax liabilities** | $**(32.1)** | $**2.1**  | $**(2.9)** | $**(32.9)** |

---

The Company had deductible temporary differences for which deferred tax assets have not been recognized because it is not probable that future taxable profits will be available against which the Company can utilize the benefits. The deductible temporary differences for which no deferred tax assets have been recognized are as follows:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Losses available for offset against future taxable income1 | $86.1  | $68.4  |
| Provisions and accrued expenses | 117.9  | 103.5  |
| Mineral assets and property, plant and equipment | 27.1  | 39.1  |
| **Total** | $**231.1**  | $**211.0**  |

---

1. Deferred tax assets comprised of capital and non-capital losses relate to Canada, Australia, and Singapore.

OceanaGold Corporation 34

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

At December 31, 2024, the Company has the following available tax losses which may be carried forward to reduce taxable income in future years, including both losses for which deferred tax assets are recognized and losses for which deferred income tax assets are not recognized. If not utilized, the tax losses will expire in the periods listed in the table below.

---

| | |
|:---|:---|
| | **2024** |
| Canada (expire between 2035 and 2044, and indefinite) | $50.0  |
| United States (expire between 2032 and 2035, and indefinite) | 165.2  |
| United States - South Carolina (expire between 2032 and 2035, and indefinite) | 127.7  |
| Australia (no expiration) | 36.0  |
| New Zealand (no expiration) | 21.9  |
| Singapore (no expiration) | 0.1  |
| **Total** | $**400.9**  |

---

The income tax paid for the year ended December 31, 2024 was $34.1 million (2023: $9.6 million).

**21&nbsp;&nbsp;&nbsp;&nbsp;SUPPLEMENTARY CASH FLOW INFORMATION**

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Changes in working capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in trade and other receivables | $32.4  | $(26.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in inventories | 9.7  | (16.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in trade and other payables | (0.9) | 25.4  |
| &nbsp;&nbsp;&nbsp;Decrease in other working capital<sup>1</sup> | (45.6) | (1.2) |
| **Changes in working capital** | $**(4.4)** | $**(18.4)** |
| **Other significant cash transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash taxes paid | $(34.1) | $(9.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash interest paid | $(16.4) | $(20.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash interest received | $3.1  | $1.6  |

---

1 Includes changes in prepayments, taxes payable, employees benefits and other working capital.

**22&nbsp;&nbsp;&nbsp;&nbsp;SEGMENT INFORMATION**

Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. Previously, operating segments were based on the jurisdictions of the Company's operations. To align with how the CODM reviews results and makes decisions about resources, Management have updated the reportable operating segments to its operating mines for the year ended December 31, 204. The prior year has been

OceanaGold Corporation 35

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

adjusted to reflect the change in operating segments. The "Corporate and other" segment includes corporate operations. Significant information relating to the Company's reporting operating segments is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2024** | **Haile** | **Didipio** | &nbsp;&nbsp;&nbsp;**Macraes** | &nbsp;&nbsp;&nbsp;&nbsp;**Waihi** | **Corporate and other** | **Total** |
| Revenue | $513.4  | $342.9  | $299.7  | $138.0  | $–  | $1294.0  |
| Cost of sales, excluding |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;depreciation and amortization | (203.3) | (163.4) | (150.1) | (83.7) | –  | (600.5) |
| Indirect taxes | –  | (25.6) | –  | –  | –  | (25.6) |
| General and administration | –  | –  | –  | –  | (64.2) | (64.2) |
| Additional Government Share | –  | (8.1) | –  | –  | –  | (8.1) |
| Depreciation and amortization | (190.3) | (46.8) | (60.6) | (22.1) | (1.4) | (321.2) |
| **Segment operating profit (loss)** | $**119.8**  | $**99.0**  | $**89.0**  | $**32.2**  | $**(65.6)** | $**274.4**  |
| Interest expense and finance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;costs |  |  |  |  |  | (22.2) |
| Interest income |  |  |  |  |  | 3.1  |
| Foreign exchange loss |  |  |  |  |  | (7.9) |
| Gain on disposal of assets |  |  |  |  |  | 18.1  |
| OGP listing costs |  |  |  |  |  | (10.9) |
| Restructuring expense |  |  |  |  |  | (1.9) |
| Other expense |  |  |  |  |  | (5.3) |
| Income tax expense |  |  |  |  |  | (55.4) |
| **Net profit** |  |  |  |  |  | $**192.0**  |
| Capital expenditures<sup>1</sup> | $194.9  | $39.1  | $100.4  | $62.5  | $2.3  | $399.2  |
| Total assets | $1067.8  | $666.8  | $302.5  | $336.1  | $115.9  | $2489.1  |

---

1 Includes right-of-use assets additions of $12.2 million (Note 7).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2023** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate and other** | **Total** |
| Revenue | $289.7  | $371.1  | $266.1  | $99.4  | $–  | $1026.3  |
| Cost of sales, excluding |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;depreciation and amortization | (134.9) | (160.6) | (135.9) | (67.4) | –  | (498.8) |
| Indirect taxes | –  | (26.3) | –  | –  | –  | (26.3) |
| General and administration | –  | –  | –  | –  | (64.3) | (64.3) |
| Additional Government Share | –  | (20.3) | –  | –  | –  | (20.3) |
| Depreciation and amortization | (102.2) | (54.3) | (49.9) | (20.9) | (1.5) | (228.8) |
| **Segment operating profit (loss)** | $**52.6**  | $**109.6**  | $**80.3**  | $**11.1**  | $**(65.8)** | $**187.8**  |
| Interest expense and finance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;costs |  |  |  |  |  | (22.6) |
| Interest income |  |  |  |  |  | 1.6  |
| Foreign exchange loss |  |  |  |  |  | (1.8) |
| Write-down of indirect tax receivables |  |  |  |  |  | (38.3) |
| Restructuring expense |  |  |  |  |  | (3.7) |
| Other income |  |  |  |  |  | (4.6) |
| Income tax expense |  |  |  |  |  | (35.3) |
| **Net profit** |  |  |  |  |  | $**83.1**  |
| Capital expenditures<sup>1</sup> | $221.0  | $53.3  | $94.9  | $52.0  | $3.5  | $424.7  |
| Total assets | $1049.3  | $695.6  | $312.8  | $336.1  | $52.5  | $2446.3  |

---

1 Includes right-of-use assets additions of $22.0 million (Note 7).

OceanaGold Corporation 36

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**23&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INSTRUMENTS**

**Financial Risk Management**

The Company has exposure to the following risks arising from financial instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market risk.

This note presents information about the Company's exposure to each of the above risks and the Company's objectives, policies and processes for measuring and managing risk.

**Financial Risk Management Objectives and Policies**

The Board has the overall responsibility for the establishment and oversight of the Company's financial risk management framework. A Financial Risk Management Policy has been established, which has been approved by and is subject to annual review by the Board. This policy establishes a framework for managing financial risks.

In line with this policy, the Company does not enter into financial instruments, including derivative financial instruments for trade or speculative purposes. The term "derivative" has been adopted to encompass all financial instruments that are not directly traded in the primary physical market.

**Credit risk**

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's cash and cash equivalents, trade and other receivables and hedging instruments.The Company's maximum credit risk of cash and cash equivalents, trade and other receivables are the carrying amounts recorded in the Consolidated Statements of Financial Position.

The Company is not materially exposed to any individual counterparty because it has limited its exposure by spreading contracts for these instruments across several different counterparties. The Company limits its exposure to credit risk on its cash and cash equivalents and restricted cash by investing in high credit quality instruments and maintaining its cash balances in financial institutions with strong credit ratings.

**Liquidity risk**

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure cost effective continuity in funding and trading liquidity. Funding liquidity is maintained through the use of the Facility, finance leases and trade financing. Trading liquidity is maintained by an effective spread between the counterparties with which the Company enters into derivative transactions.

The Company's funding liquidity risk policy is to source debt or equity funding appropriate to the use of funds. Examples include equipment leases to finance the mining fleet and the revolving credit facility to finance the development of new mines and provide for general working capital needs.

The Company's trading risk policy is to ensure derivative transactions, if any, are spread between at least two counterparties acknowledging both volume and tenor of the derivative to reduce the risk of trading illiquidity arising as a result of the inability to close down existing derivative positions, or hedge underlying risks incurred in normal operations.

OceanaGold Corporation 37

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

The following are the contractual maturities of financial liabilities, including the estimated interest payments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2024** | **Carrying amount** | **Contractual cash flows** | **12 months or less** | **1-3 years** | **3+ years** |
| Trade and other payables | $198.7  | $198.7  | $198.7  | $–  | $–  |
| Revolving credit facility | –  | –  | –  | –  | –  |
| Fleet facility | 2.8  | 2.8  | 2.8  | –  | –  |
| Derivative hedges | 0.9  | 0.9  | 0.9  | –  | –  |
|  | $**202.4**  | $**202.4**  | $**202.4**  | $**–**  | $**–**  |
| **Year ended December 31, 2023** | **Carrying amount** | **Contractual cash flows** | **12 months or less** | **1-3 years** | **3+ years** |
| Trade and other payables | $212.3  | $212.3  | $212.3  | $–  | $–  |
| Revolving credit facility | 135.0  | 175.9  | 10.2  | 20.4  | 145.2  |
| Fleet facility | 4.4  | 4.8  | 1.9  | 2.9  | –  |
|  | $**351.7**  | $**393.0**  | $**224.4**  | $**23.3**  | $**145.2**  |

---

At December 31, 2024, current assets were $465.3 million and current liabilities were $308.8 million, resulting in net current assets of $156.5 million.

**Market risk**

Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates and interest rates will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

***Commodity price risk***

The profitability of the Company's mining operations is significantly affected by changes in the market price for gold. Gold prices fluctuate on a daily basis and are affected by numerous factors beyond the Company's control. The supply and demand for gold, the level of interest rates, the rate of inflation, investment decisions by large holders of gold, including governmental reserves, and the stability of exchange rates can all cause significant fluctuations in gold prices. Such external economic factors are in turn influenced by changes in international investment patterns and monetary systems, and political developments. The Company may enter into hedging arrangements to manage short term commodity price fluctuations. The Board approves all hedging transactions and has established a Financial Risk Management Policy which includes a hedging policy that limits the level and tenor of hedging activity.

***Foreign exchange risk***

Foreign exchange risk is managed by holding cash and cash equivalents in different currencies in line with the anticipated requirements of the business and achieving a diversified holding mainly through selling gold in the currencies needed.

At December 31, 2024, if US dollar had depreciated / appreciated by 10% with all other variables remaining constant, the effect on the profit before tax would be $7.4 million higher/lower (2023: $2.4 million profit higher/lower) due to exchange gains/ losses on cash and cash equivalents.

***Interest rate risk***

Interest rate risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company is exposed to interest rate cash flow risk on its Facility, certain leases and cash and cash equivalents which are subject to variable interest rates.

A 100 basis point increase (decrease) in the average interest rate during the year ended December 31, 2024 would have resulted in a increase (decrease) of $0.4 million in the profit before tax for the year (2023: $1.5 million profit lower/higher).

OceanaGold Corporation 38

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**24&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL DISCLOSURE**

The Company's objective when managing capital is to ensure it will be able to continue as a going concern and that it has sufficient ability to satisfy its capital obligations and ongoing operational expenses, have sufficient liquidity to fund suitable business and in the medium to long term, provide adequate return to shareholders.

The Company manages capital in the light of changing economic circumstances and the underlying risk characteristics of the Company's assets. In order to meet its objective, the Company manages its dividend declarations and may undertake capital restructuring including: sale of assets to reduce debt; additional funding facilities and equity raising.

The Company monitors capital on the basis of debt-to-equity ratio. The components and calculation of this ratio is shown below.

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Total debt | $1.6  | $138.2  |
| Less: cash and cash equivalents | (193.5) | (61.7) |
| Net (cash) / debt | (191.9) | 76.5  |
| Total equity | $1926.5  | $1733.1  |
| **Net debt to equity ratio** | **N/A** | **4%** |

---

The Company is subject to a number of externally imposed capital requirements relating to financing agreements. As at December 31, 2024 and 2023, the Company was in compliance with all requirements.

**25&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE OF FINANCIAL INSTRUMENTS**

**Fair value hierarchy**

The fair value hierarchy categorizes inputs to valuation techniques used in measuring fair value into the following three levels:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2). Valuations are obtained from issuing institutions.

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| **December 31, 2024** | | | | |
| Derivatives embedded in accounts receivable<sup>1</sup> | $–  | $4.4  | $–  | $4.4  |
| Cash-settled stock based compensation liability | –  | 26.5  | –  | 26.5  |
| Derivative hedges | –  | (0.9) | –  | (0.9) |
| **Net financial assets** | $**–**  | $**30.0**  | $**–**  | $**30.0**  |
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | **Total** |
| **December 31, 2023** |  |  |  |  |
| Derivatives embedded in accounts receivable<sup>1</sup> | $–  | $36.4  | $–  | $36.4  |
| Cash-settled stock based compensation liability | –  | (5.0) | –  | (5.0) |
| **Net financial assets** | $**–**  | $**31.4**  | $**–**  | $**31.4**  |

---

<sup>1</sup> Primarily relates to copper concentrate trade receivables which are subject to remeasurement as at December 31, 2024 and 2023.

OceanaGold Corporation 39

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**26&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS**

**Lease commitments under finance leases:**

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Within 1 year | $30.8  | $36.9  |
| Within 1 to 2 years | 22.5  | 31.3  |
| Within 2 to 3 years | 12.0  | 17.0  |
| Within 3 to 4 years | 7.2  | 8.2  |
| Within 4 to 5 years | 4.2  | 5.7  |
| More than 5 years | 0.1  | 2.2  |
|  | 76.8  | 101.3  |
| Future finance charges | (6.8) | (7.7) |
| **Present value of minimum lease payments** | $**70.0**  | $**93.6**  |

---

Finance leases are used to fund the right-of-use assets (Note 7), including acquisition of plant and equipment, primarily mobile mining equipment. Rental payments are subject to monthly or quarterly interest rate adjustment.

**Gold production**

During the year ended December 31, 2024, the Company accrued $11.9 million (2023: $12.3 million) related to certain royalty obligations on revenue in New Zealand and the Philippines which are expected to continue in 2025.

**Capital commitments**

The Company has certain capital commitments principally relating to the purchase of property, plant and equipment at Macraes, Waihi and Haile, and the development of mining assets at Macraes, Waihi and Didipio.

The following table summarizes the capital commitments contracted for but not provided for as at December 31, 2024 and December 31, 2023:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | **2023** |
| Purchase of property, plant and equipment | $6.8  | $3.4  |
| Development of mining assets | 4.6  | 10.8  |
|  | $**11.4**  | $**14.2**  |

---

The Company is committed to annual expenditure of approximately $2.5 million (2023: $4.7 million) to comply with regulatory conditions attached to its New Zealand and Philippines prospecting, exploration and mining permits.

**Didipio Financial or Technical Assistance Agreement**

The Didipio Project is held under a FTAA entered into with the Republic of the Philippines which grants the Company title, exploration and mining rights with a fixed fiscal regime. Under the addendum and renewal agreement of the FTAA, the Philippines government is entitled to an Additional Government Share which is equal to 60% of the Net Revenue of the mine less taxes and fees paid to the government after the Company's recovery of the development expenditure, capped at 5 years from the start of commercial production (April 1, 2013) and allowing for the amortisation of unrecovered pre-operating costs across a fixed period of 13 years which started in 2021. Refer to Note 5 for additional information.

OceanaGold Corporation 40

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**27&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTIES**

**Compensation of key Management**

Key Management includes Directors (executive and non-executive) and some members of the Executive Committee. The compensation paid or payable to key Management for employee services is shown below:

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| Salaries and short-term employee benefits | $9.1 | $6.1 |
| Share-based payments | 11.1 | 7.5 |
| Post-employment benefits | 0.2 | 0.2 |
| Non-current benefits | 1.7 | 0.6 |
| Termination benefits | 1.5 | 0.2 |
| **Total** | $**23.6** | $**14.6** |

---

**28&nbsp;&nbsp;&nbsp;&nbsp;CONTINGENCIES**

(a)A wholly owned subsidiary of the Company is party to an addendum agreement with a syndicate of original claim owners, led by Mr. J. Gonzales (the "Gonzales Group"), in respect of a portion of the FTAA area for the Didipio Mine (the "Addendum Agreement"). Certain disputed claims for payment and other obligations under the Addendum Agreement made by the Gonzales Group are subject to arbitration proceedings, which are currently suspended due to the resignation of the arbitrator.

In a complaint dated July 4, 2008, a third-party, Mr. Liggayu, disputed the terms of the Addendum Agreement and the rights of Mr. Gonzales to claim an interest in the Didipio Mine project (the "Third-Party Case"). Mr. Liggayu alleged that he is the true and beneficial owner and real-party-in-interest in respect of the Didipio mining claims, and sought to enjoin the Company from making any payments to, or in dealing with, the Gonzales Group, and instead to recognize his rights.

As of December 31, 2024, the Third-Party Case is still pending before the Regional Trial Court, and the Company has accrued $69.6 million ($63.3 million of royalties and $6.3 million related to free-carried interest) pertaining to such claim.

(b)The Department of Environment and Natural Resources ("DENR"), along with a number of mining companies (including the Company), are parties to a case that began in 2008 whereby a group of NGOs and individuals challenged the constitutionality of the Philippine Mining Act (the "Mining Act"), the FTAAs and Mineral Production Sharing Agreements in the Supreme Court of the Philippines. The petitioners initiated the challenge despite the fact that the Supreme Court had upheld the constitutional validity of both the Mining Act and the FTAAs in an earlier landmark case in 2005.

The parties made various written submissions in 2009 and 2010, and there were no significant developments in the case between 2011 and 2012. In early 2013, the Supreme Court requested the parties to participate in oral debates on the matter. The case is still pending with the Supreme Court for a decision.

Notwithstanding the fact that the Supreme Court has previously upheld the constitutionality of the Mining Act and FTAAs, the Company is mindful that litigation is an inherently uncertain process and the outcome of the case may adversely affect the operation and financial position of the Company.

(c)The Company has contingent liabilities under certain contracts, guarantees and other agreements arising in the ordinary course of business on which no loss is anticipated. Bonds have been issued in favour of various New Zealand authorities (Minister for Land Information, Hauraki District Council, Waikato Regional Council and Department of Conservation) as a condition for the grant of mining and exploration privileges, water rights and/or resource consents, and rights of access for Martha mining that amount to $40.3 million (December 31, 2023: $45.5 million).

The Group has also issued bonds in favour of Otago Regional Council, Dunedin City Council, Waitaki District Council, West Coast Regional Council, Buller District Council and Department of Conservation in New Zealand as a condition for the grant of water rights and/or resource consents, and rights of access for the Macraes Gold Mine and the former Globe Progress Mine at the Reefton Restoration Project which

OceanaGold Corporation 41

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**OceanaGold Corporation**

**Notes to the Consolidated Financial Statements**

**For the Years ended December 31, 2024 and 2023**

**(Expressed in millions of United States dollars, unless otherwise stated)**

amount to approximately $39.8 million (December 31, 2023: $50.2 million). Cash payments on these bonds would only be paid if the Company did not meet its obligations.

(d)The mine operating permit at Haile which became final and effective during the first quarter 2015 included a schedule for estimated financial assurance of $65.0 million over the mine life consisting of $55.0 million in surety bonds or other mechanisms and $10.0 million in an interest-bearing cash trust. The Company's permit was modified and updated in December 2022 with the approval of the Company's Supplemental Environmental Impact Statement application and reclamation plan. The updated permit changed the total estimated financial assurance to $123.8 million over the mine life consisting of $103.8 million in surety bonds and a $20.0 million interest-bearing cash trust. The Company has satisfied its current financial assurance payment requirements by using a surety bond of $103.4 million and has paid $9.6 million in trust funding by December 31, 2024.

The remaining estimated financial assurance of $10.8 million will be paid over the life of the mine with estimated assurance payments of $1.8 million to occur in 2025. The timing and amounts of these payments could change due to a number of factors, including changes in regulatory requirements, changes in scope and timing of closure activities. The State of South Carolina in the United States of America requires financial assurance for the estimated costs of mine reclamation and closure, including groundwater quality protection programs.

The surety bond and other financial assurance must be maintained in force continuously throughout the life of the mining operation and may only be released, partially or in full, after the State of South Carolina approves its release.

(e)A subsidiary of the Company, along with the Philippines Office of the Executive Secretary, the DENR and its Mines and Environment Bureaus, as well as several Local Government Units, are parties to a case filed in April 2024 by an NGO group and two individuals (the "Petitioners"). The Petitioners questioned the approval of the renewal of the FTAA for alleged failure to conduct prior consultation, and made generalized allegations about violations of the Environmental Compliance Certificate and human rights.

Subsequent to the filing of the petition, the Regional Trial Court of Nueva Vizcaya denied the Petitioners application for a Temporary Environmental Protection Order against the Didipio Mine. The substantive case to determine the merits of the Petitioners allegations is currently in the early stages of the Court process. The motion to dismiss the case filed by respondents is pending for resolution by the court.

**29&nbsp;&nbsp;&nbsp;&nbsp;EVENTS OCCURING AFTER THE REPORTING PERIOD**

On February 19, 2025, OceanaGold declared a dividend of $0.01 per common share.

OceanaGold Corporation 42

## Exhibit 99.5

**Exhibit 99.5**

![oceanagold61.jpg](oceanagold61.jpg)

**OCEANAGOLD CORPORATION**

**CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024**

------

**OceanaGold Corporation**

Condensed Interim Consolidated Statements of Financial Position

(in millions of United States dollars - unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **March 31**<br>**2025** | **December 31**<br>**2024** |
| **ASSETS** | | | |
| **Current assets** | | | |
| Cash and cash equivalents |  | $227.6 | $193.5 |
| Trade and other receivables | 5 | 14.7 | 13.7 |
| Inventories | 6 | 219.2 | 239.5 |
| Prepayments |  | 24.4 | 18.6 |
| Total current assets |  | 485.9 | 465.3 |
| **Non-current assets** |  |  |  |
| Trade and other receivables | 5 | 48.9 | 44.1 |
| Inventories | 6 | 127.3 | 111.0 |
| Deferred tax assets |  | 20.8 | 39.0 |
| Mineral properties, plant and equipment | 7 | 1904.1 | 1829.7 |
| Total non-current assets |  | 2101.1 | 2023.8 |
| **TOTAL ASSETS** |  | $**2587.0** | $**2489.1** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables |  | $216.4 | $198.7 |
| Employee benefits |  | 33.7 | 28.7 |
| Current tax liabilities |  | 49.4 | 47.9 |
| Lease liabilities |  | 26.3 | 28.1 |
| Debt | 8 | – | 1.6 |
| Derivative hedges |  | 0.5 | 0.9 |
| Asset retirement obligations |  | 2.6 | 2.9 |
| Total current liabilities |  | 328.9 | 308.8 |
| **Non-current liabilities** |  |  |  |
| Employee benefits |  | 10.5 | 15.1 |
| Deferred tax liabilities |  | 35.3 | 33.6 |
| Lease liabilities |  | 34.9 | 41.9 |
| Asset retirement obligations |  | 169.7 | 163.2 |
| Total non-current liabilities |  | 250.4 | 253.8 |
| **TOTAL LIABILITIES** |  | **579.3** | **562.6** |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Share capital | 9 | 1204.8 | 1219.5 |
| Retained earnings |  | 704.3 | 611.6 |
| Contributed surplus |  | 62.0 | 64.8 |
| Other reserves |  | (66.8) | (75.9) |
| **TOTAL SHAREHOLDERS' EQUITY** |  | **1904.3** | **1820.0** |
| Non-controlling interest | 11 | **103.4** | **106.5** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** |  | $**2587.0** | $**2489.1** |

---

---

| | |
|:---|:---|
| On behalf of the Board of Directors: | On behalf of the Board of Directors: |
| */s/ Paul Benson* | */s/ Sandra M. Dodds* |
| Paul Benson | Sandra M. Dodds |
| Director | Director |
| May 7, 2025 | May 7, 2025 |

---

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements.OceanaGold Corporation 1

------

**OceanaGold Corporation**

Condensed Interim Consolidated Statements of Income (Loss)

(in millions of United States dollars, except per share data - unaudited)

---

| | | | |
|:---|:---|:---|:---|
| |  | **Three months ended<br>March 31** | **Three months ended<br>March 31** |
| | **Notes** | **2025** | **2024** |
| **Revenue** | 12 | $**359.9** | $**270.3** |
| Cost of sales, excluding depreciation and amortization |  | (142.9) | (160.7) |
| Depreciation and amortization |  | (53.7) | (64.8) |
| General and administration |  | (10.6) | (15.5) |
| Indirect taxes |  | (4.8) | (5.6) |
| Additional Government Share | 13 | (7.5) | (9.3) |
| Operating profit |  | 140.4 | 14.4 |
| **Other (expense) income** |  |  |  |
| Foreign exchange loss |  | (0.8) | (6.3) |
| Interest expense and finance costs | 8 | (3.3) | (5.6) |
| Interest income |  | 1.5 | 0.2 |
| Restructuring expense |  | – | (1.5) |
| Other (expense) income |  | (1.3) | 0.5 |
| Profit before income tax |  | 136.5 | 1.7 |
| Income tax expense |  | (35.3) | (7.0) |
| **Net profit (loss)** |  | $**101.2** | $**(5.3)** |
| **Attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | 11 | $1.5 | $– |
| &nbsp;&nbsp;&nbsp;Equity holders of the Company |  | $99.7 | $(5.3) |
| **Earnings (loss) per share attributable to shareholders of the Company** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 14 | $0.14 | $(0.01) |
| &nbsp;&nbsp;&nbsp;Diluted | 14 | $0.14 | $(0.01) |
| Weighted average number of common shares outstanding: |  |  |  |
| *(in millions)* |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic |  | 701.3 | 708.5 |
| &nbsp;&nbsp;&nbsp;Diluted |  | 714.9 | 708.5 |

---

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements.OceanaGold Corporation 2

------

**OceanaGold Corporation**

Condensed Interim Consolidated Statements of Comprehensive Income (Loss)

(in millions of United States dollars, except per share data - unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | | **Three months ended**<br>**March 31** | **Three months ended**<br>**March 31** |
| | **Notes** | **2025** | **2024** |
| **Net profit (loss)** | 12 | $**101.2** | $**(5.3)** |
| **Other comprehensive income (loss)** |  |  |  |
| *Items that may be reclassified to profit or loss* |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translation gain (loss) |  | $8.0 | $(17.3) |
| &nbsp;&nbsp;&nbsp;Gain on fair value of derivative hedges |  | 0.4 | 1.1 |
| *Items that will not be reclassified to profit or loss* |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of investments |  | 0.7 | – |
| Other comprehensive income (loss), net of tax |  | 9.1 | (16.2) |
| **Total comprehensive income (loss)** |  | $**110.3** | $**(21.5)** |
| **Total comprehensive income (loss) attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 11 | 1.5 | – |
| &nbsp;&nbsp;&nbsp;Equity holders of the Company |  | 108.8 | (21.5) |

---

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements.OceanaGold Corporation 3

------

**OceanaGold Corporation**

Condensed Interim Consolidated Statements of Cash Flows

(in millions of United States dollars - unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | | **Three months ended**<br>**March 31** | **Three months ended**<br>**March 31** |
| | **Notes** | **2025** | **2024** |
| **Operating activities** |  |  |  |
| Net profit (loss) |  | $101.2 | $(5.3) |
| *Items not affecting cash* |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense |  | 53.7 | 64.8 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  | 6.5 | 4.9 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange (gain) loss |  | (1.6) | 6.3 |
| &nbsp;&nbsp;&nbsp;Non-cash finance costs |  | 1.7 | 0.1 |
| &nbsp;&nbsp;&nbsp;Income tax expense |  | 35.3 | 7.0 |
| Changes in working capital | 15 | (25.2) | (2.5) |
| **Net cash provided by operating activities** |  | **171.6** | **75.3** |
| **Investing activities** |  |  |  |
| Payment for property, plant and equipment |  | (15.6) | (8.2) |
| Payment for mining assets: exploration and evaluation |  | (6.7) | (2.2) |
| Payment for mining assets: development |  | (63.4) | (22.6) |
| Payment for mining assets: in production |  | (18.3) | (40.5) |
| Proceeds from sale of assets |  | 1.2 | – |
| **Net cash used in investing activities** |  | **(102.8)** | **(73.5)** |
| **Financing activities** |  |  |  |
| Repayment of lease liabilities |  | (8.9) | (5.1) |
| Repayment of debt | 8 | (2.8) | (0.7) |
| Proceeds from debt | 8 | – | 25.0 |
| Share buybacks | 9 | (19.6) | – |
| Dividends paid to non-controlling interests | 11 | (4.6) | – |
| **Net cash (used in) provided by financing activities** |  | **(35.9)** | **19.2** |
| Effect of exchange rate changes on cash |  | 1.2 | (1.6) |
| Net increase in cash and cash equivalents |  | 34.1 | 19.4 |
| Cash and cash equivalents at the beginning of the period |  | 193.5 | 61.7 |
| **Cash and cash equivalents at the end of the period** |  | $**227.6** | $**81.1** |

---

Supplemental cash flow information (Note 15).

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements.OceanaGold Corporation 4

------

**OceanaGold Corporation**

Condensed Interim Consolidated Statements of Changes in Equity

(in millions of United States dollars, except for per share data - unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br>(in millions)** | **Share<br>Capital** | **Contributed<br>Surplus** | **Other<br>Reserves** | **Retained<br>Earnings** | **Non-<br>controlling<br>Interest** | **Total<br>Equity** |
| **Balance at January 1, 2025** | **702.5** | $**1219.5** | $**64.8** | $**(75.9)** | $**611.6** | $**106.5** | $**1926.5** |
| Comprehensive income for the period | – | – | – | 9.1 | 99.7 | 1.5 | 110.3 |
| Employee share rights: |  |  |  |  |  |  |  |
| Share-based payments | – | – | 1.1 | – | – | – | 1.1 |
| Exercise of rights | 2.7 | 4.9 | (3.9) | – | – | – | 1.0 |
| Share buybacks | (7.0) | (19.6) | – | – | – | – | (19.6) |
| Dividends declared | – | – | – | – | (7.0) | (4.6) | (11.6) |
| **Balance at March 31, 2025** | **698.2** | $**1204.8** | $**62.0** | $**(66.8)** | $**704.3** | $**103.4** | $**2007.7** |
| **Balance at January 1, 2024** | **707.4** | $**1236.2** | $**73.2** | $**(14.6)** | $**438.3** | $**–** | $**1733.1** |
| Comprehensive loss for the period | – | – | – | (16.2) | (5.3) | – | (21.5) |
| Employee share rights: |  |  |  |  |  |  |  |
| Share-based payments | – | – | 6.4 | – | – | – | 6.4 |
| Forfeiture of rights | – | – | (1.5) | – | – | – | (1.5) |
| Exercise of rights | 3.8 | 7.3 | (13.5) | – | – | – | (6.2) |
| Dividends declared | – | – | – | – | (7.0) | – | (7.0) |
| **Balance at March 31, 2024** | **711.2** | $**1243.5** | $**64.6** | $**(30.8)** | $**426.0** | $**–** | $**1703.3** |

---

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements.OceanaGold Corporation 5

------

**OceanaGold Corporation**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the Three Months ended March 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**

**1&nbsp;&nbsp;&nbsp;&nbsp;NATURE OF OPERATIONS**

OceanaGold Corporation (the "Company" or "OceanaGold") is domiciled in British Columbia, Canada and the registered address of the Company is Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada. The Company's common shares trade under the symbol 'OGC' on the Toronto Stock Exchange ("TSX") in Canada and under the symbol 'OCANF' on the OTCQX market in the United States.

The Company is engaged in the exploration, development and operation of gold and gold/copper mines. OceanaGold operates four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the 80%-owned Didipio Mine in the Philippines; and the wholly-owned Macraes and Waihi operations in New Zealand.

The unaudited condensed interim consolidated financial statements were approved by the Board of Directors on May 7, 2025.

**2&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION**

These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), as applicable to the preparation of interim condensed consolidated financial statements including IAS 34. Accordingly, certain disclosures included in the annual financial statements prepared in accordance with IFRS have been condensed or omitted. These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2024.

**3&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING POLICIES**

The accounting policies applied in the preparation of these unaudited condensed interim consolidated financial statements are consistent with those applied and disclosed in the Company's audited consolidated financial statements for the year ended December 31, 2024. The Company's interim results are not necessarily indicative of its results for a full year.

**New IFRS accounting standards and pronouncements - not yet adopted**

**Amendments to IFRS 9: Financial Instruments and IFRS 7: Financial Instruments: Disclosures**

In May 2024, the IASB issued amendments to update classification and measurement requirements in IFRS 9: Financial Instruments, and related disclosure requirements in IFRS 7: Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

The amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company is currently assessing the effect of these amendments on our financial statements.

**IFRS 18: Presentation and Disclosure in Financial Statements**

In April 2024, the IASB issued IFRS 18: Presentation and Disclosure of Financial Statements ("IFRS 18"), which replaces IAS 1: Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management-defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified.

OceanaGold Corporation 6

------

**OceanaGold Corporation**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the Three Months ended March 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**

The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted. The Company is currently assessing the effect of this new standard to its financial statements.

**4&nbsp;&nbsp;&nbsp;&nbsp;CRITICAL ESTIMATES AND JUDGEMENTS**

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Areas of estimation and judgement that have the most significant effect on the amounts recognized in the financial statements are disclosed in Note 4 of the Company's consolidated financial statements for the year ended December 31, 2024.

**5&nbsp;&nbsp;&nbsp;&nbsp;TRADE AND OTHER RECEIVABLES**

---

| | | |
|:---|:---|:---|
| | **March 31<br>2025** | **December 31<br>2024** |
| Trade receivables | $6.0 | $5.2 |
| Other receivables | 57.6 | 52.6 |
| **Total trade and other receivables** | $**63.6** | $**57.8** |
| Current | $14.7 | $13.7 |
| Non-Current | $48.9 | $44.1 |

---

Other Receivables relate to various indirect tax receivables and deposits at banks in support of environmental bonds (Note 19).

**6 INVENTORIES**

---

| | | |
|:---|:---|:---|
| | **March 31<br>2025** | **December 31<br>2024** |
| Ore | $205.0 | $219.1 |
| Gold in circuit | 35.0 | 27.9 |
| Gold on hand | 1.6 | 1.5 |
| Gold and copper concentrate | 15.5 | 16.0 |
| Maintenance stores | 89.4 | 86.0 |
| **Total inventories** | $**346.5** | $**350.5** |
| Current | $219.2 | $239.5 |
| Non-Current | $127.3 | $111.0 |

---

OceanaGold Corporation 7

------

**OceanaGold Corporation**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the Three Months ended March 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**

**7&nbsp;&nbsp;&nbsp;&nbsp;MINERAL PROPERTIES, PLANT AND EQUIPMENT**

The following table summarizes the net book value of mineral properties, plant and equipment as at March 31, 2025 and the changes during the period then ended:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Mineral**<br>**properties** | **Buildings,<br>plant and<br>equipment** | **Construction-**<br>**in-progress** | **Land** | **Exploration**<br>**and evaluation** | **Total** |
| **Net book value**<br>**At January 1, 2025** | $**808.7** | $**684.7** | $**191.1** | $**57.1** | $**88.1** | $**1829.7** |
| Additions | 18.2 | 16.5 | 62.5 | – | 5.3 | 102.5 |
| Transfers | 122.0 | – | (117.7) | – | (4.3) | – |
| Disposals | – | (1.0) | – | – | – | (1.0) |
| Amortization | (18.1) | (23.3) | – | – | – | (41.4) |
| Change in rehabilitation provision | – | 5.0 | – | – | – | 5.0 |
| Foreign exchange movements | 4.6 | 1.7 | 0.7 | 0.5 | 1.8 | 9.3 |
| **At March 31, 2025** | $**935.4** | $**683.6** | $**136.6** | $**57.6** | $**90.9** | $**1904.1** |
| Cost | $2694.4 | $1782.7 | $136.6 | $57.6 | $90.9 | $4762.2 |
| Accumulated amortization and impairment | (1759.0) | (1099.1) | – | – | – | (2858.1) |
| **At March 31, 2025** | $**935.4** | $**683.6** | $**136.6** | $**57.6** | $**90.9** | $**1904.1** |

---

Construction-in-progress mainly includes the underground operations and development projects at Didipio Mine in the Philippines, the Waihi North Project in New Zealand, and acid generating waste storage facility development and the tailings storage facility lift construction at the Haile Gold Mine in the United States.

**8&nbsp;&nbsp;&nbsp;&nbsp;DEBT**

*Revolving bank credit facility*

The Company has a revolving bank credit facility (the "Facility") with seven international banks providing $200.0 million committed plus a $50.0 million uncommitted accordion. The Facility, entered into in December 2023 with a term of 4 years, is secured against present and future assets, property and undertakings and matures on December 31, 2027.

As at March 31, 2025, the Company was in full compliance with all covenant obligations and has $200.0 million (December 31, 2024: $200.0 million) available to the Company under the Facility.

*Fleet facility*

In 2020, the Company entered into a $10.0 million fleet facility arrangement for mining equipment financing, of which $9.7 million was drawn. At March 31, 2025 there was nil (December 31, 2024: $2.8 million) drawn as the Company repaid all amounts under the fleet facility during the period. There are no additional amounts available under the fleet facility.

OceanaGold Corporation 8

------

**OceanaGold Corporation**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the Three Months ended March 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**

**9&nbsp;&nbsp;&nbsp;&nbsp;SHARE CAPITAL**

**Authorized capital**

The Company is authorized to issue an unlimited number of common shares with no par value.

**Dividends**

During the period ended March 31, 2025, the Company declared a dividend of $0.01 per common share paid on April 25, 2025 totaling $7.0 million to equity holders of the Company (period ended March 31, 2024: declared dividend of $0.01 per common share totaling $7.0 million).

On May 7, 2025, OceanaGold declared a dividend of $0.01 per common share.

**Share buyback**

In July 2024, the Company received approval from the TSX to buyback up to 35.5 million common shares, pursuant to a Normal Course Issuer Bid ("NCIB") in the open market through the facilities of the TSX or alternative Canadian trading systems over the next 12 months. During the three months ended March 31, 2025, the Company repurchased and cancelled 6,954,700 common shares for consideration of $19.6 million.

**10&nbsp;&nbsp;&nbsp;&nbsp;STOCK-BASED COMPENSATION**

**Performance share rights plan**

The following table summarizes the outstanding rights granted under the performance share rights plan as at March 31, 2025 and December 31, 2024 and the changes during the periods then ended:

---

| | | |
|:---|:---|:---|
| | **March 31**<br>**2025**<br>**Units** | **December 31**<br>**2024**<br>**Units** |
| **At January 1** | **17098326** | **16923449** |
| Granted | – | 8112525 |
| Forfeited | (114255) | (2062396) |
| Exercised | (3381758) | (5875252) |
| **At period end** | **13602313** | **17098326** |
| **Exercisable at period end** | **–** | **–** |

---

The performance share rights outstanding at March 31, 2025 had a weighted average remaining life of 1.5 years with no exercise price.

Performance share rights granted to designated participants may from time to time vest when the Company meets target milestones for the applicable performance period, in accordance with the vesting schedule established at the time of grant by the Board. There are two components to each performance share right: a performance condition based on the Company's performance relative to peers ("TSR") and a service condition. The performance condition weighting varies according to the designated participants' job levels with vesting up to 200% of target for Executives. Upon vesting, the performance share rights are payable partly in shares and partly in cash in accordance with the plan. The Board has further discretion should they choose to exercise it.

In 2025, the 2022 performance rights vested at 156%. Settlement was partly in shares and partly in cash.

At March 31, 2025, the fair value of the cash settled portion of the outstanding unvested performance rights and corresponding liability of $13.0 million (December 31, 2024: $17.0 million) is recorded within employee benefits.

OceanaGold Corporation 9

------

**OceanaGold Corporation**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the Three Months ended March 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**

**Deferred Unit Plan ("DUP")**

The following table summarizes the outstanding deferred units granted under the deferred unit plan as at March 31, 2025 and December 31, 2024 and the changes during the periods then ended:

---

| | | |
|:---|:---|:---|
| | **March 31**<br>**2025**<br>**Units** | **December 31**<br>**2024**<br>**Units** |
| **At January 1** | 1097305 | 1063093 |
| Granted | 79664 | 240034 |
| Exercised | – | (205822) |
| **At period end** | **1176969** | **1097305** |
| **Exercisable at period end** | **–** | **–** |

---

The fair value of the units granted under the DUP is calculated as the estimated future cash flow and it is remeasured at each reporting date and at the date of settlement. Any changes in fair value are recognized in the Condensed Interim Consolidated Statements of Income (Loss) with a corresponding increase or decrease in liability. At March 31, 2025, the fair value of the units and corresponding liability was $3.9 million (December 31, 2024: $3.0 million) at a share price of $3.34 (CAD$4.80).

**11&nbsp;&nbsp;&nbsp;&nbsp;NON-CONTROLLING INTEREST**

On May 13, 2024, OGP, a wholly owned subsidiary of the Company, completed a secondary offering and public listing (the "Offering") of 20% of the outstanding common shares of OGP on the Philippines Stock Exchange ("PSE") for net proceeds of $95.1 million (gross proceeds of $106.0 million less listing costs of $10.9 million). OGP holds the Company's interest in the Didipio Mine and, pursuant to the terms of the renewed FTAA, was required to list at least 10% of its common shares on the PSE. Immediately prior to the Offering, the carrying amount of the net assets of OGP was $556.1 million, resulting in the recognition of a non-controlling interest ("NCI") of $111.2 million and offsetting decrease in the equity attributable to the shareholders of the Company.

For the three months ended March 31, 2025, there was $1.5 million of net profit and $4.6 million of dividends paid attributed to the NCI resulting in a closing NCI balance of $103.4 million at March 31, 2025.

The following is the summarized balance sheet and NCI of OGP as at March 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **March 31<br>2025** | **December 31<br>2024** |
| Current assets | $119.8 | $127.5 |
| Non-current assets | 536.7 | 541.4 |
| **Total assets** | **656.5** | **668.9** |
| Current liabilities | 129.9 | 126.9 |
| Non-current liabilities | 9.5 | 9.4 |
| **Total liabilities** | **139.4** | **136.3** |
| **Net assets** | $**517.1** | $**532.6** |
| Equity attributable to owners of the Company | $413.8 | $426.1 |
| Non-controlling interest | $103.4 | $106.5 |
| Non-controlling interest % | 20% | 20% |

---

OceanaGold Corporation 10

------

**OceanaGold Corporation**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the Three Months ended March 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**

The following is the summarized income statement of OGP for the three months ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **Three months ended**<br>**March 31** | **Three months ended**<br>**March 31** |
| | **2025** | **2024** |
| Revenue | $79.3 | $92.1 |
| Expenses | (72.0) | (78.8) |
| **Net profit** | $**7.3** | $**13.3** |
| Profit attributable to shareholders of the Company | $5.8 | $13.3 |
| Profit attributable to non-controlling interests | $1.5 | $– |
| **Total net profit** | $**7.3** | $**13.3** |

---

**12 REVENUE**

---

| | | |
|:---|:---|:---|
| | **Three months ended**<br>**March 31** | **Three months ended**<br>**March 31** |
| | **2025** | **2024** |
| Gold bullion | $288.4 | $197.0 |
| Gold in concentrate<sup>1</sup> | 39.0 | 47.3 |
| Copper in concentrate<sup>1</sup> | 29.9 | 27.3 |
| Silver | 5.4 | 2.6 |
|  | 362.7 | 274.2 |
| Less: Concentrate treatment, refining and selling costs | (2.8) | (3.9) |
| **Total Revenue** | $**359.9** | $**270.3** |

---

1. All concentrate sales are generated by the Didipio mine.

**13 ADDITIONAL GOVERNMENT SHARE AT DIDIPIO**

---

| | | |
|:---|:---|:---|
| | **Three months ended**<br>**March 31** | **Three months ended**<br>**March 31** |
| | **2025** | **2024** |
| Gross mining revenue | $78.3 | $90.5 |
| Less: Allowable deductions | (41.8) | (45.0) |
| Less: Amortization deduction | (3.3) | (3.3) |
| **Net Revenue per the FTAA** | $**33.2** | $42.2 |
| Entitlement share | 60% | 60% |
| &nbsp;&nbsp;&nbsp;**Total Government Share**<br>**(60% of Net Revenue per the FTAA)** | $**19.9** | $25.3 |
| Deduct: Free-carried interest | (1.8) |  |
| Deduct: Production taxes | (5.3) | (6.7) |
| Deduct: Income tax | (5.3) | (9.3) |
| **Additional Government Share** | $**7.5** | $**9.3** |

---

Under the FTAA, "Net Revenue" is the gross mining revenues derived from operations, less allowable deductions and an amortization deduction.

Allowable Deductions under the FTAA include expenses attributed to exploration, development and production which includes, expenses relating to mining, processing, exploration, capitalised pre-stripping, royalties, rehabilitation, marketing, administration, community and social development, depreciation and amortization and interest charged on borrowings.

OceanaGold Corporation 11

------

**OceanaGold Corporation**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the Three Months ended March 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**

All taxes and fees paid to the Philippines Government, including corporate income tax and indirect taxes such as excise, local business, property and withholding taxes as well as amounts accrued under the free-carried interest, are deducted from the Government's 60% share of Net Revenue to arrive at any Additional Government Share payable.

The Additional Government Share accrued for the period ended March 31, 2025 of $7.5 million (March 31, 2024: $9.3 million) is recorded within trade and other payables. The Company made an Additional Government Share payment of $8.1 million in April 2025 related to 2024 amounts accrued at December 31, 2024.

**14 EARNINGS (LOSS) PER SHARE**

---

| | | |
|:---|:---|:---|
| | **Three months ended**<br>**March 31** | **Three months ended**<br>**March 31** |
| | **2025** | **2024** |
| **Net profit (loss) attributable to shareholders of the Company** | $**99.7** | $**(5.3)** |
| **Basic weighted average number of shares (in millions)** | 701.3 | 708.5 |
| Effect of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;Performance share rights | 13.6 | – |
| **Diluted weighted average number of shares (in millions)** | **714.9** | **708.5** |
| **Earnings (loss) per share attributable to shareholders of the Company:** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.14 | $(0.01) |
| &nbsp;&nbsp;&nbsp;Diluted | $0.14 | $(0.01) |

---

**15 SUPPLEMENTARY CASH FLOW INFORMATION**

---

| | | |
|:---|:---|:---|
| | **Three months ended**<br>**March 31** | **Three months ended**<br>**March 31** |
| | **2025** | **2024** |
| Changes in working capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in trade and other receivables | $(5.4) | $(3.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in prepayments | (7.1) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in inventories | (11.5) | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in trade and other payables | 15.0 | (12.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in taxes payable | (15.0) | (6.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in other working capital<sup>1</sup> | (1.2) | 0.4 |
| **Changes in working capital** | $**(25.2)** | $**(2.5)** |
| **Other significant cash transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Cash taxes paid | $(15.0) | $(6.0) |
| &nbsp;&nbsp;&nbsp;Cash interest paid | $– | $(5.2) |
| &nbsp;&nbsp;&nbsp;Cash interest received | $1.5 | $0.2 |

---

1Includes changes in employees benefits and other working capital.

OceanaGold Corporation 12

------

**OceanaGold Corporation**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the Three Months ended March 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**

**16&nbsp;&nbsp;&nbsp;&nbsp;SEGMENT INFORMATION**

Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. Previously, operating segments were based on the jurisdictions of the Company's operations. To align with how the CODM reviews results and makes decisions about resources, Management updated the reportable operating segments to its four operating mines for the year ended December 31, 2024. The prior year has been adjusted to reflect the change in operating segments. The Company's general corporate administration costs are included within 'Corporate and other' to reconcile the reportable segments to the consolidated financial statements. Significant information relating to the Company's reporting operating segments is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended March 31, 2025** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate and other** | **Total** |
| **Revenue** | $165.2 | $79.3 | $66.8 | $48.6 | $– | $359.9 |
| Cost of sales, excluding depreciation and amortization | (43.9) | (39.9) | (33.3) | (25.8) | – | (142.9) |
| Indirect taxes | – | (4.8) | – | – | – | (4.8) |
| General and administration | – | (0.2) | – | – | (10.4) | (10.6) |
| Additional Government Share | – | (7.5) | – | – | – | (7.5) |
| Depreciation and amortization | (28.9) | (10.6) | (7.6) | (6.3) | (0.3) | (53.7) |
| **Segment operating profit (loss)** | $**92.4** | $**16.3** | $**25.9** | $**16.5** | $**(10.7)** | $**140.4** |
| Interest expense and finance costs |  |  |  |  |  | (3.3) |
| Interest income |  |  |  |  |  | 1.5 |
| Foreign exchange loss |  |  |  |  |  | (0.8) |
| Other expense |  |  |  |  |  | (1.3) |
| Income tax expense |  |  |  |  |  | (35.3) |
| **Net income** |  |  |  |  |  | $**101.2** |
| Capital expenditures | $60.4 | $5.4 | $20.0 | $16.4 | $0.2 | $102.4 |
| Total assets | $1092.5 | $654.5 | $337.4 | $352.2 | $150.4 | $2587.0 |
| **Quarter ended March 31, 2024** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate<br>and other** | **Total** |
| **Revenue** | $86.9 | $92.1 | $65.9 | $25.4 | $– | $270.3 |
| Cost of sales, excluding depreciation and amortization | (65.4) | (42.3) | (32.9) | (20.1) | – | (160.7) |
| Indirect taxes | – | (5.6) |  | – | – | (5.6) |
| General and administration | – | – |  | – | (15.5) | (15.5) |
| Additional Government Share | – | (9.3) |  | – | – | (9.3) |
| Depreciation and amortization | (34.7) | (12.6) | (12.3) | (4.9) | (0.3) | (64.8) |
| **Segment operating profit (loss)** | $**(13.2)** | $**22.3** | $**20.7** | $**0.4** | $**(15.8)** | $**14.4** |
| Interest expense and finance costs |  |  |  |  |  | (5.6) |
| Interest income |  |  |  |  |  | 0.2 |
| Foreign exchange loss |  |  |  |  |  | (6.3) |
| Restructuring expense |  |  |  |  |  | (1.5) |
| Other income |  |  |  |  |  | 0.5 |
| Income tax expense |  |  |  |  |  | (7.0) |
| **Net income** |  |  |  |  |  | $**(5.3)** |
| Capital expenditures | $30.8 | $9.2 | $27.3 | $14.4 | $0.2 | $81.9 |
| Total assets | $1046.1 | $690.6 | $307.1 | $321.4 | $65.4 | $2430.6 |

---

OceanaGold Corporation 13

------

**OceanaGold Corporation**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the Three Months ended March 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**

**17&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS**

**Capital commitments**

The Company has certain capital commitments principally relating to the purchase or lease of property, plant and equipment at Macraes, Waihi and Haile, and the development of mining assets at Macraes, Waihi and Didipio.

The following table summarizes the capital commitments contracted for but not provided for as at March 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **March 31<br>2025** | **December 31<br>2024** |
| Purchase of property, plant and equipment | $8.7 | $6.8 |
| Development of mining assets | 11.8 | 4.6 |
| Leases not yet commenced | 4.5 | – |
|  | $**25.0** | $**11.4** |

---

**18&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTIES**

There were no significant related party transactions during the period in addition to key management compensation which will be reported in our consolidated financial statements for the year ended December 31, 2025.

**19&nbsp;&nbsp;&nbsp;&nbsp;CONTINGENCIES**

(a)A subsidiary of the Company is party to an addendum agreement with a syndicate of original claim owners, led by the late Mr. J. Gonzales Sr. (the "Gonzales Group"), in respect of a portion of the FTAA area for the Didipio Mine (the "Addendum Agreement"), and such parties are involved in an arbitration proceeding with respect to the Addendum Agreement (the "Arbitration"). The Arbitration commenced in 2000 but is presently suspended due to the Liggayu dispute (discussed below) and the irrevocable resignation of the arbitrator.

In a complaint dated July 4, 2008 before the Philippines Regional Trial Court, a third-party, Mr. Liggayu, disputed the terms of the Addendum Agreement and the rights of the Gonzales Group to claim an interest in the Didipio Mine. Mr. Liggayu alleged that he is the true and beneficial owner and real-party-in-interest of the Didipio mining claims, and sought to enjoin the Company from making any payments to, or in dealing with, the Gonzales Group, and instead to recognize his rights.

In a decision dated March 11, 2025, the Regional Trial Court declared that Mr. Liggayu and the heirs of Mr. Gonzales Sr. are partners on a 50-50 basis, to all the rights, participation and interests, as claimowners of the Didipio mining claims in the name of Mr. Gonzales Sr., beginning January 2007 onwards. It further declared that the rights and entitlements of Mr. Liggayu cannot be directly enforced by him against OceanaGold in the existing agreements, specifically the FTAA, which Mr. Liggayu can internally claim and enforce only against the heirs of Mr. Gonzales, and vice versa. On April 2, 2025, Mr. Liggayu moved for partial reconsideration of this decision, claiming that, among others, he is the true and lawful owner of the Didipio mining claims and his rights and entitlements should be directly enforceable by him against OceanaGold. On April 7, 2025, the Gonzales Group filed an opposition to Mr. Liggayu's partial motion for reconsideration. The Company's subsidiary also opposed the partial motion for reconsideration, specifically with respect to the enforceability of the rights and entitlements of Mr. Ligayyu against OceanaGold.

The Company believes there is no near-term impact on its business or operations as the decision does not require payment of money by OceanaGold and the Arbitration proceeding is yet to be resolved.

As of March 31, 2025, the Liggayu dispute is still pending before the Regional Trial Court, and the Company has accrued $71.4 million ($63.3 million of royalties and $8.1 million related to free-carried interest) pertaining to such claim.

(b)The Department of Environment and Natural Resources ("DENR"), along with a number of mining companies (including the Company), are parties to a case that began in 2008 whereby a group of NGOs and individuals challenged the constitutionality of the Philippine Mining Act (the "Mining Act"), the FTAAs and Mineral Production Sharing Agreements in the Supreme Court of the Philippines. The petitioners initiated the

OceanaGold Corporation 14

------

**OceanaGold Corporation**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the Three Months ended March 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**

challenge despite the fact that the Supreme Court had upheld the constitutional validity of both the Mining Act and the FTAAs in an earlier landmark case in 2005. In early 2013, the Supreme Court requested the parties to participate in oral debates on the matter. The case is still pending with the Supreme Court for a decision.

Notwithstanding the fact that the Supreme Court has previously upheld the constitutionality of the Mining Act and FTAAs, the Company is mindful that litigation is an inherently uncertain process and the outcome of the case may adversely affect the operation and financial position of the Company.

(c)The Company has contingent liabilities under certain contracts, guarantees and other agreements arising in the ordinary course of business on which no loss is anticipated. Bonds have been issued in favour of various New Zealand authorities (Minister for Land Information, Hauraki District Council, Waikato Regional Council and Department of Conservation) as a condition for the grant of water rights and/or resource consents, and rights of access for exploration and Martha mining that amount to $40.9 million (December 31, 2024: $40.3 million).

The Group has also issued bonds in favour of Otago Regional Council, Dunedin City Council, Waitaki District Council, West Coast Regional Council, Buller District Council and Department of Conservation in New Zealand as a condition for the grant of water rights and/or resource consents, and rights of access for the Macraes Gold Mine and the former Globe Progress Mine at the Reefton Restoration Project which amount to approximately $40.4 million (December 31, 2024: $39.8 million). Cash payments on bonds issued to New Zealand authorities would only be paid if the Company did not meet its obligations.

(d)The mine operating permit at Haile which became final and effective during the first quarter 2015 included a schedule for estimated financial assurance of $65.0 million over the mine life consisting of $55.0 million in surety bonds or other mechanisms and $10.0 million in an interest-bearing cash trust. The Company's permit was modified and updated in December 2022 with the approval of the Company's Supplemental Environmental Impact Statement application and reclamation plan. The updated permit changed the total estimated financial assurance to $123.4 million, adjusted annually for inflation, over the mine life consisting of $103.4 million in surety bonds and a $20.0 million interest-bearing cash trust. The Company has satisfied its current financial assurance payment requirements by using a surety bond of $103.4 million and has paid $9.6 million in trust funding by March 31, 2025.

The remaining estimated financial assurance of $10.4 million will be paid over the life of the mine with estimated annual assurance payments of $1.8 million to occur from 2025 to 2028, $1.2 million in 2029, and $1.0 million from 2030 to 2031. The timing and amounts of these payments could change due to a number of factors, including changes in regulatory requirements, changes in scope and timing of closure activities. The State of South Carolina in the United States of America requires financial assurance for the estimated costs of mine reclamation and closure, including groundwater quality protection programs.

The surety bond and other financial assurance must be maintained in force continuously throughout the life of the mining operation and may only be released, partially or in full, after the State of South Carolina approves its release.

(e)A subsidiary of the Company, along with the Philippines Office of the Executive Secretary, the DENR and its Mines and Environment Bureaus, as well as several Local Government Units, are parties to a case filed in April 2024 by an NGO group and two individuals (the "Petitioners"). The Petitioners questioned the approval of the renewal of the FTAA for alleged failure to conduct prior consultation, and made generalized allegations about violations of the Environmental Compliance Certificate and human rights.

Subsequent to the filing of the petition, the Regional Trial Court of Nueva Vizcaya denied the Petitioners' application for a Temporary Environmental Protection Order against OceanaGold.

In a resolution dated April 2, 2025, the Regional Trial Court dismissed most of the issues raised by the Petitioners but decided that the issue of whether the Company's subsidiary is currently engaged in open pit mining is a question of fact that should be decided at trial. Accordingly, a pre-trial is currently being scheduled.

OceanaGold Corporation 15

## Exhibit 99.6

**Exhibit 99.6&nbsp;&nbsp;&nbsp;&nbsp;**

![image_0b.jpg](image_0b.jpg)

**Management's Discussion and Analysis**

First Quarter 2025 Results

May 7, 2025

------

**First Quarter Overview**

**•&nbsp;&nbsp;&nbsp;&nbsp;On track to deliver full year production, cost and capital guidance.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Safely and responsibly produced 117,400 ounces of gold and 3,400 tonnes of copper,** both increased by 12% from the prior corresponding quarter.

**•&nbsp;&nbsp;&nbsp;&nbsp;All-In Sustaining Cost ("AISC")**<sup>†</sup> **of $1,796 per ounce,** below the full-year cost guidance.

**•&nbsp;&nbsp;&nbsp;&nbsp;Record average realized gold price of $2,858 per ounce,** with no gold price hedges or prepays.

**•&nbsp;&nbsp;&nbsp;&nbsp;Net profit of $101 million, and EPS of $0.14.**

**•&nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin**<sup>†</sup> **of 53% and Operating Cash Flow Per Share**<sup>†</sup> **of $0.28.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Generated strong Free Cash Flow**<sup>†</sup> **of $69 million.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Debt-free with cash 18% higher than prior quarter at $228 million.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Repurchased 7.0 million common shares for $20 million,** average price of CAD$4.03 per share. Up to $100 million in repurchases approved for full year 2025.

**•&nbsp;&nbsp;&nbsp;&nbsp;Declared a $0.01 per share quarterly dividend, payable in June 2025.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Announced new Pisces discovery at Haile, which remains open in multiple directions.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Released new high-grade drill results at Wharekirauponga,** continuing to demonstrate its upside potential.

**•&nbsp;&nbsp;&nbsp;&nbsp;Waihi North Project in New Zealand is in the Fast-track permitting process.** Approval expected by year end 2025; early works activities progressing.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q1 2025** | Q4 2024 | Q1 2024 |
| Gold Produced<sup>1</sup> | koz | **117.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150.9 | 104.8 |
| Copper Produced<sup>1</sup> | kt | **3.4** | &nbsp;&nbsp;&nbsp;&nbsp;3.1 | 3.0 |
| AISC<sup>†</sup> | $/oz | **1796** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | 1823 |
| Revenue | $M | **359.9** | 427.3 | 270.3 |
| Net profit (loss) | $M | **101.2** | 102.7 | (5.3) |
| Adjusted net profit<sup>†</sup> | $M | **102.2** | 107.6 | 3.7 |
| EBITDA<sup>†</sup> | $M | **192.0** | 246.4 | 71.9 |
| Adjusted EBITDA<sup>†</sup> | $M | **193.0** | 251.3 | 80.9 |
| Free Cash Flow<sup>†</sup> | $M | **68.8** | 146.5 | 1.8 |
| Earnings (loss) per share - basic<sup>2</sup> | $/share | **$0.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 | $(0.01) |
| Adjusted earnings per share - diluted<sup>†2</sup> | $/share | **$0.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.15 | $0.01 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 | $0.11 |
| Free Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.10** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | $0.00 |

---

1 Production is on a 100% basis as all operations are controlled by OceanaGold.

2 Attributable to the shareholders of the Company.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 1 |

---

------

---

| | |
|:---|:---|
| **Table of Contents** | |
| Results Overview | <u>4</u> |
| Capital Expenditures | <u>5</u> |
| Safety | <u>6</u> |
| Outlook | <u>6</u> |
| Mine Operations and Results |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haile | <u>7</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Didipio | <u>10</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16</u> |
| Financial Results | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16</u> |
| Liquidity and Capital Resources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>18</u> |
| Capital Commitments | <u>21</u> |
| Transactions with Related Parties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>24</u> |
| Outstanding Share Data | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>24</u> |
| Non-IFRS Financial Information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>24</u> |
| Internal Controls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>31</u> |
| Accounting Estimates, Policies and Changes  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>31</u> |
| Risk and Uncertainties | <u>31</u> |
| Notes to Reader | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>32</u> |

---

This Management's Discussion & Analysis ("MD&A") is dated as of May 7, 2025 and should be read in conjunction with the condensed interim consolidated financial statements for the three months ended March 31, 2025. In this MD&A, a reference to "OceanaGold" or the "Company" refers to OceanaGold Corporation and its subsidiaries. Additional information about OceanaGold, including the Annual Information Form, is available on the Company's website at oceanagold.com and under the Company's profile on SEDAR+ at sedarplus.com. All amounts are in United States dollars ("$") unless otherwise indicated. All production results and the Company's outlook presented in this MD&A reflect total production at the mines on a 100% basis as the Company has the ability to exercise control at all operations.

This MD&A contains certain "forward-looking statements". Please refer to the cautionary language under the heading "Notes to Reader" section of this MD&A.

**Nature of Operations**

OceanaGold is engaged in the exploration, development and operation of gold and gold/copper mines. OceanaGold operates four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the 80%-owned Didipio Mine in the Philippines; and the wholly-owned Macraes and Waihi operations in New Zealand.

The Company's common shares trade under the symbol 'OGC' on the Toronto Stock Exchange ("TSX") in Canada and under the symbol 'OCANF' on the OTCQX market in the United States. The Company is domiciled in British Columbia, Canada and the registered address of the Company is Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 3 |

---

------

**Results Overview**

**Operational and Financial**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q1 2025** | Q4 2024 | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2024 |
| Gold Produced<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51.6** | 75.2 | &nbsp;&nbsp;&nbsp;&nbsp;34.7 |
| &nbsp;&nbsp;&nbsp;Didipio | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** | 19.7 | &nbsp;&nbsp;&nbsp;&nbsp;26.3 |
| &nbsp;&nbsp;&nbsp;Macraes | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.4** | 37.9 | &nbsp;&nbsp;&nbsp;&nbsp;32.3 |
| &nbsp;&nbsp;&nbsp;Waihi | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.8** | 18.1 | &nbsp;&nbsp;&nbsp;&nbsp;11.5 |
| Total gold produced<sup>1</sup> | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**117.4** | 150.9 | &nbsp;&nbsp;&nbsp;&nbsp;104.8 |
| Gold Sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57.2** | 73.9 | &nbsp;&nbsp;&nbsp;&nbsp;41.2 |
| &nbsp;&nbsp;&nbsp;Didipio | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** | 20.8 | &nbsp;&nbsp;&nbsp;&nbsp;31.8 |
| &nbsp;&nbsp;&nbsp;Macraes | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.7** | 36.6 | &nbsp;&nbsp;&nbsp;&nbsp;32.2 |
| &nbsp;&nbsp;&nbsp;Waihi | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9** | 19.0 | &nbsp;&nbsp;&nbsp;&nbsp;11.6 |
| Total Gold Sales | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**114.6** | 150.3 | &nbsp;&nbsp;&nbsp;&nbsp;116.8 |
| Average Gold Price | $/oz | **2858** | 2665 | 2092 |
| Copper Produced<sup>1</sup> - Didipio | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | 3.0 |
| Copper Sales - Didipio | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Average Copper Price | $/lb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.27** | 4.16 | 3.90 |
| Cash Costs<sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**715** | 598 | 1569 |
| &nbsp;&nbsp;&nbsp;Didipio | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**871** | 1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 |
| &nbsp;&nbsp;&nbsp;Macraes | $/oz | **1369** | 1214 | 1016 |
| &nbsp;&nbsp;&nbsp;Waihi | $/oz | **1445** | 1130 | 1601 |
| Consolidated Cash Costs<sup>†</sup> | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**976** | 875 | 1194 |
| AISC<sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | $/oz | **1551** | 1287 | 1987 |
| &nbsp;&nbsp;&nbsp;Didipio | $/oz | **1130** | 1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
| &nbsp;&nbsp;&nbsp;Macraes | $/oz | **2313** | 1535 | 1814 |
| &nbsp;&nbsp;&nbsp;Waihi | $/oz | **2019** | 1557 | 2393 |
| Consolidated AISC<sup>†</sup> | $/oz | **1796** | 1563 | 1823 |
| Free Cash Flow<sup>†</sup> | $M | **68.8** | 146.5 | 1.8 |
| Net profit (loss) | $M | **101.2** | 102.7 | (5.3) |
| Adjusted net profit<sup>†</sup> | $M | **102.2** | 107.6 | 3.7 |
| EBITDA<sup>†</sup> | $M | **192.0** | 246.4 | 71.9 |
| Adjusted EBITDA<sup>†</sup> | $M | **193.0** | 251.3 | 80.9 |
| Earnings (loss) per share - basic<sup>2</sup> | $/share | **$0.14** | $0.14 | $(0.01) |
| Adjusted earnings per share - diluted<sup>†2</sup> | $/share | **$0.14** | $0.15 | $0.01 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.28** | $0.36 | $0.11 |
| Free Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.10** | $0.20 | $0.00 |

---

1 Production is reported on a 100% basis as all operations are controlled by OceanaGold.

2 Attributable to the shareholders of the Company.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 4 |

---

------

*Production*

The Company produced 117,400 ounces of gold and 3,400 tonnes of copper in the first quarter of 2025. First quarter gold production was 22% lower than the prior quarter primarily due to lower production at Haile and Macraes where production was impacted by planned process plant shut downs and the planned timing of access to open pit ore. Importantly, open pit waste stripping at Haile and Macraes progressed to plan to advance the next phases of Ledbetter Phase 3 and Innes Mills Phase 8 respectively, with strong fourth quarter ore production expected at both sites. Production at Waihi was 7% lower than the prior quarter due to underground stope sequencing, in line with the mine plan. This was offset slightly by 5% higher production at Didipio in the first quarter as the process plant returned to normal operating levels.

First quarter gold production was 12% higher than the prior corresponding quarter due to increased production at Haile and Waihi, slightly offset by decreased production at Macraes and Didipio. Production at Haile was higher in the current quarter due to the higher volume of fresh ore from the open pit increasing the average feed grade to the mill, compared to reliance on low-grade stockpiles in the prior corresponding period. Waihi also contributed to the increased group production as a result of the successful mining improvement plan initiated in mid-2024. Macraes production was lower than the prior corresponding quarter primarily due to the planned process plant shut down, and Didipio's current quarter production was lower due to the changed mine plan for the high grade areas which commenced in the second quarter of 2024.

*AISC*<sup>†</sup>

The Company recorded first quarter AISC<sup>†</sup> of $1,796 per ounce on gold sales of 114,600 ounces, a 15% increase compared to the AISC<sup>†</sup> of $1,563 per once in the prior quarter. The increase was primarily due to the 24% decrease in gold sales volumes driven by an associated decrease in production (see above), partially offset by an increase in by-product credits as a result of higher copper sales and copper prices at Didipio.

**Capital and Exploration Expenditure**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended $M** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | &nbsp;&nbsp;&nbsp;**Q1 2025** | **Consolidated**<br>Q4 2024 | Q1 2024 |
| Sustaining Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | 6.2 | &nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.4 | &nbsp;&nbsp;&nbsp;&nbsp;20.5 |
| Pre-strip and Capitalized Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | 12.3 | &nbsp;&nbsp;&nbsp;&nbsp;4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.7 | &nbsp;&nbsp;&nbsp;&nbsp;34.3 |
| Growth Capital<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.9 | &nbsp;&nbsp;&nbsp;&nbsp;13.2 |
| Exploration<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;3.5 | **7.1** | 4.4 | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| **Total expenditure** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7** | **19.5** | **16.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**102.4** | &nbsp;&nbsp;&nbsp;&nbsp;**74.1** |

---

1Growth capital and exploration at Waihi includes Waihi North Project costs of $6.8 million, $5.3 million and $3.2 million for the first quarter of 2025, fourth quarter of 2024 and first quarter of 2024, respectively.

2Exploration expenditure by location includes related regional greenfield exploration where applicable.

First quarter site capital and exploration expenditure of $97.7 million was $4.7 million lower than the prior quarter primarily due to lower sustaining capital spend at Haile following completion of major work on the tailings storage facility ("TSF") Stage 4 in the fourth quarter of 2024, partially offset by higher waste stripping at Macraes at Innes Mills Stage 8.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 5 |

---

------

**Safety**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Consolidated** | **Consolidated** | **Consolidated** |
| **Quarter ended** | **Haile** | **Didipio** | **Macraes** | **Waihi** | &nbsp;&nbsp;&nbsp;**Q1 2025** | Q4 2024 | Q1 2024 |
| Fatalities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  | &nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| 12MMA TRIFR<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | 0.2 | 1.2 | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Recordable injuries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3 | 1 | &nbsp;&nbsp;**4** | 9 | &nbsp;&nbsp;&nbsp;&nbsp;8 |

---

1 Total Recordable Incident Frequency Rate ("TRIFR") per 200,000 hours worked, 12 month moving average.

There were 4 recordable injuries during the quarter compared to 9 recordable injuries in the prior quarter. Improved safety performance during the quarter was underpinned by the continued implementation of safety improvement plans at each site.

**Outlook**

The Company's 2025 production, cost and capital guidance is outlined in the table below and remains unchanged. The fourth quarter is expected to be the strongest quarter of the year, driven by open pit waste stripping activities at Haile and Macraes in the second and third quarters giving good access to open pit ore in the fourth quarter and beyond.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Production**<sup>1</sup>**, Costs and Investment** | | **Haile** | **Didipio** | **Waihi** | **Macraes** | **Consolidated** |
| Gold Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | 170 —200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 —105 | 135 —150 | 55 —70 | **450 —520** |
| Copper Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt |  | 13 —15 |  |  | **13 —15** |
| Cash Costs<sup>†,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | 950 —1050 | 800 —900 | 1025 —1175 | 1600 —1800 | **1025 —1175** |
| AISC<sup>†,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | 2050 —2200 | 1150 —1250 | 1800 —1950 | 2000 —2200 | **1900 —2050** |
| Total Investment<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M |  |  |  |  | **485** —**530** |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Production is on a 100% basis as all operations are controlled by OceanaGold. Assumes a New Zealand dollar to United States dollar exchange rate of 0.57.

2&nbsp;&nbsp;&nbsp;&nbsp;Includes by-product credits based on copper price of $4.50 per pound.

3&nbsp;&nbsp;&nbsp;&nbsp;Includes corporate capital and excludes rehabilitation costs at Reefton and Junction Reefs but excludes capital lease additions and payments.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 6 |

---

------

**Haile**

**Production performance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q1 2025** | Q4 2024 | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2024 |
| Gold Produced | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51.6** | 75.2 | &nbsp;&nbsp;&nbsp;&nbsp;34.7 |
| Ore Mined (Open Pit) | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**583** | 952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Ore Mined Grade (Open Pit) | g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.56** | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Waste Mined (Open Pit) | kt | **8947** | 7847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249 |
| Ore Mined (U/G) | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119** | 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Ore Mined Grade (U/G) | g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.74** | 5.18 | &nbsp;&nbsp;&nbsp;&nbsp;5.43 |
| Waste Mined (U/G) | kt | **40** | 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Mill Feed | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**602** | 659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 |
| Mill Feed Grade | g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.05** | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Gold Recovery | % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87.5** | 88.8 | &nbsp;&nbsp;&nbsp;&nbsp;75.3 |

---

First quarter gold production of 51,600 ounces was 31% lower than the prior quarter. The decrease in gold production was driven by 9% lower tonnes processed at 24% lower grade. The primary driver of the lower tonnes processed was a planned maintenance shutdown of the process plant, while the lower grade was driven by lower open pit ore tonnes mined compared to the prior quarter, where a surplus of ore tonnes mined allowed for preferential blending of higher-grade feed to the mill. Open pit ore mined in the first quarter was 39% lower than the prior quarter, as mining in Ledbetter Phase 2 was completed and surface operations continued to waste stripping Ledbetter Phase 3. Underground ore tonnes and grade were both lower than the prior quarter as a result of the planned stope sequence with ore tonnes expected to increase in the second quarter as new stopes become available.

First quarter gold production was 49% higher than the prior corresponding quarter. The increase was driven by 73% higher processed grade as a result of increased volumes of fresh ore from both the open pit and underground lifting the mill feed grade, compared to low-grade stockpile material being processed in the prior corresponding quarter. The higher mill feed grade in the first quarter also resulted in a 16% increase in gold recovery. This was partially offset by a 26% decrease in mill throughput in the first quarter due to fresh ore from the open pit being harder in nature than that of the stockpiles. Open pit ore tonnes mined were 1256% higher in the first quarter, as open pit activities were focused on mining ore in Ledbetter Phase 2, compared to primarily waste stripping in the prior corresponding quarter. Underground ore tonnes were 78% higher compared to the prior corresponding period when Horseshoe underground was ramping up.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 7 |

---

------

**Financial performance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q1 2025** | Q4 2024 | Q1 2024 |
| Gold Sales | &nbsp;&nbsp;&nbsp;koz | **57.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.2 |
| Average Gold Price Received | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;**2857** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 |
| Cash Costs<sup>†</sup> | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;**715** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 |
| AISC<sup>†</sup> | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;**1551** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 |
| **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** |
| Mining Cost (Open Pit)<sup>1</sup> | $/t mined | **4.14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90 |
| Mining Cost (U/G)<sup>1</sup> | $/t mined | &nbsp;&nbsp;&nbsp;&nbsp;**95.74** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.54 | 114.84 |
| Processing Cost | $/t milled | &nbsp;&nbsp;&nbsp;&nbsp;**29.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.03 |
| General & Administrative ("G&A") Cost | $/t milled | &nbsp;&nbsp;&nbsp;&nbsp;**18.65** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25 |

---

1 Mining unit costs include allocation of any capitalized mining costs.

First quarter open pit mining costs of $4.14 per tonne mined are consistent with the prior quarter, a direct result of the success in maintaining high equipment availabilities and utilization while executing planned major component replacements for the drill and truck fleets. First quarter open pit mining costs were 30% lower than the prior corresponding quarter driven by an 80% increase in tonnes mined during the period, partially offset by increased maintenance costs related to planned mid-life rebuild of equipment. Management remains focused on maintaining high equipment availability and reliability.

First quarter underground mining costs were 19% higher than the prior quarter due to lower mined volumes as a result of mine sequencing and stope availability in line with plan. This was slightly offset by the full demobilization of the underground development contractor. We are now fully owner-operated. Underground mining costs were 17% lower than the prior corresponding quarter due to higher volumes mined as underground activities were ramping up to steady state operations through 2024.

First quarter processing unit costs were 14% higher than the prior quarter due to lower mill throughput and the planned mill shutdown. Processing unit costs were 62% higher than the prior corresponding quarter, primarily due to lower throughput as a result of processing fresh ore from Ledbetter Phase 2 compared to softer stockpiled ore in the prior corresponding quarter.

First quarter G&A unit costs were marginally lower than the prior period, though 102% higher than the prior corresponding quarter due to 26% lower mill throughput, increases in insurance premiums and allocation of site support services.

First quarter AISC<sup>†</sup> of $1,551 per ounce was 21% higher than the prior quarter primarily due to 23% lower gold sales, partially offset by lower sustaining capital costs. First quarter AISC<sup>†</sup> was 22% lower than the prior corresponding quarter primarily due to 39% higher gold sales, partially offset by higher sustaining capital related to pre-stripping costs at Ledbetter Phase 3.

**Exploration**

First quarter exploration expenditure totaled $2.4 million for a total of 10,600 metres drilled.

At Horseshoe underground, 5,600 metres were drilled in the first quarter, targeting conversion of Inferred Mineral Resources in the lower portion of the deposit.

From surface, 5,000 metres of drilling was completed on both early-stage exploration and resource conversion targets. In February, the Company reported the discovery of high-grade mineralization at

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 8 |

---

------

Pisces and is continuing to explore the target through the remainder of 2025 with three surface drill rigs. Drilling also advanced on the early-stage targets of Clydesdale and Ledbetter Extension. Resource conversion drilling totaled 962 metres and focused on Ledbetter Phase 4 to support ongoing studies and mine plan optimization.

There are 38,100 metres of drilling planned in full year 2025 for both conversion of resource and early- stage targets.

**Projects**

Construction of West PAG 3 commenced in the quarter, involving ground works, infrastructure relocation and procurement of long lead items.

TSF Stage 4 is on track to be commissioned in the first half of 2025. Early works for TSF Stage 5 involving ground works, infrastructure relocation and procurement of long lead items continued.

Water treatment plant upgrades, which are expected to be completed mid-2025, continued on schedule.

Feasibility level work for the Palomino underground project, including planning and procurement, progressed during the quarter.

The results of trade-off work that considers whether the Ledbetter Phase 4 open pit should be mined as an underground or open pit mine is expected to be released in the first half of 2026.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 9 |

---

------

**Didipio**

**Production performance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q1 2025** | Q4 2024 | Q1 2024 |
| Gold Produced<sup>1</sup> | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 | 26.3 |
| Copper Produced | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Ore Mined | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**317** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
| Ore Mined Grade - Gold | g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | 1.72 |
| Ore Mined Grade - Copper | % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | 0.45 |
| Waste Mined | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28** | 30 | 39 |
| Mill Feed | kt | **1051** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 |
| Mill Feed Grade - Gold | g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.71** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | 0.98 |
| Mill Feed Grade - Copper | % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.36** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | 0.36 |
| Gold Recovery | % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.0 | 88.6 |
| Copper Recovery | % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.8 | 88.4 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Production is on a 100% basis as OceanaGold controls Didipio. Effective May 13, 2024, the ownership interest changed from 100% to 80%.

First quarter gold production of 20,572 ounces was 5% higher than the prior quarter. The increase was primarily due to an 11% increase in tonnes milled, as the process plant returned to normal operating levels following the power interruptions in the prior quarter. Underground ore tonnes mined also increased by 3% from the prior quarter as a result of increased access to the lower levels of the mine, and are expected to continue to increase throughout the year as part of the ongoing underground optimization work.

First quarter gold production was 22% lower than the prior corresponding quarter. The decrease was primarily related to a 24% decrease in ore tonnes mined from underground as the result of ongoing impacts from the severe weather encountered in the fourth quarter of 2024. Mill feed grade also decreased by 28% due to the new mine design sequence for the high-grade breccia stoping area that commenced in the second quarter of 2024. This was partially offset by a 12% increase in mill feed in the first quarter, as a result of there being no unplanned stoppages during the period.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 10 |

---

------

**Financial performance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q1 2025** | Q4 2024 | Q1 2024 |
| Gold Sales | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** | 20.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.8 |
| Copper Sales | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Average Gold Price Received | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2858** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693 | 2136 |
| Average Copper Price Received | $/lb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.27** | 4.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Cash Costs<sup>†</sup> | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**871** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 |
| AISC<sup>†, 2</sup> | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1130** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
| **Unit Costs** |  |  |  |  |
| Mining Cost<sup>1</sup> | $/t mined | **43.74** | 51.05 | 34.42 |
| Processing Cost | $/t milled | &nbsp;&nbsp;&nbsp;&nbsp;**7.00** | 10.00 | 9.06 |
| G&A Cost | $/t milled | &nbsp;&nbsp;&nbsp;&nbsp;**9.65** | 15.12 | 11.12 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Mining unit costs include allocation of any capitalized mining costs.

2&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share of Financial or Technical Assistance Agreement ("FTAA") at Didipio of $7.5 million and $(7.4) million for the first quarter of 2025 and fourth quarter of 2024, respectively, as it is considered in the nature of an income tax.

First quarter mining unit costs were 14% lower than the prior quarter due to higher volumes of material mined and planned lower spend on fleet maintenance. Mining unit costs were 27% higher than the prior corresponding quarter due to lower volumes of material mined, partially offset by lower spend on explosives, diesel and maintenance.

First quarter processing unit costs were 30% lower than the prior quarter and 23% lower than the prior corresponding quarter, reflecting higher tonnes milled in the current period and costs associated with the planned plant shutdowns in the comparative periods.

First quarter G&A unit costs were 36% lower than the prior quarter and 13% lower than the prior corresponding quarter, mainly related to higher throughput and obsolescent inventory write downs in the comparative periods.

First quarter AISC<sup>†</sup> of $1,130 per ounce was 19% lower than the prior quarter due to higher by-product credits from increased copper sales revenue and lower capital costs, partially offset by lower gold sales. First quarter AISC<sup>†</sup> was 19% higher than the prior corresponding quarter due to lower gold sales.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 11 |

---

------

**FTAA — Additional Government Share**

---

| | | | |
|:---|:---|:---|:---|
| **$M** | &nbsp;&nbsp;**Q1 2025** | Q4 2024 | Q1 2024 |
| Gross mining revenue | **78.3** | &nbsp;&nbsp;&nbsp;&nbsp;78.7 | 90.5 |
| Less: Allowable deductions<sup>1</sup> | **(41.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56.0) | (45.0) |
| Less: Amortization deduction<sup>2</sup> | **(3.3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.2) | (3.3) |
| Net Revenue per the FTAA | **33.2** | &nbsp;&nbsp;&nbsp;&nbsp;19.5 | 42.2 |
| Entitlement share | **60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | 60% |
| Total Government Share<sup>3</sup><br>(60% of Net Revenue per the FTAA) | **19.9** | **11.7** | **25.3** |
| Deduct: Free-carried interest | **(1.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.5) |  |
| Deduct: Production taxes | **(5.3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.3) | (6.7) |
| Deduct: Income tax | **(5.3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.3) | (9.3) |
| **Additional Government Share** | **7.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.4) | 9.3 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Allowable deductions under the FTAA include expenses attributed to exploration, development and commercial production, which includes expenses relating to mining, processing, exploration, capitalized pre-stripping, royalties, rehabilitation, marketing, administration, community and social development, depreciation and amortization and interest charged on borrowings.

2&nbsp;&nbsp;&nbsp;&nbsp;The FTAA Addendum and Renewal Agreement modified the amortization of unrecovered pre-operating costs to instead be deducted across a fixed period of 13 years commencing in 2021.

3&nbsp;&nbsp;&nbsp;&nbsp;All taxes and fees paid to the Philippine Government, including corporate income tax and indirect taxes such as excise, local business, property and withholding taxes, are deducted from the Government's 60% share of Net Revenue.

The Didipio mine is held under a FTAA entered into with the Republic of the Philippines in June 1994, which was renewed in 2021, retrospectively to 2019, for another 25-year period until June 2044.

Under the FTAA, "Net Revenue" is the gross mining revenues derived from operations, less allowable deductions and an amortization deduction. The Philippine Government is entitled to 60% of the Net Revenue of the mine less taxes and fees paid to the Government and other deductions.

The Additional Government Share of $7.5 million for the first quarter is an accrued but unpaid amount, as the payment will occur annually in April of each year based on the payment required in respect of the preceding year. The Company made an Additional Government Share payment of $8.1 million in April 2025 related to 2024 amounts accrued at December 31, 2024 (April 2024: paid $20.3 million).

**Exploration**

First quarter exploration expenditure totaled $0.5 million for a total of 700 metres drilled from surface.

Underground exploration drilling is expected to continue once full access to the lower levels of the mine becomes available, at which time Panel 3 resource conversion drilling will be prioritized.

Drilling was initiated at the True Blue target, an area of known mineralization approximately 800 metres from the current Didipio underground development. Three drill holes were completed during the quarter targeting a fault off-set extension of the Didipio deposit.

Regionally, a 2,000 hectare drone magnetic survey was completed at Napartan, which is located ~8 kilometres of the Didipio mine, in addition to surface geochemical sampling and analysis over a similar area.

Approximately 8,000 metres of drilling is planned from surface across the FTAA at True Blue, Napartan and D'Fox in 2025, with exploration drilling from underground scheduled to commence in the fourth quarter of 2025.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 12 |

---

------

Elsewhere in the Philippines, work progressed at the Company's Mayag project, located in northeast Mindanao, where work to date has outlined the surface expression of a copper-gold mineralized porphyry. Preparation is underway to test this target in the second quarter of 2025 with an initial 2,000 metre drill program. This preparation work includes mapping, soil geochemistry and outcrop sampling.

**Projects**

A Pre-Feasibility Study ("PFS") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") is in progress. The PFS will focus on identifying uplift requirements to support an optimized underground mining production rate of approximately 2.5 million tonnes per annum ("Mtpa"). The PFS will also identify the preferred process plant operational throughput rate for the optimized underground operation and evaluate process plant augmentation requirements to scale to, and sustain, the already permitted 4.3 Mtpa processing rate. The PFS is expected to be released in the first half of 2026.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 13 |

---

------

**Macraes**

**Production performance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q1 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | Q1 2024 |
| Gold Produced | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3 |
| Ore Mined (Open Pit) | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1356** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
| Ore Mined Grade (Open Pit) | g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Waste Mined (Open Pit) | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7824** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9714 | 11913 |
| Ore Mined (U/G) | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**215** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
| Ore Mined Grade (U/G) | g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Waste Mined (U/G) | kt | **70** | &nbsp;&nbsp;&nbsp;&nbsp;49 | 68 |
| Mill Feed | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1471** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 |
| Mill Feed Grade | g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.73** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Gold Recovery | % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**82.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.1 |

---

First quarter gold production of 28,412 ounces was 25% lower than the prior quarter. The decrease was primarily related to a 12% decrease in mill feed as a result of a planned process plant shut down during the first quarter. The decrease in gold production was also a result of 16% lower mill feed grade, which was intentionally fed during the quarter to optimize concentrate storage capacity during a planned major re-brick of the autoclave. Open pit ore grade was 37% lower than the prior quarter as a result of open pit sequencing.

First quarter gold production was 12% lower than the prior corresponding quarter as a result of a decrease in tonnes milled due to the planned process plant shut down during the first quarter. Open pit ore tonnes were 101% higher than the prior corresponding quarter as a result of open pit sequencing.

**Financial performance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Q1 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | Q1 2024 |
| Gold Sales | koz | **23.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 |
| Average Gold Price Received | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;**2819** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 |
| Cash Costs<sup>†</sup> | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;**1369** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016 |
| AISC<sup>†</sup> | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;**2313** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 |
| **Unit Costs** |  |  |  |  |
| Mining Cost (Open Pit)<sup>1</sup> | $/t mined | **1.90** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Mining Cost (U/G)<sup>1</sup> | $/t mined | &nbsp;&nbsp;&nbsp;&nbsp;**51.57** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.70 |
| Processing Cost | $/t milled | **8.62** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 |
| G&A Cost | $/t milled | **5.03** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 |

---

1 Mining unit costs include allocation of any capitalized mining costs.

First quarter open pit mining unit costs were 40% higher than the prior quarter due to lower material mined and higher maintenance costs. Open pit mining unit costs were 29% higher than the prior corresponding quarter primarily due to lower volumes of material mined, partially offset by a decrease in costs consistent with lower activity.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 14 |

---

------

First quarter underground mining unit costs were 12% lower than the prior corresponding quarter driven by higher volume of material mined.

First quarter processing unit costs were 14% higher than the prior quarter and 23% higher than the prior corresponding quarter due to lower mill throughput as a result of the planned full plant and autoclave shut down, both discussed above.

First quarter G&A unit costs were 23% higher than the prior quarter and 94% higher than the prior corresponding quarter due to lower mill throughput and allocation of site support services.

First quarter AISC<sup>†</sup> of $2,313 per ounce was 51% higher than the prior quarter primarily due a 35% decrease in gold sales volumes and higher capitalized pre-stripping costs at Innes Mills Phase 8. Gold sales for the first quarter were 17% lower than gold production due to the autoclave shut down that resulted in approximately 8,500 ounces of gold left in circuit at quarter end and subsequently sold in the second quarter. First quarter AISC<sup>†</sup> was 28% higher than the prior corresponding quarter for primarily the same reason.

**Exploration**

First quarter exploration expenditure totaled $0.7 million for a total of 2,842 metres drilled. Drilling occurred at both Coronation North and Coronation, targeting the conversion of Inferred Mineral Resources.

A total of 12,600 metres of drilling is planned in 2025 focusing on the conversion of Inferred Mineral Resources at Coronation North, Coronation, Golden Point Underground ("GPUG") and Innes Mills Stages 8, 9 and 10.

**Projects**

Construction work was completed at Top Tipperary TSF during the quarter. Construction of the new Frasers TSF project progressed this quarter, with completion targeted for the second quarter of 2025.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 15 |

---

------

**Waihi**

**Production performance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Q1 2025** | Q4 2024 | Q1 2024 |
| Gold Produced | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 | 11.4 |
| Ore Mined | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**159** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| Ore Mined Grade | g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.56** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 | 2.94 |
| Waste Mined | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| Mill Feed | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**152** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| Mill Feed Grade | g/t | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.63** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | 2.96 |
| Gold Recovery | % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.9 | 91.4 |

---

First quarter gold production of 16,800 ounces was 7% lower than the prior quarter. The decrease was driven by 12% lower grade mined compared to the prior quarter, offset by 5% higher tonnes mined. Both variances are in-line with the planned stope sequence.

First quarter gold production was 47% higher than the prior corresponding quarter due to 21% more ore tonnes mined from underground at 21% higher grades. Increased tonnage and better grade are result of the investment in underground development in 2024 to allow for more stoping areas, in addition to improved remnant mining practices to optimize recovery of high-grade ore, in-line with improvement plan initiated in mid-2024.

**Financial performance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q1 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | Q1 2024 |
| Gold Sales | koz | **15.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.0 | 11.6 |
| Average Gold Price Received | $/oz | **2918** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681 | 2096 |
| Cash Costs<sup>†</sup> | $/oz | **1445** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | 1601 |
| AISC<sup>†</sup> | $/oz | **2019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | 2393 |
| **Unit Costs** |  |  |  |  |
| Mining Cost<sup>1</sup> | $/t mined | **74.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.25 | 69.67 |
| Processing Cost | $/t milled | **30.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.95 | 33.83 |
| G&A Cost | $/t milled | **34.09** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.84 | 24.75 |

---

1 Mining unit costs include allocation of any capitalized mining costs.

First quarter underground mining unit costs were 19% higher than the prior quarter due to lower tonnes mined and increased costs associated with the underground improvement plan.

First quarter processing unit costs were 18% higher than the prior quarter due to a mill reline completed in the first quarter, partially offset by higher tonnes milled. Processing unit costs were 10% lower than the prior corresponding quarter due to an increase in tonnes milled.

First quarter G&A unit costs were 18% higher than the prior quarter and 38% higher than the prior corresponding quarter due to higher labour costs and allocation of site support services.

First quarter AISC<sup>†</sup> of $2,019 per ounce was 30% higher than the prior quarter driven by a 16% decrease in gold sales volumes, increased costs related to the underground improvement plan and the addition of a new haul truck. First quarter AISC<sup>†</sup> was 16% lower than the prior corresponding quarter due to a 37% increase in gold sales volumes, partially offset by higher mining and G&A costs.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 16 |

---

------

**Exploration**

First quarter exploration expenditure totaled $3.5 million for a total of 4,350 metres drilled.

At Martha underground, 1,950 metres of resource conversion and definition drilling of several promising targets was completed.

The majority of drilling during the quarter took place at Wharekirauponga, where 2,400 metres were drilled with a focus on resource expansion with three diamond drill rigs targeting the East Graben ("EG") vein. Drilling continues to confirm the extent of mineralization of the southern end of the deposit, which remains open.

There are 22,100 metres of drilling planned at Waihi during the full year 2025, with drilling in the second quarter focused on resource definition, expansion of the Martha underground, and expansion of the Wharekirauponga deposits.

**Projects**

In the first quarter, the Waihi North Project continued to advance all technical design (geotechnical drilling) and exploration activities at Wharekirauponga and the Willows surface facilities area, in line with the PFS released in December 2024.

The Company lodged an application for Fast-track approval for the Waihi North Project with the Environmental Protection Authority during the first quarter, and it is expected the project will be fully permitted by year-end 2025, subject to appeals.

There is $45 million of early works, design, and construction activities planned for 2025. Detailed design for the services trench, water treatment plant upgrade, Willows bulk earthworks, underground access and the portal commenced during the quarter.

The following table summarizes the capital and exploration spent on the Waihi North Project during the periods:

---

| | | | |
|:---|:---|:---|:---|
| **$M** | **Q1 2025** | Q4 2024 | Q1 2024 |
| Growth capital | **4.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Exploration | **2.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| **Total expenditure** | **6.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 17 |

---

------

**Consolidated Financial Results**

**Revenue**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q1 2025** | Q4 2024 | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2024 |
| Gold | $M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**327.4** | &nbsp;&nbsp;&nbsp;&nbsp;400.6 | &nbsp;&nbsp;&nbsp;&nbsp;244.3 |
| Copper | $M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.9** | &nbsp;&nbsp;&nbsp;&nbsp;25.9 | &nbsp;&nbsp;&nbsp;&nbsp;27.3 |
| Silver | $M | **5.4** | &nbsp;&nbsp;&nbsp;&nbsp;4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Treatment, refining and selling costs | $M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.9) |
| **Net revenue** | $M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**359.9** | &nbsp;&nbsp;&nbsp;&nbsp;**427.3** | &nbsp;&nbsp;&nbsp;&nbsp;**270.3** |
| Average Gold Price received | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2858** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 |
| Average Copper Price received<sup>1</sup> | $/lb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.27** | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;The Average Copper Price received includes mark-to-market revaluation on shipments not yet finalized and final adjustments on prior period shipments.

First quarter revenue of $359.9 million was 16% lower than the prior quarter due to a 24% decrease in gold sales volumes, partially offset by a 7% increase in the average realized gold price. First quarter revenue was 33% higher than the prior corresponding quarter due to a 37% higher average realized gold price, partially offset by a 2% decrease in gold sales volumes.

**Operating Expenses**

---

| | | | |
|:---|:---|:---|:---|
| **$M** | **Q1 2025** | Q4 2024 | Q1 2024 |
| Cost of sales, excluding depreciation and amortization | **142.9** | 155.1 | 160.7 |
| Depreciation and amortization | **53.7** | 100.5 | &nbsp;&nbsp;&nbsp;&nbsp;64.8 |
| General and administration | **10.6** | 21.4 | &nbsp;&nbsp;&nbsp;&nbsp;15.5 |
| Indirect taxes | **4.8** | 7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Additional Government Share<sup>1</sup> | **7.5** | (7.4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| **Total Operating Expenses** | **76.6** | **122.1** | &nbsp;&nbsp;&nbsp;&nbsp;**95.2** |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Refer to the Didipio section in this MD&A for more details.

*Cost of Sales, excluding depreciation and amortization*

Variance explanations are covered in the AISC<sup>†</sup> section of the 'Results Overview' and the 'Financial Performance' sections of each mining operation.

*Depreciation and Amortization*

First quarter depreciation and amortization of $53.7 million was 47% lower than the prior quarter due to decreased production across all the sites, except Didipio and the deferred stripping profile at Haile. First quarter depreciation and amortization was 17% lower than the prior corresponding quarter, driven by lower production and amortization at Haile, Macraes and Didipio.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 18 |

---

------

*General and Administration*

First quarter G&A expense of $10.6 million was 50% lower than the prior quarter, primarily due to an additional $7.8 million of stock-based compensation expense recorded in the prior quarter related to revaluation of unvested cash-settled performance share rights under the long-term incentive plan and an updated method of allocation of the cost of site services provided to the operations.

First quarter G&A expense is 32% lower than the prior corresponding quarter due to an updated allocation of site services provided to the operations, partially offset by higher stock-based compensation expense.

*Additional Government Share*

Variance explanation is covered in Didipio's 'FTAA - Additional Government Share' section.

**Other (expenses) / income and taxation**

---

| | | | |
|:---|:---|:---|:---|
| **$M** | &nbsp;&nbsp;**Q1 2025** | Q4 2024 | Q1 2024 |
| Interest expense and finance costs | **(3.3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.6) |
| Interest income | **1.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Foreign exchange loss | **(0.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.3) |
| Gain on disposal of assets | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Restructuring expense | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.5) |
| Other (expense) income | **(1.3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| **Total Other (expenses) income** | **(3.9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.1) | (12.7) |
| Income tax expense recognized in net profit | **(35.3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.0) |

---

*Interest expense and finance costs*

First quarter interest expense and finance costs primarily relating to leases and accretion of asset retirement obligation liability was 11% lower than the prior quarter as amounts drawn under the revolving credit facility (the "Facility") were fully repaid in the fourth quarter.

*Foreign exchange (loss) gain*

First quarter foreign exchange losses of $0.8 million arose from the translation of USD denominated lease liabilities in New Zealand.

*Income tax expense*

First quarter income tax expense was 12% lower than the prior quarter primarily due to decreased profits at Didipio and Macraes and due to the reassessment on the recognition of deferred tax assets in the prior quarter.

First quarter income tax expense of was 404% higher than the prior corresponding quarter due primarily to increased profits across the group, driven by higher realized gold prices.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 19 |

---

------

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **$M, except AISC, average price and per share amounts** | **Q1 2025** | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
| Gold Produced<sup>1</sup> (koz) | &nbsp;&nbsp;&nbsp;&nbsp;**117.4** | &nbsp;&nbsp;&nbsp;&nbsp;150.9 | &nbsp;&nbsp;&nbsp;&nbsp;134.9 | &nbsp;&nbsp;&nbsp;&nbsp;98.2 | &nbsp;&nbsp;&nbsp;&nbsp;104.8 | &nbsp;&nbsp;&nbsp;&nbsp;129.8 | &nbsp;&nbsp;&nbsp;&nbsp;99.0 | 130.1 |
| Copper Produced<sup>1</sup> (kt) | &nbsp;&nbsp;&nbsp;&nbsp;**3.4** | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Average Gold Price received ($/oz) | **2858** | &nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp;2511 | &nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;1934 | 1967 |
| Average Copper Price received ($/lb) | &nbsp;&nbsp;&nbsp;&nbsp;**4.27** | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 |
| Revenue | &nbsp;&nbsp;&nbsp;&nbsp;**359.9** | &nbsp;&nbsp;&nbsp;&nbsp;427.3 | &nbsp;&nbsp;&nbsp;&nbsp;345.2 | &nbsp;&nbsp;&nbsp;&nbsp;251.2 | &nbsp;&nbsp;&nbsp;&nbsp;270.3 | &nbsp;&nbsp;&nbsp;&nbsp;267.3 | &nbsp;&nbsp;&nbsp;&nbsp;214.1 | 301.0 |
| Adjusted EBITDA<sup>†</sup> | **193.0** | &nbsp;&nbsp;&nbsp;&nbsp;251.3 | &nbsp;&nbsp;&nbsp;&nbsp;162.8 | &nbsp;&nbsp;&nbsp;&nbsp;109.0 | &nbsp;&nbsp;&nbsp;&nbsp;80.9 | &nbsp;&nbsp;&nbsp;&nbsp;91.6 | &nbsp;&nbsp;&nbsp;&nbsp;64.8 | 155.7 |
| AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;**1796** | &nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp;2131 | &nbsp;&nbsp;&nbsp;&nbsp;1823 | &nbsp;&nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;&nbsp;&nbsp;1911 | 1318 |
| Free Cash Flow<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**68.8** | &nbsp;&nbsp;&nbsp;&nbsp;146.5 | &nbsp;&nbsp;&nbsp;&nbsp;65.7 | &nbsp;&nbsp;&nbsp;&nbsp;31.2 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;16.1 | &nbsp;&nbsp;&nbsp;&nbsp;(29.6) | &nbsp;&nbsp;&nbsp;&nbsp;72.3 |
| Adjusted net profit<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**102.2** | &nbsp;&nbsp;&nbsp;&nbsp;107.6 | &nbsp;&nbsp;&nbsp;&nbsp;66.4 | &nbsp;&nbsp;&nbsp;&nbsp;30.6 | &nbsp;&nbsp;&nbsp;&nbsp;3.7 | &nbsp;&nbsp;&nbsp;&nbsp;6.6 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;71.9 |
| Net profit (loss) | &nbsp;&nbsp;&nbsp;&nbsp;**101.2** | &nbsp;&nbsp;&nbsp;&nbsp;102.7 | &nbsp;&nbsp;&nbsp;&nbsp;60.6 | &nbsp;&nbsp;&nbsp;&nbsp;34.0 | &nbsp;&nbsp;&nbsp;&nbsp;(5.3) | &nbsp;&nbsp;&nbsp;&nbsp;(18.9) | &nbsp;&nbsp;&nbsp;&nbsp;(5.5) | &nbsp;&nbsp;&nbsp;&nbsp;68.6 |
| **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> |
| Basic | &nbsp;&nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.01) | $0.10 |
| Diluted | &nbsp;&nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;&nbsp;&nbsp;$0.14 | &nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;&nbsp;$(0.01) | $0.09 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Production is on a 100% basis as all operations are controlled by OceanaGold.

2&nbsp;&nbsp;&nbsp;&nbsp;Attributable to the shareholders of the Company.

The most significant factors causing variation in the quarterly results are the changes in the gold and copper price, changes in production reflecting the variability in the grade of ore mined at each of the operations, gold and copper recoveries, the timing of waste stripping and maintenance activities and movements in inventories.

Notably, realized average gold prices have increased $473 per ounce since the second quarter of 2024, which has directly translated into higher revenue, cash flow and profitability during this period.

In the second quarter of 2024, there was a gain on sale of the Company's interest in the Blackwater project for cash consideration of $30.0 million, resulting in a pre-tax gain of $17.6 million.

In the fourth quarter of 2023, there was a non-cash write-down of indirect tax receivables in the Philippines totaling $38.3 million relating to historic tax receivables (excise and value-added taxes) which significantly impacted the quarterly net loss.

The second quarter of 2023 benefited from significant favourable timing of sales and working capital, which impacted the following quarter with lower sales volumes and working capital adjustments.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 20 |

---

------

**Liquidity and Capital Resources**

**Balance Sheet**

---

| | | |
|:---|:---|:---|
| **$M** | **March 31, 2025** | December 31, 2024 |
| Cash and cash equivalents | **227.6** | 193.5 |
| Other Current Assets | **258.3** | 271.8 |
| Non-Current Assets | **2101.1** | 2023.8 |
| **Total Assets** | **2587.0** | 2489.1 |
| Current Liabilities | **328.9** | 308.8 |
| Non-Current Liabilities | **250.4** | 253.8 |
| **Total Liabilities** | **579.3** | 562.6 |
| **Total Shareholders' Equity** | **1904.3** | 1820.0 |
| **Non-controlling interest** | **103.4** | 106.5 |

---

Current assets increased $20.6 million during the three months ended March 31, 2025, primarily due to an increase in cash (refer to the 'Cash Flows' section below) and an increase in prepayments due to timing of tax instalments in the Philippines.

Non-current assets increased $77.3 million during the three months ended March 31, 2025, primarily due to mining assets additions associated with pre-stripping and capitalized mining, primarily related to Ledbetter Phase 3 at Haile, partially offset by depreciation of property, plant and equipment and mining assets.

Current liabilities remained relatively consistent during the three months ended March 31, 2025, with the slight increase driven by higher trade and other payables as a result of timing differences and an increase in employee benefits due to the revaluation of the cash portion of outstanding performance share rights, mostly offset by a payment of New Zealand taxes.

Non-current liabilities decreased $3.4 million during the three months ended March 31, 2025, primarily due to ongoing lease repayments.

The decrease of $2.0 million in non-controlling interest relates to $4.6 million of dividend payments, partially offset by the $1.5 million share in earnings for the 20% interest at Didipio during the quarter.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 21 |

---

------

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per share amount** | **Q1 2025** | Q4 2024 | Q1 2024 |
| Cash flows provided by Operating Activities | **171.6** | &nbsp;&nbsp;&nbsp;&nbsp;246.1 | 75.3 |
| Cash flows used in Investing Activities | **(102.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99.6) | (73.5) |
| Cash flows (used in) provided by Financing Activities | **(35.9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120.7) | 19.2 |
| Free Cash Flows<sup>†</sup> | **68.8** | &nbsp;&nbsp;&nbsp;&nbsp;146.5 | 1.8 |
| Free Cash Flow per share - diluted<sup>†</sup> | **$0.10** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | $— |
| Operating Cash Flow per share - diluted<sup>†</sup> | **$0.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 | $0.11 |

---

Cash flows provided by operating activities for the first quarter were 30% lower than the prior quarter due to decreased gold sales and a negative working capital movement of $25.2 million driven by the increase in ore inventory stockpiles, partially offset by higher realized gold prices. First quarter cash flows provided by operating activities were 128% higher than the prior corresponding quarter mainly due to increased realized gold prices.

Cash flows used in investing activities for the first quarter of $102.8 million were relatively consistent with the prior quarter.

Cash flows used in financing activities for the first quarter of $35.9 million primarily reflected equipment lease principal repayments of $8.9 million, $4.6 million of dividends paid to OceanaGold (Philippines), Inc. ("OGP") shareholders and share buybacks of $19.6 million. In the prior quarter, cash flows used in financing activities were $120.7 million, primarily reflecting the repayment of $85.0 million drawn under the Facility, $6.3 million of dividends paid to OGP shareholders, equipment lease principal repayments of $5.5 million and $16.3 million of share buybacks.

First quarter Free Cash Flow<sup>†</sup> of $68.8 million was lower than the prior quarter primarily due to decreased gold sales, partially offset by higher realized gold prices.

**Debt Management and Liquidity**

---

| | | |
|:---|:---|:---|
| **$M** | **March 31, 2025** | December 31, 2024 |
| Revolving credit facility | **—** |  |
| Fleet facility<sup>1</sup> | **—** | (2.8) |
| Unamortized transaction costs | **—** | 1.2 |
| **Total debt** | **—** | (1.6) |
| Cash and cash equivalents | **227.6** | 193.5 |
| **Net Cash**<sup>†</sup> | **227.6** | 191.9 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility.

As at March 31, 2025, the Company was in a Net Cash<sup>†</sup> position of $227.6 million compared to Net Cash<sup>†</sup> of $191.9 million as at December 31, 2024, reflecting strong free cash flow as a result of record realized gold prices.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 22 |

---

------

The Company has a loan Facility with seven leading international banks for a total of $200 million plus a $50 million uncommitted accordion. The objective of the accordion feature, which is not reflected in Liquidity<sup>†</sup>, is to reduce undrawn commitment fees while preserving bank-approved capacity. The Facility is secured against present and future assets, property and undertakings and has a term maturing on December 31, 2027.

During the fourth quarter of 2024, the Company repaid all amounts drawn under the Facility. As a result, there are no amounts drawn under the Facility as at March 31, 2025 (December 31, 2024: nil). As at March 31, 2025, the Company was in compliance with all covenant obligations related to the Facility.

The Company had immediately available Liquidity<sup>†</sup> of $427.6 million at March 31, 2025 (December 31, 2024: $393.5 million), comprised of $227.6 million (December 31, 2024: $193.5 million) in cash and $200.0 million (December 31, 2024: $200.0 million) in undrawn Facility. The increase in Liquidity<sup>†</sup> primarily relates to strong free cash flow as noted above.

As at March 31, 2025, the Company was in a net current asset position of $157.0 million compared to $156.5 million as at December 31, 2024.

**Share Buyback**

In July 2024, the Company received approval from the TSX to buy back up to 35.5 million common shares pursuant to a Normal Course Issuer Bid ("NCIB") in the open market through the facilities of the TSX or alternative Canadian trading systems over the following 12 months. During the period from July to December 2024, the Company repurchased and cancelled 8.8 million common shares for consideration of $24.1 million at an average price of CAD$3.79. For 2025, the Board approved the repurchase of up to $100 million of common shares under the current NCIB program.

During the period ended March 31, 2025, the Company repurchased and cancelled 7.0 million common shares for consideration of $19.6 million at an average price of CAD$4.03 per share.

**Hedging**

The Company does not hedge any of its current or future gold sales and has benefited fully from the rising gold price.

The Company has a hedging program covering up to 80% of the forecast diesel consumption at Haile and Macraes on a rolling 12-month basis. The resulting hedging arrangements consist of monthly cash-settled swap transactions referencing the following appropriate diesel pricing indices to fix diesel prices and reduce input cost volatility:

• &nbsp;&nbsp;&nbsp;&nbsp;US Gulf Coast Ultra-Low Sulfur No 2 Diesel for an amount representing 80% of the forecast diesel consumption at Haile during 2024, split into even monthly amounts; and

• &nbsp;&nbsp;&nbsp;&nbsp;Platts Singapore (Gasoil) for an amount representing 80% of the forecast diesel consumption at Macraes during 2024, split into even monthly amounts.

The Company is covered at approximately 80% of forecast diesel consumption at Haile and Macraes through to the end of March 2026 and has elected to apply hedge accounting to these diesel hedging arrangements in accordance with IFRS.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 23 |

---

------

During the three months ended March 31, 2025, the Company recorded realized losses of $0.6 million within cost of sales and unrealized losses of $0.5 million in other comprehensive income as a result of the hedging arrangements.

The Company periodically uses forward contracts to hedge currency exposure.

There are no other hedges related to gold, silver, copper, currencies or diesel.

**Capital Commitments**

Capital commitments relate principally to the purchase of property, plant and equipment at Haile, Macraes and Waihi and the mine development at Didipio, Macraes and Waihi. The Company's capital commitments as at March 31, 2025, are as follows:

---

| | |
|:---|:---|
| **As at March 31, 2025** <br>**$M** | **Capital**<br>**Commitments** |
| Within 1 year | **25.0** |

---

**Related Party Transactions**

There were no related party transactions during the period.

Key Management compensation will be reported in the Company's audited consolidated financial statements for the year ended December 31, 2025.

**Outstanding Share Data**

The following table sets out the common shares, performance share rights and deferred units outstanding as at the date of this MD&A:

---

| | |
|:---|:---|
| **Shares/ units** | **May 7, 2025** |
| Common shares | **698,108,218** |
| Performance share rights | &nbsp;&nbsp;&nbsp;**17,975,717** |
| Deferred units | **1,181,199** |

---

**Non-IFRS Financial Information**

Throughout this MD&A, the Company has provided measures prepared according to International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") as well as some non-IFRS performance measures. As non-IFRS performance measures do not have a standardized meaning prescribed by IFRS, they are unlikely to be comparable to similar measures presented by other companies. The Company provides these non-IFRS measures as they are used by certain investors to evaluate OceanaGold's performance. Accordingly, such non-IFRS measures are intended to provide additional information and should not be considered in isolation, or a substitute for measures of performance in accordance with IFRS.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 24 |

---

------

These measures are used internally by the Company's Management to assess the performance of the business and make decisions on the allocation of resources and are included in this MD&A to provide greater understanding of the underlying performance of the operations. Investors are cautioned not to place undue reliance on any non-IFRS financial measures included in this MD&A.

**Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share**

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per share amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q1 2025** | Q4 2024 | Q1 2024 |
| Net profit (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**101.2** | 102.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.3) |
| Foreign exchange loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Write-down of assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Restructuring costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| **Adjusted net profit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**102.2** | 107.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| **Adjusted weighted average number of common shares - fully diluted** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**714.9** | 724.6 | 718.8 |
| **Adjusted earnings per share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.14** | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |

---

**EBITDA and Adjusted EBITDA**

The Company's Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses, write-downs, gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue.

Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/losses.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 25 |

---

------

The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin:

---

| | | | |
|:---|:---|:---|:---|
| **$M** | **Q1 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | Q1 2024 |
| Net profit (loss) | **101.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.3) |
| Depreciation and amortization | **53.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.8 |
| Net interest expense and finance costs | **1.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Income tax expense on earnings | **35.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| **EBITDA** | **192.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.9 |
| Write-down of assets | **0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Restructuring expense | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Foreign exchange loss | **0.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| **Adjusted EBITDA** | **193.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.9 |
| Revenue | **359.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427.3 | 270.3 |
| **EBITDA Margin** | **53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

**Cash Costs and AISC**

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculation beginning in the first quarter of 2025.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 26 |

---

------

The following table provides a reconciliation of consolidated Cash Costs and AISC:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q1 2025** | Q4 2024 | Q1 2024 |
| Cost of sales, excl. depreciation and amortization | **142.9** | &nbsp;&nbsp;&nbsp;&nbsp;155.1 | 160.7 |
| Indirect taxes | **4.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | 5.6 |
| Selling costs | **2.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | 3.9 |
| Other cash adjustments | **(3.4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.7) | (0.8) |
| By-product credits | **(35.3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29.7) | (29.9) |
| **Total Cash Costs (net)** | **111.8** | &nbsp;&nbsp;&nbsp;&nbsp;131.5 | 139.5 |
| Sustaining capital and leases | **82.1** | &nbsp;&nbsp;&nbsp;&nbsp;77.8 | 56.8 |
| Corporate general & administration | **10.4** | &nbsp;&nbsp;&nbsp;&nbsp;23.5 | 14.8 |
| Onsite exploration and drilling | **1.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | 1.8 |
| **Total AISC** | **205.9** | &nbsp;&nbsp;&nbsp;&nbsp;233.3 | 212.9 |
| Gold sales (koz) | **114.6** | &nbsp;&nbsp;&nbsp;&nbsp;150.3 | 116.8 |
| **Cash Costs ($/oz)** | **976** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | 1194 |
| **AISC ($/oz)**<sup>1</sup> | **1796** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | 1823 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share related to the FTAA at Didipio of $7.5 million for the first quarter of 2025 and $7.4 million for the fourth quarter of 2024, as it is considered in the nature of an income tax.

The following tables provides a reconciliation of Cash Costs and AISC for each operation:

*Haile*

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per oz amounts** | &nbsp;&nbsp;**Q1 2025** | Q4 2024 | Q1 2024 |
| **Cash costs of sales** | **45.6** | &nbsp;&nbsp;&nbsp;&nbsp;51.3 | 53.2 |
| By-product credits | **(1.9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.8) | (0.7) |
| Inventory adjustments | **(3.0)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.5) | 12.0 |
| Freight, treatment and refining charges | **0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | 0.1 |
| **Total Cash Costs (net)** | **40.9** | &nbsp;&nbsp;&nbsp;&nbsp;**44.2** | **64.6** |
| Sustaining and leases | **10.4** | &nbsp;&nbsp;&nbsp;&nbsp;20.5 | 9.0 |
| Pre-strip and capitalized mining | **36.4** | &nbsp;&nbsp;&nbsp;&nbsp;30.5 | 8.2 |
| Onsite exploration and drilling | **0.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| **Total AISC** | **88.5** | &nbsp;&nbsp;&nbsp;&nbsp;**95.2** | **81.8** |
| Gold sales (koz) | **57.2** | &nbsp;&nbsp;&nbsp;&nbsp;73.9 | 41.2 |
| **Cash Costs ($/oz)** | **715** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | 1569 |
| **AISC ($/oz)** | **1551** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 | 1987 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 27 |

---

------

*Didipio*

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per oz amounts** | &nbsp;&nbsp;**Q1 2025** | Q4 2024 | Q1 2024 |
| **Cash costs of sales** | **32.1** | 40.0 | 36.1 |
| By-product credits | **(31.2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27.0) | (28.2) |
| Royalties | **1.6** | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Indirect taxes | **4.7** | 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Inventory adjustments | **4.5** | (1.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Freight, treatment and refining charges | **3.8** | 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| **Total Cash Costs (net)** | **15.5** | **21.5** | **23.6** |
| Sustaining and leases | **2.7** | 4.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Pre-strip and capitalized mining | **1.9** | 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| General & administration<sup>1</sup> | **0.1** |  |  |
| **Total AISC** | **20.2** | **28.8** | **30.1** |
| Gold sales (koz) | **17.8** | 20.8 | 31.8 |
| **Cash Costs ($/oz)** | **871** | 1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 |
| **AISC**<sup>1</sup> **($/oz)** | **1130** | 1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Beginning in the first quarter of 2025, Didipio's AISC calculation includes local corporate G&A costs.

2&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share related to the FTAA at Didipio of $7.5 million and $7.4 million for the first quarter of 2025 and fourth quarter of 2024, respectively, as it is considered in the nature of an income tax.

*Macraes*

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q1 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | Q1 2024 |
| **Cash costs of sales** | **39.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.5 | 29.6 |
| Less: by-product credits | **(0.1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |  |
| Royalties | **0.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | (0.1) |
| Inventory adjustments | **(7.6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Freight, treatment and refining charges | **0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| **Total Cash Costs (net)** | **32.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.3 | 32.7 |
| Sustaining and leases | **9.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Pre-strip and capitalized mining | **12.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | 18.7 |
| Onsite exploration and drilling | **0.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| **Total AISC** | **54.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55.5** | **58.4** |
| Gold sales (koz) | **23.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.6 | 32.2 |
| **Cash Costs ($/oz)** | **1369** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | 1016 |
| **AISC($/oz)** | **2313** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | 1814 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 28 |

---

------

*Waihi*

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q1 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | Q1 2024 |
| **Cash costs of sales** | **26.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 | 19.5 |
| By-product credits | **(2.1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.1) | (1.0) |
| Royalties | **0.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Inventory adjustments | **(2.3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | (0.2) |
| Add: Freight, treatment and refining charges | **0.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |  |
| **Total Cash Costs (net)** | **23.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 | 18.6 |
| Sustaining and leases | **4.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Pre-strip and capitalized mining | **4.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Onsite exploration and drilling | **0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| **Total AISC** | **32.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.3** | **27.8** |
| Gold sales (koz) | **15.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.0 | 11.6 |
| **Cash Costs ($/oz)** | **1445** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | 1601 |
| **AISC ($/oz)** | **2019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | 2393 |

---

**Net Cash/(Debt)**

Net Cash/(Debt) has been calculated as total debt plus cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Prior to 2024, lease liabilities were included in the calculation of Net Cash/ (Debt). The change in respect of 2024 is consistent with the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have been recalculated excluding lease liabilities.

A reconciliation of this measure is provided in the 'Debt Management' and 'Liquidity' sections of this MD&A.

**Liquidity**

Liquidity has been calculated as cash and cash equivalents and the total of funds available to be drawn under the Facility. Management believes this is a useful measure of the Company's ability to repay its current liabilities.

The following table provides a reconciliation of Liquidity:

---

| | | |
|:---|:---|:---|
| **$M** | **March 31, 2025** | December 31, 2024 |
| Cash and Cash Equivalents | **227.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193.5 |
| Funds available to be drawn under the Facility | **200.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200.0 |
| **Liquidity** | **427.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393.5 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 29 |

---

------

**Operating Cash Flow per share**

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of total fully diluted cash Operating Cash Flow per share:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q1 2025** | Q4 2024 | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2024 |
| Cash provided by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;**171.6** | &nbsp;&nbsp;&nbsp;&nbsp;246.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.3 |
| Changes in working capital | **25.2** | &nbsp;&nbsp;&nbsp;&nbsp;14.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| **Cash flows provided by operating activities before changes in working capital** | &nbsp;&nbsp;&nbsp;&nbsp;**196.8** | &nbsp;&nbsp;&nbsp;&nbsp;260.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.8 |
| Adjusted weighted average number of common shares - fully diluted | &nbsp;&nbsp;&nbsp;&nbsp;**714.9** | &nbsp;&nbsp;&nbsp;&nbsp;724.6 | &nbsp;&nbsp;&nbsp;&nbsp;718.8 |
| **Operating Cash Flow per share** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 |

---

**Free Cash Flow**

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of Free Cash Flow:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q1 2025** | Q4 2024 | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2024 |
| Cash flows provided by Operating Activities | **171.6** | &nbsp;&nbsp;&nbsp;&nbsp;246.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.3 |
| Cash flows used in Investing Activities | **(102.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73.5) |
| **Free Cash Flow** | **68.8** | 146.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Adjusted weighted average number of common shares - fully diluted | **714.9** | &nbsp;&nbsp;&nbsp;&nbsp;724.6 | &nbsp;&nbsp;&nbsp;&nbsp;718.8 |
| **Free Cash Flow per share** | **$0.10** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

**Leverage Ratio**

Leverage Ratio is calculated as Net Cash/(Debt) divided by Adjusted EBITDA for the preceding 12-month period. Management believes this is a useful indicator to monitor the Company's ability to meet its financial obligations. The following table provides a reconciliation of the Leverage Ratio:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except ratio amounts** | &nbsp;&nbsp;**Q1 2025** | Q4 2024 | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2024 |
| Net Cash/(Debt) | **227.6** | &nbsp;&nbsp;&nbsp;&nbsp;191.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81.8) |
| Adjusted EBITDA | **716.1** | &nbsp;&nbsp;&nbsp;&nbsp;604.0 | &nbsp;&nbsp;&nbsp;&nbsp;393.0 |
| **Leverage Ratio** | **0.00x** | 0.00x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21x |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 30 |

---

------

**Internal Controls Over Financial Reporting**

The Company's Management, with the participation of the Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations and may not prevent or detect misstatements. Even when the Company's system of internal control over financial reporting is determined to be effective, it can only provide reasonable assurance with respect to financial statement preparation and presentation.

Management has used the criteria established in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") to evaluate the effectiveness of the Company's internal control over financial reporting.

As at December 31, 2024, Management, with the participation of the Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the Company's internal control over financial reporting and concluded that the Company's internal control over financial reporting was effective.

There has been no change in the Company's internal control over financial reporting during the three months ended March 31, 2025 which has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

**Accounting Estimates, Policies and Changes**

The preparation of financial statements in conformity with IFRS Accounting Standards requires Management to make estimates, judgements and assumptions that affect the amounts reported in the condensed interim consolidated financial statements and related notes. The Company's significant accounting policies and critical estimates and judgements are disclosed in Notes 3 and 4 of OceanaGold's condensed interim consolidated financial statements for the quarter ended March 31, 2025.

**Risks and Uncertainties**

This document contains certain forward-looking statements that involve risks, uncertainties and other factors that could cause actual results, performance, prospects, opportunities and continued mining operations to differ materially from those expressed or implied by those forward-looking statements. The exploration and development of natural resources are highly speculative in nature and the Company's business operations, investments and prospects are subject to significant risks. For further detail and discussion of these risks and uncertainties, please refer to the risk factors set forth in the Company's most recent Annual Information Form available under the Company's profile on SEDAR+ at sedarplus.com and on the Company's website at oceanagold.com, and the Company's other filings and submissions with securities regulators on SEDAR+, which could materially affect the Company's business, operations, investments and prospects and could cause actual events to differ materially from those described in forward-looking statements relating to the Company. Additional risks and uncertainties not presently known to the Company or that the Company currently considers immaterial may also impair the business, operations, investments and prospects of the Company. If any of the risks actually occur, the business of the Company may be harmed and its financial condition and results of operations may suffer significantly.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 31 |

---

------

**Notes to Reader**

**Cautionary Statement Regarding Forward-Looking Information**

This MD&A contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company and its mining projects; the future price of gold, copper and silver; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserve and Mineral Resource estimates; costs of production; estimates of initial capital, sustaining capital, operating and exploration expenditures; costs and timing of the development of new deposits; costs and timing of the development of new mines; costs and timing of future exploration and drilling programs; timing of filing of updated technical information and studies, including trade-off work for Ledbetter Phase 4 open pit at Haile and the Didipio PFS; anticipated production amounts; requirements for additional capital; governmental regulation of mining operations and exploration operations; timing and receipt of approvals, consents and permits under applicable legislation, including Fast-track approval for the Waihi North Project, timing of the commissioning of TSF Stage 4 and water treatment plant upgrades at Haile; timing of the construction of the new Frasers TSF project; environmental risks; title disputes or claims; limitations of insurance coverage; and the timing and possible outcome of pending litigation and regulatory matters. All statements in this MD&A that address events or developments that the Company expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold, copper and silver; general business, economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Philippines peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits, including the FTAA; and those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available under the Company's profile on SEDAR+ at sedarplus.com and on the Company's website at

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 32 |

---

------

oceanagold.com. The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any Mineral Resources or Mineral Reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Cautionary Statements Regarding Mineral Reserve and Mineral Resource Estimates**

The disclosure in this MD&A was prepared in accordance with NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "U.S. SEC"). Accordingly, Mineral Resource and Mineral Reserve information and other scientific and technical information contained or referenced in this MD&A may not be comparable to similar information disclosed by public companies subject to the technical disclosure requirements of the U.S. SEC.

**Qualified Persons**

Greg Hollett, the Company's Head of Mine Engineering, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Haile operational matters contained in this MD&A.

Phillip Jones, the Company's Head of Underground Mining, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Didipio operational matters contained in this MD&A.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 33 |

---

------

Euan Leslie, the Company's Group Mining Engineer, and Knowell Madambi, the Company's Manager – Technical Services & Projects, Macraes, each of whom is a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Macraes operational matters contained in this MD&A.

Euan Leslie and David Townsend, the Company's Manager – Mining (Underground), Waihi, each of whom is a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Waihi operational matters contained in this MD&A.

Craig Feebrey, the Company's Executive Vice President and Chief Exploration Officer, a qualified person as defined by NI 43-101, has approved the scientific and technical information regarding exploration matters contained in this MD&A.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 34 |

---

## Exhibit 99.7

**Exhibit 99.7**

![xx40.jpg](xx40.jpg)

**OCEANAGOLD CORPORATION**

**CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

------

**OceanaGold Corporation**<br>Condensed Interim Consolidated Statements of Financial Position<br>(in millions of United States dollars - unaudited)<br>

---

| | | | |
|:---|:---|:---|:---|
| | | **June 30** | **December 31** |
| | **Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| **ASSETS** | | | |
| **Current assets** | | | |
| Cash and cash equivalents |  | $298.7  | $193.5  |
| Trade and other receivables | 5 | 15.6  | 13.7  |
| Inventories | 6 | 213.2  | 239.5  |
| Prepayments |  | 21.1  | 18.6  |
| Total current assets |  | 548.6  | 465.3  |
| **Non-current assets** |  |  |  |
| Trade and other receivables | 5 | 56.0  | 44.1  |
| Inventories | 6 | 136.3  | 111.0  |
| Deferred tax assets |  | 18.3  | 39.0  |
| Mineral properties, plant and equipment | 7 | 2022.9  | 1829.7  |
| Total non-current assets |  | 2233.5  | 2023.8  |
| **TOTAL ASSETS** |  | $**2782.1**  | $**2489.1**  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables |  | $241.3  | $198.7  |
| Employee benefits |  | 36.8  | 28.7  |
| Current tax liabilities |  | 65.8  | 47.9  |
| Lease liabilities |  | 29.2  | 28.1  |
| Debt | 8 | –  | 1.6  |
| Derivative hedges |  | 0.4  | 0.9  |
| Asset retirement obligations |  | 2.5  | 2.9  |
| Total current liabilities |  | 376.0  | 308.8  |
| **Non-current liabilities** |  |  |  |
| Employee benefits |  | 16.6  | 15.1  |
| Deferred tax liabilities |  | 49.9  | 33.6  |
| Lease liabilities |  | 31.8  | 41.9  |
| Asset retirement obligations |  | 173.2  | 163.2  |
| Total non-current liabilities |  | 271.5  | 253.8  |
| **TOTAL LIABILITIES** |  | **647.5**  | **562.6**  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Share capital | 9 | 1183.8  | 1219.5  |
| Retained earnings |  | 811.4  | 611.6  |
| Contributed surplus |  | 63.7  | 64.8  |
| Other reserves |  | (27.8) | (75.9) |
| **TOTAL SHAREHOLDERS' EQUITY** |  | **2031.1**  | **1820.0**  |
| Non-controlling interest | 11 | **103.5**  | **106.5**  |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** |  | $**2782.1**  | $**2489.1**  |

---

On behalf of the Board of Directors:

---

| | |
|:---|:---|
| */s/ Paul Benson* | */s/ Sandra M. Dodds* |
| Paul Benson | Sandra M. Dodds |
| Director | Director |
| August 6, 2025 | August 6, 2025 |

---

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 1

------

**OceanaGold Corporation**<br>Condensed Interim Consolidated Statements of Income<br>(in millions of United States dollars, except per share data - unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;**Three months ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Three months ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended** |
| | | **June 30** | **June 30** | **June 30** | **June 30** |
| | **Notes** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| **Revenue** | 12 | $**432.4**  | $**251.2**  | $**792.3**  | $**521.5**  |
| Cost of sales, excluding depreciation and amortization |  | (181.1) | (135.0) | (324.0) | (295.7) |
| Depreciation and amortization |  | (54.9) | (69.9) | (108.6) | (134.7) |
| General and administration |  | (17.5) | (16.0) | (28.1) | (31.5) |
| Indirect taxes |  | (5.6) | (6.9) | (10.4) | (12.5) |
| Additional Government Share | 13 | (10.2) | 9.3  | (17.7) | –  |
| Operating profit |  | 163.1  | 32.7  | 303.5  | 47.1  |
| **Other (expense) income** |  |  |  |  |  |
| Foreign exchange (loss) gain |  | (2.4) | 0.1  | (3.2) | (6.2) |
| Gain on disposal of assets | 14 | –  | 17.0  | –  | 17.0  |
| Interest expense and finance costs | 8 | (3.1) | (7.7) | (6.4) | (13.3) |
| Interest income |  | 1.6  | 1.2  | 3.1  | 1.4  |
| OGP listing costs | 11 | –  | (5.5) | –  | (5.5) |
| Restructuring expense |  | –  | (0.4) | –  | (1.9) |
| Other income (expense) |  | 1.5  | (1.4) | 0.2  | (0.9) |
| Profit before income tax |  | 160.7  | 36.0  | 297.2  | 37.7  |
| Income tax expense |  | (43.1) | (2.0) | (78.4) | (9.0) |
| **Net profit** |  | $**117.6**  | $**34.0**  | $**218.8**  | $**28.7**  |
| **Attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $3.5  | $3.3  | $5.0  | $3.3  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity holders of the Company |  | $114.1  | $30.7  | $213.8  | $25.4  |
| **Earnings per share attributable to shareholders of the Company** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $0.49  | $0.13  | $0.92  | $0.11  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $0.49  | $0.13  | $0.91  | $0.11  |
| Weighted average number of common shares outstanding: |  |  |  |  |  |
| *(in millions)* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  | 232.0  | 237.1  | 232.9  | 236.6  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  | 234.8  | 242.8  | 235.4  | 241.0  |

---

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 2

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**OceanaGold Corporation**<br>Condensed Interim Consolidated Statements of Comprehensive Income<br>(in millions of United States dollars, except per share data - unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | | **June 30** | **June 30** | **June 30** | **June 30** |
| | **Notes** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | **2025** | **2024** |
| **Net profit** | 12 | $**117.6**  | $**34.0**  | $**218.8**  | $**28.7**  |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that may be reclassified to profit or loss* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation gain (loss) |  | $38.9  | $5.6 | $46.9 | $(11.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on fair value of derivative hedges |  | 0.1  | (0.6) | 0.5 | 0.5 |
| *Items that will not be reclassified to profit or loss*  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on sale of investments |  | –  | – | 0.7 | – |
| Other comprehensive income (loss), net of tax |  | 39.0 | 5.0  | 48.1  | (11.2) |
| **Total comprehensive income** |  | $**156.6**  | $**39.0**  | $**266.9**  | $**17.5**  |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 11 | 3.5 | 3.3 | 5.0 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity holders of the Company |  | 153.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261.9  | 14.2  |

---

`

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 3

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**OceanaGold Corporation**<br>Condensed Interim Consolidated Statements of Cash Flows<br>(in millions of United States dollars - unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30** | **June 30** | **June 30** |
| | **Notes** | &nbsp;&nbsp;&nbsp;**2025** | **2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** |
| **Operating activities** |  |  |  |  |  |
| Net profit |  | $117.6 | $34.0  | $218.8  | $28.7  |
| *Items not affecting cash* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense |  | 54.9  | 69.9  | 108.6  | 134.7  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  | 12.9  | 3.5  | 19.4  | 8.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss (gain) |  | 4.8  | (0.1) | 3.2  | 6.2  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | –  | (17.0) | –  | (17.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash other (income) expenses |  | (1.5) | 2.3  | 0.2  | 2.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-down of inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | –  | 4.7  | –  | 4.7  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  | 43.1  | 2.0  | 78.4  | 9.0  |
| Changes in working capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | (4.9) | 8.5  | (30.1) | 6.0  |
| **Net cash provided by operating activities** |  | **226.9**  | **107.8**  | **398.5**  | **183.1**  |
| **Investing activities** |  |  |  |  |  |
| Payment for property, plant and equipment |  | (18.7) | (5.4) | (34.3) | (13.6) |
| Payment for mining assets: exploration and evaluation |  | (7.6) | (4.3) | (14.3) | (6.5) |
| Payment for mining assets: development |  | (37.2) | (32.3) | (100.6) | (54.9) |
| Payment for mining assets: in production |  | (43.3) | (64.9) | (61.6) | (105.4) |
| Proceeds from sale of assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | –  | 30.3  | 1.2  | 30.3  |
| **Net cash used in investing activities** |  | **(106.8)** | **(76.6)** | **(209.6)** | **(150.1)** |
| **Financing activities** |  |  |  |  |  |
| Repayment of lease liabilities |  | (5.3) | (10.8) | (14.2) | (15.9) |
| Repayment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | –  | (60.0) | (2.8) | (60.7) |
| Proceeds from debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | –  | 25.0  | –  | 50.0  |
| Proceeds from OGP listing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | –  | 106.0  | –  | 106.0  |
| OGP listing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | –  | (5.5) | –  | (5.5) |
| Share buybacks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | (21.0) | –  | (40.6) | –  |
| Dividends paid to equity holders of the Company |  | (14.0) | (7.0) | (14.0) | (7.0) |
| Dividends paid to non-controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | (3.4) | –  | (8.0) | –  |
| **Net cash (used in) provided by financing activities** |  | **(43.7)** | **47.7**  | **(79.6)** | **66.9**  |
| Effect of exchange rate changes on cash |  | (5.3) | (2.7) | (4.1) | (4.3) |
| Net increase in cash and cash equivalents |  | 71.1  | 76.2  | 105.2  | 95.6  |
| Cash and cash equivalents at the beginning of the period |  | 227.6  | 81.1  | 193.5  | 61.7  |
| **Cash and cash equivalents at the end of the period** |  | $**298.7**  | $**157.3**  | $**298.7**  | $**157.3**  |

---

Supplemental cash flow information (Note 16).

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 4

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**OceanaGold Corporation**<br>Condensed Interim Consolidated Statements of Changes in Equity<br>(in millions of United States dollars, except for per share data - unaudited)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** <br>**(in millions)** | **Share Capital** | **Contributed Surplus** | **Other Reserves** | **Retained Earnings** | **Non- controlling<br>Interest** | **Total Equity** |
| **Balance at January 1, 2025** | **234.2** | $**1219.5**  | $**64.8**  | $**(75.9)** | $**611.6**  | $**106.5**  | $**1926.5**  |
| Comprehensive income for the period | – | – | –  | 48.1  | 213.8  | 5.0  | 266.9  |
| Employee share rights: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based payments | – | – | 2.9  | –  | –  | –  | 2.9  |
| &nbsp;&nbsp;&nbsp;Exercise of rights | 0.9 | 4.9 | (4.0) | –  | –  | –  | 0.9  |
| Share buybacks | (3.9) | (40.6) | –  | –  | –  | –  | (40.6) |
| Dividends declared | – | – | –  | –  | (14.0) | (8.0) | (22.0) |
| **Balance at June 30, 2025** | **231.2** | $**1183.8**  | $**63.7**  | $**(27.8)** | $**811.4**  | $**103.5**  | $**2134.6**  |
| **Balance at January 1, 2024** | **235.8** | $**1236.2**  | $**73.2**  | $**(14.6)** | $**438.3**  | $**–**  | $**1733.1**  |
| Recognition of non-controlling interest | – | – | –  | (6.8) | –  | 111.2  | 104.4  |
| Comprehensive (loss) income for the period | – | – | –  | (11.2) | 25.4  | 3.3  | 17.5  |
| Employee share rights: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based payments | – | – | 10.1  | –  | –  | –  | 10.1  |
| &nbsp;&nbsp;&nbsp;Forfeiture of rights | – | – | (1.8) | –  | –  | –  | (1.8) |
| &nbsp;&nbsp;&nbsp;Exercise of rights | 1.3 | 7.4 | (13.5) | –  | –  | –  | (6.1) |
| Dividends declared | – | – | –  | –  | (7.0) | –  | (7.0) |
| **Balance at June 30, 2024** | **237.1** | $**1243.6**  | $**68.0**  | $**(32.6)** | $**456.7**  | $**114.5**  | $**1850.2**  |

---

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 5

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**1&nbsp;&nbsp;&nbsp;&nbsp;NATURE OF OPERATIONS**

OceanaGold Corporation (the "Company" or "OceanaGold") is domiciled in British Columbia, Canada and the registered address of the Company is Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada. The Company's common shares trade under the symbol 'OGC' on the Toronto Stock Exchange ("TSX") in Canada and under the symbol 'OCANF' on the OTCQX market in the United States.

The Company is engaged in the exploration, development and operation of gold and gold/copper mines. OceanaGold operates four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

The unaudited condensed interim consolidated financial statements were approved by the Board of Directors on August 6, 2025.

**2&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION**

These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), as applicable to the preparation of interim condensed consolidated financial statements including IAS 34. Accordingly, certain disclosures included in the annual financial statements prepared in accordance with IFRS Accounting Standards have been condensed or omitted. These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2024.

**3&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING POLICIES**

The accounting policies applied in the preparation of these unaudited condensed interim consolidated financial statements are consistent with those applied and disclosed in the Company's audited consolidated financial statements for the year ended December 31, 2024. The Company's interim results are not necessarily indicative of its results for a full year.

**New IFRS accounting standards and pronouncements - not yet adopted**

**Amendments to IFRS 9: Financial Instruments and IFRS 7: Financial Instruments: Disclosures**

In May 2024, the IASB issued amendments to update classification and measurement requirements in IFRS 9: Financial Instruments, and related disclosure requirements in IFRS 7: Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

The amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company is currently assessing the effect of these amendments on our financial statements.

**IFRS 18: Presentation and Disclosure in Financial Statements**

In April 2024, the IASB issued IFRS 18: Presentation and Disclosure of Financial Statements ("IFRS 18"), which replaces IAS 1: Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management-defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18

OceanaGold Corporation 6

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified.

The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted. The Company is currently assessing the effect of this new standard to its financial statements.

**4&nbsp;&nbsp;&nbsp;&nbsp;CRITICAL ESTIMATES AND JUDGEMENTS**

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Areas of estimation and judgement that have the most significant effect on the amounts recognized in these financial statements are disclosed annually, and last disclosed in Note 4 of the Company's consolidated financial statements for the year ended December 31, 2024.

**5&nbsp;&nbsp;&nbsp;&nbsp;TRADE AND OTHER RECEIVABLES**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30** <br>**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31**<br>**2024** |
| Trade receivables | $5.0 | $5.2 |
| Other receivables | 66.6 | 52.6 |
| **Total trade and other receivables** | $**71.6**  | $**57.8**  |
| Current | $15.6 | $13.7 |
| Non-Current | $56.0 | $44.1 |

---

Other Receivables relate to various indirect tax receivables and deposits at banks in support of environmental bonds (Note 20).

**6&nbsp;&nbsp;&nbsp;&nbsp;INVENTORIES**

---

| | | |
|:---|:---|:---|
| | **June 30** | **December 31** |
| | **2025** | **2024** |
| Ore | $196.2 | $219.1 |
| Gold in circuit | 32.1 | 27.9 |
| Gold on hand | 1.1 | 1.5 |
| Gold and copper concentrate | 21.1 | 16.0 |
| Maintenance stores | 99.0 | 86.0 |
| **Total inventories** | $**349.5** | $**350.5** |
| Current | $213.2  | $239.5  |
| Non-Current | $136.3 | $111.0 |

---

OceanaGold Corporation 7

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**7&nbsp;&nbsp;&nbsp;&nbsp;MINERAL PROPERTIES, PLANT AND EQUIPMENT**

The following table summarizes the net book value of mineral properties, plant and equipment as at June 30, 2025 and the changes during the period then ended:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mineral properties** | **Buildings, <br>plant and equipment** | **Construction- in-progress** | **Land**  | **Exploration<br>and evaluation** | **Total** |
| **Net book value** | | | | | | |
| **At January 1, 2025** | $**808.7** | $**684.7** | $**191.1** | $**57.1** | $**88.1** | $**1829.7** |
| Additions | 61.4 | 43.9 | 96.8 | – | 13.1 | 215.2 |
| Transfers | 128.7 | 8.7 | (133.1) | – | (4.3) | – |
| Disposals | – | (0.9) | – | – | – | (0.9) |
| Amortization | (30.8) | (49.2) | – | – | – | (80.0) |
| Change in<br>rehabilitation provision | – | 3.6 | – | 0.2 | – | 3.8 |
| Foreign exchange movements and other | 32.4 | 10.1 | 4.6 | 2.8 | 5.2 | 55.1 |
| **At June 30, 2025** | $**1000.4** | $**700.9** | $**159.4** | $**60.1** | $**102.1** | $**2022.9** |
| Cost | $2844.7 | $1857.6 | $159.4 | $60.1 | $102.1 | $5023.9 |
| Accumulated amortization and impairment | (1844.3) | (1156.7) | – | – | – | (3001.0) |
| **At June 30, 2025** | $**1000.4** | $**700.9** | $**159.4** | $**60.1** | $**102.1** | $**2022.9** |

---

Construction-in-progress mainly includes the underground operations and development projects at Didipio Mine in the Philippines, the Waihi North Project in New Zealand, and waste storage facility development and the tailings storage facility lift construction at the Haile Gold Mine in the United States.

**8&nbsp;&nbsp;&nbsp;&nbsp;DEBT**

*Revolving bank credit facility*

The Company has a revolving bank credit facility (the "Facility") with seven international banks providing $200.0 million committed plus a $50.0 million uncommitted accordion. The Facility, entered into in December 2023 with a term of 4 years, is secured against present and future assets, property and undertakings and matures on December 31, 2027.

As at June 30, 2025, the Company was in full compliance with all covenant obligations and has $200.0 million (December 31, 2024: $200.0 million) available to the Company under the Facility.

*Fleet facility*

In 2020, the Company entered into a $10.0 million fleet facility arrangement for mining equipment financing, of which $9.7 million was drawn. At June 30, 2025 there was nil (December 31, 2024: $2.8 million) drawn as the Company repaid all amounts under the fleet facility during the period. There are no additional amounts available under the fleet facility.

**9&nbsp;&nbsp;&nbsp;&nbsp;SHARE CAPITAL**

**Authorized capital**

The Company is authorized to issue an unlimited number of common shares with no par value.

OceanaGold Corporation 8

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**Share Consolidation**

On June 23, 2025, a share consolidation was completed on the basis of one post-consolidation common share for every 3 pre-consolidation common shares. The consolidation reduced the number of common shares issued and outstanding from 693,379,818 common shares to 231,126,566 common shares. The common shares commenced trading on the Toronto Stock Exchange (the "TSX") on a post-consolidation basis on the opening of trading on June 23, 2025. The number of shares issuable under the Company's stock-based compensation plans were proportionately adjusted upon completion of the consolidation. All information relating to earnings per share, issued and outstanding common shares, share rights, deferred units, and per share amounts in these financial statements have been adjusted retrospectively to reflect the share consolidation.

**Dividends**

During the quarter ended June 30, 2025, the Company declared and paid a dividend of $0.03 per common share and paid a declared dividend of $0.03 per common share from the quarter ended March 31, 2025, totaling $14.0 million to equity holders of the Company (quarter ended June 30, 2024: paid a dividend of $0.03 per common share totaling $7.0 million).

On August 6, 2025, OceanaGold declared a dividend of $0.03 per common share.

**Share buyback**

In July 2025, the Company received approval from the TSX to buyback up to 23 million common shares, pursuant to a Normal Course Issuer Bid ("NCIB") in the open market through the facilities of the TSX or alternative Canadian trading systems over the next 12 months. During the six months ended June 30, 2025, the Company repurchased and cancelled 3,928,700 common shares for consideration of $40.6 million.

**10&nbsp;&nbsp;&nbsp;&nbsp;STOCK-BASED COMPENSATION**

**Performance share rights plan**

The following table summarizes the outstanding rights granted under the performance share rights plan as at June 30, 2025 and December 31, 2024 and the changes during the periods then ended:

---

| | | |
|:---|:---|:---|
| | **June 30**<br>**2025**<br>**Units** | **December 31**<br>**2024**<br>**Units** |
| **At January 1** | **5699442**  | **5641150**  |
| Granted | 1613031  | 2704175  |
| Forfeited | (228881) | (687465) |
| Exercised | (1127253) | (1958418) |
| **At period end** | **5956339**  | **5699442**  |
| **Exercisable at period end** | **–**  | **–**  |

---

The performance share rights outstanding at June 30, 2025 had a weighted average remaining life of 1.7 years with no exercise price.

Performance share rights granted to designated participants may from time to time vest when the Company meets target milestones for the applicable performance period, in accordance with the vesting schedule established at the time of grant by the Board. There are two components to each performance share right: a performance condition based on the Company's share price performance relative to peers ("TSR") and a service condition. The performance condition weighting varies according to the designated participants' job levels with vesting up to 200% of target for Executives. Upon vesting, the performance share rights are payable partly in shares and partly in cash in accordance with the plan. The Board has further discretion should they choose to exercise it.

In 2025, the 2022 performance rights vested at 156%. Settlement was partly in shares and partly in cash.

OceanaGold Corporation 9

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

At June 30, 2025, the fair value of the cash settled portion of the outstanding unvested performance rights and corresponding liability of $16.6 million (December 31, 2024: $17.0 million) is recorded within employee benefits.

**Deferred Unit Plan ("DUP")**

The following table summarizes the outstanding deferred units granted under the deferred unit plan as at June 30, 2025 and December 31, 2024 and the changes during the periods then ended:

---

| | | |
|:---|:---|:---|
| | **June 30**<br>**2025**<br>**Units** | **December 31**<br>**2024**<br>**Units** |
| **At January 1** | 365768  | 354364  |
| Granted | 42927  | 80011  |
| Exercised | –  | (68607) |
| **At period end** | **408695**  | **365768**  |
| **Exercisable at period end** | **–**  | **–**  |

---

The fair value of the units granted under the DUP is calculated as the estimated future cash flow and it is remeasured at each reporting date and at the date of settlement. Any changes in fair value are recognized in the Condensed Interim Consolidated Statements of Income with a corresponding increase or decrease in liability. At June 30, 2025, the fair value of the units and corresponding liability was $5.8 million (December 31, 2024: $3.0 million) at a share price of $14.12 (CAD$19.22).

**11&nbsp;&nbsp;&nbsp;&nbsp;NON-CONTROLLING INTEREST**

On May 13, 2024, OGP, a wholly owned subsidiary of the Company, completed a secondary offering and public listing (the "Offering") of 20% of the outstanding common shares of OGP on the Philippines Stock Exchange ("PSE") for net proceeds of $95.1 million (gross proceeds of $106.0 million less listing costs of $10.9 million). OGP holds the Company's interest in the Didipio Mine and, pursuant to the terms of the renewed FTAA, was required to list at least 10% of its common shares on the PSE. Immediately prior to the Offering, the carrying amount of the net assets of OGP was $556.1 million, resulting in the recognition of a non-controlling interest ("NCI") of $111.2 million and offsetting decrease in the equity attributable to the shareholders of the Company.

For the six months ended June 30, 2025, there was $5.0 million of net profit and $8.0 million of dividends paid attributed to the NCI resulting in a closing NCI balance of $103.5 million at June 30, 2025.

The following is the summarized balance sheet and NCI of OGP as at June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **June 30<br>2025** | **December 31**<br>**2024** |
| Current assets | $125.2 | $127.5 |
| Non-current assets | 542.6 | 541.4 |
| **Total assets** | **667.8** | **668.9** |
| Current liabilities | 140.4 | 126.9 |
| Non-current liabilities | 9.8 | 9.4 |
| **Total liabilities** | **150.2** | **136.3** |
| **Net assets** | $**517.6** | $**532.6** |
| Equity attributable to owners of the Company | $414.1 | $426.1 |
| Non-controlling interest | $103.5 | $106.5 |
| Non-controlling interest % | 20% | 20% |

---

OceanaGold Corporation 10

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

The following is the summarized income statement of OGP for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended**<br>**June 30** | **Three months ended**<br>**June 30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six months ended**<br>**June 30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six months ended**<br>**June 30** |
| | **2025** | **2024** | &nbsp;&nbsp;**2025** | **2024** |
| Revenue | $96.2  | $68.8  | $175.5  | $160.9  |
| Expenses | (78.6) | (46.5) | (150.6) | (125.3) |
| **Net profit** | $**17.6**  | $**22.3**  | $**24.9**  | $**35.6**  |
| Profit attributable to shareholders of the Company | $14.1  | $19.0  | $19.9  | $32.3  |
| Profit attributable to non-controlling interests | $3.5  | $3.3  | $5.0  | $3.3  |
| **Total net profit** | $**17.6**  | $**22.3**  | $**24.9**  | $**35.6**  |

---

**12&nbsp;&nbsp;&nbsp;&nbsp;REVENUE**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three months ended**<br>**June 30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three months ended**<br>**June 30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six months ended**<br>**June 30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six months ended**<br>**June 30** |
| | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** |
| Gold bullion | $351.4  | $195.0  | $639.8  | $392.0  |
| Gold in concentrate<sup>1</sup> | 48.2  | 33.4  | 87.2  | 80.7  |
| Copper in concentrate<sup>1</sup> | 29.6  | 22.4  | 59.5  | 49.7  |
| Silver | 5.8  | 2.8  | 11.2  | 5.4  |
|  | 435.0  | 253.6  | 797.7  | 527.8  |
| Less: Concentrate treatment, refining and selling costs | (2.6) | (2.4) | (5.4) | (6.3) |
| **Total Revenue** | $**432.4**  | $**251.2**  | $**792.3**  | $**521.5**  |

---

1. All concentrate sales are generated by the Didipio mine.

**13&nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL GOVERNMENT SHARE AT DIDIPIO**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Six months ended** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30** |
| | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Gross mining revenue | $95.5  | $67.9  | $173.8  | $158.4  |
| Less: Allowable deductions | (49.1) | (53.3) | (90.9) | (98.3) |
| Less: Amortization deduction | (3.2) | (3.2) | (6.5) | (6.5) |
| **Net Revenue per the FTAA** | $**43.2**  | $11.4 | $**76.4**  | $53.6  |
| Entitlement share | 60% | 60% | 60% | 60% |
| **Total Government Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**(60% of Net Revenue per the FTAA)** | $**25.9**  | $6.9 | $**45.8**  | $32.2  |
| Deduct: Free-carried interest | (1.4) | (2.6) | (3.2) | (2.6) |
| Deduct: Production taxes | (7.7) | (10.3) | (13.0) | (17.0) |
| Deduct: Income tax | (6.6) | (4.2) | (11.9) | (13.5) |
| Carried forward balance utilization | —  | 0.9  | —  | 0.9  |
| **Additional Government Share** | $**10.2**  | $**(9.3)** | $**17.7**  | $**–**  |

---

Under the FTAA, "Net Revenue" is the gross mining revenues derived from operations, less allowable deductions and an amortization deduction.

OceanaGold Corporation 11

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

Allowable Deductions under the FTAA include expenses attributed to exploration, development and production which includes, expenses relating to mining, processing, exploration, capitalised pre-stripping, royalties, rehabilitation, marketing, administration, community and social development, depreciation and amortization and interest charged on borrowings.

All taxes and fees paid to the Philippines Government, including corporate income tax and indirect taxes such as excise, local business, property and withholding taxes as well as amounts accrued under the free-carried interest, are deducted from the Government's 60% share of Net Revenue to arrive at any Additional Government Share payable.

The Additional Government Share accrued for the period ended June 30, 2025 of $17.7 million (June 30, 2024: Nil) is recorded within trade and other payables. The Company made an Additional Government Share payment of $8.1 million in April 2025 related to 2024 amounts accrued at December 31, 2024.

**14&nbsp;&nbsp;&nbsp;&nbsp;BLACKWATER PROJECT SALE**

On June 24, 2024, OceanaGold completed the sale of the Company's interest in the Blackwater project in New Zealand, for cash consideration of $30.0 million. As a result of the sale, a pre-tax $17.6 million gain was recognized during the three and six months ended June 30, 2024.

**15&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER SHARE**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **June 30** | **June 30** | **June 30** | **June 30** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** | **2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| **Net profit attributable to shareholders of the Company** | $**114.1**  | $**30.7**  | $**213.8**  | $**25.4**  |
| **Basic weighted average number of shares (in millions)** | 232.0  | 237.1  | 232.9  | 236.6  |
| Effect of dilutive securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance share rights | 2.8  | 5.7  | 2.5  | 4.4  |
| **Diluted weighted average number of shares (in millions)** | **234.8**  | **242.8**  | **235.4**  | **241.0**  |
| **Earnings per share attributable to shareholders of the Company:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.49  | $0.13  | $0.92  | $0.11  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.49  | $0.13  | $0.91  | $0.11  |

---

OceanaGold Corporation 12

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**16 SUPPLEMENTARY CASH FLOW INFORMATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **June 30** | | **June 30** | |
| | **2025** | **2024** | **2025** | **2024** |
| Changes in working capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in trade and other receivables | $(7.4) | $33.2 | $(12.8) | $30.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in prepayments | 3.6 | (7.8) | (3.5) | (8.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in inventories | (8.5) | 8.2 | (20.0) | 27.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in trade and other payables | 23.9 | (9.5) | 38.9 | (21.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in taxes payable | (15.6) | (7.1) | (30.6) | (13.9) |
| &nbsp;&nbsp;&nbsp;Decrease in other working capital<sup>1</sup> | (0.9) | (8.5) | (2.1) | (7.3) |
| **Changes in working capital** | $**(4.9)** | $**8.5** | $**(30.1)** | $**6.0** |
| **Other significant cash transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash taxes paid | $(15.0) | $(11.0) | $(30.0) | $(17.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest paid | $– | $(1.2) | $– | $(6.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest received | $1.6 | $1.2 | $3.1 | $1.4 |

---

1 Includes changes in employees benefits and other working capital.

OceanaGold Corporation 13

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**17&nbsp;&nbsp;&nbsp;&nbsp;SEGMENT INFORMATION**

Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. Previously, operating segments were based on the jurisdictions of the Company's operations. To align with how the CODM reviews results and makes decisions about resources, Management updated the reportable operating segments to its four operating mines for the year ended December 31, 2024. The prior year has been adjusted to reflect the change in operating segments. The Company's general corporate administration costs are included within 'Corporate and other' to reconcile the reportable segments to the consolidated financial statements. Significant information relating to the Company's reporting operating segments is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Three months ended**<br>**June 30, 2025** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate<br>and other** | **Total** |
| **Revenue** | $166.1 | $96.2 | $113.7 | $56.4 | $– | $432.4 |
| Cost of sales, excluding depreciation and amortization | (53.0) | (41.8) | (54.6) | (31.7) | – | (181.1) |
| Indirect taxes | – | (5.6) | – | – | – | (5.6) |
| General and administration | – | (0.2) | – | – | (17.3) | (17.5) |
| Additional Government Share | – | (10.2) | – | – | – | (10.2) |
| Depreciation and amortization | (25.4) | (9.2) | (12.7) | (7.2) | (0.4) | (54.9) |
| **Segment operating profit (loss)** | $**87.7** | $**29.2** | $**46.4** | $**17.5** | $**(17.7)** | $**163.1** |
| Interest expense and finance costs |  |  |  |  |  | (3.1) |
| Interest income |  |  |  |  |  | 1.6 |
| Foreign exchange loss |  |  |  |  |  | (2.4) |
| Other income |  |  |  |  |  | 1.5 |
| Income tax expense |  |  |  |  |  | (43.1) |
| **Net profit** |  |  |  |  |  | $**117.6** |

---

OceanaGold Corporation 14

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Three months ended** <br>**June 30, 2024** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate<br>and other** | **Total** |
| **Revenue** | $93.9 | $68.8 | $62.8 | $25.7 | $– | $251.2 |
| Cost of sales, excluding depreciation and amortization | (55.2) | (32.8) | (28.7) | (18.3) | – | (135.0) |
| Indirect taxes | – | (6.9) | – | – | – | (6.9) |
| General and administration | – | – | – | – | (16.0) | (16.0) |
| Additional Government Share | – | 9.3 | – | – | – | 9.3 |
| Depreciation and amortization | (44.9) | (8.8) | (11.5) | (4.9) | 0.2 | (69.9) |
| **Segment operating profit (loss)** | $**(6.2)** | $**29.6** | $**22.6** | $**2.5** | $**(15.8)** | $**32.7** |
| Interest expense and finance costs |  |  |  |  |  | (7.7) |
| Interest income |  |  |  |  |  | 1.2 |
| Foreign exchange gain |  |  |  |  |  | 0.1 |
| Gain on disposal of assets |  |  |  |  |  | 17.0 |
| OGP listing costs |  |  |  |  |  | (5.5) |
| Restructuring expense |  |  |  |  |  | (0.4) |
| Other expense |  |  |  |  |  | (1.4) |
| Income tax expense |  |  |  |  |  | (2.0) |
| **Net profit** |  |  |  |  |  | $**34.0** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Six months ended June 30, 2025** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate and other** | **Total** |
| Revenue | $331.3 | $175.5 | $180.5 | $105.0 | $– | $792.3 |
| Cost of sales, excluding depreciation and amortization | (96.9) | (81.7) | (87.9) | (57.5) | – | (324.0) |
| Indirect taxes | – | (10.4) | – | – | – | (10.4) |
| General and administration | – | (0.4) | – | – | (27.7) | (28.1) |
| Additional Government Share | – | (17.7) | – | – | – | (17.7) |
| Depreciation and amortization | (54.3) | (19.8) | (20.3) | (13.5) | (0.7) | (108.6) |
| **Segment operating profit (loss)** | $**180.1** | $**45.5** | $**72.3** | $**34.0** | $**(28.4)** | $**303.5** |
| Interest expense and finance costs |  |  |  |  |  | (6.4) |
| Interest income |  |  |  |  |  | 3.1 |
| Foreign exchange loss |  |  |  |  |  | (3.2) |
| Other income |  |  |  |  |  | 0.2 |
| Income tax expense |  |  |  |  |  | (78.4) |
| **Net profit** |  |  |  |  |  | $**218.8** |
| Capital expenditures | $120.4 | $15.4 | $42.4 | $36.2 | $0.8 | $215.2 |
| Total assets | $1165.2 | $665.6 | $358.3 | $401.3 | $191.7 | $2782.1 |

---

OceanaGold Corporation 15

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Six months ended June 30, 2024** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate and other** | **Total** |
| Revenue | $180.8 | $160.9 | $128.7 | $51.1 | $– | $521.5 |
| Cost of sales, excluding depreciation and amortization | (120.6) | (75.1) | (61.6) | (38.4) | – | (295.7) |
| Indirect taxes | – | (12.5) | – | – | – | (12.5) |
| General and administration | – | – | – | – | (31.5) | (31.5) |
| Depreciation and amortization | (79.6) | (21.4) | (23.8) | (9.8) | (0.1) | (134.7) |
| **Segment operating profit (loss)** | $**(19.4)** | $**51.9** | $**43.3** | $**2.9** | $**(31.6)** | $**47.1** |
| Interest expense and finance costs |  |  |  |  |  | (13.3) |
| Interest income |  |  |  |  |  | 1.4 |
| Foreign exchange loss |  |  |  |  |  | (6.2) |
| Gain on disposal of assets |  |  |  |  |  | 17.0 |
| OGP listing costs |  |  |  |  |  | (5.5) |
| Restructuring expense |  |  |  |  |  | (1.9) |
| Other expense |  |  |  |  |  | (0.9) |
| Income tax expense |  |  |  |  |  | (9.0) |
| **Net profit** |  |  |  |  |  | $**28.7** |
| Capital expenditures | $75.9 | $18.8 | $59.7 | $30.2 | $0.8 | $185.4 |
| Total assets | $1074.1 | $667.1 | $335.2 | $338.5 | $110.7 | $2525.6 |

---

**18&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS**

**Capital commitments**

The Company has certain capital commitments principally relating to the purchase or lease of property, plant and equipment at Macraes, Waihi and Haile, and the development of mining assets at Macraes, Waihi and Didipio.

The following table summarizes the capital commitments contracted for but not provided for as at June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **June 30** | **December 31** |
| | **2025** | **2024** |
| Purchase of property, plant and equipment | $29.9 | $6.8 |
| Development of mining assets | 17.4 | 4.6 |
| Leases not yet commenced | 1.3 | – |
|  | $**48.6** | $**11.4** |

---

**19&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTIES**

There were no significant related party transactions during the period in addition to key management compensation which will be reported in our consolidated financial statements for the year ended December 31, 2025.

**20&nbsp;&nbsp;&nbsp;&nbsp;CONTINGENCIES**

(a)A subsidiary of the Company is party to an addendum agreement with a syndicate of original claim owners, led by the late Mr. J. Gonzales Sr. (the "Gonzales Group"), in respect of a portion of the FTAA area for the Didipio Mine (the "Addendum Agreement"), and such parties are involved in an arbitration proceeding with respect to the

OceanaGold Corporation 16

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

Addendum Agreement (the "Arbitration"). The Arbitration commenced in 2000 but is presently suspended due to the Liggayu dispute (discussed below) and the irrevocable resignation of the arbitrator.

In a complaint dated July 4, 2008 before the Philippines Regional Trial Court, a third-party, Mr. Liggayu, disputed the terms of the Addendum Agreement and the rights of the Gonzales Group to claim an interest in the Didipio Mine. Mr. Liggayu alleged that he is the true and beneficial owner and real-party-in-interest of the Didipio mining claims, and sought to enjoin the Company from making any payments to, or in dealing with, the Gonzales Group, and instead to recognize his rights.

In a decision dated March 11, 2025, the Regional Trial Court declared that Mr. Liggayu and the heirs of Mr. Gonzales Sr. are partners on a 50-50 basis, to all the rights, participation and interests, as claim owners of the Didipio mining claims in the name of Mr. Gonzales Sr., beginning January 2007 onwards. It further declared that the rights and entitlements of Mr. Liggayu cannot be directly enforced by him against OceanaGold in the existing agreements, specifically the FTAA, which Mr. Liggayu can internally claim and enforce only against the heirs of Mr. Gonzales, and vice versa. On April 2, 2025, Mr. Liggayu moved for partial reconsideration of this decision, claiming that, among others, he is the true and lawful owner of the Didipio mining claims; if a partnership exists, it should be from 1985 and should cover all the subject mining claims and not just for Mr. Gonzales Sr's portion of the claim; and that his rights and entitlements should be directly enforceable by him against OceanaGold. Both the Gonzales Group and OceanaGold filed an opposition to Mr. Liggayu's partial motion for reconsideration.

The Company believes there is no near-term impact on its business or operations as the decision does not require payment of money by OceanaGold and the Arbitration proceeding is yet to be resolved.

As of June 30, 2025, the Liggayu dispute is still pending before the Regional Trial Court, and the Company has accrued $74.8 million ($65.3 million of royalties and $9.5 million related to free-carried interest) pertaining to such claim.

(b)The Department of Environment and Natural Resources ("DENR"), along with a number of mining companies (including the Company), are parties to a case that began in 2008 whereby a group of NGOs and individuals challenged the constitutionality of the Philippine Mining Act (the "Mining Act"), the FTAAs and Mineral Production Sharing Agreements in the Supreme Court of the Philippines. The petitioners initiated the challenge despite the fact that the Supreme Court had upheld the constitutional validity of both the Mining Act and the FTAAs in an earlier landmark case in 2005. In early 2013, the Supreme Court requested the parties to participate in oral debates on the matter. The case is still pending with the Supreme Court for a decision.

Notwithstanding the fact that the Supreme Court has previously upheld the constitutionality of the Mining Act and FTAAs, the Company is mindful that litigation is an inherently uncertain process and the outcome of the case may adversely affect the operation and financial position of the Company.

(c)The Company has contingent liabilities under certain contracts, guarantees and other agreements arising in the ordinary course of business on which no loss is anticipated. Bonds have been issued in favour of various New Zealand authorities (Minister for Land Information, Hauraki District Council, Waikato Regional Council and Department of Conservation) as a condition for the grant of water rights and/or resource consents, and rights of access for exploration and Martha mining that amount to $44.0 million (December 31, 2024: $40.3 million).

The Group has also issued bonds in favour of Otago Regional Council, Dunedin City Council, Waitaki District Council, West Coast Regional Council, Buller District Council and Department of Conservation in New Zealand as a condition for the grant of water rights and/or resource consents, and rights of access for the Macraes Gold Mine and the former Globe Progress Mine at the Reefton Restoration Project which amount to approximately $43.4 million (December 31, 2024: $39.8 million). Cash payments on bonds issued to New Zealand authorities would only be paid if the Company did not meet its obligations.

(d)The mine operating permit at Haile which became final and effective during the first quarter 2015 included a schedule for estimated financial assurance of $65.0 million over the mine life consisting of $55.0 million in surety bonds or other mechanisms and $10.0 million in an interest-bearing cash trust. The Company's permit was modified and updated in December 2022 with the approval of the Company's Supplemental Environmental Impact Statement application and reclamation plan. The updated permit changed the total estimated financial assurance to $123.4 million, adjusted annually for inflation, over the mine life consisting of $103.4 million in surety bonds and a $20.0 million interest-bearing cash trust. The Company has satisfied its current financial

OceanaGold Corporation 17

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Six Months ended June 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

assurance payment requirements by using a surety bond of $103.4 million and has paid $9.6 million in trust funding by June 30, 2025.

The remaining estimated financial assurance of $10.4 million will be paid over the life of the mine with estimated annual assurance payments of $1.8 million to occur from 2025 to 2028, $1.2 million in 2029, and $1.0 million from 2030 to 2031. The timing and amounts of these payments could change due to a number of factors, including changes in regulatory requirements, changes in scope and timing of closure activities. The State of South Carolina in the United States of America requires financial assurance for the estimated costs of mine reclamation and closure, including groundwater quality protection programs.

The surety bond and other financial assurance must be maintained in force continuously throughout the life of the mining operation and may only be released, partially or in full, after the State of South Carolina approves its release.

(e)A subsidiary of the Company, along with the Philippines Office of the Executive Secretary, the DENR and its Mines and Environment Bureaus, as well as several Local Government Units, are parties to a case filed in April 2024 by an NGO group and two individuals (the "Petitioners"). The Petitioners questioned the approval of the renewal of the FTAA for alleged failure to conduct prior consultation, and made generalized allegations about violations of the Environmental Compliance Certificate and human rights.

Subsequent to the filing of the petition, the Regional Trial Court of Nueva Vizcaya denied the Petitioners' application for a Temporary Environmental Protection Order against OceanaGold. Further, in a resolution dated April 2, 2025, the Regional Trial Court dismissed most of the issues raised by the Petitioners but decided that the issue of whether the Company's subsidiary is currently engaged in open pit mining is a question of fact that should be decided at trial. Accordingly, a pre-trial is currently being scheduled to consider this issue.

Separately, the Petitioners have submitted a motion for the Court to reconsider its April resolution. All parties have been requested to respond to the motion prior to the Court making a decision.

OceanaGold Corporation 18

## Exhibit 99.8

**Exhibit 99.8&nbsp;&nbsp;&nbsp;&nbsp;**

![mdac.jpg](mdac.jpg)

**Management's Discussion and Analysis**

Second Quarter 2025 Results

August 6, 2025

------

**Second Quarter Overview**

**• On track to deliver full year production, cost and capital guidance.**

**• Safely and responsibly produced 119,500 ounces of gold and 3,700 tonnes of copper.**

**• All-In Sustaining Cost ("AISC")**<sup>†</sup> **of $2,027 per ounce in the quarter,** resulting in $1,915 year to date, at the low-end of guidance range.

**• Record quarterly revenue of $432 million supported by record average realized gold price of $3,293 per ounce,** with no hedges or prepays.

**• Record quarterly net profit of $118 million, record EPS of $0.49 and Adjusted EPS**<sup>†</sup> **of $0.51.**

**• EBITDA Margin**<sup>†</sup> **of 50% and Operating Cash Flow Per Share**<sup>†</sup> **of $0.99.**

**• Generated strong Free Cash Flow**<sup>†</sup> **of $120 million and $189 million year to date**, resulting in a trailing 12 month Free Cash Flow<sup>†</sup> yield<sup>1</sup> of 18%.

**• Cash balance increased by 31% to $299 million from the** p**rior quarter,** enhancing an already strong balance sheet with no debt.

**• Repurchased $21 million in common shares during the quarter and $41 million year to date under the share buyback program.** On track to buyback up to $100 million of shares in 2025.

**• Declared a $0.03 per share quarterly dividend, payable in September 2025.**

**• Completed a 3-for-1 share consolidation in preparation for a planned listing on the New York Stock Exchange in the first half of 2026.**

**• Released new drill results at Wharekirauponga extending the strike length,** continuing to demonstrate its upside potential.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | **YTD 2025** | YTD 2024 |
| Gold Produced<sup>2</sup> | koz | **119.5** | 117.4 | 98.2 | **236.9** | 203.0 |
| Copper Produced<sup>2</sup> | kt | **3.7** | 3.4 | 2.8 | **7.1** | 5.8 |
| AISC<sup>†</sup> | $/oz | **2027** | 1796 | 2131 | **1915** | 1963 |
| Revenue | $M | **432.4** | 359.9 | 251.2 | **792.3** | 521.5 |
| Net profit | $M | **117.6** | 101.2 | 34.0 | **218.8** | 28.7 |
| Adjusted net profit<sup>†</sup> | $M | **120.0** | 102.2 | 30.6 | **222.2** | 34.3 |
| EBITDA<sup>†</sup> | $M | **217.1** | 192.0 | 112.4 | **409.1** | 184.3 |
| Adjusted EBITDA<sup>†</sup> | $M | **219.5** | 193.0 | 109.0 | **412.5** | 189.9 |
| Free Cash Flow<sup>†</sup> | $M | **120.1** | 68.8 | 31.2 | **188.9** | 33.0 |
| Earnings per share - basic<sup>3</sup> | $/share | **$0.49** | $0.43 | $0.13 | **$0.92** | $0.11 |
| Adjusted earnings per share - diluted<sup>†3</sup> | $/share | **$0.51** | $0.43 | $0.13 | **$0.94** | $0.14 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.99** | $0.83 | $0.41 | **$1.82** | $0.73 |
| Free Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.51** | $0.29 | $0.13 | **$0.80** | $0.14 |

---

1Calculated as trailing 12 month Free Cash Flow<sup>†</sup> over the average trailing 12 month market capitalization in USD.

2Production is on a 100% basis as all operations are controlled by OceanaGold.

3Attributable to the shareholders of the Company.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 1 |

---

------

---

| | |
|:---|:---|
| **Table of Contents** | |
| Results Overview | <u>4</u> |
| Capital Expenditures | <u>6</u> |
| Safety | <u>7</u> |
| Outlook | <u>7</u> |
| Mine Operations and Results |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Haile | <u>8</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Didipio | <u>11</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Macraes | <u>15</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>17</u> |
| Financial Results | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>20</u> |
| Liquidity and Capital Resources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>23</u> |
| Capital Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>26</u> |
| Transactions with Related Parties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>26</u> |
| Outstanding Share Data | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>27</u> |
| Non-IFRS Financial Information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>27</u> |
| Internal Controls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>34</u> |
| Accounting Estimates, Policies and Changes  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>34</u> |
| Risk and Uncertainties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>34</u> |
| Notes to Reader | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>35</u> |

---

This Management's Discussion & Analysis ("MD&A") is dated as of August 6, 2025 and should be read in conjunction with the condensed interim consolidated financial statements for the three and six months ended June 30, 2025. In this MD&A, a reference to "OceanaGold" or the "Company" refers to OceanaGold Corporation and its subsidiaries. Additional information about OceanaGold, including the Annual Information Form, is available on the Company's website at oceanagold.com and under the Company's profile on SEDAR+ at sedarplus.com. All amounts are in United States dollars ("$") unless otherwise indicated. All production results and the Company's outlook presented in this MD&A reflect total production at the mines on a 100% basis as the Company has the ability to exercise control at all operations.

This MD&A contains certain "forward-looking statements". Please refer to the cautionary language under the heading "Notes to Reader" section of this MD&A.

**Nature of Operations**

OceanaGold is engaged in the exploration, development and operation of gold and gold/copper mines. OceanaGold operates four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

The Company's common shares trade under the symbol 'OGC' on the Toronto Stock Exchange ("TSX") in Canada and under the symbol 'OCANF' on the OTCQX market in the United States. The Company is domiciled in British Columbia, Canada and the registered address of the Company is Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 3 |

---

------

**Results Overview**

**Operational and Financial**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | &nbsp;&nbsp;&nbsp;YTD 2024 |
| Gold Produced<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;koz | **47.7** | &nbsp;&nbsp;&nbsp;&nbsp;51.6 | 37.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.5 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;koz | **24.5** | &nbsp;&nbsp;&nbsp;&nbsp;20.6 | 23.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.4 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;koz | **30.0** | &nbsp;&nbsp;&nbsp;&nbsp;28.4 | 26.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.2 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;koz | **17.3** | &nbsp;&nbsp;&nbsp;&nbsp;16.8 | 10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9 |
| Total gold produced<sup>1</sup> | &nbsp;&nbsp;&nbsp;koz | **119.5** | 117.4 | 98.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**236.9** | 203.0 |
| Gold Sales |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;koz | **49.5** | &nbsp;&nbsp;&nbsp;&nbsp;57.2 | 39.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**106.7** | 81.0 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;koz | **20.6** | &nbsp;&nbsp;&nbsp;&nbsp;17.8 | 18.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.7 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;koz | **34.8** | &nbsp;&nbsp;&nbsp;&nbsp;23.7 | 26.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.7 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;**16.4** | &nbsp;&nbsp;&nbsp;&nbsp;15.9 | 10.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 |
| Total Gold Sales | &nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;**121.3** | &nbsp;&nbsp;&nbsp;&nbsp;114.6 | 95.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235.9** | &nbsp;&nbsp;&nbsp;&nbsp;212.6 |
| Average Gold Price | &nbsp;&nbsp;&nbsp;$/oz | **3293** | 2858 | 2385 | **3082** | 2224 |
| Copper Produced<sup>1</sup> - Didipio | &nbsp;&nbsp;&nbsp;&nbsp;kt | **3.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Copper Sales<sup>1</sup> - Didipio | &nbsp;&nbsp;&nbsp;&nbsp;kt | **3.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Average Copper Price | &nbsp;&nbsp;&nbsp;$/lb | &nbsp;&nbsp;&nbsp;&nbsp;**4.36** | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | 4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Cash Costs<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;$/oz | **997** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | 1351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**846** | 1462 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;$/oz | **873** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | 874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**872** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;$/oz | **1496** | 1369 | 1085 | **1444** | 1047 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;$/oz | **1670** | 1445 | 1635 | **1559** | 1617 |
| Consolidated Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;$/oz | **1210** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | 1213 | **1096** | 1203 |
| AISC<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;$/oz | **1890** | 1551 | 2008 | **1708** | 1998 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;$/oz | **1287** | 1130 | 1250 | **1214** | 1059 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;$/oz | **2146** | 2313 | 2319 | **2213** | 2041 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;$/oz | **2190** | 2019 | 2434 | **2106** | 2418 |
| Consolidated AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;$/oz | **2027** | 1796 | 2131 | **1915** | 1963 |
| Free Cash Flow<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | **120.1** | 68.8 | 31.2 | **188.9** | 33.0 |
| Net profit | &nbsp;&nbsp;&nbsp;&nbsp;$M | **117.6** | 101.2 | 34.0 | **218.8** | 28.7 |
| Adjusted net profit<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | **120.0** | 102.2 | 30.6 | **222.2** | 34.3 |
| EBITDA<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | **217.1** | 192.0 | 112.4 | **409.1** | 184.3 |
| Adjusted EBITDA<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | **219.5** | 193.0 | 109.0 | **412.5** | 189.9 |
| Earnings per share - basic<sup>2</sup> | $/share | **$0.49** | $0.43 | $0.13 | **$0.92** | $0.11 |
| Adjusted earnings per share - diluted<sup>†2</sup> | $/share | **$0.51** | $0.43 | $0.13 | **$0.94** | $0.14 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.99** | $0.83 | $0.41 | **$1.82** | $0.73 |
| Free Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.51** | $0.29 | $0.13 | **$0.80** | $0.14 |

---

1Production is reported on a 100% basis as all operations are controlled by OceanaGold.

2Attributable to the shareholders of the Company.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 4 |

---

------

*Production*

The Company produced 119,500 ounces of gold and 3,700 tonnes of copper in the second quarter of 2025. Gold production for the quarter was 2% higher than the prior quarter primarily driven by increased production at Didipio and Macraes offset by slightly lower production at Haile, while production at Waihi remained steady. Open pit waste stripping at both Haile and Macraes progressed, advancing the next ore phases of Ledbetter Phase 3 and Innes Mills Phase 8, respectively.

Second quarter gold production was 22% higher than the prior corresponding quarter, with all sites contributing to this result. Production at Haile was 26% higher due to higher volume of fresh ore from the open pit increasing the average feed grade to the mill, compared to reliance on low-grade stockpiles in the prior corresponding period. Macraes benefited from greater access to open pit ore sources compared to the prior year. At Waihi, production was 66% higher due to the benefits of the underground improvement plan initiated in mid-2024. Higher production at Didipio was primarily due to the plant shutdown events in the second quarter of 2024.

Year to date, the Company produced 236,900 ounces of gold, a 17% increase compared to the prior corresponding year to date period. At Haile, production was 37% higher, driven by increased open pit ore feed and the full production contribution of Horseshoe Underground. Waihi was also a key contributor, with production 56% higher than the prior corresponding period, reflecting the above mentioned improvement plan. Macraes production remained largely in line with the prior corresponding period, as improved access to open pit ore was offset by the planned major shutdown of the processing plant in the first quarter. At Didipio, production was 9% lower than the prior corresponding period, primarily due to severe weather events in the fourth quarter of 2024, which impacted output in the first quarter of 2025.

*AISC*<sup>†</sup>

The Company recorded second quarter AISC<sup>†</sup> of $2,027 per ounce on gold sales of 121,300 ounces, a 13% increase compared to the AISC<sup>†</sup> of $1,796 per ounce in the prior quarter. The increase was primarily due to increased operating costs, in particular seasonal electricity rates in New Zealand, higher capital spend on site infrastructure projects at Haile and an increase in stock-based compensation expense due to quarterly revaluation impacted by the increase in share price. These increases are partially offset by a 6% increase in gold sales volumes.

AISC<sup>†</sup> of $2,027 per ounce decreased by 5% compared to the prior corresponding quarter primarily due to a 27% increase in gold sales volumes driven by an associated increase in production (see above), partially offset by higher sustaining capital at Haile on tailings storage facility ("TSF") Stage 5 construction.

The Company recorded year to date AISC<sup>†</sup> of $1,915 per ounce on gold sales of 235,900 ounces, in line with full-year guidance. The decrease from the prior corresponding year to date period AISC<sup>†</sup> of $1,963 per ounce is primarily due to an 11% increase in gold sales volumes driven by an increase in production (see above).

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 5 |

---

------

**Capital and Exploration Expenditure**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended**<br>**$M** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | &nbsp;&nbsp;&nbsp;**Q2 2025** | **Consolidated**<br>Q1 2025 | Q2 2024 |
| Sustaining Capital | 16.0 | 7.0 | 7.1 | 2.2 | **32.3** | 23.9 | 18.9 |
| Deferred stripping and Capitalized Mining | 28.0 | 1.1 | 14.2 | 5.7 | **49.0** | 55.3 | 51.7 |
| Growth Capital<sup>1</sup> | 14.2 | 0.4 | 1.3 | 6.8 | **22.7** | 11.4 | 17.4 |
| Exploration<sup>1,2</sup> | 3.3 | 1.1 | 1.3 | 3.8 | **9.5** | 7.1 | 7.8 |
| **Total expenditure** | **61.5** | **9.6** | **23.9** | **18.5** | **113.5** | **97.7** | **95.8** |

---

1Growth capital and exploration at Waihi includes Waihi North Project costs of $9.3 million, $6.8 million and $3.8 million for the second quarter of 2025, first quarter of 2025 and second quarter of 2024, respectively.

2Exploration expenditure by location includes related regional greenfield exploration where applicable.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year to date June 30**<br>**$M** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | **Consolidated** | **Consolidated** |
| **Year to date June 30**<br>**$M** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | 2024 |
| Sustaining Capital | 26.8 | 9.7 | 13.3 | 6.4 | **56.2** | 39.4 |
| Deferred stripping and Capitalized Mining | 64.4 | 3.0 | 26.5 | 10.4 | **104.3** | 86.0 |
| Growth Capital<sup>3</sup> | 20.2 | 1.0 | 1.6 | 11.3 | **34.1** | 30.6 |
| Exploration<sup>3</sup> | 5.7 | 1.6 | 2.0 | 7.3 | **16.6** | 13.9 |
| **Total expenditure** | **117.1** | **15.3** | **43.4** | **35.4** | **211.2** | **169.9** |

---

3Growth capital and exploration at Waihi includes Waihi North Project costs of $16.1 million and $7.0 million for the year to date period and the prior corresponding year to date period, respectively.

Second quarter site capital and exploration expenditure of $113.5 million was $15.8 million higher than the prior quarter primarily due to higher growth capital at Haile for a water treatment plant upgrade and higher Waihi North Project expenditures. Higher sustaining capital spend in the quarter reflects expenditure at Haile on site infrastructure projects and planned maintenance and component replacements, and at Didipio on underground consumables, pump maintenance activities and the TSF lift.

Year to date site capital and exploration expenditure of $211.2 million was 24% higher than the prior corresponding year to date period due to an increase in deferred stripping costs at Haile related to Ledbetter 3, mobile equipment expenditures at Macraes, an increase in sustaining capital at Haile on site infrastructure projects and additional growth capital on the Waihi North Project.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 6 |

---

------

**Safety**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | **Exploration** | **Consolidated** | **Consolidated** | **Consolidated** |
| **Quarter ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | **Exploration** | **Q2 2025** | Q1 2025 | Q2 2024 |
| Fatalities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| 12MMA TRIFR<sup>1</sup> | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | 1.4 | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | **0.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Recordable injuries | 7 | 1 | 4 | 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14** | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |

---

1Total Recordable Incident Frequency Rate ("TRIFR") per 200,000 hours worked, 12 month moving average.

There were 14 recordable injuries during the quarter compared to 4 recordable injuries in the prior quarter. Hand and finger injuries accounted for more than half of recordable injuries year to date. The implementation of safety improvement plans at each site continued in the quarter.

**Outlook**

The Company's 2025 production, cost and capital guidance is outlined in the table below and remains unchanged.

At Haile, fourth quarter production is expected to be broadly consistent with the first quarter, supported by fresh ore from Ledbetter Phase 3, while the third quarter is expected to be the lowest of the year. At Macraes, third quarter production is anticipated to be similar to the second quarter, with a stronger fourth quarter driven by fresh ore from Innes Mills Phase 8 open pit. At Didipio and Waihi, production is expected to stay relatively consistent as compared to second quarter through the remainder of the year.

Total capital investment guidance remains unchanged, with spending expected to increase in the second half of the year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Production**<sup>1</sup>**, Costs and Investment** | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | **Consolidated** |
| Gold Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 – 200 | 85 – 105 | 135 – 150 | 55 – 70 | &nbsp;&nbsp;&nbsp;&nbsp;**450 – 520** |
| Copper Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 13 –15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | **13 – 15** |
| Cash Costs<sup>†</sup><sup>,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 – 1050 | 800 – 900 | 1025 – 1175 | 1600 – 1800 | **1025 – 1175** |
| AISC<sup>†</sup><sup>,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;2050 – 2200 | 1150 – 1250 | 1800 –1950 | 2000 – 2200 | **1900 – 2050** |
| Total Investment<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | 260 | 60 | 115 | 85 | &nbsp;&nbsp;&nbsp;&nbsp;**485 – 530** |

---

1Production is on a 100% basis as all operations are controlled by OceanaGold. Assumes a New Zealand dollar to United States dollar exchange rate of 0.57.

2Includes by-product credits based on copper price of $4.50 per pound.

3Includes corporate capital and excludes rehabilitation costs at Reefton and Junction Reefs but excludes capital lease additions and payments.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 7 |

---

------

**Haile**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Produced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **47.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.6 | 37.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99.3** | 72.5 |
| Ore Mined (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **228** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**811** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
| Ore Mined Grade (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **1.69** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | 2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.31** | 2.07 |
| Waste Mined (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **7883** | 8947 | 6417 | **16830** | 11666 |
| Ore Mined (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **140** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**259** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| Ore Mined Grade (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **2.40** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | 4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01** | 4.79 |
| Waste Mined (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **47** | 40 | 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| Mill Feed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **716** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | **1318** | 1554 |
| Mill Feed Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **2.33** | 3.05 | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.66** | 1.79 |
| Gold Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **89.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.5 | 87.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**88.2** | 81.0 |

---

Second quarter gold production was 8% lower than the prior quarter, primarily driven by lower grades mined and processed. Mill feed grade was 24% lower compared to the prior quarter, reflecting lower open pit and underground grades mined due to planned mine sequencing which resulted in increased processing of stockpiles. Open pit ore tonnes mined decreased by 61% reflecting the completion of mining in Ledbetter Phase 2 at the end of the first quarter 2025 and ongoing waste stripping of Ledbetter Phase 3. Horseshoe Underground tonnes mined was 18% higher, offset by 36% lower grade driven by planned mine sequencing.

Second quarter gold production was 26% higher than the prior corresponding quarter primarily due to higher mill feed grade. Ore tonnes mined from the Horseshoe Underground was 69% higher than the prior corresponding period in which the underground mine was ramping up.

Year to date gold production was 37% higher than the prior corresponding year to date period driven by increased processed grade, partially offset by lower tonnes processed. Mill feed grade increased 49% due to the processing of Ledbetter Phase 2 ore in the first quarter of 2025. This was partially offset by a 15% decrease in mill throughput due to fresh ore from the open pit in the first quarter being harder than that of the stockpiles. Underground ore tonnes mined was 73% higher than the prior corresponding period in which the mine was ramping up.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 8 |

---

------

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | &nbsp;&nbsp;YTD 2024 |
| Gold Sales | koz | **49.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**106.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.0 |
| Average Gold Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **3312** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3068** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 |
| Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **997** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | **846** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 |
| AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1890** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1708** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 |
| **Unit Costs** |  |  |  |  |  |  |
| Mining Cost (Open Pit)<sup>1</sup> | &nbsp;&nbsp;&nbsp;$/t mined | **5.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63 | **4.53** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75 |
| Mining Cost (U/G)<sup>1</sup> | &nbsp;&nbsp;&nbsp;$/t mined | **86.70** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.74 | 101.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90.85** | &nbsp;&nbsp;&nbsp;&nbsp;107.54 |
| Processing Cost | &nbsp;&nbsp;&nbsp;$/t milled | **24.55** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.28 | &nbsp;&nbsp;&nbsp;&nbsp;21.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.72** | &nbsp;&nbsp;&nbsp;&nbsp;19.46 |
| General & Administrative ("G&A") Cost | &nbsp;&nbsp;&nbsp;$/t milled | **15.07** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.71** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63 |

---

1Mining unit costs include allocation of any capitalized mining costs.

Second quarter open pit mining unit costs were 21% higher than the prior quarter primarily due to a 15% decrease in tonnes mined. Open pit mining unit costs were 11% lower than the prior corresponding quarter due to a 16% increase in tonnes mined and improved overall productivities attributed to the continued focus on preventative maintenance and reduced vacancies. Open pit mining unit costs were 21% lower than the prior corresponding year to date period, driven by a 43% increase in tonnes mined, partially offset by higher costs due to mid-life rebuilds and implementation of mobile equipment maintenance strategies.

Second quarter underground mining unit costs were 9% lower than the prior quarter primarily due to an 18% increase in tonnes mined due to stope sequencing and availability as well as continued focus on underground operational improvements. Underground mining unit costs were 15% lower than the prior corresponding quarter due to a 12% increase in tonnes mined and a decrease in contractor costs since the operation is now fully owner operated. Year to date underground mining unit costs were 16% lower than the prior corresponding year to date period driven by a 15% increase in material mined and a slight decrease in operating costs.

Second quarter processing unit costs were 16% lower than the prior quarter primarily due to a 19% increase in mill feed. Processing unit costs were 17% higher than the prior corresponding quarter due to higher reliability focused maintenance cost combined with a 3% decrease in mill feed. The same drivers of higher maintenance costs mentioned above and 15% decrease in mill feed are responsible for the 37% increase from the prior corresponding year to date period.

Second quarter G&A unit costs were 19% lower than the prior quarter primarily due to higher milled tonnes. G&A unit costs increased 50% and 74% from the prior corresponding quarter and corresponding year to date period, respectively, due to labour inflation, increases in insurance premiums and allocation of site support services, as well as a decrease in milled tonnes.

Second quarter AISC<sup>†</sup> of $1,890 per ounce sold was 22% higher than the prior quarter due to a 13% decrease in gold sales volumes and increased sustaining capital. AISC<sup>†</sup> was 6% lower than the prior corresponding period primarily due to a 24% increase in gold sales volumes, partially offset by higher waste stripping expenditures of Ledbetter 3 in 2025 compared with less capitalization of open pit activity in the prior corresponding quarter. Year to date AISC<sup>†</sup> was 15% lower than the prior corresponding year primarily due to the 32% increase in gold sales volumes, partially offset by higher overall sustaining capital costs primarily relating to on site infrastructure projects.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 9 |

---

------

**Exploration**

Second quarter exploration expenditure totaled $3.3 million for 15,292 metres drilled.

At Horseshoe Underground, 3,540 metres were drilled in the second quarter, targeting conversion of Inferred Mineral Resources and extension opportunities in the lower portion of the deposit.

From surface, 11,752 metres of drilling were completed on both early-stage exploration and resource conversion targets. The majority of drilling was focused on progressing Pisces and Clydesdale targets. Resource conversion drilling focused on Ledbetter Phase 4 in support of the underground trade-off study.

Year to date 2025 exploration expenditure totaled $5.7 million for 25,892 metres drilled.

Approximately 40,000 metres of drilling is planned in 2025, targeting both resource conversion and early- stage targets.

**Projects**

In the second quarter, construction of TSF Stage 5 and West PAG 3 continued.

Water treatment plant upgrades, which are expected to be completed by the third quarter of 2025, continued on schedule.

Feasibility level work on the Palomino Underground project progressed during the quarter, with continued planning and procurement activities. First ore continues to be expected in 2028.

Analysis progressing on whether the Ledbetter Phase 4 open pit should be mined as an underground, with the outcome expected to be released in an updated National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Technical Report in early 2026.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 10 |

---

------

**Didipio**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Gold Produced<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **24.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.4 |
| Copper Produced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **3.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Ore Mined | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **376** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**693** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
| Ore Mined Grade - Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **1.71** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.60** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Ore Mined Grade - Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **0.59** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | **0.50** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Waste Mined | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49** | 65 |
| Mill Feed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **971** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | 1770 |
| Mill Feed Grade - Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **0.90** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.80** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Mill Feed Grade - Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **0.43** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | **0.40** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Gold Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **87.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86.4** | 89.0 |
| Copper Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **90.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.4 | **89.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.4 |

---

1Production is on a 100% basis as OceanaGold controls Didipio. Effective May 13, 2024, the ownership interest changed from 100% to 80%.

Second quarter gold production was 19% higher than the prior quarter, due to increased underground ore tonnes mined at higher grades. Underground ore mined increased 19%, driven by continued progress in accessing the lower levels of the mine, which is expected to continue throughout the year. Gold grade was 16% higher than the prior quarter and copper grade was 44% higher, both due to planned stope sequencing. Mill feed tonnes decreased as compared to the prior quarter by 8% due to a planned shutdown of the processing plant.

Second quarter gold production was 6% higher than the prior corresponding quarter. The increase was in part due to a 9% increase in mined grade driven by planned stope sequencing and a 17% increase in mill feed due to maintenance downtime in the second quarter of 2024, which was longer than the down time in the current period. This was offset by 9% lower ore tonnes mined from underground in the current quarter, related to limited access to the lower levels.

Year to date gold production was 9% lower than the prior corresponding year to date period primarily due to 17% lower underground ore mined resulting from the effects of severe weather events in the fourth quarter of 2024 restricting access to the lower levels of the mine, leading to lower production in the first quarter of 2025. This was partially offset by a 14% increase in mill feed compared to the prior period due to maintenance downtime in the second quarter of 2024.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 11 |

---

------

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **20.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.7 |
| Copper Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **3.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** | 5.4 |
| Average Gold Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **3295** | 2858 | 2531 | **3093** | 2283 |
| Average Copper Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/lb | **4.36** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **873** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**872** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 |
| AISC<sup>†, 2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1287** | 1130 | 1250 | **1214** | 1059 |
| **Unit Costs** |  |  |  |  |  |  |
| Mining Cost<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t mined | **41.46** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42.52** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.35 |
| Processing Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **9.83** | 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.36** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 |
| G&A Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **13.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.31** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.83 |

---

1Mining unit costs include allocation of any capitalized mining costs.

2Excludes the Additional Government Share under the Financial or Technical Assistance Agreement ("FTAA") at Didipio of $10.2 million and $7.5 million for the second and first quarter of 2025, respectively, as it is considered in the nature of an income tax.

Second quarter mining unit costs were 5% lower than the prior quarter primarily due to the 19% increase in tonnes mined, partially offset by higher spend on underground consumables and pump maintenance activities. Mining unit costs were 14% higher than the prior corresponding quarter primarily due to the 9% decrease in tonnes mined, partially offset by lower spend on explosives and maintenance, in line with lower volumes. Mining unit costs were 20% higher than the corresponding year to date period primarily due to 17% lower tonnes mined.

Second quarter processing unit costs were 40% higher than the prior quarter as a result of 8% lower mill feed due the planned major shutdown of the processing plant and the increased maintenance costs incurred as part of the shutdown. Processing unit costs were 21% higher than the prior corresponding quarter for primarily the same reasons, partially offset by 17% higher mill feed.

Second quarter G&A unit costs were 36% higher than the prior quarter due to lower mill feed resulting from the planned major shutdown and higher Social Development and Management Program spend.

Second quarter AISC<sup>†</sup> of $1,287 per ounce was 14% higher than the prior quarter primarily due to higher sustaining capital spend on underground consumables and pump maintenance activities, partially offset by a 16% increase in gold sales volumes. AISC<sup>†</sup> is 15% higher than the prior corresponding year to date period primarily due to a 24% decrease in gold sales volumes, partially offset by higher by-product credits due to higher copper sales volumes and higher realized copper prices.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 12 |

---

------

**FTAA — Additional Government Share**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gross mining revenue | **95.5** | 78.3 | 67.9 | **173.8** | 158.4 |
| Less: Allowable deductions<sup>1</sup> | **(49.1)** | (41.8) | (53.3) | **(90.9)** | (98.3) |
| Less: Amortization deduction<sup>2</sup> | **(3.2)** | (3.3) | (3.2) | **(6.5)** | (6.5) |
| Net Revenue per the FTAA | **43.2** | 33.2 | 11.4 | **76.4** | 53.6 |
| Entitlement share | **60%** | 60% | 60% | **60%** | 60% |
| Total Government Share<sup>3</sup> | **25.9** | 19.9 | 6.9 | **45.8** | 32.2 |
| (60% of Net Revenue per the FTAA) | **25.9** | 19.9 | 6.9 | **45.8** | 32.2 |
| Deduct: Free-carried interest | **(1.4)** | (1.8) | (2.6) | **(3.2)** | (2.6) |
| Deduct: Production taxes | **(7.7)** | (5.3) | (10.3) | **(13.0)** | (17.0) |
| Deduct: Income tax | **(6.6)** | (5.3) | (4.2) | **(11.9)** | (13.5) |
| Carried-forward balance utilization | **—** |  | 0.9 | **—** | 0.9 |
| **Additional Government Share** | **10.2** | 7.5 | (9.3) | **17.7** |  |

---

1Allowable deductions under the FTAA include expenses attributed to exploration, development and commercial production, which includes expenses relating to mining, processing, exploration, capitalized deferred stripping costs, royalties, rehabilitation, marketing, administration, community and social development, depreciation and amortization and interest charged on borrowings.

2The FTAA Addendum and Renewal Agreement modified the amortization of unrecovered pre-operating costs to instead be deducted across a fixed period of 13 years commencing in 2021 and terminating in 2034.

3All taxes and fees paid to the Philippine Government, including corporate income tax and indirect taxes such as excise, local business, property and withholding taxes, are deducted from the Government's 60% share of Net Revenue.

The Didipio mine is held under the FTAA entered into with the Republic of the Philippines in June 1994, which was renewed in 2021, retrospectively to 2019, for another 25-year period until June 2044.

Under the FTAA, "Net Revenue" is the gross mining revenue derived from operations, less allowable deductions and an amortization deduction. The Philippines Government is entitled to 60% of the Net Revenue of the mine less taxes and fees paid to the Government and other deductions.

The year to date Additional Government Share of $17.7 million has been accrued, with the payment occurring annually in April of each year in respect of the preceding year. The Company made an Additional Government Share payment of $8.1 million in April 2025 related to 2024 amounts accrued at December 31, 2024 (April 2024: paid $20.3 million).

**Exploration**

Second quarter exploration expenditure totaled $1.1 million for 3,983 metres drilled from surface.

Surface drilling continued at True Blue to test an area of known mineralization approximately 800 meters northeast of the current Didipio mine. 11 holes were completed during the quarter for a total of 14 holes year to date.

Year to date exploration expenditure totaled $1.6 million for 4,990 metres drilled. There is approximately 10,000 metres of drilling planned from surface across the FTAA in 2025 at True Blue, Napartan and D'Fox, with exploration drilling from underground scheduled to resume once drill platforms on the lower levels of the mine become available.

Elsewhere in the Philippines, work progressed at the Company's Mayag project, located in northeast Mindanao, where work to date has outlined the surface expression of a copper-gold mineralized porphyry. In the second quarter, preparation work including mapping, soil geochemistry and outcrop sampling was completed.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 13 |

---

------

**Projects**

A Pre-Feasibility Study ("PFS") in accordance with NI 43-101 is in progress. The work in the second quarter has focused on hydrogeology model verification and continued refinement of the plan to achieve a 2.5 Mpta underground mining rate by year end 2026. The PFS will also identify the preferred process plant throughput plan for the optimized underground operation and evaluate process plant augmentation requirements to scale to, and sustain, the already permitted 4.3 Mtpa processing rate. The PFS will be released subsequent to the completion of resource conversion drilling and the completion of other ongoing dewatering work, and is expected to be completed in the first half of 2026.

www.oceanagold.com<sub>14</sub>

------

**Macraes**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Produced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **30.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.2 |
| Ore Mined (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **1381** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2737** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 |
| Ore Mined Grade (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **0.50** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Waste Mined (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **8772** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12360 | &nbsp;&nbsp;&nbsp;&nbsp;**16596** | 24273 |
| Ore Mined (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **245** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**460** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| Ore Mined Grade (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **1.91** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.88** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Waste Mined (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **39** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**109** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| Mill Feed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **1583** | 1471 | 1673 | **3054** | 3338 |
| Mill Feed Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **0.70** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.71** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Gold Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **84.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.4 |

---

Second quarter gold production was 6% higher than the prior quarter. This was driven by an 8% increase in mill feed tonnes following the successful restart of the process plant after its planned major shutdown in the first quarter. Additionally, continuous improvement initiatives led to a 2% increase in recovery for the quarter, despite the 4% decrease in mill feed grade. Open pit waste stripping of Innes Mills Phase 8 remains on track to deliver fresh ore in the fourth quarter this year. Underground ore tonnes mined increased by 14% and grade improved by 3%, both resulting from the optimization initiatives.

Second quarter gold production was 11% higher than the prior corresponding quarter primarily driven by a 9% increase in mill feed grade due to lower proportion of stockpiles processed in the quarter. Additionally, underground ore tonnes mined increased by 25% and grade improved by 14%, both driven by mine sequencing and the optimization initiatives.

Year to date gold production was in line with the prior corresponding year to date period. The benefit of improved access to ore mined, mine sequencing and the underground optimization initiatives noted above were mostly offset by the planned major shutdown of the process plant earlier this year.

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Sales | koz | **34.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.7 |
| Average Gold Price Received | $/oz | **3263** | 2819 | 2370 | **3083** | 2193 |
| Cash Costs<sup>†</sup> | $/oz | **1496** | 1369 | 1085 | **1444** | 1047 |
| AISC<sup>†</sup> | $/oz | **2146** | 2313 | 2319 | **2213** | 2041 |
| **Unit Costs** | **Unit Costs** |  |  |  |  |  |
| Mining Cost (Open Pit)<sup>1</sup> | $/t mined | **1.70** | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.79** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Mining Cost (U/G)<sup>1</sup> | $/t mined | **58.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.49 |
| Processing Cost | $/t milled | **11.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24 |
| G&A Cost | $/t milled | **4.84** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.93** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 |

---

1Mining unit costs include allocation of any capitalized mining costs.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 15 |

---

------

Second quarter open pit mining unit costs were 11% lower than the prior quarter as a result of lower maintenance costs and higher material mined. Open pit mining unit costs were 22% and 25% higher than the prior corresponding quarter and year to date period, respectively, primarily due to a decrease in material mined and increase in drill and blast costs as some areas in 2024 did not require drilling and blasting.

Second quarter underground mining unit costs were 13% higher than the prior quarter primarily due to seasonally higher electricity rates and ground support costs, partially offset by a 14% increase in material mined. Underground mining unit costs were 8% lower than the prior corresponding year to date period driven by the 28% increase in material mined absorbing fixed costs.

Second quarter processing unit costs were 37% higher than the prior quarter primarily due to seasonally higher electricity rates and an 8% increase in mill feed. Processing unit costs were 58% and 42% higher than the prior corresponding quarter and year to date period, respectively, due to higher electricity costs, increased planned maintenance costs and a decrease in tonnes milled.

Second quarter G&A unit costs were 64% and 77% higher than the prior corresponding quarter and year to date period, respectively, due to a higher allocation of site support services, higher stock-based compensation and a decrease in tonnes milled.

Second quarter AISC<sup>†</sup> of $2,146 per ounce was 7% lower than the prior quarter primarily due to a 47% increase in gold sales volumes which resulted from the drawdown on gold in circuit following the build-up during the planned plant and autoclave shutdown in the prior quarter, partially offset by seasonally higher electricity rates. Second quarter AISC<sup>†</sup> was 7% lower than the prior corresponding quarter primarily due to a 32% increase in gold sales volumes, partially offset by higher deferred stripping costs in 2024. Year to date AISC<sup>†</sup> was 8% higher than the prior corresponding year to date period primarily due to seasonally higher electricity rates, maintenance costs and ground support, partially offset by higher deferred stripping costs in 2024.

**Exploration**

Second quarter exploration expenditure totaled $1.3 million for 4,752 metres drilled. Drilling occurred at Coronation, Coronation North and Golden Point Underground ("GPUG"), targeting the conversion of Inferred Mineral Resources.

Year to date exploration expenditure totaled $2.0 million for a total of 7,594 metres drilled. A total of approximately 23,000 metres of drilling is planned in 2025 focusing on the conversion of Inferred Mineral Resources at Coronation North, Coronation, GPUG and Innes Mills Stages 8, 9 and 10.

**Projects**

In the second quarter the Frasers TSF was commissioned.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 16 |

---

------

**Waihi**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Produced | koz | **17.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.1** | 21.9 |
| Ore Mined | kt | **172** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**331** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
| Ore Mined Grade | g/t | **3.41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.48** | 2.75 |
| Waste Mined | kt | **137** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**277** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| Mill Feed | kt | **173** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**325** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 |
| Mill Feed Grade | g/t | **3.36** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.48** | 2.79 |
| Gold Recovery | % | **92.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93.6** | 91.8 |

---

Second quarter gold production was 3% higher than the prior quarter driven by a 8% increase in tonnes mined and 14% increase in mill feed tonnes, which was offset by slightly lower mill feed grade processed, both in-line with plan.

Second quarter gold production was 66% higher than the prior corresponding quarter. The increase was driven by a 28% increase in the mill feed grade, as well as a 29% increase in mill feed tonnes. The increase in tonnage and improved grade reflect the ongoing underground improvement plan that was initiated in mid-2024. This plan has delivered an increase in equipment and people, which in turn allows for more development, access to more stoping areas, and enhanced mining practices that optimize the recovery of high-grade ore.

Year to date gold production was 56% higher than the prior corresponding year to date period. Ore tonnes mined increased by 26% due to increased development rates and improved compliance to plan, and grade increased by 27%, also due to efficiencies driven by the above noted the improvement plan. Both of these drivers allowed a higher volume of higher grade ore to be processed.

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Sales | koz | **16.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.3** | 22.2 |
| Average Gold Price Received | $/oz | **3300** | 2918 | 2336 | **3111** | 2210 |
| Cash Costs<sup>†</sup> | $/oz | **1670** | 1445 | 1635 | **1559** | 1617 |
| AISC<sup>†</sup> | $/oz | **2190** | 2019 | 2434 | **2106** | 2418 |
| **Unit Costs** |  |  |  |  |  |  |
| Mining Cost<sup>1</sup> | $/t mined | **91.81** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.94 | **83.10** | 68.27 |
| Processing Cost | $/t milled | **30.57** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.54** | 31.40 |
| G&A Cost | $/t milled | **26.54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.08** | 22.34 |

---

1Mining unit costs include allocation of any capitalized mining costs.

Second quarter mining unit costs were 24% higher than the prior quarter due to seasonally higher electricity rates as well as higher labour costs relating to additional mining roles supporting the underground improvement plan. Similarly, mining unit costs were 37% and 22% higher than the prior corresponding quarter and year to date period, respectively, for the same reasons.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 17 |

---

------

Second quarter processing unit costs were consistent with comparative periods, as higher costs were absorbed by higher milled tonnes.

Second quarter G&A unit costs were 22% lower than the prior quarter due to a 14% increase in milled tonnes, partially offset by higher stock-based compensation expense. G&A unit costs were 33% and 35% higher than the prior corresponding quarter and year to date period, respectively, due to a higher allocation of site support services, partially offset by higher tonnes milled.

Second quarter AISC<sup>†</sup> of $2,190 per ounce was 8% higher than the prior quarter primarily due to seasonally higher electricity rates, partially offset by lower sustaining capital. Second quarter AISC<sup>†</sup> was 10% lower than the prior corresponding quarter due to a 55% increase in gold sales volume, partially offset by higher mining and G&A costs. Similarly, year to date AISC<sup>†</sup> of $2,106 per ounce was 13% lower than the prior corresponding year to date period primarily due to a 45% increase in sales volumes and higher-grade ore mined and processed.

**Exploration**

Second quarter exploration expenditure totaled $3.8 million for 3,745 metres drilled.

At Martha Underground, 1,770 metres of resource conversion and definition drilling of several promising targets was completed.

Drilling continued at Wharekirauponga with approximately 2,000 metres drilled with a focus on resource expansion targeting the East Graben ("EG") vein. In June, the Company reported the extension of mineralization by a further 240 metres south of the current Inferred Mineral Resource. Another significant step-out hole is in progress and testing roughly 400 metres south of the current Inferred Mineral Resource. Drilling continues to confirm a growing extent of mineralization of the southern end of the deposit, which remains open.

Year to date exploration expenditure totaled $7.3 million for a total of 8,096 metres drilled.

There are approximately 22,000 metres of drilling planned at Waihi in 2025, with drilling in the second half focused on resource definition, expansion of the Martha Underground and expansion of the Wharekirauponga orebody. The Fast-track application includes an increase in the number of exploration drill sites to 18 from 10 currently, as well as doubling of allowable number of drill rigs to 6 - once approved, this will further accelerate both growth and conversion drilling at Wharekirauponga.

**Projects**

In the second quarter, the Waihi North Project continued to advance all technical design activities at Wharekirauponga and the Willows surface facilities area, in line with the PFS released in December 2024.

The Company lodged an application for Fast-track approval for the Waihi North Project with the New Zealand Environmental Protection Authority during the first quarter of 2025, and this application was deemed complete in the second quarter. The Fast-track Expert Panel who will be responsible for assessing the Company's application was announced in the second quarter. Engagement with the Expert Panel is in progress and a decision is expected by year end 2025, subject to appeals.

There is $45 million of early works, design and construction activities planned in respect of the Waihi North Project in 2025. The services trench contract was awarded, with work planned to commence in the third quarter. The trench will convey power, water and communications from the existing Waihi operations to the Willows Portal and eventually to the new Wharekirauponga Underground. The fabrication of the expanded water treatment plant and additional detailed design work also commenced during the quarter.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 18 |

---

------

The following table summarizes the capital and exploration spent on the Waihi North Project during the periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | YTD 2024 |
| Growth capital | **6.8** | 4.5 | 1.1 | **11.3** | 2.4 |
| Exploration | **2.5** | 2.3 | 2.7 | **4.8** | 4.6 |
| **Total expenditure** | **9.3** | 6.8 | 3.8 | **16.1** | 7.0 |

---

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 19 |

---

------

**Consolidated Financial Results**

**Revenue**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **399.6** | 327.4 | 228.4 | **727.0** | 472.7 |
| Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **29.6** | 29.9 | 22.4 | **59.5** | 49.7 |
| Silver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **5.8** | 5.4 | 2.8 | **11.2** | 5.4 |
| Treatment, refining and selling costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **(2.6)** | (2.8) | (2.4) | **(5.4)** | (6.3) |
| **Net revenue** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **432.4** | **359.9** | **251.2** | **792.3** | **521.5** |
| Average Gold Price received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **3293** | 2858 | 2385 | **3082** | 2224 |
| Average Copper Price received<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/lb | **4.36** | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.32** | &nbsp;&nbsp;&nbsp;&nbsp;4.18 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;The Average Copper Price received includes mark-to-market revaluation on shipments not yet finalized and final adjustments on prior period shipments.

Second quarter revenue of $432.4 million was 20% higher than the prior quarter due to a 15% increase in the average realized gold price and a 6% increase in gold sales volumes. Second quarter revenue was 72% higher than the prior corresponding quarter due to a 38% higher average realized gold price and a 27% increase in gold sales volumes.

Year to date revenue was 52% higher than the prior corresponding year to date period due to a 39% higher average gold price and an 11% increase in sales volumes.

**Operating Expenses**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q2 2025** | Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Cost of sales, excluding depreciation and amortization | **181.1** | 142.9 | 135.0 | **324.0** | 295.7 |
| Depreciation and amortization | **54.9** | 53.7 | 69.9 | **108.6** | 134.7 |
| General and administration | **17.5** | 10.6 | 16.0 | **28.1** | 31.5 |
| Indirect taxes | **5.6** | 4.8 | 6.9 | **10.4** | 12.5 |
| Additional Government Share<sup>1</sup> | **10.2** | 7.5 | (9.3) | **17.7** |  |
| **Total Operating Expenses** | **269.3** | **219.5** | **218.5** | **488.8** | **474.4** |

---

1Refer to the Didipio section in this MD&A for more details.

*Cost of Sales, excluding depreciation and amortization*

Variance explanations are covered in the AISC<sup>†</sup> section of the 'Results Overview' and the 'Financial Performance' sections of each mining operation.

*Depreciation and Amortization*

Second quarter depreciation and amortization was 21% and 19% lower than the prior corresponding quarter and year to date period, primarily due to the waste stripping profile at Haile.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 20 |

---

------

*General and Administration*

Second quarter G&A expense of $17.5 million was 65% higher than the prior quarter, primarily due to an increase of $2.3 million in stock-based compensation expense. The cash-settled portion of outstanding performance share rights are revalued on a quarterly basis and are impacted by the movement in share price.

Second quarter G&A expense is 9% higher than the prior corresponding quarter due to an increase in stock-based compensation expense, partially offset by an increase in allocation of services provided to the operations in the current quarter.

Year to date G&A expense was 11% lower than the prior corresponding year to date period due to the allocation of services provided to the operations, partially offset by an increase in stock-based compensation expense.

*Additional Government Share*

Variance explanation is covered in Didipio's 'FTAA - Additional Government Share' section.

**Other (expenses) / income and taxation**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Interest expense and finance costs | **(3.1)** | (3.3) | (7.7) | **(6.4)** | (13.3) |
| Interest income | **1.6** | 1.5 | 1.2 | **3.1** | 1.4 |
| Foreign exchange (loss) gain | **(2.4)** | (0.8) | 0.1 | **(3.2)** | (6.2) |
| Gain on disposal of assets | **—** |  | 17.0 | **—** | 17.0 |
| OGP listing costs | **—** |  | (5.5) | **—** | (5.5) |
| Restructuring expense | **—** |  | (0.4) | **—** | (1.9) |
| Other income (expense) | **1.5** | (1.3) | (1.4) | **0.2** | (0.9) |
| **Total Other (expenses) income** | **(2.4)** | (3.9) | 3.3 | **(6.3)** | (9.4) |
| Income tax expense recognized in net profit | **(43.1)** | (35.3) | (2.0) | **(78.4)** | (9.0) |

---

*Interest expense and finance costs*

Second quarter interest expense and finance costs primarily relate to leases and accretion of asset retirement obligation liability, and was 60% lower than the prior corresponding quarter as there was no bank debt in 2025.

Year to date interest and finance costs of $6.4 million was 52% lower than the prior corresponding year to date period for the same reason, with no debt outstanding in 2025.

*Foreign exchange (loss) gain*

Second quarter foreign exchange losses of $2.4 million arose from the translation of USD denominated lease liabilities in New Zealand.

Year to date foreign exchange losses were $3.2 million as explained above.

*Income tax expense*

Second quarter income tax expense was 22% higher than the prior quarter primarily due to increased operational profits.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 21 |

---

------

Second quarter and year to date income tax expense was higher than the prior corresponding quarter and year to date period primarily due to increased profits across the group and a reduction in available tax losses.

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **$M, except AISC, average price and per share amounts** | **Q2 2025** | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
| Gold Produced<sup>1</sup> (koz) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119.5** | 117.4 | 150.9 | 134.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.0 |
| Copper Produced1 (kt) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Average Gold Price received ($/oz) | **3293** | 2858 | 2665 | 2511 | 2385 | 2092 | 1993 | 1934 |
| Average Copper Price received ($/lb) | **4.36** | 4.27 | 4.16 | 4.15 | 4.58 | 3.90 | 3.80 | 3.76 |
| Revenue | **432.4** | 359.9 | 427.3 | 345.2 | 251.2 | 270.3 | 267.3 | 214.1 |
| Adjusted EBITDA<sup>†</sup> | **219.5** | 193.0 | 251.3 | 162.8 | 109.0 | 80.9 | 91.6 | 64.8 |
| AISC<sup>†</sup> | **2027** | 1796 | 1563 | 1729 | 2131 | 1823 | 1658 | 1911 |
| Free Cash Flow<sup>†</sup> | **120.1** | 68.8 | 146.5 | 65.7 | 31.2 | 1.8 | 16.1 | (29.6) |
| Adjusted net profit<sup>†</sup> | **120.0** | 102.2 | 107.6 | 66.4 | 30.6 | 3.7 | 6.6 | 0.1 |
| Net profit (loss) | **117.6** | 101.2 | 102.7 | 60.6 | 34.0 | (5.3) | (18.9) | (5.5) |
| **Earnings (loss) per share**<sup>2</sup> |  |  |  |  |  |  |  |  |
| Basic | **$0.49** | $0.43 | $0.43 | $0.25 | $0.13 | $(0.02) | $(0.08) | $(0.02) |
| Diluted | **$0.49** | $0.42 | $0.42 | $0.24 | $0.13 | $(0.02) | $(0.08) | $(0.02) |

---

1Production is shown on a 100% basis as all operations are controlled by OceanaGold.

2Attributable to the shareholders of the Company.

The most significant factors causing variation in the quarterly results are the changes in the gold and copper price, changes in production reflecting the variability in the grade of ore mined at each of the operations, gold and copper recoveries, the timing of deferred stripping expenditures and movements in inventories.

Notably, realized average gold prices have increased over $1,200 per ounce since the first quarter of 2024, which has directly translated into higher revenue, cash flow and profitability during this period.

In the second quarter of 2024, there was a gain on sale of the Company's interest in the Blackwater project for cash consideration of $30.0 million, resulting in a pre-tax gain of $17.6 million.

In the fourth quarter of 2023, there was a non-cash write-down of indirect tax receivables in the Philippines totaling $38.3 million relating to historic tax receivables (excise and value-added taxes) which significantly impacted the quarterly net loss.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 22 |

---

------

**Liquidity and Capital Resources**

**Balance Sheet**

---

| | | |
|:---|:---|:---|
| **$M** | **June 30, 2025** | December 31, 2024 |
| Cash and cash equivalents | **298.7** | 193.5 |
| Other Current Assets | **249.9** | 271.8 |
| Non-Current Assets | **2233.5** | 2023.8 |
| **Total Assets** | **2782.1** | 2489.1 |
| Current Liabilities | **376.0** | 308.8 |
| Non-Current Liabilities | **271.5** | 253.8 |
| **Total Liabilities** | **647.5** | 562.6 |
| **Total Shareholders' Equity** | **2031.1** | 1820.0 |
| **Non-controlling interest** | **103.5** | 106.5 |

---

Current assets increased $83.3 million during the six months ended June 30, 2025 primarily due to a $105.2 million increase in cash (refer to the 'Cash Flows' section below).

Non-current assets increased $209.7 million during the six months ended June 30, 2025 primarily due to mining assets additions associated with deferred stripping and capitalized mining, primarily related to Haile site infrastructure projects, partially offset by depreciation and amortization of property, plant and equipment and mining assets.

Current liabilities increased $67.2 million during the six months ended June 30, 2025 driven by a 21% increase in trade and other payables as a result of timing differences, an increase in the Additional Government Share accrual and an increase in stock-based compensation due to the revaluation of the cash-settled portion of outstanding performance share rights.

Non-current liabilities has remained consistent during the six months ended June 30, 2025, with the increase in asset retirement obligation being mostly offset by ongoing lease repayments.

The decrease of $3.0 million in non-controlling interest relates to $8.0 million of dividend payments, partially offset by the $5.0 million share in earnings, for the 20% interest at Didipio during the quarter.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 23 |

---

------

**Cash Flows**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amount** | **Q2 2025** | Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Cash flows provided by Operating Activities | **226.9** | 171.6 | 107.8 | **398.5** | 183.1 |
| Cash flows used in Investing Activities | **(106.8)** | (102.8) | (76.6) | **(209.6)** | (150.1) |
| Cash flows (used in) provided by Financing Activities | **(43.7)** | (35.9) | 47.7 | **(79.6)** | 66.9 |
| Free Cash Flow<sup>†</sup> | **120.1** | 68.8 | 31.2 | **188.9** | 33.0 |
| Free Cash Flow per share - diluted<sup>†</sup> | **$0.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.80** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 |
| Operating Cash Flow per share - diluted<sup>†</sup> | **$0.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.73 |

---

Cash flows provided by operating activities for the second quarter were 32% higher than the prior quarter, in line with increased gold sales volumes and higher realized gold prices. Year to date cash flows provided by operating activities of $398.5 million were 118% higher than the prior corresponding year to date period, in line with above.

Cash flows used in investing activities for the second quarter of $106.8 million were consistent with the prior quarter with increase capital expenditure as discussed in the 'Results Overview - Capital and Exploration' section of this MD&A. Year to date cash flows used in investing activities of $209.6 million were 40% higher than the prior corresponding year to date period due to an increase in capital with site infrastructure projects at Haile and the Waihi North Project, as discussed in the 'Results Overview - Capital and Exploration' section and the Blackwater project sale proceeds in the second quarter of 2024.

Cash flows used in financing activities for the second quarter were $43.7 million, reflecting $21.0 million of share buybacks at an average price of CAD$17.52 per share, $14.0 million of dividends paid to shareholders of the Company and $5.3 million payment of lease liabilities. In the prior quarter, cash outflows from financing activities were $19.6 million due to share buybacks and payment of lease liabilities. Year to date cash flows used in financing activities of $79.6 million mainly reflect share buybacks of $40.6 million, payment of lease liabilities of $14.2 million and dividends paid to shareholders of $14.0 million. In the prior corresponding year to date period, net cash inflows from financing activities were $66.9 million due to the net proceeds of $100.5 million from the listing of OGP on the Philippine Stock Exchange, Inc. ("PSE"), partially offset by net repayments of debt and lease liabilities and $7.0 million of dividends paid to shareholders of the Company.

Second quarter Free Cash Flow<sup>†</sup> was $51.3 million higher than the prior quarter, with the increase due to higher realized gold prices and higher gold sales volumes. Year to date Free Cash Flow<sup>†</sup> was $155.9 million higher than the prior corresponding year to date period due to the same reasons.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 24 |

---

------

**Debt Management and Liquidity**

---

| | | |
|:---|:---|:---|
| **$M** | **June 30, 2025** | December 31, 2024 |
| Revolving credit facility | **—** |  |
| Fleet facility<sup>1</sup> | **—** | (2.8) |
| Unamortized transaction costs | **—** | 1.2 |
| **Total debt** | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.6) |
| Cash and cash equivalents | **298.7** | 193.5 |
| **Net Cash**<sup>†</sup> | **298.7** | 191.9 |

---

1Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility.

As at June 30, 2025, the Company was in a Net Cash<sup>†</sup> position of $298.7 million compared to $191.9 million as at December 31, 2024, reflecting strong Free Cash Flow<sup>†</sup>.

The Company has an undrawn revolving credit facility (the "Facility") with seven leading international banks for a total of $200 million plus a $50 million uncommitted accordion. The objective of the accordion feature, which is not reflected in Liquidity<sup>†</sup>, is to reduce undrawn commitment fees while preserving bank- approved capacity. The Facility is secured against present and future assets, property and undertakings and has a term maturing on December 31, 2027.

During the fourth quarter of 2024, the Company repaid all amounts drawn under the Facility. As a result, there are no amounts drawn under the Facility as at June 30, 2025 (December 31, 2024: nil). As at June 30, 2025, the Company was in compliance with all covenant obligations related to the Facility.

The Company had immediately available Liquidity<sup>†</sup> of $498.7 million at June 30, 2025 (December 31, 2024: $393.5 million), comprised of $298.7 million (December 31, 2024: $193.5 million) in cash and $200.0 million (December 31, 2024: $200.0 million) in undrawn funds under the Facility. The increase in Liquidity<sup>†</sup> primarily relates to higher cash balances resulting from the Free Cash Flow<sup>†</sup> as noted above.

As at June 30, 2025, the Company was in a net current asset position of $172.6 million compared to $156.5 million as at December 31, 2024.

**Share Buyback**

The Board in February 2025 approved the repurchase of up to $100 million of common shares in 2025 in the open market through the facilities of the TSX or alternative Canadian trading systems under a Normal Course Issuer Bid ("NCIB") program.

The NCIB program was renewed and expanded in July 2025, with the increased share repurchase limit providing the Company greater flexibility to continue share buybacks throughout the remainder of 2025 and the first half of 2026.

During the second quarter of 2025, the Company repurchased and cancelled an additional 1.6 million common shares (year to date: 3.9 million common shares) for consideration of $21.0 million (year to date: $40.6 million) at an average price of CAD$17.52 per share, adjusted for the share consolidation (year to date: CAD$14.33 per share).

During the period from July to December 2024, the Company repurchased and cancelled 2.9 million (adjusted for share consolidation) common shares for consideration of $24.1 million at an average price of CAD$11.37 (adjusted for share consolidation).

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 25 |

---

------

**Hedging**

The Company does not hedge any of its current or future gold sales, nor does it have any prepay agreements, so has benefited fully from the rising gold price.

The Company has a hedging program covering up to 80% of the forecast diesel consumption at Haile and Macraes on a rolling 12-month basis. The resulting hedging arrangements consist of monthly cash-settled swap transactions referencing the following appropriate diesel pricing indices to fix diesel prices and reduce input cost volatility:

• US Gulf Coast Ultra-Low Sulfur No 2 Diesel for an amount representing 80% of the forecast diesel consumption at Haile, split into even monthly amounts; and

• Platts Singapore (Gasoil) for an amount representing 80% of the forecast diesel consumption at Macraes, split into even monthly amounts.

The Company is covered at approximately 80% of forecast diesel consumption at Haile and Macraes through to the end of June 2026 and has elected to apply hedge accounting to these diesel hedging arrangements in accordance with IFRS.

During the six months ended June 30, 2025, the Company recorded realized losses of $1.3 million within cost of sales and unrealized losses of $0.4 million in other comprehensive income as a result of the hedging arrangements.

The Company periodically uses forward contracts to hedge significant currency exposure.

There are no other hedges related to gold, silver, copper, currencies or diesel.

**Capital Commitments**

Capital commitments relate principally to the purchase of property, plant and equipment at Haile, Macraes and Waihi and the mine development at Didipio, Macraes and Waihi. The Company's capital commitments as at June 30, 2025, are as follows:

---

| | |
|:---|:---|
| **As at June 30, 2025**<br>**$M** | **Capital**<br>**Commitments** |
| Within 1 year | **48.6** |

---

**Related Party Transactions**

There were no related party transactions other than Key Management compensation during the period.

Key Management compensation will be reported in audited consolidated financial statements for the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 26 |

---

------

**Outstanding Share Data**

The following table sets out the common shares, performance share rights and deferred units outstanding as at the date of this MD&A:

---

| | |
|:---|:---|
| **Shares/ units** | &nbsp;&nbsp;**August 6, 2025** |
| Common shares | **231,126,566** |
| Performance share rights | **5,948,672** |
| Deferred units | **418,537** |

---

**Non-IFRS Financial Information**

Throughout this MD&A, the Company has provided measures prepared according to International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") as well as some non-IFRS performance measures. As non-IFRS performance measures do not have a standardized meaning prescribed by IFRS, they are unlikely to be comparable to similar measures presented by other companies. The Company provides these non-IFRS measures as they are used by certain investors to evaluate OceanaGold's performance. Accordingly, such non-IFRS measures are intended to provide additional information and should not be considered in isolation, or a substitute for measures of performance in accordance with IFRS.

These measures are used internally by the Company's Management to assess the performance of the business and make decisions on the allocation of resources and are included in this MD&A to provide greater understanding of the underlying performance of the operations. Investors are cautioned not to place undue reliance on any non-IFRS financial measures included in this MD&A.

**Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share**

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 27 |

---

------

The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Net profit | **117.6** | 101.2 | 34.0 | **218.8** | 28.7 |
| Foreign exchange (gain) loss | **2.4** | 0.8 | (0.1) | **3.2** | 6.2 |
| Write-down of assets | **—** | 0.2 | 3.5 | **0.2** | 4.7 |
| Gain on sale of Blackwater project | **—** |  | (17.6) | **—** | (17.6) |
| Tax expense on sale of Blackwater project | **—** |  | 4.9 | **—** | 4.9 |
| OGP listing costs | **—** |  | 5.5 | **—** | 5.5 |
| Restructuring costs | **—** |  | 0.4 | **—** | 1.9 |
| **Adjusted net profit** | **120.0** | 102.2 | 30.6 | **222.2** | 34.3 |
| **Adjusted weighted average number of common shares - fully diluted** | **234.8** | 238.3 | 242.8 | **235.4** | 241.0 |
| **Adjusted earnings per share** | **0.51** | 0.43 | 0.13 | **0.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |

---

**EBITDA and Adjusted EBITDA**

Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses, write-downs, gains/losses on disposal of assets, OGP listing costs, foreign exchange gains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue.

Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/losses.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 28 |

---

------

The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Net profit | **117.6** | 101.2 | 34.0 | **218.8** | 28.7 |
| Depreciation and amortization | **54.9** | 53.7 | 69.9 | **108.6** | 134.7 |
| Net interest expense and finance costs | **1.5** | 1.8 | 6.5 | **3.3** | 11.9 |
| Income tax expense on earnings | **43.1** | 35.3 | 2.0 | **78.4** | 9.0 |
| **EBITDA** | **217.1** | 192.0 | 112.4 | **409.1** | 184.3 |
| Write-down of assets | **—** | 0.2 | 3.5 | **0.2** | 4.7 |
| Gain on sale of Blackwater project | **—** |  | (17.6) | **—** | (17.6) |
| Tax expense on sale of Blackwater project | **—** |  | 4.9 | **—** | 4.9 |
| OGP listing costs | **—** |  | 5.5 | **—** | 5.5 |
| Restructuring expense | **—** |  | 0.4 | **—** | 1.9 |
| Foreign exchange (gain) loss | **2.4** | 0.8 | (0.1) | **3.2** | 6.2 |
| **Adjusted EBITDA** | **219.5** | 193.0 | 109.0 | **412.5** | 189.9 |
| Revenue | **432.4** | 359.9 | 251.2 | **792.3** | 521.5 |
| **EBITDA Margin** | **50%** | 53% | 45% | **52%** | 35% |

---

**Cash Costs and AISC**

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculation beginning in the first quarter of 2025.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 29 |

---

------

The following table provides a reconciliation of consolidated Cash Costs and AISC:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | **YTD 2025** | YTD 2024 |
| Cost of sales, excl. depreciation and amortization | **181.1** | 142.9 | 135.0 | **324.0** | 295.7 |
| Indirect taxes | **5.6** | 4.8 | 6.9 | **10.4** | 12.5 |
| Selling costs | **2.6** | 2.8 | 2.4 | **5.4** | 6.3 |
| Other cash adjustments | **(7.1)** | (3.4) | (2.8) | **(10.5)** | (3.5) |
| By-product credits | **(35.4)** | (35.3) | (25.3) | **(70.7)** | (55.2) |
| **Total Cash Costs (net)** | **146.8** | 111.8 | 116.2 | **258.6** | 255.8 |
| Sustaining capital and leases | **34.4** | 26.8 | 21.8 | **61.2** | 44.3 |
| Deferred stripping and capitalized mining | **49.0** | 55.3 | 51.7 | **104.3** | 86.0 |
| Corporate general & administration | **15.1** | 10.4 | 13.2 | **25.5** | 28.0 |
| Onsite exploration and drilling | **0.6** | 1.6 | 1.1 | **2.2** | 2.9 |
| **Total AISC** | **245.9** | 205.9 | 204.0 | **451.8** | 417.0 |
| Gold sales (koz) | **121.3** | 114.6 | 95.8 | **235.9** | 212.6 |
| **Cash Costs ($/oz)** | **1210** | 976 | 1213 | **1096** | 1203 |
| **AISC ($/oz)**<sup>1</sup> | **2027** | 1796 | 2131 | **1915** | 1963 |

---

1Excludes the Additional Government Share related to the FTAA at Didipio of $10.2 million, $7.5 million and $17.7 million for the second quarter, first quarter and year to date 2025, respectively, as it is considered in the nature of an income tax.

The following tables provides a reconciliation of Cash Costs and AISC for each operation:

*Haile*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | **YTD 2025** | YTD 2024 |
| **Cash costs of sales** | **53.9** | 45.6 | 50.5 | **99.5** | 103.7 |
| By-product credits | **(1.9)** | (1.9) | (0.8) | **(3.8)** | (1.5) |
| Inventory adjustments | **(2.8)** | (3.0) | 4.0 | **(5.8)** | 16.0 |
| Freight, treatment and refining charges | **0.2** | 0.2 | 0.1 | **0.4** | 0.2 |
| **Total Cash Costs (net)** | **49.4** | **40.9** | **53.8** | **90.3** | **118.4** |
| Sustaining capital and leases | **16.2** | 10.4 | 7.9 | **26.6** | 16.9 |
| Deferred stripping and capitalized mining | **28.0** | 36.4 | 18.4 | **64.4** | 26.6 |
| Onsite exploration and drilling | **0.1** | 0.8 |  | **0.9** |  |
| **Total AISC** | **93.7** | **88.5** | **80.1** | **182.2** | **161.9** |
| Gold sales (koz) | **49.5** | 57.2 | 39.8 | **106.7** | 81.0 |
| **Cash Costs ($/oz)** | **997** | 715 | 1351 | **846** | 1462 |
| **AISC ($/oz)** | **1890** | 1551 | 2008 | **1708** | 1998 |

---

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 30 |

---

------

*Didipio*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| **Cash costs of sales** | **38.3** | 32.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.6 |
| By-product credits | **(30.9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31.2) | (23.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(62.1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51.5) |
| Royalties | **2.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Indirect taxes | **5.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 | 4.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 |
| Inventory adjustments | **(0.7)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.6) |
| Freight, treatment and refining charges | **3.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| **Total Cash Costs (net)** | **18.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 | 16.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1 |
| Sustaining capital and leases | **7.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | 5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| Deferred stripping and capitalized mining | **1.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | 1.8 | **3.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| General & administration<sup>1</sup> | **0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |  | **0.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total AISC** | **26.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 | 23.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.7 |
| Gold sales (koz) | **20.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 | 18.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.7 |
| Cash Costs ($/oz) | **873** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | 874 | **872** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 |
| **AISC**<sup>1</sup> **($/oz)** | **1287** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | 1250 | **1214** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 |

---

1Excludes the Additional Government Share of FTAA at Didipio of $10.2 million, $7.5 million and $17.7 million for the second quarter, first quarter, and year to date 2025, respectively, as it is considered in the nature of an income tax.

*Macraes*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| **Cash costs of sales** | **43.3** | 39.2 | 24.1 | **82.5** | 53.7 |
| Less: by-product credits | **—** | (0.1) | (0.1) | **(0.1)** | (0.1) |
| Royalties | **2.6** | 0.7 | 2.3 | **3.3** | 2.2 |
| Inventory adjustments | **5.9** | (7.6) | 2.2 | **(1.7)** | 5.2 |
| Freight, treatment and refining charges | **0.3** | 0.2 | 0.2 | **0.5** | 0.4 |
| **Total Cash Costs (net)** | **52.1** | 32.4 | 28.7 | **84.5** | 61.4 |
| Sustaining capital and leases | **8.4** | 9.4 | 6.8 | **17.8** | 13.2 |
| Deferred stripping and capitalized mining | **14.2** | 12.3 | 25.4 | **26.5** | 44.1 |
| Onsite exploration and drilling | **0.1** | 0.6 | 0.4 | **0.7** | 1.0 |
| **Total AISC** | **74.8** | 54.7 | 61.3 | **129.5** | 119.7 |
| Gold sales (koz) | **34.8** | 23.7 | 26.5 | **58.5** | 58.7 |
| **Cash Costs ($/oz)** | **1496** | 1369 | 1085 | **1444** | 1047 |
| **AISC ($/oz)** | **2146** | 2313 | 2319 | **2213** | 2041 |

---

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 31 |

---

------

*Waihi*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| **Cash costs of sales** | **30.7** | 26.8 | 18.0 | **57.5** | 37.5 |
| By-product credits | **(2.6)** | (2.1) | (1.1) | **(4.7)** | (2.1) |
| Royalties | **0.6** | 0.5 | 0.3 | **1.1** | 0.6 |
| Inventory adjustments | **(1.4)** | (2.3) |  | **(3.7)** | (0.2) |
| Add: Freight, treatment and refining charges | **—** | 0.1 | 0.1 | **0.1** | 0.1 |
| **Total Cash Costs (net)** | **27.3** | 23.0 | 17.3 | **50.3** | 35.9 |
| Sustaining capital and leases | **2.2** | 4.3 | 1.8 | **6.5** | 4.3 |
| Deferred stripping and capitalized mining | **5.7** | 4.7 | 6.1 | **10.4** | 11.6 |
| Onsite exploration and drilling | **0.5** | 0.2 | 0.7 | **0.7** | 1.9 |
| **Total AISC** | **35.7** | **32.2** | **25.9** | **67.9** | **53.7** |
| Gold sales (koz) | **16.4** | 15.9 | 10.6 | **32.3** | 22.2 |
| **Cash Costs ($/oz)** | **1670** | 1445 | 1635 | **1559** | 1617 |
| **AISC ($/oz)** | **2190** | 2019 | 2434 | **2106** | 2418 |

---

**Net Cash/(Debt)**

Net Cash/(Debt) has been calculated as total debt plus cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Prior to 2024, lease liabilities were included in the calculation of Net Cash/ (Debt). The change in respect of 2024 is consistent with the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have been recalculated excluding lease liabilities.

A reconciliation of this measure is provided in the 'Liquidity and Capital Resources - Debt Management and Liquidity' section of this MD&A.

**Liquidity**

Liquidity has been calculated as cash and cash equivalents and the total of funds available to be drawn under the Facility. Management believes this is a useful measure of the Company's ability to repay its current liabilities.

The following table provides a reconciliation of Liquidity:

---

| | | |
|:---|:---|:---|
| **$M** | **June 30, 2025** | December 31, 2024 |
| Cash and Cash Equivalents | **298.7** | 193.5 |
| Funds available to be drawn under the Facility | **200.0** | 200.0 |
| **Liquidity** | **498.7** | 393.5 |

---

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 32 |

---

------

**Operating Cash Flow per share**

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of total fully diluted Operating Cash Flow per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Cash provided by operating activities | **226.9** | 171.6 | 107.8 | **398.5** | 183.1 |
| Changes in working capital | **4.9** | 25.2 | (8.5) | **30.1** | (6.0) |
| **Cash flows provided by operating activities before changes in working capital** | **231.8** | 196.8 | 99.3 | **428.6** | 177.1 |
| Adjusted weighted average number of common shares - fully diluted | **234.8** | 238.3 | 242.8 | **235.4** | 241.0 |
| **Operating Cash Flow per share** | **$0.99** | $0.83 | $0.41 | **$1.82** | $0.73 |

---

**Free Cash Flow**

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of Free Cash Flow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Cash flows provided by Operating Activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**226.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.6 | 107.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**398.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183.1 |
| Cash flows used in Investing Activities | **(106.8)** | (102.8) | (76.6) | **(209.6)** | (150.1) |
| **Free Cash Flow** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**120.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.0 |
| Adjusted weighted average number of common shares - fully diluted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**234.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238.3 | 242.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.0 |
| **Free Cash Flow per share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | $0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.80** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 |

---

**Leverage Ratio**

Leverage Ratio is calculated as Net Cash/(Debt) divided by Adjusted EBITDA for the preceding 12-month period. Management believes this is a useful indicator to monitor the Company's ability to meet its financial obligations. The following table provides a reconciliation of the Leverage Ratio:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except ratio amounts** | &nbsp;&nbsp;**Q2 2025** | Q1 2025 | Q2 2024 |
| Net Cash/(Debt) | **298.7** | 227.6 | 29.8 |
| Adjusted EBITDA | **826.6** | 716.1 | 346.3 |
| **Leverage Ratio** | **0.00x** | 0.00x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00x |

---

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 33 |

---

------

**Internal Controls Over Financial Reporting**

Management, with the participation of the Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting.

The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations and may not prevent or detect misstatements. Even when the Company's system of internal control over financial reporting is determined to be effective, it can only provide reasonable assurance with respect to financial statement preparation and presentation.

Management has used the criteria established in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") to evaluate the effectiveness of the Company's internal control over financial reporting.

Management has determined that there have been no significant changes in the Company's internal control over financial reporting during the three months ended June 30, 2025 which have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**Accounting Estimates, Policies and Changes**

The preparation of financial statements in conformity with IFRS requires Management to make estimates, judgements and assumptions that affect the amounts reported in the condensed interim consolidated financial statements and related notes. The Company's significant accounting policies and critical estimates and judgements are disclosed in Notes 3 and 4 of OceanaGold's condensed interim consolidated financial statements for the quarter ended June 30, 2025.

**Risks and Uncertainties**

This document contains certain forward-looking statements that involve risks, uncertainties and other factors that could cause actual results, performance, prospects, opportunities and continued mining operations to differ materially from those expressed or implied by those forward-looking statements. The exploration and development of natural resources are highly speculative in nature and the Company's business operations, investments and prospects are subject to significant risks, including, but not limited to, various operating, regulatory, consenting and permitting risks, the availability and effective management of water, risks associated with operating in foreign jurisdictions, risks associated with compliance with safety, health, social, environmental and other applicable laws and regulations, and climate change impacts and transition risks, such as regulatory, technological, legal and societal. For further detail and discussion of these risks and uncertainties, please refer to the risk factors set forth in the Company's most recent Annual Information Form available under the Company's profile on SEDAR+ at sedarplus.com and on the Company's website at oceanagold.com, and the Company's other filings and submissions with securities regulators on SEDAR+, which could materially affect the Company's business, operations, investments and prospects and could cause actual events to differ materially from those described in forward-looking statements relating to the Company. Additional risks and uncertainties not presently known to the Company or that the Company currently considers immaterial may also impair the business, operations, investments and prospects of the Company. If any of the risks actually occur,

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 34 |

---

------

the business of the Company may be harmed and its financial condition and results of operations may suffer significantly.

**Notes to Reader**

**Cautionary Statement Regarding Forward-Looking Information**

This MD&A contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to: the future financial and operating performance of the Company and its mining projects; the future price of gold, copper and silver; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserve and Mineral Resource estimates; costs of production; estimates of initial capital, sustaining capital, operating and exploration expenditures; costs and timing of the development of new deposits; costs and timing of the development of new mines; costs and timing of future exploration and drilling programs; water management initiatives and strategies at the Company's operations, including the water treatment plan upgrades at Haile; timing of filing of updated technical information and studies, including trade-off work for Ledbetter Phase 4 open pit at Haile and the Didipio PFS; anticipated production amounts; requirements for additional capital; governmental regulation of mining operations and exploration operations; timing and receipt of approvals, consents and permits under applicable legislation, including Fast-track approval for the Waihi North Project; the amount of and timing for anticipated purchases under the NCIB; environmental risks; title disputes or claims; limitations of insurance coverage; and the timing and possible outcome of pending litigation and regulatory matters. All statements in this MD&A that address events or developments that the Company expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold, copper and silver; general business, economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Philippines peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; challenges of effective water management; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits, including the FTAA; and those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available under the Company's profile on SEDAR+ at

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 35 |

---

------

sedarplus.com and on the Company's website at oceanagold.com. The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any Mineral Resources or Mineral Reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Cautionary Statements for United States Readers**

The scientific and technical disclosure in this MD&A was prepared in accordance with NI 43-101, which differs from the requirements of the U.S. Securities and Exchange Commission (the "U.S. SEC"). Accordingly, Mineral Resource and Mineral Reserve information and other scientific and technical information contained or referenced in this MD&A may not be comparable to similar information disclosed by public companies subject to the technical disclosure requirements of the U.S. SEC.

**Qualified Persons**

Mr. Greg Hollett, the Company's Head of Mine Engineering, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Haile operational matters contained in this MD&A.

Mr. Phillip Jones, the Company's Head of Underground Mining, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Didipio operational matters contained in this MD&A.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 36 |

---

------

Mr. Euan Leslie, the Company's Group Mining Engineer, and Mr. Knowell Madambi, the Company's Manager – Technical Services & Projects, Macraes, each of whom is a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Macraes operational matters contained in this MD&A.

Messrs. Leslie and David Townsend, the Company's Manager – Mining (Underground), Waihi, each of whom is a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Waihi operational matters contained in this MD&A.

Mr. Craig Feebrey, the Company's Executive Vice President and Chief Exploration Officer, a qualified person as defined by NI 43-101, has approved the scientific and technical information regarding exploration matters contained in this MD&A.

---

| | | |
|:---|:---|:---|
| † See "Non-IFRS Financial Information". | | |
| | www.oceanagold.com | 37 |

---

## Exhibit 99.9

**Exhibit 99.9**

![logo8.jpg](logo8.jpg)

**OCEANAGOLD CORPORATION** 

**CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

------

**OceanaGold Corporation**<br>Condensed Interim Consolidated Statements of Financial Position<br>(in millions of United States dollars - unaudited)<br>

---

| | | | |
|:---|:---|:---|:---|
| | | **September 30** | **December 31** |
| | **Notes** | **2025** | **2024** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | $334.9 | $193.5 |
| Trade and other receivables | 5 | 38.3 | 13.7 |
| Inventories | 6 | 184.8 | 239.5 |
| Prepayments |  | 30.8 | 18.6 |
| Total current assets |  | 588.8 | 465.3 |
| **Non-current assets** |  |  |  |
| Trade and other receivables | 5 | 60.6 | 44.1 |
| Inventories | 6 | 132.1 | 111.0 |
| Deferred tax assets |  | 18.4 | 39.0 |
| Mineral properties, plant and equipment | 7 | 2083.5 | 1829.7 |
| Total non-current assets |  | 2294.6 | 2023.8 |
| **TOTAL ASSETS** |  | $**2883.4** | $**2489.1** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables |  | $308.7 | $198.7 |
| Employee benefits |  | 36.8 | 28.7 |
| Current tax liabilities |  | 88.6 | 47.9 |
| Lease liabilities |  | 25.6 | 28.1 |
| Debt | 8 | – | 1.6 |
| Derivative hedges |  | – | 0.9 |
| Asset retirement obligations |  | 2.4 | 2.9 |
| Total current liabilities |  | 462.1 | 308.8 |
| **Non-current liabilities** |  |  |  |
| Employee benefits |  | 23.1 | 15.1 |
| Deferred tax liabilities |  | 61.8 | 33.6 |
| Lease liabilities |  | 29.9 | 41.9 |
| Asset retirement obligations |  | 177.2 | 163.2 |
| Total non-current liabilities |  | 292.0 | 253.8 |
| **TOTAL LIABILITIES** |  | **754.1** | **562.6** |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Share capital | 9 | 1191.0 | 1219.5 |
| Retained earnings |  | 845.4 | 611.6 |
| Contributed surplus |  | 64.8 | 64.8 |
| Other reserves |  | (76.3) | (75.9) |
| **TOTAL SHAREHOLDERS' EQUITY** |  | **2024.9** | **1820.0** |
| Non-controlling interest | 11 | **104.4** | **106.5** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** |  | $**2883.4** | $**2489.1** |
| *Subsequent events included in Note 9* |  |  |  |

---

---

| | |
|:---|:---|
| On behalf of the Board of Directors: | |
| */s/ Paul Benson* | */s/ Sandra M. Dodds* |
| Paul Benson | Sandra M. Dodds |
| Director | Director |
| November 5, 2025 | November 5, 2025 |

---

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements.OceanaGold Corporation 1

------

**OceanaGold Corporation**<br>Condensed Interim Consolidated Statements of Income<br>(in millions of United States dollars, except per share data - unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three months ended<br>September 30** | **Three months ended<br>September 30** | **Nine months ended**<br>**September 30** | **Nine months ended**<br>**September 30** |
| | **Notes** | **2025** | **2024** | **2025** | **2024** |
| **Revenue** | 12 | $**448.5** | $**345.2** | $**1240.8** | $**866.7** |
| Cost of sales, excluding depreciation and amortization |  | (208.4) | (149.7) | (532.4) | (445.4) |
| Depreciation and amortization |  | (62.3) | (86.0) | (170.9) | (220.7) |
| General and administration |  | (7.5) | (11.3) | (35.6) | (42.8) |
| Indirect taxes |  | (7.3) | (5.5) | (17.7) | (18.0) |
| Additional Government Share | 13 | (16.6) | (15.5) | (34.3) | (15.5) |
| Operating profit |  | 146.4 | 77.2 | 449.9 | 124.3 |
| **Other (expense) income** |  |  |  |  |  |
| Foreign exchange (loss) gain |  | (2.0) | 1.3 | (5.2) | (4.9) |
| Gain on disposal of assets | 14 | – | – | – | 17.0 |
| Interest expense and finance costs | 8 | (2.8) | (5.2) | (9.2) | (18.5) |
| Interest income |  | 1.8 | 0.9 | 4.9 | 2.3 |
| NYSE / PSE listing costs | 11 | (1.6) | (5.4) | (1.6) | (10.9) |
| Restructuring expense |  | – | – | – | (1.9) |
| Other (expense) income |  | (0.1) | (2.1) | 0.1 | (3.0) |
| Profit before income tax |  | 141.7 | 66.7 | 438.9 | 104.4 |
| Income tax expense |  | (48.6) | (6.1) | (127.0) | (15.1) |
| **Net profit** |  | $**93.1** | $**60.6** | $**311.9** | $**89.3** |
| **Attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 11 | $5.9 | $0.7 | $10.9 | $4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity holders of the Company |  | $87.2 | $59.9 | $301.0 | $85.3 |
| **Earnings per share attributable to shareholders of the Company** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 15 | $0.38 | $0.25 | $1.30 | $0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 15 | $0.37 | $0.25 | $1.28 | $0.35 |
| Weighted average number of common shares outstanding: |  |  |  |  |  |
| *(in millions)* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  | 230.2 | 236.5 | 232.0 | 236.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  | 233.0 | 242.2 | 234.4 | 241.8 |

---

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements.OceanaGold Corporation 2

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**OceanaGold Corporation**<br>Condensed Interim Consolidated Statements of Comprehensive Income<br>(in millions of United States dollars, except per share data - unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three months ended<br>September 30** | **Three months ended<br>September 30** | **Nine months ended**<br>**September 30** | **Nine months ended**<br>**September 30** |
| | **Notes** | **2025** | **2024** | **2025** | **2024** |
| **Net profit** | 12 | $**93.1** | $**60.6** | $**311.9** | $**89.3** |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that may be reclassified to profit or loss* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation (loss) gain |  | $(27.2) | $20.3 | $19.7 | $8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on fair value of derivative hedges |  | 0.5 | (2.7) | 1.0 | (2.2) |
| *Items that will not be reclassified to profit or loss* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investments |  | – | – | 0.7 | – |
| Other comprehensive (loss) income, net of tax |  | (26.7) | 17.6 | 21.4 | 6.4 |
| **Total comprehensive income** |  | $**66.4** | $**78.2** | $**333.3** | $**95.7** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 11 | 5.9 | 0.7 | 10.9 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity holders of the Company |  | 60.5 | 77.5 | 322.4 | 91.7 |

---

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements.OceanaGold Corporation 3

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**OceanaGold Corporation**<br>Condensed Interim Consolidated Statements of Cash Flows<br>(in millions of United States dollars - unaudited)<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Notes** | **Three months ended September 30** | **Three months ended September 30** | **Nine months ended September 30** | **Nine months ended September 30** |
| | &nbsp;&nbsp;**Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** |
| **Operating activities** |  |  |  |  |  |
| Net profit |  | $93.1  | $60.6  | $311.9  | $89.3  |
| *Items not affecting cash* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense |  | 62.3  | 86.0  | 170.9  | 220.7  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  | 8.4  | 7.1  | 27.8  | 15.5  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss (gain) |  | 2.0  | (1.3) | 5.2  | 4.9  |
| &nbsp;&nbsp;&nbsp;Gain on disposal of assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | –  | –  | –  | (17.0) |
| &nbsp;&nbsp;&nbsp;Non-cash other expenses |  | 3.3  | 2.9  | 3.5  | 5.3  |
| &nbsp;&nbsp;&nbsp;Income tax expense |  | 48.6  | 6.1  | 127.0  | 15.1  |
| Changes in working capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 9.8  | 3.3  | (20.3) | 14.0  |
| **Net cash provided by operating activities** |  | **227.5**  | **164.7**  | **626.0**  | **347.8**  |
| **Investing activities** |  |  |  |  |  |
| Payment for property, plant and equipment |  | (41.3) | (16.7) | (75.6) | (30.3) |
| Payment for mining assets |  | (91.9) | (82.3) | (268.4) | (249.1) |
| Proceeds from sale of assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | 0.1  | –  | 1.3  | 30.3  |
| **Net cash used in investing activities** |  | **(133.1)** | **(99.0)** | **(342.7)** | **(249.1)** |
| **Financing activities** |  |  |  |  |  |
| Repayment of lease liabilities |  | (6.6) | (10.0) | (20.8) | (25.9) |
| Repayment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | –  | (40.5) | (2.8) | (101.2) |
| Proceeds from debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | –  | –  | –  | 50.0  |
| Proceeds from OGP listing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | –  | –  | –  | 106.0  |
| OGP listing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | –  | (5.4) | –  | (10.9) |
| Share buybacks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | (39.0) | (7.8) | (79.6) | (7.8) |
| Dividends paid to equity holders of the Company |  | (6.9) | –  | (20.9) | (7.0) |
| Dividends paid to non-controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | (5.0) | (3.0) | (13.0) | (3.0) |
| **Net cash (used in) provided by financing activities** |  | **(57.5)** | **(66.7)** | **(137.1)** | **0.2**  |
| Effect of exchange rate changes on cash |  | (0.7) | 2.3  | (4.8) | (2.0) |
| Net increase in cash and cash equivalents |  | 36.2  | 1.3  | 141.4  | 96.9  |
| Cash and cash equivalents at the beginning of the period |  | 298.7  | 157.3  | 193.5  | 61.7  |
| **Cash and cash equivalents at the end of the period** |  | $**334.9**  | $**158.6**  | $**334.9**  | $**158.6**  |

---

Supplemental cash flow information (Note 16).

The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements.OceanaGold Corporation 4

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**OceanaGold Corporation**<br>Condensed Interim Consolidated Statements of Changes in Equity<br>(in millions of United States dollars, except for per share data - unaudited)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares** <br>**(in millions)** | **Share Capital** | **Contributed**<br>**Surplus** | **Other Reserves** | **Retained**<br>**Earnings** | **Non-**<br>**controlling**<br>**Interest** | **Total**<br>**Equity** |
| **Balance at January 1, 2025** | **234.2** | $**1219.5** | $**64.8** | $**(75.9)** | $**611.6** | $**106.5** | $**1926.5** |
| Comprehensive income for the period | – | – | – | 21.4 | 301.0 | 10.9 | 333.3 |
| Employee share rights: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | – | – | 4.0 | – | – | – | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of rights | 0.9 | 4.8 | (4.0) | – | – | – | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of performance share rights | – | – | – | – | – | – | – |
| Share buybacks | (6.1) | (33.3) | – | – | (46.3) | – | (79.6) |
| Share purchase obligation | – | – | – | (21.8) | – | – | (21.8) |
| Dividends declared | – | – | – | – | (20.9) | (13.0) | (33.9) |
| **Balance at September 30, 2025** | **229.0** | $**1191.0** | $**64.8** | $**(76.3)** | $**845.4** | $**104.4** | $**2129.3** |
| **Balance at January 1, 2024** | **235.8** | $**1236.2** | $**73.2** | $**(14.6)** | $**438.3** | $**–** | $**1733.1** |
| Recognition of non-controlling interest | – | – | – | (6.8) | – | 111.2 | 104.4 |
| Comprehensive income for the period | – | – | – | 6.4 | 85.3 | 4.0 | 95.7 |
| Employee share rights: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | – | – | 12.5 | – | – | – | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeiture of rights | – | – | (2.1) | – | – | – | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of rights | 1.3 | 7.5 | (13.6) | – | – | – | (6.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;performance share rights | – | – | (12.6) | – | – | – | (12.6) |
| Share buybacks | (1.1) | (7.8) | – | – | – | – | (7.8) |
| Dividends declared | – | – | – | – | (14.1) | (3.0) | (17.1) |
| **Balance at September 30, 2024** | **236.0** | $**1235.9** | $**57.4** | $**(15.0)** | $**509.5** | $**112.2** | $**1900.0** |

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The accompanying notes to the Condensed Interim Consolidated Financial Statements are an integral part of these financial statements.OceanaGold Corporation 5

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**1&nbsp;&nbsp;&nbsp;&nbsp;NATURE OF OPERATIONS**

OceanaGold Corporation (the "Company" or "OceanaGold") is domiciled in British Columbia, Canada and the registered address of the Company is Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada. The Company's common shares trade under the symbol 'OGC' on the Toronto Stock Exchange ("TSX") in Canada and under the symbol 'OCANF' on the OTCQX market in the United States.

The Company is engaged in the exploration, development and operation of gold and gold/copper mines. OceanaGold operates four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

The unaudited condensed interim consolidated financial statements were approved by the Board of Directors on November 5, 2025.

**2&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION**

These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), as applicable to the preparation of condensed interim consolidated financial statements including IAS 34. Accordingly, certain disclosures included in the annual financial statements prepared in accordance with IFRS Accounting Standards have been condensed or omitted. These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2024.

**3&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING POLICIES**

The accounting policies applied in the preparation of these unaudited condensed interim consolidated financial statements are consistent with those applied and disclosed in the Company's audited consolidated financial statements for the year ended December 31, 2024. The Company's interim results are not necessarily indicative of its results for a full year.

**New IFRS accounting standards and pronouncements - not yet adopted**

**Amendments to IFRS 9: Financial Instruments and IFRS 7: Financial Instruments: Disclosures**

In May 2024, the IASB issued amendments to update classification and measurement requirements in IFRS 9: Financial Instruments, and related disclosure requirements in IFRS 7: Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

The amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company is currently assessing the effect of these amendments on our financial statements.

**IFRS 18: Presentation and Disclosure in Financial Statements**

In April 2024, the IASB issued IFRS 18: Presentation and Disclosure of Financial Statements ("IFRS 18"), which replaces IAS 1: Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management-defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18

OceanaGold Corporation 6

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified.

The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted. The Company is currently assessing the effect of this new standard to its financial statements.

**4&nbsp;&nbsp;&nbsp;&nbsp;CRITICAL ESTIMATES AND JUDGEMENTS**

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Areas of estimation and judgement that have the most significant effect on the amounts recognized in these financial statements are disclosed annually, and last disclosed in Note 4 of the Company's consolidated financial statements for the year ended December 31, 2024.

**5&nbsp;&nbsp;&nbsp;&nbsp;TRADE AND OTHER RECEIVABLES**

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| | | |
|:---|:---|:---|
| | **September 30<br>2025** | **December 31<br>2024** |
| Trade receivables | $26.6 | $5.2 |
| Indirect tax receivables | 35.1 | 21.8 |
| Security deposits | 30.9 | 27.7 |
| Other receivables | 6.3 | 3.1 |
| **Total trade and other receivables** | $**98.9** | $**57.8** |
| Current | $38.3 | $13.7 |
| Non-Current | $60.6 | $44.1 |

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**6&nbsp;&nbsp;&nbsp;&nbsp;INVENTORIES**

---

| | | |
|:---|:---|:---|
| | **September 30<br>2025** | **December 31<br>2024** |
| Ore | $175.4 | $219.1 |
| Gold in circuit | 31.7 | 27.9 |
| Gold on hand | 1.2 | 1.5 |
| Gold and copper concentrate | 6.8 | 16.0 |
| Maintenance stores | 101.8 | 86.0 |
| **Total inventories** | $**316.9** | $**350.5** |
| Current | $184.8 | $239.5 |
| Non-Current | $132.1 | $111.0 |

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OceanaGold Corporation 7

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**7&nbsp;&nbsp;&nbsp;&nbsp;MINERAL PROPERTIES, PLANT AND EQUIPMENT**

The following table summarizes the net book value of mineral properties, plant and equipment as at September 30, 2025 and the changes during the period then ended:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Mineral properties** | **Buildings,<br>plant and<br>equipment** | **Construction-in-progress** | **Land** | **Exploration and evaluation** | **Total** |
| **Net book value<br>At January 1, 2025** | $**808.7** | $**684.7** | $**191.1** | $**57.1** | $**88.1** | $**1829.7** |
| Additions | 120.7 | 82.3 | 129.8 | – | 20.3 | 353.1 |
| Transfers | 131.1 | 42.8 | (169.6) | – | (4.3) | – |
| Disposals | – | (0.6) | – | – | – | (0.6) |
| Amortization | (56.8) | (75.6) | – | – | – | (132.4) |
| Change in <br>rehabilitation provision | – | 9.0 | – | 0.3 | – | 9.3 |
| Foreign exchange movements and other | 16.0 | 4.1 | 1.4 | 1.1 | 1.8 | 24.4 |
| **At September 30, <br>2025** | $**1019.7** | $**746.7** | $**152.7** | $**58.5** | $**105.9** | $**2083.5** |
| Cost | $2845.8 | $1903.7 | $152.7 | $58.5 | $105.9 | $5066.6 |
| Accumulated amortization and impairment | (1826.1) | (1157.0) | – | – | – | (2983.1) |
| **At September 30, <br>2025** | $**1019.7** | $**746.7** | $**152.7** | $**58.5** | $**105.9** | $**2083.5** |

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Construction-in-progress mainly includes the underground operations and development projects at Didipio Mine in the Philippines, the Waihi North Project in New Zealand, and waste storage facility development and the tailings storage facility lift construction at the Haile Gold Mine in the United States.

**8&nbsp;&nbsp;&nbsp;&nbsp;DEBT**

*Revolving bank credit facility*

The Company has a revolving bank credit facility (the "Facility") with seven international banks providing $200.0 million committed plus a $50.0 million uncommitted accordion. The Facility, entered into in December 2023 with a term of 4 years, is secured against present and future assets, property and undertakings and matures on December 31, 2027.

As at September 30, 2025, the Company was in full compliance with all covenant obligations and has $200.0 million (December 31, 2024: $200.0 million) available to the Company under the Facility.

*Fleet facility*

In 2020, the Company entered into a $10.0 million fleet facility arrangement for mining equipment financing, of which $9.7 million was drawn. At September 30, 2025 there was nil (December 31, 2024: $2.8 million) drawn as the Company repaid all amounts under the fleet facility during the period. There are no additional amounts available under the fleet facility.

OceanaGold Corporation 8

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**9&nbsp;&nbsp;&nbsp;&nbsp;SHARE CAPITAL**

**Authorized capital**

The Company is authorized to issue an unlimited number of common shares with no par value.

**Share Consolidation**

On June 23, 2025, a share consolidation was completed on the basis of one post-consolidation common share for every 3 pre-consolidation common shares. The consolidation reduced the number of common shares issued and outstanding from 693,379,818 common shares to 231,126,566 common shares. The common shares commenced trading on the Toronto Stock Exchange (the "TSX") on a post-consolidation basis on the opening of trading on June 23, 2025. The number of shares issuable under the Company's stock-based compensation plans were proportionately adjusted upon completion of the consolidation. All information relating to earnings per share, issued and outstanding common shares, share rights, deferred units, and per share amounts in these financial statements have been adjusted retrospectively to reflect the share consolidation.

**Dividends**

During the quarter ended September 30, 2025, the Company declared and paid a dividend of $0.03 per common share totaling $6.9 million to equity holders of the Company (quarter ended September 30, 2024: declared a dividend of $0.03 per common share totaling $7.1 million). During the year to date period ended September 30, 2025, the Company declared and paid three dividends of $0.03 per common share totaling $20.9 million to equity holders of the Company (year to date period ended September 30, 2024: declared two dividends of $0.03 per common share totaling $14.1 million and paid $0.03 per common share totaling $7.0 million)

On November 5, 2025, OceanaGold declared a dividend of $0.03 per common share.

**Share buyback**

In July 2025, the Company received approval from the TSX to buyback up to 23 million common shares, pursuant to a Normal Course Issuer Bid ("NCIB") in the open market through the facilities of the TSX or alternative Canadian trading systems over the next 12 months. During the nine months ended September 30, 2025, the Company repurchased and cancelled 6,118,400 common shares for consideration of $79.6 million.

In July 2025, the TSX accepted the Company's entry into an automatic securities purchase plan ("ASPP") in connection with the NCIB. The ASPP allows for the purchase of common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackouts. As at September 30, 2025, an obligation to purchase shares for total consideration of $21.8 million was recognized under the ASPP.

On November 5, 2025, the Board of Directors approved a 75% increase in the 2025 share repurchase program to a maximum of $175 million of common shares in the open market through the facilities of the TSX or alternative Canadian trading systems under a NCIB program.

OceanaGold Corporation 9

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**10&nbsp;&nbsp;&nbsp;&nbsp;STOCK-BASED COMPENSATION**

**Performance share rights plan**

The following table summarizes the outstanding rights granted under the performance share rights plan as at September 30, 2025 and December 31, 2024 and the changes during the periods then ended:

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| | | |
|:---|:---|:---|
| | **September 30**<br>**2025**<br>**Units** | **December 31**<br>**2024**<br>**Units** |
| **At January 1** | **5699442** | **5641150** |
| Granted | 1613031 | 2704175 |
| Forfeited | (675430) | (687465) |
| Exercised | (1127253) | (1958418) |
| **At period end** | **5509790** | **5699442** |
| **Exercisable at period end** | – | – |

---

The performance share rights outstanding at September 30, 2025 had a weighted average remaining life of 1.5 years with no exercise price.

Performance share rights granted to designated participants may from time to time vest when the Company meets target milestones for the applicable performance period, in accordance with the vesting schedule established at the time of grant by the Board. There are two components to each performance share right: a performance condition based on the Company's share price performance relative to peers ("TSR") and a service condition. The performance condition weighting varies according to the designated participants' job levels with vesting up to 200% of target for Executives. Upon vesting, the performance share rights are payable partly in shares and partly in cash in accordance with the plan. The Board has further discretion should they choose to exercise it.

In 2025, the 2022 performance rights vested at 156%. Settlement was partly in shares and partly in cash.

At September 30, 2025, the fair value of the cash settled portion of the outstanding unvested performance rights and corresponding liability of $18.1 million (December 31, 2024: $17.0 million) is recorded within employee benefits.

**Deferred Unit Plan ("DUP")**

The following table summarizes the outstanding deferred units granted under the deferred unit plan as at September 30, 2025 and December 31, 2024 and the changes during the periods then ended:

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| | | |
|:---|:---|:---|
| | **September 30**<br>**2025**<br>**Units** | **December 31**<br>**2024**<br>**Units** |
| **At January 1** | 365768 | 354364 |
| Granted | 53516 | 80011 |
| Exercised | – | (68607) |
| **At period end** | **419284** | **365768** |
| **Exercisable at period end** | – | – |

---

The fair value of the units granted under the DUP is calculated as the estimated future cash flow and it is remeasured at each reporting date and at the date of settlement. Any changes in fair value are recognized in the Condensed Interim Consolidated Statements of Income with a corresponding increase or decrease in liability. At September 30, 2025, the fair value of the units and corresponding liability was $9.0 million (December 31, 2024: $3.0 million) at a share price of $21.35 (CAD$29.71).

OceanaGold Corporation 10

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**11&nbsp;&nbsp;&nbsp;&nbsp;NON-CONTROLLING INTEREST**

On May 13, 2024, OceanaGold Philippines, Inc. ("OGP"), a wholly owned subsidiary of the Company, completed a secondary offering and public listing (the "Offering") of 20% of the outstanding common shares of OGP on the Philippines Stock Exchange ("PSE") for net proceeds of $95.1 million (gross proceeds of $106.0 million less listing costs of $10.9 million). OGP holds the Company's interest in the Didipio Mine and, pursuant to the terms of the renewed Financial or Technical Assistance Agreement ("FTAA"), was required to list at least 10% of its common shares on the PSE. Immediately prior to the Offering, the carrying amount of the net assets of OGP was $556.1 million, resulting in the recognition of a non-controlling interest ("NCI") of $111.2 million and offsetting decrease in the equity attributable to the shareholders of the Company.

For the nine months ended September 30, 2025, there was $10.9 million of net profit and $13.0 million of dividends paid to the NCI resulting in a closing NCI balance of $104.4 million at September 30, 2025.

The following is the summarized balance sheet and NCI of OGP as at September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **September 30**<br>**2025** | **December 31**<br>**2024** |
| Current assets | $156.6 | $127.5 |
| Non-current assets | 552.1 | 541.4 |
| **Total assets** | **708.7** | **668.9** |
| Current liabilities | 176.8 | 126.9 |
| Non-current liabilities | 9.7 | 9.4 |
| **Total liabilities** | **186.5** | **136.3** |
| **Net assets** | $**522.2** | $**532.6** |
| Equity attributable to owners of the Company | $417.7 | $426.1 |
| Non-controlling interest | $104.4 | $106.5 |
| Non-controlling interest % | 20% | 20% |

---

The following is the summarized income statement of OGP for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>September 30** | **Three months ended <br>September 30** | **Nine months ended September 30** | **Nine months ended September 30** |
| | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Revenue | $141.7  | $102.1  | $317.2  | $263.0  |
| Expenses | (112.0) | (98.1) | (262.6) | (223.4) |
| **Net profit** | $**29.7**  | $**4.0**  | $**54.6**  | $**39.6**  |
| Profit attributable to shareholders of the Company | $23.8  | $3.3  | $43.7  | $35.6  |
| Profit attributable to non-controlling interests | $5.9  | $0.7  | $10.9  | $4.0  |
| **Total net profit** | $**29.7**  | $**4.0**  | $**54.6**  | $**39.6**  |

---

OceanaGold Corporation 11

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**12&nbsp;&nbsp;&nbsp;&nbsp;REVENUE**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended <br>September 30** | **Three months ended <br>September 30** | **Nine months ended September 30** | **Nine months ended September 30** |
| | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Gold bullion | $322.2  | $255.8  | $962.0  | $647.8  |
| Gold in concentrate<sup>1</sup> | 82.0  | 57.6  | 169.2  | 138.3  |
| Copper in concentrate<sup>1</sup> | 42.8  | 32.2  | 102.3  | 81.9  |
| Silver | 6.3  | 3.5  | 17.5  | 8.9  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453.3  | 349.1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251.0  | 876.9  |
| Less: Concentrate treatment, refining and selling costs | (4.8) | (3.9) | (10.2) | (10.2) |
| **Total Revenue** | $**448.5**  | $**345.2**  | $**1240.8**  | $**866.7**  |

---

1. All concentrate sales are generated by the Didipio mine.

**13&nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL GOVERNMENT SHARE AT DIDIPIO**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30** | **Three months ended<br>September 30** | **Nine months ended**<br>**September 30** | **Nine months ended**<br>**September 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Gross mining revenue | $140.7 | $101.5 | $314.5 | $259.9 |
| Less: Allowable deductions | (50.6) | (52.4) | (141.5) | (150.7) |
| Less: Amortization deduction | (3.3) | (3.3) | (9.8) | (9.8) |
| **Net Revenue per the FTAA** | $**86.8** | $**45.8** | $**163.2** | $99.4 |
| Entitlement share | 60% | 60% | 60% | 60% |
| **Total Government Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**(60% of Net Revenue per the FTAA)** | $**52.1** | $**27.4** | $**97.9** | $59.6 |
| Deduct: Free-carried interest | (2.0) | (1.0) | (5.2) | (3.6) |
| Deduct: Production taxes | (8.8) | (3.1) | (21.8) | (20.1) |
| Deduct: Income tax | (24.7) | (6.9) | (36.6) | (20.4) |
| Carried forward balance utilization (deduction) |  | (0.9) |  |  |
| **Additional Government Share** | $**16.6** | $**15.5** | $**34.3** | $**15.5** |

---

Under the FTAA, "Net Revenue" is the gross mining revenues derived from operations, less allowable deductions and an amortization deduction.

Allowable Deductions under the FTAA include expenses attributed to exploration, development and production which includes, expenses relating to mining, processing, exploration, capitalised pre-stripping, royalties, rehabilitation, marketing, administration, community and social development, depreciation and amortization and interest charged on borrowings.

All taxes and fees payable to the Philippines Government, including corporate income tax and indirect taxes such as excise, local business, property and withholding taxes as well as amounts accrued under the free-carried interest, are deducted from the Government's 60% share of Net Revenue to arrive at any Additional Government Share payable.

The Additional Government Share accrued for the period ended September 30, 2025 of $34.3 million (September 30, 2024: Nil) is recorded within trade and other payables. The Company made an Additional Government Share payment of $8.1 million in April 2025 related to 2024 amounts accrued at December 31, 2024.

OceanaGold Corporation 12

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**14&nbsp;&nbsp;&nbsp;&nbsp;BLACKWATER PROJECT SALE**

On June 24, 2024, OceanaGold completed the sale of the Company's interest in the Blackwater project in New Zealand, for cash consideration of $30.0 million. As a result of the sale, a pre-tax $17.6 million gain was recognized during the nine months ended September 30, 2024.

**15 EARNINGS PER SHARE**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nine months ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nine months ended** |
| | **September 30** | **September 30** | **September 30** | **September 30** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net profit attributable to shareholders of the Company** | $**87.2**  | $**59.9**  | $**301.0**  | $**85.3**  |
| **Basic weighted average number of shares (in millions)** | 230.2 | 236.5 | 232.0 | 236.6 |
| Effect of dilutive securities: |  |  |  |  |
| Performance share rights | 2.8 | 5.7 | 2.4 | 5.2 |
| **Diluted weighted average number of shares (in millions)** | **233.0** | **242.2** | **234.4** | **241.8** |
| **Earnings per share attributable to shareholders of the** |  |  |  |  |
| **Company:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.38  | $0.25  | $1.30  | $0.36  |
| &nbsp;&nbsp;&nbsp;Diluted | $0.37  | $0.25  | $1.28  | $0.35  |

---

**16 SUPPLEMENTARY CASH FLOW INFORMATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nine months ended** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nine months ended** |
| | **September 30** | **September 30** | **September 30** | **September 30** |
| | **2025** | **2024** | **2025** | **2024** |
| Changes in working capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in trade and other receivables | $(26.0) | $0.3  | $(38.8) | $30.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in prepayments | (10.3) | (3.8) | (13.8) | (12.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in inventories | 18.6  | 1.4  | (1.4) | 28.6  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in trade and other payables | 42.0  | 11.0  | 80.9  | (10.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in taxes payable | (9.9) | (3.4) | (40.5) | (20.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in other working capital1 | (4.6) | (2.2) | (6.7) | (1.9) |
| **Changes in working capital** | $**9.8**  | $**3.3**  | $**(20.3)** | $**14.0**  |
| **Other significant cash transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash taxes paid | $(10.3) | $(14.4) | $(40.3) | $(20.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest paid | $–  | $(2.3) | $–  | $(8.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest received | $1.8  | $0.8  | $4.9  | $2.2  |

---

1 Includes changes in employees benefits and other working capital.

OceanaGold Corporation 13

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**17 SEGMENT INFORMATION**

Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. Previously, operating segments were based on the jurisdictions of the Company's operations. To align with how the CODM reviews results and makes decisions about resources, Management updated the reportable operating segments to its four operating mines for the year ended December 31, 2024. The prior year has been adjusted to reflect the change in operating segments. The Company's general corporate administration costs are included within 'Corporate and other' to reconcile the reportable segments to the consolidated financial statements. Significant information relating to the Company's reporting operating segments is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended September 30, 2025** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate<br>and other** | **Total** |
| **Revenue** | $118.0 | $141.7 | $114.5 | $74.3 | $– | $448.5 |
| Cost of sales, excluding depreciation and amortization | (69.3) | (56.7) | (46.1) | (36.3) | – | (208.4) |
| Indirect taxes | – | (7.3) | – | – | – | (7.3) |
| General and administration | (0.1) | (0.3) | – | – | (7.1) | (7.5) |
| Additional Government Share | – | (16.6) | – | – | – | (16.6) |
| Depreciation and amortization | (21.0) | (13.2) | (18.1) | (9.5) | (0.5) | (62.3) |
| **Segment operating profit (loss)** | $**27.6** | $**47.6** | $**50.3** | $**28.5** | $**(7.6)** | $**146.4** |
| Interest expense and finance costs |  |  |  |  |  | (2.8) |
| Interest income |  |  |  |  |  | 1.8 |
| Foreign exchange loss |  |  |  |  |  | (2.0) |
| NYSE listing costs |  |  |  |  |  | (1.6) |
| Other expense |  |  |  |  |  | (0.1) |
| Income tax expense |  |  |  |  |  | (48.6) |
| **Net profit** |  |  |  |  |  | $**93.1** |

---

OceanaGold Corporation 14

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended September 30, 2024** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate<br>and other** | **Total** |
| **Revenue** | $135.6 | $102.1 | $73.7 | $33.8 | $– | $345.2 |
| Cost of sales, excluding depreciation and amortization | (37.4) | (47.7) | (43.2) | (21.4) | – | (149.7) |
| Indirect taxes | – | (5.5) | – | – | – | (5.5) |
| General and administration | – | – | – | – | (11.3) | (11.3) |
| Additional Government Share | – | (15.5) | – | – | – | (15.5) |
| Depreciation and amortization | (49.8) | (14.6) | (15.2) | (5.5) | (0.9) | (86.0) |
| **Segment operating profit (loss)** | $**48.4** | $**18.8** | $**15.3** | $**6.9** | $**(12.2)** | $**77.2** |
| Interest expense and finance costs |  |  |  |  |  | (5.2) |
| Interest income |  |  |  |  |  | 0.9 |
| Foreign exchange gain |  |  |  |  |  | 1.3 |
| PSE listing costs |  |  |  |  |  | (5.4) |
| Other expense |  |  |  |  |  | (2.1) |
| Income tax expense |  |  |  |  |  | (6.1) |
| **Net profit** |  |  |  |  |  | $**60.6** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine months ended September 30, 2025** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate and other** | **Total** |
| **Revenue** | $449.3 | $317.2 | $295.0 | $179.3 | $– | $1240.8 |
| Cost of sales, excluding depreciation and amortization | (166.2) | (138.4) | (134.0) | (93.8) | – | (532.4) |
| Indirect taxes | – | (17.7) | – | – | – | (17.7) |
| General and administration | (0.1) | (0.7) | – | – | (34.8) | (35.6) |
| Additional Government Share | – | (34.3) | – | – | – | (34.3) |
| Depreciation and amortization | (75.3) | (33.0) | (38.4) | (23.0) | (1.2) | (170.9) |
| **Segment operating profit (loss)** | $**207.7** | $**93.1** | $**122.6** | $**62.5** | $**(36.0)** | $**449.9** |
| Interest expense and finance costs |  |  |  |  |  | (9.2) |
| Interest income |  |  |  |  |  | 4.9 |
| Foreign exchange loss |  |  |  |  |  | (5.2) |
| NYSE listing costs |  |  |  |  |  | (1.6) |
| Restructuring expense |  |  |  |  |  | – |
| Other income |  |  |  |  |  | 0.1 |
| Income tax expense |  |  |  |  |  | (127.0) |
| **Net profit** |  |  |  |  |  | $**311.9** |
| Capital expenditures | $184.1 | $30.2 | $73.4 | $63.3 | $2.1 | $353.1 |
| Total assets | $1200.0 | $706.0 | $371.1 | $414.3 | $192.0 | $2883.4 |

---

OceanaGold Corporation 15

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine months ended September 30, 2024** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Corporate and other** | **Total** |
| **Revenue** | $316.4 | $263.0 | $202.4 | $84.9 | $– | $866.7 |
| Cost of sales, excluding depreciation and amortization | (158.0) | (122.8) | (104.8) | (59.8) | – | (445.4) |
| Indirect taxes | – | (18.0) | – | – | – | (18.0) |
| General and administration | – | – | – | – | (42.8) | (42.8) |
| Additional Government Share | – | (15.5) | – | – | – | (15.5) |
| Depreciation and amortization | (129.4) | (36.0) | (39.0) | (15.3) | (1.0) | (220.7) |
| **Segment operating profit (loss)** | $**29.0** | $**70.7** | $**58.6** | $**9.8** | $**(43.8)** | $**124.3** |
| Interest expense and finance costs |  |  |  |  |  | (18.5) |
| Interest income |  |  |  |  |  | 2.3 |
| Foreign exchange loss |  |  |  |  |  | (4.9) |
| Gain on disposal of assets |  |  |  |  |  | 17.0 |
| PSE listing costs |  |  |  |  |  | (10.9) |
| Restructuring expense |  |  |  |  |  | (1.9) |
| Other expense |  |  |  |  |  | (3.0) |
| Income tax expense |  |  |  |  |  | (15.1) |
| **Net profit** |  |  |  |  |  | $**89.3** |
| Capital expenditures | $130.1 | $31.0 | $82.9 | $46.7 | $1.9 | $292.6 |
| Total assets | $1054.2 | $696.4 | $336.8 | $365.4 | $117.4 | $2570.2 |

---

**18 COMMITMENTS**

**Capital commitments**

The Company has certain capital commitments principally relating to the purchase or lease of property, plant and equipment at Macraes, Waihi and Haile, and the development of mining assets at Macraes, Waihi and Didipio.

The following table summarizes the capital commitments contracted for but not provided for as at September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30<br>2025** | **December 31<br>2024** |
| Purchase of property, plant and equipment | $25.2 | $6.8 |
| Development of mining assets | 21.8 | 4.6 |
| Leases not yet commenced | 3.5 | – |
|  | $**50.5** | $**11.4** |

---

**19 RELATED PARTIES**

There were no significant related party transactions during the period in addition to key management compensation which will be reported in our consolidated financial statements for the year ended December 31, 2025.

OceanaGold Corporation 16

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

**20&nbsp;&nbsp;&nbsp;&nbsp;CONTINGENCIES**

(a)&nbsp;&nbsp;&nbsp;&nbsp;A subsidiary of the Company, OceanaGold Philippines, Inc. ("OGPI") is party to an addendum agreement with a syndicate of original claim owners, led by the late Mr. J. Gonzales Sr. (the "Gonzales Group"), in respect of a portion of the FTAA area for the Didipio Mine (the "Addendum Agreement"). The Gonzales Group and OGPI are involved in an arbitration proceeding with respect to the Addendum Agreement (the "Arbitration"). The Arbitration commenced in 2000 but is presently suspended due to the Liggayu dispute (discussed below) and the irrevocable resignation of the arbitrator.

In a complaint dated July 4, 2008 before the Philippines Regional Trial Court, a third-party, Mr. Liggayu, disputed the terms of the Addendum Agreement and the rights of the Gonzales Group to claim an interest in the Didipio Mine. Mr. Liggayu alleged that he is the true and beneficial owner and real-party-in-interest of the Didipio mining claims, and sought to enjoin the Company from making any payments to, or in dealing with, the Gonzales Group, and instead to recognize his rights.

In a decision dated March 11, 2025, the Regional Trial Court declared that Mr. Liggayu and the heirs of Mr. Gonzales Sr. are partners on a 50-50 basis, to all the rights, participation and interests, as claim owners of the Didipio mining claims in the name of Mr. Gonzales Sr., beginning January 2007 onwards. It further declared that the rights and entitlements of Mr. Liggayu cannot be directly enforced by him against OceanaGold in the existing agreements, specifically the FTAA, which Mr. Liggayu can internally claim and enforce only against the heirs of Mr. Gonzales Sr, and vice versa.

On April 2, 2025, Mr. Liggayu moved for partial reconsideration of this decision, claiming that, among others, he is the true and lawful owner of the Didipio mining claims; if a partnership exists, it should be from 1985 and should cover all the subject mining claims and not just for Mr. Gonzales Sr's portion of the claim; and that his rights and entitlements should be directly enforceable by him against OceanaGold. Both the Gonzales Group and OceanaGold filed an opposition to Mr. Liggayu's partial motion for reconsideration. In a decision dated October 21, 2025, the Regional Trial Court denied Mr. Liggayu's motion for partial reconsideration. Mr. Liggayu has up to 60 days to appeal the decision.

The Company believes there is no near-term impact on its business or operations as the decisions do not require payment of money by OceanaGold and the Arbitration proceeding is yet to be resolved.

As of September 30, 2025, the Company has accrued $77.4 million ($65.9 million of royalties and $11.5 million related to free- carried interest) pertaining to the Addendum Agreement.

(b)&nbsp;&nbsp;&nbsp;&nbsp;The Department of Environment and Natural Resources ("DENR"), along with a number of mining companies (including the Company), are parties to a case that began in 2008 whereby a group of NGOs and individuals challenged the constitutionality of the Philippine Mining Act (the "Mining Act"), the FTAAs and Mineral Production Sharing Agreements in the Supreme Court of the Philippines. The petitioners initiated the challenge despite the fact that the Supreme Court had upheld the constitutional validity of both the Mining Act and the FTAAs in an earlier landmark case in 2005. In early 2013, the Supreme Court requested the parties to participate in oral debates on the matter. The case is still pending with the Supreme Court for a decision.

Notwithstanding the fact that the Supreme Court has previously upheld the constitutionality of the Mining Act and FTAAs, the Company is mindful that litigation is an inherently uncertain process and the outcome of the case may adversely affect the operation and financial position of the Company.

(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company has contingent liabilities under certain contracts, guarantees and other agreements arising in the ordinary course of business on which no loss is anticipated. Bonds have been issued in favour of various New Zealand authorities (Minister for Land Information, Hauraki District Council, Waikato Regional Council and Department of Conservation) as a condition for the grant of water rights and/or resource consents, and rights of access for exploration and Martha mining that amount to $65.2 million (December 31, 2024: $40.3 million).

The Group has also issued bonds in favour of Otago Regional Council, Dunedin City Council, Waitaki District Council, West Coast Regional Council, Buller District Council and Department of Conservation in New Zealand as a condition for the grant of water rights and/or resource consents, and rights of access for the Macraes Gold Mine and the former Globe Progress Mine at the Reefton Restoration Project which amount to approximately $33.6 million (December 31, 2024: $39.8 million). Cash payments on bonds issued to New Zealand authorities would only be paid if the Company did not meet its obligations.

OceanaGold Corporation 17

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**OceanaGold Corporation**<br>**Notes to the Condensed Interim Consolidated Financial Statements**<br>**For the Three and Nine Months ended September 30, 2025 and 2024**<br>**(Expressed in millions of United States dollars, unless otherwise stated - unaudited)**<br>

(d)&nbsp;&nbsp;&nbsp;&nbsp;The mine operating permit at Haile which became final and effective during the first quarter 2015 included a schedule for estimated financial assurance of $65.0 million over the mine life consisting of $55.0 million in surety bonds or other mechanisms and $10.0 million in an interest-bearing cash trust. The Company's permit was modified and updated in December 2022 with the approval of the Company's Supplemental Environmental Impact Statement application and reclamation plan. The updated permit changed the total estimated financial assurance to $123.4 million, adjusted annually for inflation, over the mine life consisting of $103.4 million in surety bonds and a $20.0 million interest-bearing cash trust. The Company has satisfied its current financial assurance payment requirements by using a surety bond of $103.4 million and has paid $9.6 million in trust funding by September 30, 2025.

The remaining estimated financial assurance of $10.4 million will be paid over the life of the mine with estimated annual assurance payments of $1.8 million to occur from 2026 to 2028, $1.2 million in 2029, and $1.0 million from 2030 to 2031. The timing and amounts of these payments could change due to a number of factors, including changes in regulatory requirements, changes in scope and timing of closure activities. The State of South Carolina in the United States of America requires financial assurance for the estimated costs of mine reclamation and closure, including groundwater quality protection programs.

The surety bond and other financial assurance must be maintained in force continuously throughout the life of the mining operation and may only be released, partially or in full, after the State of South Carolina approves its release.

(e)&nbsp;&nbsp;&nbsp;&nbsp;A subsidiary of the Company, along with the Philippines Office of the Executive Secretary, the DENR and its Mines and Environment Bureaus, as well as several Local Government Units, are parties to a case filed in April 2024 by an NGO group and two individuals (the "Petitioners"). The Petitioners questioned the approval of the renewal of the FTAA for alleged failure to conduct prior consultation, and made generalized allegations about violations of the Environmental Compliance Certificate and human rights.

Subsequent to the filing of the petition, the Regional Trial Court of Nueva Vizcaya denied the Petitioners' application for a Temporary Environmental Protection Order against OceanaGold. Further, in a resolution dated April 2, 2025, the Regional Trial Court dismissed most of the issues raised by the Petitioners but decided that the issue of whether the Company's subsidiary is currently engaged in open pit mining is a question of fact that should be decided at trial. Accordingly, a pre-trial is currently being scheduled to consider this issue.

Separately, the Petitioners have submitted a motion for the Court to reconsider its April resolution. All parties have been requested to respond to the motion prior to the Court making a decision.

OceanaGold Corporation 18

## Exhibit 99.10

**Exhibit 99.10**![mda1.jpg](mda1.jpg)

**Management's Discussion and Analysis**

Third Quarter 2025 Results

November 5, 2025

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**Third Quarter Overview**

**•&nbsp;&nbsp;&nbsp;&nbsp;Remain on track to deliver full year production, cost and capital guidance.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Safely and responsibly produced 103,500 ounces of gold and 3,100 tonnes of copper.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Waste stripping at Haile and Macraes is well advanced, with higher-grade ore from the open pits delivered in the third quarter, positioning both sites to deliver a strong fourth quarter.**

**•&nbsp;&nbsp;&nbsp;&nbsp;All-In Sustaining Cost ("AISC")**<sup>†</sup> **of $2,052 per ounce year to date,** expecting to be lower in the fourth quarter commensurate with increased gold production.

**•&nbsp;&nbsp;&nbsp;&nbsp;Record quarterly revenue of $449 million supported by record average realized gold price of $3,476 per ounce,** with no hedges or prepays.

**•&nbsp;&nbsp;&nbsp;&nbsp;Quarterly attributable net profit of $87 million, EPS of $0.38 and Adjusted EPS**<sup>†</sup> **of $0.40.**

**•&nbsp;&nbsp;&nbsp;&nbsp;EBITDA Margin**<sup>†</sup> **of 46% and Operating Cash Flow Per Share**<sup>†</sup> **of $0.93.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Generated strong Free Cash Flow**<sup>†</sup> **of $94 million in the quarter and $283 million year to date**, resulting in a trailing 12-month Free Cash Flow<sup>†</sup> yield<sup>1</sup> of 15%.

**•&nbsp;&nbsp;&nbsp;&nbsp;Cash balance increased by 12% from the prior quarter to $335 million with no debt**

**•&nbsp;&nbsp;&nbsp;&nbsp;Completed $39 million in share repurchases in the quarter at an average price of CAD$24.14.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Share buyback program for 2025 increased by 75% to $175 million,** with $100 million repurchased year to date as of November 5, 2025.

**•&nbsp;&nbsp;&nbsp;&nbsp;Declared a $0.03 per share quarterly dividend, payable in December 2025.**

**•&nbsp;&nbsp;&nbsp;&nbsp;Ongoing exploration success at Haile,** demonstrating the upside for low-risk organic growth within the existing portfolio of assets.

**•&nbsp;&nbsp;&nbsp;&nbsp;Fast-track permit approval for the Waihi North Project is expected by year-end.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Gold Produced<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;koz | **103.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**340.2** | 337.9 |
| Copper Produced<sup>2</sup> | kt | **3.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** | 9.2 |
| AISC<sup>†</sup> | $/oz | **2333** | 2027 | 1729 | **2052** | 1877 |
| Revenue | &nbsp;&nbsp;&nbsp;&nbsp;$M | **448.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345.2 | **1240.8** | 866.7 |
| Net profit<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | **87.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.9 | **301.0** | 85.3 |
| Adjusted net profit<sup>†3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | **92.9** | 120.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**310.1** | 100.7 |
| EBITDA<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | **205.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217.1 | 157.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**614.1** | 341.3 |
| Adjusted EBITDA<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | **210.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**623.2** | 352.7 |
| Free Cash Flow<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | **94.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**283.3** | 98.7 |
| Earnings per share - basic<sup>3</sup> | $/share | **$0.38** | $0.49 | $0.25 | **$1.30** | $0.36 |
| Adjusted earnings per share - diluted<sup>†3</sup> | $/share | **$0.40** | $0.51 | $0.27 | **$1.32** | $0.40 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.93** | $0.99 | $0.66 | **$2.76** | $1.40 |
| Free Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.41** | $0.51 | $0.27 | **$1.21** | $0.41 |

---

1 Calculated as trailing 12-month Free Cash Flow<sup>†</sup> over the average trailing 12-month market capitalization in USD.

2 Production is on a 100% basis as all operations are controlled by OceanaGold.

3 Attributable to the shareholders of the Company.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 1 |

---

------

---

| | |
|:---|:---|
| **Table of Contents** | |
| Results Overview | <u>3</u> |
| Capital Expenditures | <u>5</u> |
| Safety | <u>6</u> |
| Outlook | <u>6</u> |
| Mine Operations and Results |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Haile | <u>7</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>17</u> |
| Financial Results | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>21</u> |
| Liquidity and Capital Resources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>24</u> |
| Capital Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>27</u> |
| Transactions with Related Parties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>28</u> |
| Outstanding Share Data | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>28</u> |
| Non-IFRS Financial Information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>28</u> |
| Internal Controls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>35</u> |
| Accounting Estimates, Policies and Changes  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>35</u> |
| Risk and Uncertainties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>35</u> |
| Notes to Reader | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>36</u> |

---

This Management's Discussion & Analysis ("MD&A") is dated as of November 5, 2025 and should be read in conjunction with the condensed interim consolidated financial statements for the three and nine months ended September 30, 2025. In this MD&A, a reference to "OceanaGold" or the "Company" refers to OceanaGold Corporation and its subsidiaries. Additional information about OceanaGold, including the Annual Information Form, is available on the Company's website at oceanagold.com and under the Company's profile on SEDAR+ at sedarplus.com. All amounts are in United States dollars ("$") unless otherwise indicated. All production results and the Company's outlook presented in this MD&A reflect total production at the mines on a 100% basis as the Company has the ability to exercise control at all operations.

This MD&A contains certain "forward-looking statements". Please refer to the cautionary language under the heading "Notes to Reader" section of this MD&A.

**Nature of Operations**

OceanaGold is engaged in the exploration, development and operation of gold and gold/copper mines. OceanaGold operates four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

The Company's common shares trade under the symbol 'OGC' on the Toronto Stock Exchange ("TSX") in Canada and under the symbol 'OCANF' on the OTCQX market in the United States. The Company is domiciled in British Columbia, Canada and the registered address of the Company is Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 2 |

---

------

**Results Overview**

**Operational and Financial**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Gold Produced<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.0** | 47.7 | 64.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**129.2** | &nbsp;&nbsp;&nbsp;&nbsp;137.4 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.9** | 24.5 | 27.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.9** | &nbsp;&nbsp;&nbsp;&nbsp;77.3 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.8** | 30.0 | 28.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91.2** | &nbsp;&nbsp;&nbsp;&nbsp;87.5 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.8** | 17.3 | 13.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52.9** | &nbsp;&nbsp;&nbsp;&nbsp;35.7 |
| Total gold produced<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**103.5** | 119.5 | 134.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**340.2** | &nbsp;&nbsp;&nbsp;&nbsp;337.9 |
| Gold Sales |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.4** | 49.5 | 53.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140.1** | &nbsp;&nbsp;&nbsp;&nbsp;134.6 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.7** | 20.6 | 28.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68.1** | &nbsp;&nbsp;&nbsp;&nbsp;79.6 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.7** | 34.8 | 29.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91.2** | &nbsp;&nbsp;&nbsp;&nbsp;88.2 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** | 16.4 | 12.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52.7** | &nbsp;&nbsp;&nbsp;&nbsp;35.0 |
| Total Gold Sales | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**116.2** | 121.3 | 124.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**352.1** | &nbsp;&nbsp;&nbsp;&nbsp;337.4 |
| Average Gold Price | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3476** | 3293 | 2511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3212** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 |
| Copper Produced<sup>1</sup> - Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **3.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| Copper Sales<sup>1</sup> - Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **4.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 | 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 |
| Average Copper Price | &nbsp;&nbsp;&nbsp;&nbsp;$/lb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.44** | 4.36 | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.37** | &nbsp;&nbsp;&nbsp;&nbsp;4.17 |
| Cash Costs<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1981** | 997 | 683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1117** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**787** | 873 | 824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**835** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1345** | 1496 | 1458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1408** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1539** | 1670 | 1538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1551** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 |
| Consolidated Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1420** | 1210 | 987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1203** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 |
| AISC<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3464** | 1890 | 1537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2127** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1213** | 1287 | 1103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1214** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2171** | 2146 | 2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2198** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2039** | 2190 | 2252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2080** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 |
| Consolidated AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2333** | 2027 | 1729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2052** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 |
| Free Cash Flow<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94.4** | &nbsp;&nbsp;&nbsp;&nbsp;120.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**283.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.7 |
| Net profit<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87.2** | &nbsp;&nbsp;&nbsp;&nbsp;114.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**301.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.3 |
| Adjusted net profit<sup>†2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92.9** | &nbsp;&nbsp;&nbsp;&nbsp;116.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**310.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.7 |
| EBITDA<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**205.0** | 217.1 | 157.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**614.1** | &nbsp;&nbsp;&nbsp;&nbsp;341.3 |
| Adjusted EBITDA<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**210.7** | 219.5 | 162.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**623.2** | &nbsp;&nbsp;&nbsp;&nbsp;352.7 |
| Earnings per share - basic<sup>2</sup> | $/share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.38** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1.30** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.36 |
| Adjusted earnings per share - diluted<sup>†2</sup> | $/share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.40** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.40 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.93** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2.76** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.40 |
| Free Cash Flow per share - diluted<sup>†</sup> | $/share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 |

---

1 Production is reported on a 100% basis as all operations are controlled by OceanaGold.

2 Attributable to the shareholders of the Company.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 3 |

---

------

*Production*

The Company produced 103,500 ounces of gold and 3,100 tonnes of copper in the third quarter of 2025. Gold production for the quarter was 13% lower than the prior quarter primarily driven by planned mine sequencing at Haile, as open pit mining focused predominantly on waste stripping activities in the quarter which led to a higher reliance on lower grade stockpiles. Production also reflected lower mill feed grade at Didipio due to planned mine sequencing. These factors were partially offset by higher production at Macraes and Waihi, driven by access to fresh ore during the quarter following the completion of waste stripping of Innes Mills Phase 8 at Macraes and mining improvements at Waihi.

Third quarter gold production was 23% lower than the prior corresponding quarter. This was primarily driven by Haile where open pit waste stripping activities in the quarter led to a higher reliance on lower grade stockpiles compared to the prior corresponding quarter when there was a higher volume of fresh ore from the open pit. Macraes benefited from greater access to open pit ore sources compared to the prior corresponding quarter. At Waihi, production was 36% higher due to the benefits of the mining improvement plan initiated in mid-2024. Lower production at Didipio was primarily due to planned stope sequencing.

Year to date, the Company has produced 340,200 ounces of gold, a 1% increase compared to the prior corresponding year to date period. At Haile, production was 6% lower driven by lower tonnes processed, partially offset by higher processed grade. At Didipio, year to date production was 13% lower than the prior corresponding period, primarily due to the impacts in the current year of severe weather events in late 2024. This was offset by increased production at Waihi, reflecting the above-mentioned improvement plan. Macraes production remained largely in line with the prior corresponding period.

*AISC*<sup>†</sup>

The Company recorded third quarter AISC<sup>†</sup> of $2,333 per ounce on gold sales of 116,200 ounces, a 15% increase compared to the AISC<sup>†</sup> of $2,027 per ounce in the prior quarter. The increase was primarily due to the decrease in gold sales volumes at Haile, increased capital spend on site infrastructure projects at Haile, underground dewatering infrastructure at Didipio, and an increase in stock-based compensation expense due to quarterly revaluation following the increase in share price. This was partially offset by higher copper by-product credits from Didipio and the increase in gold sales volumes at Didipio and Waihi.

AISC<sup>†</sup> increased by 35% compared to the prior corresponding quarter primarily due to higher sustaining capital on planned mobile equipment component rebuilds at Macraes and tailings storage facility ("TSF") Stage 5 construction at Haile, 7% decrease in gold sales volumes driven by an associated decrease in production, primarily at Haile (see above) and higher labour cost due to stock-based compensation expense. This was partially offset by higher copper by-product credits from Didipio.

The Company recorded year to date AISC<sup>†</sup> of $2,052 per ounce on gold sales of 352,100 ounces. The increase from the prior corresponding year to date period AISC<sup>†</sup> of $1,877 per ounce is primarily due to lower Haile gold sales, increased sustaining capital for Haile site infrastructure projects, increased electricity rates in New Zealand and higher labour cost driven by stock-based compensation expense. This was partially offset by a 4% increase in gold sales volumes driven by timing of sales and higher copper by-product credits from Didipio.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 4 |

---

------

**Capital and Exploration Expenditure**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended**<br>**$M** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | &nbsp;&nbsp;&nbsp;**Q3 2025** | **Consolidated**<br>Q2 2025 | Q3 2024 |
| Sustaining Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 | 9.8 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;&nbsp;**43.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3 | &nbsp;&nbsp;&nbsp;&nbsp;25.4 |
| Deferred stripping and Capitalized Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | 16.3 | &nbsp;&nbsp;&nbsp;&nbsp;6.8 | &nbsp;&nbsp;&nbsp;&nbsp;**53.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.0 | &nbsp;&nbsp;&nbsp;&nbsp;51.6 |
| Growth Capital<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | 0.5 | 12.4 | &nbsp;&nbsp;&nbsp;&nbsp;**24.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 | &nbsp;&nbsp;&nbsp;&nbsp;11.6 |
| Exploration<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;5.7 | &nbsp;&nbsp;&nbsp;&nbsp;**12.2** | 9.5 | &nbsp;&nbsp;&nbsp;&nbsp;10.4 |
| **Total expenditure** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**62.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.0** | **28.7** | **27.6** | &nbsp;&nbsp;&nbsp;&nbsp;**133.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**113.5** | &nbsp;&nbsp;&nbsp;&nbsp;**99.0** |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Growth capital and exploration at Waihi includes Waihi North Project costs of $15.2 million, $9.3 million and $4.6 million for the third quarter of 2025, second quarter of 2025 and third quarter of 2024, respectively.

2&nbsp;&nbsp;&nbsp;&nbsp;Exploration expenditure by location includes related regional greenfield exploration, where applicable.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year to date September 30 $M** | **Haile** | **Didipio** | **Macraes** | **Waihi** | **Consolidated** | **Consolidated** |
| **Year to date September 30 $M** | **Haile** | **Didipio** | **Macraes** | **Waihi** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | 2024 |
| Sustaining Capital | &nbsp;&nbsp;&nbsp;&nbsp;46.8 | 20.6 | 23.1 | 9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99.6** | 64.8 |
| Deferred stripping and Capitalized Mining | &nbsp;&nbsp;&nbsp;&nbsp;93.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | 42.8 | &nbsp;&nbsp;&nbsp;&nbsp;17.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**158.0** | 137.6 |
| Growth Capital<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;23.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58.6** | 42.2 |
| Exploration<sup>3</sup> | 8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;13.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.8** | 24.3 |
| **Total expenditure** | **179.6** | **30.3** | **72.1** | &nbsp;&nbsp;&nbsp;&nbsp;**63.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**345.0** | **268.9** |

---

3&nbsp;&nbsp;&nbsp;&nbsp;Growth capital and exploration at Waihi includes Waihi North Project costs of $31.3 million and $11.6 million for the year to date period and the prior corresponding year to date period, respectively.

Third quarter capital and exploration expenditure of $133.8 million was $20.3 million higher than the prior quarter primarily due to higher sustaining capital related to infrastructure projects and planned component replacements, and higher deferred stripping and capitalized mining at Haile and Macraes. Growth capital increased at the Waihi North Project and exploration activity was higher at all sites.

Year to date capital and exploration expenditure of $345.0 million was 28% higher than the prior corresponding year to date period due to an increase in deferred stripping costs at Haile related to Ledbetter Phase 3, mobile equipment investments at Macraes, an increase in sustaining capital at Haile on site infrastructure projects and increased growth capital on the Waihi North Project.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 5 |

---

------

**Safety**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | **Exploration** | **Consolidated** | **Consolidated** | **Consolidated** |
| **Quarter ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | **Exploration** | **Q3 2025** | Q2 2025 | Q3 2024 |
| Fatalities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| 12MMA TRIFR<sup>1</sup> | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | 1.2 | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | **0.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Recordable<br>injuries | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1 | 2 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |

---

1 Total Recordable Incident Frequency Rate ("TRIFR") per 200,000 hours worked, 12 month moving average.

There were 10 recordable injuries during the quarter compared to 14 recordable injuries in the prior quarter. Hand and finger injuries have accounted for more than half of recordable injuries year to date. The implementation of safety improvement plans at each site continued in the quarter.

**Outlook**

The Company's 2025 production, cost and capital guidance is outlined in the table below and remains unchanged. On a consolidated basis, the fourth quarter is expected to be our strongest quarter of the year driven by Haile and Macraes.

At Haile, the fourth quarter is expected to be broadly consistent with first quarter production, driven by access to ore in the Ledbetter Phase 3 pit which became available towards the end of the third quarter. At Macraes, the fourth quarter is expected to be the strongest of the year driven by fresh ore now available from Innes Mills Phase 8. At Didipio and Waihi, the fourth quarter is expected to be consistent with the third quarter, with Waihi expected to finish the year around the top end of its production guidance.

Total capital investment guidance remains unchanged, with spending expected to increase in the fourth quarter but remain within full year guidance.

The Company plans to release 2026 guidance with the full year 2025 results in February 2026, which will reflect the new NI 43-101 Technical Reports to be released at the end of the first quarter 2026 in respect of the two largest operations (Haile and Macraes), and updated economic influences from the current market and operating environment.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Production**<sup>1</sup>**, Costs and Investment** | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Haile** | **Didipio** | **Macraes** | **Waihi** | **Consolidated** |
| Gold Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 —200 | 85 —105 | 135 —150 | 55 —70 | &nbsp;&nbsp;&nbsp;&nbsp;**450 —520** |
| Copper Production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— —— | 13 —15 | — —— | — —— | **13 —15** |
| Cash Costs<sup>†</sup><sup>,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 —1050 | 800 —900 | 1025 —1175 | 1600 —1800 | **1025 —1175** |
| AISC<sup>†</sup><sup>,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;2050 —2200 | 1150 —1250 | 1800 —1950 | 2000 —2200 | **1900 —2050** |
| Total Investment<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | 60 | 115 | 85 | &nbsp;&nbsp;&nbsp;&nbsp;**485** —**530** |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Production is on a 100% basis as all operations are controlled by OceanaGold. Assumes a New Zealand dollar to United States dollar exchange rate of 0.57.

2&nbsp;&nbsp;&nbsp;&nbsp;Includes by-product credits based on copper price of $4.50 per pound.

3&nbsp;&nbsp;&nbsp;&nbsp;Includes corporate capital and excludes rehabilitation costs at Reefton and Junction Reefs but excludes capital lease additions and payments.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 6 |

---

------

**Haile**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | Q2 2025 | Q3 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Produced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **30.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.7 | 64.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**129.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137.4 |
| Ore Mined (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **270** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1081** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 |
| Ore Mined Grade (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **1.38** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | 2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.08** | 2.27 |
| Waste Mined (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **7997** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7883 | 6809 | &nbsp;&nbsp;&nbsp;&nbsp;**24827** | 18475 |
| Ore Mined (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **144** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**403** | 259 |
| Ore Mined Grade (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **2.50** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | 6.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.83** | 5.40 |
| Waste Mined (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **60** | 47 | 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**147** | 223 |
| Mill Feed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **695** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2013** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 |
| Mill Feed Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **1.64** | 2.33 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.31** | 2.19 |
| Gold Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **81.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.0 | 89.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86.6** | 84.9 |

---

Third quarter gold production was 37% lower than the prior quarter, primarily driven by lower grades processed and the associated lower recoveries, as well as lower tonnes milled. Mill feed grade was 30% lower, reflecting lower open pit grade mined for much of the quarter and a high reliance on processing of lower grade stockpiles, in line with the full year plan. Open pit ore tonnes mined increased by 18% driven by the progressive access to fresh ore from Ledbetter Phase 3, as planned. Gold recovery was 8% lower primarily due to lower mill feed grade. Fresh ore from Ledbetter Phase 3 pit began contributing to mill feed towards the end of the quarter, in line with the full year plan.

Third quarter gold production was 54% lower than the prior corresponding quarter due to lower tonnes processed at lower mill feed grade, primarily due to planned mine sequencing. Open pit ore tonnes mined was 67% lower, reflecting ongoing waste stripping of Ledbetter Phase 3. Ore tonnes mined from the Horseshoe Underground were 32% higher than the prior corresponding period in which the underground mine was ramping up, offset by lower grade mined in the underground due to planned stope sequencing.

Year to date gold production was 6% lower than the prior corresponding year to date period driven by lower tonnes processed, partially offset by higher processed grade. Milled tonnes processed decreased by 13% due to harder ore sources in the current period. This was partially offset by a 5% increase in mill feed grade due to planned mine sequencing. Underground ore tonnes mined were 56% higher than the prior corresponding period when the mine was still ramping up.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 7 |

---

------

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Gold Sales | koz | **33.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134.6 |
| Average Gold Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **3505** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3173** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 |
| Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1981** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1117** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 |
| AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **3464** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2127** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 |
| **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** |  |  |
| Mining Cost (Open Pit)<sup>1</sup> | &nbsp;&nbsp;&nbsp;$/t mined | **5.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.75** | 5.41 |
| Mining Cost (U/G)<sup>1</sup> | &nbsp;&nbsp;&nbsp;$/t mined | **96.47** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.26 |
| Processing Cost | &nbsp;&nbsp;&nbsp;$/t milled | **31.54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.38** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.98 |
| General & Administrative ("G&A") Cost | &nbsp;&nbsp;&nbsp;$/t milled | **17.49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.98** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.36 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Mining unit costs include allocation of any capitalized mining costs.

Open pit mining unit costs were 12% lower than the prior corresponding year to date period, driven by a 30% increase in tonnes mined, partially offset by higher costs due to ongoing mobile equipment maintenance requirements.

Third quarter underground mining unit costs were 11% higher than the prior quarter primarily due to timing of required mobile equipment maintenance, partially offset by a 9% increase in tonnes mined due to stope sequencing and development, in line with plan. Underground mining unit costs were 16% higher than the prior corresponding quarter for the same reasons.

Third quarter processing unit costs were 28% higher than the prior quarter primarily due to higher maintenance costs aimed at improving reliability in the upcoming quarters. Processing unit costs were 50% higher than the prior corresponding quarter also due to elevated maintenance activity, combined with a 7% decrease in mill feed. The same cost drivers mentioned above and 13% decrease in mill feed are driving the 42% increase in processing costs per unit from the prior corresponding year to date period.

Third quarter G&A unit costs were 16% higher than the prior quarter primarily due to higher stock-based compensation expense. G&A unit costs increased by 47% and 64% from the prior corresponding quarter and corresponding year to date period, respectively, due to allocation of site support services, labour inflation and higher stock-based compensation expense, as well as a decrease in milled tonnes.

Third quarter AISC<sup>†</sup> of $3,464 per ounce sold was 83% higher than the prior quarter due to a 33% decrease in gold sales volumes, increased sustaining capital including deferred stripping costs in Ledbetter Phase 3 and higher costs associated with the drawdown of low grade inventory stockpiles. AISC<sup>†</sup> was 125% higher than the prior corresponding period primarily due to a 38% decrease in gold sales volumes, increased sustaining capital and drawdown of low grade inventory stockpiles. Year to date AISC<sup>†</sup> was 17% higher than the prior corresponding year primarily due to higher overall sustaining capital infrastructure projects, partially offset by a 4% increase in gold sales volumes.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 8 |

---

------

**Exploration**

Third quarter exploration expenditure totaled $2.9 million for 8,100 metres drilled.

At Horseshoe Underground, 2,400 metres were drilled in the third quarter, targeting conversion of Inferred Mineral Resources and extension opportunities in the lower and western portions of the deposit. Results released year to date continue to show extension of continuity in these areas.

From surface, 5,700 metres of drilling were completed on both early-stage exploration and resource conversion targets. Drilling results released year to date have continued to demonstrate the existence of high-grade mineralization at several deposits across the property, including Ledbetter Phase 4, Pisces and Clydesdale targets.

Year to date 2025 exploration expenditure totaled $8.6 million for 34,000 metres drilled.

Fourth quarter drilling will continue to target both resource conversion and early-stage targets.

**Projects**

Construction of TSF Stage 5 and West PAG 3 continued in the third quarter.

Water treatment plant upgrades were completed early in the quarter, on schedule.

Expansion of the run-of-mine ("ROM") stockpile storage area is scheduled for completion by year end. The ROM expansion will facilitate increased capacity for optimized blending of both open pit and underground ore sources.

Feasibility level work on the Palomino Underground project continued to progress during the quarter with further planning and procurement activities. First ore from Palomino Underground continues to be expected in 2028.

Analysis is progressing on whether the Ledbetter Phase 4 open pit should be mined as an underground mine, with the outcome expected to be released in an updated National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report in the first quarter of 2026.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 9 |

---

------

**Didipio**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Gold Produced<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **21.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.3 |
| Copper Produced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **3.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| Ore Mined | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **374** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1067** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 |
| Ore Mined Grade - Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **1.49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.57** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Ore Mined Grade - Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **0.42** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.48** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Waste Mined | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **18** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | 24 | &nbsp;&nbsp;&nbsp;**67** | 89 |
| Mill Feed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **1057** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | 1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3079** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808 |
| Mill Feed Grade - Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **0.74** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.78** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Mill Feed Grade - Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **0.33** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.37** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Gold Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **86.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.8 |
| Copper Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **87.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**88.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.1 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Production is on a 100% basis as OceanaGold controls Didipio. Effective May 13, 2024, the ownership interest changed from 100% to 80% following the listing of 20% of Didipio's holding company on the Philippines Stock Exchange.

Third quarter gold production was 11% lower than the prior quarter, primarily driven by an 18% decrease in mill feed grade and marginally lower recovery rates, with the ore grade reflecting mine sequencing. Ore tonnes mined was in line with the last quarter. In the third quarter we successfully completed the dewatering of the decline and expect to be at normal underground mining rates by the end of 2025. Mining has now recommenced in the lower levels, in line with plan. Ore tonnes processed increased by 9% due to increased mill availability following the planned shutdown in the second quarter.

Third quarter gold production was 22% lower than the prior corresponding quarter. This was primarily driven by a 25% decrease in mined grade driven by planned stope sequencing, slightly offset by a 2% increase in tonnes processed due to improved mill utilization.

Year to date gold production was 13% lower than the prior corresponding year to date period. This was primarily due to 12% lower underground ore tonnes mined resulting from the effects of severe weather events in late 2024 restricting access to the lower levels of the mine in much of 2025, with dewatering of the decline completed in the third quarter. Additionally, mill feed grade was 19% lower than the previous period due to mine sequencing, partially offset by a 10% increase in tonnes milled due to maintenance downtime in the second quarter of 2024.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 10 |

---

------

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **29.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.6 |
| Copper Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **4.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6** | 8.9 |
| Average Gold Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **3415** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3234** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 |
| Average Copper Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/lb | **4.44** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.37** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 |
| Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **787** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**835** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 |
| AISC<sup>†, 2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1213** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1214** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 |
| **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** |  |  |
| Mining Cost<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t mined | **42.05** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42.36** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.76 |
| Processing Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **8.11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.27** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.35 |
| G&A Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **11.50** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.38** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.76 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Mining unit costs include allocation of any capitalized mining costs.

2&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share under the Financial or Technical Assistance Agreement ("FTAA") at Didipio of $16.6 million and $10.2 million for the third and second quarter of 2025, respectively, as it is considered in the nature of an income tax.

Gold and copper sales in the third quarter were 44% and 47% higher than the prior quarter, respectively, and higher than gold and copper produced due to the timing of concentrate shipments.

Third quarter mining unit costs were 12% higher than the corresponding year to date period primarily due to 13% lower tonnes mined due to underground dewatering of the lower levels of the mine following the severe weather events in the fourth quarter of 2024 and resulting re-sequenced mine plan.

Third quarter processing unit costs were 17% lower than the prior quarter driven by a 9% increase mill feed resulting from the planned major shutdown of the processing plant in the second quarter along with lower maintenance costs in the third quarter.

Third quarter G&A unit costs were 12% lower than the prior quarter primarily due to an increase in tonnes milled.

Third quarter AISC<sup>†</sup> of $1,213 per ounce was 6% lower than the prior quarter primarily due to a 44% increase in gold sales volumes, partially offset by higher sustaining capital spend on underground dewatering infrastructure. AISC<sup>†</sup> was 10% higher than the prior corresponding quarter due to an increase in sustaining capital spend on equipment for future dewatering requirements and TSF lifts, partially offset by higher by-product credits from higher copper sales volumes and higher realized prices. Year to date AISC<sup>†</sup> was 13% higher than the prior corresponding year to date period primarily due to a 14% decrease in gold sales volumes and an increase in sustaining capital spend for the same reasons noted above, partially offset by higher by-product credits.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 11 |

---

------

**FTAA — Additional Government Share**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gross mining revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140.7** | &nbsp;&nbsp;&nbsp;&nbsp;95.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.5 | &nbsp;&nbsp;&nbsp;&nbsp;**314.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259.9 |
| Less: Allowable deductions<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(50.6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52.4) | &nbsp;&nbsp;&nbsp;&nbsp;**(141.5)** | (150.7) |
| Less: Amortization deduction<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9.8)** | (9.8) |
| Net Revenue per the FTAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86.8** | &nbsp;&nbsp;&nbsp;&nbsp;43.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.8 | &nbsp;&nbsp;&nbsp;&nbsp;**163.2** | 99.4 |
| Entitlement share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60%** | 60% |
| Total Government Share<sup>3</sup><br>(60% of Net Revenue per the FTAA) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52.1** | &nbsp;&nbsp;&nbsp;&nbsp;25.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4 | &nbsp;&nbsp;&nbsp;&nbsp;**97.9** | 59.6 |
| Deduct: Free-carried interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.0)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.2)** | (3.6) |
| Deduct: Production taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(21.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.1) |
| Deduct: Income tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(24.7)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(36.6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.4) |
| Carried-forward balance utilization (deduction) | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |  |
| **Additional Government Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.6** | &nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 | &nbsp;&nbsp;&nbsp;&nbsp;**34.3** | 15.5 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Allowable deductions under the FTAA include expenses attributed to exploration, development and commercial production, which includes expenses relating to mining, processing, exploration, capitalized deferred stripping costs, royalties, rehabilitation, marketing, administration, community and social development, depreciation and amortization and interest charged on borrowings.

2&nbsp;&nbsp;&nbsp;&nbsp;The FTAA Addendum and Renewal Agreement modified the amortization of unrecovered pre-operating costs to instead be deducted across a fixed period of 13 years commencing in 2021 and ending in 2034.

3&nbsp;&nbsp;&nbsp;&nbsp;All taxes and fees paid to the Philippine Government, including corporate income tax and indirect taxes such as excise, local business, property and withholding taxes, are deducted from the Government's 60% share of Net Revenue.

The Didipio mine is held under the FTAA entered into with the Republic of the Philippines in June 1994, which was renewed in 2021, retroactively to 2019, for another 25-year period until June 2044.

Under the FTAA, "Net Revenue" is the gross mining revenue derived from operations, less allowable deductions and an amortization deduction. The Philippine Government is entitled to 60% of the Net Revenue of the mine less taxes and fees paid to the Government and other deductions.

The year to date Additional Government Share of $34.3 million has been accrued, with the payment occurring annually in April of each year in respect of the preceding year. The Company made an Additional Government Share payment of $8.1 million in April 2025 related to 2024 amounts accrued at December 31, 2024 (April 2024: paid $20.3 million).

**Exploration**

Third quarter exploration expenditure totaled $1.5 million for 5,100 metres drilled.

A total of 2,300 metres were drilled from surface at Napartan and D'Fox. At Napartan, located approximately 8 kilometres ("km") northwest of the Didipio Mine, surface drilling is testing a number of soil and geophysical anomalies for copper-gold porphyry potential. Three holes for 1,800 metres were completed in the quarter. At D'Fox, located approximately 3 km southeast of the Didipio Mine, testing is underway for similar target style with one hole for 450 metres completed during the quarter. Elsewhere in the Philippines, 2,800 metres of drilling was completed.

Year to date exploration expenditure total $3.1 million for 9,700 metres drilled. In the fourth quarter, drilling will continue at both Napartan and D'Fox, and will resume at True Blue, testing an area of known mineralization approximately 800 metres northeast of the Didipio mine. Additionally, drilling from the underground is expected to resume following the successful dewatering of the lower levels of the mine, at which time Panel 3 resource conversion drilling will be prioritized.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 12 |

---

------

**Projects**

A Pre-Feasibility Study ("PFS") in accordance with NI 43-101 is in progress. The work in the third quarter has continued to focus on refinement of the plan to achieve a 2.5 million tonnes per annum ("Mtpa") underground mining rate by year end 2026. The PFS will also identify the preferred process plant throughput plan for the optimized underground operation and evaluate process plant augmentation requirements to scale to, and sustain, the already permitted 4.3 Mtpa processing rate. The PFS will be released subsequent to the completion of resource conversion drilling following the successful dewatering of the lower levels of the mine, and is expected to be completed in the first half of 2026.

www.oceanagold.com<sub>13</sub>

------

**Macraes**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Gold Produced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **32.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91.2** | &nbsp;&nbsp;&nbsp;&nbsp;87.5 |
| Ore Mined (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **1297** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | **4034** | 1429 |
| Ore Mined Grade (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **0.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.55** | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Waste Mined (Open Pit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **11060** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8772 | 11558 | **27656** | 35831 |
| Ore Mined (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **236** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**696** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
| Ore Mined Grade (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **1.85** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.87** | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Waste Mined (U/G) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **67** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**176** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| Mill Feed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **1616** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | 1560 | **4669** | 4898 |
| Mill Feed Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **0.73** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.72** | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Gold Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | **85.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84.2** | &nbsp;&nbsp;&nbsp;&nbsp;79.3 |

---

Third quarter gold production was 9% higher than the prior quarter. This was primarily driven by a 4% increase in mill feed grade due to mine sequencing and the contribution of higher-grade fresh ore from Innes Mills Phase 8 towards the end of the quarter. Additionally, the higher grade and continuous improvement initiatives such as optimized ore blending and advanced grinding control, led to a 2% increase in recovery for the quarter.

Third quarter gold production was 16% higher than the prior corresponding quarter primarily driven by a higher volume of tonnes processed at significantly higher recoveries, notwithstanding lower grade in the current quarter. Open pit ore tonnes mined was 116% higher, the benefit of which was partially offset by lower open pit mined grade, both due to mine sequencing. Continuous improvement initiatives drove a 12% increase in recovery as compared to the prior corresponding quarter.

Year to date gold production was 4% higher than the prior corresponding year to date period. The benefit of improved access to ore mined, mine sequencing and the mill and underground optimization initiatives were somewhat offset by the planned major shutdown of the process plant earlier this year.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 14 |

---

------

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **32.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.2 |
| Average Gold Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **3497** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3232** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293 |
| Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1345** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1408** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 |
| AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **2171** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2198** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 |
| **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** |  |  |
| Mining Cost (Open Pit)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t mined | **1.66** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.74** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Mining Cost (U/G)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t mined | **55.37** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.77 |
| Processing Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **8.44** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.64** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.64 |
| G&A Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **5.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Mining unit costs include allocation of any capitalized mining costs.

Third quarter open pit and underground mining costs were lower than the prior quarter.

Year to date open pit mining unit costs were 18% higher than the prior corresponding year to date period, primarily due to the 14% decrease in material mined, in line with plan, increased labour costs and increased planned drill and blast activities.

Third quarter processing unit costs were 29% lower than the prior quarter primarily due to seasonally higher electricity rates in the prior quarter as well as an increase in mill feed. Processing unit costs were 26% higher than the prior corresponding year to date period, due to higher electricity rates year to date, increased planned maintenance costs, increased labour costs and a decrease in tonnes milled.

Third quarter G&A unit costs were 67% and 74% higher than the prior corresponding quarter and year to date period, respectively, due to a higher allocation of site support services in 2025 and higher labour costs due to an increase stock-based compensation expense.

Third quarter AISC<sup>†</sup> of $2,171 per ounce was in line with the prior quarter with the decrease in costs due to seasonally lower electricity rates being mostly offset by increased capital spend on mobile equipment and a 6% decrease in gold sales volumes. Third quarter AISC<sup>†</sup> was 3% higher than the prior corresponding quarter primarily due to higher sustaining capital driven by planned mobile equipment component rebuilds and higher electricity rates, partially offset by a 11% increase in gold sales volumes. Year to date AISC<sup>†</sup> was 7% higher than the prior corresponding year to date period primarily due to higher electricity rates, processing maintenance costs and ground support, partially offset by higher deferred stripping costs in 2024 and an increase in sales volumes.

**Exploration**

Third quarter exploration expenditure totaled $2.1 million for 11,000 metres drilled. Drilling occurred at Coronation North and Innes Mills Phases 8 and 9 targeting the conversion of Inferred Mineral Resources.

Year to date exploration expenditure totaled $4.1 million for a total of 18,600 metres drilled across Coronation, Coronation North, Golden Point Underground and Innes Mills, primarily targeting the conversion of Inferred Mineral Resources.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 15 |

---

------

Approximately 34,000 metres of drilling is planned for Macraes in 2025. Fourth quarter drilling will continue to focus on the resource conversion programs at Coronation North and Innes Mills. The exploration program is focused on increasing confidence in mine life extension targets to be included in the upcoming NI 43-101 technical report planned for release in the first quarter of 2026, which will also include mine plan optimization at gold prices above the December 2024 $1,750 per ounce Mineral Reserves price assumption.

**Projects**

In the third quarter, the Frasers TSF was commissioned and is now in use. Preparations for recommencing mining at Coronation North Phase 5 began in the quarter and will continue in the fourth quarter.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 16 |

---

------

**Waihi**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Produced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **18.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52.9** | 35.7 |
| Ore Mined | kt | **174** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**505** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 |
| Ore Mined Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **3.42** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.46** | 2.88 |
| Waste Mined | kt | **130** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**407** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 |
| Mill Feed | kt | **182** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**507** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 |
| Mill Feed Grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g/t | **3.44** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.47** | 2.90 |
| Gold Recovery | % | **93.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93.6** | 92.5 |

---

Third quarter gold production was 9% higher than the prior quarter driven by a 5% increase in mill feed tonnes, slightly higher mill feed grade and associated recovery rates driven by the continued site-wide optimization efforts described below.

Third quarter gold production was 36% higher than the prior corresponding quarter, driven by an 11% increase in the mill feed grade, as well as a 23% increase in mill feed tonnes.

The increase in tonnage and improved grade were the result of the successful execution of the underground improvement plan. This plan has delivered more development, access to more stoping areas and enhanced mining practices that increased the extraction of high-grade ore.

Year to date gold production was 48% higher than the prior corresponding year to date period. Ore tonnes mined increased by 23% and grade mined and milled increased by 20%, also due to efficiencies driven by the abovementioned improvement plan.

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Gold Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **20.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52.7** | 35.0 |
| Average Gold Price Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **3482** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3255** | 2327 |
| Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1539** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1551** | 1588 |
| AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **2039** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2080** | 2357 |
| **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** | **Unit Costs** |  |  |
| Mining Cost<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t mined | **93.12** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**86.44** | 68.61 |
| Processing Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **32.46** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.23** | 30.97 |
| G&A Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/t milled | **27.60** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.19** | 22.01 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Mining unit costs include allocation of any capitalized mining costs.

Gold sales volumes increased 59% and 50% for the prior corresponding quarter and year to date period, respectively, which were a direct result of higher gold production, for reasons already mentioned.

Third quarter mining unit costs were 35% higher than prior corresponding quarter due to additional mining roles supporting the underground improvement plan, increased labour costs and higher electricity rates, partially offset by an increase in tonnes mined. Mining unit costs were 26% higher than the prior corresponding year to date period for the same reasons.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 17 |

---

------

Third quarter processing unit costs were higher than the comparative quarters, as higher costs driven by increased consumables and maintenance were mostly offset by higher tonnes milled.

Third quarter G&A unit costs were 29% and 33% higher than the prior corresponding quarter and year to date period, respectively, due to a higher allocation of site services in 2025 and higher stock-based compensation expense, partially offset by higher tonnes milled.

Third quarter AISC<sup>†</sup> of $2,039 per ounce was 7% lower than the prior quarter primarily due to a 25% increase in gold sales, partially offset by higher costs supporting the underground improvement plan and an increase in capitalized development. AISC<sup>†</sup> was 9% and 12% lower than the prior corresponding quarter and year to date period, respectively, for the same reasons.

**Exploration**

Third quarter exploration expenditure totaled $5.7 million for 7,000 metres drilled.

At Martha Underground, 3,900 metres of resource conversion and definition drilling was completed on several promising targets.

At Wharekirauponga, 3,100 metres of drilling was completed in the third quarter with a continued focus on targeting growth and conversion of Inferred Mineral Resources on the East Graben ("EG") vein and further step-outs to test the growing extent of mineralization of the southern-end of the deposit, which remains open.

Year to date exploration expenditure totaled $13.0 million for a total of 16,200 metres drilled across the Waihi District.

There is approximately 22,000 metres of drilling planned at Waihi in 2025. Drilling in the fourth quarter will continue to focus on resource definition of the Martha underground and resource growth of the EG vein at the Wharekirauponga deposit.

The Company's Fast-track application (described below) includes a planned increase in the number of exploration drill sites above Wharekirauponga to 18 from 10 currently, as well as a doubling of the allowable number of drill rigs from 3 to 6. Once the permit is approved, this will further accelerate both growth and conversion drilling at Wharekirauponga.

**Waihi North Project**

In the third quarter, the Waihi North Project continued to advance all technical design activities at Wharekirauponga and the Willows surface facilities area, in line with the PFS released in December 2024.

The Company lodged an application for Fast-track approval for the Waihi North Project with the New Zealand Environmental Protection Authority during the first quarter of 2025. This application was deemed complete and the Fast-track Expert Panel responsible for assessing the Company's application was announced in the second quarter. The application progressed through the invited individual and group commenting phase in the third quarter. It has now completed a period of expert conferencing and requests for information. The Company continues to expect to receive Fast-track approval by year end 2025, subject to any appeal.

The $45 million of early works, design and project activities for the Waihi North Project in 2025 is progressing. In the third quarter, construction commenced on the 5 km services trench that will convey power, water and communications from the existing Waihi operations to the Willows surface facilities. Civil works have commenced at the expanded water treatment plant site.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 18 |

---

------

The following table summarizes the capital and exploration spent on the Waihi North Project during the periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Growth capital | **12.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Exploration | **2.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 |
| **Total expenditure** | **15.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.3** | 11.6 |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 19 |

---

------

**Other Properties**

**Regional Exploration Programs**

During and after the period, the Company advanced its regional exploration strategy with new activity in the United States on two separate earn-in transactions, which were completed in September and October 2025.

*Brewer (South Carolina)*

During the quarter, an earn-in joint venture agreement was executed relating to Carolina Rush Corporation's ("Carolina Rush") Brewer Gold-Copper Project in South Carolina, with a firm minimum commitment of funding $1.5 million in exploration expenditures within the first year following approval of the transaction from Carolina Rush's shareholders. The agreement provides for an option for OceanaGold to earn up to an 80% interest by funding up to an aggregate of $20 million in staged exploration expenditures and exercising the underlying Brewer option by December 31, 2030. Approval from Carolina Rush's shareholders is expected to be sought at a special meeting of shareholders at the end of November, after which drilling is expected to commence. The Brewer property is located ~13 km from Haile.

*TJ, Jake Creek, Hot Creek (Nevada)*

In October 2025, earn-in joint venture agreements were signed with Headwater Gold Inc. ("Headwater") to explore each of the TJ, Jake Creek and Hot Creek projects in Nevada, which include a firm minimum commitment of funding an aggregate of $2.5 million in exploration expenditures across the three projects in the first two years. The agreements provide for staged expenditures of up to an aggregate of $65 million across the projects to earn up to a 65% interest in each project, with an option to earn a further 10% interest (for a total of 75%) in each project upon completion of a PFS and granting Headwater a 1% net smelter return royalty. In October drilling commenced at the TJ project, with an initial 1,500 metre core program underway to test multiple epithermal vein targets.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 20 |

---

------

**Consolidated Financial Results**

**Revenue**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **404.2** | &nbsp;&nbsp;&nbsp;&nbsp;399.6 | &nbsp;&nbsp;&nbsp;&nbsp;313.4 | &nbsp;&nbsp;&nbsp;&nbsp;**1131.2** | &nbsp;&nbsp;&nbsp;&nbsp;786.1 |
| Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **42.8** | &nbsp;&nbsp;&nbsp;&nbsp;29.6 | &nbsp;&nbsp;&nbsp;&nbsp;32.2 | &nbsp;&nbsp;&nbsp;&nbsp;**102.3** | &nbsp;&nbsp;&nbsp;&nbsp;81.9 |
| Silver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **6.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 | 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;**17.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 |
| Treatment, refining and selling costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **(4.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10.2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.2) |
| **Net revenue** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **448.5** | &nbsp;&nbsp;&nbsp;&nbsp;**432.4** | &nbsp;&nbsp;&nbsp;&nbsp;**345.2** | &nbsp;&nbsp;&nbsp;&nbsp;**1240.8** | &nbsp;&nbsp;&nbsp;&nbsp;**866.7** |
| Average Gold Price received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **3476** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293 | 2511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3212** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 |
| Average Copper Price received<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/lb | **4.44** | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;**4.37** | &nbsp;&nbsp;&nbsp;&nbsp;4.17 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;The Average Copper Price received includes mark-to-market revaluation on shipments not yet finalized and final adjustments on prior period shipments.

Third quarter revenue of $448.5 million was 4% higher than the prior quarter due to a 6% increase in the average realized gold price, partially offset by a 4% decrease in gold sales volumes. Third quarter revenue was 30% higher than the prior corresponding quarter due to a 38% higher average realized gold price partially offset by a 7% decrease in gold sales volumes.

Year to date revenue was 43% higher than the prior corresponding year to date period due to a 38% higher average gold price and a 4% increase in sales volumes.

**Operating Expenses**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Cost of sales, excluding depreciation and amortization | **208.4** | 181.1 | 149.7 | **532.4** | 445.4 |
| Depreciation and amortization | **62.3** | 54.9 | 86.0 | **170.9** | 220.7 |
| General and administration | **7.5** | 17.5 | 11.3 | **35.6** | 42.8 |
| Indirect taxes | **7.3** | 5.6 | 5.5 | **17.7** | 18.0 |
| Additional Government Share<sup>1</sup> | **16.6** | 10.2 | 15.5 | **34.3** | 15.5 |
| **Total Operating Expenses** | **302.1** | **269.3** | **268.0** | **790.9** | **742.4** |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Refer to the Didipio section in this MD&A for more details.

*Cost of Sales, excluding depreciation and amortization*

Variance explanations are covered in the AISC<sup>†</sup> section of the 'Results Overview' and the 'Financial Performance' sections of each mining operation.

*Depreciation and Amortization*

Third quarter depreciation and amortization was 13% higher than the prior quarter due to the deferred stripping profile at Macraes with higher fresh ore being mined at Innes Mills Phase 7 and 8 during the quarter. Depreciation and amortization was 28% and 23% lower than the prior corresponding quarter and year to date period, respectively, primarily due to the deferred stripping profile at Haile.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 21 |

---

------

*General and Administration*

Third quarter G&A expense of $7.5 million was lower than the prior quarter, primarily due to a decrease in external services spend and the reallocation of planned NYSE listing costs, SOX readiness costs, and business development related costs to other expenses, which is below operating profit.

Third quarter G&A expense was lower than the prior corresponding quarter due to an increase in allocation of site services in the current quarter, partially offset by an increase in stock-based compensation expense. The cash-settled portion of outstanding performance share rights are revalued on a quarterly basis and are impacted by the movement in share price.

Year to date G&A expense was 17% lower than the prior corresponding year to date period due to an increase in allocation of site services in 2025, partially offset by an increase in stock-based compensation expense.

*Additional Government Share*

Variance explanation is covered in Didipio's 'FTAA - Additional Government Share' section.

**Other (expenses) / income and taxation**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Interest expense and finance costs | **(2.8)** | (3.1) | (5.2) | **(9.2)** | (18.5) |
| Interest income | **1.8** | 1.6 | 0.9 | **4.9** | 2.3 |
| Foreign exchange (loss) gain | **(2.0)** | (2.4) | 1.3 | **(5.2)** | (4.9) |
| Gain on disposal of assets | **—** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | 17.0 |
| NYSE / PSE listing costs | **(1.6)** |  | (5.4) | **(1.6)** | (10.9) |
| Restructuring expense | **—** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | (1.9) |
| Other (expense) income | **(0.1)** | 1.5 | (2.1) | **0.1** | (3.0) |
| **Total Other (expenses) income** | **(4.7)** | (2.4) | (10.5) | **(11.0)** | (19.9) |
| Income tax expense recognized in net profit | **(48.6)** | (43.1) | (6.1) | **(127.0)** | (15.1) |

---

*Interest expense and finance costs*

Third quarter interest expense and finance costs primarily relate to leases and accretion of asset retirement obligation liability, and was 46% lower than the prior corresponding quarter as there is no bank debt outstanding in 2025.

Year to date interest and finance costs of $9.2 million was 50% lower than the prior corresponding year to date period for the same reason, with no bank debt outstanding in 2025.

*Income tax expense*

Third quarter income tax expense was 13% higher than the prior quarter, primarily due to, and consistent with increased operational profits.

Third quarter and year to date income tax expense was higher than the prior corresponding quarter and year to date period primarily due to increased profits across the group and a reduction in available tax losses.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 22 |

---

------

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **$M, except AISC, average price and per share amounts** | **Q3 2025** | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
| Gold Produced<sup>1</sup> (koz) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**103.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.5 | 117.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150.9 | 134.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129.8 |
| Copper Produced<sup>1</sup> (kt) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Average Gold Price received ($/oz) | &nbsp;&nbsp;&nbsp;&nbsp;**3476** | 3293 | 2858 | &nbsp;&nbsp;&nbsp;&nbsp;2665 | 2511 | &nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;1993 |
| Average Copper Price received ($/lb) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.44** | 4.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | 4.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.80 |
| Revenue | &nbsp;&nbsp;&nbsp;&nbsp;**448.5** | 432.4 | 359.9 | &nbsp;&nbsp;&nbsp;&nbsp;427.3 | 345.2 | &nbsp;&nbsp;&nbsp;&nbsp;251.2 | &nbsp;&nbsp;&nbsp;&nbsp;270.3 | &nbsp;&nbsp;&nbsp;&nbsp;267.3 |
| Adjusted EBITDA<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**210.7** | 219.5 | 193.0 | &nbsp;&nbsp;&nbsp;&nbsp;251.3 | 162.8 | &nbsp;&nbsp;&nbsp;&nbsp;109.0 | &nbsp;&nbsp;&nbsp;&nbsp;80.9 | &nbsp;&nbsp;&nbsp;&nbsp;91.6 |
| AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**2333** | &nbsp;&nbsp;&nbsp;&nbsp;2027 | 1796 | &nbsp;&nbsp;&nbsp;&nbsp;1563 | 1729 | &nbsp;&nbsp;&nbsp;&nbsp;2131 | &nbsp;&nbsp;&nbsp;&nbsp;1823 | &nbsp;&nbsp;&nbsp;&nbsp;1658 |
| Free Cash Flow<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94.4** | 120.1 | &nbsp;&nbsp;&nbsp;&nbsp;68.8 | &nbsp;&nbsp;&nbsp;&nbsp;146.5 | &nbsp;&nbsp;&nbsp;&nbsp;65.7 | &nbsp;&nbsp;&nbsp;&nbsp;31.2 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;16.1 |
| Adjusted net profit<sup>†2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92.9** | &nbsp;&nbsp;&nbsp;&nbsp;116.5 | 100.7 | &nbsp;&nbsp;&nbsp;&nbsp;106.9 | &nbsp;&nbsp;&nbsp;&nbsp;65.7 | &nbsp;&nbsp;&nbsp;&nbsp;30.6 | &nbsp;&nbsp;&nbsp;&nbsp;3.7 | 6.6 |
| Net profit (loss)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87.2** | &nbsp;&nbsp;&nbsp;&nbsp;114.1 | &nbsp;&nbsp;&nbsp;&nbsp;99.7 | &nbsp;&nbsp;&nbsp;&nbsp;102.0 | &nbsp;&nbsp;&nbsp;&nbsp;59.9 | &nbsp;&nbsp;&nbsp;&nbsp;34.0 | &nbsp;&nbsp;&nbsp;&nbsp;(5.3) | &nbsp;&nbsp;&nbsp;&nbsp;(18.9) |
| **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> | **Earnings (loss) per share**<sup>2</sup> |
| Basic | &nbsp;&nbsp;&nbsp;&nbsp;**$0.38** | &nbsp;&nbsp;&nbsp;&nbsp;$0.49 | $0.43 | &nbsp;&nbsp;&nbsp;&nbsp;$0.43 | $0.25 | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;$(0.02) | $(0.08) |
| Diluted | &nbsp;&nbsp;&nbsp;&nbsp;**$0.37** | $0.49 | $0.42 | &nbsp;&nbsp;&nbsp;&nbsp;$0.42 | $0.24 | &nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;$(0.02) | $(0.08) |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Production is shown on a 100% basis as all operations are controlled by OceanaGold.

2&nbsp;&nbsp;&nbsp;&nbsp;Attributable to the shareholders of the Company.

The most significant factors causing variation in the quarterly results are the changes in the gold and copper price; changes in production reflecting the variability in the grade of ore mined at each of the operations; gold and copper recoveries; the timing of deferred stripping costs; and movements in inventories.

Notably, realized average gold prices have increased over 74% since the fourth quarter of 2023, which has directly translated into higher revenue, cash flow and profitability during this period.

In the second quarter of 2024, there was a gain on sale of the Company's interest in the Blackwater project for cash consideration of $30.0 million, resulting in a pre-tax gain of $17.6 million.

In the fourth quarter of 2023, there was a non-cash write-down of indirect tax receivables in the Philippines totaling $38.3 million relating to historic excise and value-added taxes which impacted the quarterly net loss.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 23 |

---

------

**Liquidity and Capital Resources**

**Balance Sheet**

---

| | | |
|:---|:---|:---|
| **$M** | **September 30, 2025** | December 31, 2024 |
| Cash and cash equivalents | **334.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193.5 |
| Other Current Assets | **253.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271.8 |
| Non-Current Assets | **2294.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023.8 |
| **Total Assets** | **2883.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489.1 |
| Current Liabilities | **462.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308.8 |
| Non-Current Liabilities | **292.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253.8 |
| **Total Liabilities** | **754.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562.6 |
| **Total Shareholders' Equity** | **2024.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820.0 |
| **Non-controlling interest** | **104.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.5 |

---

Current assets increased $123.5 million during the nine months ended September 30, 2025 primarily due to a $141.4 million increase in cash (refer to the 'Cash Flows' section below) and a $24.6 million increase in trade and other receivables due to higher value sales with the increase in gold price, partially offset by a $43.7 million decrease in ore inventories, primarily at Haile, due to the planned drawdown on ore stockpiles.

Non-current assets increased by $270.8 million during the nine months ended September 30, 2025 due to mining assets additions associated with deferred stripping costs and capitalized mining, primarily related to Haile site infrastructure projects, partially offset by depreciation and amortization of property, plant and equipment and mining assets.

Current liabilities increased by $153.3 million during the nine months ended September 30, 2025 driven by a $110.0 million increase in trade and other payables as a result of a $40.7 million increase in taxes payable, a $26.2 million increase in the Additional Government Share accrual and a $21.8 million accrual for share buybacks committed to in October.

Non-current liabilities has increased $38.2 million during the nine months ended September 30, 2025, with the increases in asset retirement obligations of $14.0 million and deferred tax liabilities of $28.2 million being partially offset by ongoing lease repayments of $10.0 million.

The decrease of $2.1 million in non-controlling interest relates to $13.0 million of dividend payments, partially offset by the $10.9 million share in earnings, for the 20% minority interest at Didipio during the quarter.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 24 |

---

------

**Cash Flows**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amount** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Cash flows provided by Operating Activities | **227.5** | &nbsp;&nbsp;&nbsp;&nbsp;226.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164.7 | &nbsp;&nbsp;&nbsp;&nbsp;**626.0** | &nbsp;&nbsp;&nbsp;&nbsp;347.8 |
| Cash flows used in Investing Activities | **(133.1)** | (106.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99.0) | &nbsp;&nbsp;&nbsp;&nbsp;**(342.7)** | (249.1) |
| Cash flows (used in) provided by Financing Activities | **(57.5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66.7) | &nbsp;&nbsp;&nbsp;&nbsp;**(137.1)** | 0.2 |
| Free Cash Flow<sup>†</sup> | **94.4** | &nbsp;&nbsp;&nbsp;&nbsp;120.1 | 65.7 | &nbsp;&nbsp;&nbsp;&nbsp;**283.3** | 98.7 |
| Free Cash Flow per share - diluted<sup>†</sup> | **$0.41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.27 | &nbsp;&nbsp;&nbsp;&nbsp;**$1.21** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 |
| Operating Cash Flow per share - diluted<sup>†</sup> | **$0.93** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.66 | &nbsp;&nbsp;&nbsp;&nbsp;**$2.76** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.40 |

---

Cash flows provided by operating activities for the third quarter were in line with the prior quarter, with the benefit of higher realized gold prices offset by lower gold sales volumes. Year to date cash flows provided by operating activities of $626.0 million were 80% higher than the prior corresponding year to date period due to higher realized gold prices.

Cash flows used in investing activities for the third quarter of $133.1 million were 25% higher than the prior quarter due to the increase in capital expenditure as discussed in the 'Results Overview - Capital and Exploration' section of this MD&A. Year to date cash flows used in investing activities of $342.7 million were 38% higher than the prior corresponding year to date period due to an increase in capital with infrastructure projects at Haile and the Waihi North Project, as discussed in the 'Results Overview - Capital and Exploration' section, partially offset by the Blackwater project sale proceeds received in the second quarter of 2024.

Cash flows used in financing activities for the third quarter were $57.5 million, comprising $39.0 million of share buybacks at an average price of CAD$24.14 per share, $6.9 million of dividends paid to shareholders of the Company and $6.6 million payment of lease liabilities. In the prior quarter, cash outflows from financing activities were share buybacks of $21.0 million, dividends paid to shareholders of $14.0 million and repayment of lease liabilities of $5.3 million. Year to date cash flows used in financing activities of $137.1 million mainly reflect share buybacks of $79.6 million, payment of lease liabilities of $20.8 million and dividends paid to shareholders of $20.9 million. In the prior corresponding year to date period, net cash inflows from financing activities were $0.2 million due to the net proceeds of $95.1 million from the listing of OGP on the Philippine Stock Exchange, Inc., $51.2 million of net repayments of debt, $25.9 million of lease liabilities and $7.0 million of dividends paid to shareholders of the Company.

Third quarter Free Cash Flow<sup>†</sup> was $25.7 million lower than the prior quarter, with the decrease due to lower gold sales volumes more than offsetting higher realized gold prices. Year to date Free Cash Flow<sup>†</sup> was $184.6 million higher than the prior corresponding year to date period due to higher realized gold prices and higher gold sales volumes.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 25 |

---

------

**Debt Management and Liquidity**

---

| | | |
|:---|:---|:---|
| **$M** | **September 30, 2025** | December 31, 2024 |
| Revolving credit facility | **—** |  |
| Fleet facility<sup>1</sup> | **—** | (2.8) |
| Unamortized transaction costs | **—** | 1.2 |
| **Total debt** | **—** | (1.6) |
| Cash and cash equivalents | **334.9** | 193.5 |
| **Net Cash**<sup>†</sup> | **334.9** | 191.9 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility.

As at September 30, 2025, the Company was in a Net Cash<sup>†</sup> position of $334.9 million compared to $191.9 million as at December 31, 2024, reflecting strong Free Cash Flow<sup>†</sup>.

The Company has an undrawn revolving credit facility (the "Facility") with seven leading international banks for a total of $200 million plus a $50 million uncommitted accordion. The objective of the accordion feature, which is not reflected in Liquidity<sup>†</sup>, is to reduce undrawn commitment fees while preserving bank- approved capacity. The Facility is secured against present and future assets, property and undertakings and has a term maturing on December 31, 2027.

During the fourth quarter of 2024, the Company repaid all amounts drawn under the Facility and has not re-drawn since. As a result, there are no amounts drawn under the Facility as at September 30, 2025 (December 31, 2024: nil). As at September 30, 2025, the Company was in compliance with all covenant obligations related to the Facility.

The Company had immediately available Liquidity<sup>†</sup> of $534.9 million at September 30, 2025 (December 31, 2024: $393.5 million), comprised of $334.9 million (December 31, 2024: $193.5 million) in cash and $200.0 million (December 31, 2024: $200.0 million) in undrawn funds under the Facility. The increase in Liquidity<sup>†</sup> primarily relates to higher cash balances resulting from Free Cash Flow<sup>†</sup> generation as noted above.

As at September 30, 2025, the Company was in a net current asset position of $126.7 million compared to $156.5 million as at December 31, 2024.

**Share Buyback**

On November 5, 2025, the Board of OceanaGold approved a 75% increase in the 2025 share repurchase program to a maximum of $175 million of common shares in the open market through the facilities of the TSX or alternative Canadian trading systems under a Normal Course Issuer Bid ("NCIB") program. This is up from the previously approved maximum of $100 million.

The NCIB program was renewed and expanded in July 2025, with the increased share repurchase limit providing the Company greater flexibility to continue share buybacks throughout the remainder of 2025 and the first half of 2026.

In July 2025, the TSX accepted the Company's entry into an automatic securities purchase plan ("ASPP") in connection with the NCIB. The ASPP allows for the purchase of common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase shares due to regulatory

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 26 |

---

------

restrictions and customary self-imposed blackouts. As at September 30, 2025, an obligation to purchase shares for total consideration of $21.8 million was recognized under the ASPP.

During the third quarter of 2025, the Company repurchased and cancelled an additional 2.2 million common shares (year to date: 6.1 million common shares) for consideration of $39.0 million (year to date: $79.6 million) at an average price of CAD$24.14 per share (year to date: CAD$17.84 per share).

During the period from July to December 2024, the Company repurchased and cancelled 2.9 million common shares for consideration of $24.1 million at an average price of CAD$11.37.

**Hedging**

The Company does not hedge any of its current or future gold sales, nor does it have any prepay agreements, so has benefited fully from the rising gold price.

The Company has a hedging program covering up to 80% of the forecast diesel consumption at Haile and Macraes on a rolling 12-month basis. The resulting hedging arrangements consist of monthly cash-settled swap transactions referencing the following appropriate diesel pricing indices to fix diesel prices and reduce input cost volatility:

• US Gulf Coast Ultra-Low Sulfur No 2 Diesel for an amount representing 80% of the forecast diesel consumption at Haile, split into even monthly amounts; and

• Platts Singapore (Gasoil) for an amount representing 80% of the forecast diesel consumption at Macraes, split into even monthly amounts.

The Company is covered at approximately 80% of forecast diesel consumption at Haile and Macraes through to the end of September 2026 and has elected to apply hedge accounting to these diesel hedging arrangements in accordance with IFRS.

During the nine months ended September 30, 2025, the Company recorded realized losses of $1.1 million within cost of sales and unrealized losses of $0.1 million in other comprehensive income as a result of the hedging arrangements.

The Company periodically uses forward contracts to hedge significant currency exposure.

There are no other hedges related to gold, silver, copper, currencies or diesel.

**Capital Commitments**

Capital commitments relate principally to the purchase of property, plant and equipment at Haile, Macraes and Waihi and the mine development at Didipio, Macraes and Waihi. The Company's capital commitments as at September 30, 2025, are as follows:

---

| | |
|:---|:---|
| **As at September 30, 2025**<br>**$M** | **Capital<br>Commitments** |
| Within 1 year | **50.5** |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 27 |

---

------

**Related Party Transactions**

There were no related party transactions other than Key Management compensation during the period.

Key Management compensation will be reported in the Company's audited consolidated financial statements for the year ended December 31, 2025.

**Outstanding Share Data**

The following table sets out the common shares, performance share rights and deferred units outstanding as at the date of this MD&A:

---

| | |
|:---|:---|
| **Shares/ units** | **November 5, 2025** |
| Common shares | **228,440,274** |
| Performance share rights | **5,402,768** |
| Deferred units | **425,675** |

---

**Non-IFRS Financial Information**

Throughout this MD&A, the Company has provided measures prepared according to International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") as well as certain non-IFRS performance measures. As non-IFRS performance measures do not have a standardized meaning prescribed by IFRS, they are unlikely to be comparable to similar measures presented by other companies. The Company provides these non-IFRS measures as they are used by certain investors to evaluate OceanaGold's performance. Accordingly, such non-IFRS measures are intended to provide additional information and should not be considered in isolation, or a substitute for measures of performance in accordance with IFRS.

These measures are used internally by the Company's Management to assess the performance of the business and make decisions on the allocation of resources and are included in this MD&A to provide greater understanding of the underlying performance of the operations. Investors are cautioned not to place undue reliance on any non-IFRS financial measures included in this MD&A.

**Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share**

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 28 |

---

------

The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Net profit<sup>1</sup> | **87.2** | 114.1 | 59.9 | **301.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.3 |
| Foreign exchange (gain) loss | **2.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | (1.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Write-down of assets | **0.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Gain on sale of Blackwater project | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.6) |
| Tax expense on sale of Blackwater project | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| NYSE / PSE listing costs | **1.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 |
| Restructuring / Other costs | **1.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| **Adjusted net profit** | **92.9** | 116.5 | 65.7 | **310.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.7 |
| **Adjusted weighted average number of common shares - fully diluted** | **233.0** | &nbsp;&nbsp;&nbsp;&nbsp;234.8 | 242.2 | **234.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.8 |
| **Adjusted earnings per share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.40** | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;**1.32** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |

---

1 Attributable to the shareholders of the Company.

**EBITDA and Adjusted EBITDA**

Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses, write-downs, gains/losses on disposal of assets, OGP listing costs, foreign exchange gains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue.

Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/losses.

The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Net profit | **93.1** | &nbsp;&nbsp;&nbsp;&nbsp;117.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.6 | &nbsp;&nbsp;&nbsp;&nbsp;**311.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.3 |
| Depreciation and amortization | **62.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.0 | &nbsp;&nbsp;&nbsp;&nbsp;**170.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220.7 |
| Net interest expense and finance costs | **1.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 |
| Income tax expense on earnings | **48.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;**127.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 |
| **EBITDA** | **205.0** | &nbsp;&nbsp;&nbsp;&nbsp;217.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157.0 | &nbsp;&nbsp;&nbsp;&nbsp;**614.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341.3 |
| Write-down of assets | **0.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Gain on sale of Blackwater project | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.6) |
| Tax expense on sale of Blackwater project | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| NYSE / PSE listing costs | **1.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 |
| Restructuring / Other costs | **1.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Foreign exchange (gain) loss | **2.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| **Adjusted EBITDA** | **210.7** | &nbsp;&nbsp;&nbsp;&nbsp;219.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162.8 | &nbsp;&nbsp;&nbsp;&nbsp;**623.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352.7 |
| Revenue | **448.5** | &nbsp;&nbsp;&nbsp;&nbsp;432.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345.2 | **1240.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866.7 |
| **EBITDA Margin** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 29 |

---

------

**Cash Costs and AISC**

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculation beginning in the first quarter of 2025.

The following table provides a reconciliation of consolidated Cash Costs and AISC:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Cost of sales, excl. depreciation and amortization | **208.4** | 181.1 | 149.7 | **532.4** | 445.4 |
| Indirect taxes | **7.3** | 5.6 | 5.5 | **17.7** | 18.0 |
| Selling costs | **4.8** | 2.6 | 3.9 | **10.2** | 10.2 |
| Other cash adjustments | **(6.5)** | (7.1) | (0.3) | **(17.0)** | (3.8) |
| By-product credits | **(49.0)** | (35.4) | (35.6) | **(119.7)** | (90.8) |
| **Total Cash Costs (net)** | **165.0** | 146.8 | 123.2 | **423.6** | 379.0 |
| Sustaining capital and leases | **43.7** | 34.4 | 29.1 | **104.9** | 73.4 |
| Deferred stripping and capitalized mining | **53.7** | 49.0 | 51.6 | **158.0** | 137.6 |
| Corporate general & administration | **6.7** | 15.1 | 11.2 | **32.2** | 39.4 |
| Onsite exploration and drilling | **1.9** | 0.6 | 0.8 | **4.1** | 3.7 |
| **Total AISC** | **271.0** | 245.9 | 215.9 | **722.8** | 633.1 |
| Gold sales (koz) | **116.2** | 121.3 | 124.8 | **352.1** | 337.4 |
| **Cash Costs ($/oz)** | **1420** | 1210 | 987 | **1203** | 1123 |
| **AISC ($/oz)**<sup>1</sup> | **2333** | 2027 | 1729 | **2052** | 1877 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share related to the FTAA at Didipio of $16.6 million, $10.2 million and $34.3 million for the third quarter, second quarter and year to date 2025, respectively, as it is considered in the nature of an income tax.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 30 |

---

------

The following tables provides a reconciliation of Cash Costs and AISC for each operation:

*Haile*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| **Cash costs of sales** | **62.4** | 53.9 | 44.7 | **161.9** | 148.4 |
| By-product credits | **(0.9)** | (1.9) | (0.7) | **(4.7)** | (2.2) |
| Inventory adjustments | **4.5** | (2.8) | (7.5) | **(1.3)** | 8.5 |
| Freight, treatment and refining charges | **0.2** | 0.2 | 0.1 | **0.6** | 0.3 |
| **Total Cash Costs (net)** | **66.2** | **49.4** | **36.6** | **156.5** | **155.0** |
| Sustaining capital and leases | **20.1** | 16.2 | 15.7 | **46.7** | 32.6 |
| Deferred stripping and capitalized mining | **29.4** | 28.0 | 29.9 | **93.8** | 56.5 |
| Onsite exploration and drilling | **0.2** | 0.1 |  | **1.1** |  |
| **Total AISC** | **115.9** | **93.7** | **82.2** | **298.1** | **244.1** |
| Gold sales (koz) | **33.4** | 49.5 | 53.6 | **140.1** | 134.6 |
| **Cash Costs ($/oz)** | **1981** | 997 | 683 | **1117** | 1152 |
| **AISC ($/oz)** | **3464** | 1890 | 1537 | **2127** | 1814 |

---

*Didipio*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| **Cash costs of sales** | **37.1** | 38.3 | 36.0 | **107.5** | 107.6 |
| By-product credits | **(45.0)** | (30.9) | (33.5) | **(107.1)** | (85.0) |
| Royalties | **2.9** | 2.4 | 2.1 | **6.9** | 5.1 |
| Indirect taxes | **7.3** | 5.7 | 5.7 | **17.7** | 16.1 |
| Inventory adjustments | **15.2** | (0.7) | 7.3 | **19.0** | 6.7 |
| Freight, treatment and refining charges | **5.9** | 3.2 | 6.2 | **12.9** | 13.4 |
| **Total Cash Costs (net)** | **23.4** | **18.0** | **23.8** | **56.9** | **63.9** |
| Sustaining capital and leases | **10.8** | 7.0 | 5.7 | **20.5** | 15.6 |
| Deferred stripping and capitalized mining | **1.2** | 1.1 | 2.4 | **4.2** | 6.1 |
| General & administration<sup>1</sup> | **0.2** | 0.3 |  | **0.5** |  |
| Onsite exploration and drilling | **0.3** |  |  | **0.3** |  |
| **Total AISC** | **35.9** | **26.4** | **31.9** | **82.4** | **85.6** |
| Gold sales (koz) | **29.7** | 20.6 | 28.9 | **68.1** | 79.6 |
| **Cash Costs ($/oz)** | **787** | 873 | 824 | **835** | 803 |
| **AISC**<sup>1</sup> **($/oz)** | **1213** | 1287 | 1103 | **1214** | 1075 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share of FTAA at Didipio of $16.6 million, $10.2 million and $34.3 million for the third quarter, second quarter, and year to date 2025, respectively, as it is considered in the nature of an income tax.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 31 |

---

------

*Macraes*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| **Cash costs of sales** | **40.9** | 43.3 | 38.9 | **123.4** | 92.6 |
| Less: by-product credits | **—** |  |  | **(0.1)** | (0.1) |
| Royalties | **2.8** | 2.6 | 0.2 | **6.1** | 2.4 |
| Inventory adjustments | **0.1** | 5.9 | 3.9 | **(1.6)** | 9.1 |
| Freight, treatment and refining charges | **0.2** | 0.3 | 0.1 | **0.7** | 0.5 |
| **Total Cash Costs (net)** | **44.0** | 52.1 | 43.1 | **128.5** | 104.5 |
| Sustaining capital and leases | **10.6** | 8.4 | 5.0 | **28.4** | 18.2 |
| Deferred stripping and capitalized mining | **16.3** | 14.2 | 13.7 | **42.8** | 57.8 |
| Onsite exploration and drilling | **0.2** | 0.1 | 0.1 | **0.9** | 1.1 |
| **Total AISC** | **71.1** | **74.8** | **61.9** | **200.6** | **181.6** |
| Gold sales (koz) | **32.7** | 34.8 | 29.5 | **91.2** | 88.2 |
| **Cash Costs ($/oz)** | **1345** | 1496 | 1458 | **1408** | 1185 |
| **AISC ($/oz)** | **2171** | 2146 | 2099 | **2198** | 2060 |

---

*Waihi*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q3 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q2 2025 | Q3 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| **Cash costs of sales** | **30.9** | 30.7 | 21.3 | **88.4** | 58.8 |
| By-product credits | **(3.1)** | (2.6) | (1.4) | **(7.8)** | (3.5) |
| Royalties | **0.8** | 0.6 | 0.4 | **1.9** | 1.0 |
| Inventory adjustments | **2.7** | (1.4) | (0.6) | **(1.0)** | (0.8) |
| Add: Freight, treatment and refining charges | **0.1** |  |  | **0.2** | 0.1 |
| **Total Cash Costs (net)** | **31.4** | 27.3 | 19.7 | **81.7** | 55.6 |
| Sustaining capital and leases | **2.8** | 2.2 | 2.7 | **9.3** | 7.0 |
| Deferred stripping and capitalized mining | **6.8** | 5.7 | 5.6 | **17.2** | 17.2 |
| Onsite exploration and drilling | **0.7** | 0.5 | 0.7 | **1.4** | 2.6 |
| **Total AISC** | **41.7** | **35.7** | **28.7** | **109.6** | **82.4** |
| Gold sales (koz) | **20.4** | 16.4 | 12.8 | **52.7** | 35.0 |
| **Cash Costs ($/oz)** | **1539** | 1670 | 1538 | **1551** | 1588 |
| **AISC ($/oz)** | **2039** | 2190 | 2252 | **2080** | 2357 |

---

**Net Cash/(Debt)**

Net Cash/(Debt) has been calculated as total debt plus cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Prior to 2024, lease liabilities were included in the calculation of Net Cash/ (Debt). The change in respect of 2024 is consistent with the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have been recalculated excluding lease liabilities.

A reconciliation of this measure is provided in the 'Liquidity and Capital Resources - Debt Management and Liquidity' section of this MD&A.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 32 |

---

------

**Liquidity**

Liquidity has been calculated as cash and cash equivalents and the total of funds available to be drawn under the Facility. Management believes this is a useful measure of the Company's ability to repay its current liabilities.

The following table provides a reconciliation of Liquidity:

---

| | | |
|:---|:---|:---|
| **$M** | **September 30, 2025** | December 31, 2024 |
| Cash and Cash Equivalents | **334.9** | 193.5 |
| Funds available to be drawn under the Facility | **200.0** | 200.0 |
| **Liquidity** | **534.9** | 393.5 |

---

**Operating Cash Flow per share**

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of total fully diluted Operating Cash Flow per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Cash provided by operating activities | **227.5** | 226.9 | 164.7 | **626.0** | 347.8 |
| Changes in working capital | **(9.8)** | 4.9 | (3.7) | **20.3** | (9.7) |
| **Cash flows provided by operating activities before changes in working capital** | **217.7** | 231.8 | 161.0 | **646.3** | 338.1 |
| Adjusted weighted average number of common shares - fully diluted | **233.0** | 234.8 | 242.2 | **234.4** | 241.8 |
| **Operating Cash Flow per share** | **$0.93** | $0.99 | $0.66 | **$2.76** | $1.40 |

---

**Free Cash Flow**

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 33 |

---

------

The following table provides a reconciliation of Free Cash Flow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Cash flows provided by Operating Activities | **227.5** | 226.9 | 164.7 | **626.0** | 347.8 |
| Cash flows used in Investing Activities | **(133.1)** | (106.8) | (99.0) | **(342.7)** | (249.1) |
| **Free Cash Flow** | **94.4** | 120.1 | 65.7 | **283.3** | 98.7 |
| Adjusted weighted average number of common shares - fully diluted | **233.0** | 234.8 | 242.2 | **234.4** | 241.8 |
| **Free Cash Flow per share** | **$0.41** | $0.51 | $0.27 | **$1.21** | $0.41 |

---

**Leverage Ratio**

Leverage Ratio is calculated as Net Cash/(Debt) divided by Adjusted EBITDA for the preceding 12-month period. Management believes this is a useful indicator to monitor the Company's ability to meet its financial obligations. The following table provides a reconciliation of the Leverage Ratio:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except ratio amounts** | &nbsp;&nbsp;**Q3 2025** | Q2 2025 | Q3 2024 |
| Net Cash/(Debt) | **334.9** | 298.7 | 71.8 |
| Adjusted EBITDA | **874.5** | 826.6 | 444.3 |
| **Leverage Ratio** | **0.00x** | 0.00x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00x |

---

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 34 |

---

------

**Internal Controls Over Financial Reporting**

Management, with the participation of the Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting.

The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations and may not prevent or detect misstatements. Even when the Company's system of internal control over financial reporting is determined to be effective, it can only provide reasonable assurance with respect to financial statement preparation and presentation.

Management has used the criteria established in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") to evaluate the effectiveness of the Company's internal control over financial reporting.

Management has determined that there have been no significant changes in the Company's internal control over financial reporting during the three months ended September 30, 2025 which have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**Accounting Estimates, Policies and Changes**

The preparation of financial statements in conformity with IFRS requires Management to make estimates, judgements and assumptions that affect the amounts reported in the condensed interim consolidated financial statements and related notes. The Company's significant accounting policies and critical estimates and judgements are disclosed in Notes 3 and 4 of OceanaGold's condensed interim consolidated financial statements for the quarter ended September 30, 2025.

**Risks and Uncertainties**

This document contains certain forward-looking statements that involve risks, uncertainties and other factors that could cause actual results, performance, prospects, opportunities and continued mining operations to differ materially from those expressed or implied by those forward-looking statements. The exploration and development of natural resources are highly speculative in nature and the Company's business operations, investments and prospects are subject to significant risks, including, but not limited to, various operating, regulatory, consenting and permitting risks, the availability and effective management of water, risks associated with operating in foreign jurisdictions, risks associated with compliance with safety, health, social, environmental and other applicable laws and regulations, and climate change impacts and transition risks, such as regulatory, technological, legal and societal. For further detail and discussion of these risks and uncertainties, please refer to the risk factors set forth in the Company's most recent Annual Information Form available under the Company's profile on SEDAR+ at sedarplus.com and on the Company's website at oceanagold.com, and the Company's other filings and submissions with securities regulators on SEDAR+, which could materially affect the Company's business, operations, investments and prospects and could cause actual events to differ materially from those described in forward-looking statements relating to the Company. Additional risks and uncertainties

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 35 |

---

------

not presently known to the Company or that the Company currently considers immaterial may also impair the business, operations, investments and prospects of the Company. If any of the risks actually occur, the business of the Company may be harmed and its financial condition and results of operations may suffer significantly.

**Notes to Reader**

**Cautionary Statement Regarding Forward-Looking Information**

This MD&A contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but are not limited to, statements with respect to: the future financial and operating performance of the Company and its mining projects; the future price of gold, copper and silver; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserves and Mineral Resources estimates; costs of production; estimates of initial capital, sustaining capital, operating and exploration expenditures; costs and timing of the development of new deposits; costs and timing of the development of new mines; costs and timing of future exploration and drilling programs; water management initiatives and strategies at the Company's operations; timing of filing of updated technical information and studies, including trade-off work for Ledbetter Phase 4 open pit at Haile, the Didipio PFS and the Macraes technical report; anticipated production amounts; requirements for additional capital; governmental regulation of mining operations and exploration operations; timing and receipt of approvals, consents and permits under applicable legislation, including Fast-track approval for the Waihi North Project; the amount of and timing for anticipated purchases under the NCIB program; environmental risks; title disputes or claims; limitations of insurance coverage; and the timing and possible outcome of pending litigation and regulatory matters. All statements in this MD&A that address events or developments that the Company expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold, copper and silver; general business, economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Philippines peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; challenges of effective water management; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 36 |

---

------

or in the re-commencement of operations; legal challenges to mining and operating permits, including the FTAA; and those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available under the Company's profile on SEDAR+ at sedarplus.com and on the Company's website at oceanagold.com. The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any Mineral Resources or Mineral Reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Cautionary Statements for United States Readers**

The scientific and technical disclosure in this MD&A was prepared in accordance with NI 43-101, which differs from the requirements of the U.S. Securities and Exchange Commission (the "U.S. SEC"). Accordingly, Mineral Resource and Mineral Reserve information and other scientific and technical information contained or referenced in this MD&A may not be comparable to similar information disclosed by public companies subject to the technical disclosure requirements of the U.S. SEC.

**Qualified Persons**

Mr. Greg Hollett, the Company's Head of Mine Engineering, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Haile operational matters contained in this MD&A.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 37 |

---

------

Mr. Phillip Jones, the Company's Head of Underground Mining, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Didipio operational matters contained in this MD&A.

Mr. Euan Leslie, the Company's Group Mining Engineer, and Mr. Knowell Madambi, the Company's Manager – Technical Services & Projects, Macraes, each of whom is a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Macraes operational matters contained in this MD&A.

Messrs. Leslie and David Townsend, the Company's Manager – Mining (Underground), Waihi, each of whom is a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Waihi operational matters contained in this MD&A.

Mr. Keenan Jennings, the Company's Executive Vice President and Chief Exploration Officer, a qualified person as defined by NI 43-101, has approved the scientific and technical information regarding exploration matters contained in this MD&A.

---

| | | |
|:---|:---|:---|
| <sup>†</sup> See "Non-IFRS Financial Information". |  |  |
|  | www.oceanagold.com | 38 |

---

## Exhibit 99.11

**Exhibit 99.11**

![mda.jpg](mda.jpg)

Management's

Discussion and Analysis

Fourth Quarter and Full Year 2025 Results

February 18, 2026

------

**Highlights Overview**

**• Full year 2025 production of 497,600 ounces of gold, above the mid-point of Guidance.**

**• Produced 157,400 ounces of gold and 3,200 tonnes of copper in the fourth quarter,** an increase in gold production of 52% from the prior quarter, with all four sites delivering an increase in gold production.

**• All-In Sustaining Cost ("AISC")**<sup>†</sup> **25% lower in the quarter and at $1,966 per ounce for the full year.**

**• Record quarterly revenue of $652 million at a record average realized gold price of $4,227 per ounce**.

**• Quarterly Adjusted EBITDA Margin**<sup>†</sup> **of 57% and record Operating Cash Flow Per Share**<sup>†</sup> **of $1.21.**

**• Record quarterly attributable net profit of $328 million and record EPS of $1.44. Record Adjusted EPS**<sup>†</sup> **of $0.88,** which excludes the post-tax net impairment reversal at Haile.

**• Generated record annual and quarterly Free Cash Flow**<sup>†</sup> **of $543 million and $259 million respectively,** resulting in a trailing 12-month Free Cash Flow<sup>†</sup> yield<sup>1</sup> of 15%.

**• Cash balance increased by 42% from the prior quarter to $477 million with no debt.**

**• Completed $175 million in share repurchases in 2025 at an average price of CAD$24.54.** 

**• The Board approved a tripling of the quarterly dividend to $0.09 per share.**

**• The Board approved a doubling of share repurchases to up to $350 million for 2026.**

**• Received final approval for the Waihi North Project permit,** with development activity accelerating.

**• The Company intends to list on the New York Stock Exchange ("NYSE") in early April, 2026.**

2026 Guidance

**• Gold production growth of ~12%**<sup>2</sup> **to between 520,000 to 590,000 ounces,** driven by Haile.

**• 7%**<sup>2</sup> **reduction in AISC to between $1,750 to $1,900 per ounce.**

**• Growth and exploration capital investment of $340 million,** reflecting an acceleration of the Waihi North Project, commencement of the Palomino Underground development and a ~50% increase in exploration.

<sup>1</sup> Calculated as trailing 12-month Free Cash Flow<sup>†</sup> over the average trailing 12-month market capitalization in USD.

<sup>2</sup> Calculated as the mid-point of guidance for full year 2026 compared to the actual result of full year 2025.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 1

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Produced<sup>1</sup> | koz | **157.4** | 103.5 | 150.9 | **497.6** | 488.8 |
| Copper Produced<sup>1</sup> | kt | **3.2** | 3.1 | 3.1 | **13.3** | 12.3 |
| AISC<sup>†</sup> | $/oz | **1761** | 2333 | 1563 | **1966** | 1777 |
| Revenue | $M | **652.4** | 448.5 | 427.3 | **1893.2** | 1294.0 |
| Net profit<sup>2</sup> | $M | **327.7** | 87.2 | 102.0 | **628.7** | 187.4 |
| Adjusted net profit<sup>†2</sup> | $M | **201.7** | 92.9 | 107.6 | **511.8** | 208.3 |
| EBITDA<sup>†</sup> | $M | **543.2** | 205.0 | 246.4 | **1157.3** | 587.7 |
| Adjusted EBITDA<sup>†</sup> | $M | **374.0** | 210.7 | 251.3 | **997.2** | 604.0 |
| Free Cash Flow<sup>†</sup> | $M | **259.4** | 94.4 | 146.5 | **542.7** | 245.2 |
| Earnings per share - diluted<sup>2</sup> | $/share | **$1.42** | $0.37 | $0.42 | **$2.69** | $0.78 |
| Adjusted earnings per share - diluted<sup>†2</sup> | $/share | **$0.88** | $0.40 | $0.44 | **$2.19** | $0.84 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$1.21** | $0.93 | $1.08 | **$3.96** | $2.48 |
| Free Cash Flow per share - diluted<sup>†</sup> | $/share | **$1.13** | $0.41 | $0.61 | **$2.32** | $1.01 |

---

1 Production is on a 100% basis as all operations are controlled by OceanaGold.

2 Attributable to the shareholders of the Company.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 2

------

---

| | |
|:---|:---|
| **Table of Contents** |  |
| [Results Overview](#i87c581949fad433ca7c3e6b430d8d0e3_115) | <u>[4](#i87c581949fad433ca7c3e6b430d8d0e3_115)</u> |
| [Capital Expenditures](#i87c581949fad433ca7c3e6b430d8d0e3_118) | <u>[6](#i87c581949fad433ca7c3e6b430d8d0e3_118)</u> |
| [Safety](#i87c581949fad433ca7c3e6b430d8d0e3_121) | <u>[7](#i87c581949fad433ca7c3e6b430d8d0e3_121)</u> |
| [Outlook](#i87c581949fad433ca7c3e6b430d8d0e3_124) | <u>[7](#i87c581949fad433ca7c3e6b430d8d0e3_124)</u> |
| Mine Operations and Results |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Haile](#i87c581949fad433ca7c3e6b430d8d0e3_127) | <u>[10](#i87c581949fad433ca7c3e6b430d8d0e3_127)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Macraes](#i87c581949fad433ca7c3e6b430d8d0e3_130) | <u>[13](#i87c581949fad433ca7c3e6b430d8d0e3_130)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Waihi](#i87c581949fad433ca7c3e6b430d8d0e3_133) | <u>[16](#i87c581949fad433ca7c3e6b430d8d0e3_133)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Didipio](#i87c581949fad433ca7c3e6b430d8d0e3_136) | <u>[19](#i87c581949fad433ca7c3e6b430d8d0e3_136)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Properties](#i87c581949fad433ca7c3e6b430d8d0e3_139) | <u>[23](#i87c581949fad433ca7c3e6b430d8d0e3_139)</u> |
| [Financial Results](#i87c581949fad433ca7c3e6b430d8d0e3_142) | <u>[24](#i87c581949fad433ca7c3e6b430d8d0e3_142)</u> |
| [Liquidity and Capital Resources](#i87c581949fad433ca7c3e6b430d8d0e3_145) | <u>[27](#i87c581949fad433ca7c3e6b430d8d0e3_145)</u> |
| [Capital Commitments](#i87c581949fad433ca7c3e6b430d8d0e3_148) | <u>[30](#i87c581949fad433ca7c3e6b430d8d0e3_148)</u> |
| [Transactions with Related Parties](#i87c581949fad433ca7c3e6b430d8d0e3_151) | <u>[30](#i87c581949fad433ca7c3e6b430d8d0e3_148)</u> |
| [Outstanding Share Data](#i87c581949fad433ca7c3e6b430d8d0e3_154) | <u>[31](#i87c581949fad433ca7c3e6b430d8d0e3_154)</u> |
| [Non-IFRS Financial Information](#i87c581949fad433ca7c3e6b430d8d0e3_157) | <u>[31](#i87c581949fad433ca7c3e6b430d8d0e3_157)</u> |
| [Internal Controls](#i87c581949fad433ca7c3e6b430d8d0e3_160) | <u>[38](#i87c581949fad433ca7c3e6b430d8d0e3_160)</u> |
| [Accounting Estimates, Policies and Changes](#i87c581949fad433ca7c3e6b430d8d0e3_163) | <u>[39](#i87c581949fad433ca7c3e6b430d8d0e3_163)</u> |
| [Risk and Uncertainties](#i87c581949fad433ca7c3e6b430d8d0e3_166) | <u>[39](#i87c581949fad433ca7c3e6b430d8d0e3_166)</u> |
| [Notes to Reader](#i87c581949fad433ca7c3e6b430d8d0e3_169) | <u>[39](#i87c581949fad433ca7c3e6b430d8d0e3_169)</u> |

---

This Management's Discussion & Analysis ("MD&A") is dated as of February 18, 2026 and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025. In this MD&A, a reference to "OceanaGold" or the "Company" refers to OceanaGold Corporation and its subsidiaries. Additional information about OceanaGold, including the Annual Information Form, is available on the Company's website at oceanagold.com and under the Company's profile on SEDAR+ at sedarplus.com. All amounts are in United States dollars ("$") unless otherwise indicated. All production results and the Company's outlook presented in this MD&A reflect total production at the mines on a 100% basis as the Company has the ability to exercise control at all operations.

This MD&A contains certain "forward-looking statements". Please refer to the cautionary language under the heading "Notes to Reader" section of this MD&A.

**Nature of Operations**

OceanaGold is engaged in the exploration, development and operation of gold and gold/copper mines. OceanaGold operates four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

The Company's common shares trade under the symbol 'OGC' on the Toronto Stock Exchange ("TSX") in Canada and under the symbol 'OCANF' on the OTCQX market in the United States. The Company is domiciled in British Columbia, Canada and the registered address of the Company is Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 3

------

**Results Overview**

**Operational and Financial**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Produced<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Haile | koz | **55.6** | 30.0 | 75.2 | **184.8** | 212.6 |
| &nbsp;&nbsp;Macraes | koz | **55.8** | 32.8 | 37.9 | **147.0** | 125.4 |
| &nbsp;&nbsp;Waihi | koz | **22.2** | 18.8 | 18.1 | **75.1** | 53.8 |
| &nbsp;&nbsp;Didipio | koz | **23.8** | 21.9 | 19.7 | **90.7** | 97.0 |
| Total gold produced<sup>1</sup> | koz | **157.4** | 103.5 | 150.9 | **497.6** | 488.8 |
| Gold Sales |  |  |  |  |  |  |
| &nbsp;&nbsp;Haile | koz | **50.3** | 33.4 | 73.9 | **190.4** | 208.5 |
| &nbsp;&nbsp;Macraes | koz | **53.7** | 32.7 | 36.6 | **144.9** | 124.8 |
| &nbsp;&nbsp;Waihi | koz | **21.1** | 20.4 | 19.0 | **73.8** | 54.0 |
| &nbsp;&nbsp;Didipio | koz | **20.6** | 29.7 | 20.8 | **88.7** | 100.4 |
| Total Gold Sales | koz | **145.7** | 116.2 | 150.3 | **497.8** | 487.7 |
| Average Gold Price | $/oz | **4227** | 3476 | 2665 | **3509** | 2433 |
| Copper Produced<sup>1</sup> - Didipio | kt | **3.2** | 3.1 | 3.1 | **13.3** | 12.3 |
| Copper Sales<sup>1</sup> - Didipio | kt | **2.9** | 4.4 | 2.8 | **13.5** | 11.7 |
| Average Copper Price | $/lb | **5.35** | 4.44 | 4.16 | **4.57** | 4.16 |
| Cash Costs<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Haile | $/oz | **1529** | 1981 | 598 | **1225** | 955 |
| &nbsp;&nbsp;Macraes | $/oz | **885** | 1345 | 1214 | **1215** | 1192 |
| &nbsp;&nbsp;Waihi | $/oz | **1584** | 1539 | 1130 | **1561** | 1427 |
| &nbsp;&nbsp;Didipio | $/oz | **883** | 787 | 1033 | **846** | 851 |
| Consolidated Cash Costs<sup>†</sup> | $/oz | **1207** | 1420 | 875 | **1204** | 1047 |
| AISC<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Haile | $/oz | **2295** | 3464 | 1287 | **2171** | 1628 |
| &nbsp;&nbsp;Macraes | $/oz | **1286** | 2171 | 1535 | **1861** | 1906 |
| &nbsp;&nbsp;Waihi | $/oz | **2068** | 2039 | 1557 | **2077** | 2087 |
| &nbsp;&nbsp;Didipio | $/oz | **1422** | 1213 | 1389 | **1255** | 1140 |
| Consolidated AISC<sup>†</sup> | $/oz | **1761** | 2333 | 1563 | **1966** | 1777 |
| Free Cash Flow<sup>†</sup> | $M | **259.4** | 94.4 | 146.5 | **542.7** | 245.2 |
| Net profit<sup>2</sup> | $M | **327.7** | 87.2 | 102.0 | **628.7** | 187.4 |
| Adjusted net profit<sup>†</sup><sup>2</sup> | $M | **201.7** | 92.9 | 106.9 | **511.8** | 203.6 |
| EBITDA<sup>†</sup> | $M | **543.2** | 205.0 | 246.4 | **1157.3** | 587.7 |
| Adjusted EBITDA<sup>†</sup> | $M | **374.0** | 210.7 | 251.3 | **997.2** | 604.0 |
| Earnings per share - diluted<sup>2</sup> | $/share | **$1.42** | $0.37 | $0.42 | **$2.69** | $0.78 |
| Adjusted earnings per share - diluted<sup>†2</sup> | $/share | **$0.88** | $0.40 | $0.44 | **$2.19** | $0.84 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$1.21** | $0.93 | $1.08 | **$3.96** | $2.48 |
| Free Cash Flow per share - diluted<sup>†</sup> | $/share | **$1.13** | $0.41 | $0.61 | **$2.32** | $1.01 |

---

1Production is reported on a 100% basis as all operations are controlled by OceanaGold.

2Attributable to the shareholders of the Company.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 4

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**Production**

Fourth quarter gold production was 4% higher than the prior corresponding quarter. This was primarily attributable to higher production at Macraes, Waihi and Didipio, partially offset by planned lower production at Haile due to planned mine sequencing. Macraes fourth quarter gold production was 47% higher than the prior corresponding quarter due to increased contribution of fresh higher-grade ore from the open pit and commensurate improved recoveries. Gold production at Waihi was 23% higher than the prior corresponding period due to the underground improvement plan. Didipio gold production was 21% higher than the prior corresponding quarter driven by increased underground mining rates due to improved access to the lower levels of the mine.

Full year, the Company produced 497,600 ounces of gold, achieving above the mid-point of full year Guidance, and an increase in production compared to the prior corresponding year. Higher production at Macraes and Waihi was offset by lower production at Haile and Didipio, all as expected. Gold production at Macraes was 17% higher than the prior corresponding year benefitting from improved access to fresh ore. Waihi's gold production increase of 40% was primarily a result of the underground improvement plan. At Haile, gold production was 13% lower largely due to planned mine sequencing, in particular a major open pit stripping campaign for much of the year. Gold production at Didipio was 6% lower than the prior corresponding year due to underground dewatering activities following the impacts of the severe weather event experienced at Didipio in the fourth quarter of 2024.

**AISC**<sup>†</sup>

The Company recorded fourth quarter AISC<sup>†</sup> of $1,761 per ounce on gold sales of 145,700 ounces, a 25% decrease from the prior quarter. AISC<sup>†</sup> was lower primarily due to an increase in gold sales volumes at Haile and Macraes as well reduced reliance on low-grade stockpiles, partially offset by increased sustaining capital spend at Haile, Macraes and Waihi and lower gold sales and copper by-product credits from Didipio.

Fourth quarter AISC<sup>†</sup> increased by 13% from the prior corresponding quarter, primarily related to investment in operational productivity and reliability improvement initiatives. These impacts were partially offset by higher copper by-product credits from Didipio.

The Company recorded full year AISC<sup>†</sup> of $1,966 per ounce on gold sales of 497,800 ounces. The 11% increase from the prior corresponding year is primarily due to labour cost inflation inclusive of stock-based compensation, ongoing investment in operational productivity and reliability improvements across all operations as well as increased sustaining capital at all operations. This was partially offset by higher copper by-product credits from Didipio and an increase in gold sales volumes.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 5

------

**Capital and Exploration Expenditure**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended**<br>**$M** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **Consolidated** | **Consolidated** | **Consolidated** |
| **Quarter ended**<br>**$M** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **Q4 2025** | **Q3 2025** | **Q4 2024** |
| Sustaining Capital | 22.9 | 15.0 | 6.8 | 6.8 | **51.5** | 43.4 | 31.4 |
| Deferred stripping and Capitalized Mining | 15.2 | 3.8 | 3.4 | 4.1 | **26.5** | 53.7 | 43.7 |
| Growth Capital<sup>1</sup> | 11.2 | 0.7 | 19.1 | 4.6 | **35.6** | 24.5 | 22.9 |
| Exploration<sup>1,2</sup> | 2.3 | 2.5 | 4.3 | 2.4 | **11.5** | 12.2 | 4.4 |
| **Total expenditure** | **51.6** | **22.0** | **33.6** | **17.9** | **125.1** | **133.8** | **102.4** |

---

1Growth capital and exploration at Waihi includes Waihi North Project costs of $21.6 million, $15.2 million and $5.3 million for the fourth quarter of 2025, third quarter of 2025 and fourth quarter of 2024, respectively.

2Exploration expenditure by location includes related regional greenfield exploration, where applicable.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Full year December 31** <br>**$M** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **Consolidated** | **Consolidated** |
| **Full year December 31** <br>**$M** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **2025** | **2024** |
| Sustaining Capital | 69.7 | 38.1 | 15.9 | 27.4 | **151.1** | 96.2 |
| Deferred stripping and Capitalized Mining | 109.0 | 46.6 | 20.6 | 8.3 | **184.5** | 181.3 |
| Growth Capital<sup>3</sup> | 41.6 | 2.8 | 42.8 | 7.0 | **94.2** | 65.1 |
| Exploration<sup>3</sup> | 10.9 | 6.6 | 17.3 | 5.5 | **40.3** | 28.6 |
| **Total expenditure** | **231.2** | **94.1** | **96.6** | **48.2** | **470.1** | **371.2** |

---

3Growth capital and exploration at Waihi includes Waihi North Project costs of $53.1 million and $16.9 million for the year and the prior corresponding year, respectively. Waihi North Project costs include study, permitting and property acquisition costs.

Fourth quarter capital and exploration expenditure of $125.1 million was lower than the prior quarter primarily due to lower deferred stripping and capitalized mining at Haile and Macraes due to the planned transition into ore at Ledbetter Phase 3 and Innes Mills Phase 7 and 8 enabled by waste removing campaigns, which was partially offset by higher sustaining capital related to infrastructure projects and planned component replacements. Capital and exploration expenditure in the quarter was $22.7 million higher compared to the prior corresponding quarter as the increased sustaining capital more than offset the impact of lower deferred stripping and capitalized mining at Haile and Macraes. Growth capital increased as early works progressed at the Waihi North Project and at Haile with the Palomino Underground.

Full year capital and exploration expenditure of $470.1 million was $98.9 million higher than the prior corresponding year due to increased growth capital to progress the Waihi North Project, an increase in deferred stripping at Haile and site infrastructure projects across all operations and commencement of the Palomino Underground at Haile.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 6

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**Safety**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **Exploration** | **Consolidated** | **Consolidated** | **Consolidated** |
| **Quarter ended** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **Exploration** | **Q4 2025** | **Q3 2025** | **Q4 2024** |
| Fatalities |  |  |  |  |  | **—** |  |  |
| 12MMA TRIFR<sup>1</sup> | 1 | 1.5 | 1.6 | 0.1 | 0.9 | **0.7** | 0.7 | 1.0 |
| Recordable injuries |  | 5 | 4 | 1 |  | **10** | 10 | 9 |

---

1. Total Recordable Incident Frequency Rate ("TRIFR") per 200,000 hours worked, 12 month moving average.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Full Year** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **Exploration** | **Consolidated** | **Consolidated** |
| **Full Year** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **Exploration** | **2025** | **2024** |
| Fatalities |  |  |  |  |  | **—** | **2.0** |
| Recordable injuries | 13 | 13 | 8 | 2 | 2 | **38** | 50 |

---

There were 10 recordable injuries during the quarter compared to 10 recordable injuries in the prior quarter. Hand and finger injuries accounted for more than half of recordable injuries in 2025. The implementation of safety improvement plans at each site continued in the quarter.

Injury rates as measured by the TRIFR was 30% lower than in 2024.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 7

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**Outlook**

The Company's 2026 production, cost and capital Guidance is outlined in the table below.

**2026 Full-Year Guidance**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Production & Costs**<sup>1</sup> | | **Haile** | **Haile** | **Macraes** | **Macraes** | **Waihi** | **Waihi** | **Didipio** | **Didipio** | **Consolidated** | **Consolidated** |
| Gold Production | koz | &nbsp;&nbsp;&nbsp;&nbsp;235&nbsp;&nbsp;&nbsp;&nbsp; | 260 | &nbsp;&nbsp;&nbsp;&nbsp;135&nbsp;&nbsp;&nbsp;&nbsp; | 155 | &nbsp;&nbsp;&nbsp;&nbsp;60&nbsp;&nbsp;&nbsp;&nbsp; | 75 | &nbsp;&nbsp;&nbsp;&nbsp;85&nbsp;&nbsp;&nbsp;&nbsp; | 105 | **&nbsp;&nbsp;&nbsp;&nbsp;520&nbsp;&nbsp;&nbsp;&nbsp;** | **590** |
| Copper Production | kt | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |  | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |  | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |  | &nbsp;&nbsp;&nbsp;&nbsp;13&nbsp;&nbsp;&nbsp;&nbsp; | 15 | **&nbsp;&nbsp;&nbsp;&nbsp;13&nbsp;&nbsp;&nbsp;&nbsp;** | **15** |
| Cash Costs<sup>†</sup><sup>,2</sup> | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;970&nbsp;&nbsp;&nbsp;&nbsp; | 1070 | &nbsp;&nbsp;&nbsp;&nbsp;1275&nbsp;&nbsp;&nbsp;&nbsp; | 1375 | &nbsp;&nbsp;&nbsp;&nbsp;1600&nbsp;&nbsp;&nbsp;&nbsp; | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;615&nbsp;&nbsp;&nbsp;&nbsp; | 715 | **&nbsp;&nbsp;&nbsp;&nbsp;1050&nbsp;&nbsp;&nbsp;&nbsp;** | **1200** |
| AISC<sup>†</sup><sup>,2</sup> | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;1500&nbsp;&nbsp;&nbsp;&nbsp; | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;1950&nbsp;&nbsp;&nbsp;&nbsp; | 2150 | &nbsp;&nbsp;&nbsp;&nbsp;2100&nbsp;&nbsp;&nbsp;&nbsp; | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;975&nbsp;&nbsp;&nbsp;&nbsp; | 1100 | **&nbsp;&nbsp;&nbsp;&nbsp;1750&nbsp;&nbsp;&nbsp;&nbsp;** | **1900** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Capital Investments**<sup>1,3,4</sup> **($M)** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **Consolidated** | **Included in AISC**<sup>†</sup> |
| Sustaining capital | 95 | 30 | 15 | 25 | 170 | 170 |
| Pre-strip and Capitalized Mining  | 45 | 65 | 15 | 10 | 135 | 135 |
| Growth | 90 | 10 | 160 | 20 | 280 |  |
| Exploration | 10 | 10 | 25 | 10 | 60 | 15 |
| **Total Investments** | **240** | **115** | **215** | **65** | **645** | **320** |

---

1Production is on a 100% basis as all operations are controlled by OceanaGold. Assumes a NZD to USD exchange rate of 0.58.

2Includes by-product credits based on copper price of $5.85 per pound.

3Excludes capital leases.

4Capital Investments Guidance range of ±5%; Consolidated includes corporate capital.

• Consolidated gold production growth in 2026 of 12%<sup>1</sup> from 2025 of between 520,000 to 590,000 ounces is largely driven by increased production at Haile.

• A 7% reduction in consolidated AISC<sup>†</sup> in 2026 to between $1,750 to $1,900 per ounce. Consolidated AISC<sup>†</sup> in 2026 includes approximately $90 per ounce of anticipated share-based compensation reflecting the significant increase in share price.

• The Company expects the 2026 production profile will be broadly equal between the two halves, with strongest production in the second and fourth quarters.

• Growth capital investment of $280 million reflects an acceleration of the Waihi North Project, continuation of the Palomino Underground, Didipio underground improvement and land purchases at Macraes in support of mine life extension.

In 2026, Haile is expected to produce 235,000 to 260,000 ounces of gold at an AISC<sup>†</sup> of between $1,500 and $1,700 per ounce. At the mid-point, this represents a 34% increase in production and 26% decrease in AISC in 2026. Gold production is expected to be lowest in the first quarter (~15-20% lower than Q4 2025) and then significantly steps-up in the second quarter and remains consistent for the remainder of the year, driven largely by open pit and underground ore mine sequence. Haile's AISC<sup>†</sup> is expected to follow the same profile, being highest in the first quarter and levelling off beginning in the second quarter of 2026.

At Haile, total capital investment is expected to be $240 million. Sustaining capital includes ongoing TSF lifts and construction of West PAG, while growth capital relates primarily to the Palomino Underground development, and process plant resilience upgrades. Pre-strip and capitalized mining costs at Haile will be primarily related to Snake pit, beginning in the third quarter. Exploration expenditure will focus on further Mineral Resource definition and conversion drilling at Horseshoe and Ledbetter, in addition to drilling early-stage targets including Pisces and Clydesdale.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 8

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In 2026, Macraes is expected to produce 135,000 to 155,000 ounces of gold at an AISC<sup>1</sup> of between $1,950 and $2,150 per ounce. Gold production is expected to be lower in the second half of the year when mining from Innes Mills Phase 8 is completed and open pit activities transition to stripping Phase 9. This will be partially offset by smaller-scale ore production from Coronation North Phase 5 in the second half. As a result of the open pit production profile, AISC<sup>1</sup> is expected to be lower in the first half of the year and increase in line with waste stripping activities.

Total capital investment at Macraes is expected to be $115 million. Pre-strip and capitalized mining costs are associated primarily with activities in Coronation Phase 5 in the first half and Innes Mills Phase 9 in the second half of the year. Sustaining capital expenditure relating to mine life extension includes equipment rebuild costs, process plant resilience, and environment and permitting work related to further life extension. Significantly increased exploration expenditures relate primarily to conversion drilling targeting mine life extension around known pit phases.

In 2026, Waihi is expected to produce 60,000 to 75,000 ounces of gold, at an AISC<sup>1</sup> of between $2,100 and $2,300 per ounce. Production is expected to vary slightly quarter-to-quarter, with the second and third quarter being the strongest as a result of the planned mine sequence.

Waihi's total capital investment is expected to be $215 million. Sustaining capital for the year primarily relates to process plant improvements and TSF expansion, and capitalized mining relates to underground development at Martha. The Waihi North Project makes up the largest portion of growth capital, notably including mobilization and tunnelling from the underground mining contractor, site infrastructure and existing processing plant and power upgrades. This also includes accelerated capital spend on development for the first ventilation shaft, which was brought forward from 2027 to further derisk the project. Exploration drilling will focus on resource growth and conversion at Wharekirauponga and both resource conversion and definition of mine-adjacent vein extensions at Martha Underground.

In 2026, Didipio is expected to produce 85,000 to 105,000 ounces of gold and 13,000 to 15,000 tonnes of copper at an AISC<sup>†</sup> between $975 and $1,100 per ounce. The production and cost profile is expected to be relatively even across the year.

At Didipio, total capital investment is expected to be $65 million. Sustaining capital for the year primarily relates to mobile fleet upgrades, investments in plant resilience, and ongoing investment associated with maintaining mine integrity. Capitalized mining costs relate to continued development of the underground decline and additional fleet requirements as part of the underground mining rate expansion project. Exploration expenditure at Didipio in 2026 is focused on underground drilling of Panels 3 and 4 at depth, in addition to some spend on drilling other near mine targets.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 9

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**Haile**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Produced | koz | **55.6** | 30.0 | 75.2 | **184.8** | 212.6 |
| Ore Mined (Open Pit) | kt | **591** | 270 | 952 | **1672** | 2408 |
| Ore Mined Grade (Open Pit) | g/t | **1.75** | 1.38 | 2.65 | **1.96** | 2.42 |
| Waste Mined (Open Pit) | kt | **7317** | 7997 | 7847 | **32144** | 26322 |
| Ore Mined (U/G) | kt | **208** | 144 | 145 | **611** | 404 |
| Ore Mined Grade (U/G) | g/t | **5.30** | 2.50 | 5.18 | **3.67** | 5.32 |
| Waste Mined (U/G) | kt | **40** | 60 | 76 | **187** | 299 |
| Mill Feed | kt | **852** | 695 | 659 | **2865** | 2963 |
| Mill Feed Grade | g/t | **2.37** | 1.64 | 4.00 | **2.32** | 2.59 |
| Gold Recovery | % | **85.6** | 81.7 | 88.8 | **86.3** | 86.2 |

---

Full year production and AISC<sup>†</sup> were in line with 2025 Guidance of 170,000 to 200,000 ounces of gold produced and AISC<sup>†</sup> of $2,050 to $2,200 per ounce.

Fourth quarter gold production was 86% higher than the prior quarter, primarily driven by higher grade ore mined from both open pit and underground, which resulted in higher mill feed grades. This was due to both increased access to higher-grade fresh ore from Ledbetter Phase 3 open pit and underground stope sequencing. Ore mined from the open pit increased with the access to fresh ore, while underground tonnes increased due to productivity improvements. Mill feed volume increased by 23% due to better mill and crusher availability in the quarter. Recovery rates increased as a reflection of higher mill feed grade.

Fourth quarter gold production was 26% lower than the prior corresponding quarter primarily driven by lower mill feed grade, partially offset by higher tonnes processed. The decrease in grade was driven by planned mine sequencing in the open pit, reflecting the ramp up in fresh ore from Ledbetter Phase 3 throughout the quarter, as compared with a full quarter of fresh ore from Ledbetter Phase 2 in the prior corresponding quarter. The 29% increase in tonnes processed was primarily driven by the impact of mill maintenance in the prior corresponding quarter.

Full year gold production was 13% lower than the prior corresponding year primarily driven by lower grade mined and processed. The 10% decrease in mill feed grade was largely due to the open pit and underground mine sequence and the subsequent processing of low-grade stockpiles.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 10

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**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Sales | koz | **50.2** | 33.4 | 73.9 | **190.4** | 208.5 |
| Average Gold Price Received | $/oz | **4232** | 3505 | 2655 | **3452** | 2448 |
| Cash Costs<sup>†</sup> | $/oz | **1529** | 1981 | 598 | **1225** | 955 |
| AISC<sup>†</sup> | $/oz | **2295** | 3464 | 1287 | **2171** | 1628 |
| **Unit Costs** |  |  |  |  |  |  |
| Mining Cost (Open Pit)<sup>1</sup>  | $/t mined | **5.18** | 5.21 | 4.12 | **4.85** | 5.01 |
| Mining Cost (U/G)<sup>1</sup> | $/t mined | **85.17** | 96.47 | 80.54 | **90.53** | 92.67 |
| Processing Cost | $/t milled | **33.12** | 31.54 | 25.70 | **29.79** | 21.25 |
| General & Administrative ("G&A") Cost | $/t milled | **22.46** | 17.49 | 19.54 | **18.61** | 12.40 |

---

1Mining unit costs include allocation of any capitalized mining costs.

Fourth quarter open pit mining unit costs were in line with the prior quarter and prior corresponding year. Fourth quarter open pit mining unit costs were 26% higher than the prior corresponding quarter, driven by a 10% decrease in tonnes mined and higher stock-based compensation expenses.

Fourth quarter underground mining unit costs were 12% lower than the prior quarter primarily due to a 22% increase in tonnes mined attributed to mine sequencing and productivity improvements.

Fourth quarter processing unit costs were 5% higher than the prior quarter primarily due to higher stock-based compensation expense, planned maintenance and reliability improvement costs. Processing unit costs were 29% higher than the prior corresponding quarter due to planned maintenance activity, partially offset by an increase in mill feed. These same unit cost drivers resulted in the increase compared to the prior corresponding year.

Fourth quarter G&A unit costs were 28% higher than the prior quarter primarily due to higher stock-based compensation expense, partially offset by an increase in milled tonnes. G&A unit costs increased from the prior corresponding quarter and corresponding year for the same reasons as well as increased allocation of site support services.

Fourth quarter AISC<sup>†</sup> of $2,295 per ounce sold was 34% lower than the prior quarter primarily due to a 50% increase in gold sales volumes and less reliance on low-grade stockpiles. AISC<sup>†</sup> was 78% higher than the prior corresponding period primarily due to a 32% decrease in gold sales volumes, period on period labour rate inflation, higher planned maintenance costs and increased sustaining capital.

Full year AISC<sup>†</sup> was 33% higher than the prior corresponding year due to a 9% decrease in gold sales volumes, year on year labour rate inflation, increased underground mining activity, planned maintenance and reliability improvement activities as well as higher capital spend on site infrastructure projects.

In the fourth quarter of 2025, the remaining historical impairment at Haile of $176.2 million ($133.0 million after tax) was reversed, reflecting the current life-of-mine plan, a material increase in long-term gold price assumptions and the resulting increase in the value of Haile.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 11

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**Exploration**

Fourth quarter exploration expenditure totaled $2.3 million for a total of 5,200 metres drilled.

Underground drilling at Horseshoe totaled 1,800 metres in the fourth quarter, targeting extension opportunities in the lower and western portions of the deposit.

From surface, 3,400 metres of drilling were completed on both early-stage exploration at Clydesdale and on resource conversion targets at Ledbetter Underground ("LUG") and Pisces.

Full year 2025 exploration expenditure totaled $10.9 million for 34,000 metres drilled. Drill results released in 2025 continued to show extension of continuity in underground targets at Haile, resulting in additions to Mineral Reserves.

There are approximately 34,500 metres of drilling planned at Haile in 2026 at an estimated cost of $10 million from both surface and underground. Drilling will focus on resource conversion at LUG, resource development at Pisces and further definition of the potential at Clydesdale.

**Projects**

Construction of the TSF lift and West PAG storage facility continued in the fourth quarter.

Expansion of the run-of-mine ("ROM") stockpile storage area was completed in the fourth quarter. The ROM expansion will facilitate increased capacity for optimized blending of both open pit and underground ore sources.

Work on Palomino Underground continued to progress during the quarter with a focus on establishing supporting facilities, procurement of certain mobile equipment and underground mining contractor mobilization in advance of the Palomino decline development, which commenced early in the first quarter of 2026.

An updated National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report for Haile will be released by March 31, 2026. The technical report will reflect the conversion of the final phase of the open pit at Ledbetter to an underground mine. This has removed lower margin open pit ounces while increasing Haile's Net Present Value ("NPV"). Haile is expected to produce on average 210,000 ounces of gold per year from 2027 through 2031, providing the mine a more sustainable, de-risked production profile as compared to the previous technical report. Notably, open pit mining continues at Haile across the other open pits until 2033, which remain part of the planned mining sequence in conjunction with the underground operation. For further details, see news release titled "OceanaGold Reports Mineral Reserves and Resources for the Year Ended 2025" dated February 18, 2026.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 12

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**Macraes**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Produced | koz | **55.8** | 32.8 | 37.9 | **147** | 125.4 |
| Ore Mined (Open Pit) | kt | **2215** | 1297 | 1365 | **6249** | 2794 |
| Ore Mined Grade (Open Pit) | g/t | **1.02** | 0.66 | 0.78 | **0.71** | 0.72 |
| Waste Mined (Open Pit) | kt | **7699** | 11060 | 9714 | **35355** | 45545 |
| Ore Mined (U/G) | kt | **327** | 236 | 250 | **1023** | 830 |
| Ore Mined Grade (U/G) | g/t | **1.78** | 1.85 | 1.94 | **1.84** | 1.70 |
| Waste Mined (U/G) | kt | **30** | 67 | 49 | **206** | 203 |
| Mill Feed | kt | **1495** | 1616 | 1677 | **6164** | 6575 |
| Mill Feed Grade | g/t | **1.34** | 0.73 | 0.87 | **0.87** | 0.74 |
| Gold Recovery | % | **86.5** | 85.9 | 81.3 | **85.1** | 79.9 |

---

Full year production was at the top end of 2025 Guidance of 135,000 to 150,000 ounces of gold produced, while AISC<sup>†</sup> was delivered within the Guidance range of $1,800 to $1,950 per ounce.

Fourth quarter gold production was 70% higher than the prior quarter primarily driven by increased mill feed grade. Access to higher-grade fresh ore from Innes Mills Phase 8 drove an 84% increase in mill feed grade and a 71% increase in open pit ore tonnes mined. The production benefit of this was slightly offset by maintenance downtime leading to a 7% decrease in mill feed tonnes.

Fourth quarter gold production was 47% higher than the prior corresponding quarter primarily driven by higher mill feed grade and significantly higher recovery. The 54% increase in mill feed grade was largely due to higher-grade fresh ore from Innes Mills Phase 8 and a lower reliance on low-grade stockpiles. Additionally, continuous improvement initiatives, such as optimized ore blending and advanced grinding control, led to a 6% increase in recovery.

Full year gold production was 17% higher than the prior corresponding year driven by increased access to higher-grade open pit ore tonnes, as well as increased underground ore due to planned mine sequencing.

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Sales | koz | **53.7** | 32.7 | 36.5 | **144.9** | 124.8 |
| Average Gold Price Received | $/oz | **4186** | 3497 | 2660 | **3585** | 2400 |
| Cash Costs<sup>†</sup> | $/oz | **885** | 1345 | 1214 | **1215** | 1192 |
| AISC<sup>†</sup> | $/oz | **1286** | 2171 | 1535 | **1861** | 1906 |
| **Unit Costs** |  |  |  |  |  |  |
| Mining Cost (Open Pit)<sup>1</sup> | $/t mined | **1.90** | 1.66 | 1.36 | **1.78** | 1.45 |
| Mining Cost (U/G)<sup>1</sup> | $/t mined | **43.26** | 55.37 | 49.60 | **51.61** | 56.12 |
| Processing Cost | $/t milled | **7.52** | 8.44 | 7.53 | **9.13** | 7.61 |
| G&A Cost | $/t milled | **9.14** | 5.19 | 4.09 | **6.02** | 3.19 |

---

1Mining unit costs include allocation of any capitalized mining costs.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 13

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Fourth quarter open pit mining unit costs were 14% higher than the prior quarter, driven by a 20% decrease in tonnes mined. Open pit unit costs in the quarter were 40% higher than the prior corresponding quarter, driven by an 11% decrease in tonnes mined linked to achieving access to fresh ore as well as higher planned maintenance costs. Full year open pit mining unit costs were 23% higher than the prior corresponding year, primarily due to a 14% decrease in total tonnes mined, in line with plan, along with higher stock-based compensation expense and increased planned drill and blast activities.

Underground unit costs across all compared periods were lower primarily due to an increase in tonnes mined.

Fourth quarter processing unit costs were 11% lower than the prior quarter primarily due to seasonally higher electricity rates in the prior quarter offset by the 7% decrease in mill feed. Processing unit costs were 20% higher than the prior corresponding year, due to higher electricity rates, increased planned maintenance costs, higher stock-based compensation expense and a decrease in tonnes milled.

G&A unit costs were higher across all compared periods due to a higher allocation of site support services and an increase in stock-based compensation expense.

Fourth quarter AISC<sup>†</sup> of $1,286 per ounce was lower than the prior quarter primarily due to a 64% increase in gold sales volumes and seasonally higher electricity rates in the prior quarter, partially offset by higher sustaining capital spend on mobile equipment. Fourth quarter AISC<sup>†</sup> was 16% lower than the prior corresponding quarter primarily due to a 47% increase in gold sales volumes, partially offset by higher sustaining capital and government royalties. Full year AISC<sup>†</sup> was in line with the prior corresponding year as the 16% increase in gold sales volumes was offset by higher sustaining capital, year on year labour rate inflation, higher government royalties and increased electricity rates.

**Exploration**

Fourth quarter exploration expenditure totaled $2.5 million for 12,000 metres drilled. Drilling occurred at Coronation North and various extensions of the Innes Mills open pit, targeting the conversion of Inferred Mineral Resources.

Full year exploration expenditure totaled $6.6 million for a total of 30,500 metres drilled across Coronation, Coronation North, Golden Point Underground ("GPUG") and Innes Mills, primarily targeting the conversion of Inferred Mineral Resources. Exploration in 2025 was focused on increasing confidence in mine life extension targets.

Exploration activity at Macraes is set to increase 52% to $10 million in 2026, with approximately 45,500 metres of drilling planned. Drilling in the first quarter will focus on resource conversion at Coronation and GPUG and resource definition at GPUG extension and Innes Mills, where we will be evaluating the potential for future phases and cutbacks of existing open pits. Exploration will continue to focus on increasing confidence in mine life extension targets and expanding known resources in light of the current gold price environment.

**Projects**

In the fourth quarter, work commenced on the Macraes Phase 4 ("MP4") Fast-track application for the required permits for the ongoing mine life extension plans, expected to be submitted mid-year 2026.

An updated NI 43-101 technical report will be released by March 31, 2026, including open pit extensions at Macraes, supported by a higher gold price assumption, which extends the Mineral Reserve mine life to 2032.

Beyond the current Mineral Reserve life, further mine life extension opportunities are being evaluated that could potentially extend mine life into the 2040's, given the higher gold price environment.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 14

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**Waihi**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Produced | koz | **22.2** | 18.8 | 18.1 | **75.1** | 53.8 |
| Ore Mined | kt | **232** | 174 | 151 | **737** | 560 |
| Ore Mined Grade | g/t | **3.83** | 3.42 | 4.06 | **3.58** | 3.19 |
| Waste Mined | kt | **76** | 130 | 161 | **483** | 525 |
| Mill Feed | kt | **188** | 182 | 146 | **695** | 560 |
| Mill Feed Grade | g/t | **3.97** | 3.44 | 4.07 | **3.61** | 3.20 |
| Gold Recovery | % | **92.4** | 93.7 | 94.9 | **93.3** | 93.3 |

---

Full year production of 75,100 ounces exceeded top end of 2025 Guidance of 55,000 to 70,000 ounces of gold produced, while full year AISC<sup>†</sup> was in line with Guidance of $2,000 to $2,200 per ounce.

Fourth quarter gold production was 18% higher than the prior quarter primarily driven by an increase in mill feed grade. Planned underground mine sequencing drove a 12% increase in mined grade. The 33% increase in mined tonnes reflected the benefit of the underground improvement plan, with increased development rates allowing for better access to stope ore.

Fourth quarter gold production was 23% higher than the prior corresponding quarter driven by a 29% increase in mill feed tonnes processed. This was due to a 54% increase in tonnes mined as a result of the successful execution of the underground improvement plan. This plan has delivered more development, access to more stoping areas and enhanced mining practices that increased the extraction of high-grade ore.

Full year gold production was 40% higher than the prior corresponding year driven by increased mill feed at higher grades. The 24% increase in tonnes processed reflected the above mentioned underground improvement plan and mine sequencing.

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Sales | koz | **21.1** | 20.4 | 19.0 | **73.8** | 54.0 |
| Average Gold Price Received | $/oz | **4194** | 3482 | 2681 | **3523** | 2452 |
| Cash Costs<sup>†</sup> | $/oz | **1584** | 1539 | 1130 | **1561** | 1427 |
| AISC<sup>†</sup> | $/oz | **2068** | 2039 | 1557 | **2077** | 2087 |
| **Unit Costs** |  |  |  |  |  |  |
| Mining Cost<sup>1</sup> | $/t mined | **102.83** | 93.12 | 62.25 | **90.57** | 66.78 |
| Processing Cost | $/t milled | **30.77** | 32.46 | 25.95 | **31.10** | 29.66 |
| G&A Cost | $/t milled | **54.68** | 27.60 | 28.84 | **36.08** | 23.79 |

---

1Mining unit costs include allocation of any capitalized mining costs.

Fourth quarter mining unit costs were higher across all compared periods in support of the underground improvement plan.

Fourth quarter processing unit costs were 19% higher than the prior corresponding quarter, as higher costs driven by increased consumables and maintenance were partially offset by a 29% increase in tonnes milled.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 15

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Fourth quarter G&A unit costs were higher than all compared periods due to a higher allocation of site services in 2025 and higher stock-based compensation expense, partially offset by higher tonnes milled.

Fourth quarter AISC<sup>†</sup> of $2,068 per ounce was in line with the prior quarter. AISC<sup>†</sup> was 33% higher than the prior corresponding quarter due to the timing of costs associated with the underground improvement plan, partially offset by an 11% increase in gold sales. AISC<sup>†</sup> was in line with the prior year with the significant increase in gold sales offset by higher costs supporting the underground improvement plan.

**Exploration** 

Fourth quarter exploration expenditure totaled $4.3 million for 5,300 metres drilled across the Waihi District. The Waihi District comprises of the Waihi operation, which includes the currently producing Martha Underground, and the Waihi North Project ("WNP"), which includes Wharekirauponga.

At Martha Underground, 3,200 metres of resource conversion and definition drilling were completed on several promising targets.

At Wharekirauponga, 2,100 metres of drilling were completed with a continued focus on resource expansion and conversion of Inferred Mineral Resources on the southern-end of the East Graben (EG) vein, which remains open in multiple directions.

Full year exploration expenditure totaled $17.3 million for a total of 21,600 metres drilled across the Waihi District.

An increase in drilling is expected in 2026 with approximately 34,000 metres planned across the Waihi District, at a planned spend of $25 million (up $7.7 million year-on-year) targeting both conversion and growth throughout the year.

The Company's receipt of permit approval for WNP (as described below) confirms plans to effectively double the number of exploration drill sites and allowable drill rigs during 2026. Ramp up is expected to commence in the first half of 2026, which will accelerate both growth and conversion drilling at Wharekirauponga. The Company is targeting more than 300,000 ounces of Reserves conversion and 150,000 ounces of Inferred Resource growth at Wharekirauponga.

**Waihi North Project**

On December 18, 2025, the Company received permit approval for WNP. OceanaGold is now permitted to develop and operate WNP, which includes the high-grade Wharekirauponga Underground mine ("WUG"). The permit approval includes the development of WUG and the associated surface infrastructure, expansion of the current processing plant and water treatment plant and the construction of a new TSF.

Early works, design and project activities continued to advance at WNP in the fourth quarter. Access, drainage and pre-stripping commenced at the Willows site in preparation of the Willows bulk earthworks commencing in the first quarter of 2026. The construction of the 5 km services trench that will convey power, water and communications from the existing Waihi operations to the Willows surface facilities, and the civil works at the expanded water treatment plant site, are progressing well. Both projects are planned for completion by the second quarter of 2026, which will enable the decline and underground development work to commence thereafter.

The mining contractor for the tunnelling of the underground mine was selected in the fourth quarter of 2025 and is expected to mobilize and begin tunnelling in the first half of 2026.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 16

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The following table summarizes the capital and exploration spent on the Waihi North Project during the periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Growth capital<sup>1</sup> | **19.1** | 12.4 | 3.7 | **43.0** | 8.4 |
| Exploration | **2.5** | 2.8 | 1.6 | **10.1** | 8.5 |
| **Total expenditure** | **21.6** | 15.2 | 5.3 | **53.1** | 16.9 |

---

1Waihi North Project costs include study, permitting and property acquisition costs.

The deadline for lodging appeals closed on February 5, 2026, and any appeals had to be notified to OceanaGold by February 13, 2026. The Company received a notice of appeal from one party and remains confident in our ability to defend this appeal. No injunction has been sought on the Company's current activities. The Company continues to progress the project in line with the accelerated plan.

**Didipio**

**Production performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Produced<sup>1</sup> | koz | **23.8** | 21.9 | 19.7 | **90.7** | 97.0 |
| Copper Produced | kt | **3.2** | 3.1 | 3.1 | **13.3** | 12.3 |
| Ore Mined | kt | **415** | 374 | 307 | **1482** | 1513 |
| Ore Mined Grade - Gold | g/t | **1.62** | 1.49 | 1.54 | **1.58** | 1.71 |
| Ore Mined Grade - Copper | % | **0.48** | 0.42 | 0.40 | **0.48** | 0.45 |
| Waste Mined | kt | **40** | 18 | 30 | **107** | 119 |
| Mill Feed | kt | **972** | 1057 | 945 | **4051** | 3753 |
| Mill Feed Grade - Gold | g/t | **0.87** | 0.74 | 0.74 | **0.80** | 0.91 |
| Mill Feed Grade - Copper | % | **0.36** | 0.33 | 0.37 | **0.37** | 0.37 |
| Gold Recovery | % | **87.6** | 86.8 | 88.0 | **86.8** | 88.6 |
| Copper Recovery | % | **90.8** | 87.7 | 87.8 | **89.1** | 88.7 |

---

1Production is on a 100% basis as OceanaGold controls Didipio. Effective May 13, 2024, the ownership interest changed from 100% to 80% following the listing of 20% of Didipio's holding company on the Philippines Stock Exchange.

Full year production of 90,700 ounces was in line with Guidance of 85,000 to 105,000 ounces of gold produced. AISC<sup>†</sup> was marginally higher than the top end of Guidance of $1,150 to $1,250 per ounce.

Fourth quarter gold production was 9% higher than the prior quarter primarily driven by higher mill feed grade and the increase in associated recovery rates. The 18% increase in mill feed grade was largely due to planned mine sequencing. An 11% increase in ore tonnes mined reflected the ramp up of mining activities following the successful dewatering of the lower levels of the mine. This was offset by a planned shutdown leading to an 8% decrease in mill feed tonnes processed. Copper production was in line with the prior quarter.

Fourth quarter gold production was 21% higher than the prior corresponding quarter driven by an increase in mill feed tonnes processed at a higher mill feed grade. The 35% increase in ore tonnes mined was due to the above mentioned improved access. The 18% increase in gold mill feed grade was driven by planned mine sequencing and a higher proportion of underground material, which is higher grade than stockpiles used to supplement mill feed.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 17

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Full year gold production was 6% lower than the prior corresponding year. This was primarily due to the severe weather events in late 2024 restricting access to the lower levels of the mine for much of 2025. Additionally, mill feed grade was 12% lower due to less access to underground ore and mine sequencing.

**Financial performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Sales | koz | **20.6** | 29.7 | 20.8 | **88.7** | 100.4 |
| Copper Sales | kt | **2.9** | 4.4 | 2.8 | **13.5** | 11.7 |
| Average Gold Price Received | $/oz | **4355** | 3415 | 2693 | **3494** | 2434 |
| Average Copper Price Received | $/lb | **5.35** | 4.44 | 4.16 | **4.57** | 4.16 |
| Cash Costs<sup>†</sup> | $/oz | **883** | 787 | 1033 | **846** | 851 |
| AISC<sup>†2</sup> | $/oz | **1422** | 1213 | 1389 | **1255** | 1140 |
| **Unit Costs** |  |  |  |  |  |  |
| Mining Cost<sup>1</sup> | $/t mined | **45.74** | 42.05 | 51.05 | **43.33** | 40.50 |
| Processing Cost | $/t milled | **10.42** | 8.11 | 10.00 | **8.79** | 8.77 |
| G&A Cost | $/t milled | **18.95** | 11.50 | 15.12 | **13.20** | 12.61 |

---

1Mining unit costs include allocation of any capitalized mining costs.

2Excludes the Additional Government Share under the Financial or Technical Assistance Agreement ("FTAA") at Didipio as it is considered in the nature of an income tax.

Gold and copper sales in the fourth quarter were lower than the prior quarter due to the timing of concentrate shipments. Gold sales were lower than the prior corresponding year due to lower production as well as timing of shipments.

Fourth quarter mining unit costs were 9% higher than the prior quarter due to higher planned maintenance costs, partially offset by a 17% increase in tonnes mined. Mining unit costs were 10% lower than the prior corresponding quarter driven by an increase in tonnes mined. Mining unit costs were 7% higher than the prior corresponding year, primarily volume driven.

Fourth quarter processing unit costs were 28% higher than the prior quarter driven by an 8% decrease in mill feed resulting from a planned shutdown of the processing plant in the quarter.

Fourth quarter G&A unit costs were higher than all compared periods primarily due to a higher allocation of site services and increase in stock-based compensation expense.

Fourth quarter AISC<sup>†</sup> of $1,422 per ounce was 17% higher than the prior quarter primarily due to a decrease in gold and copper sales volumes related to production and timing of concentrate shipments, partially offset by lower sustaining capital spend on underground dewatering infrastructure. Full year AISC<sup>†</sup> was 10% higher than the prior corresponding year primarily due to a 12% decrease in gold sales volumes and an increase in sustaining capital spend for the same reasons noted above, partially offset by higher copper by-product credits.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 18

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**FTAA — Additional Government Share** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gross mining revenue | **122.1** | 140.7 | 78.7 | **436.6** | 338.6 |
| Less: Allowable deductions<sup>1</sup> | **(70.5)** | (50.6) | (56.0) | **(212.0)** | (206.7) |
| Less: Amortization deduction<sup>2</sup> | **(3.2)** | (3.3) | (3.2) | **(13.0)** | (13.0) |
| Net Revenue per the FTAA | **48.4** | 86.8 | 19.5 | **211.6** | 118.9 |
| Entitlement share | **60%** | 60% | 60% | **60%** | 60% |
| Total Government Share<sup>3</sup> <br>(60% of Net Revenue per the FTAA) | **29.1** | 52.1 | 11.7 | **127.0** | 71.3 |
| Deduct: Free-carried interest | **(2.6)** | (2.0) | (2.5) | **(7.8)** | (6.1) |
| Deduct: Production taxes | **(10.0)** | (8.8) | (9.3) | **(31.8)** | (29.4) |
| Deduct: Income tax | **(13.6)** | (24.7) | (7.3) | **(50.2)** | (27.7) |
| **Additional Government Share** | **2.9** | 16.6 | (7.4) | **37.2** | 8.1 |

---

1Allowable deductions under the FTAA include expenses attributed to exploration, development and commercial production, which includes expenses relating to mining, processing, exploration, capitalized deferred stripping costs, royalties, rehabilitation, marketing, administration, community and social development, depreciation and amortization and interest charged on borrowings.

2The FTAA Addendum and Renewal Agreement modified the amortization of unrecovered pre-operating costs to instead be deducted across a fixed period of 13 years commencing in 2021 and ending in 2034.

3All taxes and fees paid to the Philippine Government, including corporate income tax and indirect taxes such as excise, local business, property and withholding taxes, are deducted from the Government's 60% share of Net Revenue.

The Didipio Mine is held under the FTAA entered into with the Republic of the Philippines in June 1994, which was renewed in 2021, retroactively to 2019, for another 25-year period until June 2044.

Under the FTAA, "Net Revenue" is the gross mining revenue derived from operations, less allowable deductions and an amortization deduction. The Philippine Government is entitled to 60% of the Net Revenue of the mine less taxes and fees paid to the Government and other deductions.

The full year Additional Government Share of $37.2 million has been accrued, with the payment occurring annually in April of each year in respect of the preceding year. The Company made an Additional Government Share payment of $8.1 million in April 2025 related to 2024 amounts accrued at December 31, 2024 (April 2024: paid $20.3 million).

**Exploration** 

Fourth quarter exploration expenditure totaled $2.4 million.

A total of 5,700 metres were drilled from surface at prospects within the FTAA including True Blue, D'Fox and Napartan. At D'Fox, located approximately 3 km southeast of the Didipio Mine, six holes for 2,500 metres were completed. At True Blue, an area of known mineralization 800 metres northeast of the Didipio Mine, 1,000 metres of resource conversion drilling were completed.

At Napartan, five holes for 2,200 metres were drilled, completing the planned drill program. Based on the results received from the Napartan prospect and in line with requirements of the FTAA, a total area of 1,957 hectares was relinquished on December 31, 2025, which included Napartan. Under the terms of the FTAA, all mandatory relinquishments have now been completed and the final property boundary has been established.

Full year exploration expenditure totaled $5.5 million.

Underground exploration drilling has resumed in the first quarter of 2026, with Panel 3 resource conversion drilling prioritized.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 19

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In 2026, approximately 27,600 metres of drilling is planned from underground targeting Panels 3 and 4 and 10,300 metres of resource conversion drilling is planned for True Blue. Total exploration expenditure planned for 2026 is $10 million, up from the 2025 actual expenditures of $5.5 million.

**Projects**

A Pre-Feasibility Study ("PFS") in accordance with NI 43-101 Technical Report is in progress and is expected to be released in the first half of 2026.

**Other Properties**

**Regional Exploration Programs**

During and after the period, the Company continued to advance its regional exploration strategy in the United States on its two earn-in transactions which were completed in 2025.

**Brewer (South Carolina)**

The Company has an earn-in joint venture agreement with Carolina Rush relating to the Brewer Project, which includes a firm minimum commitment of funding $1.5 million in exploration expenditures in the first year. The agreement provides for an option for OceanaGold to earn up to an 80% interest by funding up to an aggregate of $20 million in staged exploration expenditures and exercising the underlying Brewer option by December 31, 2030.

During the quarter, approval was received from Carolina Rush Corporation's ("Carolina Rush") shareholders for the earn-in joint venture agreement relating to the Brewer Gold-Copper Project in South Carolina, located ~13 km from Haile. Drilling commenced in January 2026, testing deep porphyry style targets.

**TJ, Jake Creek, Hot Creek (Nevada)**

The Company has earn-in joint venture agreements with Headwater Gold Inc. ("Headwater") to explore each of the TJ, Jake Creek and Hot Creek projects in Nevada, which include a firm minimum commitment of funding an aggregate of $2.5 million in exploration expenditures across the three projects in the first two years. The agreements provide for staged expenditures of up to an aggregate of $65 million across the projects to earn up to a 65% interest in each project, with an option to earn a further 10% interest (for a total of 75%) in each project upon completion of a PFS and granting Headwater a 1% net smelter return royalty.

In December 2025, the initial drill program to test multiple epithermal vein targets was completed at the TJ project, with results pending.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 20

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**Consolidated Financial Results**

**Revenue**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold | $M | **615.4** | 404.2 | 400.6 | **1746.6** | 1186.7 |
| Copper | $M | **33.4** | 42.8 | 25.9 | **135.7** | 107.8 |
| Silver | $M | **7.4** | 6.3 | 4.0 | **24.9** | 12.9 |
| Treatment, refining and selling costs | $M | **(3.8)** | (4.8) | (3.2) | **(14.0)** | (13.4) |
| **Net revenue** | $M | **652.4** | 448.5 | 427.3 | **1893.2** | 1294.0 |
| Average Gold Price received | $/oz | **4227** | 3476 | 2665 | **3509** | 2433 |
| Average Copper Price received<sup>1</sup> | $/lb | **5.35** | 4.44 | 4.16 | **4.57** | 4.16 |

---

1The Average Copper Price received includes mark-to-market revaluation on shipments not yet finalized and final adjustments on prior period shipments.

Fourth quarter revenue of $652.4 million was 45% higher than the prior quarter due to a 22% increase in the average realized gold price combined with a 25% increase in gold sales volumes. Fourth quarter revenue was 53% higher than the prior corresponding quarter primarily due to a 59% higher average realized gold price.

Full year revenue was 46% higher than the prior corresponding year due to a 44% higher average gold price and a 2% increase in sales volumes.

**Operating Expenses**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Cost of sales, excluding depreciation and amortization | **231.3** | 208.4 | 155.1 | **763.7** | 600.5 |
| Depreciation and amortization | **81.1** | 62.3 | 100.5 | **252.0** | 321.2 |
| General and administration | **38.2** | 7.5 | 21.4 | **73.8** | 64.2 |
| Indirect taxes | **8.5** | 7.3 | 7.6 | **26.2** | 25.6 |
| Additional Government Share<sup>1</sup> | **2.9** | 16.6 | (7.4) | **37.2** | 8.1 |
| **Total Operating Expenses** | **362.0** | 302.1 | 277.2 | **1152.9** | 1019.6 |

---

1Refer to the Didipio section in this MD&A for more details.

Cost of Sales, excluding depreciation and amortization

Variance explanations are covered in the AISC<sup>†</sup> section of the 'Results Overview' and the 'Financial Performance' sections of each mining operation.

Depreciation and Amortization

Fourth quarter depreciation and amortization was 30% higher than the prior quarter as the increased access to fresh ore achieved at both Haile and Macraes during the quarter results in amortization of the costs that were capitalized during the stripping campaigns over unit-of-production. Depreciation and amortization was 19% and 22% lower than the prior corresponding quarter and year, respectively, primarily due to the mining profile at Haile, with Ledbetter Phase 2 producing high volumes of ore in the comparative 2024 periods.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 21

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General and Administration

Fourth quarter G&A expense was higher than the prior quarter and prior corresponding quarter primarily due to an increase in stock-based compensation expense driven by revaluation of the cash-settled portion of outstanding performance share rights to reflect increases in the Company share price during the period.

Full year G&A expense was 15% higher than the prior corresponding year for the same reasons mentioned above.

Additional Government Share

Variance explanation is covered in Didipio's 'FTAA - Additional Government Share' section of this MD&A.

**Other (expenses) / income and taxation**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| (Loss) gain on disposal of non-current assets | **(8.6)** |  | 1.1 | **(8.6)** | 18.1 |
| Foreign exchange gain (loss) | **1.9** | (2.0) | (3.0) | **(3.3)** | (7.9) |
| Interest expense and finance costs | **(3.6)** | (2.8) | (3.7) | **(12.8)** | (22.2) |
| Interest income | **3.6** | 1.8 | 0.8 | **8.5** | 3.1 |
| Net impairment reversal | **176.2** |  |  | **176.2** |  |
| NYSE / PSE listing costs | **(0.9)** | (1.6) |  | **(2.5)** | (10.9) |
| Restructuring expense | **—** |  |  | **—** | (1.9) |
| Other income (expense) | **3.1** | (0.1) | (2.3) | **3.2** | (5.3) |
| **Total Other (expenses) income** | **171.7** | (4.7) | (7.1) | **160.7** | (27.0) |
| Income tax expense recognized in net profit | **(128.3)** | (48.6) | (40.3) | **(255.3)** | (55.4) |

---

(Loss) gain on disposal of assets

Fourth quarter loss on disposal of assets relates to disposals of mineral properties and plant and equipment in the ordinary course of business.

Interest expense and finance costs

Fourth quarter interest expense and finance costs primarily relate to leases and accretion of asset retirement obligation liability. There is no bank debt outstanding with remaining debt repaid in the first quarter of 2025.

Full year interest and finance costs of $12.8 million were 42% lower than the prior corresponding year for the same reason, with no bank debt outstanding in 2025.

Net Impairment Reversal

Refer the Haile section above where reversal of the remaining historical impairment is described.

Income tax expense

Fourth quarter income tax expense was 164% higher than the prior quarter, primarily due to reversal of the historical impairment at Haile and increased operational profits.

Fourth quarter and full year income tax expense was higher than the prior corresponding quarter and full year period primarily due to reversal of the historical impairment at Haile, increased operational profits across the group, and a reduction in available tax losses. The tax effect of this Haile impairment reversal is adjusted as part of Adjusted Net Profit.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 22

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**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **$M, except AISC, average price and per share amounts** | **Q4 2025** | **Q3 2025** | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **Q1 2024** |
| Gold Produced<sup>1</sup> (koz) | **157.4** | 103.5 | 119.5 | 117.4 | 150.9 | 134.9 | 98.2 | 104.8 |
| Copper Produced<sup>1</sup> (kt) | **3.2** | 3.1 | 3.7 | 3.4 | 3.1 | 3.4 | 2.8 | 3.0 |
| Average Gold Price received ($/oz) | **4227** | 3476 | 3293 | 2858 | 2665 | 2511 | 2385 | 2092 |
| Average Copper Price received ($/lb) | **5.35** | 4.44 | 4.36 | 4.27 | 4.16 | 4.15 | 4.58 | 3.90 |
| Revenue | **652.4** | 448.5 | 432.4 | 359.9 | 427.3 | 345.2 | 251.2 | 270.3 |
| Adjusted EBITDA<sup>†</sup> | **374.0** | 210.7 | 219.5 | 193.0 | 251.3 | 162.8 | 109.0 | 80.9 |
| AISC<sup>†</sup> | **1761** | 2333 | 2027 | 1796 | 1563 | 1729 | 2131 | 1823 |
| Free Cash Flow<sup>†</sup> | **259.4** | 94.4 | 120.1 | 68.8 | 146.5 | 65.7 | 31.2 | 1.8 |
| Adjusted net profit<sup>†</sup><sup>2</sup> | **201.7** | 92.9 | 116.5 | 100.7 | 106.9 | 65.7 | 30.6 | 3.7 |
| Net profit (loss)<sup>2</sup> | **327.7** | 87.2 | 114.1 | 99.7 | 102.0 | 59.9 | 34.0 | (5.3) |
| **Earnings (loss) per share**<sup>2</sup> |  |  |  |  |  |  |  |  |
| Basic | **$1.44** | $0.38 | $0.49 | $0.43 | $0.43 | $0.25 | $0.14 | $(0.02) |
| Diluted | **$1.42** | $0.37 | $0.49 | $0.42 | $0.42 | $0.25 | $0.14 | $(0.02) |

---

1Production is shown on a 100% basis as all operations are controlled by OceanaGold.

2Attributable to the shareholders of the Company.

The most significant factors causing variation in the quarterly results are changes in: the gold and copper price and timing of sales; the production reflecting the variability in the grade of ore mined at each of the operations and associated movements in inventories; gold and copper recoveries; and the timing of deferred stripping costs, including amortization of those costs.

Notably, realized average gold prices have increased over 100% between the first quarter of 2024 and fourth quarter of 2025, which has directly translated into higher revenue, cash flow and profitability.

In the fourth quarter of 2025, a net pre-tax historical impairment at Haile of $176.2 million was reversed in response to sustained elevated gold prices throughout 2025 being reflected in longer term price forecasts. After tax effects, the net impairment reversal increased Net Profit by $133.0 million, which was excluded in the calculation of Adjusted Net Profit.

In the second quarter of 2024, there was a gain on sale of the Company's interest in the Blackwater project for cash consideration of $30.0 million, resulting in a pre-tax gain of $17.6 million.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 23

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**Liquidity and Capital Resources**

**Balance Sheet**

---

| | | |
|:---|:---|:---|
| **$M** | **December 31, 2025** | **December 31, 2024** |
| Cash and cash equivalents | **476.5** | 193.5 |
| Other Current Assets | **255.3** | 271.8 |
| Non-Current Assets | **2523.6** | 2023.8 |
| **Total Assets** | **3255.4** | 2489.1 |
| Current Liabilities | **505.7** | 308.8 |
| Non-Current Liabilities | **378.5** | 253.8 |
| **Total Liabilities** | **884.2** | 562.6 |
| **Total Shareholders' Equity** | **2267.1** | 1820.0 |
| **Non-controlling interest** | **104.1** | 106.5 |

---

Current assets increased $266.5 million during the year ended December 31, 2025 primarily due to a $283.0 million increase in cash (refer to the 'Cash Flows' section below).

Non-current assets increased by $499.8 million during the year ended December 31, 2025 primarily due to mining asset and property, plant and equipment additions at all sites, including deferred stripping costs at Haile and Macraes and capitalized mining related to underground development at all sites and the $176.2 million reversal of a historical impairment at Haile, partially offset by depreciation and amortization of mining assets and property, plant and equipment.

Current liabilities increased by $196.9 million during the year ended December 31, 2025 driven by a $103.2 million increase in trade and other payables attributed to higher activity, a $38.9 million increase in employee benefits, including stock based compensation, and a $63.7 million increase in taxes payable due to increased profitability at all sites and a $29.1 million increase in the Additional Government Share accrual, partially offset by ongoing net lease repayments of $8.2 million.

Non-current liabilities increased $124.7 million during the year ended December 31, 2025, with the increases in stock-based compensation related employee benefits of $33.6 million, asset retirement obligations of $21.4 million and deferred tax liabilities of $81.4 million, partially offset by a reduction in non-current leases of $11.7 million.

The decrease of $2.4 million in non-controlling interest relates to the $17.0 million share in earnings partially offset by $19.4 million of dividend payments for the 20% minority interest at Didipio during the year.

**Cash Flows**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Cash flows provided by Operating Activities | **358.2** | 227.5 | 246.1 | **984.2** | 593.9 |
| Cash flows used in Investing Activities | **(98.8)** | (133.1) | (99.6) | **(441.5)** | (348.7) |
| Cash flows used in Financing Activities | **(118.0)** | (57.5) | (120.7) | **(255.1)** | (120.5) |
| Free Cash Flow<sup>†</sup> | **259.4** | 94.4 | 146.5 | **542.7** | 245.2 |
| Free Cash Flow per share - diluted<sup>†</sup> | **$1.13** | $0.41 | $0.61 | **$2.32** | $1.01 |
| Operating Cash Flow per share - diluted<sup>†</sup> | **$1.21** | $0.93 | $1.08 | **$3.96** | $2.48 |

---

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 24

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Cash flows provided by operating activities in the fourth quarter increased by $134.1 million or 59% over the prior quarter, reflecting the benefit of higher realized gold prices and higher gold sales volumes. Full year cash flows provided by operating activities of $984.2 million were 66% higher than the prior corresponding year due to higher realized gold prices and volumes.

Cash flows used in investing activities for the fourth quarter of $98.8 million were 26% lower than the prior quarter due to the decrease in capital expenditure as discussed in the 'Results Overview - Capital and Exploration' section of this MD&A. Full year cash flows used in investing activities of $441.5 million were 27% higher than the prior corresponding year due to increased infrastructure projects at Haile and the Waihi North Project, as discussed in the 'Results Overview - Capital and Exploration' section of this MD&A, partially offset by the Blackwater project sale proceeds received in the second quarter of 2024.

Cash flows used in financing activities for the fourth quarter were $118.0 million, comprising $97.0 million of share buybacks under the NCIB at an average price of CAD$35.30 per share, $6.8 million and $6.4 million of dividends paid to shareholders of the Company and non-controlling interests respectively, and $9.3 million payment of lease liabilities.

In the prior quarter, cash outflows from financing activities included share buybacks of $39.0 million, dividends to shareholders of the Company and non-controlling interests of $6.9 million and $5.0 million respectively and repayment of lease liabilities of $6.6 million.

Full year cash flows used in financing activities of $255.1 million mainly reflect $175.0 million in share buybacks, payment of lease liabilities of $30.1 million and dividends paid to shareholders and non-controlling interests of $27.7 million and $19.4 million, respectively. In the prior corresponding year, cash flows used in financing activities of $120.5 million reflected the net proceeds of $95.1 million from the listing of 20% of OGP Inc. on the Philippine Stock Exchange, offset by $136.7 million in net repayment of debt, $31.4 million repayment of lease liabilities, $24.1 million of share buybacks, $14.1 million and $9.3 million of dividends paid to shareholders of the Company and non-controlling interests, respectively.

Fourth quarter and Full year Free Cash Flow<sup>†</sup> increased compared to all compared periods primarily due to higher realized gold prices, as well as higher gold sales volumes compared against prior quarter and prior year.

**Debt Management and Liquidity**

---

| | | |
|:---|:---|:---|
| **$M** | **December 31, 2025** | **December 31, 2024** |
| Amounts drawn under the revolving credit facility | **—** |  |
| Amounts drawn under the fleet facility<sup>1</sup> | **—** | (2.8) |
| Unamortized transaction costs | **—** | 1.2 |
| **Total debt** | **—** | (1.6) |
| Cash and cash equivalents | **476.5** | 193.5 |
| **Net Cash**<sup>†</sup> | **476.5** | 191.9 |

---

1Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility.

As at December 31, 2025, the Company was in a Net Cash<sup>†</sup> position of $476.5 million compared to $191.9 million as at December 31, 2024, reflecting strong Free Cash Flow<sup>†</sup> generation.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 25

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The Company has an undrawn revolving credit facility (the "Facility") with seven leading international banks for a total of $200 million plus a $50 million uncommitted accordion. The Facility is secured against present and future assets, property and undertakings and has a term maturing on December 31, 2027.

During the fourth quarter of 2024, the Company repaid all amounts drawn under the Facility and has not re-drawn since. As a result, there are no amounts drawn under the Facility as at December 31, 2025 (December 31, 2024: nil). As at December 31, 2025, the Company was in compliance with all covenant obligations related to the Facility.

The Company had immediately available Liquidity<sup>†</sup> of $676.5 million at December 31, 2025 (December 31, 2024: $393.5 million), comprised of $476.5 million (December 31, 2024: $193.5 million) in cash and $200.0 million (December 31, 2024: $200.0 million) in undrawn funds under the Facility. The increase in Liquidity<sup>†</sup> primarily relates to higher cash balances resulting from Free Cash Flow<sup>†</sup> generation, as noted above.

As at December 31, 2025, the Company was in a net current asset position of $226.1 million compared to $156.5 million as at December 31, 2024.

**Share Buyback**

On November 5, 2025, the Board of OceanaGold approved a 75% increase in the 2025 share repurchase program to a maximum of $175 million of common shares in the open market through the facilities of the TSX or alternative Canadian trading systems under the NCIB program. This amount was increased from the previously approved maximum of $100 million.

The NCIB program was renewed and expanded in July 2025, with the increased share repurchase limit providing the Company greater flexibility to continue share buybacks throughout the remainder of 2025 and the first half of 2026.

In July 2025, the TSX accepted the Company's entry into an automatic securities purchase plan ("ASPP") in connection with the NCIB. The ASPP allows for the purchase of common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackouts. As at December 31, 2025, no obligation to purchase shares existed under the ASPP.

During the fourth quarter of 2025, the Company repurchased and cancelled an additional 3.8 million common shares (full year: 9.9 million common shares) for consideration of $97.0 million (full year: $175.0 million) at an average price of CAD$35.30 per share (full year: CAD$24.54 per share).

During the period from July to December 2024, the Company repurchased and cancelled 2.9 million common shares for consideration of $24.1 million at an average price of CAD$11.37.

On February 18, 2026, the Board of Directors approved additional share buybacks to a maximum of $350 million of common shares in the open market through the facilities of the TSX or alternative Canadian trading systems under the NCIB program.

**Hedging**

The Company does not hedge any of its current or future gold sales, nor does it have any prepay agreements, or royalty financing arrangements so has benefited fully from the rising gold price.

The Company has a hedging program covering up to 80% of the forecast diesel consumption at Haile and Macraes on a rolling 12-month basis. The resulting hedging arrangements consist of monthly cash-settled

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 26

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swap transactions referencing the following appropriate diesel pricing indices to fix diesel prices and reduce input cost volatility:

• US Gulf Coast Ultra-Low Sulfur No 2 Diesel for an amount representing 80% of the forecast diesel consumption at Haile, split into even monthly amounts; and

• Platts Singapore (Gasoil) for an amount representing 80% of the forecast diesel consumption at Macraes, split into even monthly amounts.

The Company has elected to apply hedge accounting to these diesel hedging arrangements. During the year ended December 31, 2025, the Company recorded realized losses of $1.2 million within cost of sales and unrealized losses of $0.9 million in other comprehensive income as a result of the hedging arrangements.

The Company periodically uses forward contracts to hedge significant currency exposure.

There are no other hedges related to gold, silver, copper, currencies or diesel.

**Capital Commitments**

Capital commitments relate principally to the purchase of property, plant and equipment at Haile, Macraes and Waihi and the mine development at Macraes, Waihi and Didipio. The Company's capital commitments as at December 31, 2025, are as follows:

---

| | |
|:---|:---|
| **As at December 31, 2025**<br>**$M** | **Capital**<br>**Commitments**  |
| Within 1 year  | **42.3** |

---

**Related Party Transactions**

There were no related party transactions other than Key Management compensation during the period.

Key Management compensation is reported in the Company's audited consolidated financial statements for the year ended December 31, 2025.

**Outstanding Share Data**

The following table sets out the common shares, performance share rights and deferred units outstanding as at the date of this MD&A:

---

| | |
|:---|:---|
| **Shares/ units** | **February 18, 2026** |
| Common shares | **225,121,801** |
| Performance share rights | **5,408,352** |
| Deferred units | **431,593** |

---

**Non-IFRS Financial Information**

Throughout this MD&A, the Company has provided measures prepared according to International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") as well as certain non-IFRS performance measures. As non-IFRS performance measures do not have a standardized meaning prescribed by IFRS, they are unlikely to be comparable to similar measures presented by other companies. The Company provides these non-IFRS measures as they are used by certain investors to evaluate

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 27

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OceanaGold's performance. Accordingly, such non-IFRS measures are intended to provide additional information and should not be considered in isolation, or a substitute for measures of performance in accordance with IFRS.

These measures are used internally by the Company's Management to assess the performance of the business and make decisions on the allocation of resources and are included in this MD&A to provide greater understanding of the underlying performance of the operations. Investors are cautioned not to place undue reliance on any non-IFRS financial measures included in this MD&A.

**Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share**

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses and reversals, write-downs, foreign exchange (gains)/losses, gain on sale of assets, listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Net profit<sup>1</sup> | **327.7** | 87.2 | 102.0 | **628.7** | 187.4 |
| Foreign exchange (gain) loss | **(1.9)** | 2.0 | 3.0 | **3.3** | 7.9 |
| Gain on sale of Blackwater project | **—** |  |  | **—** | (17.6) |
| Impairment reversal | **(176.2)** |  |  | **(176.2)** |  |
| NYSE / PSE listing costs | **0.9** | 1.6 |  | **2.5** | 10.9 |
| Restructuring / Other costs | **—** | 1.5 |  | **1.5** | 1.9 |
| Write-down of assets | **8.0** | 0.6 | 1.9 | **8.8** | 8.3 |
| Tax expense on impairment reversal and sale of Blackwater project | **43.2** |  |  | **43.2** | 4.9 |
| **Adjusted net profit**<sup>1</sup> | **201.7** | 92.9 | 106.9 | **511.8** | 203.7 |
| **Weighted average number of common shares - fully diluted** | **230.2** | 233.0 | 241.5 | **233.5** | 241.6 |
| **Adjusted earnings per share** | **0.88** | 0.40 | 0.44 | **2.19** | 0.84 |

---

1Attributable to the shareholders of the Company.

**EBITDA and Adjusted EBITDA**

Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses and reversals, write-downs, gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non-recurring costs. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 28

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The following table provides a reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Net profit | **333.8** | 93.1 | 102.7 | **645.7** | 192.0 |
| Depreciation and amortization | **81.1** | 62.3 | 100.5 | **252.0** | 321.2 |
| Net interest expense and finance costs | **—** | 1.0 | 2.9 | **4.3** | 19.1 |
| Income tax expense on earnings | **128.3** | 48.6 | 40.3 | **255.3** | 55.4 |
| **EBITDA** | **543.2** | 205.0 | 246.4 | **1157.3** | 587.7 |
| Foreign exchange (gain) loss | **(1.9)** | 2.0 | 3.0 | **3.3** | 7.9 |
| Gain on sale of Blackwater project, net | **—** |  |  | **—** | (12.7) |
| Impairment reversal | **(176.2)** |  |  | **(176.2)** |  |
| NYSE / PSE listing costs | **0.9** | 1.6 |  | **2.5** | 10.9 |
| Restructuring / Other costs | **—** | 1.5 |  | **1.5** | 1.9 |
| Write-down of assets | **8.0** | 0.6 | 1.9 | **8.8** | 8.3 |
| **Adjusted EBITDA** | **374.0** | 210.7 | 251.3 | **997.2** | 604.0 |
| Revenue | **652.4** | 448.5 | 427.3 | **1893.2** | 1294.0 |
| **Adjusted EBITDA Margin** | **57%** | 47% | 59% | **53%** | 47% |

---

**Cash Costs and AISC**

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes the value of cash-settled stock-based compensation in the year of vesting. Cash costs are reduced by copper and silver by-product credits that are considered incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculation beginning in the first quarter of 2025.

The following table provides a reconciliation of consolidated Cash Costs and AISC:

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 29

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Cost of sales, excl. depreciation and amortization | **231.3** | 208.4 | 155.1 | **763.7** | 600.5 |
| Indirect taxes  | **8.5** | 7.3 | 7.6 | **26.2** | 25.6 |
| Selling costs  | **3.8** | 4.8 | 3.2 | **14.0** | 13.4 |
| Other cash adjustments<sup>2</sup> | **(26.8)** | (6.5) | (4.7) | **(43.8)** | (8.5) |
| By-product credits  | **(40.9)** | (49.0) | (29.7) | **(160.6)** | (120.5) |
| **Total Cash Costs (net)**  | **175.9** | 165.0 | 131.5 | **599.5** | 510.5 |
| Sustaining capital and leases | **53.3** | 43.7 | 34.1 | **158.2** | 107.5 |
| Deferred stripping and capitalized mining | **26.5** | 53.7 | 43.7 | **184.5** | 181.3 |
| Corporate general & administration<sup>3</sup> | **(1.6)** | 6.7 | 23.5 | **30.6** | 62.9 |
| Onsite exploration and drilling | **0.3** | 1.9 | 0.5 | **4.4** | 4.2 |
| **Total AISC** | **254.4** | 271.0 | 233.3 | **977.2** | 866.4 |
| Gold sales (koz) | **145.7** | 116.2 | 150.3 | **497.8** | 487.7 |
| **Cash Costs ($/oz)** | **1207** | 1420 | 875 | **1204** | 1047 |
| **AISC ($/oz)**<sup>1</sup> | **1761** | 2333 | 1563 | **1966** | 1777 |

---

1Excludes the Additional Government Share related to the FTAA at Didipio of $2.9 million, $16.6 million and $37.2 million for the fourth quarter, third quarter and full year 2025, respectively, as it is considered in the nature of an income tax.

2Other cash adjustments reflect the inclusion of cash settled stock-based compensation in AISC over the year of vesting.

3Corporate general & administration, in addition to cash settled stock-based compensation, includes the full year true-up in the fourth quarter related to site service allocations.

The following tables provide a reconciliation of Cash Costs and AISC for each operation:

Haile

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| **Cash costs of sales**<sup>1</sup> | **83.5** | 62.4 | 51.3 | **245.4** | 199.7 |
| By-product credits | **(1.0)** | (0.9) | (0.8) | **(5.7)** | (3.0) |
| Inventory adjustments | **(5.8)** | 4.5 | (6.5) | **(7.1)** | 2.0 |
| Freight, treatment and refining charges | **0.1** | 0.2 | 0.2 | **0.7** | 0.5 |
| **Total Cash Costs (net)** | **76.8** | 66.2 | 44.2 | **233.3** | 199.2 |
| Sustaining capital and leases | **23.0** | 20.1 | 20.5 | **69.7** | 53.1 |
| Deferred stripping and capitalized mining | **15.2** | 29.4 | 30.5 | **109.0** | 87.0 |
| Onsite exploration and drilling | **—** | 0.2 |  | **1.1** |  |
| **Total AISC** | **115.0** | 115.9 | 95.2 | **413.1** | 339.3 |
| Gold sales (koz) | **50.3** | 33.4 | 73.9 | **190.4** | 208.5 |
| **Cash Costs ($/oz)** | **1529** | 1981 | 598 | **1225** | 955 |
| **AISC ($/oz)** | **2295** | 3464 | 1287 | **2171** | 1628 |

---

1Reflects the inclusion of cash settled stock-based compensation over the year of vesting.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 30

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Macraes

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| **Cash costs of sales**<sup>1</sup> | **49.8** | 40.9 | 44.5 | **173.2** | 137.1 |
| Less: by-product credits | **(0.2)** |  | 0.2 | **(0.3)** | 0.1 |
| Royalties | **7.8** | 2.8 | 1.0 | **13.9** | 3.4 |
| Inventory adjustments | **(10.5)** | 0.1 | (1.7) | **(12.1)** | 7.4 |
| Freight, treatment and refining charges | **0.6** | 0.2 | 0.3 | **1.3** | 0.8 |
| **Total Cash Costs (net)** | **47.5** | 44.0 | 44.3 | **176.0** | 148.8 |
| Sustaining capital and leases | **16.6** | 10.6 | 5.9 | **45.0** | 24.1 |
| Deferred stripping and capitalized mining | **3.8** | 16.3 | 5.1 | **46.6** | 62.9 |
| Onsite exploration and drilling | **1.0** | 0.2 | 0.2 | **1.9** | 1.3 |
| **Total AISC** | **68.9** | 71.1 | 55.5 | **269.5** | 237.1 |
| Gold sales (koz) | **53.7** | 32.7 | 36.6 | **144.9** | 124.8 |
| **Cash Costs** **($/oz)** | **885** | 1345 | 1214 | **1215** | 1192 |
| **AISC** **($/oz)** | **1286** | 2171 | 1535 | **1861** | 1906 |

---

1Reflects the inclusion of cash settled stock-based compensation over the year of vesting.

Waihi

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| **Cash costs of sales**<sup>1</sup> | **40.2** | 30.9 | 22.1 | **128.6** | 80.9 |
| By-product credits | **(4.1)** | (3.1) | (2.1) | **(11.9)** | (5.6) |
| Royalties | **3.4** | 0.8 | 0.5 | **5.3** | 1.5 |
| Inventory adjustments | **(6.2)** | 2.7 | 0.9 | **(7.2)** | 0.1 |
| Add: Freight, treatment and refining charges | **0.1** | 0.1 | 0.1 | **0.3** | 0.2 |
| **Total Cash Costs (net)** | **33.4** | 31.4 | 21.5 | **115.1** | 77.1 |
| Sustaining capital and leases | **6.8** | 2.8 | 2.9 | **16.1** | 9.9 |
| Deferred stripping and capitalized mining | **3.4** | 6.8 | 5.6 | **20.6** | 22.8 |
| Onsite exploration and drilling | **(0.1)** | 0.7 | 0.3 | **1.3** | 2.9 |
| **Total AISC** | **43.5** | 41.7 | 30.3 | **153.1** | 112.7 |
| Gold sales (koz) | **21.1** | 20.4 | 19.0 | **73.8** | 54.0 |
| **Cash Costs ($/oz)** | **1584** | 1539 | 1130 | **1561** | 1427 |
| **AISC ($/oz)** | **2068** | 2039 | 1557 | **2077** | 2087 |

---

1Reflects the inclusion of cash settled stock-based compensation over the year of vesting.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 31

------

Didipio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| **Cash costs of sales**<sup>1</sup> | **42.9** | 37.1 | 40.0 | **150.4** | 147.6 |
| By-product credits | **(35.6)** | (45.0) | (27.0) | **(142.7)** | (112.0) |
| Royalties | **2.5** | 2.9 | 0.8 | **9.4** | 5.9 |
| Indirect taxes | **6.6** | 7.3 | 5.2 | **24.3** | 21.3 |
| Inventory adjustments | **(2.9)** | 15.2 | (1.7) | **16.1** | 5.0 |
| Freight, treatment and refining charges | **4.7** | 5.9 | 4.2 | **17.6** | 17.6 |
| **Total Cash Costs (net)** | **18.2** | 23.4 | 21.5 | **75.1** | 85.4 |
| Sustaining capital and leases | **6.9** | 10.8 | 4.8 | **27.4** | 20.4 |
| Deferred stripping and capitalized mining | **4.1** | 1.2 | 2.5 | **8.3** | 8.6 |
| General & administration<sup>2</sup> | **0.2** | 0.5 |  | **0.7** |  |
| Onsite exploration and drilling | **(0.3)** | 0.3 |  | **—** |  |
| **Total AISC** | **29.1** | 36.2 | 28.8 | **111.5** | 114.4 |
| Gold sales (koz) | **20.6** | 29.7 | 20.8 | **88.7** | 100.4 |
| **Cash Costs ($/oz)** | **883** | 787 | 1033 | **846** | 851 |
| **AISC**<sup>1</sup> **($/oz)** | **1422** | 1213 | 1389 | **1255** | 1140 |

---

1Reflects the inclusion of cash settled stock-based compensation over the year of vesting.

2Excludes the Additional Government Share of FTAA at Didipio of $2.9 million, $16.6 million and $37.2 million for the fourth quarter, third quarter, and full year 2025, respectively, as it is considered in the nature of an income tax.

**Net Cash/(Debt)**

Net Cash/(Debt) has been calculated as total debt plus cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health.

A reconciliation of this measure is provided in the 'Liquidity and Capital Resources - Debt Management and Liquidity' section of this MD&A.

**Liquidity**

Liquidity has been calculated as cash and cash equivalents and the total of funds available to be drawn under the Facility. Management believes this is a useful measure of the Company's ability to repay its current liabilities.

The following table provides a reconciliation of Liquidity:

---

| | | |
|:---|:---|:---|
| **$M** | **December 31, 2025** | **December 31, 2024** |
| Cash and Cash Equivalents | **476.5** | 193.5 |
| Funds available to be drawn under the Facility | **200.0** | 200.0 |
| **Liquidity** | **676.5** | 393.5 |

---

**Operating Cash Flow per share**

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted weighted average number of common shares issued and outstanding.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 32

------

The following table provides a reconciliation of total fully diluted Operating Cash Flow per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Cash provided by operating activities | **358.2** | 227.5 | 246.1 | **984.2** | 593.9 |
| Changes in working capital | **(79.6)** | (9.8) | 14.1 | **(59.3)** | 4.4 |
| **Cash flows provided by operating activities before changes in working capital** | **278.6** | 217.7 | 260.2 | **924.9** | 598.3 |
| Weighted average number of common shares - fully diluted | **230.2** | 233.0 | 241.5 | **233.5** | 241.6 |
| **Operating Cash Flow per share** | **$1.21** | $0.93 | $1.08 | **$3.96** | $2.48 |

---

**Free Cash Flow**

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of Free Cash Flow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Cash flows provided by Operating Activities | **358.2** | 227.5 | 246.1 | **984.2** | 593.9 |
| Cash flows used in Investing Activities | **(98.8)** | (133.1) | (99.6) | **(441.5)** | (348.7) |
| **Free Cash Flow** | **259.4** | 94.4 | 146.5 | **542.7** | 245.2 |
| Weighted average number of common shares - fully diluted | **230.2** | 233.0 | 241.5 | **233.5** | 241.6 |
| **Free Cash Flow per share** | **$1.13** | $0.41 | $0.61 | **$2.32** | $1.01 |

---

**Leverage Ratio**

Leverage Ratio is calculated as Net Cash/(Debt) divided by Adjusted EBITDA for the preceding 12-month period. Management believes this is a useful indicator to monitor the Company's ability to meet its financial obligations. The following table provides a reconciliation of the Leverage Ratio:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except ratio amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** |
| Net Cash/(Debt) | **476.5** | 334.9 | 191.9 |
| Adjusted EBITDA | **997.2** | 874.5 | 604.0 |
| **Leverage Ratio** | **0.00x** | 0.00x | 0.00x |

---

**Internal Controls Over Financial Reporting**

**Management's Annual Report on Internal Control Over Financial Reporting**

Management, with the participation of the Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations and may not prevent or detect misstatements. Even when the Company's system of internal control over financial reporting is

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 33

------

determined to be effective, it can only provide reasonable assurance with respect to financial statement preparation and presentation.

Management has used the criteria established in the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") to evaluate the effectiveness of the Company's internal control over financial reporting.

As at December 31, 2025, Management, with the participation of the Chief Executive Officer and the Chief Financial Officer, assessed the effectiveness of the Company's internal control over financial reporting and concluded that the Company's internal control over financial reporting was effective.

**Disclosure Controls and Procedures**

Disclosure controls and procedures are designed under applicable Canadian laws to provide reasonable assurance that information required to be disclosed in reports filed or submitted by the Company under Canadian securities legislation is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms and include, without limitation, controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted by the Company under Canadian securities legislation is accumulated and communicated to Management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. As at December 31, 2025, Management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures, as defined in the rules of the Canadian Securities Administrators. Based upon the results of that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2025, the Company's disclosure controls and procedures were effective.

**Changes in Internal Control Over Financial Reporting**

There has been no change in the Company's internal control over financial reporting during the year ended December 31, 2025 which has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

In preparation for the Company's listing on the New York Stock Exchange, Management has initiated a comprehensive project to: (a) evaluate the Company's internal control over financial reporting to satisfy the requirements of the U.S. Sarbanes-Oxley Act of 2002; and (b) expand the Company's control framework to meet the standards of operating effectiveness required under such requirements.

**Accounting Estimates, Policies and Changes**

The preparation of financial statements in conformity with IFRS requires Management to make estimates, judgements and assumptions that affect the amounts reported in the consolidated financial statements and related notes. The Company's material accounting policies and critical estimates and judgements are disclosed in Notes 3 and 4 of OceanaGold's audited consolidated financial statements for the year ended December 31, 2025.

**Risks and Uncertainties**

This document contains certain forward-looking statements that involve risks, uncertainties and other factors that could cause actual results, performance, prospects, opportunities and continued mining operations to differ materially from those expressed or implied by those forward-looking statements. The exploration and development of natural resources are highly speculative in nature and the Company's

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 34

------

business operations, investments and prospects are subject to significant risks, including, but not limited to, various operating, regulatory, consenting and permitting risks, the availability and effective management of water, risks associated with operating in foreign jurisdictions, risks associated with compliance with safety, health, social, environmental and other applicable laws and regulations, and climate change impacts and transition risks, such as regulatory, technological, legal and societal. For further detail and discussion of these risks and uncertainties, please refer to the risk factors set forth in the Company's most recent Annual Information Form available under the Company's profile on SEDAR+ at sedarplus.com and on the Company's website at oceanagold.com, and the Company's other filings and submissions with securities regulators on SEDAR+, which could materially affect the Company's business, operations, investments and prospects and could cause actual events to differ materially from those described in forward-looking statements relating to the Company. Additional risks and uncertainties not presently known to the Company or that the Company currently considers immaterial may also impair the business, operations, investments and prospects of the Company. If any of the risks actually occur, the business of the Company may be harmed and its financial condition and results of operations may suffer significantly.

**Notes to Reader**

**Cautionary Statement Regarding Forward-Looking Information**

This MD&A contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities laws which may include, but are not limited to, statements with respect to: the Company's production, cost and capital Guidance for 2026; the future financial and operating performance of the Company and its mining projects; the future price of gold, copper and silver; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserves and Mineral Resources estimates; costs of production; estimates of initial capital, sustaining capital, operating and exploration expenditures; costs and timing of the development of new deposits; costs and timing of the development of new mines; timing of the portal construction, first development ore and steady state production at LUG; timing of the construction of the services, civil works at the expanded water treatment plant site and the decline and underground development work at the Waihi North Project; timing of the mobilization and tunnelling of the underground mine at the Waihi North Project; costs and timing of future exploration and drilling programs, including the Company's site and regional exploration programs; the anticipated doubling of drill sites and allowable drill rigs at the Waihi North Project and an increase in the exploration budget for 2026; water management initiatives and strategies at the Company's operations; timing of filing of updated technical information and studies, including the Haile, Macraes and Didipio technical reports; estimated mine life of the Company's operations, including an extension to the mine life at Macraes; the expected timing for the transition of Ledbetter at Haile to an underground mine and related expected increase in NPV; the production profile at Haile from 2027 through 2031; the timing for continued open pit mining at Haile; the timing for submission of the MP4 Fast-track application for the required permits for the ongoing mine life extension plans at Macraes; anticipated production amounts; requirements for additional capital; governmental regulation of mining operations and exploration operations; timing and receipt of approvals, consents and permits under applicable legislation; the amount of and timing for anticipated purchases under the NCIB program; the increase in the Company's dividend payments; the expected timing for the Company's listing on the NYSE, subject to customary approvals; anticipated environmental risks; title disputes or claims; limitations of insurance coverage; and the timing and possible outcome of pending litigation and regulatory matters, including an appeal to the permit approval for the Waihi North Project. All statements in this MD&A that address events or developments that the Company expects to occur in the future are forward-looking

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 35

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statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold, copper and silver; general business, economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Philippines peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; challenges of effective water management; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits, including the FTAA; and those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available under the Company's profile on SEDAR+ at sedarplus.com and on the Company's website at oceanagold.com. The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any Mineral Resources or Mineral Reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 36

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forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Cautionary Statements for United States Readers**

The scientific and technical disclosure in this MD&A was prepared in accordance with NI 43-101, which differs from the scientific and technical disclosure requirements of the U.S. Securities and Exchange Commission (the "U.S. SEC") applicable to United States domestic companies. Accordingly, Mineral Resource and Mineral Reserve information and other scientific and technical information contained or referenced in this MD&A may not be comparable to similar information disclosed by United States companies subject to the scientific and technical disclosure requirements of the U.S. SEC. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.

**Qualified Persons**

Mr. Greg Hollett, the Company's Head of Mine Engineering, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Haile operational matters contained in this MD&A.

Mr. Euan Leslie, the Company's Group Mining Engineer, and Mr. Knowell Madambi, the Company's Manager – Technical Services & Projects, Macraes, each of whom is a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Macraes operational matters contained in this MD&A.

Messrs. Leslie and David Townsend, the Company's Manager – Mining (Underground), Waihi, each of whom is a qualified person as defined by NI 43-101, have reviewed and approved the disclosure of all scientific and technical information related to Waihi operational matters contained in this MD&A.

Mr. Phillip Jones, the Company's Head of Underground Mining, a qualified person as defined by NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to Didipio operational matters contained in this MD&A.

Mr. Keenan Jennings, the Company's Executive Vice President and Chief Exploration Officer, a qualified person as defined by NI 43-101, has approved the scientific and technical information regarding exploration matters contained in this MD&A.

<sup>†</sup> See "Non-IFRS Financial Information".

 *www.oceanagold.com* 37

## Exhibit 99.12

**Exhibit 99.12**

![covera.jpg](covera.jpg)

Consolidated

Financial Statements

For the years ended:

December 31, 2025 and 2024

![logoa.jpg](logoa.jpg)

------

**OceanaGold Corporation**

Consolidated Statements of Financial Position

As at December 31(in millions of United States dollars)

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **2025** | **2024** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents |  | $476.5 | $193.5 |
| &nbsp;&nbsp;Trade and other receivables | 6 | 17.4 | 13.7 |
| &nbsp;&nbsp;Inventories | 7 | 218.1 | 239.5 |
| &nbsp;&nbsp;Prepayments |  | 19.8 | 18.6 |
| Total current assets |  | 731.8 | 465.3 |
| **Non-current assets** |  |  |  |
| &nbsp;&nbsp;Trade and other receivables | 6 | 68.1 | 44.1 |
| &nbsp;&nbsp;Inventories | 7 | 142.2 | 111.0 |
| &nbsp;&nbsp;Deferred tax assets | 19 | 16.2 | 39.0 |
| &nbsp;&nbsp;Mineral properties, plant and equipment | 8 | 2297.1 | 1829.7 |
| Total non-current assets |  | 2523.6 | 2023.8 |
| **TOTAL ASSETS** |  | $**3255.4** | $**2489.1** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;Trade and other payables |  | $302.8 | $199.6 |
| &nbsp;&nbsp;Employee benefits |  | 67.6 | 28.7 |
| &nbsp;&nbsp;Current tax liabilities |  | 111.6 | 47.9 |
| &nbsp;&nbsp;Lease liabilities | 9 | 19.9 | 28.1 |
| &nbsp;&nbsp;Debt |  |  | 1.6 |
| &nbsp;&nbsp;Asset retirement obligations | 10 | 3.8 | 2.9 |
| Total current liabilities |  | 505.7 | 308.8 |
| **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;Employee benefits | 12 | 48.7 | 15.1 |
| &nbsp;&nbsp;Deferred tax liabilities | 19 | 115.0 | 33.6 |
| &nbsp;&nbsp;Lease liabilities | 9 | 30.2 | 41.9 |
| &nbsp;&nbsp;Asset retirement obligations | 10 | 184.6 | 163.2 |
| Total non-current liabilities |  | 378.5 | 253.8 |
| **TOTAL LIABILITIES** |  | **884.2** | **562.6** |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;Share capital | 11 | 1169.2 | 1219.5 |
| &nbsp;&nbsp;Retained earnings |  | 1089.2 | 611.6 |
| &nbsp;&nbsp;Contributed surplus |  | 68.6 | 64.8 |
| &nbsp;&nbsp;Other reserves |  | (59.9) | (75.9) |
| **TOTAL SHAREHOLDERS' EQUITY** |  | **2267.1** | **1820.0** |
| Non-controlling interest | 13 | **104.1** | **106.5** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** |  | $**3255.4** | $**2489.1** |

---

 *Subsequent events included in Note 11*

On behalf of the Board of Directors:

---

| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ Paul Benson* | &nbsp;&nbsp;*/s/ Sandra M. Dodds* |
| &nbsp;&nbsp;Paul Benson | &nbsp;&nbsp;Sandra M. Dodds |
| &nbsp;&nbsp;Director | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;February 18, 2026 | &nbsp;&nbsp;February 18, 2026 |

---

The accompanying notes to the Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 2

------

**OceanaGold Corporation**

Consolidated Statements of Income

For the years ended December 31(in millions of United States dollars, except per share data)

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **2025** | **2024** |
| &nbsp;&nbsp;**Revenue** | 14 | $**1893.2** | $**1294.0** |
| &nbsp;&nbsp;Cost of sales, excluding depreciation and amortization | 15 | (763.7) | (600.5) |
| &nbsp;&nbsp;Depreciation and amortization |  | (252.0) | (321.2) |
| &nbsp;&nbsp;General and administration |  | (73.8) | (64.2) |
| &nbsp;&nbsp;Indirect taxes |  | (26.2) | (25.6) |
| &nbsp;&nbsp;Additional Government Share | 16 | (37.2) | (8.1) |
| &nbsp;&nbsp;Operating profit |  | 740.3 | 274.4 |
| &nbsp;&nbsp;**Other (expense) income** |  |  |  |
| &nbsp;&nbsp;Foreign exchange loss |  | (3.3) | (7.9) |
| &nbsp;&nbsp;Impairment reversal, net | 5 | 176.2 |  |
| &nbsp;&nbsp;Interest expense and finance costs |  | (12.8) | (22.2) |
| &nbsp;&nbsp;Interest income |  | 8.5 | 3.1 |
| (Loss) gain on disposal of non-current assets | 17 | (8.6) | 18.1 |
| &nbsp;&nbsp;NYSE / PSE listing costs | 13 | (2.5) | (10.9) |
| &nbsp;&nbsp;Other income (expense) |  | 3.2 | (5.3) |
| &nbsp;&nbsp;Restructuring expense |  |  | (1.9) |
| &nbsp;&nbsp;Profit before income tax |  | 901.0 | 247.4 |
| &nbsp;&nbsp;Income tax expense | 19 | (255.3) | (55.4) |
| &nbsp;&nbsp;**Net profit** |  | $**645.7** | $**192.0** |
| &nbsp;&nbsp;**Attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 13 | $17.0 | $4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity holders of the Company |  | $628.7 | $187.4 |
| &nbsp;&nbsp;**Earnings per share attributable to shareholders of the Company** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 18 | $2.72 | $0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 18 | $2.69 | $0.78 |
| &nbsp;&nbsp;Weighted average number of common shares outstanding: |  |  |  |
| &nbsp;&nbsp;*(in millions)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic |  | 230.9 | 236.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted |  | 233.5 | 241.6 |

---

The accompanying notes to the Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 3

------

**OceanaGold Corporation**

Consolidated Statements of Comprehensive Income

For the years ended December 31(in millions of United States dollars, except per share data)

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **2025** | **2024** |
| &nbsp;&nbsp;**Net profit** |  | $**645.7** | $**192.0** |
| &nbsp;&nbsp;**Other comprehensive income** |  |  |  |
| &nbsp;&nbsp;*Items that may be reclassified to profit or loss* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation gain (loss) |  | $16.0 | $(53.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on fair value of derivative hedges |  |  | (0.9) |
| &nbsp;&nbsp;Other comprehensive income (loss), net of tax |  | 16.0 | (54.5) |
| **Total comprehensive income** |  | $**661.7** | $**137.5** |
| &nbsp;&nbsp;**Total comprehensive income attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 13 | 17.0 | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity holders of the Company |  | 644.7 | 132.9 |

---

The accompanying notes to the Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 4

------

**OceanaGold Corporation**

Consolidated Statements of Cash Flows

For the years ended December 31(in millions of United States dollars)

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **2025** | **2024** |
| **Operating activities** |  |  |  |
| Net profit |  | $645.7 | $192.0 |
| *Items not affecting cash*  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense |  | 252.0 | 321.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | 5 | (176.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 12 | 90.2 | 27.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss |  | 3.3 | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of assets | 17 | 8.6 | (18.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash other expenses |  | (2.2) | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-down of inventory | 7 | 0.2 | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense | 19 | 103.3 | 55.4 |
| Changes in working capital | 20 | 59.3 | (7.7) |
| **Net cash provided by operating activities** |  | **984.2** | **593.9** |
| **Investing activities** |  |  |  |
| Payment for property, plant and equipment |  | (102.0) | (48.2) |
| Payment for mining assets |  | (340.8) | (332.0) |
| Proceeds from sale of assets | 17 | 1.3 | 31.5 |
| **Net cash used in investing activities** |  | **(441.5)** | **(348.7)** |
| **Financing activities** |  |  |  |
| Repayment of lease liabilities | 9 | (30.1) | (31.4) |
| Repayment of debt |  | (2.8) | (186.7) |
| Proceeds from debt |  |  | 50.0 |
| Proceeds from PSE listing | 13 |  | 106.0 |
| PSE listing costs | 13 |  | (10.9) |
| Share buybacks | 11 | (175.1) | (24.1) |
| Dividends paid to equity holders of the Company |  | (27.7) | (14.1) |
| Dividends paid to non-controlling interests | 13 | (19.4) | (9.3) |
| **Net cash used in financing activities** |  | **(255.1)** | **(120.5)** |
| Effect of exchange rate changes on cash and cash equivalents |  | (4.6) | 7.1 |
| Net increase in cash and cash equivalents |  | 283.0 | 131.8 |
| Cash and cash equivalents at the beginning of the year |  | 193.5 | 61.7 |
| **Cash and cash equivalents at the end of the year** |  | $**476.5** | $**193.5** |

---

Supplemental cash flow information (Note 20).

The accompanying notes to the Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 5

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**OceanaGold Corporation**

Consolidated Statements of Changes in Equity

(in millions of United States dollars, except for per share data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**<br>**(in millions)** | **Share Capital** | **Contributed**<br>**Surplus** | **Other**<br>**Reserves** | **Retained**<br>**Earnings** | **Non-controlling Interest** | **Total** <br>**Equity** |
| **Balance at January 1, 2025** | **234.2** | $**1219.5** | $**64.8** | $**(75.9)** | $**611.6** | $**106.5** | $**1926.5** |
| Comprehensive income for the period |  |  |  | 16.0 | 628.7 | 17.0 | 661.7 |
| Employee share rights: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Share-based payments |  |  | 7.8 |  |  |  | 7.8 |
| &nbsp;&nbsp;Share rights vested | 0.9 | 4.8 | (4.0) |  |  |  | 0.8 |
| Share buybacks | (9.9) | (55.1) |  |  | (123.4) |  | (178.5) |
| Dividends declared |  |  |  |  | (27.7) | (19.4) | (47.1) |
| **Balance at December 31, 2025** | **225.2** | $**1169.2** | $**68.6** | $**(59.9)** | $**1089.2** | $**104.1** | $**2371.2** |
| **Balance at January 1, 2024** | **235.8** | $**1236.2** | $**73.2** | $**(14.6)** | $**438.3** | $**—** | $**1733.1** |
| Recognition of non-controlling interest |  |  |  | (6.8) |  | 111.2 | 104.4 |
| Comprehensive (loss) income for the period |  |  |  | (54.5) | 187.4 | 4.6 | 137.5 |
| Employee share rights: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Share-based payments |  |  | 15.7 |  |  |  | 15.7 |
| &nbsp;&nbsp;Forfeiture of rights |  |  | (1.9) |  |  |  | (1.9) |
| &nbsp;&nbsp;Share rights vested | 1.3 | 7.4 | (13.6) |  |  |  | (6.2) |
| &nbsp;&nbsp;Reclassification of performance share rights |  |  | (8.6) |  |  |  | (8.6) |
| Share buybacks | (2.9) | (24.1) |  |  |  |  | (24.1) |
| Dividends declared |  |  |  |  | (14.1) | (9.3) | (23.4) |
| **Balance at December 31, 2024** | **234.2** | $**1219.5** | $**64.8** | $**(75.9)** | $**611.6** | $**106.5** | $**1926.5** |

---

The accompanying notes to the Consolidated Financial Statements are an integral part of these financial statements. <br> OceanaGold Corporation 6

------

**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**1&nbsp;&nbsp;&nbsp;&nbsp;NATURE OF OPERATIONS**

OceanaGold Corporation (the "Company" or "OceanaGold") is domiciled in British Columbia, Canada and the registered address of the Company is Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada. The Company's common shares trade under the symbol 'OGC' on the Toronto Stock Exchange ("TSX") in Canada and under the symbol 'OCANF' on the OTCQX market in the United States.

The Company is engaged in the exploration, development and operation of gold and gold/copper mines. OceanaGold operates four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

The consolidated financial statements were approved by the Board of Directors on February 18, 2026.

**2&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION**

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board ("IFRS Accounting Standards").

These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value. The consolidated financial statements are presented in United States dollars ("USD"), unless otherwise noted.

**3&nbsp;&nbsp;&nbsp;&nbsp;MATERIAL ACCOUNTING POLICIES**

The material accounting policies used in the preparation of these consolidated financial statements are described below. These policies have been applied consistently to all the years presented, unless otherwise stated.

**Consolidation**

*Subsidiaries*

Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. All intercompany balances, transactions, revenues and expenses have been eliminated on consolidation.

The Company's material subsidiaries are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Company.

---

| | | | |
|:---|:---|:---|:---|
| **Name of entity** | **Country of incorporation** | **Ownership Interest** | **Ownership Interest** |
| **Name of entity** | **Country of incorporation** | **2025** | **2024** |
| Haile Gold Mine Inc. | United States | **100%** | **100%** |
| Oceana Gold (New Zealand) Limited | New Zealand | **100%** | **100%** |
| OceanaGold (Philippines) Inc. | Philippines | **80%** | **80%** |

---

**Foreign currency translation**

These consolidated financial statements are expressed in USD which is the reporting currency for OceanaGold Corporation.

During the year ended December 31, 2024, the Company completed a transition of its head offices from Australia to Canada. This resulted in a change in underlying transactions, events and circumstances, requiring a reassessment of the functional currency of the Company and certain non-operating subsidiaries. Primary and secondary factors under IAS 21, The effects of changes in foreign exchange rates, were considered and it was determined that USD represents OceanaGold's primary economic environment. On December 1, 2024, the functional currency of the Company and

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;7

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

certain non-operating subsidiaries changed from Australian dollars ("AUD") to USD. The major controlled entities of OceanaGold have either United States dollars or New Zealand dollars ("NZD") as their functional currency.

*Functional and presentation currency*

The financial statements of entities that have a functional currency different from the reporting currency are translated into USD as follows: assets and liabilities - at the closing rate at the date of the Consolidated Statements of Financial Position, and income and expenses - at the average monthly rate in the reporting period (as this is considered a reasonable approximation to actual rates). All resulting changes are recognized in OCI as cumulative translation adjustments.

When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in OCI related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in OCI related to the subsidiary are re-allocated between controlling and non-controlling interests.

*Transactions and balances*

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in currencies other than an operation's functional currency are recognized in the Consolidated Statements of Comprehensive Income

**Financial instruments**

*Cash and cash equivalents*

Cash and cash equivalents in the Consolidated Statements of Financial Position comprise cash at bank and on hand and short-term deposits that are highly liquid readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

*Trade and other receivables*

Trade and other receivables are initially recorded fair value, and then subsequently carried at amortized cost. The Company recognizes loss allowances for expected credit losses ("ECLs") on financial assets measured at amortized cost. The Company applies the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognized upon initial recognition of the receivables. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The collectability of trade and other receivables is reviewed on an ongoing basis, with anticipated losses regularly updated to reflect current and forward-looking information.

Trade receivables related to the provisionally priced concentrate sales are initially recorded at fair value, and then subsequently recorded at fair value through profit and loss each period until final settlement occurs.

*Other financial assets*

The Company classifies its financial assets according to the following measurement categories: amortized cost, fair value through other comprehensive income ("FVOCI"), or fair value through profit and loss ("FVPL"). The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.

Financial assets are recognized initially at fair value plus any directly attributable transaction costs, other than financial assets at FVPL. Subsequent measurement of financial assets depends on the Company's business model for managing the asset and cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its financial assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortized costs: Assets that are held for collection of contractual cash flows where those cash flows represent solely payment of principal and interest are measured at amortized cost.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;8

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FVOCI: Assets that are held for both collection of contractual cash flows and future potential sale, where the assets' cash flows represent solely payments of principal and interest, are measured at FVOCI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FVPL: Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL.

The Company's Management has elected to present the fair value gains and losses on equity investments in OCI. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the Company's right to receive payments is established.

The Company assesses the expected credit losses associated with its financial assets carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

*Trade and other payables*

Trade and other payables are liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services.

Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

*Interest bearing loans and liabilities*

All loans and borrowings are initially recognized at the fair value of the consideration received, net of issue costs associated with the borrowing. After initial recognition, interest bearing loans and liabilities are subsequently carried at amortized cost using the effective interest method by taking into account any issue costs and any discount or premium on settlement.

Borrowings are removed from the Consolidated Statements of Financial Position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the Consolidated Statements of Income as other income or finance costs. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.

**Inventories**

Ore stockpiles, gold in-circuit, gold on hand and gold and copper concentrate are valued at the lower of weighted average production cost and net realizable value. Production costs include the cost of raw materials, direct labour, mine-site overhead expenses and applicable depreciation and depletion of mineral properties, plant and equipment. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future production costs to convert the inventories into saleable form and estimated costs to sell.

Ore stockpile inventory represents mined ore that is available for further processing. In-circuit inventory represents material in the mill circuit that is in the process of being converted into a saleable form. Finished metal inventory represents gold and silver doré and concentrate located at the mine, in transit to customers and at refineries.

Stores inventories are valued at the lower of weighted average cost and net realizable value.

Any write-downs of inventory to net realizable value are recorded within cost of sales in the Statements of Income (Loss). If there is a subsequent increase in the value of inventory, the previous write-downs to net realizable value are reversed up to cost to the extent that the related inventory has not been sold.

**Plant and equipment**

Plant and equipment are stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the item.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;9

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

Subsequent major improvements and replacement costs are included in the asset's carrying amount, or recognized as a separate asset as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance costs are charged to the profit or loss during the reporting period in which they are incurred.

Plant and equipment, are depreciated over their estimated useful lives on a straight line or units of production basis, as considered appropriate, commencing from the time the asset is ready for its intended use.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Depreciation rates used are as follows: |  |
| &nbsp;&nbsp;Buildings | 2% - 10% per annum |
| &nbsp;&nbsp;Plant and mining equipment | unit of production based on reserves and resources  |
| &nbsp;&nbsp;Mobile mining and other equipment | 7% - 48% per annum |

---

The asset's residual values, useful lives and amortization methods are reviewed and adjusted if appropriate, at each financial year end.

An item of property, plant and equipment is derecognized upon disposal or when no further economic benefits are expected from its use.

Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognized.

**Mineral properties**

*Exploration and evaluation expenditure*

Exploration and evaluation expenditure is stated at cost and is accumulated in respect of each identifiable area of interest. Such costs are assessed to determine whether any impairment indicators exist at each reporting date considering indicators including the right to explore in the area of interest, planned expenditures on further exploration and evaluation in the specific area, discontinuation of activities in the specific area, and the existence of data that would indicate that the carrying amount of the asset is unlikely to be recovered in full. Accumulated costs in relation to an abandoned area are expensed in profit or loss in the period in which the decision to abandon the area is made. When facts or circumstances indicate impairment, an impairment test is performed in accordance with IAS 36, Impairment of Assets.

Once the technical feasibility, and commercial viability of extracting a mineral resource have been established, the value of the asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment. The exploration and evaluation asset is subject to an impairment assessment and any impairment loss recognized prior to reclassification.

*Mining properties in production*

After initial recognition, mining properties are valued at cost less accumulated depletion and any impairment losses. Amortization of capitalized mining property costs is on a units of production basis.

**Deferred stripping**

In open pit mining operations, it is necessary to remove overburden and other waste materials to access ore from which minerals can be extracted economically. The process of removing overburden and waste materials is referred to as stripping. During the development of a mine (or pit), before production commences, stripping costs are capitalized as part of the investment in construction of the mine (or pit) and are subsequently amortized over the life of the mine (or pit) on a units of production basis.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;10

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

Production stripping activity is included within Mining Assets. In order for production phase stripping costs to qualify for capitalization as a stripping activity asset, three criteria must be met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It must be possible to identify the "component" of the ore body for which access has been improved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It must be possible to reliably measure the costs that relate to the stripping activity.

A "component" is a specific volume of the ore body that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life.

Components of an ore body are determined with reference to life of mine plans and take account of factors such as the geographical separation of mining locations and/or the economic status of mine development decisions. Capitalized stripping costs are initially measured at cost and represent an accumulation of costs directly incurred in performing the stripping activity that improves access to the identified component of the ore body, plus an allocation of directly attributable overhead costs.

Such deferred costs are then charged against the income statement on a systematic units of production basis over the expected useful life of an identified component of the ore body.

**Impairment**

The carrying amounts of non-current assets included in mineral properties, plant and equipment are reviewed for impairment at the end of each reporting period. If there are indicators of impairment, the recoverable amount of the asset is estimated in order to determine the extent of any impairment. Where the asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash generating unit ("CGU") to which the asset belongs is determined. The recoverable amount of an asset or CGU is determined as the higher of its fair value less costs of disposal ("FVLCD") and its value in use. An impairment loss exists if the assets or CGU's carrying amount exceeds the recoverable amount and is recorded as an expense immediately.

FVLCD is the price that would be received from selling an asset in an orderly transaction between market participants at the measurement date. For mining assets this would generally be determined based on the present value of the estimated future cash flows arising from the continued development, use or eventual disposal of the asset. Costs of disposal are incremental costs directly attributable to the disposal of an asset. All inputs used are those that an independent market participant would consider appropriate.

Value in use is determined as the present value of the future cash flows expected to be derived from continuing use of an asset or cash generating unit in its present form. These estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash generating unit for which estimates of future cash flows have not been adjusted. FVLCD is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, which is best evidenced if obtained from an active market or binding sale agreement. Where neither exists, the fair value is based partly on a discounted cash flow projections model. Costs of disposal, other than those that have been recognized as liabilities, are deducted in measuring FVLCD.

Reversals of impairment are assessed at the end of each reporting period when there is indication that an impairment loss recognized previously may no longer exist or has decreased. If an impairment reversal indicator exists, the recoverable amount is calculated. If the recoverable amount exceeds the carrying amount, the carrying value of the CGU is increased to the recoverable amount net of depreciation. An impairment loss is reversed to the extent that the asset's new carrying amount does not exceed the original carrying amount, net of related accumulated depletion and depreciation. A reversal of an impairment loss is recognized as a gain in the Consolidated Statement of Income in the period it is determined.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;11

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**Leases**

At inception of a contract, the Company assesses whether the contract is,or contains a lease. A contract is, or contains a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less, and leases of low-value assets, of $5,000 or less. For these leases, the Company recognizes the lease payments as an expense in the Consolidated Statement of Income on a straight-line basis over the term of the lease.

The Company recognizes a lease liability and a right-of-use ("ROU") asset at the lease commencement date.

The lease liability is initially measured as the present value of future lease payments discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, each operation's applicable incremental borrowing rate. The incremental borrowing rate is the rate which the operation would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment.

Lease payments included in the measurement of the lease liability comprise the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed payments, less any lease incentives receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable lease payments based on an index or rate, initially measured using the index or rate as at the commencement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amounts expected to be payable by the lessee under the residual value guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The exercise price of a purchase option of the lessee is reasonably certain to exercise that option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payments of penalties for terminating the lease, if the lease term reflects exercising an option to terminate the lease.

The lease liability is subsequently measured by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increasing the carrying amount to reflect interest on the lease liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reducing the carrying amount to reflect lease payments made; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remeasuring the carrying amount to reflect any reassessment or lease modifications.

The lease payments exclude variable elements which are dependent on external factors. Variable lease payments not included in the initial measurement of the lease liability are recognized directly in the Consolidated Statements of Income. The principal repayments of the lease liabilities are recognized as part of financing activities, while interest payments are deductions from operating activities in the Consolidated Statements of Cash Flows.

The ROU asset is initially measured at cost, which comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of the initial measurement of the lease liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any lease payments made at or before the commencement date, less any lease incentives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any initial direct costs incurred by the lessee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An estimate of costs to be incurred by the lessee in dismantling and removing the underlying assets or restoring the site on which the assets are located.

The ROU asset is subsequently measured at cost, less any accumulated depreciation and any accumulated impairment losses, and adjusted for any remeasurement of the lease liability. It is depreciated in accordance with the Company's accounting policy for plant and equipment, from the commencement date to the earlier of the end of its useful life or the end of the lease term. On the consolidated balance sheet, ROU assets are reported in mineral properties, plant and equipment.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;12

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**Employee benefits**

*Wages, salaries and annual leave*

Liabilities for wages and salaries, including non-monetary benefits, and annual leave expected to be settled within 12 months of the reporting date are recognized in Employee Benefits in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

**Provisions**

Provisions are recognized when the Company has a present obligation, it is probable that there will be a future outflow of economic benefits and a reliable estimate can be made of the amount of the obligation.

When the Company expects some or all of a provision to be recovered from a third party, the receivable is recognized as a separate asset but only when the reimbursement is virtually certain and it can be measured reliably. The expense relating to any provision is presented in the Consolidated Statements of Income net of any reimbursement.

Provisions are measured at the present value of Management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability (if not built into the estimated cash flows). The increase in the provision due to the passage of time is recognized as an interest expense.

**Asset retirement obligations**

Asset retirement obligations include the dismantling and demolition of infrastructure and the removal of residual materials and remediation of disturbed areas. The provision is recognized in the accounting period when the obligation arising from the related disturbance occurs, whether this occurs during the mine development or during the production phase, based on the net present value of estimated future costs. The costs are estimated on the basis of a closure plan.

The future obligations for mine closure activities are estimated by the Company using mine closure plans or other similar studies which outline the activities to be undertaken to meet regulatory and internal requirements. Since the obligations are dependent on the laws and regulations of the countries in which the mines operate, they are regularly evaluated by management and external experts. Costs included in the obligations encompass all reclamation and other closure activities expected to occur progressively over the life of the operation, at the time of closure and post-closure in connection with disturbances as at the reporting date.

The amortization of the discount applied in establishing the net present value of provisions is accounted for in the Consolidated Statements of Income in each accounting period. The amortization of the discount is shown as an interest expense.

Other movements in the provisions for closure and restoration costs, including those resulting from new disturbance, updated cost estimates, changes to the useful lives of operations and revisions to discount rates are capitalized within mineral properties, plant and equipment, to the extent that any such amount does not exceed the recoverable amount of the asset. Any amount in excess of the recoverable amount is recognized as a loss immediately and any remaining balance that relates to sites that are closed are expensed to profit and loss.

The capitalized cost of the asset retirement obligation and other closure activities is recognized in the mineral properties, plant and equipment and depreciated on a unit-of-production basis over the expected mine life of the operation or asset to which it relates.

**Share capital**

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;13

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**Revenue recognition**

Revenue from contracts with customers is recognized when a customer obtains control of the promised asset and the Company satisfies its performance obligation. Revenue is allocated to each performance obligation. The Company considers the terms of the contract in determining the transaction price. The transaction price is based upon the amount the entity expects to be entitled to in exchange for the transferring of promised goods. Control is generally determined to be transferred when risk and title to the goods passes to the customer.

Bullion revenue is recognized at a point in time upon transfer of control to the customer and is measured based on the price specified in the sales contract at the time of sale.

Concentrate revenue is recognized when control is transferred to the buyer and is measured based on the estimated fair value of the total consideration receivable and is net of deductions related to treatment and refining charges using forward market gold, copper and silver prices on the expected date that the final sales prices will be fixed based on an agreed quotational period. Variations to the sales price occur based on movements in quoted market prices up to the date of final settlement are classified as provisional price adjustments and recorded within revenue. Changes in the fair value over the quotational period and up until final settlement are calculated by reference to the forward market prices.

**Interest income**

Interest income is recognized on a time proportional basis using the effective interest rate method.

**Stock-based compensation**

The Company provides equity-settled and cash-settled awards to employees, directors and other designated persons of the Company.

Equity-settled awards are measured at fair value at grant date. In valuing equity-settled awards, non-market performance conditions are not taken into account when estimating fair value, whereas market-based performance conditions, including TSR conditions, are incorporated into the grant date fair value.

The cost of equity-settled award is recognized, together with a corresponding increase in equity, over the period between the grant date and the date on which the relevant employees become fully entitled to the award ('vesting date').

The cumulative expense recognized for equity-settled awards at each reporting date until vesting date reflects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extent to which the vesting period has expired, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number of awards that, in the opinion of the directors of the Company, will ultimately vest.

No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date.

Cash-settled awards are measured at fair value at the grant date and remeasured to fair value at each reporting date until settlement.

The fair value of awards including those subject to total shareholder return TSR performance conditions, is determined using appropriate valuation techniques, including Monte Carlo simulations, based on observable market inputs such as share price, volatility, expected term and risk-free interest rates as described in Note 12.

The expense for cash-settled awards is recognized over the vesting period, with a corresponding liability recognized. Changes in the fair value of the liability is recognized in the Consolidated Statements of Income until settlement.

**Borrowing costs**

Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial period of time to prepare for its intended use are capitalized as part of the cost of the asset. Capitalization of borrowing costs begins when there are borrowings, and activities commence to prepare an asset for its intended use. Capitalization of borrowing costs ends when substantially all activity necessary to prepare a qualifying asset for its intended use are complete. When proceeds of project-specific borrowings are invested on a temporary basis, borrowing costs are capitalized net of any investment income.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;14

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**Income tax**

Income tax comprises current and deferred income tax. Income tax is recognized as a component of net profit except to the extent that it relates to items recognized directly in equity or as a component of OCI.

Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted, at the end of the reporting period.

Deferred income tax is recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the balance sheet date and which are expected to apply when the deferred tax assets are realized or the deferred tax liabilities are settled.

Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences and the carry forward of unused tax losses to the extent that it is probable that sufficient future taxable income, including income arising from reversing taxable temporary differences and tax planning opportunities, will be available against which those deductible temporary differences and the carry forward of unused tax losses can be utilized.

Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries except where the reversal of the temporary difference can be controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets are reviewed at the balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax assets to be recovered.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

**Global Minimum Top-up Tax - Pillar Two**

The International Accounting Standards Board issued amendments to IAS 12, Income Taxes, in response to the Organization for Economic Co-operation and Development's ("OECD") Pillar Two model tax rules. The amendments provide for a mandatory temporary exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The amendments also provide for separate disclosure of current tax related to Pillar Two income taxes, and in periods in which Pillar Two legislation is enacted or substantively enacted but not yet in effect, disclosure of known or reasonable estimable information that helps users of financial statements understand exposure to Pillar Two income taxes.

The Company has applied the mandatory temporary exception to recognizing and disclosing information relating to deferred taxes. Pillar Two legislation has been enacted or substantially enacted in certain jurisdictions in which the Company operates. The legislation is effective for the Company's financial year beginning January 1, 2024. The Company has assessed the potential exposure of Pillar Two legislation, and has not accrued any Pillar Two income taxes for the year ended December 31, 2025.

**Earnings per share**

Basic earnings/loss per share is calculated by dividing the net profit/loss by the weighted average number of shares outstanding during the period. Diluted earnings/loss per share is calculated by dividing the net profit/loss by the weighted-average number of shares outstanding during the period, assuming that all potentially dilutive securities were

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;15

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

exercised. The Company's potentially dilutive securities comprise stock based compensation granted to employees and directors.

**New IFRS accounting standards and pronouncements - not yet adopted**

**Amendments to IFRS 9: Financial Instruments and IFRS 7: Financial Instruments: Disclosures** 

In May 2024, the IASB issued amendments to update classification and measurement requirements in IFRS 9: Financial Instruments, and related disclosure requirements in IFRS 7: Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

The amendments are effective for annual periods beginning on or after January 1, 2026. The Company intends to apply the transition relief provided in the amendments, which allows entities to not reassess the contractual cash flow characteristics of financial assets recognized prior to the date of initial application. Accordingly, the Company expects the impact of the amendments to be limited to financial assets recognized or modified after the date of initial application. No significant impact on the classification and measurement of existing financial instruments is currently expected. The Company is continuing to assess the disclosure implications of the amendments on our financial statements.

**IFRS 18: Presentation and Disclosure in Financial Statements** 

In April 2024, the IASB issued IFRS 18: Presentation and Disclosure of Financial Statements ("IFRS 18"), which replaces IAS 1: Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management-defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified.

The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required. The Company is currently assessing the effect of this new standard on our financial statements.

**4&nbsp;&nbsp;&nbsp;&nbsp;CRITICAL ESTIMATES AND JUDGEMENTS**

The preparation of these consolidated financial statements in accordance with IFRS Accounting Standards requires the use of certain critical estimates and judgements. These estimates and judgements are based on Management's best knowledge of the relevant facts and circumstances, however, actual results may differ from the amounts included in the consolidated financial statements.

Areas where estimation uncertainty has the most significant effect on the amounts recognized in the consolidated financial statements include:

**Areas of judgement**

*Assessment of impairment and reverse impairment indicators*

Management applies significant judgement in assessing whether indicators of impairment or reversal of impairment exist for a CGU which would necessitate impairment testing. Internal and external factors used by Management to determine whether indicators exist include, but are not limited to, significant changes in the use of the asset, future metal prices,

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;16

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

the Company's market capitalization, capital and production forecasts, mineral reserve and resource quantities, and discount rates.

*Uncertain tax positions*

The Company's accounting policy for taxation requires Management's judgement in relation to the application of income tax legislation. There may be some transactions and calculations undertaken during the ordinary course of business where the ultimate tax determination is uncertain. The Company recognizes liabilities for tax, and if appropriate, taxation investigation or audit issues, based on whether tax is probable to be due and payable, including consideration of if there is further recourse to appeals. Where the taxation outcome of such matters is different from the amount initially recorded, such difference will impact the current and deferred tax positions in the period in which the assessment is made.

In addition, certain deferred tax assets for deductible temporary differences and carried forward taxation losses have been recognized. In recognizing deferred tax assets, assumptions have been made regarding the Company's ability to generate future taxable profits from current operations after reaching commercial production and successful development of certain identified exploration targets where there are higher degrees of confidence in the economic extraction of minerals.

Utilization of the tax losses also depends on the ability of the entity to satisfy certain tests such as substantial change of control tests at the time the losses are recouped. If the entities fail to satisfy the tests, the carried forward losses that are currently recognized as deferred tax assets would have to be written off to income tax expense. There is an inherent risk and uncertainty in applying this judgement and a possibility that changes in legislation or corporate merger and acquisition activity will impact upon the carrying amount of deferred tax assets and deferred tax liabilities recognized on the Consolidated Statements of Financial Position. Deferred taxes are disclosed within Note 19 to the financial statements.

Moreover, in certain jurisdictions, tax losses may be restricted and only available to offset future profits generated from the same mining permit area over a defined period. In this case, the recovery of the losses depends on the successful exploitation of the relevant project. Restricted losses could be forfeited if the project did not proceed. Disclosure of taxation is included in Note 19.

*Non-controlling interest (Note 27a)*

A third party has a contractual right to an 8% interest in the common share capital of OceanaGold Philippines, Inc. ("OGP"), the operating entity of the Didipio mine in the Philippines. The interest has similar voting and dividend rights to the remaining majority only once allocated to a court designated beneficiary. A subsidiary of the Company is currently involved in arbitration proceedings with the third party over certain payment claims.

At the same time, the third party is also involved in a legal dispute with another party over the ownership of the 8% interest. At December 31, 2025 no equity has been issued due to the various uncertainties and no non-controlling interest has been recognized. A non-controlling interest will be recognized once an obligation is determined to exist, and shares are issued. This requirement has not yet been satisfied due to, amongst other matters, a court restriction resulting from the litigation challenging the claim of this third party from a party not related to the Company.

**Areas of estimation uncertainty**

*Valuation of mineral properties, plant and equipment*

The Company assesses each CGU at period end, to determine whether there are any indications of impairment or reversal of impairment. Where an indicator of impairment or reversal exists, a formal estimate of the recoverable amount is made. An impairment loss is recognized when the carrying value of those assets is not recoverable. Where a previous impairment has been recorded, the Company analyzes any reverse impairment indicators. Impairment reversals are recognized in subsequent periods when there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognized. In undertaking this review, Management of the Company is required to make significant estimates of, amongst other things, future metal prices, production based on quantities of mineral reserves and resources, production costs, and discount rate. Management's estimates of

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;17

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

production based on quantities of mineral reserves and resources are based on information compiled by Qualified Persons (management's experts).

The recoverable amount of exploration assets is dependent on various factors including technical studies, further exploration, and the eventual grant of mining permits. Should these be unsuccessful, the exploration assets could be impaired.

*Net realizable value of inventories*

The Company reviews the carrying value of its inventories (Note 7) at each reporting date to ensure that the cost does not exceed net realizable value. Estimates of net realizable value include a number of assumptions and estimates, including the grade and quantity of ore, commodity price forecasts, foreign exchange rates and costs to process inventories to a saleable product.

*Asset retirement obligations*

Decommissioning and restoration costs are a normal consequence of mining activities, and the majority of this expenditure is incurred at the end of a mine's life. In determining an appropriate level of provision, consideration is given to the expected future costs to be incurred in respect of nature of planned rehabilitation work and the timing of these expected future costs (largely dependent on the life of the mine).

The ultimate cost of decommissioning and restoration is uncertain and costs can vary in response to many factors including changes to the relevant legal requirements, the emergence of new restoration techniques, experience at other mine sites, cost inflation above or below expectations, changes in the timing of cash flows which are based on life of mine plans and changes in discount rates. The expected timing of expenditure can also change, for example in response to changes in reserves or to production rates.

**5&nbsp;&nbsp;&nbsp;&nbsp;IMPAIRMENT OF NON-CURRENT ASSETS**

**Impairment indicators and testing**

The Company has four CGUs, Haile in the United States of America, Macraes and Waihi in New Zealand and Didipio in the Philippines. There were no impairment indicators identified at the Company's CGUs as at December 31, 2025.

As at December 31, 2025, the Company identified the increase in future gold price estimates as an indicator of impairment reversal at the Haile CGU. The recoverable amount of Haile was determined and the Company recorded a pre-tax impairment reversal of $178.6 million, before expensing $2.4 million in exploration assets (net of deferred tax: $133.0 million). This value related entirely to mineral properties, plant and equipment as the recoverable amount exceeded the carrying amount. The net impairment charge previously recorded was reversed in full.

Mineral properties, plant and equipment at the Haile CGU after the $176.2 million net impairment reversal amounts to $1,190.9 million.

**Key assumptions used for the impairment reversal assessment performed during the year ended December 31, 2025**

The recoverable value of a CGU is determined using the fair value less cost of disposal ("FVLCD") method applied by using a discounted cash flow model based on life of mine financial plans. Significant assumptions used by Management to determine the recoverable amount include future gold prices, production based on estimated quantities of mineral reserves and resources, production costs, capital expenditures, and discount rate.

The table below summarizes the gold price assumptions used in determining the recoverable amount.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Key Assumption** | **2026 - 2028** | **2029+** |
| &nbsp;&nbsp;Gold price (US$ per ounce) | $3930 - $3690 | $3140 |

---

Future gold prices used in the discounted cash flow model are determined with reference to market consensus estimates observed during the fourth quarter of 2025. Management's estimates of production based on quantities of mineral reserves and resources are based on information compiled by Qualified Persons. Production costs and capital

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;18

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

expenditures included in the discounted cash flow model are based on operating plans which consider past and estimated future performance.

The valuation of the recoverable amount is most sensitive to the future gold price. A decrease in the gold price assumptions to $2,400 per ounce would reduce the recoverable amount to equal the carrying amount.

**6&nbsp;&nbsp;&nbsp;&nbsp;TRADE AND OTHER RECEIVABLES**

---

| | | |
|:---|:---|:---|
| | **December 31**<br>**2025** | **December 31**<br>**2024** |
| &nbsp;&nbsp;Trade receivables | $4.5 | $5.2 |
| &nbsp;&nbsp;Indirect tax receivables | 41.2 | 21.8 |
| &nbsp;&nbsp;Security deposits | 31.9 | 27.7 |
| &nbsp;&nbsp;Other receivables | 7.9 | 3.1 |
| &nbsp;&nbsp;**Total trade and other receivables** | $**85.5** | $**57.8** |
| &nbsp;&nbsp;Current | $17.4 | $13.7 |
| &nbsp;&nbsp;Non-Current | $68.1 | $44.1 |

---

**7&nbsp;&nbsp;&nbsp;&nbsp;INVENTORIES**

---

| | | |
|:---|:---|:---|
| | **December 31**<br>**2025** | **December 31**<br>**2024** |
| &nbsp;&nbsp;Ore | $199.0 | $219.1 |
| &nbsp;&nbsp;Gold in circuit | 34.8 | 27.9 |
| &nbsp;&nbsp;Gold on hand | 6.5 | 1.5 |
| &nbsp;&nbsp;Gold and copper concentrate | 12.8 | 16.0 |
| &nbsp;&nbsp;Stores inventory | 107.2 | 86.0 |
| &nbsp;&nbsp;**Total inventories** | $**360.3** | $**350.5** |
| &nbsp;&nbsp;Current | $218.1 | $239.5 |
| &nbsp;&nbsp;Non-Current | $142.2 | $111.0 |

---

There was $0.2 million of stores inventory written down in cost of sales during the year ended December 31, 2025 (year ended December 31, 2024: $8.3 million).

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;19

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**8&nbsp;&nbsp;&nbsp;&nbsp;MINERAL PROPERTIES, PLANT AND EQUIPMENT**

The following tables summarize the net book value of mineral properties, plant and equipment as at December 31, 2025 and 2024 and the changes during the years then ended:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Mineral properties** | **Land, Buildings, Plant & Equipment** | **Construction-in-progress** | **Exploration and evaluation** | **Total** |
| **Net book value** | | | | | |
| **At January 1, 2025** | $**808.7** | $**741.8** | $**191.1** | $**88.1** | $**1829.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 145.2 | 127.2 | 182.4 | 30.8 | 485.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers | 247.1 | (58.6) | (184.3) | (4.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals |  | (3.1) |  | (5.2) | (8.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | (121.4) | (106.2) |  |  | (227.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal (expense) | 68.4 | 109.2 |  | (1.4) | 176.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in rehabilitation provision | 18.0 | 0.3 |  |  | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange and other | 16.7 | 4.3 | 0.9 | 1.3 | 23.2 |
| **At December 31, 2025** | $**1182.7** | $**814.9** | $**190.1** | $**109.4** | $**2297.1** |
| Cost | $3169.9 | $1944.8 | $190.1 | $109.4 | $5414.2 |
| Accumulated amortization and impairment | (1987.2) | (1129.9) |  |  | (3117.1) |
| **At December 31, 2025** | $**1182.7** | $**814.9** | $**190.1** | $**109.4** | $**2297.1** |

---

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;20

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

Impairment reversal relates to Haile CGU as described in Note 5.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mineral properties** | **Land, Buildings, Plant & Equipment** | **Construction-in-progress** | **Exploration and evaluation** | **Total** |
| **Net book value** |  |  |  |  |  |
| **At January 1, 2024** | $**757.4** | $**800.5** | $**207.4** | $**91.3** | $**1856.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 173.7 | 62.3 | 147.8 | 15.4 | 399.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers | 146.2 | 11.1 | (154.7) | (2.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals |  | (1.4) | (3.3) | (8.8) | (13.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (231.4) | (111.1) |  |  | (342.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in rehabilitation provision |  | (2.2) |  |  | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange and other | (37.2) | (17.4) | (6.1) | (7.2) | (67.9) |
| **At December 31, 2024** | $**808.7** | $**741.8** | $**191.1** | $**88.1** | $**1829.7** |
| Cost | $2608.7 | $1812.3 | $191.1 | $88.1 | $4700.2 |
| Accumulated amortization and impairment | (1800.0) | (1070.5) |  |  | (2870.5) |
| **At December 31, 2024** | $**808.7** | $**741.8** | $**191.1** | $**88.1** | $**1829.7** |

---

**Right-of-use assets**

The Company recognizes right-of-use ("ROU") assets primarily relating to machinery and equipment leases, measured initially at cost and subsequently at cost less accumulated depreciation and impairment. ROU assets are depreciated on a straight-line basis over the lease term and are presented within land, buildings, plant and equipment, with depreciation included in depreciation expense. During the year, additions were $9.9 million (2024: $12.2 million), depreciation was $16.1 million (2024: $26.7 million), and transfers were $9.5 million (2024: $5.5 million). The carrying amount of ROU assets was $51.0 million at December 31, 2025 (December 31, 2024: $65.9 million).

All machinery and equipment right-of-use assets are pledged as security for lease liabilities (Note 9).

**9&nbsp;&nbsp;&nbsp;&nbsp;LEASE LIABILITIES**

---

| | | |
|:---|:---|:---|
| | **December 31**<br>**2025** | **December 31**<br>**2024** |
| &nbsp;&nbsp;Within 1 year | $22.3 | $30.8 |
| &nbsp;&nbsp;1 to 5 years | 32.9 | 46.0 |
|  | 55.2 | 76.8 |
| &nbsp;&nbsp;Future finance charges | (5.1) | (6.8) |
| &nbsp;&nbsp;**Present value of minimum lease payments** | $**50.1** | $**70.0** |
| &nbsp;&nbsp;Current | $19.9 | $28.1 |
| &nbsp;&nbsp;Non-current | $30.2 | $41.9 |

---

Finance leases are used to fund the right-of-use assets (Note 8), including acquisition of plant and equipment, primarily mobile mining equipment. Rental payments are subject to monthly or quarterly interest rate adjustment.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;21

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

The Company has provided guarantees for certain mobile mining equipment leases. At December 31, 2025, the outstanding rental obligations (including finance charges) under these leases (which excluded any non-mobile mining equipment leases) amounted to $23.6 million (December 31, 2024: $58.1 million). Associated with these guarantees are certain financial compliance undertakings by the Company, including gearing covenants. The Company is in full compliance with these covenants as at December 31, 2025.

During the year ended December 31, 2025, the Company made principal lease liabilities payments of $30.1 million (2024: $31.4 million) and interest payments of $5.2 million (2024: $6.3 million). Interest rates are linked to the Secured Overnight Financing Rate (SOFR) under terms that are normal for leasing arrangements.

**10&nbsp;&nbsp;&nbsp;&nbsp;ASSET RETIREMENT OBLIGATIONS**

The following tables summarize the Company's asset retirement obligations as at December 31, 2025 and 2024 and the changes during the years then ended:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **At January 1** | $**166.1** | $**174.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimates | 18.9 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion | 3.9 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilized | (2.3) | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange adjustment | 1.8 | (8.2) |
| **At December 31** | $**188.4** | $**166.1** |
| Current | $3.8 | $2.9 |
| Non-current | $184.6 | $163.2 |

---

A provision for rehabilitation is recorded in relation to mining operations for the rehabilitation of the disturbed mining area to a state acceptable to various regulatory authorities. While rehabilitation is ongoing, final rehabilitation of the disturbed mining area is not expected until the cessation of mining for each of Haile, Macraes, Waihi and Didipio. Rehabilitation provisions are based on rehabilitation plans estimated on survey data, expected labour rates and the timing of the current mining schedule. Provisions are discounted using a risk-free rate, with the cash flows adjusted for risks.

Asset retirement obligations are initially recorded as a liability at present value of estimated future costs, using risk free discount rates of between 1.89% and 5.85% (2024: 2.15% to 6.00%). The liability for retirement and remediation on an undiscounted basis is estimated to be approximately $250.8 million (2024: $234.4 million).

**11&nbsp;&nbsp;&nbsp;&nbsp;SHARE CAPITAL**

**Authorized capital** 

The Company is authorized to issue an unlimited number of common shares with no par value.

**Share Consolidation** 

On June 23, 2025, a share consolidation was completed on the basis of one post-consolidation common share for every 3 pre-consolidation common shares. The consolidation reduced the number of common shares issued and outstanding from 693,379,818 common shares to 231,126,566 common shares. The common shares commenced trading on the Toronto Stock Exchange (the "TSX") on a post-consolidation basis on the opening of trading on June 23, 2025. The number of shares issuable under the Company's stock-based compensation plans were proportionately adjusted upon completion of the consolidation. All information relating to earnings per share, issued and outstanding common shares, share rights, deferred units, and per share amounts in these financial statements have been adjusted retrospectively to reflect the share consolidation.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;22

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**Dividends**

During the year ended December 31, 2025, the Company declared and paid four dividends of $0.03 per common share totaling $27.7 million to equity holders of the Company (year ended December 31, 2024: declared and paid two dividends of $0.03 per common share totaling $14.1 million to equity holders of the Company).

On February 18, 2026, OceanaGold declared a dividend of $0.09 per common share.

**Share buyback**

In July 2025, the Company received approval from the TSX to buyback up to 23 million common shares, pursuant to a Normal Course Issuer Bid ("NCIB") in the open market through the facilities of the TSX or alternative Canadian trading systems over the next 12 months. During the year ended December 31, 2025, the Company repurchased and cancelled 9,933,700 common shares for consideration of $175.1 million, excluding $3.4 million in applicable taxes.

In July 2025, the TSX accepted the Company's entry into an automatic securities purchase plan ("ASPP") in connection with the NCIB. The ASPP allows for the purchase of common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackouts. As at December 31, 2025, the Company had no obligation to purchase shares under the ASPP.

On February 18, 2026, the Board of Directors approved additional share buybacks to a maximum of $350 million of common shares in the open market through the facilities of the TSX or alternative Canadian trading systems under the NCIB program.

**12&nbsp;&nbsp;&nbsp;&nbsp;STOCK-BASED COMPENSATION**

**Performance share rights plan**

The following table summarizes the outstanding rights granted under the performance share rights plan as at December 31, 2025 and December 31, 2024 and the changes during the years then ended:

---

| | | |
|:---|:---|:---|
| | **2025**<br>**Units** | **2024**<br>**Units** |
| &nbsp;&nbsp;**At January 1** | **5699442** | **5641150** |
| &nbsp;&nbsp;Granted | 2337184 | 2704175 |
| &nbsp;&nbsp;Forfeited | (870197) | (687465) |
| &nbsp;&nbsp;Vested | (1650580) | (1958418) |
| &nbsp;&nbsp;**At December 31** | **5515849** | **5699442** |
| &nbsp;&nbsp;**Exercisable at year end** | **—** | **—** |

---

The performance share rights outstanding at December 31, 2025 had a weighted average remaining life of 1.4 years with no exercise price.

Performance share rights granted to designated participants may from time to time vest when the Company meets target milestones for the applicable performance period, in accordance with the vesting schedule established at the time of grant by the Board. There are two components to each performance share right: a performance condition based on the Company's share price performance relative to peers ("TSR") and a service condition. Rights granted were priced using a Monte Carlo simulation to model the Company's future price and TSR performance against the comparator group at the future vesting date. The performance condition weighting varies according to the designated participants' job levels with vesting up to 200% of target. Upon vesting at discretion of the Board, the performance share rights are payable partly in shares and partly in cash in accordance with the plan.

In 2025, performance rights vested at 156% (2024: 150%).

In 2024, the Company established an intention to settle performance rights partly in cash. Accordingly, the Company reclassified $8.6 million related to the cash portion of its outstanding unvested performance rights as financial liabilities in Employee Benefits from Contributed Surplus during the year ended December 31, 2024.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;23

------

**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

At December 31, 2025, the fair value of the outstanding unvested performance rights and corresponding liability of $62.9 million (December 31, 2024: $17.0 million) is recorded within employee benefits.

The following are the weighted average assumptions used in determining the grant-date fair value of the performance share rights for:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | **Expected Volatility** | **Risk-Free Interest Rate** | **Expected Life of Option (years)** | **Exercise Price (CAD)** | **Share Price at Grant Date**<br>**(CAD)** | **Weighted Average Fair Value (CAD)**  |
| &nbsp;&nbsp;2025 | 48.93% | 2.47% | 3 | $– $| 12.57 | $15.39 |
| &nbsp;&nbsp;2024 | 49.99% | 3.87% | 3 | $– $| 8.34 | $12.51 |

---

**Cash rights plan**

Under the cash rights plan, the Company issues cash rights to certain employees that require a cash settlement linked to the prevailing share price of the Company after completion of the three-year service based vesting period. Any changes in fair value are recognized in the Consolidated Statements of Income with a corresponding increase or decrease in liability (2025: $21.5 million, 2024: $3.6 million).

**Stock-based compensation**

The stock-based compensation expense for 2025 of $90.2 million (2024: $27.7 million) is comprised of $62.8 million (2024: $23.8 million) from performance share rights, $18.4 million (2024: $2.9 million) from cash rights, and $9.0 million (2024: $1.0 million) from DUP. At December 31, 2025 the current liability, excluding DUP, is $38.4 million (2024: $10.8 million) and the non-current liability is $46.1 million (2024: $12.7 million).

**Deferred Unit Plan ("DUP")**

The following table summarizes the outstanding deferred units granted under the deferred unit plan as at December 31, 2025 and December 31, 2024 and the changes during the years then ended:

---

| | | |
|:---|:---|:---|
| | **2025**<br>**Units** | **2024**<br>**Units** |
| **At January 1** | **365768** | **354364** |
| Granted | 60473 | 80011 |
| Exercised |  | (68607) |
| **At year end** | **426241** | **365768** |
| **Exercisable at year end** | **—** | **—** |

---

The fair value of the units granted under the DUP is calculated as the estimated future cash flow and it is remeasured at each reporting date and at the date of settlement. Any changes in fair value are recognized in the Consolidated Statements of Income with a corresponding increase or decrease in liability. At December 31, 2025, the fair value of the units and corresponding liability was $12.1 million (December 31, 2024: $3.0 million) at a share price of $28.34 (CAD$38.90).

**13&nbsp;&nbsp;&nbsp;&nbsp;NON-CONTROLLING INTEREST**

On May 13, 2024, OceanaGold Philippines, Inc. ("OGP"), a wholly owned subsidiary of the Company, completed a secondary offering and public listing (the "Offering") of 20% of the outstanding common shares of OGP on the Philippines Stock Exchange ("PSE") for net proceeds of $95.1 million (gross proceeds of $106.0 million less listing costs of $10.9 million). OGP holds the Company's interest in the Didipio Mine and, pursuant to the terms of the renewed Financial or Technical Assistance Agreement ("FTAA"), was required to list a portion of its common shares on the PSE. Immediately prior to the Offering, the carrying amount of the net assets of OGP was $556.1 million, resulting in the recognition of a non-controlling interest ("NCI") of $111.2 million and offsetting decrease in the equity attributable to the shareholders of the Company.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;24

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

The following tables summarize movements in the non-controlling interest:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **At January, 1** | $**106.5** | $**—** |
| &nbsp;&nbsp;Recognition of non-controlling interest | $— | $111.2 |
| &nbsp;&nbsp;Share of net profit | $17.0 | $4.6 |
| &nbsp;&nbsp;Dividends declared to non-controlling interest | $(19.4) | $(9.3) |
| **At December, 31** | $**104.1** | $**106.5** |

---

The following is the summarized balance sheet and NCI of OGP as at December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Summarized Statement of Financial Position as at December, 31 |  |  |
| &nbsp;&nbsp;Current assets | $161.2 | $127.5 |
| &nbsp;&nbsp;Non-current assets | 556.1 | 541.4 |
| &nbsp;&nbsp;**Total assets** | **717.3** | **668.9** |
| &nbsp;&nbsp;Current liabilities | 185.4 | 126.9 |
| &nbsp;&nbsp;Non-current liabilities | 11.5 | 9.4 |
| &nbsp;&nbsp;**Total liabilities** | **196.9** | **136.3** |
| &nbsp;&nbsp;**Net assets** | $**520.4** | $**532.6** |
| Summarized Statement of Income for the year ended December, 31 |  |  |
| &nbsp;&nbsp;Revenue | $438.8 | $342.9 |
| &nbsp;&nbsp;Net profit | $84.9 | $42.2 |
| Non-controlling interest % | 20% | 20% |

---

**14&nbsp;&nbsp;&nbsp;&nbsp;REVENUE**

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Gold bullion | $1510.5 | $1005.2 |
| Gold in concentrate<sup>1</sup> | 236.1 | 181.5 |
| Copper in concentrate<sup>1</sup> | 135.7 | 107.8 |
| Silver | 24.9 | 12.9 |
|  | 1907.2 | 1307.4 |
| Less: Concentrate treatment, refining and selling costs<sup>1</sup> | (14.0) | (13.4) |
| **Total Revenue** | $**1893.2** | $**1294.0** |

---

1. All concentrate sales are generated by the Didipio mine.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;25

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**15&nbsp;&nbsp;&nbsp;&nbsp;COST OF SALES**

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Materials and consumables costs | $377.8 | $274.2 |
| Employee benefits expenses<sup>1</sup> | 283.2 | 216.7 |
| Royalties, transportation, insurance, and other | 102.7 | 109.6 |
| **Total cost of sales, excluding depreciation and amortization** | $**763.7** | $**600.5** |

---

1. Includes $42.3M of stock-based compensation (2024: $9.9M)

**16&nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL GOVERNMENT SHARE AT DIDIPIO**

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Gross mining revenue | $436.6 | $338.6 |
| Less: Allowable deductions | (212.0) | (206.7) |
| Less: Amortization deduction | (13.0) | (13.0) |
| **Net Revenue per the FTAA** | $**211.6** | $118.9 |
| Entitlement share | 60% | 60% |
| &nbsp;&nbsp;&nbsp;**Total Government Share** <br>**(60% of Net Revenue per the FTAA)** | $**127.0** | $71.3 |
| Deduct: Free-carried interest | (7.8) | (6.1) |
| Deduct: Production taxes | (31.8) | (29.4) |
| Deduct: Income tax | (50.2) | (27.7) |
| Carried forward balance utilization |  |  |
| **Additional Government Share** | $**37.2** | $**8.1** |

---

Under the FTAA, "Net Revenue" is the gross mining revenues derived from operations, less allowable deductions and an amortization deduction.

Allowable Deductions under the FTAA include expenses attributed to exploration, development and production which includes, expenses relating to mining, processing, exploration, capitalised pre-stripping, royalties, rehabilitation, marketing, administration, community and social development, depreciation and amortization and interest charged on borrowings.

All taxes and fees payable to the Philippines Government, including corporate income tax and indirect taxes such as excise, local business, property and withholding taxes as well as amounts accrued under the free-carried interest, are deducted from the Government's 60% share of Net Revenue to arrive at any Additional Government Share payable.

The Additional Government Share accrued for the period ended December 31, 2025 of $37.2 million (December 31, 2024: $8.1 million) is recorded within trade and other payables. The Company made an Additional Government Share payment of $8.1 million in April 2025 related to 2024 amounts accrued at December 31, 2024.

**17&nbsp;&nbsp;&nbsp;&nbsp;LOSS/(GAIN) ON DISPOSAL OF NON-CURRENT ASSETS**

Loss on disposal of assets relates to disposals of mineral properties, plant and equipment, and the disposal of investments (year ended December 31, 2024: Gain on disposal of $17.6 million related to the sale of the Company's interest in the Blackwater project in New Zealand, completed on June 24, 2024, for cash consideration of $30.0 million).

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;26

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**18&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER SHARE**

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **Net profit attributable to shareholders of the Company** | $**628.7** | $**187.4** |
| **Basic weighted average number of shares (in millions)** | 230.9 | 236.3 |
| &nbsp;&nbsp;Effect of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance share rights | 2.6 | 5.3 |
| &nbsp;&nbsp;**Diluted weighted average number of shares (in millions)** | **233.5** | **241.6** |
| **Earnings per share attributable to shareholders of the Company:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $2.72 | $0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $2.69 | $0.78 |

---

**19&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAXES**

Income tax recognized in net profit is comprised of the following:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Current income tax expense | $152.0 | $41.0 |
| Deferred income tax expense<sup>1</sup> | 103.3 | 14.4 |
| **Income tax expense recognized in net profit** | $**255.3** | $**55.4** |

---

1. Deferred income tax expense includes $43.2 million related to the impairment reversal at Haile.

The provision for income taxes differs from the amount that would be obtained by applying the statutory income tax rate to consolidated profit before income taxes due to the following:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Profit before income tax | $901.0 | $247.4 |
| Statutory tax rate of 27% (2024: 27%) | 27% | 27% |
| Expected income tax expense | $243.3 | $66.8 |
| Differences in tax rates in foreign jurisdictions | (4.6) | (4.4) |
| (Utilization) accumulation of tax losses/temporary differences not recognized | 10.1 | 11.4 |
| Expenditure not allowed for income tax purposes | 28.4 | 12.0 |
| Other deductible for income tax purposes | (20.2) | (19.1) |
| Adjustments in respect of income tax of previous years | (1.7) | (11.3) |
| **Income tax expense recognized in net profit** | $**255.3** | $**55.4** |

---

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;27

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

The recognized deferred income tax assets and liabilities are offset on the balance sheet and are comprised of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended December 31, 2025** | **Opening Balance** | **Recovery (Expense) Recognized in Net Profit** | **Recovery (Expense) Recognized in OCI** | &nbsp;&nbsp;&nbsp;&nbsp;**Closing Balance** |
| **Deferred tax assets** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses available for offset against future taxable income | $47.2 | $(11.6) | $0.2 | $35.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions and accrued expenses | 51.0 | 16.1 | 0.7 | 67.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral assets and property, plant and equipment | 0.5 |  |  | 0.5 |
| Gross deferred tax assets | 98.7 | 4.5 | 0.9 | 104.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set-off of deferred tax liabilities | (59.7) | (28.2) |  | (87.9) |
| &nbsp;&nbsp;**Net deferred tax assets** | $**39.0** | $**(23.7)** | $**0.9** | $**16.2** |
| **Deferred tax liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral assets and property, plant and equipment | $(93.0) | $(105.7) | $(1.9) | $(200.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories and other | (0.3) | (2.0) |  | (2.3) |
| Gross deferred tax liabilities | (93.3) | (107.7) | (1.9) | (202.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set-off of deferred tax assets | 59.7 | 28.2 |  | 87.9 |
| **Net deferred tax liabilities** | $**(33.6)** | $**(79.5)** | $**(1.9)** | $**(115.0)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended December 31, 2024** | **Opening Balance** | **Recovery (Expense) Recognized in Net Profit** | **Recovery (Expense) Recognized in OCI** | **Closing Balance** |
| **Deferred tax assets** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses available for offset against future taxable income | $65.3 | $(17.3) | $(0.8) | $47.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions and accrued expenses | 44.6 | 9.6 | (3.2) | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral assets and property, plant and equipment |  | 0.5 |  | 0.5 |
| Gross deferred tax assets | 109.9 | (7.2) | (4.0) | 98.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set-off of deferred tax liabilities | (61.0) | 1.3 |  | (59.7) |
| **Net deferred tax assets** | $**48.9** | $**(5.9)** | $**(4.0)** | $**39.0** |
| **Deferred tax liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral assets and property, plant and equipment | (84.2) | (16.5) | 7.7 | (93.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories and other | (9.7) | 9.3 | 0.1 | (0.3) |
| Gross deferred tax liabilities | (93.9) | (7.2) | 7.8 | (93.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set-off of deferred tax assets | 61.0 | (1.3) |  | 59.7 |
| **Net deferred tax liabilities** | $**(32.9)** | $**(8.5)** | $**7.8** | $**(33.6)** |

---

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;28

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

The Company had deductible temporary differences for which deferred tax assets have not been recognized because it is not probable that future taxable profits will be available against which the Company can utilize the benefits. The deductible temporary differences for which no deferred tax assets have been recognized are as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Losses available for offset against future taxable income<sup>1</sup> | $78.6 | $86.1 |
| Provisions and accrued expenses | 158.5 | 117.9 |
| Mineral assets and property, plant and equipment | 31.6 | 27.1 |
| **Total** | $**268.7** | $**231.1** |

---

1. Deferred tax assets comprised of capital and non-capital losses relate to Canada and Australia.

At December 31, 2025, the Company has the following available tax losses which may be carried forward to reduce taxable income in future years, including both losses for which deferred tax assets are recognized and losses for which deferred income tax assets are not recognized. If not utilized, the tax losses will expire in the periods listed in the table below.

---

| | |
|:---|:---|
| | **2025** |
| Canada (expire between 2035 and 2045, and indefinite) | $60.1 |
| United States (expire between 2033 and 2035, and indefinite) | 125.4 |
| United States - South Carolina (expire between 2034 and 2035, and indefinite) | 61.7 |
| Australia (no expiration) | 18.5 |
| New Zealand (no expiration) | 22.6 |
| **Total** | $**288.3** |

---

The income tax paid for the year ended December 31, 2025 was $88.0 million (2024: $34.1 million).

**20&nbsp;&nbsp;&nbsp;&nbsp;SUPPLEMENTARY CASH FLOW INFORMATION**

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Changes in working capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in trade and other receivables | $(26.4) | $32.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in prepayments | (1.3) | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in inventories | (31.7) | 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in trade and other payables | 63.2 | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in taxes payable | 63.7 | (34.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in other working capital<sup>1</sup> | (8.2) | (9.6) |
| **Changes in working capital** | $**59.3** | $**(7.7)** |
| **Other significant cash transactions**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash taxes paid | $(88.0) | $(34.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest paid | $(5.2) | $(16.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest received | $7.8 | $3.1 |

---

1 Includes changes in employees benefits, rehabilitation provisions, and other non-trade working capital balances.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;29

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**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Financing liabilities | January 1, 2025 | Cash Flows | Additions | Interest and Other | Foreign Exchange | December 31, 2025 |
| &nbsp;&nbsp;Debt | $1.7 | $(2.8) | $— | $1.1 | $— | $— |
| &nbsp;&nbsp;Leases | $70.0 | $(35.3) | $10.3 | $5.1 | $0.1 | $50.2 |

---

**21&nbsp;&nbsp;&nbsp;&nbsp;SEGMENT INFORMATION**

Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. Previously, operating segments were based on the jurisdictions of the Company's operations. To align with how the CODM reviews results and makes decisions about resources, Management updated the reportable operating segments to its four operating mines for the year ended December 31, 2024. The Company's general corporate administration costs are included within 'Corporate and other' to reconcile the reportable segments to the consolidated financial statements. Significant information relating to the Company's reporting operating segments is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2025** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **Corporate and other** | **Total** |
| Revenue | $662.9 | $519.7 | $271.8 | $438.8 | $— | $1893.2 |
| Cost of sales, excluding depreciation and amortization | (253.9) | (186.7) | (135.5) | (186.5) | (1.1) | (763.7) |
| Indirect taxes |  |  |  | (26.2) |  | (26.2) |
| General and administration | (0.2) |  |  | (1.8) | (71.8) | (73.8) |
| Additional Government Share |  |  |  | (37.2) |  | (37.2) |
| Depreciation and amortization | (108.3) | (68.4) | (30.5) | (43.1) | (1.7) | (252.0) |
| **Segment operating profit (loss)** | $**300.5** | $**264.6** | $**105.8** | $**144.0** | $**(74.6)** | $**740.3** |
| Interest expense and finance costs |  |  |  |  |  | (12.8) |
| Interest income |  |  |  |  |  | 8.5 |
| Foreign exchange loss |  |  |  |  |  | (3.3) |
| Loss on disposal of assets |  |  |  |  |  | (8.6) |
| Net impairment reversal |  |  |  |  |  | 176.2 |
| NYSE listing costs |  |  |  |  |  | (2.5) |
| Other income |  |  |  |  |  | 3.2 |
| Income tax expense |  |  |  |  |  | (255.3) |
| **Net profit** |  |  |  |  |  | $**645.7** |
| Capital expenditures | $235.9 | $95.9 | $100.5 | $47.5 | $5.8 | $485.6 |
| Total assets | $1357.5 | $360.4 | $489.3 | $713.6 | $334.6 | $3255.4 |

---

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;30

------

**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year ended December 31, 2024** | **Haile** | **Macraes** | **Waihi** | **Didipio** | **Corporate and other** | **Total** |
| Revenue | $513.4 | $299.7 | $138.0 | $342.9 | $— | $1294.0 |
| Cost of sales, excluding depreciation and amortization | (203.3) | (150.1) | (83.7) | (163.4) |  | (600.5) |
| Indirect taxes |  |  |  | (25.6) |  | (25.6) |
| General and administration |  |  |  |  | (64.2) | (64.2) |
| Additional Government Share |  |  |  | (8.1) |  | (8.1) |
| Depreciation and amortization | (190.3) | (60.6) | (22.1) | (46.8) | (1.4) | (321.2) |
| **Segment operating profit (loss)** | $**119.8** | $**89.0** | $**32.2** | $**99.0** | $**(65.6)** | $**274.4** |
| Interest expense and finance costs |  |  |  |  |  | (22.2) |
| Interest income |  |  |  |  |  | 3.1 |
| Foreign exchange loss |  |  |  |  |  | (7.9) |
| Gain on disposal of assets |  |  |  |  |  | 18.1 |
| PSE listing costs |  |  |  |  |  | (10.9) |
| Restructuring expense |  |  |  |  |  | (1.9) |
| Other expense |  |  |  |  |  | (5.3) |
| Income tax expense |  |  |  |  |  | (55.4) |
| **Net profit** |  |  |  |  |  | $**192.0** |
| Capital expenditures | $194.9 | $100.4 | $62.5 | $39.1 | $2.3 | $399.2 |
| Total assets | $1067.8 | $302.5 | $336.1 | $666.8 | $115.9 | $2489.1 |

---

**22&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INSTRUMENTS**

**Financial Risk Management**

The Company has exposure to the following risks arising from financial instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market risk.

This note presents information about the Company's exposure to each of the above risks and the Company's objectives, policies and processes for measuring and managing risk.

**Financial Risk Management Objectives and Policies**

The Board has the overall responsibility for the establishment and oversight of the Company's financial risk management framework. A Financial Risk Management Policy has been established, which has been approved by and is subject to annual review by the Board. This policy establishes a framework for managing financial risks.

In line with this policy, the Company does not enter into financial instruments, including derivative financial instruments for trade or speculative purposes.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;31

------

**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**Credit risk**

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's cash and cash equivalents, trade and other receivables and hedging instruments. The Company's maximum credit risk of cash and cash equivalents, trade and other receivables, and hedging instruments are the carrying amounts recorded in the Consolidated Statements of Financial Position.

The Company limits its exposure to credit risk on its cash and cash equivalents by holding its deposits with high credit quality financial institutions.

**Liquidity risk**

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure cost effective continuity in funding. Funding liquidity is maintained through the use of the Facility and finance leases.

The Company's funding liquidity risk policy is to source debt or equity funding appropriate to the use of funds. Examples include equipment leases to finance the mining fleet and the revolving credit facility to finance the development of new mines and provide for general working capital needs.

The following are the contractual maturities of financial liabilities, including the estimated interest payments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year ended December 31, 2025** | **Carrying amount** | **Contractual cash flows** | **12 months** <br>**or less** | **1-5 years** |
| &nbsp;&nbsp;Trade and other payables | $302.8 | $302.8 | $302.8 | $— |
| &nbsp;&nbsp;Lease liabilities | 50.1 | 55.2 | 22.3 | 32.9 |
| &nbsp;&nbsp;Derivative hedges |  |  |  |  |
|  | $**352.9** | $**358.0** | $**325.1** | $**32.9** |
| &nbsp;&nbsp;**Year ended December 31, 2024** | **Carrying amount** | **Contractual cash flows** | **12 months** <br>**or less** | **1-5 years** |
| &nbsp;&nbsp;Trade and other payables | $198.7 | $198.7 | $198.7 | $— |
| &nbsp;&nbsp;Lease liabilities | 70.0 | 76.8 | 30.8 | 46.0 |
| &nbsp;&nbsp;Fleet facility | 2.8 | 2.8 | 2.8 |  |
| &nbsp;&nbsp;Derivative hedges | 0.9 | 0.9 | 0.9 |  |
|  | $**272.4** | $**279.2** | $**233.2** | $**46.0** |

---

At December 31, 2025, current assets were $731.8 million and current liabilities were $505.7 million, resulting in net current assets of $226.1 million.

**Market risk**

Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates and interest rates will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

**Commodity price risk** 

The profitability of the Company's mining operations is significantly affected by changes in the market price for gold. Gold prices fluctuate on a daily basis and are affected by numerous factors beyond the Company's control. The supply and demand for gold, the level of interest rates, the rate of inflation, investment decisions by large holders of gold, including governmental reserves, and the stability of exchange rates can all cause significant fluctuations in gold prices. Such external economic factors are in turn influenced by changes in international investment patterns and monetary systems,

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;32

------

**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

and political developments. The Company may enter into hedging arrangements to manage short term commodity price fluctuations. The Board approves all hedging transactions and has established a Financial Risk Management Policy which includes a hedging policy that limits the level and tenor of hedging activity.

**Foreign exchange risk**

Foreign exchange risk is managed by forecasting currency requirements and purchasing currencies in advance where appropriate. The company may periodically enter into forward purchases or other currency hedging arrangements to manage exposures

At December 31, 2025, if US dollar had depreciated/appreciated by 10% with all other variables remaining constant, the effect on the profit before tax would be $8.9 million higher/lower (2024: $7.4 million profit higher/lower).

**Interest rate risk**

Interest rate risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company is exposed to interest rate cash flow risk on its Facility, certain leases and cash and cash equivalents which are subject to variable interest rates.

A 100 basis point increase (decrease) in the average interest rate during the year ended December 31, 2025 would have resulted in a increase (decrease) of $2.5 million in the profit before tax for the year (2024: $0.4 million profit lower/higher).

**23&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL DISCLOSURE**

The Company's objective when managing capital is to ensure it will be able to continue as a going concern and that it has sufficient ability to satisfy its capital obligations and ongoing operational expenses, have sufficient liquidity to fund suitable business and in the medium to long term, provide adequate return to shareholders.

The Company manages capital in the light of changing economic circumstances and the underlying risk characteristics of the Company's assets. In order to meet its objective, the Company manages its dividend declarations and may undertake capital restructuring including: sale of assets to reduce debt; additional funding facilities and equity raising.

The Company monitors capital on the basis of debt-to-equity ratio. The components and calculation of this ratio is shown below.

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Total debt | $— | $1.6 |
| Less: cash and cash equivalents | (476.5) | (193.5) |
| Net (cash) / debt | (476.5) | (191.9) |
| Total equity | $2371.2 | $1926.5 |
| **Net debt to equity ratio** | **N/A** | **N/A** |

---

The Company is subject to certain financial compliance undertakings under its credit facility and leasing arrangements. As at December 31, 2025 and 2024, the Company was in compliance with all requirements.

**24&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE OF FINANCIAL INSTRUMENTS**

The Company's financial instruments include cash and cash equivalents and certain receivables, which are categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are categorized as financial liabilities at amortized cost. The fair value of these financial instruments approximates their carrying values due to the short-term nature of these instruments.

**Fair value hierarchy**

The fair value hierarchy categorizes inputs to valuation techniques used in measuring fair value into the following three levels:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;33

------

**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2). Valuations are obtained from issuing institutions.

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **December 31, 2025** | | | | |
| Provisionally priced trade receivables | $— | $3.7 | $— | $3.7 |
| Derivative hedges |  |  |  |  |
| **Net financial assets** | $**—** | $**3.7** | $**—** | $**3.7** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **December 31, 2024** |  |  |  |  |
| Provisionally priced trade receivables | $— | $4.4 | $— | $4.4 |
| Derivative hedges |  | (0.9) |  | (0.9) |
| **Net financial assets** | $**—** | $**3.5** | $**—** | $**3.5** |

---

**25&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS**

**Gold production**

During the year ended December 31, 2025, the Company accrued $28.6 million (2024: $11.9 million) related to certain government royalty obligations on revenue in New Zealand and the Philippines which are expected to continue in 2026.

**Capital commitments**

The Company has certain capital commitments principally relating to the purchase or lease of property, plant and equipment at Macraes, Waihi and Haile, and the development of mining assets at Macraes, Waihi and Didipio.

The following table summarizes the capital commitments contracted for but not provided for as at December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Purchase of property, plant and equipment | $25.2 | $6.8 |
| Development of mining assets | 13.6 | 4.6 |
| Leases not yet commenced | 3.5 |  |
|  | $**42.3** | $**11.4** |

---

The Company is committed to annual expenditure of approximately $2.0 million (2024: $2.5 million) to comply with regulatory conditions attached to its New Zealand and Philippines prospecting, exploration and mining permits.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;34

------

**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

**26&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTIES**

**Compensation of key Management**

Key Management includes Directors (executive and non-executive) and some members of the Executive Committee. The compensation paid or payable to key Management for employee services is shown below:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Salaries and short-term employee benefits | $6.7 | $9.1 |
| Share-based payments | 29.6 | 11.1 |
| Post-employment benefits | 0.2 | 0.2 |
| Non-current benefits |  | 1.7 |
| Termination benefits | 2.2 | 1.5 |
| **Total** | $**38.7** | $**23.6** |

---

**27&nbsp;&nbsp;&nbsp;&nbsp;CONTINGENCIES**

(a)A subsidiary of the Company, OceanaGold Philippines, Inc. ("OGPI") is party to an addendum agreement with a syndicate of original claim owners, led by the late Mr. J. Gonzales Sr. (the "Gonzales Group"), in respect of a portion of the FTAA area for the Didipio Mine (the "Addendum Agreement"). The Gonzales Group and OGPI are involved in an arbitration proceeding with respect to the Addendum Agreement (the "Arbitration"). The Arbitration commenced in 2000 but is presently suspended due to the Liggayu dispute (discussed below) and the irrevocable resignation of the arbitrator.

In a complaint dated July 4, 2008 before the Philippines Regional Trial Court, a third-party, Mr. Liggayu, disputed the terms of the Addendum Agreement and the rights of the Gonzales Group to claim an interest in the Didipio Mine. Mr. Liggayu alleged that he is the true and beneficial owner and real-party-in-interest of the Didipio mining claims, and sought to enjoin the Company from making any payments to, or in dealing with, the Gonzales Group, and instead to recognize his rights.

In a decision dated March 11, 2025, the Regional Trial Court declared that Mr. Liggayu and the heirs of Mr. Gonzales Sr. are partners on a 50-50 basis, to all the rights, participation and interests, as claim owners of the Didipio mining claims in the name of Mr. Gonzales Sr., beginning January 2007 onwards. It further declared that the rights and entitlements of Mr. Liggayu cannot be directly enforced by him against OceanaGold in the existing agreements, specifically the FTAA, which Mr. Liggayu can internally claim and enforce only against the heirs of Mr. Gonzales Sr, and vice versa, (the "March 2025 Decision").

On April 2, 2025, Mr. Liggayu moved for partial reconsideration of this decision, claiming that, among others, he is the true and lawful owner of the Didipio mining claims; if a partnership exists, it should be from 1985 and should cover all the subject mining claims and not just for Mr. Gonzales Sr's portion of the claim; and that his rights and entitlements should be directly enforceable by him against OceanaGold. Both the Gonzales Group and OceanaGold filed an opposition to Mr. Liggayu's partial motion for reconsideration. In a decision dated October 21, 2025, the Regional Trial Court denied Mr. Liggayu's motion for partial reconsideration (the "October 2025 Resolution"). Mr. Liggayu has now filed a Notice of Appeal on the March 2025 Decision and October 2025 Resolution. This case is now elevated to the Court of Appeals.

The Company believes there is no near-term impact on its business or operations as the decisions do not require payment of money by OceanaGold and the Arbitration proceeding is yet to be resolved.

As of December 31, 2025, the Company has accrued $83.6 million ($69.6 million of royalties and $14.0 million related to free-carried interest) pertaining to the Addendum Agreement.

(b)The Department of Environment and Natural Resources ("DENR"), along with a number of mining companies (including the Company), are parties to a case that began in 2008 whereby a group of NGOs and individuals challenged the constitutionality of the Philippine Mining Act (the "Mining Act"), the FTAAs and Mineral Production Sharing Agreements in the Supreme Court of the Philippines. The petitioners initiated the challenge despite the fact that the Supreme Court had upheld the constitutional validity of both the Mining Act and the FTAAs in an earlier landmark case in 2005. In early 2013, the Supreme Court requested the parties to participate in oral debates on the matter. The case is still pending with the Supreme Court for a decision.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;35

------

**OceanaGold Corporation**

Notes to the Consolidated Financial Statements

**For the Years ended December 31, 2025 and 2024**

**(Expressed in millions of United States dollars, unless otherwise stated)**

Notwithstanding the fact that the Supreme Court has previously upheld the constitutionality of the Mining Act and FTAAs, the Company is mindful that litigation is an inherently uncertain process and the outcome of the case may adversely affect the operation and financial position of the Company.

(c)The Company has contingent liabilities under certain contracts, guarantees and other agreements arising in the ordinary course of business on which no loss is anticipated. Bonds have been issued in favour of various New Zealand authorities (Minister for Land Information, Hauraki District Council, Waikato Regional Council and Department of Conservation) as a condition for the grant of water rights and/or resource consents, and rights of access for exploration and Martha mining that amount to $63.0 million (December 31, 2024: $40.3 million).

The Group has also issued bonds in favour of Otago Regional Council, Dunedin City Council, Waitaki District Council, West Coast Regional Council, Buller District Council and Department of Conservation in New Zealand as a condition for the grant of water rights and/or resource consents, and rights of access for the Macraes Gold Mine and the former Globe Progress Mine at the Reefton Restoration Project which amount to approximately $34.3 million (December 31, 2024: $39.8 million). Cash payments on bonds issued to New Zealand authorities would only be paid if the Company did not meet its obligations.

(d)The mine operating permit at Haile which became final and effective during the first quarter 2015 included a schedule for estimated financial assurance of $65.0 million over the mine life consisting of $55.0 million in surety bonds or other mechanisms and $10.0 million in an interest-bearing cash trust. The Company's permit was modified and updated in December 2022 with the approval of the Company's Supplemental Environmental Impact Statement application and reclamation plan. The updated permit changed the total estimated financial assurance to $132.7 million, adjusted annually for inflation, over the mine life consisting of $112.7 million in surety bonds and a $20.0 million interest-bearing cash trust. The Company has satisfied its current financial assurance payment requirements by using a surety bond of $112.7 million and has paid $11.4 million in trust funding by December 31, 2025.

The remaining estimated financial assurance of $8.6 million will be paid over the life of the mine with estimated annual assurance payments of $1.8 million to occur from 2026 to 2028, $1.2 million in 2029, and $1.0 million from 2030 to 2031. The timing and amounts of these payments could change due to a number of factors, including changes in regulatory requirements, changes in scope and timing of closure activities. The State of South Carolina in the United States of America requires financial assurance for the estimated costs of mine reclamation and closure, including groundwater quality protection programs.

The surety bond and other financial assurance must be maintained in force continuously throughout the life of the mining operation and may only be released, partially or in full, after the State of South Carolina approves its release.

(e)A subsidiary of the Company, along with the Philippines Office of the Executive Secretary, the DENR and its Mines and Environment Bureaus, as well as several Local Government Units, are parties to a case filed in April 2024 by an NGO group and two individuals (the "Petitioners"). The Petitioners questioned the approval of the renewal of the FTAA for alleged failure to conduct prior consultation, and made generalized allegations about violations of the Environmental Compliance Certificate and human rights.

Subsequent to the filing of the petition, the Regional Trial Court of Nueva Vizcaya ("RTC") denied the Petitioners' application for a Temporary Environmental Protection Order against OceanaGold. Further, in a resolution dated April 2, 2025, the Regional Trial Court dismissed most of the issues raised by the Petitioners but decided that the issue of whether the Company's subsidiary is currently engaged in open pit mining is a question of fact that should be decided at trial. The Petitioners filed for a Motion for Partial Reconsideration which was subsequently denied by the RTC in October 2025. The Petitioners then filed a Petition for Review before the Supreme Court, seeking a review of the RTC's decisions. In an Order dated 5 December 2025, the RTC deferred further proceedings until the Supreme Court issues a resolution on the Petition for Review.

Separately, the Petitioners have submitted a motion for the Court to reconsider its April resolution. All parties have been requested to respond to the motion prior to the Court making a decision.

OceanaGold Corporation&nbsp;&nbsp;&nbsp;&nbsp;36

## Exhibit 99.13

**Exhibit 99.13**

**FORM 52-109F1**

**CERTIFICATION OF ANNUAL FILINGS**

**FULL CERTIFICATE** 

I, Gerard Bond, President & Chief Executive Officer, OceanaGold Corporation, certify the following:

1. ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "**annual filings**") of OceanaGold Corporation (the "**issuer**") for the financial year ended December 31, 2024.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1. ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on The Committee of Sponsoring Organizations (COSO) Internal Control—Integrated Framework.

5.2. ***ICFR – material weakness relating to design:*** Not applicable.

5.3. ***Limitation on scope of design:*** Not applicable.

------

6. ***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)for each material weakness relating to operation existing at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)a description of the material weakness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the impact of the material weakness on the issuer's financial reporting and its ICFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

7. ***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on October 1, 2024 and ended on December 31, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8. ***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| Date: March 31, 2025  |
| *(Signed) "Gerard Bond"* |
| Gerard Bond  |
| President & Chief Executive Officer  |

---

## Exhibit 99.14

**Exhibit 99.14**

**FORM 52-109F1**

**CERTIFICATION OF ANNUAL FILINGS**

**FULL CERTIFICATE** 

I, Marius van Niekerk, Executive Vice President & Chief Financial Officer, OceanaGold Corporation, certify the following:

1. ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "**annual filings**") of OceanaGold Corporation (the "**issuer**") for the financial year ended December 31, 2024.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1. ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on The Committee of Sponsoring Organizations (COSO) Internal Control—Integrated Framework.

5.2. ***ICFR – material weakness relating to design:*** Not applicable.

5.3. ***Limitation on scope of design:*** Not applicable.

------

6. ***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)for each material weakness relating to operation existing at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)a description of the material weakness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the impact of the material weakness on the issuer's financial reporting and its ICFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

7. ***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on October 1, 2024 and ended on December 31, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8. ***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| Date: March 31, 2025  |
| *(Signed) "Marius van Niekerk"* |
| Marius van Niekerk |
| Executive Vice President & Chief Financial Officer  |

---

## Exhibit 99.15

**Exhibit 99.15**

**FORM 52-109F1**

**CERTIFICATION OF ANNUAL FILINGS**

**FULL CERTIFICATE**

I, **Gerard Bond, President & Chief Executive Officer, OceanaGold Corporation**, certify the following:

1.***Review:*** I have reviewed the AIF, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "**annual filings**") of OceanaGold Corporation (the "**issuer**") for the financial year ended December 31, 2025.

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on The Committee of Sponsoring Organizations (COSO) Internal Control- Integrated Framework.

5.2***ICFR – material weakness relating to design:*** Not Applicable.

------

5.3***Limitation on scope of design:*** Not Applicable.

6.***Evaluation:*** The issuer's other certifying officer(s) and I have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)for each material weakness relating to operation existing at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)a description of the material weakness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the impact of the material weakness on the issuer's financial reporting and its ICFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

7.***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on October 1, 2025 and ended on December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| Date: March 27, 2026 |
| *(Signed) "Gerard Bond"* |
| Gerard Bond |
| President & Chief Executive Officer |

---

## Exhibit 99.16

**Exhibit 99.16**

**FORM 52-109F1**

**CERTIFICATION OF ANNUAL FILINGS**

**FULL CERTIFICATE**

I, **Marius van Niekerk, Executive Vice President & Chief Financial Officer, OceanaGold Corporation**, certify the following:

1.***Review:*** I have reviewed the AIF, annual financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the "**annual filings**") of OceanaGold Corporation (the "**issuer**") for the financial year ended December 31, 2025.

2.***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the annual filings.

3.***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the annual filings.

4.***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5.***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on The Committee of Sponsoring Organizations (COSO) Internal Control- Integrated Framework.

5.2***ICFR – material weakness relating to design:*** Not Applicable.

------

5.3***Limitation on scope of design:*** Not Applicable.

6.***Evaluation:*** The issuer's other certifying officer(s) and I have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)for each material weakness relating to operation existing at the financial year end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)a description of the material weakness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the impact of the material weakness on the issuer's financial reporting and its ICFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the issuer's current plans, if any, or any actions already undertaken, for remediating the material weakness.

7.***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on October 1, 2025 and ended on December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| Date: March 27, 2026 |
| *(Signed) "Marius van Niekerk"* |
| Marius van Niekerk |
| Executive Vice President & Chief Financial Officer |

---

## Exhibit 99.17

**Exhibit 99.17**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, **Gerard Bond, President & Chief Executive Officer, OceanaGold Corporation,** certify the following:

1.&nbsp;&nbsp;&nbsp;&nbsp;***Review:*** I have reviewed the interim financial report and interim Management Discussion and Analysis (together, the "interim filings") of ***OceanaGold Corporation*** (the "issuer") for the interim period ended ***31 March 2025.***

2.&nbsp;&nbsp;&nbsp;&nbsp;***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.&nbsp;&nbsp;&nbsp;&nbsp;***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.&nbsp;&nbsp;&nbsp;&nbsp;***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5.&nbsp;&nbsp;&nbsp;&nbsp;***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

A.designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;II.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

B.designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1&nbsp;&nbsp;&nbsp;&nbsp;***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on The Committee of Sponsoring Organizations (COSO) Internal Control- Integrated Framework.

5.2&nbsp;&nbsp;&nbsp;&nbsp;***ICFR - material weakness relating to design:*** Not Applicable.

5.3&nbsp;&nbsp;&nbsp;&nbsp;***Limitation on scope* of *design:*** Not Applicable.

------

6.&nbsp;&nbsp;&nbsp;&nbsp;***Reporting changes in ICFR:*** The issuer has disclosed in its interim Management Discussion & Analysis any change in the issuer's ICFR that occurred during the period beginning on ***1 January 2025*** and ended on ***31 March 2025*** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: **7 May 2025**

---

| |
|:---|
| /s/ Gerard Bond |
| Gerard Bond<br>President & Chief Executive Officer |

---

## Exhibit 99.18

**Exhibit 99.18**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, **Marius van Niekerk, EVP & Chief Financial Officer, OceanaGold Corporation,** certify the following:

1.&nbsp;&nbsp;&nbsp;&nbsp;***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of ***OceanaGold Corporation*** (the "issuer") for the interim period ended ***31 March 2025.***

2.&nbsp;&nbsp;&nbsp;&nbsp;***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.&nbsp;&nbsp;&nbsp;&nbsp;***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.&nbsp;&nbsp;&nbsp;&nbsp;***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5.&nbsp;&nbsp;&nbsp;&nbsp;***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

A.designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;II.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

B.designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1&nbsp;&nbsp;&nbsp;&nbsp;***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on The Committee of Sponsoring Organizations (COSO) Internal Control-Integrated Framework

5.2&nbsp;&nbsp;&nbsp;&nbsp;***ICFR- material weakness relating to design:*** Not Applicable.

5.3&nbsp;&nbsp;&nbsp;&nbsp;***Limitation on scope* of *design:*** Not Applicable.

------

6.&nbsp;&nbsp;&nbsp;&nbsp;***Reporting changes in ICFR:*** The issuer has disclosed in its interim Management Discussion & Analysis any change in the issuer's ICFR that occurred during the period beginning on ***1 January 2025*** and ended on ***31 March 2025*** that materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: **7 May 2025**

---

| |
|:---|
| /s/ Marius van Niekerk |
| Marius van Niekerk<br>EVP & Chief Financial Officer |

---

## Exhibit 99.19

**Exhibit 99.19**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, **Gerard Bond, President & Chief Executive Officer, OceanaGold Corporation,** certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim Management Discussion and Analysis of Financial Condition and Results of Operations (together, the "interim filings") of ***OceanaGold Corporation*** (the "issuer") for the interim period ended ***June 30, 2025***.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

A.designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

B.designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1. ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on The Committee of Sponsoring Organizations (COSO) Internal Control-Integrated Framework.

5.2. ***CFR - material weakness relating to design:*** Not Applicable.

5.3. ***Limitation on scope* of *design:*** Not Applicable.

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim Management Discussion & Analysis any change in the issuer's ICFR that occurred during the period beginning on ***April 1, 2025*** and

------

ended on ***June 30, 2025*** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| **Date: August 6, 2025** |
| &nbsp;&nbsp;*(Signed) "Gerard Bond"* |
| Gerard Bond |
| President & Chief Executive Officer |

---

## Exhibit 99.20

**Exhibit 99.20**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS FULL**

**CERTIFICATE**

I, **Marius van Niekerk, EVP & Chief Financial Officer, OceanaGold Corporation,** certify the following:

1.&nbsp;&nbsp;&nbsp;&nbsp;***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of ***OceanaGold Corporation*** (the "issuer") for the interim period ended ***June 30, 2025***.

2.&nbsp;&nbsp;&nbsp;&nbsp;***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.&nbsp;&nbsp;&nbsp;&nbsp;***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.&nbsp;&nbsp;&nbsp;&nbsp;***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5.&nbsp;&nbsp;&nbsp;&nbsp;***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

A.designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;II.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

B.designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1.&nbsp;&nbsp;&nbsp;&nbsp;***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on The Committee of Sponsoring Organizations (COSO) Internal Control-Integrated Framework.

------

5.2.&nbsp;&nbsp;&nbsp;&nbsp;***ICFR- material weakness relating to design:*** Not Applicable.

5.3.&nbsp;&nbsp;&nbsp;&nbsp;***Limitation on scope* of *design:*** Not Applicable.

6.&nbsp;&nbsp;&nbsp;&nbsp;***Reporting changes in ICFR:*** The issuer has disclosed in its interim Management Discussion & Analysis any change in the issuer's ICFR that occurred during the period beginning on ***April 1, 2025*** and ended on ***June 30, 2025*** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

**Date: August 6, 2025**

*(Signed) "Marius van Niekerk"*

______________________

Marius van Niekerk

EVP & Chief Financial Officer

## Exhibit 99.21

**Exhibit 99.21**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS FULL**

**CERTIFICATE**

I, **Gerard Bond, President & Chief Executive Officer, OceanaGold Corporation**, certify the following:

1. ***Review***: I have reviewed the interim financial report and interim Management Discussion and Analysis of Financial Condition and Results of Operations (together, the "interim filings") of ***OceanaGold Corporation*** (the "issuer") for the interim period ended ***September 30, 2025***.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

A.designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

B.designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

------

5.1. ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on The Committee of Sponsoring Organizations (COSO) Internal Control-Integrated Framework.

5.2. ***CFR - material weakness relating to design:*** Not Applicable.

5.3. ***Limitation on scope* of *design:*** Not Applicable.

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim Management Discussion & Analysis any change in the issuer's ICFR that occurred during the period beginning on ***July 1, 2025*** and ended on ***September 30, 2025*** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

**Date: November 5, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;*(Signed) "Gerard Bond"*

______________________

Gerard Bond

President & Chief Executive Officer

## Exhibit 99.22

**Exhibit 99.22**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS FULL**

**CERTIFICATE**

I, **Marius van Niekerk, EVP & Chief Financial Officer, OceanaGold Corporation,** certify the following:

1.&nbsp;&nbsp;&nbsp;&nbsp;***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of ***OceanaGold Corporation*** (the "issuer") for the interim period ended ***September 30, 2025***.

2.&nbsp;&nbsp;&nbsp;&nbsp;***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.&nbsp;&nbsp;&nbsp;&nbsp;***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.&nbsp;&nbsp;&nbsp;&nbsp;***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the issuer.

5.&nbsp;&nbsp;&nbsp;&nbsp;***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

A.designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;II.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

B.designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1.&nbsp;&nbsp;&nbsp;&nbsp;***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is based on The Committee of Sponsoring Organizations (COSO) Internal Control-Integrated Framework.

5.2.&nbsp;&nbsp;&nbsp;&nbsp;***ICFR- material weakness relating to design:*** Not Applicable.

------

5.3.&nbsp;&nbsp;&nbsp;&nbsp;***Limitation on scope* of *design:*** Not Applicable.

6.&nbsp;&nbsp;&nbsp;&nbsp;***Reporting changes in ICFR:*** The issuer has disclosed in its interim Management Discussion & Analysis any change in the issuer's ICFR that occurred during the period beginning on ***July 1, 2025*** and ended on ***September 30, 2025*** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

**Date: November 5, 2025**

*(Signed) "Marius van Niekerk"*

______________________

Marius van Niekerk

EVP & Chief Financial Officer

## Exhibit 99.23

**Exhibit 99.23**

**Notice of Meeting**

and

**Management Information Circular**

dated April 23, 2025

in respect of the

**Annual General and Special Meeting of**

**Shareholders**

to be held on Wednesday June 4, 2025 at 9:00am

(Canada Eastern Standard Time)

**Important information** – This is an important document that should be read in its entirety.

If you do not understand it, you should consult your professional advisers without delay.

![coverpagea.jpg](coverpagea.jpg)

**This page is intentionally left blank**

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Table of Contents**

1Business of the Meeting

---

| | |
|:---|:---|
| <u>Financial Statements</u> ................................................. | 13 |
| <u>Resolution 1 – Re-election of Directors</u> .................. | 13 |
| <u>Resolution 2 – Appointment of Auditor</u> ................... | 14 |
| <u>Resolution 3 – Advisory Vote on the Approach to</u> |  |
| <u>Executive Compensation</u> .......................................... | 15 |
| <u>Resolution 4 – Virtual-Only Annual General Meetings</u> | <u>Resolution 4 – Virtual-Only Annual General Meetings</u> |
| ..................................................................................... | 16 |
| <u>Resolution 5 – Share Consolidation</u> ........................ | 17 |
| <u>Resolution 6 – Amendments to the Company's</u> |  |
| <u>Articles</u> ......................................................................... | 19 |

---

2 Director Profiles

<u>Director Profiles</u> .......................................................... 23

3 Directors' Compensation

---

| | |
|:---|:---|
| <u>Non-Executive Directors' Compensation</u> ............... | 31 |
| <u>Non-Equity (Cash Based) Schemes for Non-</u><br><u>Executive</u> | <u>Non-Equity (Cash Based) Schemes for Non-</u><br><u>Executive</u> |
| <u>Directors</u> ...................................................................... | 33 |
| <u>Outstanding Share-Based Awards and Option-Based</u> | <u>Outstanding Share-Based Awards and Option-Based</u> |
| <u>Awards</u> ......................................................................... | 34 |
| Share Ownership Policy ............................................ | 35 |
| <u>Securities Held by Directors and Executive Officers</u> . | 36 |

---

4 Executive Compensation Discussion

and Analysis

---

| | |
|:---|:---|
| <u>Introduction</u> ................................................................. | 37 |
| <u>Compensation Philosophy</u> ........................................ | 38 |
| <u>Pay Risk Assessment</u> ................................................ | 39 |
| <u>Compensation Governance</u> ...................................... | 40 |

---

---

| | |
|:---|:---|
| <u>Components of Compensation</u> ................................ | 42 |
| <u>Short Term Incentive Plan Summary</u> ...................... | 44 |
| <u>Long Term Incentive Plan Summary</u> ....................... | 44 |
| <u>2024 NEO Compensation Details</u> ........................... | 49 |
| <u>Summary Compensation Table</u> ................................ | 53 |
| <u>Incentive Plan Awards (NEOs)</u> ................................ | 54 |
| <u>Employment Agreements – Termination and Change</u> | <u>Employment Agreements – Termination and Change</u> |
| <u>of Control Benefits</u> ..................................................... | 54 |
| <u>Pension Plan Benefits</u> ............................................... | 56 |

---

<u>Business ofMeeting</u>

<u>Director Profiles</u>

5Corporate Governance Statement

---

| | |
|:---|:---|
| <u>Our Corporate Governance Practices at a Glance</u> ... | 59 |
| <u>Board of Directors</u> ...................................................... | 60 |
| <u>Board Committees</u> ..................................................... | 61 |
| <u>Board Effectiveness and Performance</u> ................... | 66 |
| <u>Board and Executive Performance</u> ......................... | 71 |
| <u>Sustainability Management and ESG</u> ..................... | 71 |
| <u>Diversity and Inclusion</u> .............................................. | 74 |
| <u>Cybersecurity Framework</u> ......................................... | 75 |
| <u>Ethical and Responsible Decision-Making</u> ............. | 76 |
| <u>Risk Management and Recognition</u> ........................ | 78 |
| <u>Shareholder Engagement</u> ......................................... | 78 |
| <u>Additional Information</u> ................................................ | 79 |

---

<u>Directors' Compensation</u>

<u>Compensation Discussion</u>

6Additional Information

<u>Corporate Governance</u>

---

| | | |
|:---|:---|:---|
| <u>Performance of Common Shares – Total Return Index</u> | <u>Performance of Common Shares – Total Return Index</u> | <u>Performance of Common Shares – Total Return Index</u> |
| <u>Value</u> ............................................................................ | <u>Value</u> ............................................................................ | 80 |
| <u>Currency Table</u> ........................................................... | <u>Currency Table</u> ........................................................... | 81 |
| <u>Miscellaneous</u> ............................................................. | <u>Miscellaneous</u> ............................................................. | 81 |
| <u>Schedule A – Board Charter</u> .................................. | A-1 | A-1 |
| <u>Schedule B – Updated Articles</u> .............................. | B-1 | B-1 |
| <u>Schedule C – Reporting Package</u> ......................... | C-1 | C-1 |

---

<u>Additional Information</u>

Click the icon in the top right-hand corner of any

![icona.jpg](icona.jpg)

page to return to the **Table of Contents**.

---

| |
|:---|
| OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular |
| ![design1a.jpg](design1a.jpg) |

---

**Notice of 2025 Annual General and Special Meeting of** 

**Shareholders**

We invite you to attend the Annual General and Special Meeting (**Meeting**) of the shareholders (**Shareholders**) of

OceanaGold Corporation (the **Company** or **OceanaGold**) that will be held virtually on:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![calendera.jpg](calendera.jpg) | Wednesday, June 4, 2025 | ![timera.jpg](timera.jpg) | 9:00am (EST) | ![locationa.jpg](locationa.jpg) | Virtual Meeting via live |
| ![calendera.jpg](calendera.jpg) | (Canada) | ![timera.jpg](timera.jpg) | 9:00am (EST) | ![locationa.jpg](locationa.jpg) | audio webcast |

---

Webcast link: https://meetnow.global/MYZ5RD5

The Meeting will be held for the following purposes:

1. to receive and consider the audited consolidated financial statements of the Company for the year ended

December 31, 2024, together with the auditor's report therein;

2. to elect the directors of the Company to hold office until the close of the next annual meeting of Shareholders;

3. to appoint PricewaterhouseCoopers LLP as the auditor of the Company to hold office until the next annual

meeting of Shareholders and to authorize the Board of Directors to fix their remuneration;

4. to consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to

executive compensation, as more particularly described in the accompanying Management Information Circular

(**Circular**);

5. to consider and, if thought advisable, approve a resolution to hold the next annual general meeting of

Shareholders exclusively in a virtual-only format, as more particularly described in the Circular;

6. to consider and, if thought advisable, approve a resolution to authorize the Board of Directors to effect a share

consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to

three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly

described in the Circular;

7. to consider and, if thought advisable, approve a special resolution approving amendments to the Company's

articles, as more particularly described in the Circular; and

8. transact such other business as may properly come before the Meeting or any adjournment(s) or

postponement(s) thereof.

The Board of Directors of the Company has opted for a virtual-only format for the Meeting, to be conducted via live

audio webcast. **Shareholders cannot attend the Meeting in person**, but can participate online from any location.

Detailed participation instructions are included in the Circular.

**Meeting Materials**

Enclosed with this Notice of Annual General and Special Meeting is the Circular detailing matters to be dealt with at

the Meeting. As an owner of common shares of the Company on April 23, 2025 (**Record Date**), you are entitled to

vote at the Meeting.

Voting is important. While a Registered Shareholder or a duly appointed proxyholder can vote at the Meeting live, you

are encouraged to vote by completing the form of proxy (**Proxy**) or a voting information form (**VIF**) in advance of the

Meeting to ensure broad shareholder representation in voting at the Meeting. For voting instructions, please refer to

the "*Voting Information*" section of this Circular set out below. You are also encouraged to learn more about the

Company by reviewing the Circular.

Shareholders are encouraged to submit questions in advance of the Meeting by emailing questions to

ir@oceanagold.com by Tuesday, June 3, 2025.

If it becomes necessary to make further changes to the arrangements for the Meeting, and to the extent permitted by

applicable law, OceanaGold will update Shareholders through its website and by issuing a press release.

**DATED** April 23, 2025

**BY ORDER OF THE BOARD OF DIRECTORS OF OCEANAGOLD CORPORATION**

Liang Tang

*Executive Vice President, General Counsel and Company Secretary*

<sup>1</sup> Net Profit is a non-IFRS financial measure. For further information, please refer to the Company's Management's Discussion and Analysis for the financial year ended

December 31, 2024 (**MD&A**) and the section entitled "*Additional Information – Miscellaneous – Cautionary Note Regarding Non-IFRS Financial Measures*" in this Circular.

<sup>2</sup> Free Cash Flow is a non-IFRS financial measure. For further information, please refer to the MD&A and the section entitled "*Additional Information – Miscellaneous –*

*Cautionary Note Regarding Non-IFRS Financial Measures*" in this Circular.

<sup>3</sup> AISC is a non-IFRS financial measure. For further information, please refer to the MD&A and the section entitled "*"Additional Information – Miscellaneous – Cautionary Note* 

*Regarding Non-IFRS Financial Measures"*" in this Circular.

<sup>4</sup> The scientific and technical information in this letter has been reviewed and approved by Mr. Leroy Crawford-Flett, a Chartered Professional Member of the Australasian

Institute of Mining and Metallurgy, qualified person under National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* and an employee of OceanaGold.

ii

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Letter to Shareholders**

Dear Fellow Shareholders,

In 2024, OceanaGold continued to execute on our Strategy with the objective of increasing and sustaining a higher

value for OceanaGold shares. To do so, we focused on five pillars, which are:

1. safely and responsibly maximizing gold production at the lowest operating and capital cost;

2. having a caring, inclusive and winning culture;

3. increasing resources and reserves cost effectively;

4. being financially strong and generating shareholder returns; and

5. having a premium rating with the investment community.

**2024 Operational and Financial Performance**

In 2024 we produced 488,800 ounces of gold and 12,300 tonnes of copper. With the production performance and

record high average realized gold prices, we achieved record Revenue, Net Profit<sup>1</sup>, and Free Cash Flow<sup>2</sup>. In 2024 we

were also able to continue investing in our organic growth projects, repay in full the outstanding balance on the

revolving credit facility, and return capital to our shareholders via dividends and via buybacks with the addition of a

new share buyback program announced mid-year.

Our Haile Gold Mine in the United States delivered record annual gold production in 2024, driven by the completion of

the Horseshoe Underground ramp up to full production by mid-year and access to high-grade open pit ore in the

second half of the year. Macraes also had a strong year, delivering record mill throughput and achieving its annual

production guidance, while Waihi finished the year with the strongest quarterly production it has had since the Martha

underground began in 2021. Didipio experienced a year of transition, as the site undertook a redesign of the higher

grade portions of the underground mine to ensure maximum recovery of this higher-grade zone moving forward, and

experienced the effects of some extreme weather events.

In 2024 we successfully increased our Mineral Reserves by 27%, ending the year with the highest number of Mineral

Reserves ounces for the Company. The Mineral Reserves additions were led by the declaration of an initial Mineral

Reserves estimate at Wharekirauponga of 4.1Mt at 9.2 g/t Au for 1.2Moz.

We released three updated technical reports during the year, at Haile and Macraes in March 2024 and a Pre-

Feasibility study for the Waihi District, including Wharekirauponga, in December 2024. The latter outlined a 15- year

mine life, with the addition of Wharekirauponga Underground to reserves for the first time and with strong returns

demonstrated including a 24% IRR at a $2,400 gold price, peak production of 253koz per year, and life of mine All-In

Sustaining Costs (**AISC**)<sup>3</sup> of $994 per ounce.<sup>4</sup>

**Our Commitment to Safe and Responsible Mining**

We are committed to responsible mining, managing our impacts by continually reviewing and improving how we

operate, and identifying opportunities to enhance value for our shareholders and host communities from the earliest

stages of mine planning.

<sup>5</sup> Forward looking information is necessarily based upon various estimates and assumptions. Please refer to the section entitled "*Additional Information – Miscellaneous –* 

*Cautionary Note Regarding Forward-Looking Statements*" in this Circular.

iii

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

We strive to operate safely and responsibly, driven by our value of Care, for our people, our communities, the

environment and our shareholders. Central to this is the health and safety of our workforce.

Sadly, in 2024 we experienced two unrelated workplace fatalities at our Didipio mine. These were the first fatalities for

OceanaGold since 2016.

Following these fatalities, we conducted thorough investigations to understand the root causes of both incidents and

ensured the key learnings are embedded into our approach, systems and processes across the organization. We also

developed site-specific Safety Improvement Plans for each of our operating sites which focused on embedding the

learnings from both Didipio events to prevent fatalities and/or serious injuries. We have also strengthened

OceanaGold's OurSafe Behaviours program, increased hazard identification training (particularly in relation to stored

energy), and expanded in-field coaching at Didipio, to make sure everyone can identify critical and high-risk tasks and

verify critical controls prior to commencing work.

The safety, health and wellbeing of our employees remains our highest priority. Keeping our workforce safe remains a

critical focus for all of us to ensure that every person goes home safely to their families.

Having a comprehensive and integrated approach across the facets of sustainability helps us to protect and create

value, build a resilient business, and earn stakeholder trust. In early 2024 we commenced implementation of our new,

three-year (2024–2026) Sustainability Strategy. It highlights focus areas for strengthening sustainability performance

by considering expectations of our key stakeholders, and the material sustainability-related risks, impacts and

opportunities for our business. In 2024, we maintained our MSCI 'AA' Rating, and actively participated in the S&P

Global Corporate Sustainability Assessment for the first time in a number of years.

We strengthened the Executive Leadership Team with the appointment of Mr. Bhuvanesh Malhotra as Chief Technical

and Projects Officer at the start of 2024. Mr. Malhotra is a deeply and globally experienced operations and projects

executive. We further strengthened the skillset of our Board of Directors in early 2025 with the appointment of Ms.

Stefanie Loader. Ms. Loader brings expertise in operations, mineral exploration and project development to the

Board.

**Looking Forward**

Safely, responsibly and consistently delivering on our guidance, maximizing Free Cash Flow per share generation

and advancing our strong organic growth pipeline is key to maximizing shareholder value. We are entering an

exciting, high-growth phase and expect to produce approximately 20% more gold by 2026. Our 2025 annual gold

production guidance is between 450,000 and 520,000 ounces, featuring significant investments in open pit waste

stripping at Haile and Macraes during the year. These activities at Haile are crucial for driving our 2026 production

growth.

At the current gold price, we expect to generate strong Free Cash Flow in the coming years, even after investing in

progressing our organic growth projects like Wharekirauponga (at Waihi) and Palomino Underground (at Haile), and

investing in exploration across all of our sites. With our strong financial position and outlook, we announced in

February that in 2025 we would double our dividend and would be repurchasing up to $100 million in shares through

our share buyback program.

We have an outstanding team of people who deliver our results and enable us to generate returns for our

shareholders. On behalf of the Board, we thank everyone at OceanaGold for their contribution to the achievements of

2024 and dedication to pursuing the opportunities ahead of us.

Finally, we thank all shareholders – as well as our communities, suppliers and customers – for their continued support

as we strive to provide our shareholders with an attractive return on their investment. We are confident OceanaGold

will deliver the long-term growth and value we are all focused on achieving.<sup>5</sup>

iv

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Your Vote is Important**

Your participation as a shareholder is important to us, and we encourage you to exercise your vote. Please familiarize

yourself with the content included in this Circular before you decide how to vote your shares. For any questions in

relation to this Circular, please contact our Investor Relations team at ir@oceanagold.com.

---

| | |
|:---|:---|
| Yours sincerely, |  |
| ![paulbensona.jpg](paulbensona.jpg) | ![gerardbonda.jpg](gerardbonda.jpg) |
| /s/ Paul Benson | /s/ Gerard Bond  |
| Paul Benson | Gerard Bond  |
| **Chair of the Board** | **President & Chief Executive Officer** |
| **April 23, 2025** | **April 23, 2025** |

---

v

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Glossary of Key Terms**

**AGM** means annual general meeting.

**Board** means the Board of Directors of the Company.

**CEO** means the President and Chief Executive Officer of

the Company.

**CFO** means the Chief Financial Officer of the Company.

**COO** means the Chief Operating Officer of the

Company.

**Circular** means this Management Information Circular.

**Common Share** means a common share in the capital

of the Company.

**Company** or **OceanaGold** means OceanaGold

Corporation.

**Computershare** means Computershare Investor

Services Inc.

**Designated Participant** has the meaning given to such

term in the Performance Share Rights Plan.

**DUs** means Deferred Units.

**ESG** means Environmental, Social and Governance.

**Glass Lewis** means Glass Lewis & Co., LLC.

**ISS** means Institutional Shareholder Services, Inc.

**LTI** means the Long-Term Incentive plan of the

Company.

**Management, Executive Leadership Team** or **ELT** 

means the Company's Executive Leadership Team as

set out in the Company's Annual Information Form dated

March 31, 2025.

**MD&A** means the Company's Management Discussion

and Analysis.

**Meridian** means Meridian Compensation Partners.

**Meeting** means the annual general and special meeting

of Shareholders of the Company to be held on

Wednesday, June 4, 2025, at 9:00am (EST) (including

any adjournment or postponement thereof).

**NEO or Named Executive Officer** has the meaning

given to that term in National Instrument 51-102F6 –

*Statement of Executive Compensation*.

**NI 51-102** means National Instrument 51-102 –

*Continuous Disclosure Obligations*.

**NI 54-101** means National Instrument 54-101 –

*Communication with Beneficial Owners of Securities of a* 

*Reporting Issuer*.

**Non-Registered (beneficial) Shareholder** means a

Shareholder, other than a Registered Shareholder,

whose Common Shares are registered in the name of an

intermediary, such as a bank, trust company, securities

dealer or broker, trustee or administrator of a self-

administered registered retirement savings plan,

registered retirement income fund, registered education

savings plan or similar plan on behalf of such

Shareholder (each, an **Intermediary**).

**Notice of Meeting** means the notice of the Meeting.

**Notice-and-Access Provisions** means the notice- and-

access provisions under NI 54-101.

**Proxy** means the Form of Proxy.

**Record Date** means April 23, 2025, being the date fixed

by the Board for the purpose of determining those

Shareholders entitled to receive notice of, and to vote at,

the Meeting.

**Registered Shareholder** means a Shareholder whose

name appears on the register of shareholders of the

Company.

**RSU** means a Restricted Stock Unit.

**Shareholder** means a holder of one or more Common

Shares.

**STI** means the Short-Term Incentive plan of the

Company.

**TRIFR** means the Total Recordable Injury Frequency

Rate.

**TSR** means Total Shareholder Return.

**TSX** means the Toronto Stock Exchange.

**VIF** means the Voting Information Form.

**VWAP** means the Volume Weighted Average Trading

Price.

**$** means the United States Dollar. It is the currency used

for all references to monetary amounts denoted by the

symbol "$" in this Circular, unless specified otherwise

with a prefix indicating a different currency (e.g., AU$ for

Australian Dollars or CA$ for Canadian Dollars).

vi

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Management Information Circular**

This Circular is furnished in connection with the solicitation of proxies being made by the Management of

OceanaGold for use at the virtual-only format Meeting via live webcast at https://meetnow.global/MYZ5RD5 and for

the purposes set forth in the accompanying Notice of Meeting. All costs of this solicitation will be borne by the

Company. Management's solicitation of proxies will primarily be conducted by mail, but you may be contacted by

telephone or other means of communication by employees, directors or officers of the Company, without

compensation other than their regular compensation. The cost of solicitation by Management will be borne by the

Company.

This Circular describes the matters of business to be covered at the Meeting and how Registered Shareholders and

Non-Registered (beneficial) Shareholders may vote. Registered Shareholders should return their proxy to the

Company's transfer agent, Computershare, in accordance with the instructions provided therein and in this Circular.

Shareholders and duly appointed proxyholders may attend the Meeting via webcast but must follow the instructions

set out in this Circular if they wish to vote at the Meeting. The Company encourages Shareholders to participate in the

Meeting.

**Shares Outstanding**

The Company's authorized share capital includes an unlimited number of Common Shares, without par value, and an

unlimited number of preferred shares, issuable in series by the Board. The Record Date of April 23, 2025 (EST) has

been fixed by the Board to identify those Shareholders entitled to receive notice of, and to vote at, the Meeting.

As at the Record Date, 698,211,218 Common Shares were issued and outstanding, each such Common Share

carrying the right to one (1) vote at the Meeting. No preferred shares were outstanding as at the Record Date.

To the best of the knowledge of the directors and executive officers of the Company, as at the date of this Circular, no

persons or companies beneficially own, or control or direct, directly or indirectly, 10% or more of the outstanding

Common Shares.

**Notice and Access**

**How will I receive my Meeting Materials?**

To reduce printing and mailing costs, the Company is adopting the Notice-and-Access Provisions under NI 54-101 to

distribute Meeting materials to both Registered Shareholders and Non-Registered (beneficial) Shareholders.

Shareholders will receive a Notice-and-Access notification about the Meeting's date, webcast, how to obtain

electronic and paper copies of the Circular, the Notice of Meeting, Proxy or VIF, MD&A and annual audited statements

for the year ended December 31, 2024, along with a financial statement request form (collectively, the **Meeting** 

**Materials**).

The Meeting Materials will be available on SEDAR+ at www.sedarplus.ca under the Company's profile, the Annual

General Meetings section of the Company's website and a website maintained by Computershare at <u>http://</u>

<u>www.envisionreports.com/OceanaGold2025AGSM</u>.

All Shareholders will receive a Notice of Meeting in accordance with the Notice-and-Access Provisions, as the

Company will not employ 'stratification' to differentiate between Shareholders.

These materials are being sent to both Registered Shareholders and Non-Registered (beneficial) Shareholders. If you

are a Non-Registered (beneficial) Shareholder, and the Company or its agent has sent these materials directly to you,

vii

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

your name and address and information about your holdings of Common Shares have been obtained in accordance

with applicable securities regulatory requirements from the Intermediary holding on your behalf.

**How do I obtain a paper copy of the Circular?**

Registered Shareholders can request a paper copy of the Circular by calling +1-866-962-0498 (toll-free in North

America) or +1-514-982-8716 (with charges, from outside North America), providing the 15-digit control number from

the Proxy or Notice of Meeting. Non-Registered (beneficial) Shareholders may similarly request a paper copy of the

Circular before the Meeting by calling 1-877-907-7643 (toll-free in North America) with their 16-digit control number

from the VIF, or +1-303-562-9305 (with charges, from outside North America), and following the given instructions.

**Voting Information**

**Who can vote?**

If you are a Shareholder at the close of business on April 23, 2025 (EST), being the Record Date, you, or the person

you appoint as your duly registered proxyholder, is entitled to vote at the Meeting.

If you are a Registered Shareholder, you, or the person you appoint as your duly registered proxyholder, is entitled to

vote at the Meeting. If you are a Non-Registered (beneficial) Shareholder you have the ability to vote at the Meeting

through your Intermediary or, if you are a NOBO (described below), by submitting a VIF to Computershare, the

Company's registrar and transfer agent, as outlined below.

**Why is this year's Meeting virtual-only?**

The Company has decided to hold the Meeting virtually so that Shareholders are provided with enhanced flexibility

and opportunity to participate irrespective of their geographic location and share ownership.

However, your voting rights do not change:

(a)Registered Shareholders and duly appointed proxyholders (including Non-Registered (beneficial)

Shareholders who have appointed themselves as proxyholder through their Intermediary) will be entitled to

attend, participate and vote at the Meeting, all in real time, similar to an in-person meeting.

(b)Non-Registered (beneficial) Shareholders who do not appoint themselves as proxyholders through their

Intermediary cannot vote at the Meeting, but you can still access the Meeting as guests and will be able to

ask questions via the online platform, just like at an in-person meeting.

It is important to note that you are unable to attend the Meeting in person. If you are participating in the Meeting, you

must remain connected to the internet at all times during the Meeting in order to vote when voting commences. It is

your responsibility to ensure internet connectivity for the duration to the Meeting.

**Am I Registered or Non-Registered (beneficial) Shareholder?**

The voting process is different depending on whether you are a Registered Shareholder or Non-Registered

(beneficial) Shareholder.

You are a Registered Shareholder if your name is on a share certificate or, if registered electronically, your Common

Shares are registered with Computershare, the Company's registrar and transfer agent, in your name and they are

not held on your behalf by an Intermediary.

viii

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

You are a Non-Registered (beneficial) Shareholder if your Common Shares are registered in the name of your

nominee, broker or other Intermediary, such as the Canadian Depositary for Securities Limited in Canada.

**What type of Non-Registered (beneficial) Shareholder am I?**

In Canada, there are two kinds of Non-Registered (beneficial) Shareholders – those who object to their name being

made known to the Company (called **OBOs** for **Objecting Beneficial Owners**) and those who do not object to the

Company knowing who they are (called **NOBOs** for **Non-Objecting Beneficial Owners**).

Pursuant to NI 54-101, the Company will deliver proxy-related materials in connection with this Meeting directly to

NOBOs and indirectly to OBOs.

**NOBOs**

Under NI 54-101, the Company will directly deliver proxy-related materials to NOBOs who have not waived the right

to receive them. NOBOs can expect to receive a scannable VIF and the Notice-and-Access notification from

Computershare, the Company's registrar and transfer agent. You must complete and return the VIF to

Computershare. For voting via telephone and internet, please follow the instructions in the VIF. Computershare will

tabulate the results of the VIFs received. The Company assumes the responsibility for delivering these materials to

you and ensuring your votes are correctly recorded, bypassing any intermediaries. By choosing to send these

materials to you directly, the Company (and not the Intermediary holding your Common Shares on your behalf) has

assumed responsibility for (a) delivering these materials to you, and (b) executing your proper voting instructions.

Please return your voting instructions as specified in the request for voting instructions.

**OBOs**

In accordance with NI 54-101, the Company has distributed copies of the Notice-and-Access notification to

intermediaries for onward distribution to OBOs. Intermediaries or their service companies, such as Broadridge, must

forward these to OBOs, unless rights to receive certain materials, such as certain proxy-related materials, were

waived. Included will be a **request for VIF** from OBOs, which, upon return, serves as your voting instructions. The

purpose of this process is to permit OBOs to direct the voting of the Common Shares that they beneficially own. The

Company covers the cost of delivering the Notice-and-Access notification. Please ensure you return your voting

instructions as specified in the request for VIF.

**How can I vote by proxy?**

You have various options for voting by proxy at the Meeting. You are encouraged to vote in advance of the Meeting

online, by telephone or any of the other methods described on your Proxy or VIF.

You may also attend and vote online during the live webcast, if you are Registered Shareholder or a Non-Registered

(beneficial) Shareholder and have appointed yourself as a proxy through your Intermediary, or you may appoint a duly

registered proxyholder to attend the Meeting and vote on your behalf.

Your Proxy or VIF provides that the Common Shares represented by properly executed and deposited proxies will be

voted or withheld from voting on each respective manner in accordance with your instructions and that, if you specify

a choice with respect to any matter to be acted upon at the Meeting, the Common Shares represented by your Proxy

or VIF will be voted accordingly.

**How do I vote in advance of the Meeting?**

Whether you are a Registered Shareholder, a NOBO Non-Registered (beneficial) Shareholder or an OBO Non-

Registered (beneficial) Shareholder, you have options to vote in advance.

ix

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Registered Shareholders** unable to attend the Meeting can vote by proxy or appoint a duly registered proxyholder to

attend and vote online during the Meeting. To do so, please submit proxies to Computershare Proxy Dept. 100

University Avenue, 8th Floor, Toronto, Ontario, M5J 2Y1 Canada, the Company's registrar and transfer agent, at least

48 hours before the Meeting, excluding weekends and holidays, per the instructions in the Proxy.

**NOBO Non-Registered (beneficial) Shareholders** can vote by proxy by submitting the VIF and following the

instructions included therein.

**OBO Non-Registered (beneficial) Shareholders** who have not waived their right to receive Meeting Materials will:

(a)receive a Proxy signed by their Intermediary (typically, with a facsimile stamped signature), indicating the

number of Common Shares but otherwise blank; or

(b)more commonly, receive a VIF, which when completed, signed and returned to their Intermediary will

constitute authority and instructions (often called **proxy authorization form**) on how to vote. The proxy

authorization form is a one-page document or a regular Proxy with a removable barcode label to be affixed

to the Proxy.

In either case, you can provide voting instructions by lodging the VIF or proxy authorization form, as applicable, per

the instructions set out therein and as further discussed below.

---

| | | |
|:---|:---|:---|
|  | **Registered Shareholder** | **Non-Registered (beneficial) Shareholder** |
| **Vote your** <br>**shares in** <br>**advance**<br>| Follow the instructions on your Proxy and return <br>it using one of the methods below.<br>| **If you are a NOBO holder:**<br>Follow the instructions on your VIF and return it using one <br>of the methods below.<br>**If you are an OBO holder:**<br>You must use a **request for VIF** as provided by your <br>Intermediary or service company to direct your votes as <br>instructed in such form, as per the instructions above.<br>|
| ![computera.jpg](computera.jpg) | Visit <u>www.investorvote.com</u> and vote using the <br>unique control number located on your Proxy.<br>| **If you are a NOBO holder:**<br>Visit <u>www.investorvote.com</u> and vote using the unique <br>control number located on your VIF<br>**If you are an OBO holder:**<br>|
| ![mobilea.jpg](mobilea.jpg) | 1-866-732-VOTE (8683) Toll Free or<br>312-588-4290 Direct Dial (Outside of Canada <br>and U.S.).<br>| **If you are a NOBO holder:**<br>1-866-732-VOTE (8683) Toll Free or<br>312-588-4290 Direct Dial (Outside of Canada and U.S.).<br>**If you are an OBO holder:**<br>You must use a **request for VIF** as provided by your <br>Intermediary or service company to direct your votes as <br>instructed in such form, as per the instructions above.<br>|
| ![mla.jpg](mla.jpg) | Using the envelope provided, send the duly <br>completed, signed and dated Proxy by mail.<br>Proxies must be received by the Company's <br>transfer agent by the proxy deadline. The online <br>voting option will remain available until the proxy <br>deadline.<br>| **If you are a NOBO holder:**<br>Using the envelope provided, send the duly completed, <br>signed and dated VIF by mail.<br>Submit your voting instructions by the time specified on <br>your VIF, so that it will be received at least 48 hours prior to <br>the proxy deadline.<br>**If you are an OBO holder:**<br>You must use a **request for VIF** as provided by your <br>Intermediary or service company to direct your votes as <br>instructed in such form, as per the instructions above**.**<br>|

---

**How do I appoint a proxy as a Registered Shareholder?**

**As a Registered Shareholder, you can designate either Management designee being PAUL BENSON, Chair of** 

**the Board, or GERARD MICHAEL BOND, President and Chief Executive Officer (the Management Designees)** 

**or a person other than a Management Designee to attend and vote on your behalf at the Meeting. If you** 

x

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**appoint a person other than a Management Designee to attend and vote on your behalf at the Meeting, such** 

**person does not need to be a Shareholder.**

If you appoint the Management Designees without voting instructions, they will vote on each resolution in accordance

with the Board's recommendations.

If you appoint a non-Management Designees proxyholder, that proxyholder must attend the Meeting for your vote to

be cast and to be counted.

If you wish to appoint a third-party proxyholder to represent you at the Meeting, you must:

1. prior to registering your proxyholder, submit your Proxy per the instructions contained therein; and

2. register your proxyholder at <u>http://www.computershare.com/Oceanagold</u> by Tuesday, June 3, 2025 at

4:00pm (EST) and provide Computershare with your proxyholder's contact information so they can email the

proxyholder an invite code. Without an invite code, proxyholders will not be able to attend and vote at the

Meeting.

See the instructions set out below under the heading **How to vote online at the Meeting** for further information.

**How do I appoint a proxy as a Non-Registered (beneficial) Shareholder?**

**As a Non-Registered (beneficial) Shareholder, you can designate either Management Designee or a person** 

**other than a Management Designee to attend and vote on your behalf at the Meeting. If you appoint a person** 

**other than a Management Designee to attend and vote on your behalf at the Meeting, such person does not** 

**need to be a Shareholder.**

If you are a **NOBO** and wish to vote at the Meeting, or appoint a proxy to vote on your behalf, you must enter your

name (or your proxyholder's name) on the VIF and return it to Computershare as outlined in the VIF instructions.

Should you request to appoint yourself or a nominee as proxyholder, and if Management holds a proxy for your

Common Shares, the Company will, without cost to you, appoint your chosen proxyholder in respect of those

Common Shares. Under NI 54-101, your proxyholder is then authorized to act on behalf of Management for all

Meeting matters, provided they are registered as detailed below. The Company must receive your instruction at least

one business day before the proxy submission deadline to ensure the proxy is deposited in time.

Registering your proxyholder is necessary after their appointment. Failure to register means the proxyholder will not

receive an invite code for the online Meeting. To register, visit <u>http://www.computershare.com/Oceanagold</u> by

Tuesday, June 3, 2025 at 4:00pm (EST), and provide your proxyholder's contact details for Computershare to email

them an invite code. Without this code, they cannot attend or vote at the Meeting.

**OBOs** wanting to vote or appoint a proxy should follow a similar process by filling out the VIF with the relevant names

and returning it to their Intermediary. The Intermediary, under NI 54-101, will arrange the proxyholder's appointment at

no cost. This proxyholder must also register the appointment at <u>http://www.computershare.com/Oceanagold</u> following

the same procedure as NOBOs to participate at the Meeting.

Importantly, both **NOBOs** and **OBOs** must ensure their proxyholder is registered by the deadline to ensure their

participation in the online Meeting. Without an invite code, the proxyholder cannot attend and vote.

xi

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**How do I vote online at the Meeting?**

Regardless of being a Registered Shareholder or a Non-Registered (beneficial) Shareholder, you can vote your

Common Shares online during the Meeting (not before it). Here is what you need to know:

---

| | | |
|:---|:---|:---|
|  | **Registered Shareholder** | **Non-Registered (beneficial) Shareholder** |
| **Log in**<br>**instructions**<br>| If you wish to attend and vote at the Meeting,<br>you must follow these instructions on the day of<br>the Meeting:<br>•log into the Meeting from your computer or <br>mobile device, by entering the URL in the <br>browser:<br><u>https://meetnow.global/MYZ5RD5</u>;<br>•selecting **Shareholder**;<br>•entering your 15-digit control number; and<br>•follow the instructions to vote your Common <br>Shares when prompted.<br>| If you wish to attend and vote at the Meeting, you will <br>need to appoint yourself as a proxyholder and register <br>with the Company's transfer agent, Computershare, as set <br>out above and below. If you do not follow the instructions <br>below, you will not be able to attend and vote your <br>Common Shares at the Meeting. You must follow these <br>instructions on the day of the Meeting:<br>•log into the Meeting from your computer or mobile <br>device, by entering the URL in the browser:<br><u>https://meetnow.global/MYZ5RD5</u>;<br>•selecting **Invitation**;<br>•entering your invite code, which will be provided to <br>you by Computershare by email if you have duly <br>registered; and<br>•if you do not appoint yourself as a proxyholder, you <br>may still attend the Meeting, but you must do so as a <br>guest (see below). Guests cannot vote or ask <br>questions at the Meeting.<br>|

---

You should allow sufficient time (at least 15 minutes) to log into the Meeting online and complete the above steps.

It is important that you are connected to the internet at all times during the Meeting in order to vote when balloting

commences.

In order to vote online, Registered Shareholders must have a valid 15-digit control number and proxyholders must

have received an email from Computershare containing an invite code.

**If you require assistance before or during the Meeting, please call 1-888-724-2416 (North America) or** 

**+1-781-575- 2748 (International).**

**Technology required to access the virtual meeting**

The Meeting will be conducted entirely online, with no option for physical attendance. Registered Shareholders and

duly appointed proxyholders (including Non-Registered (beneficial) Shareholders acting as proxyholders) can attend,

vote and ask questions in real-time. Non-Registered (beneficial) Shareholders not acting as proxyholders may attend

the Meeting as guests but cannot vote or ask questions.

To participate in the Meeting, you will need an internet-connected device such as a laptop, computer, tablet or mobile

phone. To run the Meeting platform, please ensure that you have the latest version of Chrome, Safari, Edge or

Firefox, with updated software plugins that meet the minimum system requirements.

Continuous internet connection is crucial throughout the Meeting for voting. It is your responsibility to maintain this

connection for the duration of the Meeting. If you lose connection once the Meeting has commenced, there may be

insufficient time to resolve your issue before ballot voting is completed. Even if you plan to attend the Meeting, you

should consider voting your Common Shares in advance so that your vote will be counted in case you cannot attend

or face technical issues preventing access at the Meeting. Please note that dial-in access does not support voting.

Voting at the Meeting can only be done through the online Meeting portal. For technical support, please contact

Computershare on **1-888-724-2416 (North America) or +1-781-575-2748 (International)**.

xii

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**How can I ask questions at the virtual meeting?**

OceanaGold is committed to facilitating equal participation for all Shareholders, including Registered Shareholders

and proxyholders (as well as Non-Registered (beneficial) Shareholders who are serving as their own proxyholders), in

its virtual-only Meeting, allowing them to ask business-related questions as if attending in person. Questions can be

submitted ahead of the Meeting via email to ir@oceanagold.com or live during the Meeting through a designated text

box. These inquiries, provided they pertain to the Meeting's agenda or OceanaGold's operations, will be addressed in

the Q&A session immediately following the Meeting. The Company Secretary, or their delegate, will manage this

process by reading out questions for OceanaGold representatives to answer, ensuring the process mirrors that of in-

person meetings. The Chair of the Meeting also reserves the right to regulate the duration and, if necessary, limit,

combine or omit questions to maintain relevance and appropriateness to the Meeting's business.

**If you require assistance before or during the Meeting, please call 1-888-724-2416 (North America) or** 

**+1-781-575-2748 (International).**

**Can I change or revoke my vote?**

To ensure flexibility, you have the option to change or revoke your vote. It is important to note that, if you are a

Registered Shareholder and attend the Meeting and change your vote on any matter, you will be deemed to have

revoked any prior proxy or voting instruction on all matters.

---

| | | |
|:---|:---|:---|
| | **Registered Shareholder** | **Non-Registered (beneficial) Shareholder** |
| **Revocation** <br>**of proxies or** <br>**voting** <br>**instructions**<br>| If you voted online in advance of the Meeting and wish <br>to change your voting instructions, you may do so by <br>re-entering your vote using the control number on your <br>proxy form and by following the instructions on your <br>proxy form and using any of the methods above.<br>You can also revoke your proxy without providing new <br>voting instructions by:<br>•sending a notice in writing to the Company's <br>office, Suite 1020, 400 Burrard Street, <br>Vancouver, British Columbia, V6C 3A6, Canada <br>so it is received by 5:00pm (EST) on the last <br>business day before the Meeting; or<br>•giving notice in any other manner permitted by <br>law.<br>The notice can be from you or your attorney provided <br>they have your written authorization. If your Common <br>Shares are owned by a corporation, the written notice <br>must be from its authorized officer or attorney.<br>| NOBOs that wish to change their voting instructions <br>must, in sufficient time in advance of the Meeting, <br>contact Computershare to arrange to change their <br>voting instructions.<br>OBOs who wish to change their voting instructions <br>must contact their Intermediary to arrange to do this in <br>sufficient time before the Meeting.<br>|

---

**Can I attend the Meeting as a guest?**

Yes, guests can attend the Meeting and view the Meeting, but they are not able to vote or ask questions at the

Meeting. Guests can access the Meeting using the following instructions:

---

| | |
|:---|:---|
| **Step 1:** | Log into the Meeting from your computer or mobile device, by entering the URL in the browser: <u>https://</u><br><u>meetnow.global/MYZ5RD5</u><br>|
| **Step 2:** | Select **Guest** |
| **Step 3:** | Enter your name and email address. |

---

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**1. BUSINESS OF THE MEETING**<br>

<u>Business of Meeting</u>

---

| | |
|:---|:---|
| **WHERE TO FIND IT** |  |
| <u>Financial Statements</u> .................................................................................. | 13 |
| <u>Resolution 1 – Re-election of Directors</u> .................................................. | 13 |
| <u>Resolution 2 – Appointment of Auditor</u> .................................................... | 14 |
| <u>Resolution 3 – Advisory Vote on the Approach to Executive</u> <br><u>Compensation</u> .............................................................................................<br>| 15 |
| <u>Resolution 4 – Virtual-Only Annual General Meetings</u> ......................... | 16 |
| <u>Resolution 5 – Share Consolidation</u> ........................................................ | 17 |
| <u>Resolution 6 – Amendments to the Company's Articles</u> ....................... | 19 |

---

**Financial Statements**

The first item of business for consideration at the Meeting is to review the Company's audited consolidated financial

statements for the year ended December 31, 2024, together with the auditor's report therein. These financial

statements and the auditor's report, as well as the MD&A for the same period, have been filed under the Company's

profile on SEDAR+ at www.sedarplus.ca, and are also available in the Investor Centre section of the Company's

website and upon request by contacting the Company Secretary in writing at Suite 1020, 400 Burrard Street,

Vancouver, British Columbia, V6C 3A6, Canada.

**Resolution 1 – Election and Re-election of Directors**

The Board will consist of eight (8) directors for the ensuing year. As stipulated by the Company's current articles, all

eight (8) directors of the Company will be seeking election or re-election at the Meeting with each director elected

holding office until the next annual general meeting of the Company or until his or her office is vacated in accordance

with the articles of the Company.

The following persons are proposed as nominees for election or re-election as a director at the Meeting:

1. Paul Benson 3.Craig J. Nelsen 5.Alan N. Pangbourne 7.Stefanie E. Loader <br> 2.Ian M. Reid 4.Sandra M. Dodds 6.Linda M. Broughton 8.Gerard M. Bond

For additional information concerning each of the proposed director nominees, please refer to the section entitled

"*Director Profiles*" in this Circular. For further information regarding the Company's Board governance, please refer to

the section entitled "*Corporate Governance Statement*" in this Circular*.*

---

| | |
|:---|:---|
| The Board of Directors recommends that Shareholders vote **<u>FOR</u>** the election or <br>re-election (as appropriate) of the nominees proposed in this Circular as <br>directors.<br>| ✔ |

---

Unless otherwise instructed, the proxyholders named in the Proxy will vote **FOR** the resolution to elect or re-elect (as

appropriate) the eight (8) nominees proposed to serve on the Board.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Majority Voting Policy**

<u>Business of Meeting</u>

The Board has adopted a majority voting policy (the **Majority Voting Policy**), endorsed by the TSX, to ensure that its

directors have the majority support of Shareholders voting at the Meeting. This policy, which is available in the

Corporate Governance section of the Company's website, requires that votes for the election of directors in

uncontested meetings of Shareholders can be cast for or withheld from each nominee individually. The results will be

recorded and announced post-meeting.

Should a nominee receive more withheld votes than in favour, it signals a lack of shareholder support. In such cases,

the nominee must immediately offer their resignation for the Board's consideration. The Board will refer the

resignation to the Governance and Nominations Committee for recommendation. Unless exceptional circumstances

suggest otherwise, such committee is expected to recommend accepting the resignation.

The involved director will abstain from decision-making regarding their resignation, which the Board will deliberate

upon within 90 days post-meeting, based on the Governance and Nominations Committee's advice. The final

decision, including a detailed statement of the reasons for any rejection of the resignation, if applicable, along with a

TSX-notification, will be publicly announced and promptly disclosed in accordance with applicable laws and stock

exchange rules, not specifically limited to a TSX-notification.

Please note that at the Meeting, the Company is seeking Shareholders approval to formally incorporate the provisions

of the Majority Voting Policy into the Articles to clearly articulate and govern the nomination process for directors.

Please refer to "*Business of the Meeting – Resolution 6 – Amendments to the Company's Articles*" below.

**Term Limits**

The Company prioritizes maintaining a dynamic and effective Board that embodies a rich blend of experience, skills,

knowledge, diversity, independence and tenure to ensure sound strategic guidance and governance, thereby

bolstering investor and stakeholder confidence. In February 2023, the Board instituted a Board Renewal Policy

outlining, among other details, term limits for its directors. According to this policy, the Governance and Nominations

Committee annually assesses each director's tenure as part of the re-election process. Directors who have served

continuously for 10 years will not be nominated for re-election as Non-Executive Directors, ensuring fresh

perspectives and sustained board effectiveness.

**Resolution 2 – Appointment of Auditor**

It is proposed that PricewaterhouseCoopers LLP (**PWC Canada**) be appointed by the Shareholders to serve as the

independent auditor of the Company until the close of the next annual general meeting, and that the Board be

authorized to fix such auditor's remuneration.

The predecessor auditor of the Company, PricewaterhouseCoopers, Chartered Accountants (**PWC Australia**), were

first appointed as auditor in prior years when the Company was headquartered in Melbourne, Australia. Upon

consideration by the Board, including the members of the Audit and Risk Committee, and given the relocation of its

head office to Vancouver, Canada in 2022, PWC Australia resigned at the Company's request as the independent

auditor of the Company effective as of February 19, 2025. Effective as of the same date, PWC Canada was

with the approval of the Board and the Audit and Risk Committee of the Company.

In accordance with Section 4.11 of NI 51-102, a notice of change of auditor was sent to PWC Australia, as well as

PWC Canada, each of which provided a letter to the Company addressed to the applicable securities regulatory

authority where the Company is a reporting issuer indicating their agreement with the statements in the notice of

change of auditor. A reporting package, as defined in NI 51-102, includes the notice of change of auditor and the

aforementioned letters from PWC Australia and PWC Canada to the applicable securities regulatory authority. The

reporting package was filed in accordance with NI 51-102 under the Company's profile on SEDAR+ at

www.sedarplus.ca and is included in the attached Schedule C to this Circular.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

<u>Business of Meeting</u>

The aggregate fees billed for professional services rendered by the Company's predecessor auditor, PWC Australia,

for our last two financial years are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial Year**<br>**Ended** | **Audit fees** | **Audit-related**<br>**fees**<sup>(1)</sup><br>| **Tax fees**<sup>(2)</sup> | **All other fees**<sup>(3)</sup> | **Totals** |
| **Financial Year**<br>**Ended** | $000 | $000 | $000 | $000 | $000 |
| 2024 | 1497 | 30 | 620 | 277 | 2424 |
| 2023 | 1297 | 91 | 633 | 358 | 2379 |

---

Notes:

(1)Audit-related fees include fees associated with the *Extractive Sector Transparency Measures Act* Annual Report and royalties audit.

(2)Tax fees include fees associated with annual tax compliance, and with tax consulting advice obtained in relation to ad-hoc projects such as funding restructuring.

(3)All other fees include services provided for the listing of OceanaGold (Philippines) Inc., and other consulting fees.

---

| | |
|:---|:---|
| The Board of Directors recommends that Shareholders vote **<u>FOR</u>** the <br>appointment of PWC Canada as the Company's auditor to hold office until the <br>next annual general meeting of Shareholders and to authorize the Board to <br>determine the auditor's compensation.<br>| ✔ |

---

Unless otherwise instructed, the proxyholders named in the Proxy will vote **FOR** the resolution to appoint PWC

Canada as the auditor of the Company and to hold office until the next AGM and will authorize the Board to determine

the auditor's compensation.

**Resolution 3 – Advisory Vote on the Approach to Executive Compensation**

At the Meeting, Shareholders will have the opportunity to vote on OceanaGold's approach to executive

compensation. The vote is advisory and non-binding, but will provide the Remuneration, People and Culture

Committee, as well as the Board, with important feedback in accordance with the guidelines set forth by major proxy

advisors for TSX-listed issuers.

The Company encourages Shareholders to review its compensation philosophy outlined in the section entitled

"*Executive Compensation Discussion and Analysis – Compensation Philosophy*" in this Circular. Information relating

to the quantum of compensation paid to the Company's executives is outlined in the section entitled "*Executive* 

*Compensation Discussion and Analysis – Summary Compensation Table*" in this Circular.

The Board, advised by the Remuneration, People and Culture Committee, which is further advised by independent

consultant Meridian, has throughout 2024 and in early 2025 considered governance best practices relating to

executive remuneration and continues to review and adjust the Company's compensation practices to ensure

alignment with the interests of Shareholders.

For additional information concerning the Company's engagement of compensation advisors, please refer to the

section entitled "*Executive Compensation Discussion and Analysis – Compensation Governance – Compensation* 

*Advisors*" in this Circular.

Through the Company's executive compensation disclosure, it continues to convey how performance is measured

and how the Company's performance compares against its peers. The Board's approach to assessing performance

for the purposes of determining the Company executives' compensation articulates the direct impact OceanaGold's

performance has on executives' compensation. The Board believes it is important to give Shareholders a forum to

provide feedback on the Company's approach to executive compensation. Accordingly, the Shareholders are invited

to consider and, if deemed advisable, approve the Company's approach to executive compensation through the

following non-binding advisory resolution:

"*BE IT RESOLVED THAT, on an advisory basis and not to diminish the role and responsibilities of the Board* 

*of Directors, that the Shareholders accept the approach to executive compensation disclosed in the* 

*Company's Management Information Circular dated April 23, 2025.*"

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

---

| | |
|:---|:---|
| The Board of Directors recommends that Shareholders vote **<u>FOR</u>** the advisory <br>resolution on the approach to executive compensation as described in this <br>Circular.<br>| ✔ |

---

<u>Business of Meeting</u>

Unless otherwise instructed, the proxyholders named in the Proxy will vote **FOR** the advisory resolution.

Last year, 98.77% of votes cast on the resolution were voted in favour of the Company's approach to executive

compensation and 1.23% votes were voted against the Company's approach.

Given the vote is advisory in nature, it is therefore not binding on the Board. However, the Remuneration, People and

Culture Committee and the Board will consider the outcome of the vote and take Shareholders' feedback into account

when considering future executive compensation.

The Company encourages its Shareholders to communicate with it directly in relation to any questions or comments

on its executive compensation philosophy. You can write to the Chair of the Remuneration, People and Culture

Committee by email at companysecretary@oceanagold.com or by mail to Suite 1020, 400 Burrard Street, Vancouver,

British Columbia, V6C 3A6, Canada.

**Resolution 4 – Virtual-Only Annual General Meetings**

The Company is seeking Shareholder approval for a proposal to hold the next AGM to be held in 2026 (the **2026** 

**AGM**) exclusively via a virtual-only format using advanced remote meeting technologies. These technologies may

include teleconference, messaging systems, chat rooms and specialized virtual meeting software, enhancing

accessibility and engagement for Shareholders globally and fostering more diverse participation.

Historically, the Company has experienced very low physical attendance and very low or no participation from

Shareholders at in-person AGMs. By moving to a virtual-only format, the Company is expected to facilitate increased

engagement, inclusivity and participation by making attendance more convenient and cost-effective for all

Shareholders. The Company is committed to ensuring that Shareholders in a virtual-only AGM are afforded the same

rights and opportunities to participate as they would in an in-person meeting.

Features of a virtual-only AGM include audio feeds ensuring all participants can hear meeting procedures, live

presentation slides, opportunities for shareholders to submit questions electronically, in advance of or during the

AGM, display of questions asked during the AGM to all participants and for Registered Shareholders and proxy

holders – real-time, virtual voting over the Internet or telephone, supplemented by traditional proxy or voting

instruction forms.

The actual format of an AGM is determined by the Board and Management in consultation with its advisors. In certain

circumstances, such as potentially contentious or significant business matters, the Board may consider an in-person

or hybrid meeting format to accommodate Shareholders wishing to attend in person. This determination is made

annually on a case-by-case basis.

The Board proposes to seek Shareholder authorization to adopt a virtual-only format for the 2026 AGM. As a binding

vote, the Board will take the results of the vote into account when considering the format for the 2026 AGM. If the vote

is approved, the Board will hold the 2026 AGM in a virtual-only format. If the vote is not approved, the Board will hold

the 2026 AGM as an in-person or hybrid meeting.

Notwithstanding the results of this Shareholder vote, it is the Company's intention to continue to provide Shareholders

with an opportunity to vote on adopting a virtual-only format for future AGMs where the Company continues to believe

that virtual-only AGMs will facilitate increased engagement, inclusivity and participation from Shareholders.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

---

| | |
|:---|:---|
| The Board of Directors recommends that Shareholders vote **<u>FOR</u>** the resolution <br>on approval to hold the next AGM in 2026 in a virtual-only format.<br>| ✔ |

---

<u>Business of Meeting</u>

Unless otherwise instructed, the proxyholders named in the Proxy will vote **FOR** the resolution to conduct the next

AGM exclusively via virtual means.

**Resolution 5 – Share Consolidation**

On February 20, 2025, the Board approved that the Company proceed with a consolidation of all of the issued and

outstanding Common Shares on the basis of a consolidation ratio, to be determined by the Board, of up to three (3)

pre-consolidation Common Shares for one (1) post-consolidation Common Share (the **Share Consolidation**). In

order to effect the Share Consolidation, Shareholder approval is required. At the Meeting, Shareholders will be asked

to consider and approve a special resolution to approve the Share Consolidation. If approved by Shareholders at the

Meeting, the Company anticipates that the Share Consolidation will become effective shortly after the Meeting, or a

future date to be determined by the Board, in its sole discretion, if and when it is considered to be in the best interests

of the Company to implement the Share Consolidation (the **Effective Time**), in either case, subject to TSX approval.

The Common Shares are listed on the TSX. The Board believes it is in the best interests of the Company and its

Shareholders to provide the Board with authorization to complete the Share Consolidation. The Board regularly

evaluates opportunities to increase the Company's access to capital markets. The Board is exploring the potential

benefits of a dual listing of the Company's Common Shares on a major U.S. exchange, including the New York Stock

Exchange (**NYSE**), which the Company believes could lead to increased interest by a wider audience of potential

investors and result in increased marketability and trading liquidity. The principal reason for the Share Consolidation is

to raise the per share trading price of the Common Shares in order to better comply with minimum trading price

requirements of such exchanges.

Although Shareholder approval for the Share Consolidation is being sought at the Meeting, approval of the Share

Consolidation does not necessarily mean that the Board will ultimately implement the Share Consolidation. The Board

may determine not to pursue a U.S. dual listing or implement the Share Consolidation at any time before or after the

Meeting without further action on the part of or notice to the Shareholders. If the Company decides to pursue a U.S.

dual listing, the Company cannot provide any assurance that it will be successful in achieving such a listing on the

NYSE or other exchange.

If the Share Consolidation is implemented, its principal effect will be to proportionately decrease the number of issued

and outstanding Common Shares by a factor equal to the consolidation ratio selected by the Board. The Share

Consolidation would result in each Shareholder owning fewer Common Shares than they owned immediately before

the Share Consolidation.

The Company does not expect the Share Consolidation itself to have any economic effect on holders of Common

Shares or securities convertible into or exercisable to acquire Common Shares, except to the extent the Share

Consolidation will result in fractional Common Shares. No fractional post-consolidation Common Shares will be

issued in connection with the Share Consolidation. Any fractional Common Share interest of 0.50 or more arising from

the Share Consolidation will be rounded up to the nearest whole number, and any fractional Common Share interest

of less than 0.50 being cancelled.

For illustrative purposes only, the following table sets out, based on the number of issued and outstanding Common

Shares as of the date hereof, the potential effects of the Share Consolidation, without giving effect to the cancellation

of fractional Common Shares, at various consolidation ratios:

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

---

| | |
|:---|:---|
| **Consolidation Ratio** | **Common Shares Outstanding** |
| No Share Consolidation | 698,211,218 |
| 2 Pre-consolidation Common Shares for 1 post-consolidation Common Share | 349,105,609 |
| 3 Pre-consolidation Common Shares for 1 post-consolidation Common Share | 232,737,073 |

---

<u>Business of Meeting</u>

**Exchange of Share Certificates upon Approval**

If a proposed Share Consolidation is approved by the Shareholders and all relevant regulatory authorities, and the

Share Consolidation is ultimately implemented by the Board, following the announcement by the Company of the

effective date of the Share Consolidation, Registered Shareholders holding pre-consolidation Common Shares

through the Direct Registration System (**DRS**) will be automatically sent a DRS Advice/Statement by the Company's

transfer agent, Computershare, representing the number of post-consolidation Common Shares they hold following

the Share Consolidation and no further steps are required to be taken by such Registered Shareholders. The DRS is

an electronic registration system which allows Shareholders to hold Common Shares in their name in book-based

form, as evidenced by a DRS Advice/Statement rather than a physical share certificate. Non-Registered (beneficial)

Shareholders holding their Common Shares through a broker, trustee or other financial institution should note that

such broker, trustee or other financial institution may have different procedures for processing the Share

Consolidation than those that will be put in place by the Company for the Registered Shareholders. If you are a Non-

Registered (beneficial) Shareholder, you are encouraged to contact your nominee.

Alternatively, where Registered Shareholders hold share certificate(s) representing pre-consolidation Common

Shares, a letter of transmittal will be sent by the Company's transfer agent containing instructions on how to

exchange their share certificates for new share certificates representing post-consolidation Common Shares. Until

surrendered to the Company's transfer agent, each share certificate representing old pre-consolidation Common

Shares will be deemed for all purposes to represent the number of new post-consolidation Common Shares to which

the Registered Shareholder is entitled as a result of a Share Consolidation. Until Registered Shareholders have

returned their properly completed and duly executed letter of transmittal and surrendered their old share certificate(s)

for exchange, Registered Shareholders will not be entitled to receive any distributions, if any, that may be declared

and payable to holders of record following a Share Consolidation.

Any Registered Shareholder whose old share certificate(s) have been lost, destroyed or stolen will be entitled to a

replacement share certificate only after complying with the requirements that the Company and the transfer agent

customarily apply in connection with lost, stolen or destroyed share certificates. The method chosen for delivery of

share certificates and letters of transmittal to the Company's transfer agent is the responsibility of the Registered

Shareholder and neither the transfer agent nor the Company will have any liability in respect of share certificates and/

or letters of transmittal which are not actually received by the transfer agent.

**REGISTERED SHAREHOLDERS SHOULD NEITHER DESTROY NOR SUBMIT ANY SHARE CERTIFICATE** 

**UNTIL HAVING RECEIVED A LETTER OF TRANSMITTAL.**

Holders of Company DUs, RSUs, warrants or other convertible rights will be contacted directly if a proposed Share

Consolidation is completed with respect to the procedures required to update their securities, if any.

Assuming Shareholder approval is received at the Meeting, and assuming that the Board determines to proceed with

a Share Consolidation, the Share Consolidation will be subject to acceptance by the TSX, and confirmation that, on a

post-consolidation basis, the Company would meet all of the TSX's continued listing requirements. If the TSX does

not accept the Share Consolidation, the Company will not proceed with the Share Consolidation.

**Risk Factors**

Reducing the number of issued and outstanding Common Shares through the Share Consolidation is intended,

absent other factors, to increase the per-Common Share market price of the Common Shares by a factor

approximately equal to the consolidation ratio. However, the market price of the Common Shares will also be affected

by the Company's financial and operational results, its financial position, including its liquidity and capital resources,

industry conditions, the market's perception of the Company's business and other factors, which are unrelated to the

number of Common Shares outstanding. There is no assurance that the anticipated market price of the Common

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

Shares immediately following the implementation of the Share Consolidation will be realized or, if realized, will be

<u>Business of Meeting</u>

sustained or will increase. There is a risk that the total market capitalization of the Common Shares (the market price

of the Common Shares multiplied by the number of Common Shares outstanding) after the implementation of the

Share Consolidation may be lower or higher than the total market capitalization of the Common Shares prior to the

implementation of the Share Consolidation.

Having regard to these other factors, there can be no assurance that the market price of the Common Shares will

increase by a factor approximately equal to the consolidation ratio following the implementation of a Share

Consolidation.

If a Share Consolidation is implemented and the market price of the Common Shares (adjusted to reflect the ratio of

the Share Consolidation) declines, the percentage decline as an absolute number and as a percentage of the

Company's overall market capitalization may be greater than would have occurred if the Share Consolidation had not

been implemented. Both the total market capitalization of a company and the adjusted market price of such

company's shares following a consolidation may be lower than they were before the consolidation took effect. The

reduced number of Common Shares that would be outstanding after the Share Consolidation is implemented could

adversely affect the liquidity of the Common Shares.

**Shareholders Vote Required**

To be effective, this resolution must be approved by at least two-thirds of the votes cast by Shareholders present in

person or by proxy at the Meeting. The Board believes that obtaining Shareholder approval at the Meeting to

implement the Share Consolidation is in the best interests of the Company and the Shareholders.

---

| | |
|:---|:---|
| The Board of Directors recommends that Shareholders vote **<u>FOR</u>** the Share <br>Consolidation.<br>| ✔ |

---

Unless otherwise instructed, the proxyholders named in the Proxy will vote FOR the resolution to consolidate the

issued and outstanding common shares as proposed.

**Resolution 6 – Amendments to the Company's Articles**

At the Meeting, Shareholders will be asked to consider and, if thought advisable, to approve a special resolution to

amend the articles of the Company to provide for advance notice of director nominations (the **Advance Notice** 

**Provisions**) and to adopt other modernization amendments in accordance with the provisions of the *Business* 

*Corporations Act* (British Columbia) (**BCBCA**). The articles of the Company were last amended in 2013 and do not

reflect more recent changes to the BCBCA or other applicable laws. The Board believes that the proposed

amendments better align with legal and regulatory developments and current corporate governance practices.

Below is a summary of the proposed amendments to the articles only. The full text of the proposed amended and

restated articles (the **Updated Articles**), including the Advance Notice Provisions, is set out in the attached Schedule

B to this Circular. The Company's current articles are available under the Company's profile on SEDAR+ at

www.sedarplus.ca and are also available in the Corporate Governance section of the Company's website. A blackline

version of the Updated Articles compared to the Company's current articles will also be posted with other Meeting

Materials in the Annual General Meetings section of the Company's website.

**Addition of Advance Notice Provisions**

The purpose of the Advance Notice Provisions is to provide Shareholders, the Board and Management of the

Company with a clear framework respecting the nomination of persons for election as directors of the Company.

Please note that the Company already has an Advance Notice Policy, it is now seeking to formally incorporate the

policy into the Articles to clearly articulate and govern the nomination process for directors.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

The Advance Notice Provisions establish a deadline by which holders of record of Common Shares must submit

<u>Business of Meeting</u>

nominations for election of directors of the Company prior to any AGM or special meeting (which is not also an AGM)

of Shareholders called with the purpose of electing directors. This amendment is intended to standardize the

timeframe for nominations across all types of Shareholder meetings.

Furthermore, the Advance Notice Provisions set forth the information that a Shareholder must include in a written

notice to the Company in order for a nominee to be eligible for election as a director of the Company at any AGM of

Shareholders or special meeting (which is not also an AGM) of Shareholders called with the purpose of electing

directors.

Taken together, the Board believes the Advance Notice Provisions will help to: (a) facilitate orderly and efficient AGMs

or, where the need arises, special meetings; (b) ensure that all Shareholders receive adequate notice of director

nominations and sufficient information with respect to all nominees; and (c) allow Shareholders to make an informed

vote having been afforded reasonable time for appropriate deliberation.

**Summary of the Advance Notice Provisions**

The following is a summary of the principal terms of the Advance Notice Provisions, which summary is qualified in its

entirety by reference to the full text of the Advance Notice Provisions included in the Updated Articles in the attached

Schedule B to this Circular.

**Nomination of Directors**

Only persons who are nominated: (a) by or at the direction of the Board or an authorized officer of the Company; (b)

by or at the direction of a Shareholder pursuant to a proposal or requisition of Shareholders made in accordance with

the BCBCA; or (c) in accordance with the procedures set forth in the Advance Notice Provisions, will be eligible for

election as directors of the Company.

**Timely Notice**

The Advance Notice Provisions provide that:

(a)where a nomination is made at an AGM of Shareholders, notice to the Company must be given not later

than the close of business on the 30th day prior to the date of the AGM; provided, however, that in the event

the AGM is to be held on a date that is less than 50 days after the date on which the announcement of the

date of the AGM was made, notice may be made not later than the close of business on the 10th day

following such announcement; and

(b)in the case that the meeting is a special meeting of Shareholders (but not also an AGM), such notice must

be made not later than close of business on the 15th day following the date on which the announcement of

the date of the special meeting was made.

In either instance, if the Company uses "notice-and-access" (as defined in NI 54-101) to send proxy-related materials

to Shareholders in connection with a meeting of the Shareholders described above, and the notice date in respect of

the meeting is not less than 50 days prior to the date of the applicable meeting, the notice must be received not later

than the close of business on the 40th day prior to the date of the applicable meeting.

**Proper Form of Timely Notice**

The Advance Notice Provisions also require that the notice of nomination include certain information on each person

proposed to be nominated for election, as well as certain information regarding the nominating Shareholder.

**Defective Nominations**

The Chair of any meeting of Shareholders shall have the power to determine whether any proposed nomination is

made in accordance with the Advance Notice Provisions.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Other Amendments**

<u>Business of Meeting</u>

In addition to the inclusion of the Advance Notice Provisions, the Company is proposing other amendments, including:

(a)incorporating a definition of the *Securities Transfer Act* (British Columbia) (the **STA**) and certain related

definitions. Common Share transfers of British Columbia companies are governed by the STA and it is

considered best practice in British Columbia to have provisions in the articles that are consistent with the

STA;

(b)updating the provisions for the replacement of lost, stolen or destroyed share certificates or

acknowledgements. The articles now provide that a person entitled to a share certificate may not assert

against the Company a claim for a new share certificate where a share certificate has been lost, apparently

destroyed or wrongfully taken if that person fails to notify the Company of that fact within a reasonable time

after that person has notice of it and the Company registers a transfer of the Common Shares represented

by the certificate before receiving a notice of the loss, apparent destruction or wrongful taking of the share

certificate. The Company now also has recovery rights with respect to replacement share certificates issued

when the certificates should not have been so issued;

(c)revising the Shareholder approvals required for certain alterations to the authorized share structure of the

Company and Special Rights and Restrictions of any class of shares, which now require an ordinary

resolution (a simple majority of votes cast by Shareholders) compared to a special resolution (66 <sup>2/3</sup>%) under

the current articles. In addition, under the Updated Articles, the Board is able, by written resolution, to

subdivide or consolidate all or any of the Company's unissued or fully paid issued shares:

(d)modernizing the provisions in the Updated Articles with respect to the meetings of Shareholders by explicitly

allowing such meetings to be held virtually in the event of compelling rationale. Accordingly, additional

provisions have been added governing such "fully electronic meetings", including that they no longer require

a physical location, and how electronic voting would take place at such meetings has been clarified and

certain other minor changes to the administration of Shareholder meetings that may be held fully or in part

virtually have been made;

(e)increasing the quorum for the transaction of business at a meeting of shareholders from 5% to 25%;

(f)expanding the existing mandatory indemnification provisions, previously only for directors and former

directors, to also include officers and former officers of the Company;

(g)modernizing the provisions with respect to payment and claiming of dividends. Notably, the Company is now

permitted to pay dividends by electronic means to help facilitate the payment of dividends to Shareholders

and a new provision has been added that addresses the forfeiture of unclaimed dividends and other

distributions after a period six years; and

(h)modifying the methods in which the Company may deliver notice under the Updated Articles to specifically

include other methods permitted by applicable securities legislation (which would include notice and

access). This provides the Company with the necessary flexibility in providing notice under the Updated

Articles to help facilitate and modernize its communication with Shareholders, now and in the future.

**Shareholder Approval of Amendment of Articles**

If Shareholders do not approve the amendments to the articles, the articles of the Company will not be amended to

add the Advance Notice Provisions and make other modernization changes.

If Shareholders approve the amendments to the articles, it is intended that the Updated Articles will be filed at the

records office of the Company and, following the filing of a Notice of Alteration with the Registrar of Companies of

British Columbia, the Updated Articles will become effective.

Shareholders will be asked at the Meeting to consider and, if considered advisable, to adopt the following special

resolution to approve the amendment of the articles:

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

"*BE IT RESOLVED, AS A SPECIAL RESOLUTION, THAT:*

<u>Business of Meeting</u>

1.*The articles of the Company be replaced in their entirety with the form of the Amended and Restated* 

*Articles set out in Schedule B – Updated Articles to the Company's Management Information Circular dated* 

*April 23, 2025, to become effective at a date in the future to be determined by the Board, and such* 

*amendment and restatement of the articles of the Company shall not take effect until these resolutions are* 

*passed and received for deposit at the Company's records office, the Notice of Alteration is electronically* 

*filed with the Registrar of Companies and the Notice of Articles is altered to reflect the alterations set out in* 

*these resolutions, if required; and*

2.*Any one director or officer of the Company be and is hereby authorized and directed to all such acts and* 

*things and to execute and deliver, under the corporate seal or otherwise, all such deeds, documents,* 

*instruments and assurances as in his or her opinion may be necessary or desirable to give effect to the* 

*foregoing resolutions.*"

The special resolution must be passed, with or without amendment, by not less than 66 <sup>2/3</sup>% of votes cast by

Shareholders voting online at the Meeting or by proxy in respect of the special resolution at the Meeting.

---

| | |
|:---|:---|
| The Board of Directors recommends that Shareholders vote **<u>FOR</u>** the <br>amendment of the Company's Articles.<br>| ✔ |

---

Unless otherwise instructed, the proxyholders named in the Proxy will vote FOR the resolution to amend the

Company's articles.

**Past Annual General Meeting Voting Results**

Below are the voting results for all resolutions at the last three years of AGMs. Values marked with "*-*" indicate either

that the given director did not stand for election or that the resolution was not tabled in the given year.

---

| | | | |
|:---|:---|:---|:---|
| **Voting Results** | **2022** | **2023** | **2024** |
| **Election of Directors** | % | % | % |
| Paul Benson | 98.4 | 99.3 | 8110.0 |
| Sandra M. Dodds | 9880.0 | 99.3 | 8410.0 |
| Catherine A. Gignac | 9380.0 | 97.2 | - |
| Craig J. Nelsen | 9940.0 | 99.3 | 9670.0 |
| Ian M. Reid | 9620.0 | 99.2 | 7030.0 |
| Gerard M. Bond | 9940.0 | 99.5 | 9980.0 |
| Linda M. Broughton | - | 99.9 | 9670.0 |
| Alan N. Pangbourne | - | 99.8 | 9660.0 |
| Michael J. McMullen | 92.0 | - | - |
| **Routine Business** |  |  |  |
| Approve PricewaterhouseCoopers as Auditors and Authorize the <br>Board to fix their remuneration<br>| 98.8 | 98.1 | 93.8 |
| Advisory Vote on Executive Compensation Approach | 9890.0 | 98.4 | 9880.0 |
| **Special Resolutions** |  |  |  |
| Re-approve Performance Rights Plan | - | - | 9340.0 |

---

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**2. DIRECTOR PROFILES**<br>

<u>Director Profiles </u>

The following are brief biographies of the proposed nominees for election as a director, and who are currently a

director, and as a result whose term of office as a director will continue after the Meeting. Individual data is accurate

as at April 1, 2025. For information regarding the Company's Board governance, please refer to the section entitled

"*Corporate Governance Statement*" in this Circular.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Paul Benson** |  |  |  |  |  |
|  | Age: 62<br>Perth, Western Australia, Australia<br>Independent Director Since: 2021<br>Current Occupation: Non-Executive <br>Director | Age: 62<br>Perth, Western Australia, Australia<br>Independent Director Since: 2021<br>Current Occupation: Non-Executive <br>Director | Age: 62<br>Perth, Western Australia, Australia<br>Independent Director Since: 2021<br>Current Occupation: Non-Executive <br>Director | Areas of Expertise:<br>•Executive Leadership<br>•Mining<br>•International<br>•Strategy<br>•Mergers & Acquisitions<br>•Business Development<br>•Health, Safety, Environment & <br>Sustainability<br>•Governance and Risk Management | Areas of Expertise:<br>•Executive Leadership<br>•Mining<br>•International<br>•Strategy<br>•Mergers & Acquisitions<br>•Business Development<br>•Health, Safety, Environment & <br>Sustainability<br>•Governance and Risk Management |
| ![paulbensona.jpg](paulbensona.jpg) | Age: 62<br>Perth, Western Australia, Australia<br>Independent Director Since: 2021<br>Current Occupation: Non-Executive <br>Director | Age: 62<br>Perth, Western Australia, Australia<br>Independent Director Since: 2021<br>Current Occupation: Non-Executive <br>Director | Age: 62<br>Perth, Western Australia, Australia<br>Independent Director Since: 2021<br>Current Occupation: Non-Executive <br>Director | Areas of Expertise:<br>•Executive Leadership<br>•Mining<br>•International<br>•Strategy<br>•Mergers & Acquisitions<br>•Business Development<br>•Health, Safety, Environment & <br>Sustainability<br>•Governance and Risk Management | Areas of Expertise:<br>•Executive Leadership<br>•Mining<br>•International<br>•Strategy<br>•Mergers & Acquisitions<br>•Business Development<br>•Health, Safety, Environment & <br>Sustainability<br>•Governance and Risk Management |
| ![paulbensona.jpg](paulbensona.jpg) | Mr. Paul Benson was appointed as Chair of the OceanaGold Board in October 2021, after <br>joining the Company as a Non-Executive Director in May 2021. Mr. Benson is a senior <br>mining executive and company director with demonstrated performance in operations and <br>project management, leadership, capital raising, strategy and business development, <br>focused on value creation. His commodity experience includes gold, copper, tin, lead, zinc, <br>silver, mineral sands, iron ore, uranium and coal with qualifications and experience in most <br>aspects of the mining value chain from exploration, geology, mining and management <br>through corporate finance. Previously, Mr. Benson was SSR Mining Inc.'s President and <br>Chief Executive Officer and a member of its board of directors. He brings more than 30 <br>years of experience in various technical and business capacities. Mr. Benson was CEO and <br>Managing Director of Troy Resources Limited and for 20 years prior he held a number of <br>executive and operating roles in Australia and overseas with BHP Billiton, Rio Tinto and <br>Renison Goldfields.<br>Mr. Benson holds a Bachelor of Science in Geology and Exploration Geophysics and a Bachelor <br>of Engineering in Mining, both from the University of Sydney. He also earned a Graduate <br>Diploma in Applied Finance and Investment from the Securities Institute of Australia and a <br>Masters of Science (Distinction) in Management from the London Business School. | Mr. Paul Benson was appointed as Chair of the OceanaGold Board in October 2021, after <br>joining the Company as a Non-Executive Director in May 2021. Mr. Benson is a senior <br>mining executive and company director with demonstrated performance in operations and <br>project management, leadership, capital raising, strategy and business development, <br>focused on value creation. His commodity experience includes gold, copper, tin, lead, zinc, <br>silver, mineral sands, iron ore, uranium and coal with qualifications and experience in most <br>aspects of the mining value chain from exploration, geology, mining and management <br>through corporate finance. Previously, Mr. Benson was SSR Mining Inc.'s President and <br>Chief Executive Officer and a member of its board of directors. He brings more than 30 <br>years of experience in various technical and business capacities. Mr. Benson was CEO and <br>Managing Director of Troy Resources Limited and for 20 years prior he held a number of <br>executive and operating roles in Australia and overseas with BHP Billiton, Rio Tinto and <br>Renison Goldfields.<br>Mr. Benson holds a Bachelor of Science in Geology and Exploration Geophysics and a Bachelor <br>of Engineering in Mining, both from the University of Sydney. He also earned a Graduate <br>Diploma in Applied Finance and Investment from the Securities Institute of Australia and a <br>Masters of Science (Distinction) in Management from the London Business School. | Mr. Paul Benson was appointed as Chair of the OceanaGold Board in October 2021, after <br>joining the Company as a Non-Executive Director in May 2021. Mr. Benson is a senior <br>mining executive and company director with demonstrated performance in operations and <br>project management, leadership, capital raising, strategy and business development, <br>focused on value creation. His commodity experience includes gold, copper, tin, lead, zinc, <br>silver, mineral sands, iron ore, uranium and coal with qualifications and experience in most <br>aspects of the mining value chain from exploration, geology, mining and management <br>through corporate finance. Previously, Mr. Benson was SSR Mining Inc.'s President and <br>Chief Executive Officer and a member of its board of directors. He brings more than 30 <br>years of experience in various technical and business capacities. Mr. Benson was CEO and <br>Managing Director of Troy Resources Limited and for 20 years prior he held a number of <br>executive and operating roles in Australia and overseas with BHP Billiton, Rio Tinto and <br>Renison Goldfields.<br>Mr. Benson holds a Bachelor of Science in Geology and Exploration Geophysics and a Bachelor <br>of Engineering in Mining, both from the University of Sydney. He also earned a Graduate <br>Diploma in Applied Finance and Investment from the Securities Institute of Australia and a <br>Masters of Science (Distinction) in Management from the London Business School. | Mr. Paul Benson was appointed as Chair of the OceanaGold Board in October 2021, after <br>joining the Company as a Non-Executive Director in May 2021. Mr. Benson is a senior <br>mining executive and company director with demonstrated performance in operations and <br>project management, leadership, capital raising, strategy and business development, <br>focused on value creation. His commodity experience includes gold, copper, tin, lead, zinc, <br>silver, mineral sands, iron ore, uranium and coal with qualifications and experience in most <br>aspects of the mining value chain from exploration, geology, mining and management <br>through corporate finance. Previously, Mr. Benson was SSR Mining Inc.'s President and <br>Chief Executive Officer and a member of its board of directors. He brings more than 30 <br>years of experience in various technical and business capacities. Mr. Benson was CEO and <br>Managing Director of Troy Resources Limited and for 20 years prior he held a number of <br>executive and operating roles in Australia and overseas with BHP Billiton, Rio Tinto and <br>Renison Goldfields.<br>Mr. Benson holds a Bachelor of Science in Geology and Exploration Geophysics and a Bachelor <br>of Engineering in Mining, both from the University of Sydney. He also earned a Graduate <br>Diploma in Applied Finance and Investment from the Securities Institute of Australia and a <br>Masters of Science (Distinction) in Management from the London Business School. | Mr. Paul Benson was appointed as Chair of the OceanaGold Board in October 2021, after <br>joining the Company as a Non-Executive Director in May 2021. Mr. Benson is a senior <br>mining executive and company director with demonstrated performance in operations and <br>project management, leadership, capital raising, strategy and business development, <br>focused on value creation. His commodity experience includes gold, copper, tin, lead, zinc, <br>silver, mineral sands, iron ore, uranium and coal with qualifications and experience in most <br>aspects of the mining value chain from exploration, geology, mining and management <br>through corporate finance. Previously, Mr. Benson was SSR Mining Inc.'s President and <br>Chief Executive Officer and a member of its board of directors. He brings more than 30 <br>years of experience in various technical and business capacities. Mr. Benson was CEO and <br>Managing Director of Troy Resources Limited and for 20 years prior he held a number of <br>executive and operating roles in Australia and overseas with BHP Billiton, Rio Tinto and <br>Renison Goldfields.<br>Mr. Benson holds a Bachelor of Science in Geology and Exploration Geophysics and a Bachelor <br>of Engineering in Mining, both from the University of Sydney. He also earned a Graduate <br>Diploma in Applied Finance and Investment from the Securities Institute of Australia and a <br>Masters of Science (Distinction) in Management from the London Business School. |
| **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Compensation** | **2024 Compensation** | **2024 Compensation** |
| Board of Directors | 6 of 6 | 100% | Total compensation | Total compensation | $282081 |
| Audit and Risk Committee | 4 of 4 | 100% | Grant value of DUs | Grant value of DUs | $83450 |
| Remuneration, People and Culture <br>Committee<br>| 4 of 4 | 100% | Grant value DUs as % of total<br>compensation | Grant value DUs as % of total<br>compensation | 29.6% |
| Sustainability Committee | 4 of 4 | 100% |  |  |  |
| Governance and Nominations Committee <br>(Chair)<br>| 4 of 4 | 100% |  |  |  |
| Technical Committee | 4 of 4 | 100% |  |  |  |

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*Note: Mr. Benson was appointed as Chair of the Governance and Nominations Committee on June 6, 2024.*

---

| | |
|:---|:---|
| **2024 Director Voting Results** |  |
| % voted for | 81.1% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Number of DUs** | **Total Holding**<br>**(#)**<br>| **Market Value of**<br>**Total Holding**<br>|
| Share Ownership (as of April 1, 2025) | 136900 | 196504 | 333404 | $1098491 |
| Share Ownership Guidelines |  | 3 Times Annual Base Fee ($435000) – Achieved | 3 Times Annual Base Fee ($435000) – Achieved | 3 Times Annual Base Fee ($435000) – Achieved |
| **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** |
| SSR Mining Inc. (08/2015 to 09/2020) |  | Director, President and Chief Executive Officer | Director, President and Chief Executive Officer | Director, President and Chief Executive Officer |

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OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ian M. Reid** |  |  |  |  |  |
|  | Age: 69<br>Edmonton, Alberta, Canada<br>Independent Director Since: 2018<br>Current Occupation: Non-Executive <br>Director | Age: 69<br>Edmonton, Alberta, Canada<br>Independent Director Since: 2018<br>Current Occupation: Non-Executive <br>Director | Age: 69<br>Edmonton, Alberta, Canada<br>Independent Director Since: 2018<br>Current Occupation: Non-Executive <br>Director | Areas of Expertise:<br>•Executive Leadership<br>•Strategy<br>•Health, Safety, Environment &<br>•Sustainability<br>•Capital Management<br>•Human Resources & Executive<br>•Compensation<br>•Governance and Risk Management<br>•International<br>•Business Development | Areas of Expertise:<br>•Executive Leadership<br>•Strategy<br>•Health, Safety, Environment &<br>•Sustainability<br>•Capital Management<br>•Human Resources & Executive<br>•Compensation<br>•Governance and Risk Management<br>•International<br>•Business Development |
| ![reida.jpg](reida.jpg) | Age: 69<br>Edmonton, Alberta, Canada<br>Independent Director Since: 2018<br>Current Occupation: Non-Executive <br>Director | Age: 69<br>Edmonton, Alberta, Canada<br>Independent Director Since: 2018<br>Current Occupation: Non-Executive <br>Director | Age: 69<br>Edmonton, Alberta, Canada<br>Independent Director Since: 2018<br>Current Occupation: Non-Executive <br>Director | Areas of Expertise:<br>•Executive Leadership<br>•Strategy<br>•Health, Safety, Environment &<br>•Sustainability<br>•Capital Management<br>•Human Resources & Executive<br>•Compensation<br>•Governance and Risk Management<br>•International<br>•Business Development | Areas of Expertise:<br>•Executive Leadership<br>•Strategy<br>•Health, Safety, Environment &<br>•Sustainability<br>•Capital Management<br>•Human Resources & Executive<br>•Compensation<br>•Governance and Risk Management<br>•International<br>•Business Development |
| ![reida.jpg](reida.jpg) | Mr. Ian M. Reid joined the OceanaGold Board in 2018 as a Non-Executive Director and held <br>the position of Chairman from June 2019 until September 2021. Mr. Reid is Chair of the <br>Sustainability Committee.<br>An experienced leader, he brings to the role more than 30 years of experience in managing <br>the successful growth and operations of major multinational companies. As a senior <br>executive of Finning International Inc., Caterpillar Inc.'s largest equipment dealer globally, <br>Mr. Reid has extensive experience in servicing and supporting mines and other heavy civil <br>operations in Canada, the United Kingdom and South America. He participated in <br>Caterpillar Inc.'s Global Mining Strategy Council along with the other top ten mining dealers <br>worldwide until his retirement in 2008. Mr. Reid has extensive experience serving as an <br>independent director for numerous public and privately held corporations in a variety of <br>industries, including construction (civil and commercial), energy services, consulting <br>engineering, commercial and retail tire, mining and financial services.<br>Mr. Reid received a Bachelor of Commerce from the University of Saskatchewan and has <br>completed the Advanced Management Program at Harvard. He supports many charities <br>and has been awarded the Alberta Centennial Medal "for outstanding service" to the people <br>and province of Alberta. | Mr. Ian M. Reid joined the OceanaGold Board in 2018 as a Non-Executive Director and held <br>the position of Chairman from June 2019 until September 2021. Mr. Reid is Chair of the <br>Sustainability Committee.<br>An experienced leader, he brings to the role more than 30 years of experience in managing <br>the successful growth and operations of major multinational companies. As a senior <br>executive of Finning International Inc., Caterpillar Inc.'s largest equipment dealer globally, <br>Mr. Reid has extensive experience in servicing and supporting mines and other heavy civil <br>operations in Canada, the United Kingdom and South America. He participated in <br>Caterpillar Inc.'s Global Mining Strategy Council along with the other top ten mining dealers <br>worldwide until his retirement in 2008. Mr. Reid has extensive experience serving as an <br>independent director for numerous public and privately held corporations in a variety of <br>industries, including construction (civil and commercial), energy services, consulting <br>engineering, commercial and retail tire, mining and financial services.<br>Mr. Reid received a Bachelor of Commerce from the University of Saskatchewan and has <br>completed the Advanced Management Program at Harvard. He supports many charities <br>and has been awarded the Alberta Centennial Medal "for outstanding service" to the people <br>and province of Alberta. | Mr. Ian M. Reid joined the OceanaGold Board in 2018 as a Non-Executive Director and held <br>the position of Chairman from June 2019 until September 2021. Mr. Reid is Chair of the <br>Sustainability Committee.<br>An experienced leader, he brings to the role more than 30 years of experience in managing <br>the successful growth and operations of major multinational companies. As a senior <br>executive of Finning International Inc., Caterpillar Inc.'s largest equipment dealer globally, <br>Mr. Reid has extensive experience in servicing and supporting mines and other heavy civil <br>operations in Canada, the United Kingdom and South America. He participated in <br>Caterpillar Inc.'s Global Mining Strategy Council along with the other top ten mining dealers <br>worldwide until his retirement in 2008. Mr. Reid has extensive experience serving as an <br>independent director for numerous public and privately held corporations in a variety of <br>industries, including construction (civil and commercial), energy services, consulting <br>engineering, commercial and retail tire, mining and financial services.<br>Mr. Reid received a Bachelor of Commerce from the University of Saskatchewan and has <br>completed the Advanced Management Program at Harvard. He supports many charities <br>and has been awarded the Alberta Centennial Medal "for outstanding service" to the people <br>and province of Alberta. | Mr. Ian M. Reid joined the OceanaGold Board in 2018 as a Non-Executive Director and held <br>the position of Chairman from June 2019 until September 2021. Mr. Reid is Chair of the <br>Sustainability Committee.<br>An experienced leader, he brings to the role more than 30 years of experience in managing <br>the successful growth and operations of major multinational companies. As a senior <br>executive of Finning International Inc., Caterpillar Inc.'s largest equipment dealer globally, <br>Mr. Reid has extensive experience in servicing and supporting mines and other heavy civil <br>operations in Canada, the United Kingdom and South America. He participated in <br>Caterpillar Inc.'s Global Mining Strategy Council along with the other top ten mining dealers <br>worldwide until his retirement in 2008. Mr. Reid has extensive experience serving as an <br>independent director for numerous public and privately held corporations in a variety of <br>industries, including construction (civil and commercial), energy services, consulting <br>engineering, commercial and retail tire, mining and financial services.<br>Mr. Reid received a Bachelor of Commerce from the University of Saskatchewan and has <br>completed the Advanced Management Program at Harvard. He supports many charities <br>and has been awarded the Alberta Centennial Medal "for outstanding service" to the people <br>and province of Alberta. | Mr. Ian M. Reid joined the OceanaGold Board in 2018 as a Non-Executive Director and held <br>the position of Chairman from June 2019 until September 2021. Mr. Reid is Chair of the <br>Sustainability Committee.<br>An experienced leader, he brings to the role more than 30 years of experience in managing <br>the successful growth and operations of major multinational companies. As a senior <br>executive of Finning International Inc., Caterpillar Inc.'s largest equipment dealer globally, <br>Mr. Reid has extensive experience in servicing and supporting mines and other heavy civil <br>operations in Canada, the United Kingdom and South America. He participated in <br>Caterpillar Inc.'s Global Mining Strategy Council along with the other top ten mining dealers <br>worldwide until his retirement in 2008. Mr. Reid has extensive experience serving as an <br>independent director for numerous public and privately held corporations in a variety of <br>industries, including construction (civil and commercial), energy services, consulting <br>engineering, commercial and retail tire, mining and financial services.<br>Mr. Reid received a Bachelor of Commerce from the University of Saskatchewan and has <br>completed the Advanced Management Program at Harvard. He supports many charities <br>and has been awarded the Alberta Centennial Medal "for outstanding service" to the people <br>and province of Alberta. |
| **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Compensation** | **2024 Compensation** | **2024 Compensation** |
| Board of Directors | 6 of 6 | 100% | Total compensation | Total compensation | $193801 |
| Sustainability Committee (Chair) | 4 of 4 | 100% | Grant value of DUs | Grant value of DUs | $84358 |
| Governance and Nominations<br>Committee<br>| 4 of 4 | 100% | Grant value DUs as % of total<br>compensation | Grant value DUs as % of total<br>compensation | 43.5% |
| Technical Committee | 2 of 2 | 100% |  |  |  |
| Audit and Risk Committee | 2 of 2 | 100% |  |  |  |

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<u>Director Profiles </u>

*Note: Mr. Reid. stepped off the Technical Committee and was appointed as a member of the Audit and Risk Committee on June 6, 2024.*

---

| | |
|:---|:---|
| **2024 Director Voting Results** |  |
| % voted for | 70.3% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Number of DUs** | **Total Holding**<br>**(#)**<br>| **Market Value of**<br>**Total Holding**<br>|
| Share Ownership (as of April 1, 2025) | 224000 | 242160 | 466160 | $1535892 |
| Share Ownership Guidelines |  | 3 Times Annual Base Fee ($240000) – Achieved | 3 Times Annual Base Fee ($240000) – Achieved | 3 Times Annual Base Fee ($240000) – Achieved |
| **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** |
| Canadian Western Bank (03/2011 to 02/2025) |  | Director | Director | Director |
| Stuart Olson Inc. (05/2007 to 01/2020) |  | Director | Director | Director |

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OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Craig J. Nelsen** |  |  |  |  |  |
|  | Age: 73<br>Centennial, Colorado, USA<br>Independent Director Since: 2019<br>Current Occupation: Non-Executive <br>Director | Age: 73<br>Centennial, Colorado, USA<br>Independent Director Since: 2019<br>Current Occupation: Non-Executive <br>Director | Age: 73<br>Centennial, Colorado, USA<br>Independent Director Since: 2019<br>Current Occupation: Non-Executive <br>Director | Areas of Expertise:<br>•Executive Leadership<br>•Human Resources & Executive <br>Compensation<br>•Exploration and Resource/Reserve <br>Development<br>•Mergers & Acquisitions<br>•Business Development<br>•International<br>•Strategy<br>•Mining | Areas of Expertise:<br>•Executive Leadership<br>•Human Resources & Executive <br>Compensation<br>•Exploration and Resource/Reserve <br>Development<br>•Mergers & Acquisitions<br>•Business Development<br>•International<br>•Strategy<br>•Mining |
| ![craigjnelsena.jpg](craigjnelsena.jpg) | Age: 73<br>Centennial, Colorado, USA<br>Independent Director Since: 2019<br>Current Occupation: Non-Executive <br>Director | Age: 73<br>Centennial, Colorado, USA<br>Independent Director Since: 2019<br>Current Occupation: Non-Executive <br>Director | Age: 73<br>Centennial, Colorado, USA<br>Independent Director Since: 2019<br>Current Occupation: Non-Executive <br>Director | Areas of Expertise:<br>•Executive Leadership<br>•Human Resources & Executive <br>Compensation<br>•Exploration and Resource/Reserve <br>Development<br>•Mergers & Acquisitions<br>•Business Development<br>•International<br>•Strategy<br>•Mining | Areas of Expertise:<br>•Executive Leadership<br>•Human Resources & Executive <br>Compensation<br>•Exploration and Resource/Reserve <br>Development<br>•Mergers & Acquisitions<br>•Business Development<br>•International<br>•Strategy<br>•Mining |
| ![craigjnelsena.jpg](craigjnelsena.jpg) | Mr. Craig J. Nelsen was appointed a Non-Executive Director of OceanaGold in February <br>2019 and is Chair of the Remuneration, People and Culture Committee and a geologist with <br>over 40 years of experience in the mining business. <br>Mr. Nelsen was founder, CEO, Chair and Director of Avanti Mining. Formerly, he was <br>Executive Vice President, Exploration of Gold Fields Limited, founder, Chief Executive <br>Officer and Chair of the former Metallica Resources (now New Gold) and has also held a <br>variety of strategic positions at Lac Minerals Ltd, culminating in Executive Vice President <br>Exploration. Mr. Nelsen currently serves as a Non-Executive Chair and Director of ATEX <br>Resources Inc.<br>Mr. Nelsen holds a M.S. degree in geology from the University of New Mexico and a B.A. in <br>geology from the University of Montana. | Mr. Craig J. Nelsen was appointed a Non-Executive Director of OceanaGold in February <br>2019 and is Chair of the Remuneration, People and Culture Committee and a geologist with <br>over 40 years of experience in the mining business. <br>Mr. Nelsen was founder, CEO, Chair and Director of Avanti Mining. Formerly, he was <br>Executive Vice President, Exploration of Gold Fields Limited, founder, Chief Executive <br>Officer and Chair of the former Metallica Resources (now New Gold) and has also held a <br>variety of strategic positions at Lac Minerals Ltd, culminating in Executive Vice President <br>Exploration. Mr. Nelsen currently serves as a Non-Executive Chair and Director of ATEX <br>Resources Inc.<br>Mr. Nelsen holds a M.S. degree in geology from the University of New Mexico and a B.A. in <br>geology from the University of Montana. | Mr. Craig J. Nelsen was appointed a Non-Executive Director of OceanaGold in February <br>2019 and is Chair of the Remuneration, People and Culture Committee and a geologist with <br>over 40 years of experience in the mining business. <br>Mr. Nelsen was founder, CEO, Chair and Director of Avanti Mining. Formerly, he was <br>Executive Vice President, Exploration of Gold Fields Limited, founder, Chief Executive <br>Officer and Chair of the former Metallica Resources (now New Gold) and has also held a <br>variety of strategic positions at Lac Minerals Ltd, culminating in Executive Vice President <br>Exploration. Mr. Nelsen currently serves as a Non-Executive Chair and Director of ATEX <br>Resources Inc.<br>Mr. Nelsen holds a M.S. degree in geology from the University of New Mexico and a B.A. in <br>geology from the University of Montana. | Mr. Craig J. Nelsen was appointed a Non-Executive Director of OceanaGold in February <br>2019 and is Chair of the Remuneration, People and Culture Committee and a geologist with <br>over 40 years of experience in the mining business. <br>Mr. Nelsen was founder, CEO, Chair and Director of Avanti Mining. Formerly, he was <br>Executive Vice President, Exploration of Gold Fields Limited, founder, Chief Executive <br>Officer and Chair of the former Metallica Resources (now New Gold) and has also held a <br>variety of strategic positions at Lac Minerals Ltd, culminating in Executive Vice President <br>Exploration. Mr. Nelsen currently serves as a Non-Executive Chair and Director of ATEX <br>Resources Inc.<br>Mr. Nelsen holds a M.S. degree in geology from the University of New Mexico and a B.A. in <br>geology from the University of Montana. | Mr. Craig J. Nelsen was appointed a Non-Executive Director of OceanaGold in February <br>2019 and is Chair of the Remuneration, People and Culture Committee and a geologist with <br>over 40 years of experience in the mining business. <br>Mr. Nelsen was founder, CEO, Chair and Director of Avanti Mining. Formerly, he was <br>Executive Vice President, Exploration of Gold Fields Limited, founder, Chief Executive <br>Officer and Chair of the former Metallica Resources (now New Gold) and has also held a <br>variety of strategic positions at Lac Minerals Ltd, culminating in Executive Vice President <br>Exploration. Mr. Nelsen currently serves as a Non-Executive Chair and Director of ATEX <br>Resources Inc.<br>Mr. Nelsen holds a M.S. degree in geology from the University of New Mexico and a B.A. in <br>geology from the University of Montana. |
| **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Compensation** | **2024 Compensation** | **2024 Compensation** |
| Board of Directors | 6 of 6 | 100% | Total compensation | Total compensation | $201084 |
| Remuneration, People and Culture <br>Committee (Chair)<br>| 4 of 4 | 100% | Grant value of DUs | Grant value of DUs | $83852 |
| Sustainability Committee | 4 of 4 | 100% | Grant value DUs as % of total <br>compensation | Grant value DUs as % of total <br>compensation | 41.7% |
| Technical Committee | 4 of 4 | 100% |  |  |  |

---

<u>Director Profiles </u>

---

| | |
|:---|:---|
| **2024 Director Voting Results** |  |
| % voted for | 96.7% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Number of DUs** | **Total Holding**<br>**(#)**<br>| **Market Value of**<br>**Total Holding**<br>|
| Share Ownership (as of April 1, 2025) | 253000 | 216689 | 469689 | $1547519 |
| Share Ownership Guidelines |  | 3 Times Annual Base Fee ($240000) – Achieved | 3 Times Annual Base Fee ($240000) – Achieved | 3 Times Annual Base Fee ($240000) – Achieved |
| **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** |
| ATEX Resources Inc. (01/2021 to current) |  | Chairman | Chairman | Chairman |
| Golden Star Resources Ltd. (05/2011 to 01/2022) |  | Director | Director | Director |

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OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sandra M. Dodds** |  |  |  |  |  |
|  | Age: 63<br>Melbourne, Victoria, Australia<br>Independent Director Since: 2020<br>Current Occupation: Non-Executive<br>Director | Age: 63<br>Melbourne, Victoria, Australia<br>Independent Director Since: 2020<br>Current Occupation: Non-Executive<br>Director | Age: 63<br>Melbourne, Victoria, Australia<br>Independent Director Since: 2020<br>Current Occupation: Non-Executive<br>Director | Areas of Expertise:<br>•Executive Leadership<br>•Strategy<br>•Health, Safety, Environment & <br>Sustainability<br>•Financial<br>•Business Development<br>•Capital Management<br>•Governance and Risk <br>Management<br>•Project Development | Areas of Expertise:<br>•Executive Leadership<br>•Strategy<br>•Health, Safety, Environment & <br>Sustainability<br>•Financial<br>•Business Development<br>•Capital Management<br>•Governance and Risk <br>Management<br>•Project Development |
| ![ocean1a.jpg](ocean1a.jpg) | Age: 63<br>Melbourne, Victoria, Australia<br>Independent Director Since: 2020<br>Current Occupation: Non-Executive<br>Director | Age: 63<br>Melbourne, Victoria, Australia<br>Independent Director Since: 2020<br>Current Occupation: Non-Executive<br>Director | Age: 63<br>Melbourne, Victoria, Australia<br>Independent Director Since: 2020<br>Current Occupation: Non-Executive<br>Director | Areas of Expertise:<br>•Executive Leadership<br>•Strategy<br>•Health, Safety, Environment & <br>Sustainability<br>•Financial<br>•Business Development<br>•Capital Management<br>•Governance and Risk <br>Management<br>•Project Development | Areas of Expertise:<br>•Executive Leadership<br>•Strategy<br>•Health, Safety, Environment & <br>Sustainability<br>•Financial<br>•Business Development<br>•Capital Management<br>•Governance and Risk <br>Management<br>•Project Development |
| ![ocean1a.jpg](ocean1a.jpg) | Ms. Sandra M. Dodds was appointed a Non-Executive Director of OceanaGold <br>in November 2020 and is the Chair of the Audit and Risk Committee. <br>Ms. Dodds brings to the role over 25 years of operational and financial <br>experience as an executive responsible for the strategy, operations and <br>performance for multiple business units across Australia, New Zealand and <br>Asia. Prior to her role as CEO Infrastructure at Broadspectrum, Ms. Dodds <br>spent ten years at Downer EDI Limited in several executive roles, including as <br>CFO for Downer Works Global, Executive General Manager Operations and <br>CEO of Downer Asia. Ms. Dodds is currently a Non-Executive Director at Snowy <br>Hydro Limited, Beca Group Limited and Contact Energy Limited. Ms. Dodds has <br>served on several boards since 2014 as Chair of TW Power Services Limited, a <br>Director of MACA Limited, Infrastructure Partnerships Australia and Sydney <br>Harbour Ferries Limited. <br>Ms. Dodds received her Bachelor of Commerce from the University of Otago in <br>New Zealand. She is a Fellow for the New Zealand Institute of Chartered <br>Accountants Australia and New Zealand and is a Graduate of the Australian <br>Institute of Company Directors. | Ms. Sandra M. Dodds was appointed a Non-Executive Director of OceanaGold <br>in November 2020 and is the Chair of the Audit and Risk Committee. <br>Ms. Dodds brings to the role over 25 years of operational and financial <br>experience as an executive responsible for the strategy, operations and <br>performance for multiple business units across Australia, New Zealand and <br>Asia. Prior to her role as CEO Infrastructure at Broadspectrum, Ms. Dodds <br>spent ten years at Downer EDI Limited in several executive roles, including as <br>CFO for Downer Works Global, Executive General Manager Operations and <br>CEO of Downer Asia. Ms. Dodds is currently a Non-Executive Director at Snowy <br>Hydro Limited, Beca Group Limited and Contact Energy Limited. Ms. Dodds has <br>served on several boards since 2014 as Chair of TW Power Services Limited, a <br>Director of MACA Limited, Infrastructure Partnerships Australia and Sydney <br>Harbour Ferries Limited. <br>Ms. Dodds received her Bachelor of Commerce from the University of Otago in <br>New Zealand. She is a Fellow for the New Zealand Institute of Chartered <br>Accountants Australia and New Zealand and is a Graduate of the Australian <br>Institute of Company Directors. | Ms. Sandra M. Dodds was appointed a Non-Executive Director of OceanaGold <br>in November 2020 and is the Chair of the Audit and Risk Committee. <br>Ms. Dodds brings to the role over 25 years of operational and financial <br>experience as an executive responsible for the strategy, operations and <br>performance for multiple business units across Australia, New Zealand and <br>Asia. Prior to her role as CEO Infrastructure at Broadspectrum, Ms. Dodds <br>spent ten years at Downer EDI Limited in several executive roles, including as <br>CFO for Downer Works Global, Executive General Manager Operations and <br>CEO of Downer Asia. Ms. Dodds is currently a Non-Executive Director at Snowy <br>Hydro Limited, Beca Group Limited and Contact Energy Limited. Ms. Dodds has <br>served on several boards since 2014 as Chair of TW Power Services Limited, a <br>Director of MACA Limited, Infrastructure Partnerships Australia and Sydney <br>Harbour Ferries Limited. <br>Ms. Dodds received her Bachelor of Commerce from the University of Otago in <br>New Zealand. She is a Fellow for the New Zealand Institute of Chartered <br>Accountants Australia and New Zealand and is a Graduate of the Australian <br>Institute of Company Directors. | Ms. Sandra M. Dodds was appointed a Non-Executive Director of OceanaGold <br>in November 2020 and is the Chair of the Audit and Risk Committee. <br>Ms. Dodds brings to the role over 25 years of operational and financial <br>experience as an executive responsible for the strategy, operations and <br>performance for multiple business units across Australia, New Zealand and <br>Asia. Prior to her role as CEO Infrastructure at Broadspectrum, Ms. Dodds <br>spent ten years at Downer EDI Limited in several executive roles, including as <br>CFO for Downer Works Global, Executive General Manager Operations and <br>CEO of Downer Asia. Ms. Dodds is currently a Non-Executive Director at Snowy <br>Hydro Limited, Beca Group Limited and Contact Energy Limited. Ms. Dodds has <br>served on several boards since 2014 as Chair of TW Power Services Limited, a <br>Director of MACA Limited, Infrastructure Partnerships Australia and Sydney <br>Harbour Ferries Limited. <br>Ms. Dodds received her Bachelor of Commerce from the University of Otago in <br>New Zealand. She is a Fellow for the New Zealand Institute of Chartered <br>Accountants Australia and New Zealand and is a Graduate of the Australian <br>Institute of Company Directors. | Ms. Sandra M. Dodds was appointed a Non-Executive Director of OceanaGold <br>in November 2020 and is the Chair of the Audit and Risk Committee. <br>Ms. Dodds brings to the role over 25 years of operational and financial <br>experience as an executive responsible for the strategy, operations and <br>performance for multiple business units across Australia, New Zealand and <br>Asia. Prior to her role as CEO Infrastructure at Broadspectrum, Ms. Dodds <br>spent ten years at Downer EDI Limited in several executive roles, including as <br>CFO for Downer Works Global, Executive General Manager Operations and <br>CEO of Downer Asia. Ms. Dodds is currently a Non-Executive Director at Snowy <br>Hydro Limited, Beca Group Limited and Contact Energy Limited. Ms. Dodds has <br>served on several boards since 2014 as Chair of TW Power Services Limited, a <br>Director of MACA Limited, Infrastructure Partnerships Australia and Sydney <br>Harbour Ferries Limited. <br>Ms. Dodds received her Bachelor of Commerce from the University of Otago in <br>New Zealand. She is a Fellow for the New Zealand Institute of Chartered <br>Accountants Australia and New Zealand and is a Graduate of the Australian <br>Institute of Company Directors. |
| **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Compensation** | **2024 Compensation** | **2024 Compensation** |
| Board of Directors | 6 of 6 | 100% | Total compensation | Total compensation | $215034 |
| Audit and Risk Committee (Chair) | 4 of 4 | 100% | Grant value of DUs | Grant value of DUs | $83952 |
| Remuneration, People and Culture<br>Committee<br>| 4 of 4 | 100% | Grant value DUs as % of total<br>compensation | Grant value DUs as % of total<br>compensation | 39.0% |
| Governance and Nominations Committee | 4 of 4 | 100% |  |  |  |
| **2024 Director Voting Results** |  |  |  |  |  |
| % voted for |  | 84.1% |  |  |  |

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<u>Director Profiles </u>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br>**Shares**<br>| **Number of DUs** | **Total**<br>**Holding (#)**<br>| **Market Value of**<br>**Total Holding**<br>|
| Share Ownership (as of April 1, 2025) | 15000 | 221748 | 236748 | $780031 |
| Share Ownership Guidelines |  | 3 Times Annual Base Fee ($240000) – Achieved | 3 Times Annual Base Fee ($240000) – Achieved | 3 Times Annual Base Fee ($240000) – Achieved |
| **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** |  |  |  |
| Fletcher Building Limited (09/2023 to current) |  | Director |  |  |
| Contact Energy Limited (09/2021 to current) |  | Director |  |  |
| MACA Limited (10/2020 to 09/2021) |  | Director |  |  |

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OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

<u>Director Profiles </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alan N. Pangbourne** |  |  |  |  |  |
|  | Age: 64<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2022<br>Current Occupation: Non-Executive<br>Director | Age: 64<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2022<br>Current Occupation: Non-Executive<br>Director | Age: 64<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2022<br>Current Occupation: Non-Executive<br>Director | Areas of Expertise:<br>•Executive Leadership<br>•International<br>•Health, Safety, Environment & <br>Sustainability<br>•Mining<br>•Project Development<br>•Technology & Innovation | Areas of Expertise:<br>•Executive Leadership<br>•International<br>•Health, Safety, Environment & <br>Sustainability<br>•Mining<br>•Project Development<br>•Technology & Innovation |
| ![screenshot2026-01x29184247a.jpg](screenshot2026-01x29184247a.jpg) | Age: 64<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2022<br>Current Occupation: Non-Executive<br>Director | Age: 64<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2022<br>Current Occupation: Non-Executive<br>Director | Age: 64<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2022<br>Current Occupation: Non-Executive<br>Director | Areas of Expertise:<br>•Executive Leadership<br>•International<br>•Health, Safety, Environment & <br>Sustainability<br>•Mining<br>•Project Development<br>•Technology & Innovation | Areas of Expertise:<br>•Executive Leadership<br>•International<br>•Health, Safety, Environment & <br>Sustainability<br>•Mining<br>•Project Development<br>•Technology & Innovation |
| ![screenshot2026-01x29184247a.jpg](screenshot2026-01x29184247a.jpg) | Mr. Alan N. Pangbourne was appointed a Non-Executive Director of OceanaGold in <br>October 2022 and is the Chair of the Technical Committee. <br>Mr. Pangbourne has over 35 years of experience in global mining operations and most <br>recently was the President and CEO of Guyana Goldfields Inc. through to its sale to <br>Zijin Mining Group Co., Ltd. in August 2020. Previously, Mr. Pangbourne was Chief <br>Operating Officer of SSR Mining Inc., Vice President Projects South America for <br>Kinross Gold Corporation, and held increasingly senior roles at BHP Billiton Ltd., <br>including President and Chief Operating Officer of Nickel Americas, Projects Director <br>for BHP's Uranium Division, which includes the Olympic Dam Expansion, and Project <br>Manager for BHP's Spence copper project in Chile. He was also General Manager at <br>an engineering company that specialized in gold heap leach and carbon-in-pulp plants. <br>Mr. Pangbourne holds a Bachelor of Applied Science (Extractive Metallurgy) and<br>a Graduate Diploma in Mineral Processing from the Western Australian School<br>of Mines.  | Mr. Alan N. Pangbourne was appointed a Non-Executive Director of OceanaGold in <br>October 2022 and is the Chair of the Technical Committee. <br>Mr. Pangbourne has over 35 years of experience in global mining operations and most <br>recently was the President and CEO of Guyana Goldfields Inc. through to its sale to <br>Zijin Mining Group Co., Ltd. in August 2020. Previously, Mr. Pangbourne was Chief <br>Operating Officer of SSR Mining Inc., Vice President Projects South America for <br>Kinross Gold Corporation, and held increasingly senior roles at BHP Billiton Ltd., <br>including President and Chief Operating Officer of Nickel Americas, Projects Director <br>for BHP's Uranium Division, which includes the Olympic Dam Expansion, and Project <br>Manager for BHP's Spence copper project in Chile. He was also General Manager at <br>an engineering company that specialized in gold heap leach and carbon-in-pulp plants. <br>Mr. Pangbourne holds a Bachelor of Applied Science (Extractive Metallurgy) and<br>a Graduate Diploma in Mineral Processing from the Western Australian School<br>of Mines.  | Mr. Alan N. Pangbourne was appointed a Non-Executive Director of OceanaGold in <br>October 2022 and is the Chair of the Technical Committee. <br>Mr. Pangbourne has over 35 years of experience in global mining operations and most <br>recently was the President and CEO of Guyana Goldfields Inc. through to its sale to <br>Zijin Mining Group Co., Ltd. in August 2020. Previously, Mr. Pangbourne was Chief <br>Operating Officer of SSR Mining Inc., Vice President Projects South America for <br>Kinross Gold Corporation, and held increasingly senior roles at BHP Billiton Ltd., <br>including President and Chief Operating Officer of Nickel Americas, Projects Director <br>for BHP's Uranium Division, which includes the Olympic Dam Expansion, and Project <br>Manager for BHP's Spence copper project in Chile. He was also General Manager at <br>an engineering company that specialized in gold heap leach and carbon-in-pulp plants. <br>Mr. Pangbourne holds a Bachelor of Applied Science (Extractive Metallurgy) and<br>a Graduate Diploma in Mineral Processing from the Western Australian School<br>of Mines.  | Mr. Alan N. Pangbourne was appointed a Non-Executive Director of OceanaGold in <br>October 2022 and is the Chair of the Technical Committee. <br>Mr. Pangbourne has over 35 years of experience in global mining operations and most <br>recently was the President and CEO of Guyana Goldfields Inc. through to its sale to <br>Zijin Mining Group Co., Ltd. in August 2020. Previously, Mr. Pangbourne was Chief <br>Operating Officer of SSR Mining Inc., Vice President Projects South America for <br>Kinross Gold Corporation, and held increasingly senior roles at BHP Billiton Ltd., <br>including President and Chief Operating Officer of Nickel Americas, Projects Director <br>for BHP's Uranium Division, which includes the Olympic Dam Expansion, and Project <br>Manager for BHP's Spence copper project in Chile. He was also General Manager at <br>an engineering company that specialized in gold heap leach and carbon-in-pulp plants. <br>Mr. Pangbourne holds a Bachelor of Applied Science (Extractive Metallurgy) and<br>a Graduate Diploma in Mineral Processing from the Western Australian School<br>of Mines.  | Mr. Alan N. Pangbourne was appointed a Non-Executive Director of OceanaGold in <br>October 2022 and is the Chair of the Technical Committee. <br>Mr. Pangbourne has over 35 years of experience in global mining operations and most <br>recently was the President and CEO of Guyana Goldfields Inc. through to its sale to <br>Zijin Mining Group Co., Ltd. in August 2020. Previously, Mr. Pangbourne was Chief <br>Operating Officer of SSR Mining Inc., Vice President Projects South America for <br>Kinross Gold Corporation, and held increasingly senior roles at BHP Billiton Ltd., <br>including President and Chief Operating Officer of Nickel Americas, Projects Director <br>for BHP's Uranium Division, which includes the Olympic Dam Expansion, and Project <br>Manager for BHP's Spence copper project in Chile. He was also General Manager at <br>an engineering company that specialized in gold heap leach and carbon-in-pulp plants. <br>Mr. Pangbourne holds a Bachelor of Applied Science (Extractive Metallurgy) and<br>a Graduate Diploma in Mineral Processing from the Western Australian School<br>of Mines.  |
| **2024 Meeting Attendance\*** | **2024 Meeting Attendance\*** | **2024 Meeting Attendance\*** | **2024 Compensation** | **2024 Compensation** | **2024 Compensation** |
| Board of Directors | 6 of 6 | 100% | Total compensation | Total compensation | $194570 |
| Audit and Risk Committee  | 4 of 4 | 100% | Grant value of DUs | Grant value of DUs | $82640 |
| Sustainability Committee | 4 of 4 | 100% | Grant value DUs as % of total<br>compensation | Grant value DUs as % of total<br>compensation | 42.5% |
| Technical Committee (Chair) | 4 of 4 | 100% |  |  |  |
| **2024 Director Voting Results** |  |  |  |  |  |
| % voted for |  | 96.6% |  |  |  |

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<u>Director Profiles </u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br>**Shares**<br>| **Number of DUs** | **Total Holding**<br>**(#)**<br>| **Market Value of**<br>**Total Holding**<br>|
| Share Ownership (as of April 1, 2025) | 6800 | 155754 | 162554 | $535579 |
| Share Ownership Guidelines |  | 3 Times Annual Base Fee ($240000) – Achieved | 3 Times Annual Base Fee ($240000) – Achieved | 3 Times Annual Base Fee ($240000) – Achieved |
| **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** |  |  |
| Chesapeake Gold Corp. (01/2021 to current) |  | Director |  |  |
| TMAC Resources Inc. (09/2020 to 02/2021) |  | Director |  |  |
| Guyana Goldfields Inc. (05/2019 to 08/2020) |  | Chief Executive Officer | Chief Executive Officer |  |

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OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Linda M. Broughton** |  |  |  |  |  |
|  | Age: 63<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2023<br>Current Occupation: Non-Executive<br>Director | Age: 63<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2023<br>Current Occupation: Non-Executive<br>Director | Age: 63<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2023<br>Current Occupation: Non-Executive<br>Director | Areas of Expertise:<br>•Mining<br>•Health, Safety, Environment & <br>Sustainability<br>•Government Relations and <br>Regulatory Policies<br>•International | Areas of Expertise:<br>•Mining<br>•Health, Safety, Environment & <br>Sustainability<br>•Government Relations and <br>Regulatory Policies<br>•International |
| ![ocean3a.jpg](ocean3a.jpg) | Age: 63<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2023<br>Current Occupation: Non-Executive<br>Director | Age: 63<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2023<br>Current Occupation: Non-Executive<br>Director | Age: 63<br>Vancouver, British Columbia, Canada<br>Independent Director Since: 2023<br>Current Occupation: Non-Executive<br>Director | Areas of Expertise:<br>•Mining<br>•Health, Safety, Environment & <br>Sustainability<br>•Government Relations and <br>Regulatory Policies<br>•International | Areas of Expertise:<br>•Mining<br>•Health, Safety, Environment & <br>Sustainability<br>•Government Relations and <br>Regulatory Policies<br>•International |
| ![ocean3a.jpg](ocean3a.jpg) | Ms. Linda Broughton was appointed a Non-Executive Director of OceanaGold in April <br>2023.<br>Ms. Broughton is an experienced mining executive with over 35 years of experience in <br>both corporate and operations roles throughout North and South America. She <br>specializes in environmental geochemistry, water and tailings management, mine <br>reclamation and closure, as well as risk management. Ms. Broughton was the Vice <br>President Technical Services for Alexco Resource Corp., where she was responsible <br>for the reclamation of an historical mining district in northern Canada. She also <br>managed mine development and closure projects through design, permitting and <br>implementation. Before that, she held various senior environmental and engineering <br>roles with BHP Closed Sites, BHP Base Metals, SRK (UK and Canada), Compania <br>Mineral Antamina Peru, as well as independent consulting roles. Ms. Broughton <br>participates in industry technical and research organizations and is on independent <br>technical review boards.<br>Ms. Broughton holds a Bachelor of Science (Mining Engineering) from Queen's <br>University and a Master of Applied Science from the University of British Columbia. <br>She is also a graduate of the ICD-Rotman Directors Education Program in Canada.  | Ms. Linda Broughton was appointed a Non-Executive Director of OceanaGold in April <br>2023.<br>Ms. Broughton is an experienced mining executive with over 35 years of experience in <br>both corporate and operations roles throughout North and South America. She <br>specializes in environmental geochemistry, water and tailings management, mine <br>reclamation and closure, as well as risk management. Ms. Broughton was the Vice <br>President Technical Services for Alexco Resource Corp., where she was responsible <br>for the reclamation of an historical mining district in northern Canada. She also <br>managed mine development and closure projects through design, permitting and <br>implementation. Before that, she held various senior environmental and engineering <br>roles with BHP Closed Sites, BHP Base Metals, SRK (UK and Canada), Compania <br>Mineral Antamina Peru, as well as independent consulting roles. Ms. Broughton <br>participates in industry technical and research organizations and is on independent <br>technical review boards.<br>Ms. Broughton holds a Bachelor of Science (Mining Engineering) from Queen's <br>University and a Master of Applied Science from the University of British Columbia. <br>She is also a graduate of the ICD-Rotman Directors Education Program in Canada.  | Ms. Linda Broughton was appointed a Non-Executive Director of OceanaGold in April <br>2023.<br>Ms. Broughton is an experienced mining executive with over 35 years of experience in <br>both corporate and operations roles throughout North and South America. She <br>specializes in environmental geochemistry, water and tailings management, mine <br>reclamation and closure, as well as risk management. Ms. Broughton was the Vice <br>President Technical Services for Alexco Resource Corp., where she was responsible <br>for the reclamation of an historical mining district in northern Canada. She also <br>managed mine development and closure projects through design, permitting and <br>implementation. Before that, she held various senior environmental and engineering <br>roles with BHP Closed Sites, BHP Base Metals, SRK (UK and Canada), Compania <br>Mineral Antamina Peru, as well as independent consulting roles. Ms. Broughton <br>participates in industry technical and research organizations and is on independent <br>technical review boards.<br>Ms. Broughton holds a Bachelor of Science (Mining Engineering) from Queen's <br>University and a Master of Applied Science from the University of British Columbia. <br>She is also a graduate of the ICD-Rotman Directors Education Program in Canada.  | Ms. Linda Broughton was appointed a Non-Executive Director of OceanaGold in April <br>2023.<br>Ms. Broughton is an experienced mining executive with over 35 years of experience in <br>both corporate and operations roles throughout North and South America. She <br>specializes in environmental geochemistry, water and tailings management, mine <br>reclamation and closure, as well as risk management. Ms. Broughton was the Vice <br>President Technical Services for Alexco Resource Corp., where she was responsible <br>for the reclamation of an historical mining district in northern Canada. She also <br>managed mine development and closure projects through design, permitting and <br>implementation. Before that, she held various senior environmental and engineering <br>roles with BHP Closed Sites, BHP Base Metals, SRK (UK and Canada), Compania <br>Mineral Antamina Peru, as well as independent consulting roles. Ms. Broughton <br>participates in industry technical and research organizations and is on independent <br>technical review boards.<br>Ms. Broughton holds a Bachelor of Science (Mining Engineering) from Queen's <br>University and a Master of Applied Science from the University of British Columbia. <br>She is also a graduate of the ICD-Rotman Directors Education Program in Canada.  | Ms. Linda Broughton was appointed a Non-Executive Director of OceanaGold in April <br>2023.<br>Ms. Broughton is an experienced mining executive with over 35 years of experience in <br>both corporate and operations roles throughout North and South America. She <br>specializes in environmental geochemistry, water and tailings management, mine <br>reclamation and closure, as well as risk management. Ms. Broughton was the Vice <br>President Technical Services for Alexco Resource Corp., where she was responsible <br>for the reclamation of an historical mining district in northern Canada. She also <br>managed mine development and closure projects through design, permitting and <br>implementation. Before that, she held various senior environmental and engineering <br>roles with BHP Closed Sites, BHP Base Metals, SRK (UK and Canada), Compania <br>Mineral Antamina Peru, as well as independent consulting roles. Ms. Broughton <br>participates in industry technical and research organizations and is on independent <br>technical review boards.<br>Ms. Broughton holds a Bachelor of Science (Mining Engineering) from Queen's <br>University and a Master of Applied Science from the University of British Columbia. <br>She is also a graduate of the ICD-Rotman Directors Education Program in Canada.  |
| **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Compensation** | **2024 Compensation** | **2024 Compensation** |
| Board of Directors | 6 of 6 | 100% | Total compensation | Total compensation | $177193 |
| Sustainability Committee | 4 of 4 | 100% | Grant value of DUs | Grant value of DUs | $81679 |
| Technical Committee | 4 of 4 | 100% | Grant value DUs as % of total <br>compensation | Grant value DUs as % of total <br>compensation | 46.1% |
| Remuneration, People and Culture <br>Committee<br>| 2 of 2 | 100% |  |  |  |
| *Note: Ms. Broughton was appointed as a member of the Remuneration, People and Culture Committee on June 6, 2024.*  | *Note: Ms. Broughton was appointed as a member of the Remuneration, People and Culture Committee on June 6, 2024.*  | *Note: Ms. Broughton was appointed as a member of the Remuneration, People and Culture Committee on June 6, 2024.*  | *Note: Ms. Broughton was appointed as a member of the Remuneration, People and Culture Committee on June 6, 2024.*  | *Note: Ms. Broughton was appointed as a member of the Remuneration, People and Culture Committee on June 6, 2024.*  | *Note: Ms. Broughton was appointed as a member of the Remuneration, People and Culture Committee on June 6, 2024.*  |
| **2024 Director Voting Results** |  |  |  |  |  |
| % voted for |  | 96.7% |  |  |  |

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<u>Director Profiles </u>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br>**Shares**<br>| **Number of DUs** | **Total Holding** <br>**(#)**<br>| **Market Value of**<br>**Total Holding**<br>|
| Share Ownership (as of April 1, 2025) | 0 | 107452 | 107452 | $354030 |
| Share Ownership Guidelines |  | 3 Times Annual Base Fee ($240000) – Achieved | 3 Times Annual Base Fee ($240000) – Achieved | 3 Times Annual Base Fee ($240000) – Achieved |
| **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** |  |  |
| Alexco Resource Corp./Hecla Mining Company<br>(11/2014 to 06/2023) <br>|  | Vice President Technical Services | Vice President Technical Services |  |

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OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

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| | | | | |
|:---|:---|:---|:---|:---|
| **Stefanie E. Loader** |  |  |  |  |
|  | Age: 52<br>Orange, New South Wales, Australia<br>Independent Director Since: 2025 <br>Current Occupation: Non-Executive <br>Director | Age: 52<br>Orange, New South Wales, Australia<br>Independent Director Since: 2025 <br>Current Occupation: Non-Executive <br>Director | Areas of Expertise:<br>•Executive Leadership<br>•Mining<br>•International<br>•Strategy<br>•Health, Safety, Environment & <br>Sustainability<br>•Project Development | Areas of Expertise:<br>•Executive Leadership<br>•Mining<br>•International<br>•Strategy<br>•Health, Safety, Environment & <br>Sustainability<br>•Project Development |
| ![ocean4a.jpg](ocean4a.jpg) | Age: 52<br>Orange, New South Wales, Australia<br>Independent Director Since: 2025 <br>Current Occupation: Non-Executive <br>Director | Age: 52<br>Orange, New South Wales, Australia<br>Independent Director Since: 2025 <br>Current Occupation: Non-Executive <br>Director | Areas of Expertise:<br>•Executive Leadership<br>•Mining<br>•International<br>•Strategy<br>•Health, Safety, Environment & <br>Sustainability<br>•Project Development | Areas of Expertise:<br>•Executive Leadership<br>•Mining<br>•International<br>•Strategy<br>•Health, Safety, Environment & <br>Sustainability<br>•Project Development |
| ![ocean4a.jpg](ocean4a.jpg) | Ms. Stefanie Loader was appointed a Non-Executive Director of OceanaGold <br>in February 2025. <br>Ms. Loader is a highly accomplished geologist and mining executive with a <br>trackrecord in successful mining operations, mineral exploration, project and <br>studies management, and multinational corporate strategy. She also has <br>Board experience as the Chair of a Health, Safety, Environment and <br>Community Committee and of a Nominations and Remuneration Committee. <br>Ms. Loader's experience covers a wide range of commodities and regions <br>including copper and gold in Australia, Laos, Chile and Peru, and diamonds in <br>Canada and India. She held the role of Managing Director of Northparkes <br>copper and gold mine for CMOC International and Rio Tinto from 2012 to <br>2017. She was the Chair for the New South Wales Minerals Council from 2015 <br>to 2017. She has also served in the office of the CEO for Rio Tinto, supporting <br>the Executive Committee, and as an Exploration Executive.<br>In 2013, Ms. Loader was recognized as one of the Australian Financial <br>Review's 100 Women of Influence and was the winner of the 2024 Outstanding <br>Contribution to NSW Mining Award.<br>Ms. Loader holds a Bachelor of Science in Geology with Honours from <br>University of Western Australia and a Graduate Certificate in Applied Statistics <br>from Murdoch University, Australia. | Ms. Stefanie Loader was appointed a Non-Executive Director of OceanaGold <br>in February 2025. <br>Ms. Loader is a highly accomplished geologist and mining executive with a <br>trackrecord in successful mining operations, mineral exploration, project and <br>studies management, and multinational corporate strategy. She also has <br>Board experience as the Chair of a Health, Safety, Environment and <br>Community Committee and of a Nominations and Remuneration Committee. <br>Ms. Loader's experience covers a wide range of commodities and regions <br>including copper and gold in Australia, Laos, Chile and Peru, and diamonds in <br>Canada and India. She held the role of Managing Director of Northparkes <br>copper and gold mine for CMOC International and Rio Tinto from 2012 to <br>2017. She was the Chair for the New South Wales Minerals Council from 2015 <br>to 2017. She has also served in the office of the CEO for Rio Tinto, supporting <br>the Executive Committee, and as an Exploration Executive.<br>In 2013, Ms. Loader was recognized as one of the Australian Financial <br>Review's 100 Women of Influence and was the winner of the 2024 Outstanding <br>Contribution to NSW Mining Award.<br>Ms. Loader holds a Bachelor of Science in Geology with Honours from <br>University of Western Australia and a Graduate Certificate in Applied Statistics <br>from Murdoch University, Australia. | Ms. Stefanie Loader was appointed a Non-Executive Director of OceanaGold <br>in February 2025. <br>Ms. Loader is a highly accomplished geologist and mining executive with a <br>trackrecord in successful mining operations, mineral exploration, project and <br>studies management, and multinational corporate strategy. She also has <br>Board experience as the Chair of a Health, Safety, Environment and <br>Community Committee and of a Nominations and Remuneration Committee. <br>Ms. Loader's experience covers a wide range of commodities and regions <br>including copper and gold in Australia, Laos, Chile and Peru, and diamonds in <br>Canada and India. She held the role of Managing Director of Northparkes <br>copper and gold mine for CMOC International and Rio Tinto from 2012 to <br>2017. She was the Chair for the New South Wales Minerals Council from 2015 <br>to 2017. She has also served in the office of the CEO for Rio Tinto, supporting <br>the Executive Committee, and as an Exploration Executive.<br>In 2013, Ms. Loader was recognized as one of the Australian Financial <br>Review's 100 Women of Influence and was the winner of the 2024 Outstanding <br>Contribution to NSW Mining Award.<br>Ms. Loader holds a Bachelor of Science in Geology with Honours from <br>University of Western Australia and a Graduate Certificate in Applied Statistics <br>from Murdoch University, Australia. | Ms. Stefanie Loader was appointed a Non-Executive Director of OceanaGold <br>in February 2025. <br>Ms. Loader is a highly accomplished geologist and mining executive with a <br>trackrecord in successful mining operations, mineral exploration, project and <br>studies management, and multinational corporate strategy. She also has <br>Board experience as the Chair of a Health, Safety, Environment and <br>Community Committee and of a Nominations and Remuneration Committee. <br>Ms. Loader's experience covers a wide range of commodities and regions <br>including copper and gold in Australia, Laos, Chile and Peru, and diamonds in <br>Canada and India. She held the role of Managing Director of Northparkes <br>copper and gold mine for CMOC International and Rio Tinto from 2012 to <br>2017. She was the Chair for the New South Wales Minerals Council from 2015 <br>to 2017. She has also served in the office of the CEO for Rio Tinto, supporting <br>the Executive Committee, and as an Exploration Executive.<br>In 2013, Ms. Loader was recognized as one of the Australian Financial <br>Review's 100 Women of Influence and was the winner of the 2024 Outstanding <br>Contribution to NSW Mining Award.<br>Ms. Loader holds a Bachelor of Science in Geology with Honours from <br>University of Western Australia and a Graduate Certificate in Applied Statistics <br>from Murdoch University, Australia. |
| ![ocean4a.jpg](ocean4a.jpg) | Ms. Stefanie Loader was appointed a Non-Executive Director of OceanaGold <br>in February 2025. <br>Ms. Loader is a highly accomplished geologist and mining executive with a <br>trackrecord in successful mining operations, mineral exploration, project and <br>studies management, and multinational corporate strategy. She also has <br>Board experience as the Chair of a Health, Safety, Environment and <br>Community Committee and of a Nominations and Remuneration Committee. <br>Ms. Loader's experience covers a wide range of commodities and regions <br>including copper and gold in Australia, Laos, Chile and Peru, and diamonds in <br>Canada and India. She held the role of Managing Director of Northparkes <br>copper and gold mine for CMOC International and Rio Tinto from 2012 to <br>2017. She was the Chair for the New South Wales Minerals Council from 2015 <br>to 2017. She has also served in the office of the CEO for Rio Tinto, supporting <br>the Executive Committee, and as an Exploration Executive.<br>In 2013, Ms. Loader was recognized as one of the Australian Financial <br>Review's 100 Women of Influence and was the winner of the 2024 Outstanding <br>Contribution to NSW Mining Award.<br>Ms. Loader holds a Bachelor of Science in Geology with Honours from <br>University of Western Australia and a Graduate Certificate in Applied Statistics <br>from Murdoch University, Australia. | Ms. Stefanie Loader was appointed a Non-Executive Director of OceanaGold <br>in February 2025. <br>Ms. Loader is a highly accomplished geologist and mining executive with a <br>trackrecord in successful mining operations, mineral exploration, project and <br>studies management, and multinational corporate strategy. She also has <br>Board experience as the Chair of a Health, Safety, Environment and <br>Community Committee and of a Nominations and Remuneration Committee. <br>Ms. Loader's experience covers a wide range of commodities and regions <br>including copper and gold in Australia, Laos, Chile and Peru, and diamonds in <br>Canada and India. She held the role of Managing Director of Northparkes <br>copper and gold mine for CMOC International and Rio Tinto from 2012 to <br>2017. She was the Chair for the New South Wales Minerals Council from 2015 <br>to 2017. She has also served in the office of the CEO for Rio Tinto, supporting <br>the Executive Committee, and as an Exploration Executive.<br>In 2013, Ms. Loader was recognized as one of the Australian Financial <br>Review's 100 Women of Influence and was the winner of the 2024 Outstanding <br>Contribution to NSW Mining Award.<br>Ms. Loader holds a Bachelor of Science in Geology with Honours from <br>University of Western Australia and a Graduate Certificate in Applied Statistics <br>from Murdoch University, Australia. | Ms. Stefanie Loader was appointed a Non-Executive Director of OceanaGold <br>in February 2025. <br>Ms. Loader is a highly accomplished geologist and mining executive with a <br>trackrecord in successful mining operations, mineral exploration, project and <br>studies management, and multinational corporate strategy. She also has <br>Board experience as the Chair of a Health, Safety, Environment and <br>Community Committee and of a Nominations and Remuneration Committee. <br>Ms. Loader's experience covers a wide range of commodities and regions <br>including copper and gold in Australia, Laos, Chile and Peru, and diamonds in <br>Canada and India. She held the role of Managing Director of Northparkes <br>copper and gold mine for CMOC International and Rio Tinto from 2012 to <br>2017. She was the Chair for the New South Wales Minerals Council from 2015 <br>to 2017. She has also served in the office of the CEO for Rio Tinto, supporting <br>the Executive Committee, and as an Exploration Executive.<br>In 2013, Ms. Loader was recognized as one of the Australian Financial <br>Review's 100 Women of Influence and was the winner of the 2024 Outstanding <br>Contribution to NSW Mining Award.<br>Ms. Loader holds a Bachelor of Science in Geology with Honours from <br>University of Western Australia and a Graduate Certificate in Applied Statistics <br>from Murdoch University, Australia. | Ms. Stefanie Loader was appointed a Non-Executive Director of OceanaGold <br>in February 2025. <br>Ms. Loader is a highly accomplished geologist and mining executive with a <br>trackrecord in successful mining operations, mineral exploration, project and <br>studies management, and multinational corporate strategy. She also has <br>Board experience as the Chair of a Health, Safety, Environment and <br>Community Committee and of a Nominations and Remuneration Committee. <br>Ms. Loader's experience covers a wide range of commodities and regions <br>including copper and gold in Australia, Laos, Chile and Peru, and diamonds in <br>Canada and India. She held the role of Managing Director of Northparkes <br>copper and gold mine for CMOC International and Rio Tinto from 2012 to <br>2017. She was the Chair for the New South Wales Minerals Council from 2015 <br>to 2017. She has also served in the office of the CEO for Rio Tinto, supporting <br>the Executive Committee, and as an Exploration Executive.<br>In 2013, Ms. Loader was recognized as one of the Australian Financial <br>Review's 100 Women of Influence and was the winner of the 2024 Outstanding <br>Contribution to NSW Mining Award.<br>Ms. Loader holds a Bachelor of Science in Geology with Honours from <br>University of Western Australia and a Graduate Certificate in Applied Statistics <br>from Murdoch University, Australia. |
| **2024 Meeting Attendance** |  | **2024 Compensation** | **2024 Compensation** | **2024 Compensation** |
| N/A |  | Total compensation | Total compensation | N/A |
|  |  | Grant value of DUs | Grant value of DUs | N/A |
|  |  | DUs as % of total compensation | DUs as % of total compensation | N/A |
| *Note: Ms. Loader was appointed to the Board on February 20, 2025.*  | *Note: Ms. Loader was appointed to the Board on February 20, 2025.*  | *Note: Ms. Loader was appointed to the Board on February 20, 2025.*  | *Note: Ms. Loader was appointed to the Board on February 20, 2025.*  | *Note: Ms. Loader was appointed to the Board on February 20, 2025.*  |
| **2024 Director Voting Results** |  |  |  |  |
| % voted for | N/A |  |  |  |

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<u>Director Profiles </u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br>**Shares**<br>| **Number of DUs** | **Total Holding** <br>**(#)**<br>| **Market Value of**<br>**Total Holding**<br>|
| Share Ownership (as of April 1, 2025) | 0 | 36662 | 36662 | $120793 |
| Share Ownership Guidelines | 3 Times Annual Base Fee ($240000) – On target (5 years to achieve) | 3 Times Annual Base Fee ($240000) – On target (5 years to achieve) | 3 Times Annual Base Fee ($240000) – On target (5 years to achieve) | 3 Times Annual Base Fee ($240000) – On target (5 years to achieve) |
| **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** |  |  |
| Sunrise Energy Metals Limited (06/2017 to current) | Sunrise Energy Metals Limited (06/2017 to current) | Director |  |  |
| Clean TeQ Water Ltd (07/2021 to 03/2022) |  | Director |  |  |
| St Barbara Ltd (11/2018 to 06/2024)  |  | Director |  |  |

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OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Gerard M. Bond** |  |  |  |  |  |
|  | Age: 57<br>Vancouver, British Columbia, <br>Canada<br>Director Since: 2022<br>Current Occupation: President and<br>Chief Executive Officer | Age: 57<br>Vancouver, British Columbia, <br>Canada<br>Director Since: 2022<br>Current Occupation: President and<br>Chief Executive Officer | Age: 57<br>Vancouver, British Columbia, <br>Canada<br>Director Since: 2022<br>Current Occupation: President and<br>Chief Executive Officer | Areas of Expertise:<br>•Executive leadership<br>•Strategy<br>•International<br>•Financial<br>•Capital Management<br>•Mining<br>•Governance and Risk Management<br>•Government Relations and Regulatory <br>Policies<br>•Human Resources and Executive <br>Compensation<br>•Health, Safety, Environment & Sustainability<br>•Business Development | Areas of Expertise:<br>•Executive leadership<br>•Strategy<br>•International<br>•Financial<br>•Capital Management<br>•Mining<br>•Governance and Risk Management<br>•Government Relations and Regulatory <br>Policies<br>•Human Resources and Executive <br>Compensation<br>•Health, Safety, Environment & Sustainability<br>•Business Development |
| ![gerardbonda.jpg](gerardbonda.jpg) | Age: 57<br>Vancouver, British Columbia, <br>Canada<br>Director Since: 2022<br>Current Occupation: President and<br>Chief Executive Officer | Age: 57<br>Vancouver, British Columbia, <br>Canada<br>Director Since: 2022<br>Current Occupation: President and<br>Chief Executive Officer | Age: 57<br>Vancouver, British Columbia, <br>Canada<br>Director Since: 2022<br>Current Occupation: President and<br>Chief Executive Officer | Areas of Expertise:<br>•Executive leadership<br>•Strategy<br>•International<br>•Financial<br>•Capital Management<br>•Mining<br>•Governance and Risk Management<br>•Government Relations and Regulatory <br>Policies<br>•Human Resources and Executive <br>Compensation<br>•Health, Safety, Environment & Sustainability<br>•Business Development | Areas of Expertise:<br>•Executive leadership<br>•Strategy<br>•International<br>•Financial<br>•Capital Management<br>•Mining<br>•Governance and Risk Management<br>•Government Relations and Regulatory <br>Policies<br>•Human Resources and Executive <br>Compensation<br>•Health, Safety, Environment & Sustainability<br>•Business Development |
| ![gerardbonda.jpg](gerardbonda.jpg) | Mr. Gerard M. Bond is an experienced and accomplished executive in the global <br>resources and finance industry. He was appointed as Executive Director and <br>President & Chief Executive Officer of OceanaGold in April 2022. <br>Mr. Bond's commodities experience includes gold, copper, nickel and aluminium. <br>He has an extensive background in corporate finance, mergers and acquisitions, <br>treasury, and human resources, and has held numerous senior executive roles <br>across North America, Europe and Australia. He has a proven track record of <br>driving performance and delivering on business potential. Prior to his appointment <br>at OceanaGold, Mr. Bond was the Finance Director and Chief Financial Officer at <br>Newcrest Mining Limited for ten years, from January 2012 to January 2022. Before <br>joining Newcrest, he was at BHP where, over his 14 years there, he held various <br>senior executive roles in mergers and acquisitions, treasury, as Deputy CFO of the <br>aluminium business, CFO and then Acting President of the nickel business, and <br>finally as BHP's Head of Group Human Resources. Prior to joining BHP, he <br>worked in corporate finance for Coopers & Lybrand. <br>Mr. Bond holds a Bachelor of Commerce from the University of Melbourne and<br>completed a Graduate Diploma in Applied Finance and Investment from the<br>Securities Institute of Australia | Mr. Gerard M. Bond is an experienced and accomplished executive in the global <br>resources and finance industry. He was appointed as Executive Director and <br>President & Chief Executive Officer of OceanaGold in April 2022. <br>Mr. Bond's commodities experience includes gold, copper, nickel and aluminium. <br>He has an extensive background in corporate finance, mergers and acquisitions, <br>treasury, and human resources, and has held numerous senior executive roles <br>across North America, Europe and Australia. He has a proven track record of <br>driving performance and delivering on business potential. Prior to his appointment <br>at OceanaGold, Mr. Bond was the Finance Director and Chief Financial Officer at <br>Newcrest Mining Limited for ten years, from January 2012 to January 2022. Before <br>joining Newcrest, he was at BHP where, over his 14 years there, he held various <br>senior executive roles in mergers and acquisitions, treasury, as Deputy CFO of the <br>aluminium business, CFO and then Acting President of the nickel business, and <br>finally as BHP's Head of Group Human Resources. Prior to joining BHP, he <br>worked in corporate finance for Coopers & Lybrand. <br>Mr. Bond holds a Bachelor of Commerce from the University of Melbourne and<br>completed a Graduate Diploma in Applied Finance and Investment from the<br>Securities Institute of Australia | Mr. Gerard M. Bond is an experienced and accomplished executive in the global <br>resources and finance industry. He was appointed as Executive Director and <br>President & Chief Executive Officer of OceanaGold in April 2022. <br>Mr. Bond's commodities experience includes gold, copper, nickel and aluminium. <br>He has an extensive background in corporate finance, mergers and acquisitions, <br>treasury, and human resources, and has held numerous senior executive roles <br>across North America, Europe and Australia. He has a proven track record of <br>driving performance and delivering on business potential. Prior to his appointment <br>at OceanaGold, Mr. Bond was the Finance Director and Chief Financial Officer at <br>Newcrest Mining Limited for ten years, from January 2012 to January 2022. Before <br>joining Newcrest, he was at BHP where, over his 14 years there, he held various <br>senior executive roles in mergers and acquisitions, treasury, as Deputy CFO of the <br>aluminium business, CFO and then Acting President of the nickel business, and <br>finally as BHP's Head of Group Human Resources. Prior to joining BHP, he <br>worked in corporate finance for Coopers & Lybrand. <br>Mr. Bond holds a Bachelor of Commerce from the University of Melbourne and<br>completed a Graduate Diploma in Applied Finance and Investment from the<br>Securities Institute of Australia | Mr. Gerard M. Bond is an experienced and accomplished executive in the global <br>resources and finance industry. He was appointed as Executive Director and <br>President & Chief Executive Officer of OceanaGold in April 2022. <br>Mr. Bond's commodities experience includes gold, copper, nickel and aluminium. <br>He has an extensive background in corporate finance, mergers and acquisitions, <br>treasury, and human resources, and has held numerous senior executive roles <br>across North America, Europe and Australia. He has a proven track record of <br>driving performance and delivering on business potential. Prior to his appointment <br>at OceanaGold, Mr. Bond was the Finance Director and Chief Financial Officer at <br>Newcrest Mining Limited for ten years, from January 2012 to January 2022. Before <br>joining Newcrest, he was at BHP where, over his 14 years there, he held various <br>senior executive roles in mergers and acquisitions, treasury, as Deputy CFO of the <br>aluminium business, CFO and then Acting President of the nickel business, and <br>finally as BHP's Head of Group Human Resources. Prior to joining BHP, he <br>worked in corporate finance for Coopers & Lybrand. <br>Mr. Bond holds a Bachelor of Commerce from the University of Melbourne and<br>completed a Graduate Diploma in Applied Finance and Investment from the<br>Securities Institute of Australia | Mr. Gerard M. Bond is an experienced and accomplished executive in the global <br>resources and finance industry. He was appointed as Executive Director and <br>President & Chief Executive Officer of OceanaGold in April 2022. <br>Mr. Bond's commodities experience includes gold, copper, nickel and aluminium. <br>He has an extensive background in corporate finance, mergers and acquisitions, <br>treasury, and human resources, and has held numerous senior executive roles <br>across North America, Europe and Australia. He has a proven track record of <br>driving performance and delivering on business potential. Prior to his appointment <br>at OceanaGold, Mr. Bond was the Finance Director and Chief Financial Officer at <br>Newcrest Mining Limited for ten years, from January 2012 to January 2022. Before <br>joining Newcrest, he was at BHP where, over his 14 years there, he held various <br>senior executive roles in mergers and acquisitions, treasury, as Deputy CFO of the <br>aluminium business, CFO and then Acting President of the nickel business, and <br>finally as BHP's Head of Group Human Resources. Prior to joining BHP, he <br>worked in corporate finance for Coopers & Lybrand. <br>Mr. Bond holds a Bachelor of Commerce from the University of Melbourne and<br>completed a Graduate Diploma in Applied Finance and Investment from the<br>Securities Institute of Australia |
| **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Meeting Attendance** | **2024 Compensation** | **2024 Compensation** | **2024 Compensation** |
| Board of Directors | 6 of 6 | 100% | Total compensation | Total compensation | $4033476 |
|  |  |  | Value of Rights award | Value of Rights award | $2699622 |
|  |  |  | Rights as % of total compensation | Rights as % of total compensation | 66.9% |
| **2024 Director Voting Results** |  |  |  |  |  |
| % voted for |  | 99.8% |  |  |  |

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<u>Director Profiles </u>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br>**OceanaGold**<br>**Shares**<br>| **50% of PSR** <br>**Holding**<br>**(#)**<br>| **Total Holding** <br>**(#)**<br>| **Total Market**<br>**Value**<br>|
| Share Ownership (as of April 1, 2025) | 1169417 | 929775 | 2099192 | $6916362 |
| Share Ownership Guidelines |  | 4 Times Annual Base Salary – Achieved | 4 Times Annual Base Salary – Achieved | 4 Times Annual Base Salary – Achieved |
| **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** | **Other Public Company Directorships During the Last Five Years** |  |  |
| Newcrest Mining Limited (02/2012 to 12/2022) |  | Finance Director and Chief Financial Officer | Finance Director and Chief Financial Officer | Finance Director and Chief Financial Officer |

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OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**3. DIRECTORS' COMPENSATION**<br>

<u>Directors' Compensation</u>

---

| | |
|:---|:---|
| **WHERE TO FIND IT** |  |
| <u>Non-Executive Directors' Compensation</u> ................................................ | 31 |
| <u>Non-Equity (Cash Based) Schemes for Non-Executive Directors</u> ...... | 33 |
| <u>Outstanding Share-Based Awards and Option-Based Awards</u> ........... | 34 |
| <u>Share Ownership Policy</u> ............................................................................ | 35 |
| <u>Securities Held by Directors and Executive Officers</u> ............................. | 36 |

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**Non-Executive Directors' Compensation**

Our Non-Executive Directors' compensation program is designed primarily to attract and retain talented individuals

who have the requisite skills, knowledge and experience to discharge the duties expected of an individual acting in

this capacity. The program is designed to:

(a)compensate directors to reflect the time commitment and responsibilities of the role;

(b)align the interests of directors with the interests of Shareholders; and

(c)minimize the likelihood of short-term tenures and high turnover of directors.

The compensation paid to each Non-Executive Director is comprised of an Annual Fixed Cash Fee for service as a

Board and committee member. In addition to the Annual Fixed Cash fee, Non-Executive Directors receive an Annual

Deferred Unit Award and a one-time award on commencement with the Company.

---

| | | |
|:---|:---|:---|
| **Board / Committee** | **Capacity** | **Annual Compensation** |
| **Annual Fixed Cash Fee** | **Annual Fixed Cash Fee** |  |
| **Board of Directors** | Chair of the Board | $145000 |
| **Board of Directors** | Non-Executive Director | $80000 |
| **Audit and Risk Committee** | Chair | $22000 |
| **Audit and Risk Committee** | Member | $8000 |
| **Sustainability Committee** | Chair | $15000 |
|  | Member | $8000 |
| **Remuneration, People and Culture Committee** | Chair | $16500 |
|  | Member | $8000 |
| **Governance and Nominations Committee** | Chair | $12000 |
|  | Member | $7000 |
| **Technical Committee** | Chair | $16500 |
| **Technical Committee** | Member | $8000 |
| **Deferred Unit Award** | **Deferred Unit Award** | **Deferred Unit Award** |
| **Deferred Unit Plan – Commencement** | Non-Executive Director | $100000 |
| **Deferred Unit Plan – Annual** | Non-Executive Director | $80000 |

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OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

Non-Executive Directors do not receive additional fees for attending Board or committee meetings. If travel exceeding

<u>Directors' Compensation</u>

12 hours by air is required for a Company Board or committee meeting, Non-Executive Directors receive a fixed

$5,000 travel allowance. Occasionally, for transactions or other significant corporate matters when a special Board

committee is formed, members might receive a committee fee. None of the compensation for Non-Executive

Directors includes option-based remuneration.

**Non-Executive Directors' Compensation Table**

The following table sets out the amount of compensation provided to the Non-Executive Directors during the financial

year ended December 31, 2024. As a Named Executive Officer, Gerard Bond does not and will not receive

compensation for his service as a director and his compensation information is presented in the executive

compensation disclosures below.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees ($)** | **Share-based** <br>**awards**<sup>(1)</sup> **($)**<br>| **Option-based** <br>**awards ($)**<br>| **Non-equity** <br>**incentive plan** <br>**comp. ($)**<br>| **Pension** <br>**value ($)**<br>| **All other** <br>**comp.**<sup>(2)</sup><br> **($)**<br>| **Total** <br>**comp.**<sup>(3)</sup><br> **($)**<br>|
| Paul Benson | 170979 | 83450 | - | - | 12946 | 14706 | 282081 |
| Ian M. Reid | 106489 | 84358 | - | - | 2954 | - | 193801 |
| Craig J. Nelsen | 112500 | 83852 | - | - | - | 4732 | 201084 |
| Catherine A.<br>Gignac<sup>(4)</sup><br>| 50797 | 41961 | - | - | 2981 | - | 95739 |
| Sandra M. Dodds | 104266 | 83952 | - | - | 12269 | 14547 | 215034 |
| Alan N.<br>Pangbourne<br>| 108976 | 82640 | - | - | 2954 | - | 194570 |
| Linda M.<br>Broughton<br>| 92560 | 81679 | - | - | 2954 | - | 177193 |
| **Totals** | 746567 | 541892 |  |  | 37058 | 33985 | 1359502 |

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Notes:

(1)All share-based awards represent DUs granted under the Company's Non-Employee Directors Deferred Unit Plan (the **Deferred Unit Plan**) to each Non-Executive

Director during the year, including sign-on and additional DUs granted to the Non-Executive Director holders of DUs reflecting cash dividends paid on Common Shares.

Values are determined based on the fair value of each DU award on the respective grant date.

(2)Fees include compensation for travel.

(3)The above calculation uses actual average exchange rates for the relevant quarterly periods in compliance with accounting rules with the exception of share-based

awards.

(4)Ms. Gignac did not stand for re-election as a Non-Executive Director and retired at the end of the Company's annual general and special meeting in June 2024.

**Grants under the Deferred Unit Plan in 2024**

In 2024, Non-Executive Directors received $80,000 each in DUs under the Deferred Unit Plan plus additional units

related to dividends paid, totalling $541,892 in grant date market value. This represents the deferred component of

the Company's remuneration of its Non-Executive Directors. The DUs granted on a quarterly basis and are based on

the TSX closing price on the second trading day of each quarter. Whenever cash dividends are paid on the Common

Shares, additional DUs are credited to each Non-Executive Director holder of DUs.

A summary of the DUs granted to Non-Executive Directors during the financial year ended December 31, 2024 is

provided below, with the Deferred Unit Plan's details under the section entitled "*Directors' Compensation – Non-*

*Equity (Cash Based) Schemes for Non-Executive Directors*".

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

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| | | |
|:---|:---|:---|
| **Non-Executive Director** | **Market Value of Grant ($)** | **Resulting Number of DUs**<br>**Granted**<br>|
| Paul Benson | 83450 | 36627 |
| Ian M. Reid | 84358 | 36966 |
| Craig J. Nelsen | 83852 | 36777 |

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<u>Directors' Compensation</u>

---

| | | |
|:---|:---|:---|
| **Non-Executive Director** | **Market Value of Grant ($)** | **Resulting Number of DUs** <br>**Granted**<br>|
| Catherine A. Gignac<sup>(1)</sup> | 41961 | 20560 |
| Sandra M. Dodds | 83952 | 36814 |
| Alan N. Pangbourne | 82640 | 36324 |
| Linda M. Broughton | 81679 | 35966 |
| **Totals** | **541892** | **240034** |

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Note:

(1)Ms. Gignac did not stand for re-election as a Non-Executive Director and retired at the end of the Company's annual general and special meeting in June 2024.

**Non-Equity (Cash Based) Schemes for Non-Executive Directors**

**Deferred Unit Plan**

In early 2016, the Company introduced the cash-based Deferred Unit Plan for Non-Executive Directors following a

review of Board compensation by the independent consultant, Mercer. The Deferred Unit Plan provides that

participants are issued DUs that are economically equivalent to owning Common Shares. Each DU has an initial

value equal to the value of a Common Share at the time of grant. **No equity in the Company is issued pursuant to** 

**the cash-based Deferred Unit Plan.** Given Shareholder approval of cash-based incentive plans is not required

pursuant to the listing rules of the TSX, the Deferred Unit Plan was formally adopted by the Company in February

2016 and reviewed in February 2021 in order to better align the Company's compensation practices with standards

expected by its North American Shareholders. The terms of the cash-based Deferred Unit Plan are summarized

below in this section.

Pursuant to the Deferred Unit Plan rules, the Remuneration, People and Culture Committee oversees the

administration of the Deferred Unit Plan and is responsible for making periodic recommendations to the Board as to

the grant of DUs. DUs shall be granted by the Board in its sole discretion.

**Designated Participants**

Pursuant to the Deferred Unit Plan, the Board may grant DUs to Non-Executive Directors of the Company as part of

the total compensation package for their services to the Company.

**Grant**

The Board will determine the date on which DUs are to be granted, the number of DUs to be granted and such other

terms and conditions of all DUs covered by any grant.

The Board currently grants DUs on an annual basis to each of the Non-Executive Directors pursuant to the Deferred

Unit Plan. During 2024, DUs totalling $80,000 in value were granted over four instalments to each of the Non-

Executive Directors based on the TSX closing price on the second trading day of each quarter.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Grant Limit**

<u>Directors' Compensation</u>

The aggregate number of DUs that may be granted and remain outstanding under the Deferred Unit Plan shall not,

when taken together with Common Shares reserved for issuance pursuant to all of the Company's security-based

compensation arrangements then either in effect or proposed, at any time be in such number as to result in the

aggregate number of DUs and Common Shares issuable or reserved for issuance to participants at any time

exceeding 1% of the issued and outstanding Common Shares.

**Dividends**

Whenever cash dividends are paid on the Common Shares, additional DUs will be credited to the Non-Executive

Director holders of DUs, calculated by dividing the total cash dividends that would have been paid by the market

value on the trading day immediately after the Record Date for the dividend, rounded down to the next whole number

of DUs.

**Redemption and Payment of Deferred Units**

DUs will be redeemable and the value thereof payable upon the Non-Executive Director ceasing to be a member of

the Board for any reason such as resignation, retirement, loss of office, death or incapacity (**Triggering Date**). The

DUs will automatically redeem on the Triggering Date and the Company will make a cash payment equal to the

market value of such DUs as of the Triggering Date.

**Amendment and Termination**

The Board may suspend or terminate the Deferred Unit Plan at any time. The Board may also amend, modify or

terminate any outstanding DUs, including, but not limited to, substituting another award of the same or of a different

type or changing the date of redemption; provided, however, the holder's consent to such action shall be required

unless the Board determines that the action, when taken with any related action, would not materially and adversely

affect the holder or is specifically permitted by the Deferred Unit Plan.

**Outstanding Share-Based Awards and Option-Based Awards**

The following table sets out all compensation plan option-based awards and share-based awards outstanding as at

December 31, 2024, for each Director, excluding Mr. Bond who is included in the NEO disclosures below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Number of**<br>**securities**<br>**underlying**<br>**unexercised**<br>**options**<br>| **Option exercise**<br>**price ($)**<br>| **Option**<br>**expiration date**<br>| **Value of**<br>**unvested in-**<br>**the- money** <br>**options**<br>**($)**<br>| **Number of** <br>**DUs**<br>**that have not**<br>**vested**<sup>(1)</sup> <br>| **Market or**<br>**payout value of**<br>**DUs that have**<br>**not vested**<sup>(1)(2)</sup><br>**($)**<br>| **Market or**<br>**payout value of**<br>**vested DUs not**<br>**paid out or**<br>**distributed**<sup>(1)</sup> **($)**<br>|
| Paul Benson | - | - | - | - | 189337 | 523819 | - |
| Ian M. Reid | - | - | - | - | 234993 | 650131 | - |
| Craig J. Nelsen | - | - | - | - | 209522 | 579663 | - |
| Catherine A.<br>Gignac(3)<br>| - | - | - | - | - | - | - |
| Sandra M. Dodds | - | - | - | - | 214581 | 593659 | - |
| Alan N. Pangbourne | - | - | - | - | 148587 | 411080 | - |
| Linda M. Broughton | - | - | - | - | 100285 | 277448 | - |

---

Notes:

(1)Upon grant, DUs are immediately credited to each Non-Executive Director's account; however, DUs are redeemed and paid only upon the Triggering Date, which is

determined to be vesting of the DUs for the purposes of this table.

(2)The above calculation uses the closing exchange rate and the Company's closing price on the TSX on December 31, 2024.

(3)Ms. Gignac did not stand for re-election as a Non-Executive Director and retired at the end of the Company's annual general and special meeting in June 2024.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Share-Based Awards and Option-Based Awards – Value Vested or Earned During the Year**

<u>Directors' Compensation</u>

The following table discloses the share-based awards and option-based awards which have vested or been earned

during the most recently completed financial year for each Director, excluding Gerard Bond who is included in the

NEO disclosures below:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Share-based awards Value**<br>**vested during the year**<sup>(1)</sup> **($)**<br>| **Option- based awards Value** <br>**vested during the year ($)**<br>| **Non-equity incentive plan** <br>**compensation – Value earned** <br>**during the year ($)**<br>|
| Paul Benson | - | - | - |
| Ian M. Reid | - | - | - |
| Craig J. Nelsen | - | - | - |
| Catherine A. Gignac<sup>(2)</sup> | 438705 | - | - |
| Sandra M. Dodds | - | - | - |
| Alan N. Pangbourne | - | - | - |
| Linda M. Broughton | - | - | - |

---

Note:

(1)Upon grant, DUs are immediately credited to each Non-Executive Director's account; however, DUs are redeemed and paid only upon the Triggering Date, which is

determined to be vesting of the DUs for the purposes of this table.

(2)Ms. Gignac did not stand for re-election as a Non-Executive Director and retired at the end of the Company's annual general and special meeting in June 2024, and her

DUs were redeemed and paid upon such Triggering Date. Ms. Gignac was the only Non-Executive Director who ceased membership on the Board during 2024.

**Share Ownership Policy**

In December 2019, the Board adopted the Share Ownership Policy requiring Non-Executive Directors to attain and

maintain target share ownership levels which are expressed as a multiple of current annual base fees. The policy was

last reviewed in September 2023 with no material changes being made. The target ownership level for Non-Executive

Directors is three times annual base fees.

Ownership value can be achieved by Non-Executive Directors through:

(a)Common Shares owned directly or indirectly by the Non-Executive Director; and

(b)DUs awarded under the Deferred Unit Plan, the value of which is calculated with reference to the

Company's share price.

An aggregate of 50% of the value of the target ownership level must be met in Common Shares or DUs. Non-

Executive Directors must achieve their target ownership levels (other than the requirement that 50% of the target

ownership value be in Common Shares or DUs) within five years of becoming subject to the Share Ownership Policy.

If a Non-Executive Director's ownership requirement is increased or if a Non-Executive Directors receives a raise in

his or her annual base fee, leading to an increase in the ownership requirement, the Non-Executive Director will have

five years from the date of such increase to achieve the incremental share ownership. These holding requirements

will continue to apply until the target ownership level is attained.

The CEO and the Governance and Nominations Committee will review ownership levels of the Non-Executive

Directors on a periodic basis.

The share ownership values will be calculated as the greater of the cost/acquisition value and market value of the

Common Shares, which is a similar practice adopted by the Company's peers.

Current ownership levels to meet the Share Ownership Policy for the CEO and each Non-Executive Director who is

seeking election as of April 1, 2025, are shown in the table below:

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Min. Holding**<br>**Requirement**<br>| **Value of Actual Holdings**<sup>(1)</sup><br>**($)** | **Value of Actual Holdings**<sup>(1)</sup><br>**($)** |  |  |  |
| **Name** |  |  |  |  |  |  |
| **Name** | **($)** | **Higher of Cost Value**<br>**or Market Value of**<br>**DUs/PSRs**<sup>(2)</sup><br>| **Market Value**<br>**of Shares**<br>| **Totals** | **Minimum**<br>**Holding**<br>**Met?**<br>| **Remaining**<br>**Time to Meet**<br> **Requirement**<br>|
| Paul Benson | **435000** | 647436 | 451055 | **1098491** | Yes | Achieved |
| Ian M. Reid | **240000** | 797862 | 738029 | **1535892** | Yes | Achieved |
| Craig J. Nelsen | **240000** | 713941 | 833578 | **1547519** | Yes | Achieved |
| Sandra M. Dodds | **240000** | 730610 | 49422 | **780031** | Yes | Achieved |
| Alan N.<br>Pangbourne<br>| **240000** | 513174 | 22404 | **535579** | Yes | Achieved |
| Linda M.<br>Broughton<br>| **240000** | 354030 | - | **354030** | Yes | Achieved |
| Stefanie E. Loader<sup>(3)</sup> | **240000** | 120793 | - | **120793** | On target | 5 years |
| Gerard M. Bond | **2706176** | 3063397 | 3852965 | **6916362** | Yes | Achieved |

---

<u>Directors' Compensation</u>

Notes:

(1)Actual ownership is the aggregate of: (a) all Common Shares held by a Non-Executive Director; (b) all DUs held by a Non-Executive Director; and (c) 50% of Performance

Rights held by the CEO. The value of Common Shares, DUs and Performance Rights used in the calculation of actual holdings is based on the higher of: (a) cost value at

time of grant/acquisition; and (b) market value as at April 1, 2025, which is based on the Company's closing price on the TSX.

(2)DUs were granted to Non-Executive Directors only. Mr. Bond receives Performance Rights pursuant to his role as CEO but receives no additional remuneration for his

role as Executive Director.

(3)Ms. Loader was appointed to the Board on February 20, 2025.

Note that an individual director's or executive's share ownership level is affected by the Company's Securities Trading

Policy, which prohibits directors and executives from trading Company securities during specified blackout periods, as

well as at any time they are in possession of material information that is not generally available to the public and

which is reasonably expected to have a material effect on the market price of the Company's securities. In this regard,

the directors were subject to trading blackout for 210 calendar days out of a total of 456 calendar days between

January 1, 2024, and April 1, 2025.

**Securities Held by Directors and Executive Officers**

As of the date of this Circular, the directors and executive officers of the Company, as a group, beneficially own,

directly or indirectly, or exercise control or direction over 2,470,587 Common Shares, representing approximately

0.35% of the issued and outstanding Common Shares as of the date hereof.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**4. EXECUTIVE COMPENSATION DISCUSSION AND** <br>**ANALYSIS**<br>

<u>Additional Information</u>

---

| | |
|:---|:---|
| **WHERE TO FIND IT** |  |
| <u>Introduction</u> ............................................................................................. | 37 |
| <u>Compensation Philosophy</u> .................................................................... | 38 |
| <u>Pay Risk Assessment</u> ............................................................................ | 39 |
| <u>Compensation Governance</u> .................................................................. | 40 |
| <u>Components of Compensation</u> ............................................................ | 42 |
| <u>Short Term Incentive Plan Summary</u> .................................................. | 44 |
| <u>Long Term Incentive Plan Summary</u> ................................................... | 44 |
| <u>2024 NEO Compensation Details</u> ....................................................... | 49 |
| <u>Summary Compensation Table</u> ............................................................ | 53 |
| <u>Incentive Plan Awards (NEOs)</u> ............................................................. | 54 |
| <u>Employment Agreements – Termination and Change of Control</u><br><u>Benefits</u> ....................................................................................................<br>| 54 |
| <u>Pension Plan Benefits</u> ........................................................................... | 56 |

---

**Introduction**

This section describes the Company's approach to executive compensation by outlining the processes and decisions

supporting the determination of the amounts which the Company paid to its CEO, CFO and its three (3) other NEOs

during the financial year ended December 31, 2024. While this discussion relates to the NEOs, the other Executive

Leadership Team members who report directly to the CEO participate in the same plans and are subject to a similar

process.

For a profile of each member of the Executive Leadership Team, please refer to the Company's Annual Information

Form dated March 31, 2025, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca and in

the Investor Centre section of the Company's website.

The NEOs for the financial year ended December 31, 2024 were:

1. Gerard Bond, President and Chief Executive Officer;

2. Marius van Niekerk, Executive Vice President and Chief Financial Officer;

3. Peter Sharpe, Executive Vice President, Chief Operating Officer Asia-Pacific;

4. David Londoño, Executive Vice President, Chief Operating Officer Americas; and

5. Michelle Du Plessis, Executive Vice President, Chief People and Technology Officer.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Compensation Philosophy**

<u>Additional Information</u>

OceanaGold's Purpose is mining gold for a better future, and its Vision is to be a company people trust, want to work

and partner with, supply and invest in, to create value. The Remuneration, People and Culture Committee is

responsible for reviewing and recommending to the Board compensation policies, programs, resulting compensation

levels and incentive award outcomes consistent with the Company's Purpose and Values.

The pillars of the Company's organizational compensation philosophy are:

1.**Performance Oriented:** The Company applies a pay-for-performance philosophy and rewards its workforce

for contributing to and achieving defined goals, targets and exceptional results in service of the corporate

objective of increasing and sustaining a higher value of Common Shares.

2.**Strategy and Culture Focused:** The Company aligns its compensation practices with its Vision, Values,

Strategy and Success Ingredients, with a primary aim of incentivizing team and individual performance and

behaviours in a manner consistent with the Company's target leadership behaviours and culture.

3.**Market Competitive:** The Company strives to attract and retain high calibre talent by offering market

competitive remuneration across the jurisdictions in which it operates and apply pay equity measures in its

analysis and decision making. The Company focuses on offering a competitive base salary based on the

accountabilities and responsibilities of the role and commensurate with market salaries. The Company also

strives to reward each employee's contribution and achievement through variable pay, additional

accountability and subsequent remuneration adjustments, to retain and promote advancement

opportunities.

4.**Fiscally Responsible:** The Company is financially prudent and its compensation is commensurate with the

financial performance of the Company and its capacity to pay, at any given time.

5.**Responsibly Aligned:** The Company ensures its compensation programs, structure and decisions are

made with shareholder and other stakeholder interests in mind and reflect regulatory adherence and

guidance in reward programs. The Company reinforces its business culture based on ethical standards

supported by its Code of Conduct and addresses any inappropriate behaviour through consequence

management, variable pay and clawback potential.

---

| | | | |
|:---|:---|:---|:---|
| **What We Do** | **What We Do** | **What We Do** | **What We Do** |
| ✔ | We pay for performance | ✔ | We maintain a robust clawback policy |
| ✔ | We regularly review compensation against the external <br>market<br>| ✔ | We conduct an annual Say-on-Pay advisory vote |
| ✔ | We promote retention with equity awards that vest over <br>three years<br>| ✔ | We have an anti-share-price-hedging policy and an <br>insider trading policy<br>|
| ✔ | We design our compensation plans to attract and retain <br>critical skills and mitigate undue risk-taking<br>| ✔ | We have director and executive officer share ownership <br>guidelines<br>|
| ✔ | We monitor post-employment obligations for executive <br>leavers<br>| ✔ | We have an independent Remuneration, People and <br>Culture Committee, with all members being independent <br>directors<br>|
| **What We Do Not Do** | **What We Do Not Do** | **What We Do Not Do** | **What We Do Not Do** |
| ✔ | We do not guarantee incentive compensation | ✔ | We do not grant options |
| ✔ | We do not offer excessive pension and benefits | ✔ | We do not provide incentive payouts if performance is <br>below threshold level<br>|

---

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Pay for Performance Alignment**

<u>Additional Information</u>

The table below provides an analysis for all companies that comprise the Company's peer group (**Peer Group**), as

set forth in the section entitled "*Executive Compensation Discussion and Analysis* – *2024 NEO Compensation Details* 

*– 3. Long-Term Incentive – Performance Rights Grants – Vesting & Peer Group Information*" in this Circular. The

table compares relative performance based on relative TSR (**rTSR**) against LTI compensation for CEOs and

executives during the three-year award cycle period of 2022 to 2024, the most recent period for which compensation

and performance data of the Peer Group was available at the time of the analysis.

---

| | | | |
|:---|:---|:---|:---|
|  | **2022 Pert. Rights (as of December 31, 2024)** | **2022 Pert. Rights (as of December 31, 2024)** | **2022 Pert. Rights (as of December 31, 2024)** |
| **Company** | **1/1/2022-**<br>**12/31/2024**<br>| **% Rank** | **Rank** |
| Lundin Gold Inc. | 263.1% | 100.0% | **1** |
| Alamos Gold Inc. | 188.9% | 94.1% | 2 |
| Torex Gold Resources Inc. | 117.2% | 88.2% | 3 |
| Kinross Gold Corporation | 104.1% | 82.3% | 4 |
| **OceanaGold Corporation** | **97.8%** | **76.4%** | **5** |
| IAMGOLD Corporation | 93.9% | 70.5% | 6 |
| Dundee Precious Metals Inc. | 86.7% | 64.7% | 7 |
| Northern Star Resources Limited | 84.5% | 58.8% | 8 |
| Regis Resources Limited | 42.6% | 52.9% | 9 |
| Evolution Mining Limited | 29.4% | 47.0% | 10 |
| Coeur Mining. Inc. | 24.9% | 41.1% | 11 |
| Endeavour Mining plc | 9.3% | 35.2% | 12 |
| Resolute Mining Limited | 8.6% | 29.4% | 13 |
| Centerra Gold Inc. | -4.0% | 23.5% | 14 |
| McEwen Mining Inc. | -6.6% | 17.6% | 15 |
| B2Gold Corp. | -12.1% | 11.7% | 16 |
| NovaGold Resources Inc. | -43.9% | 5.8% | 17 |
| SSR Mining Inc. | -54.5% | Lowest | 18 |

---

This table illustrates the strong alignment of the Company's CEO's and Executive Leadership Team's LTI

compensation and the Company's composite financial performance over the three-year award cycle period to

December 31, 2024 relative to the Peer Group.

Please also see the section entitled "*Additional Information – Performance of Common Shares – Total Return Index* 

*Value*" in this Circular, which illustrates the yearly change in the cumulative TSR on $100 invested in the Common

Shares from January 1, 2020 to December 31, 2024, assuming the reinvestment of all dividends, relative to the

cumulative total return on the S&P/TSX Composite Index, as well as the VanEck Vectors Gold Miners ETF, the

VanEck Vectors Junior Gold Miners ETF and Toronto Global Gold Index.

**Pay Risk Assessment**

The Remuneration, People and Culture Committee considers the implications of the risks associated with the

Company's compensation policies and practices. As part of its role in overseeing the risk associated with executive

compensation, the Remuneration, People and Culture Committee reviews the Company's compensation programs to

ensure alignment with its pay philosophy and strategy, while encouraging behaviours that drive sustainable long-term

performance, yet discouraging excessive risk taking. Risks related to compensation matters are also independently

reviewed annually by Meridian on behalf of the Remuneration, People and Culture Committee.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Compensation Governance**

<u>Additional Information</u>

**The Board of Directors**

The Board makes final decisions regarding executive compensation and is responsible for:

(a)reviewing and approving the remuneration of the CEO and the Executive Leadership Team;

(b)determining the remuneration of the Non-Executive Directors; and

(c)approving executive incentive plans.

The Board makes these decisions after receiving and considering the advice and recommendations from the

Remuneration, People and Culture Committee. The Executive Vice President, Chief People and Technology Officer,

along with the Company Secretary, are then responsible for formalizing the allocation of any incentive grants.

**The Remuneration, People and Culture Committee**

The role of the Remuneration, People and Culture Committee is to review and make recommendations to the Board

in respect of remuneration matters, including:

(a)executive remuneration and incentive framework;

(b)executive cash and equity-based incentive plans;

(c)remuneration of Non-Executive Directors;

(d)recruitment, retention, performance measurement and termination policies and procedures for executive

Management; and

(e)human resources strategy, policies and organizational culture.

The Remuneration, People and Culture Committee is responsible for reviewing and recommending to the Board

remuneration of the Executive Leadership Team (including the CEO's compensation package). Each year, the

Remuneration, People and Culture Committee undertakes an annual review on executive remuneration and

considers the advice from independent advisors (Meridian) and the business performance reported by Management.

In 2024, executive pay market assessments for Australia, U.S. and Canada were obtained from Meridian and Mercer.

Through the Board-appointed independent consultant Meridian, analysis of Executive Leadership Team

compensation against the market and the Company's 2024 compensation peer group was provided to the

Remuneration, People and Culture Committee.

Each of the members of the Remuneration, People and Culture Committee have direct experience on executive

compensation enabling them to make decisions on the appropriateness of the Company's compensation policies and

practices. For further information regarding the Remuneration, People and Culture Committee, including its

composition as of the date of this Circular, please see the section entitled "C*orporate Governance Statement – Board* 

*Committees – Remuneration, People and Culture Committee*" in this Circular.

**The Executive Leadership Team**

The Executive Leadership Team briefs the Remuneration, People and Culture Committee as well as the Board on

business performance, which enables the Remuneration, People and Culture Committee and Board to review and

determine Management performance and consider the appropriateness of at-risk reward in line with the Company's

pay-for-performance reward philosophy.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

The CEO makes recommendations to the Remuneration, People and Culture Committee annually or on

<u>Additional Information</u>

commencement of employment, for the grant or otherwise of equity incentives to individual executives, having regard

to overall Company performance and staff retention strategies. The quantum of any grant is determined by reference

to an executive's position, market value and what comparable roles in peer companies are estimated to receive. The

CEO does not approve his own compensation package. The Remuneration, People and Culture Committee then

considers such recommendations and, in exercising its discretion, awards grants to elected individuals. The

Company's People and Culture team is then responsible for formalizing the allocation of such grants. Previous grants

of equity-based awards are not necessarily applied when considering new grants.

**Hedging Prohibition**

The Company's Securities Trading Policy prohibits the use of hedging and other derivative instruments in relation to

the Company's securities with the intention of limiting exposure to risk or change the economic benefit or risk derived

by the Executive Leadership Team in relation to any Company securities held by them.

**Clawback Policy**

The Company has a Clawback Policy, which subjects any bonus, STI and LTI-based compensation of its executives

to clawback in the event of a material restatement of the Company's financial results which resulted in the executive

receiving a higher amount of incentive compensation than would have been received without the financial

misstatement or in the event of a misconduct. The Remuneration, People and Culture Committee will have discretion

to determine the reduction or forfeiture of any incentive-based compensation in such circumstances.

**Share Ownership Guidelines**

In December 2019, the Board adopted the Share Ownership Policy requiring the Executive Leadership Team to attain

and maintain target share ownership levels which are expressed as a multiple of current annual base salary for

executives. The target ownership levels for the Executive Leadership Team are set out below:

---

| | |
|:---|:---|
| **Position** |  |
| CEO | 4 times base salary (within 5 years) |
| Other NEOs and ELT Members | 2 times base salary (within 5 years) |

---

Ownership value can be achieved by each member of the Executive Leadership Team through:

(a)Common Shares owned directly or indirectly by the ELT member, through the ELT member's retirement

savings plan or through any Company retirement or savings plans; and

(b)50% of Performance Rights awarded under the Company's Performance Share Rights Plan for Designated

Participants of OceanaGold and its Affiliates (the **Performance Share Rights Plan**). Unvested rights are

tracked at target/grant value.

An aggregate of 50% of the value of the target ownership level must be met in Common Shares. Each ELT member

must retain 50% of the net after tax Common Shares received or apply 50% of the net after tax cash proceeds to the

purchase of Common Shares until the target ownership level (including ownership of 50% of the target ownership

value in Common Shares) is met.

Each ELT member must achieve their target ownership levels (other than the requirement that 50% of the target

ownership value be in Common Shares) within five years of becoming subject to the Share Ownership Policy. ELT

members are expected to fulfill their ownership requirements on a pro-rata basis over such five-year period. If an ELT

member's ownership requirement is increased or if an ELT member receives a raise in his or her base salary, leading

to an increase in the ownership requirement, the ELT member will have five years from the date of such increase to

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

achieve the incremental share ownership. These holding requirements will continue to apply until the target

<u>Additional Information</u>

ownership level is attained.

The Governance and Nominations Committee will review ownership levels of the Executive Leadership Team on a

periodic basis.

**Compensation Advisors**

The Remuneration, People and Culture Committee has engaged consultants or advisors to provide advice and

services relating to determining compensation for the Company's directors and executive officers. The Remuneration,

People and Culture Committee appointed independent advisor, Meridian, in March 2020, to provide advice on

compensation matters.

The Company's engagement of Meridian continued in 2024. Meridian further supported the Remuneration, People

and Culture Committee with its annual committee plan. The plan included items such as reviewing Management

remuneration and payout of awards, LTI and STI plans review, peer group identification and benchmarking, and policy

review, among other matters.

During 2024, Management also reviewed guidance published by shareholder proxy advisory services such as ISS

and Glass Lewis to ensure that the Company's compensation philosophy continues to align with industry best

practice.

The table below outlines the aggregate fees billed by each consultant or advisor, or any of its affiliates, for services

related to determining compensation for any of the Company's directors and executive officers. It should be noted that

Mercer did not provide advice or consulting services to the Remuneration, People and Culture Committee, as

Mercer's services were contained to providing executive compensation market data to Meridian for consideration.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Paid in 2024** | **Amounts Paid in 2024** | **Amounts Paid in 2023** | **Amounts Paid in 2023** |
| **Consultant** | **Executive** <br>**Compensation** <br>**Related Fees ($)**<br>| **All Other Fees ($)** | **Executive** <br>**Compensation** <br>**Related Fees ($)**<br>| **All Other Fees** <br>**($)**<br>|
| Meridian Compensation Partners | 165653 | - | 135795 | - |
| Mercer | 8168 | - | 7223 | - |
| Korn Ferry | - | - | 16883 | - |

---

**Components of Compensation**

The total compensation for the Executive Leadership Team comprises both a fixed component and at-risk

components. The at-risk components comprise both STI and LTI. The Company does not provide a separate

executive retirement pension plan; however, the Company pays pension contributions to the Executive Leadership

Team in accordance with the applicable legislative requirements or customary additional pension benefits in

respective jurisdictions. The compensation program aims to ensure total remuneration is competitive by local market

standards and links rewards with the short-term and long-term strategic goals, as well as Company performance

outcomes.

Specifically, the Company's compensation package for the Executive Leadership Team consists of:

1.**Fixed Remuneration** – A fixed base salary and respective pension/superannuation contributions, in

accordance with applicable legislative requirements in the jurisdiction in which the executive is employed;

and

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

2.**Variable Remuneration** – Two (2) components which are at risk:

<u>Additional Information</u>

(a)**STI Program** – An annual cash bonus based on annual performance, designed to incentivize and

reward executives for the achievement of short-term business objectives; and

(b)**LTI Program** – Designed to retain executives and incentivize the achievement of long-term business

objectives. LTI is composed of grants of: (a) Performance Rights (generally over a 3-year performance

period) where vesting occurs in accordance with rTSR performance hurdles (vesting is determined by

comparing the Company's rTSR during the performance period to its peer group performance over the

same period); and (b) RSUs, whereby executives must remain actively employed by the Company on

the review date for the service tranche to vest and must also meet satisfactory individual performance.

Base salaries are determined by reference to factors particular to the position, such as the level and breadth of

responsibility, the individual job holder's experience and performance, as well as the period for which they have held

their respective position, along with market comparisons of salary levels to other publicly held mineral resource

companies of comparable size and complexity, within the Company's compensation peer group.

The 2024 compensation peer group consists of the following companies:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Alamos Gold Inc. | CAN | Fortuna Mining Corp. | CAN | Perseus Mining Ltd. | AUS |
| B2Gold Corp. | CAN | Hecla Mining Company | USA | Ramelius Resources Ltd. | AUS |
| Centerra Gold Inc. | CAN | Hudbay Minerals Inc. | CAN | Regis Resources Ltd. | AUS |
| Coeur Mining Inc. | USA | IAMGOLD Corp. | CAN | Resolute Mining Ltd. | AUS |
| Dundee Precious Metals | CAN | IGO Limited | AUS | SSR Mining Inc. | USA |
| Eldorado Gold Corp. | CAN | Lundin Gold Inc. | CAN | St Barbara Ltd. | AUS |
| Evolution Mining Ltd. | AUS | New Gold Inc. | CAN | Torex Gold Resources Inc. | CAN |
| First Majestic Silver Corp. | AUS | Pan American Silver Corp. | CAN |  |  |

---

Annual cash bonuses (STIs) reward executives for achievement of objectives during a financial year. The specific

performance and broader contribution of each executive, as well as the Company's performance, is taken into

consideration when determining whether a bonus will be paid, as well as the quantum of such bonus. Specific

measurement criteria are established for each individual executive having regard to their primary functional

responsibilities and clear objectives (with key objectives generally linking to overall improvements in the Company's

financial performance and delivery of strategic initiatives). All STIs are subject to the ability of the Company to make

such awards based on its performance and each executive's specific measurement criteria.

The following diagram depicts the 2024 pay mix for direct compensation for the CEO and other members of the

Executive Leadership Team (average) and highlights the significant proportion of direct compensation which is "*at* 

*risk*".

![executivepaya.jpg](executivepaya.jpg)

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Short Term Incentive Plan Summary**

<u>Additional Information</u>

The Company operates an annual Short Term Incentive Plan designed to build a strong performance culture,

incentivize superior business performance and attract, retain and motivate our employees. All permanent employees

from the CEO down, excluding those covered by a collective agreement, are eligible to participate. The performance

period aligns to the Company financial year, January 1 through to December 31. Company annual scorecard

(**Scorecard**) targets are approved at the commencement of each year by the Board. Bonus outcomes are derived

from a weighted matrix of Company, divisional, and individual performance. Specific application of the Short-Term

Incentive Plan in 2024 for the NEOs can be found in the section entitled "*Executive Compensation Discussion and* 

*Analysis – 2024 NEO Compensation Details*" in this Circular.

**Long Term Incentive Plan Summary**

The Company currently operates only one active equity-based compensation plan, being the Performance Share

Rights Plan, which was approved by Shareholders in June 2024. A copy of the Performance Share Rights Plan is

available in the Corporate Governance section of the Company's website. Alternatively, a copy can be obtained by

contacting the Company Secretary in writing at Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C

3A6, Canada.

The Performance Share Rights Plan is designed to promote further alignment of interests between the Designated

Participants under the Performance Share Rights Plan and Shareholders. The Board has delegated to the

Remuneration, People and Culture Committee such administrative duties and powers required to administer the

Performance Share Rights Plan.

The Performance Share Rights Plan authorizes the Board to grant Performance Share Rights to Designated

Participants. A summary of the key terms of the Performance Share Rights Plan is provided below.

**Designated Participants**

Pursuant to the Performance Share Rights Plan, the Board may grant Performance Rights to employees of the

Company or its affiliates, in consideration for providing their services to the Company or its affiliates. Non-Executive

Directors are not Designated Participants under the Performance Share Rights Plan and therefore cannot participate

in grants thereunder.

Under the Performance Share Rights Plan, the number of Common Shares that may be issued on the redemption of

Performance Rights that have been granted and remain outstanding under the Performance Share Rights Plan may

not at any time exceed 3.5% of the issued and outstanding Common Shares. Accordingly, when taken together with

all of the Company's security-based compensation arrangements then either in effect or proposed, one or more of the

following may not at any time exceed 3.5% of the issued and outstanding Common Shares:

(a)the number of Common Shares reserved for issuance to any one Designated Participant;

(b)the issuance to any one Designated Participant, within a one-year period of a number of Common Shares;

(c)the number of Common Shares issuable or reserved for issuance to Designated Participants;

(d)the number of Common Shares issuable or reserved for issuance to insiders; and

(e)the number of Common Shares issued to insiders within a one-year period.

The number of issued and outstanding Common Shares determined above shall be on a non-diluted basis.

<sup>6</sup> The 2021 and 2022 LTI grants were based on a 10-trading day VWAP at grant date; however, to smooth volatility, the Board endorsed the application of a 20-calendar day

VWAP for grants from 2023 onwards.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Value of Performance Rights**

<u>Additional Information</u>

Performance Rights granted to Designated Participants from time to time are denominated in Common Shares on the

TSX. The market value of Performance Rights and Common Shares shall be not less than the VWAP (calculated in

accordance with the rules and policies of the TSX) of the Common Shares on the TSX, or another stock exchange

where the majority of the trading volume and value of the Common Shares occurs, for the twenty (20)<sup>6</sup> trading days

immediately preceding the day the Performance Right is granted.

**Grant**

The Company intends to grant Performance Rights that are commensurate with an individual's level of responsibility

within the Company, the market value of the role and having regard to the total compensation of the executive relative

to the compensation peer group. The Remuneration, People and Culture Committee has sole discretion to determine

the number of Performance Rights to be granted.

**Vesting**

Performance Rights granted to Designated Participants from time to time will generally vest based upon the

Company's target milestones for the applicable performance period, in accordance with the vesting schedule

established by the Board at the time of grant.

Target milestones are determined by the Remuneration, People and Culture Committee, in its discretion, and are set

forth in a written acknowledgment for each applicable grant and may include criteria based on a Designated

Participant's personal performance and/or the financial performance of the Company.

The method of vesting is determined at the time of grant in line with an individual's level of responsibility within the

Company, and comprises a predetermined combination of (as a % of the total grant) a rTSR tranche, and/or RSU

tranche.

**Redemption**

Upon vesting of Performance Rights, settlement will take the form of half in cash and half in shares in relation to

Vehicle A (Performance Rights). In relation to Vehicle B (RSUs), those RSUs granted in 2021 and 2022 will be fully

settled in shares, and the Company will then provide an additional cash amount equivalent to the value of the settled

RSUs to the participant (net of tax withholdings and superannuation contributions). RSUs granted from 2023 onwards

will be settled half in cash and half in shares.

**Termination, Retirement and Other Cessation of Employment**

If the Board, in its sole discretion, determines that a Designated Participant ceases employment as a "*good leaver*",

which may include death, retirement or a disability preventing him/her from carrying out his/her employment, or

termination without cause or by mutual agreement during a performance period (each a "*good leaver*"), the

Performance Rights granted to the Designated Participant from time to time (or a portion thereof, as determined by

the Board) shall continue to vest in accordance with the vesting schedule established by the Board at the time of

grant.

**Expiry**

Vested Performance Rights granted to Designated Participants shall be redeemed after approval by the

Remuneration, People and Culture Committee, following the completion of the performance period and successful

achievement of target milestones. The Performance Rights are redeemable through the issue of Common Shares

only, equal to the number of vested Performance Rights. If a Designated Participant is terminated for cause or ceases

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

employment and is not considered to be a good leaver, the Designated Participant is not entitled to any benefits on

<u>Additional Information</u>

account of Performance Rights relating to the performance period in which such Designated Participant's

employment terminates. The Board, in its discretion, has the ability to accelerate the vesting of Performance Rights

upon the occurrence of a Change in Control (as defined under the Performance Share Rights Plan).

**Amendments and Change in Control**

In the event of any capital reorganization, any transaction pursuant to which the Common Shares are converted into

other property or another similar change affecting the Common Shares, appropriate adjustments to reflect such

changes will be made with respect to the Performance Rights outstanding in order to maintain the economic rights of

the Designated Participants in respect of such Performance Rights, in the sole discretion of the Remuneration,

People and Culture Committee.

**Performance Period**

The Board, in its sole discretion, but upon recommendation from the Remuneration, People and Culture Committee,

will determine the performance period applicable to each grant of Performance Rights. If no specific determination is

determined by the Board, the performance period will commence on January 1, coincident with or immediately

preceding the grant and end on December 31 of the second year following the calendar year in which such

Performance Rights were granted. If a performance period ends during, or within five (5) business days after, a

trading blackout period imposed by the Company to restrict trades in the Company's securities, then, notwithstanding

any other provision of the Performance Share Rights Plan, the performance period shall end ten (10) business days

after the trading blackout period is lifted by the Company.

**Transferability**

The Performance Rights may not be transferable or assignable other than by will or pursuant to the laws of

succession, except that the Designated Participant may assign Performance Rights granted under the Performance

Share Rights Plan to the Designated Participant's spouse, a trustee, custodian or administrator acting on behalf of or

for the benefit of the Designated Participant or the Designated Participant's spouse, a personal holding corporation,

partnership, trust or other entity controlled by the Designated Participant or the Designated Participant's spouse, or a

registered retirement income fund or a registered retirement savings plan of the Designated Participant or the

Designated Participant's spouse.

**No Hedging**

Under the rules of the Performance Share Rights Plan, Designated Participants are not permitted to enter into

transactions which limit the economic risk, or hedge or offset a decrease in the market value of Performance Rights

which have not vested.

**Clawback**

A clawback may, in the Remuneration, People and Culture Committee's sole discretion, be applied in the event of a

material restatement or in the event of misconduct.

**Amendment Provisions**

No amendments to the following matters may be made by the Board without Shareholder approval:

(a)amend the Performance Share Rights Plan to increase the number of Common Shares reserved for

issuance under the Performance Share Rights Plan;

(b)amend any Performance Rights granted under the Performance Share Rights Plan to extend the termination

date beyond the original expiration date (for both insider and non-insider grants), except in certain

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

circumstances where the Company has imposed a trading blackout, as described under the paragraph

<u>Additional Information</u>

entitled "*Performance Period*" above;

(c)increase the number of Common Shares issuable under the Performance Share Rights Plan to Non-

Executive Directors;

(d)amend the amendment provisions of the Performance Share Rights Plan; and

(e)amend provisions setting out insider participation limits of the Performance Share Rights Plan, and the non-

assignability on the grant of Performance Rights.

No amendment, suspension or discontinuance of the Performance Share Rights Plan or of any granted Performance

Rights may contravene the requirements of the TSX or any securities commission or regulatory body to which the

Performance Share Rights Plan or the Company is subject, or any other stock exchange on which the Company or its

Common Shares may be listed from time to time.

Subject to the restrictions in the preceding paragraph and the requirements of the TSX, the Board may, in its

discretion and without obtaining Shareholder approval, amend, suspend or discontinue the Performance Share Rights

Plan, and amend or discontinue any Performance Rights granted under the Performance Share Rights Plan, at any

time. Without limiting the foregoing, the Board may, without obtaining Shareholder approval, amend the Performance

Share Rights Plan, and any Performance Rights granted under the Performance Share Rights Plan, to:

(a)amend the vesting provisions;

(b)amend the target milestones;

(c)amend the performance periods, except as otherwise provided in the Performance Share Rights Plan;

(d)amend the eligibility requirements of Designated Participants which would have the potential of broadening

or increasing insider participation; and

(e)make any amendment of a grammatical, typographical or administrative nature or to comply with the

requirements of any applicable laws or regulatory authorities.

**Financial Assistance**

No financial assistance will be available to Designated Participants under the Performance Share Rights Plan.

**Securities Authorized for Issuance Under Performance Share Rights Plan**

The following table provides certain information with respect to the Company's equity compensation plans as of

December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of securities to be issued upon**<br>**exercise of outstanding options, warrants**<br>**and rights**<br>| **Weighted average exercise price**<br>**of outstanding options, warrants**<br>**and rights**<br>| **Number of securities remaining**<br>**available for future issuance under**<br>**equity compensation plans**<br>|
| Performance Share Rights Plan | 8549163 | 0.00 | 16037323 |

---

The total number of Common Shares issuable or reserved for issuance to Designated Participants pursuant to the

Performance Share Rights Plan at any time is currently not to exceed 3.5% of the issued and outstanding Common

Shares when taken together with all of the Company's security-based compensation arrangements then either in

effect or proposed. As of December 31, 2024, an aggregate of 702,471,037 Common Shares were issued and

outstanding, 3.5% of which is 24,586,486 Common Shares, which would be available for issue under all of the

Company's current incentive plans.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

As of December 31, 2024, 17,098,326 Performance Rights remained outstanding under the Performance Share

<u>Additional Information</u>

Rights Plan with 8,549,163 to be settled in Common Shares upon exercise (assuming 100% vesting and redemption

method of 50% shares and 50% cash). The Common Shares settled portion of the outstanding Performance Share

Rights represents 1.2% of the issued and outstanding Common Shares on a non-diluted basis. Accordingly, a total of

16,037,323 Performance Rights remain available for grant under the current Performance Share Rights Plan, being

the only operating equity incentive plan as at December 31, 2024 (representing approximately 2.3% of the issued and

outstanding Common Shares on a non-diluted basis as of the Record Date).

Note that, in 2024, the Company actively bought back Common Shares exceeding the number of LTI awards that

vested in 2022, 2023 and 2024 pursuant to its Normal Course Issuer Bid (**NCIB**), and plans to continue this practice

by buying back at least the equivalent number of Common Shares vested in any given year, subject to the Company's

financial position. The Board has approved the buyback of up to $100 million of Common Shares in 2025 under the

NCIB.

**Performance Rights Outstanding**

The table below provides a detailed overview of the outstanding Performance Rights as of April 1, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Grant date** | **Performance period** | **Issued** | **Forfeited due to** <br>**cessation of** <br>**employment**<br>| **Forfeited due to non-**<br>**vesting**<br>| **Vested** | **Outstanding as at the** <br>**Record Date**<br>|
| 03/23/2023 | 03/23/2023-02/28/2026 | 182070 | - | - | - | 182070 |
| 03/23/2023 | 03/23/2023-02/28/2027 | 63685 | - | - | - | 63685 |
| 02/16/2023 | 01/01/2023-12/31/2025 | 6563144 | (1091890) | - | - | 5471254 |
| 06/13/2023 | 01/01/2023-12/31/2025 | 721500 | (71170) | - | - | 650330 |
| 02/21/2024 | 01/01/2024-12/31/2027 | 7210352 | (181680) | - | - | 7028672 |
| 08/16/2024 | 01/01/2024-12/31/2027 | 192308 | (15780) | - | - | 177240 |
| 10/16/2024 | 01/01/2024-12/31/2027 | 29432 | (370) | - | - | 29062 |
| **Totals**<sup>(1)</sup> |  | **14962491** | **(1318038)** |  |  | **13602313** |

---

Note:

(1)On February 19, 2025, the Board approved the grant of the 2025 annual group Performance Rights under the Performance Share Rights Plan. As at the date of this

Circular, such Performance Rights grants are in the process of being approved and issued to Designated Participants and are not included in the total.

**Burn Rate Information**

The table below sets out the burn rate percentages in respect of Performance Rights under the Performance Share

Rights Plan for the fiscal years ended 2022, 2023, and 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Burn Rate**<sup>(1)</sup> | **As at December 31, 2022** | **As at December 31, 2023**<sup>(2)</sup> | **As at December 31, 2024**<sup>(2)</sup> |
| Performance Share Rights <br>Plan<br>| 0.70% | 0.52% | 0.52% |

---

Notes:

(1)The burn rate is calculated by dividing the number of Performance Rights settled in Common Shares granted in a fiscal year by the weighted average number of Common

Shares outstanding in that year.

(2)Calculation method for 2023 and 2024 includes Common Shares only, whereas a combination of cash and Common Shares was utilized in previous reporting years.

As noted above, the Company operates a share buyback program under the NCIB and has made a commitment to

repurchase an equivalent amount of Common Shares to those issued pursuant to the vesting of the Performance

Rights. This activity effectively offsets the issuance of new Common Shares under the Performance Share Rights

Plan, ensuring the Company's share capital remains balanced and supporting its commitment to enhancing

Shareholder value.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**2024 NEO Compensation Details**

<u>Additional Information</u>

**1. Base Salaries**

For the base salaries of the Company's NEOs in 2024 and a comparison to 2023, please see the section entitled

"*Executive Compensation Discussion and Analysis* – *Summary Compensation Table*" in this Circular.

**2. Short Term Incentive – Annual Cash Bonus**

In 2024, all NEO STI performance metrics continued to be based on the same 2023 weightings of: 100% Company

performance for the CEO; and 80% Company performance and 20% divisional or personal deliverables for other

NEOs.

The award of any STI to a NEO is dependent on three factors: (a) the bonus entitlement as a percentage of the

NEO's Annual Base Salary (**ABS**); (b) the achievement levels of the Company's Key Performance Indicators (**KPIs**),

which can range from 0% to 200%, with target at 100%; and (c) the NEO's (excluding CEO) achievement levels of

divisional or personal KPIs, which can range from 0% to 200%, with target at 100%. For 2024, these factors were

allocated as follows for the relevant executives:

**STI ($) = ABS ($) x STI Target % x [(Company Score x Weighting) + (Divisional or Personal Score x** 

**Weighting)]**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Weighting | Weighting |
| Executive | Bonus Target <br>*(as a % of ABS)*<br>| Company <br>KPIs<br>| Divisional or Personal <br>KPIs<br>|
| CEO | 90% | 100% | 0% |
| Other NEOs | 60% | 80% | 20% |

---

For the year ended December 31, 2024, the target STI entitlement was 90% of ABS for the CEO, while for other

NEOs, the STI target was 60%, similar to 2023. The NEO KPI framework was centred on the alignment with overall

Company performance, to drive a unified team focus and deliver outcomes in the interests of shareholders.

**Company KPIs**

Company KPIs contain a defined list of performance indicators the Company assesses itself against on an annual

basis. The divisional or personal KPIs typically contain a mix of short-term tactical deliverables, and/or progress on

longer-term transformational deliverables, relevant to the accountabilities of the particular executive.

For the year ended December 31, 2024, the results for each Company KPI were as follows, with a zero safety

outcome for all of the NEOs, Didipio and Corporate STI participants to reflect the two Didipio fatalities:

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Key Result Area** | **Key Performance Indicator(s)** | **Key Performance Indicator(s)** | **Threshold** | **Target** | **Stretch Target** | **Weighting** | **Final Score** |
|  | **Safety** | Recordable Injury<br>Frequency Rate<sup>(1)</sup><br>| 1.0 | 0.8 | 0.6 | 2% |  |
|  |  | Injury Severity<sup>(2)</sup> | Cat 4 IFR = 0.50 | Cat 4 IFR = 0.25 | Cat 4 IFR = 0 | 3% |  |
|  |  | Principle Hazard <br>Controls<br>| All scheduled monthly critical <br>control check sheets <br>completed<br>| Threshold + 90% <br>completion of <br>actions identified to <br>address gaps, on <br>schedule<br>| Target + a 20% <br>reduction in energy <br>release HPIs on <br>2023 levels<br>| 3% | 0%<sup>(3)</sup> |
|  |  | Performance against <br>hygiene monitoring <br>plan and <br>promptness of <br>addressing actions <br>arising, measured <br>quarterly<br>| 90% of plan on time and <br>actions commenced within 4 <br>weeks of notification<br>| 95% of plan on<br> time and actions <br>commenced<br> within 4 weeks of <br>notification<br>| 100% of plan <br>completed on time <br>and actions <br>commenced<br> within 4 weeks of <br>notification<br>|  |  |
|  | **Health** | AND | AND | AND | AND | 5% | 5.0% |
|  |  | Periodic health <br>assessments on <br>high risk Similar <br>Exposure Groups <br>and completed on <br>time, measured <br>quarterly<br>| 80% periodic health <br>assessments completed on <br>time<br>| 90% periodic health <br>assessments <br>completed on time<br>| 100% periodic <br>health assessments <br>completed on time<br>|  |  |
| **SAFETY &**<br>**SUSTAINABILITY** |  |  |  |  |  |  |  |
| **SAFETY &**<br>**SUSTAINABILITY** |  |  |  |  |  |  |  |
| **SAFETY &**<br>**SUSTAINABILITY** |  |  |  | 1.0 | 0 |  |  |
|  |  | Category 3 <br>Environmental <br>Incidents (and zero <br>cat 4) & <br>Environmental Risk <br>Management <br>Performance | 2.0 | AND | AND |  |  |
|  |  | Category 3 <br>Environmental <br>Incidents (and zero <br>cat 4) & <br>Environmental Risk <br>Management <br>Performance |  |  |  |  |  |
|  | **Environment** | Category 3 <br>Environmental <br>Incidents (and zero <br>cat 4) & <br>Environmental Risk <br>Management <br>Performance | AND | Environmental <br>Material Risk <br>Assessment <br>completed by end of <br>July 2024 and action <br>plans developed by <br>Dec 24 | Environmental <br>Material Risk <br>Assessment <br>completed by end of <br>July 2024 and action <br>plans developed by <br>Oct 24 |  |  |
|  | **Environment** | Category 3 <br>Environmental <br>Incidents (and zero <br>cat 4) & <br>Environmental Risk <br>Management <br>Performance | Environmental Material Risk <br>Assessment completed by <br>end of 2024<br>| Environmental <br>Material Risk <br>Assessment <br>completed by end of <br>July 2024 and action <br>plans developed by <br>Dec 24 | Environmental <br>Material Risk <br>Assessment <br>completed by end of <br>July 2024 and action <br>plans developed by <br>Oct 24 | 4% | 7.0% |
|  | **Energy and Carbon** | Performance against <br>plan to improve <br>energy usage & <br>reduce carbon <br>emissions<br>| Emissions reduction plans <br>are in place and approved by <br>COO, CSO & CEO by end Q2<br>| Threshold + 90 % <br>plan delivered<br>| Target + at least 1 <br>project that provides <br>meaningful absolute <br>emissions <br>reductions<br>| 4% | 4.0% |
|  | **External**<br>**Affairs and Social** <br>**Performance**<br>| EASP risk <br>management & <br>planning<br>| Social risk assessment <br>completed at each site, and <br>risk controls integrated into a <br>consolidated Social <br>Performance Plan by end Q1<br>| Threshold + all risk <br>controls delivered on <br>schedule<br>| Target + delivery of <br>all social <br>performance 'key <br>element' actions <br>delivered on <br>schedule<br>| 4% | 8.0% |
| **GROWTH** | **Portfolio** <br>**Optimization and** <br>**growth**<br>|  | Portfolio management and optimization, and growth activity during the year <br>(as assessed by the Board) | Portfolio management and optimization, and growth activity during the year <br>(as assessed by the Board) | Portfolio management and optimization, and growth activity during the year <br>(as assessed by the Board) | 10% | 15.0% |
| **CULTURE** | **Leadership**<br>**Effectiveness**<br>| Culture survey <br>engagement results<br>| 1% Improvement on 2023 <br>outcome<br>| 2% Improvement on <br>2023 outcome<br>| 4% Improvement on <br>2023 outcome<br>| 4% | 8.0% |
| **PRODUCTION** | **Gold Produced (koz)** | **Gold Produced (koz)** | 500 | 548 | 575 | 35% | 0% |
| **COST &** <br>**CONTINUOUS** <br>**IMPROVEMENT**<br>| Value added through cost & CI programmes <br>($M) | Value added through cost & CI programmes <br>($M) | $45M | $74M | $95M | 6% | 4.4% |
| **TOTAL** | **Weighted STI Outcome** | **Weighted STI Outcome** |  |  |  | **80%** | **51.4%** |
| **TOTAL** | **Company KPI Outcome** | **Company KPI Outcome** |  |  |  | **100%** | **64%** |

---

<u>Additional Information</u>

Notes:

<u>Additional Information</u>

(1)TRIFR Target = Total recordable injuries per 200,000 work hours.

(2)Category 4 Safety Consequence – Permanent, irreversible disabling injury, illness or health impact.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

(3)Zero safety outcome to reflect Didipio fatalities for NEOs, Corporate and Didipio. For the Company's other assets, safety is comprised of 3 targets: Recordable Injury

Frequency, which was at threshold performance; Severity (Cat 4 IFR), which was at threshold performance; and Hazard Control, which was at target performance, for an

outcome of 5.5% for this measure only (all other KPIs apply as described, resulting in a Company KPI Outcome of 71.1% for all of the Company's assets excluding

Didipio).

A result of 51.4% out of 80% was achieved based on the performance model and the overall Company KPI

achievement outcomes as described in the table above. Applying the score to the weighting (as noted in the formula

above) resulted in a payout of 64.3% of target for the Company KPI component of the STI (51.4% of the Target 80%).

**Personal KPIs**

Performance of the NEOs is also measured annually through a comprehensive system of pre-set, formally

documented divisional or personal KPIs. Achievements against these KPIs are evaluated by the CEO and discussed

with and approved by the Remuneration, People and Culture Committee.

The Remuneration, People and Culture Committee endorsed the following annual STI outcomes for the Company's

NEOs in respect to the 2024 performance year. The below table represents a combination of personal KPIs and

Company Scorecard performance (with the exception of the CEO, who has 100% weighting for Company Scorecard

performance), which the Board subsequently approved:

---

| | | |
|:---|:---|:---|
|  | **Target STI** | **Actual STI** |
| **Name** | **% of base salary** | **% of base salary** |
| Gerard Bond | 90% | 57.9% |
| Marius van Niekerk | 60% | 50.7% |
| David Londoño | 60% | 39.4% |
| Peter Sharpe | 60% | 36.9% |
| Michelle Du Plessis | 60% | 48.9% |

---

**3. Long-Term Incentive – Performance Rights Grants**

The NEOs are eligible to participate in the Performance Share Rights Plan. For 2024, the Performance Rights

granted under the Performance Share Rights Plan maintained the same LTI plan portfolio mix as the Performance

Rights grant in 2023, comprising two vehicles (A and B). Changes were implemented to ensure a market aligned level

of rTSR performance vesting, the inclusion of dividend units for all participants in the form of Performance Rights,

with further adjustments made to ensure appropriate weighting of Performance Rights and RSUs, and some

downward adjustment of overall share grants to align total compensation against the peer group for each NEO. The

Performance Share Rights Plan was also amended to include vesting provisions granting the Remuneration, People

& Culture Committee discretion over final vesting outcomes in the event that the absolute share price performance of

the Company over the relevant performance period is negative.

**Vehicle A: Performance Rights**

rTSR = 66% for the CEO and 70% for other NEOs of the grant value. A total of 18 companies noted below in the

Company's Peer Group were identified. Vesting commences when the Company outperforms 33% of the peers in the

Peer Group and escalates as the rTSR performance advances beyond that. Accordingly, there is no certainty that any

Performance Rights granted to an executive (or any other employees) will vest.

**Vehicle B: RSUs**

Grant value of 34% for the CEO and 30% for other NEOs. For all NEOs, RSUs vest if the executive continues to be

employed by the Company on the vesting date.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Vesting & Peer Group Information**

<u>Additional Information</u>

With regards to realized compensation received during 2024, vesting took place in respect of Performance Rights

granted to Designated Participants in 2021, as applicable vesting conditions were met. A total of 5,897,550

Performance Rights vested in 2024, which represents 121.2% of the total granted. The TSR of the Company relative

to the TSR of its peer group of companies for the 2021 Performance Rights over the performance period met the

required schedule for vesting and accordingly vesting took place of the Performance Rights granted in 2021.

For the 2024 grant of Performance Rights, the Peer Group consists of the following 18 gold producers:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Alamos Gold Inc. | CAN | Endeavour Mining plc | UK | Northern Star Resources Ltd | AUS |
| B2Gold Corp. | CAN | Evolution Mining Ltd | AUS | NovaGold Resources Inc. | CAN |
| Centerra Gold Inc. | CAN | IAMGOLD Corp. | CAN | Regis Resources Ltd | AUS |
| Coeur Mining Inc. | USA | Kinross Gold Corp. | CAN | Resolute Mining Ltd. | AUS |
| Dundee Precious Metals | CAN | Lundin Gold Inc. | CAN | SSR Mining Inc. | USA |
| Eldorado Gold Corp. | CAN | McEwen Mining Inc. | CAN | Torex Gold Resources Inc. | CAN |

---

The Peer Group was identified by Meridian and approved by the Remuneration, People and Culture Committee. To

obtain the closest fit, share price volatility, place of incorporation (TSX), place of material operations, complexity of

operations and market capitalization (to a lesser extent) were assessed to ensure that the selected companies in the

Peer Group were appropriately compatible in nature.

**2024 Grant Vesting Schedule (TSR)**

For the relative performance between the set percentiles, the percentage of Performance Rights vesting is

interpolated on a straight-line basis. With regards to the TSR measure, the Remuneration, People and Culture

Committee approved that vesting will commence when the Company outperforms 33% of the companies in the Peer

Group for the three (3) year period 2024 – 2026 in accordance with the following schedule:

---

| | |
|:---|:---|
| **TSR Ranking in Peer Group** | **% of Performance Rights Vesting**  |
| 100<sup>th</sup> Percentile  | 200% |
| 75<sup>th</sup> Percentile | 150% |
| 50<sup>th</sup> Percentile | 100% |
| 33.3<sup>rd</sup> Percentile | 50% |
| Below 33rd Percentile | 0% |

---

Accordingly, the actual number of Performance Rights that will vest at the end of the applicable performance period

will depend on the performance of the Company over that period, when compared to the Peer Group. If the Company

significantly underperforms relative to the Peer Group, no vesting of Performance Rights may take place for the rTSR

tranche (66% of the CEO's and 70% of the other NEOs' Performance Share Rights).

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Summary Compensation Table**

<u>Additional Information</u>

The table below is a summary of the compensation received by the NEOs for the Company's last three financial years

ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Non-Equity Incentive Plan**<br> **Compensation ($)** | **Non-Equity Incentive Plan**<br> **Compensation ($)** | **Non-Equity Incentive Plan**<br> **Compensation ($)** | **Non-Equity Incentive Plan**<br> **Compensation ($)** | **Non-Equity Incentive Plan**<br> **Compensation ($)** | **Non-Equity Incentive Plan**<br> **Compensation ($)** | **Non-Equity Incentive Plan**<br> **Compensation ($)** | **Non-Equity Incentive Plan**<br> **Compensation ($)** | **Non-Equity Incentive Plan**<br> **Compensation ($)** |
| **Name and principal** <br>**position**<br>| **Year** | **Salary ($)** | **Share-**<br>**based**<br>**awards**<sup>(1)</sup> **($)**<br>| **Option-**<br>**based**<br>**awards ($)**<br>| **Annual**<br>**incentive**<br>**plans**<br> **(Annual**<br>**Bonus**<br>**Awards)(4)**<br>| **Long-term** <br>**incentive plans** <br>**(Milestone** <br>**Bonuses)**<br>| **Pension value**<br>**($)**<br>| **All other**<br>**compensation**<sup>(2)</sup> **($)**<br>| **Total compensation**<sup>(3)</sup> **($)** |
| **Gerard Bond**<sup>(5)</sup> | 2024 | 679545 | 2699622 |  | 493311 |  | 15252 | 145746 | 4033476 |
| ***President & Chief*** <br>***Executive Officer*** | 2023 | 651806 | 2157266 | - | 501437 | - | 22337 | 95617 | 3428463 |
| ***President & Chief*** <br>***Executive Officer*** |  |  |  |  |  |  |  |  |  |
| ***President & Chief*** <br>***Executive Officer*** |  |  |  |  |  |  |  |  |  |
| ***President & Chief*** <br>***Executive Officer*** | 2022 | 467822 | 2841335 | - | 433717 | - | 18595 | 110830 | 3872299 |
| **Marius van**<br>**Niekerk**<sup>(6)</sup><br>| 2024 | 409883 | 1075323 |  | 145052 |  | 9262 | - | 1639520 |
| ***EVP & Chief***<br>***Financial Officer*** | 2023 | 244647 | 1308736 | - | 147442 |  | 13366 | 98656 | 1812846 |
| ***EVP & Chief***<br>***Financial Officer*** |  |  |  |  |  |  |  |  |  |
| ***EVP & Chief***<br>***Financial Officer*** |  |  |  |  |  |  |  |  |  |
| ***EVP & Chief***<br>***Financial Officer*** | 2022 | - | - | - |  | - | - | - | - |
| **Peter Sharpe**<sup>(7)</sup> | 2024 | 397492 | 1120955 | - | 242765 | - | 18900 | - | 1780112 |
| ***EVP & Chief***<br>***Operating Officer***<br>***Asia-Pacific*** | 2023 | 414691 | 946399 |  | 244953 |  | 18232 |  | 1624275 |
| ***EVP & Chief***<br>***Operating Officer***<br>***Asia-Pacific*** |  |  |  |  |  |  |  |  |  |
| ***EVP & Chief***<br>***Operating Officer***<br>***Asia-Pacific*** |  |  |  |  |  |  |  |  |  |
| ***EVP & Chief***<br>***Operating Officer***<br>***Asia-Pacific*** |  |  |  |  |  |  |  |  |  |
| ***EVP & Chief***<br>***Operating Officer***<br>***Asia-Pacific*** | 2022 | 242290 | 389732 |  | 47985 |  | 3056 |  | 683063 |
| **David Londoño**<sup>(8)</sup> | 2024 | 386962 | 802037 | - | 193925 | - | 30500 | 21754 | 1435178 |
| ***EVP & Chief***<br>***Operating Officer***<br>***Americas*** | 2023 | 401689 | 663128 | - | 193925 | - | - | 21604 | 1280346 |
| ***EVP & Chief***<br>***Operating Officer***<br>***Americas*** |  |  |  |  |  |  |  |  |  |
| ***EVP & Chief***<br>***Operating Officer***<br>***Americas*** |  |  |  |  |  |  |  |  |  |
| ***EVP & Chief***<br>***Operating Officer***<br>***Americas*** | 2022 | 390000 | 499598 | - | 262080 | - | - | 23297 | 1174975 |
| **Michelle Du**<br>**Plessis**<sup>(9)</sup><br>| 2024 | 327508 | 889367 | - | 159701 | - | 18900 | - | 1395476 |
| ***EVP, Chief People***<br>***and Technology***<br>***Officer*** | 2023 | 275371 | 229963 | - | - | - | 15115 | - | 520449 |
| ***EVP, Chief People***<br>***and Technology***<br>***Officer*** |  |  |  |  |  |  |  |  |  |
| ***EVP, Chief People***<br>***and Technology***<br>***Officer*** |  |  |  |  |  |  |  |  |  |
| ***EVP, Chief People***<br>***and Technology***<br>***Officer*** | 2022 | - | - | - | - | - | - | - | - |

---

Notes:

(1)To obtain the fair value, the Performance Rights granted under the Performance Share Rights Plan were priced using the $ exchange rate at the actual grant price date.

Vesting for the relevant performance year of any Performance Rights issued under the Performance Share Rights Plan include a portion of vested Performance Share

Rights and cash.

(2)Other compensation comprises relocation costs and severance payments.

(3)The above calculation uses actual average exchange rates for the relevant quarterly periods in compliance with accounting rules with the exception of Annual Incentive

Plan (Annual Bonus Awards) for NEOs based in Australia and Canada, where the average annual exchange rate of0.66 and 0.73, respectively, has been applied.

(4)For NEOs based in Australia and Canada, the average annual exchange rate of 0.66 and 0.73, respectively, has been applied.

(5)Mr. Bond was appointed on April 4, 2022.

(6)Mr. van Niekerk was appointed as CFO on May 23, 2023.

(7)Mr. Sharpe was appointed as COO Asia-Pacific in October 2022.

(8)Mr. Londoño departed the Company on April 4, 2025. No additional compensation was provided in the form of severance, as Mr. Londoño resigned.

(9)Ms. Du Plessis was appointed as Chief People and Technology Officer in March 2023.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Incentive Plan Awards (NEOs)**

<u>Additional Information</u>

**Outstanding Share-Based Awards and Option-Based Awards**

The table below sets out, for each NEO, outstanding share-based awards (comprised of Performance Rights and

RSUs) at the financial year ended December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Number of** <br>**securities** <br>**underlying** <br>**performance share** <br>**rights at** <br>**12/31/2024**<br>| **Rights exercise** <br>**price ($)**<br>| **Value of unvested** <br>**in-**<br>**the-money**<br>**performance share**<br>**rights(1) ($)**<br>| **Number of** <br>**performance rights** <br>**that have not** <br>**vested at** <br>**12/31/2024**<br>| **Market or payout** <br>**value of** <br>**share¬based** <br>**awards that have** <br>**not vested(1) ($)**<br>| **Market or payout** <br>**value of vested** <br>**share-based** <br>**awards not paid out** <br>**or distributed(1) ($)**<br>|
| Gerard Bond | 2714364<sup>(3)</sup> | - | 7509283 | 2714364<sup>(3)</sup> | 7509283 | - |
| Marius van Niekerk | 925788 | - | 2561191 | 925788 | 2561191 | - |
| Peter Sharpe | 894477 | - | 2474569 | 894477 | 2474569 | - |
| David Londoño | 800552 | - | 2214726 | 800552 | 2214726 | - |
| Michelle Du Plessis | 615462 | - | 1702674 | 615462 | 1702674 | - |

---

Notes:

(1)The above calculation uses the closing exchange rate and the Company's closing price on the TSX on December 31, 2024.

(2)Noting adjustment of Gerard Bond's 2022 grant by 200,000 Performance Rights (unvested) due to reversal of Performance Rights allocated in error.

**Incentive Plan Awards – Value Vested or Earned During the Year**

In relation to Performance Rights granted in 2021 with performance period ended on December 31, 2024, the

Remuneration, People and Culture Committee of the Board determined, with the assistance from its external

advisors, Meridian, that 150.0% of the TSR component should vest. The table below sets forth, for each NEO, the

value of all incentive plan awards (comprised of Performance Rights) which have vested or been earned during the

financial year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Share-based awards**<br>**Value vested during the** <br>**year**<sup>(1)</sup> **($)**<br>| **Option-based awards Value** <br>**vested during the year ($)**<br>| **Non-equity incentive plan** <br>**compensation - Value** <br>**earned during the year($)**<br>|
| Gerard Bond<sup>(2)</sup> | 274132 | - | - |
| Marius van Niekerk | 17344 | - | - |
| Peter Sharpe | - | - | - |
| David Londoño<sup>(2)</sup> | 423187 | - | - |
| Michelle Du Plessis | - | - | - |

---

Notes:

(1)The above values are based on actual Canadian dollar value calculated on vesting date (February 2024) and converted into $ using the foreign exchange rate on the

vesting date.

(2)The award values set out in the table represent the total value of the Performance Rights granted to the executives in 2021 and vested and settled. At redemption, the

vested performance rights were settled ½ in shares and ½ in cash (net of tax withholding and pension contribution).

**Employment Agreements – Termination and Change of Control Benefits**

Each of the NEOs has a formal employment agreement with the Company or a wholly-owned subsidiary of the

Company.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Mr. Gerard Bond:** Mr. Bond is entitled to be given six (6) months' written notice of termination and must provide six

<u>Additional Information</u>

(6) months' notice of resignation. He may be required to serve the notice period on an active or passive basis, or

payment may be made to him in lieu of all or part of the notice period based upon his annual total remuneration on

termination. Mr. Bond is entitled to severance payments in the case of a "Change of Control", if he terminates his

employment for "Good Reason" within twelve (12) months following the completion of a Change of Control event, or

as a result of redundancy by the Company. In such instance, the Company must pay a severance amount equal to

two (2) years of gross fixed annual remuneration at the time of termination, two (2) times the target annual

performance bonus payable and pro-rata STI payment for the current year in service, as well as deemed vesting of all

equity-based awards outstanding as at the date of termination.

If Mr. Bond had been terminated by the Company, other than for cause, for Good Reason or as a result of

redundancy as of December 31, 2024, he would have been entitled to receive an estimate of $377,335 in termination

payments, excluding any pension fund payments.

If Mr. Bond had been terminated as a result of a Change of Control by Good Reason or redundancy as of December

31, 2024, he would have been entitled to receive an estimate of $3,018,680, excluding any pension fund payments,

pro-rata STI payment for the year in service and the value of all outstanding equity-based awards as at the date of

termination.

**Mr. Marius van Niekerk:** Mr. van Niekerk is entitled to be given six (6) months' written notice of termination and must

provide four (4) months' notice of resignation. He may be required to serve the notice period on an active or passive

basis, or payment may be made to him in lieu of all or part of the notice period based upon his annual total

remuneration on termination. Mr. van Niekerk is entitled to severance payments in the case of a "Change of Control",

if he terminates his employment for "Good Reason" within twelve (12) months following the completion of a Change of

Control event, or as a result of redundancy by the Company. In such instance, the Company must pay a severance

amount equal to two (2) years of gross fixed annual remuneration at the time of termination, two (2) years of employer

contribution matching of the Company's Group Registered Retirement Savings Plan (**RRSP**) (equivalent to 5% of Mr.

van Niekerk's base salary), two (2) times the target annual performance bonus payable and pro-rata STI payment for

the current year in service, as well as deemed vesting of all equity-based awards outstanding as at the date of

termination.

If Mr. van Niekerk had been terminated by the Company, other than for cause, for Good Reason or as a result of

redundancy as of December 31, 2024, Mr. van Niekerk would have been entitled to receive an estimate of $204,942,

excluding any pension fund payments.

If Mr. van Niekerk had been terminated as a result of a Change of Control by Good Reason or redundancy as of

December 31, 2024, he would have been entitled to receive an estimate of $1,311,626 in redundancy and statutory

payments, excluding any pension fund or RRSP payments (up to 5% of his base salary or RRSP matched

contributions), pro-rata STI payment for the year in service and the value of all outstanding equity-based awards as at

the date of termination, notwithstanding vesting conditions applicable to the awards.

**Mr. Peter Sharpe:** Mr. Shape is entitled to be given six (6) months' written notice of termination and must provide six

(6) months' notice of resignation. He may be required to serve the notice period on an active or passive basis, or

payment may be made to him in lieu of all or part of the notice period based upon his annual total remuneration on

termination. Mr. Sharpe is entitled to severance payments in the case of a "Change of Control", if his employment is

terminated by OceanaGold or its successor entity, within twelve (12) months following the completion of a Change of

Control event, or as a result of redundancy by the Company. In such instance, the Company must pay a severance

package equal to two (2) years of gross fixed annual remuneration at the time of termination, including

Superannuation and two (2) times the target annual performance bonus payable, as well as deemed vesting of all

equity-based awards outstanding as at the date of termination.

If Mr. Sharpe had been terminated by the Company, other than for cause, for Change of Control or as a result of

redundancy as of December 31, 2024, he would have been entitled to receive an estimate of $198,746, excluding any

pension fund payments, which are capped at $19,755 per year for Superannuation.

If Mr. Sharpe had been terminated as a result of a Change of Control or redundancy as of December 31, 2024, he

would have been entitled to receive an estimate of $1,271,974, excluding any pension fund payments and the value

of all outstanding equity-based awards as at the date of termination, notwithstanding vesting conditions applicable to

the awards.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Mr. David Londoño:** Mr. Londoño departed the Company on April 4, 2025, and as such is no longer eligible for

<u>Additional Information</u>

receipt of benefits under termination or Change of Control. He received base salary up to and including his

termination date. Mr. Londoño will not receive any STI payments for the percentage of time worked as part of the

2025 performance year. In flight LTI entitlements will be provided in accordance with rules of the Performance Share

Rights Plan at 80% and pro-rata in accordance with Mr. Londoño's termination date with the Company, subject to

certain conditions.

**Ms. Michelle Du Plessis:** Ms. Du Plessis is entitled to be given six (6) months' written notice of termination and must

give four (4) months' notice of resignation. She may be required to serve the notice period on an active or passive

basis, or payment may be made to her in lieu of all or part of the notice period based upon her annual total

remuneration on termination. Ms. Du Plessis is entitled to severance payments in the case of a "Change of Control", if

her employment is terminated by OceanaGold or its successor entity, within twelve (12) months following the

completion of a Change of Control event, or as a result of redundancy by the Company. In such instance, the

Company must pay a severance amount equal to two (2) years of gross fixed annual remuneration at the time of

termination, including Superannuation and two (2) times the target annual performance bonus payable, as well as

deemed vesting of all equity-based awards outstanding as at the date of termination.

If Ms. Du Plessis had been terminated by the Company other than for cause, for Change of Control or as a result of

redundancy as of December 31, 2024, Ms. Du Plessis would have been entitled to receive an estimate of $163,754,

excluding any pension fund payments, which are capped at $19,755 per year for Superannuation.

If Ms. Du Plessis had been terminated as a result of a Change of Control or redundancy as of December 31, 2024,

Ms. Du Plessis would have been entitled to receive an estimate of $1,048,026, excluding any pension fund payments

and the value of all outstanding equity-based awards as at the date of termination, notwithstanding vesting conditions

applicable to the awards.

**Pension Plan Benefits**

The Company does not have any defined benefit or defined contribution benefit plans.

NEOs were based in Canada, Australia and the U.S., in respect of which the pension plan payments are as follows:

1.**Canada:**

(a)Canada Pension Plan (CPP) – The Company matches up to 5.95% of annual salary to a maximum of

$2,823 for 2024, in accordance with Canadian statutory requirements; and

(b)RRSP – Registered plan set up by the Company whereby the Company matches up to 5% of employee

base salary, to a maximum of $23,039 (C$31,560 or 18% of annual earnings) for 2024.

2.**Australia:** Superannuation (Pension) – The Company pays contributions to a complying fund on behalf of

permanent resident employees. Funds are nominated by the employees and are not administered by

OceanaGold. Effective July 1, 2024, the minimum contribution was mandated at 11.5% of an employee's

base salary (increased from 11%), capped at $19,755 (A$30,000) per annum.

**3. United States:** The Company matches 4% of compensation (100% of the first 3% and then 50% of the next

2%) as per the 401(k) plan.

<sup>7</sup> EBITDA is a non-IFRS financial measure. For further information, please refer to the MD&A and the section entitled "*"Additional Information – Miscellaneous – Cautionary Note* 

*Regarding Non-IFRS Financial Measures"*" in this Circular.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Look-Back at NEO Compensation** 

<u>Additional Information</u>

The following table provides a summary of total compensation paid to the relevant NEOs in each of the past five

years as a percentage of Earnings Before Interest, Taxes, Depreciation, and Amortization (**EBITDA**)<sup>7</sup>, cash flows and

shareholder equity.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Total Compensation**<br>**Paid to NEOs**<sup>(1)(2)</sup> **($)**<br>| **Total Compensation** <br>**Paid to NEOs as a**<br>**Percentage of EBITDA**<br>| **Total Compensation** <br>**Paid to NEOs as a**<br>**Percentage of** <br>**Operating Cash Flows** <br>(Before Changes in <br>Working Capital)<br>| **Total Compensation**<br>**Paid to the NEOs as a**<br>**Percentage of**<br>**Shareholder Equity**<br>|
| 2024 | 4664380<sup>(5)</sup> | 0.79% | 0.78% | 0.24% |
| 2023 | 5584868<sup>(</sup><sup>4)</sup> | 1.52% | 1.37% | 0.32% |
| 2022 | 2737667 | 0.72% | 0.70% | 0.16% |
| **Average** | **4328972** | **1.01%** | **0.95%** | **0.24%** |

---

Notes:

(1)The total compensation paid comprises salary, super, bonus, termination, value of the vested Performance Rights and other allowances (i.e., relocation).

(2)Performance Rights value is calculated using the number of Performance Rights vested multiplied by the Company's share price on vesting date and then converted into

$ using the foreign exchange rate at the vesting date.

(3)2021 compensation includes the termination payment and vesting of Performance Rights for the Company's former CEO Michael Holmes.

(4)2023 compensation includes the termination payment for Scott Sullivan, the Company's former CFO, vesting of Performance Rights granted in 2020 in relation to the

performance period of 2020 to 2022 and which was vested at 152.8%, and vesting of Performance Rights granted to Gerard Bond, the Company's CEO, in 2022 in

relation to the service period of 2022 to February 2023.

(5)2024 compensation includes the vesting of Performance Rights granted in 2021 in relation to the performance period of 2021 to 2023 and which was vested at 121.2%,

and vesting of Performance Rights granted to Gerard Bond, the Company's CEO, in 2022 in relation to the service period of 2022 to February 2024.

Total compensation awarded to the NEOs over the last five years has broadly followed the trend on the Company's

share price performance over the same period. In addition, the LTIs granted are directly exposed to the Company's

share price performance and aligned with the interests of Shareholders.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**5. CORPORATE GOVERNANCE STATEMENT**<br>

<u>Additional Information</u>

---

| | |
|:---|:---|
| **WHERE TO FIND IT** |  |
| Our Corporate Governance Practices at a Glance ....................... | 59 |
| Board of Directors .............................................................................. | 60 |
| Board Committees ............................................................................. | 61 |
| Board Effectiveness and Performance ........................................... | 66 |
| Board and Executive Performance ................................................. | 71 |
| Sustainability Management and ESG ............................................. | 71 |
| Diversity and Inclusion ...................................................................... | 74 |
| Cybersecurity Framework ................................................................. | 75 |
| Ethical and Responsible Decision-Making ..................................... | 76 |
| Risk Management and Recognition ................................................ | 78 |
| Shareholder Engagement ................................................................. | 78 |
| Additional Information ........................................................................ | 79 |

---

At OceanaGold, our Purpose is mining gold for a better future. We recognise that an appropriate framework of rules,

relationships, systems and processes for the exercise and control of authority is crucial to delivering our Purpose and

our Vision, which is to be a company people trust, want to work and partner with, supply and invest in, to create

value.

Our corporate governance system is designed to comply with the regulatory requirements in relevant jurisdictions,

and we are committed to maintaining a framework which is appropriate for the size and scope of our operations and

takes into account leading practices.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Our Corporate Governance Practices at a Glance**

<u>Additional Information</u>

---

| |
|:---|
| **Board Independence.** The majority of our Board is independent, including the Chair. All five Board committees are 100% <br>independent. The positions of Chair and CEO are separate.<br>|
| **Majority Voting.** We have a Majority Voting Policy for electing directors to the Board. |
| **Share Ownership**. Directors and executives are required to own Common Shares to align with Shareholder interests in <br>accordance with our Share Ownership Policy.<br>|
| **Qualified Board.** We use a skills matrix to assess Board composition and prospective director candidates. |
| **Diversity.** Our Fair Employment Policy establishes our commitment to diversity principles, which includes gender diversity. |
| **Climate Change.** We remain committed to responsible decarbonization and climate change mitigation management across <br>all our business activities.<br>|
| **Cyber Security.** We employ a comprehensive approach to cybersecurity, emphasising proactive risk management, <br>compliance with regulatory standards, and fostering a security-aware culture among our employees.<br>|
| **Anti-bribery and corruption.** Our anti-bribery and corruption compliance program includes policies, standards, training and <br>anti-bribery and anti-corruption champions.<br>|
| **Ethical Conduct.** Our Code of Conduct applies to all directors, employees, contractors and anyone acting on our behalf. <br>Our Supplier Code of Conduct applies to all our suppliers and their employees, contractors, subcontractors, vendors, <br>suppliers and advisors.<br>|
| **Whistleblower Policy.** We have a Whistleblower Policy and a Code of Conduct Hotline to encourage and promote a culture <br>of openness and acceptance in reporting concerns of potential misconduct within OceanaGold.<br>|
| **Clawback Policy.** We have a Clawback Policy. |
| **Shareholder Engagement**. We are committed to ongoing Shareholder engagement and actively do so. |
| **No Interlocking Directorships.** None of our directors serve together as directors or executives of another public company <br>board.<br>|
| **Accessible Board**. Shareholders, employees and others can contact our Chair, CEO and other members of the Board. |
| **Formal Assessment**. The Board conducts a formal assessment of Board and committee effectiveness and contribution of <br>individual directors and assesses the performance of CEO.<br>|
| **Succession Planning.** We continually monitor our succession planning for our senior executives, CEO and the Board. |

---

The Company's Corporate Governance practices meet the following Canadian requirements and follow the best

practices in general:

(a)National Policy 58-201 – *Corporate Governance Guidelines* (the **Governance Guidelines**);

(b)National Instrument 58-101 – *Disclosure of Corporate Governance Practices*; and

(c)TSX Corporate Governance Guidelines (the **Guidelines**),

(collectively, the **Principles**).

A summary of specific matters to note in relation to the Company's current corporate governance practices is set out

below. Further information on the Company's corporate governance policies and practices is available in the

Corporate Governance section of the Company's website.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Board of Directors**

<u>Additional Information</u>

**Roles and Responsibilities**

The Board is responsible for providing strategic direction, defining broad issues of policy and overseeing the

management of the Company to ensure it is conducted appropriately and in the best interests of Shareholders.

The Board is responsible for: the oversight of the affairs of the Company, including its operational, financial and

strategic objectives; evaluating, approving and monitoring the Company's strategic and financial plans; evaluating,

approving and monitoring the Company's annual budgets and business plans; evaluating, approving and monitoring

major capital expenditures, capital management and all major corporate transactions, including the issue of the

Company's securities; and approving full year financial reports and material reporting and external communications

by the Company.

The Board has delegated certain responsibilities and authorities to the CEO and the Executive Leadership Team to

enable them to conduct the Company's day-to-day activities, subject to certain limitations set out in an authorization

matrix approved by the Board. Matters that are beyond the scope of those limitations require Board approval.

The Board has adopted a Board Charter which documents the membership and operating procedures of the Board

and the apportionment of responsibilities between the Board and Management. The position description for each of

the Board Chair, the chair of each Board committee and the CEO are set out in the Board Charter. A copy of the

Board Charter is set out in the attached Schedule A to this Circular and is also available in the Corporate Governance

section of the Company's website.

**Board Composition**

During the Company's 2024 financial year, the composition of the Board was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Director**<sup>(1)</sup> | **Independent** | **Non-Independent** | **Reason for Non-Independence** |
| Paul Benson | ✓ |  |  |
| Ian M. Reid | ✓ |  |  |
| Craig J. Nelsen | ✓ |  |  |
| Sandra M. Dodds | ✓ |  |  |
| Alan N. Pangbourne | ✓ |  |  |
| Linda M. Broughton | ✓ |  |  |
| Gerard M. Bond |  | ✓ | President and CEO |

---

On February 20, 2025, Ms. Stefanie E. Loader was appointed to the Board and is an independent, Non-Executive

Director.

**Appointments**

In accordance with the current articles of the Company, the directors shall be elected by the Shareholders at each

AGM and typically hold office until the next AGM, at which time they may be re-elected or replaced. Casual vacancies

and additional positions on the Board are filled by the remaining directors and the persons filling those vacancies hold

office until the next AGM, at which time they may be re-elected or replaced. The Company undertakes appropriate

checks prior to appointing directors or putting forward an individual to Shareholders as a candidate for election.

Candidates are assessed through interviews, meetings and background and reference checks (which may be

conducted both by external consultants and by directors) as appropriate.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

Annual elections are seen as being an essential part of corporate governance best practices, permitting Shareholders

<u>Additional Information</u>

the opportunity to evaluate the performance of Board members on an annual basis. All eight (8) of the current

directors have been nominated for election and re-election at the Meeting in accordance with the current articles of

the Company.

**Advance Notice Policy**

The Company has an Advance Notice Policy which requires an advance notice for nomination of directors by

Shareholders. Among other things, the Advance Notice Policy fixes a deadline by which Registered Shareholders or

Non-Registered (beneficial) Shareholders must submit nominations to the Company prior to any annual or special

meeting of Shareholders and sets forth the information to be provided and other procedures to be followed, in respect

of such notice to the Company.

For an AGM, notice to the Company must be provided not less than 30 days prior to the date of the applicable AGM.

If the AGM is announced less than 50 days prior to the meeting, notice must be provided not later than the close of

business on the 10th day following the announcement. In the case of a special meeting of Shareholders called for any

purpose, which includes the election of directors to the Board, notice to the Company must be provided not later than

the close of business on the 15th day following the announcement of the special meeting of Shareholders.

At the Meeting, the Company is proposing amendments to the Company's current articles in order to incorporate the

Advance Notice Provisions. For information about the proposed amendments to the Company's articles, please refer

to the section entitled "*Business of the Meeting – Resolution 6 – Amendments to the Company's Articles*" in this

Circular.

**Terms of Appointment**

Each of the Non-Executive Directors has executed a letter of appointment with the Company, which sets out the key

terms of the appointment. For information on directors' compensation for 2024, please refer to the section entitled

"*Director Profiles*" and "*Directors' Compensation*" in this Circular, and for executive compensation for 2024, please

refer to the section entitled "*Executive Compensation Discussion and Analysis*" in this Circular.

**External Commitments**

The Company's directors must have enough time to fulfill their duties to the Shareholders. Before nominating or re-

nominating a director, the Governance and Nomination Committee considers if they have other commitments that

may hinder their ability to devote enough time to the Company. The Company's Board Renewal Policy states that

Non-Executive Directors cannot serve on more than three outside public company boards, and executive directors

cannot serve on more than one outside public company board. A stricter view applies to directors of complex

companies, highly regulated sectors or those who chair key committees. Current directors must notify the Chair of the

Board and Chair of the Governance and Nomination Committee before accepting new directorship offers and discuss

how it complies with these requirements.

**Accountability of Company Secretary**

The Company Secretary is accountable directly to the Board, through the Chair, on all matters relating to the proper

functioning of the Board. The Company Secretary has primary responsibility for ensuring that the Board processes

and procedures run efficiently and effectively.

**Board Committees**

The Board has established five committees to assist the Board in discharging its responsibilities. Each committee is

governed by a formal charter approved by the Board, documenting the committee's composition and responsibilities.

Copies of these charters are available in the Corporate Governance section of the Company's website. The

committees are the Audit and Risk Committee, Governance and Nomination Committee, Remuneration, People and

Culture Committee, Sustainability Committee and Technical Committee.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

Each of the committees is authorized by the relevant committee charter to access professional advice from

<u>Additional Information</u>

employees of the Company and from appropriate external advisors.

**Audit and Risk Committee**

The Company has established an Audit and Risk Committee to oversee financial reporting and safeguard integrity of

the financial reports and the reporting process.

The key areas of responsibilities of the Audit and Risk Committee are as follows:

(a)review and report to the Board on the quality and integrity of OceanaGold's draft annual financial

statements, Management's Discussion & Analysis, and any related media releases or presentation packs;

(b)approve the draft quarterly financial statements, Management's Discussion & Analysis, and any related

media releases or presentation packs;

(c)review and recommend to the Board any other public disclosure documents or regulatory filings containing

financial information as requested by the Board from time to time;

(d)review and recommend to the Board the appointment, termination and remuneration of the external auditor;

(e)approve or terminate the appointment of the internal auditor as recommended by Management, endorse the

scope of the internal audit plan, review internal audit outcomes and highlight any material issues to the

Board, and periodically assess the resourcing of the internal audit function to ensure its objectivity and

independence;

(f)review and report to the Board on the effectiveness of OceanaGold's risk management framework and

systems, the robustness of the Company's internal control systems, Management's adherence to the risk

management framework as evidenced in regular Enterprise Risk Management Updates, and the adequacy

of OceanaGold's insurance coverage; and

(g)review and report to the Board on the adequacy and effectiveness of OceanaGold's legal and regulatory

compliance processes for financial disclosure, the effectiveness of systems for detecting, reporting and

preventing misconduct by the business or employees, and the establishment and monitoring of procedures

for handling "speak up" reports from employees, including anonymous submissions, with periodic reviews of

these procedures and any significant complaints alongside Management.

In discharging its responsibilities, the Audit and Risk Committee will:

(i)ensure robust corporate reporting processes and financial controls are in place to maintain the quality and

integrity of the financial statements, supporting executive certifications;

(ii)endorse Management judgments impacting the financial statements related to changes in accounting

policies and standards;

(iii)assess and refine procedures for reviewing public financial disclosures derived from the company's financial

statements;

(iv)collaborate with Management and the external auditor to review and discuss financial statements, notes and

related public disclosures before Board submission;

(v)perform necessary due diligence and engage in discussions with Management, and both external and

internal auditor regarding OceanaGold's financial statements and related public financial disclosures;

(vi)annually verify the external auditor's independence, including the pre-approval of non-audit engagements

exceeding policy limits for non-audit services;

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

(vii)endorse the scope of the external audit plan;

<u>Additional Information</u>

(viii)review and highlight to the Board any material issues from the external audit outcomes;

(ix)resolve any disagreements between Management and the external auditor concerning financial reporting or

accounting principles; and

(x)approve hiring policies for partners, employees and former personnel of current and past external auditors.

The Audit and Risk Committee will meet as frequently as required but not less than four times per financial year and

will report to the Board following each meeting. The Company Secretary (or his or her delegate) is also the secretary

of the Audit and Risk Committee.

In accordance with the requirements of NI 52-110*,* the Audit and Risk Committee is structured so that it:

• has at least three members;

• consists only of Non-Executive Directors;

• consists only of independent directors; and

• is chaired by an independent Non-Executive Director, who is not the Chair of the Board.

As of the date of this Circular, the **Audit and Risk Committee** members are:

• Sandra M. Dodds (Chair);

• Paul Benson;

• Ian M. Reid; and

• Alan N. Pangbourne.

Sandra M. Dodds is the designated financial expert on the Audit and Risk Committee.

Each member of the Audit and Risk Committee is independent and financially literate within the meaning of NI

52-110.

The Board considers that the skills, experience and independence of the current Audit and Risk Committee members

allow the Audit and Risk Committee to discharge its functions in accordance with its Charter.

For further information regarding the Audit and Risk Committee please refer to the section entitled "*Audit Committee*"

in the Company's Annual Information Form dated March 31, 2025, which is available under the Company's profile on

SEDAR+ at www.sedarplus.ca and in the Investor Centre section of the Company's website.

**Governance and Nominations Committee**

The key responsibilities of the Governance and Nominations Committee are as follows:

(a)periodically review the adequacy of OceanaGold's systems to verify compliance with regulatory, corporate

governance and disclosure requirements;

(b)review and report to the Board OceanaGold's public disclosure documents and processes;

<u>Additional Information</u>

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

(c)consider the impact on the OceanaGold group and its corporate governance policies and practices from

material corporate governance developments in applicable legislation, regulatory regimes and industry-wide

practices;

(d)review and report to the Board in relation to the size and composition of the Board and recommend

adjustments from time to time with a view to ensuring they meet the needs of the business and optimise

effective decision making; and

(e)review related party transactions and investments involving OceanaGold and its directors.

In discharging its responsibilities, the Governance and Nominations Committee will:

(i)develop and manage the Board member and executive succession planning, nomination and recruitment

process of the Board having regard to the above;

(ii)develop a Board skills and experience matrix taking a long-term view;

(iii)oversee Board, Board Chair, committee, committee chair and individual Non-Executive Director

performance evaluation processes;

(iv)periodically review the Non-Executive Director on-boarding and induction process and make

recommendations for change as required;

(v)oversee Non-Executive Director continuing educations programs (provided both internally and by approved

external continuing education providers); and

(vi)review the composition, responsibilities, and appropriateness of the committees, their mandates and

responsibilities and allocation of directors to the committees.

The role of the Governance and Nominations Committee does not extend to: the Chair of the Board or CEO

succession, which shall be responsibilities of the full Board; and Board compensation, which shall be a responsibility

of the Remuneration, People and Culture Committee.

The Governance and Nominations Committee will meet as frequently as required but not less than two times per

financial year and will report to the Board following each meeting. The Company Secretary (or his or her delegate) is

also the secretary of the Governance and Nominations Committee.

As of the date of this Circular, the **Governance and Nominations Committee** members are:

• Paul Benson (Chair);

• Ian M. Reid; and

• Sandra M. Dodds.

Each member of the Governance and Nominations Committee is independent within the meaning of NI 52-110.

**Remuneration, People and Culture Committee**

The key responsibilities of the Remuneration, People and Culture Committee are as follows:

(a)review and report to the Board on issues related to OceanaGold's remuneration framework that may impact

the Company's strategy, business, and reputation;

(b)review and report to the Board on the effects of legislative and regulatory developments relevant to this

committee's responsibilities, including statutory changes with significant cost or risk implications for the

business; and

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

(c)review and report to the Board on people and culture matters affecting OceanaGold's strategy, reputation,

<u>Additional Information</u>

and business operations, including developments in relevant legislation and regulatory regimes, shaping the

Company's culture and behavioral aspirations, building leadership and change capabilities, managing

people-related risks and opportunities, tracking diversity and inclusion goals, and recommending people and

culture strategies and policies aligned with OceanaGold's strategic and annual business plans.

In discharging its responsibilities, the Remuneration, People and Culture Committee will:

(i)periodically review and recommend to the Board the approval of the remuneration framework for executives,

the President and CEO, the Chair, and Non-Executive Directors, which includes assessing changes to

compensation structures, key performance indicators for executive contracts, benchmarking remuneration

practices, and overseeing superannuation and incentive plans;

(ii)approve external remuneration consultants, review the allocation of rights under incentive plans, ratify the

allocation of securities, oversee succession plans, examine executive employment and severance

arrangements, assess compensation practices for risk factors, and consider Shareholder feedback; and

(iii)review and recommend to the Board the alignment of the people and culture strategy with OceanaGold's

strategic plan, annual budget, and business plans, as well as review and suggest any necessary

amendments to the people and culture policies applicable across the OceanaGold group.

The People and Culture Committee will meet as frequently as required but not less than three times per financial year

and will report to the Board following each meeting. The Company Secretary (or his or her delegate) is also the

secretary of the Remuneration, People and Culture Committee.

As of the date of this Circular, the **Remuneration, People and Culture Committee** members are:

• Craig J. Nelsen (Chair);

• Paul Benson;

• Sandra M. Dodds; and

• Linda M. Broughton.

Each member of the Remuneration, People and Culture Committee is independent within the meaning of NI 52-110.

**Sustainability Committee**

The Sustainability Committee assists the Board in furthering the Company's commitments to a safe and healthy

workplace and environmentally sound and responsible resource development. Specifically, the Sustainability

Committee monitors and provides oversight on the following key areas:

(a)OceanaGold's strategy, policy and performance relating to health, safety and environment, climate change,

external affairs, social performance, and sustainable development (collectively **Sustainability** or

**Sustainability Matters**);

(b)OceanaGold's compliance with applicable legal and regulatory requirements for Sustainability Matters; and

(c)management of Sustainability-related strategies and risks, including climate change and activities related to

targets to fulfil those strategies; and

(d)various other governance responsibilities relating to Sustainability Matters, including Sustainability

assurance and performance reporting and closure planning.

In addition, the Sustainability Committee is tasked with the review, oversight, and recommendation to the Board for

approval of Sustainability-related strategies, including climate change, and targets.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

In discharging its responsibilities, the Committee will:

<u>Additional Information</u>

(i)review and approve Sustainability policies, along with any amendments;

(ii)periodically review the efficacy of the plans and targets for Sustainability Matters; and

(iii)review and endorse internal assurance and audit activities and programs for Sustainability Matters.

As of the date of this Circular, the **Sustainability Committee** members are:

• Ian M. Reid (Chair);

• Paul Benson;

• Craig J. Nelsen;

• Alan N. Pangbourne; and

• Linda M. Broughton

Each member of the Sustainability Committee is independent within the meaning of NI 52-110.

**Technical Committee**

The Technical Committee's purpose is to assist the Board in its reporting and oversight of the Company's mineral

resources and reserves, and technical activities in the following key areas:

(a)reporting of the quantity and quality of the Company's mineral resources and reserves with respect to its

material properties;

(b)the operating activities of the Company's material mines, including production forecasts, budgets, life of

mine plans and tailings storage facility performance;

(c)the Company's technical activities relating to its material exploration and development projects; and

(d)management of technical risks.

As of the date of this Circular, the **Technical Committee** members are:

• Alan N. Pangbourne (Chair);

• Paul Benson;

• Craig J. Nelsen; and

• Linda M. Broughton

Each member of the Technical Committee is independent within the meaning of NI 52-110.

**Board Effectiveness and Performance**

**Nomination for Directors**

The Governance and Nominations Committee is responsible for identifying and recruiting new candidates for Board

nomination and considering candidates proposed and submitted by Shareholders. The Governance and Nomination

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

Committee maintains an evergreen list of potential nominees and analyzes the needs of the Board when vacancies

<u>Additional Information</u>

arise, ensures there is an appropriate selection process for new Board nominees in place, reviews the composition of

the Board to ensure that it has an appropriate mix of skills and experience and conducts diversity analysis and makes

recommendations to the Board for the election of the nominees to the Board.

In February 2025, the Board appointed Ms. Stefanie Loader as a Non-Executive Director after a thorough search

process and interview of several candidates. Ms. Loader is a highly accomplished geologist and mining executive

with a track-record in successful mining operations, mineral exploration and project development.

**Succession Planning**

The Board oversees the development of short-term and long-term succession plans for the Company's directors and

senior Management team. Since 2018, there has been a gradual refreshment of the Board, including the Chair and

President and CEO roles, and a number of new Executive Leadership Team members. Together this has enabled

onboarding of new expertise, effective succession of key roles/skills and successful knowledge transfer.

To assist the Board, the Governance and Nominations Committee reviews succession planning for the directors

(other than the Chair, which is the responsibility of the Board) in light of the Company's business strategy, the skills

matrix of the Board required to carry out the strategy, gender, ethnicity and other diversity elements and the ability of

individuals when identifying potential successors.

As of February 2025, with the appointment of Ms. Stefanie Loader as a Non-Executive Director, the Board now

includes 37.5% female representation. This aligns with the Company's commitment made to increase overall female

representation on the Board to at least 30%.

**Skills Matrix**

The Board considers that a diverse range of skills, experience and backgrounds is required on the Board to

effectively govern the business. It determines and reviews from time to time the mix of skills and diversity that it looks

to achieve in its membership. Having regard to the nature of the Company's business, that mix includes financial,

strategic, operational, regulatory, mining engineering and mine closure, predominantly in precious and base metals.

The Board adopted a skills matrix which it will use as a tool to assess the skills and experience of current directors,

and those which the Board considers complement its capacity to carry out its functions and discharge its duties.

The Company recognizes that an effective board needs a group of people with an appropriate mix of skills,

knowledge and experience that reflects industry and commercial expertise, governance skills, as well as OceanaGold

objectives and strategic goals. Each director completes an annual self-assessment of their qualifications and

experience. The Company considered a range of skills, and used a rating system from "1" – general skill level, "2" –

strong experience; and "3" – considerable capability and expertise.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

The following table summarizes the results of the self-assessment of OceanaGold's Board members as of the date of

<u>Additional Information</u>

this Circular:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | *Skills and Experience* | *Paul*<br>*Benson*<br>| *Ian*<br>*Reid*<br>| *Craig* <br>*Nelsen*<br>| *Sandra* <br>*Dodds*<br>| *Alan* <br>*Pangbourne*<br>| *Linda*<br>*Broughton*<br>| *Stefanie*<br>*Loader*<br>| *Gerard*<br>*Bond*<br>|
| Skills and Core Capabilities | ![mininga.jpg](mininga.jpg) | Mining | 3 | 1 | 3 | 1 | 3 | 3 | 3 | 3 |
| Skills and Core Capabilities | ![financiala.jpg](financiala.jpg) | Financial | 2 | 2 | 2 | 3 | 1 | 1 | 1 | 3 |
| Skills and Core Capabilities | ![capitalmanagementa.jpg](capitalmanagementa.jpg) | Capital Management | 2 | 3 | 2 | 3 | 1 | 1 | 1 | 3 |
| Skills and Core Capabilities | ![governanceandriska.jpg](governanceandriska.jpg) | Governance and Risk<br>Management<br>| 3 | 3 | 2 | 3 | 2 | 2 | 2 | 3 |
| Skills and Core Capabilities | ![governmentrelationsa.jpg](governmentrelationsa.jpg) | Government Relations <br>and<br>Regulatory Policies<br>| 2 | 2 | 2 | 1 | 2 | 3 | 2 | 3 |
| Skills and Core Capabilities | ![executiveleadershipa.jpg](executiveleadershipa.jpg) | Executive Leadership | 3 | 3 | 3 | 3 | 3 | 2 | 3 | 3 |
| Skills and Core Capabilities | ![strategya.jpg](strategya.jpg) | Strategy | 3 | 3 | 3 | 3 | 2 | 2 | 3 | 3 |
| Skills and Core Capabilities | ![humanresourcesa.jpg](humanresourcesa.jpg) | Human Resources and<br>Executive Compensation<br>| 2 | 3 | 3 | 2 | 2 | 1 | 2 | 3 |
| Skills and Core Capabilities | ![healthsafetya.jpg](healthsafetya.jpg) | Health, Safety,<br>Environment &<br>Sustainability<br>| 3 | 3 | 2 | 2 | 3 | 3 | 3 | 3 |
| Skills and Core Capabilities | ![technologyandinnovationa.jpg](technologyandinnovationa.jpg) | Technology and <br>Innovation<br>| 1 | 2 | 1 | 2 | 3 | 2 | 1 | 2 |
| Skills and Core Capabilities | ![internationala.jpg](internationala.jpg) | International | 3 | 3 | 3 | 2 | 3 | 3 | 3 | 3 |
| Skills and Core Capabilities | ![businessdevelopmenta.jpg](businessdevelopmenta.jpg) | Business Development | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 3 |
| Skills and Core Capabilities | ![projectdevelopmenta.jpg](projectdevelopmenta.jpg) | Project Development | 2 | 2 | 2 | 3 | 3 | 2 | 3 | 2 |
| Skills and Core Capabilities | ![cybersecuritya.jpg](cybersecuritya.jpg) | Cyber Security | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Skills and Core Capabilities | ![artificialintelligencea.jpg](artificialintelligencea.jpg) | Artificial Intelligence | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Board Composition & Committees | Age | Age | 62 yrs | 69 yrs | 73 yrs | 63 yrs | 64 yrs | 63 yrs | 52 yrs | 57 yrs |
| Board Composition & Committees | Board Tenure | Board Tenure | 4 yrs | 7 yrs | 6 yrs | 5 yrs | 3 yrs | 2 yrs | 0 yrs | 3 yrs |
| Board Composition & Committees | Independence | Independence | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Board Composition & Committees | Memberships on Other Boards | Memberships on Other Boards | - | ✓ | ✓ | ✓ | ✓ | - | ✓ | - |
| Board Composition & Committees | Audit and Risk | Audit and Risk | ✓ | ✓ | - | ✓ | ✓ | - | (1) | - |
| Board Composition & Committees | Remuneration, People and<br>Culture | Remuneration, People and<br>Culture | ✓ | - | ✓ | ✓ | - | ✓ | (1) | - |
| Board Composition & Committees | Governance and Nominations | Governance and Nominations | ✓ | ✓ | - | ✓ | - | - | (1) | - |
| Board Composition & Committees | Sustainability | Sustainability | ✓ | ✓ | ✓ | - | ✓ | ✓ | (1) | - |
| Board Composition & Committees | Technical | Technical | ✓ | - | ✓ | - | ✓ | ✓ | (1) | - |

---

Note:

(1)Ms. Loader's membership on the Board committees is to be confirmed.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

---

| | |
|:---|:---|
| Skills and Experience | Skills and Experience |
| **1.** | **Mining** |
| *Technical and leadership experience in listed mining companies of similar size, with international operational assets and*<br>*developing projects.* | *Technical and leadership experience in listed mining companies of similar size, with international operational assets and*<br>*developing projects.* |
| **2.** | **Financial** |
| *Knowledge of financial accounting and reporting, and internal financial controls, including the ability to critically assess financial*<br>*viability and performance of the organization.* | *Knowledge of financial accounting and reporting, and internal financial controls, including the ability to critically assess financial*<br>*viability and performance of the organization.* |
| **3.** | **Capital Management** |
| *Experience in capital management strategies, including debt financing and capital raisings.* | *Experience in capital management strategies, including debt financing and capital raisings.* |
| **4.** | **Governance and Risk Management** |
| *Knowledge of international best practice governance standards; an ability to identify key risks to the organization, and monitor*<br>*risk and compliance management frameworks and systems.* | *Knowledge of international best practice governance standards; an ability to identify key risks to the organization, and monitor*<br>*risk and compliance management frameworks and systems.* |
| **5.** | **Government Relations and Regulatory Policies** |
| *Experience in public and regulatory policies and management of impact on industry and the organization.* | *Experience in public and regulatory policies and management of impact on industry and the organization.* |
| **6.** | **Executive Leadership** |
| *Experience in the highest level of management responsible for setting and achieving organizational objectives, strategic*<br>*planning and overall decision making with good business judgement.* | *Experience in the highest level of management responsible for setting and achieving organizational objectives, strategic*<br>*planning and overall decision making with good business judgement.* |
| **7.** | **Strategy** |
| *Ability to identify and critically assess opportunities and threats, and develop effective strategies to achieve the organization's*<br>*visions and objectives.* | *Ability to identify and critically assess opportunities and threats, and develop effective strategies to achieve the organization's*<br>*visions and objectives.* |
| **8.** | **Human Resources and Executive Compensation** |
| *Appointment and evaluation of the performance of senior executives; experience in overseeing strategic human resource*<br>*management including workforce planning, employee relations, organizational changes and compensation.* | *Appointment and evaluation of the performance of senior executives; experience in overseeing strategic human resource*<br>*management including workforce planning, employee relations, organizational changes and compensation.* |
| **9.** | **Health, Safety, Environment and Sustainability** |
| *Experience related to health, safety, environmental, social responsibility, climate change and sustainability initiatives.* | *Experience related to health, safety, environmental, social responsibility, climate change and sustainability initiatives.* |
| **10** | **Technology and Innovation** |
| *Knowledge of the strategic use and governance of information technology and innovation.* | *Knowledge of the strategic use and governance of information technology and innovation.* |
| **11.** | **International** |
| *Experience with or strong understanding of international operations, economics, commodity trading and geopolitics, preferably*<br>*in countries or regions where the organization is active.* | *Experience with or strong understanding of international operations, economics, commodity trading and geopolitics, preferably*<br>*in countries or regions where the organization is active.* |
| **12.** | **Business Development** |
| *Experience in identifying and implementing growth opportunities, and creating long-term value for the organization from*<br>*investors, markets, and relationships.* | *Experience in identifying and implementing growth opportunities, and creating long-term value for the organization from*<br>*investors, markets, and relationships.* |
| **13.** | **Project Development** |
| *Experience in successfully managing and delivering large-scale capital projects.* | *Experience in successfully managing and delivering large-scale capital projects.* |
| **14.** | **Cyber Security** |
| *Knowledge and understanding of emerging cybersecurity and technology risks with training for, or experience navigating*<br>*through, large-scale cyber incidents that may impact OceanaGold.* | *Knowledge and understanding of emerging cybersecurity and technology risks with training for, or experience navigating*<br>*through, large-scale cyber incidents that may impact OceanaGold.* |
| **15.** | **Artificial Intelligence** |
| *Understanding of artificial intelligence strategies and their business applications; ability to guide AI integration to enhance*<br>*efficiency, data analysis, and innovation.* | *Understanding of artificial intelligence strategies and their business applications; ability to guide AI integration to enhance*<br>*efficiency, data analysis, and innovation.* |

---

<u>Additional Information</u>

**Director Independence**

The Board Charter requires the Board to assess the independence of the Company's directors by reference to

Canadian Securities laws, including the independence requirements set out in NI 52-110 and the Principles.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

Under NI 52-110, a director is independent if he or she has no direct or indirect material relationship with the

<u>Additional Information</u>

Company. This requirement is also considered with the Principles and additional materiality considerations set by the

Board from time to time.

Notwithstanding any independence assessment, the Board takes steps to ensure that directors and executive officers

seek to exercise independent judgment when considering transactions and agreements. It makes sure directors and

officers are familiar with the laws concerning reporting of conflicts of interest and checks on any conflict of interest in

matters at the start of each Board and committee meeting, and, where applicable because of a material conflict of

interest, a director will declare their conflict, recuse themselves (if appropriate) and abstain from voting on the matter.

During the 2024 financial year, apart from Mr. Bond, who serves as the President and CEO, all other directors

maintained their independence according to these criteria, thus ensuring a majority of independent, Non-Executive

Directors. The independent directors held private and closed sessions without non-independent directors and

Management at each scheduled Board meeting throughout the year.

As set forth above, the Board and the Corporate Governance and Nominations Committee considered the

relationships of each of the eight director nominees, determining that seven out of the eight proposed nominees for

election as directors qualify as independent, Non-Executive Directors.

**Separate Individuals as Chair and CEO / Independent Chair**

The roles of the Chair of the Board and the President and CEO of the Company are segregated to ensure their

respective independence, accountability and responsibility. The Chair ensures the Board's effective performance of its

functions, including compliance with good corporate governance practices, and encourages and facilitates active

contribution of directors in Board activities. Directors with different views are encouraged to voice their concerns and

are allowed sufficient time for discussion of issues so as to ensure that Board decisions fairly reflect Board

consensus. The Chair also ensures that all directors are properly briefed on issues arising at Board meetings and

have received, in a timely manner, adequate information, which must be accurate, clear, complete and reliable. The

President and CEO, supported by the Executive Leadership Team, takes the lead in formulating OceanaGold's overall

strategies and policies, and is responsible for managing day-to-day operations of OceanaGold and executing the

strategies and policies approved by the Board. The President and CEO is also accountable to the Board for the

implementation of OceanaGold's overall strategies and policies, and coordination of overall business operations.

**Director Induction and Training**

All new directors receive induction training and the Company Secretary is responsible for overseeing the director

induction process.

Directors are entitled to seek independent professional advice, at the Company's expense, to assist them in fulfilling

their responsibilities, subject to obtaining the prior approval of the Chair. Directors are made aware of their

responsibility to keep themselves up to date with best director and corporate governance practices and are

encouraged and funded to attend seminars that will increase their own and the Board's effectiveness.

The table below is a summary of the continuing education program organized by OceanaGold for the directors in

2024:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Topic** | **Presented/Hosted by** | **Attended by** |
| February 2024 | Climate Change Training | Ernst & Young (Canada & <br>Australia)<br>| All Directors |
| September 2024 | Diversity & Inclusion Training | Ernst & Young (Canada & <br>Australia)<br>| All Directors |
| December 2024 | Cybersecurity Training | Stikeman Elliott | All Directors |

---

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

Each Board member also attended various continuing education sessions on their own.

<u>Additional Information</u>

**Board and Executive Performance**

**Board Performance Evaluation**

The Board is committed to carrying out periodic performance evaluations and assessments of the Board, individual

directors and committees of the Board. The Board used survey questionnaires for the 2024 annual assessments of

the Board and Non-Executive Directors. The confidential and anonymous process includes the participation of both

the Board and the Executive Leadership Team and is designed for open and frank feedback on the Board's collective

effectiveness in their oversight of the Company as well as individual Non-Executive Directors' contribution and

performance. The evaluations and assessment outcomes were then discussed by the Chair with directors individually,

and the Chair also provided feedback to the Executive Leadership Team.

The Board believes that all directors should attend all meetings of the Board and all meetings of each Committee of

which a director is a member. Directors are invited to, and often attend Committee meetings on which they are not a

member of. Independent directors meet without Management present at every Board, Committee and special

meeting.

**Board and Committee Meetings**

In 2024, the Board met on six occasions. All members of the Board also have a standing invitation to, and regularly

attend, all committee meetings. It is customary for the Chair to invite Company executives (including the CEO) to

attend Board and committee meetings.

Each director who is a nominee for election attended 100% of all Board and committee meetings, of which they are a

member, either in person or by teleconference in 2024, except for Ms. Loader, who was appointed as a Non-

Executive Director in February 2025. Please see the section entitled "*Director Profiles*" in this Circular.

**Executive Performance Evaluation**

The Remuneration, People and Culture Committee is responsible for reviewing and making recommendations to the

Board in respect of the performance measurement and remuneration of senior executives of the Company.

At the beginning of each year, performance objectives in the form of KPIs are set for Management for the ensuing

year. Performance against these KPIs is periodically assessed throughout the year and then formally reviewed at the

end of the year. Short-term incentives and adjustments to annual remuneration are then awarded based on individual

performance against individual KPIs as well as the overall performance of the Company.

The Chair of the Board and the Chair of the Remuneration, People and Culture Committee also conduct an annual

performance review of the President and CEO.

**Sustainability Management and Environment, Social and Governance (ESG)**

**Our Approach to Sustainability**

OceanaGold is committed to responsible mining, managing our impacts by continually reviewing and improving how

we operate, and identifying opportunities to enhance value for the Company's Shareholders and host communities

from the earliest stages of mine planning.

The Company's approach to responsible mining is planned and deliberate. Our focus in on maturing the practices that

matter, to ensure its standards, processes and systems are fit-for-purpose and effective. The Company continues to

take steps to improve and formalize its approach to sustainability. In early 2024, the Company commenced

implementation of its new, three-year (2024–2026) Sustainability Strategy (**Strategy**). The Strategy aims to simplify,

consolidate and mature our approach to sustainability. It is structured around four key pillars: health and safety;

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

external affairs and social performance; environment; and decarbonization and climate change. Each strategic pillar

<u>Additional Information</u>

has annual milestones and key deliverables to track performance and measure impact where it matters.

During the year, the Company continued to assess and improve understanding and management of its major risks,

impacts and opportunities, with a focus on continuously improving its sustainability performance at its operations.

The Company continues to refine its systems and processes in 2025.

**Sustainability Governance**

The Board is responsible for approving the Company's Sustainability (including ESG) related strategies, including

climate strategy and targets and overseeing progress against those targets. The Board considers climate change

related risks and OceanaGold's climate change goals when reviewing and approving the strategies, and embedding

decarbonization metrics in the corporate Scorecard that informs the STI for the ELT.

Further information in relation to the Sustainability Committee, please refer to the section entitled "*Corporate* 

*Governance Statement – Board Committees – Sustainability Committee*" in this Circular.

**Responsible Mining Framework and Integrated Management System**

The Company's Responsible Mining Framework (**Framework**) guides its business decisions and activities,

committing the Company to high standards of governance and ethics. The Framework is supported by an Integrated

Management System and includes Board-endorsed policies covering key sustainability areas, including environment,

climate change, human rights, external affairs and social performance, health and safety, fair employment, respect at

work and anti-bribery and corruption.

As a member of the World Gold Council (WGC), the Company is committed to conforming with the Responsible Gold

Mining Principles (**RGMPs**) and the Conflict Free Gold Standard (**CFGS**) at all mining and processing operations it

directly controls. Each year, the Company has its conformance independently assessed. The findings from the most

recent independent assessment regarding both the RGMPs and CFGS are available in the Sustainability section of

the Company's website.

**Sustainability Performance**

The Company STI plan is based on a Scorecard that contains a defined list of KPIs used to assess and incentivize

the Company's group-wide performance. In 2024, sustainability-related measures accounted for over one-third

(36.25%) of the overall weighting of the 2024 Scorecard, incentivizing the Company's performance on Safety, Health,

Environment, Energy and Carbon, Social Performance, and Culture.

Overall, the annual Scorecard outcomes affect the annual bonus outcomes for the ~1,000 employees who are STI

eligible, to varying degrees based on their organization levels. With the Scorecard representing 100% of the CEO's

STI and 80% of the Executive Leadership Team's STI, there is explicit recognition of the importance of overall

Company performance and, in particular, sustainability-related matters as a driver of value protection and value

creation.

Each year, we publish an Annual Sustainability Report and ESG data-set related to the Company's sustainability

performance, including disclosure on its operational greenhouse gas emissions and other climate change related

matters. The Sustainability Report is prepared with reference to the Global Reporting Initiative (**GRI**) Standards and

the GRI G4 Mining and Metals Sector Disclosures. Select sustainability metrics disclosed, including the Company's

greenhouse gas emissions (**GHG**) and energy data, receive third-party limited assurance.

Further information in relation to the Company's sustainability governance, strategies, impact and risk management,

and performance is outlined in its Annual Sustainability Report available in the Sustainability section of the

Company's website and Interactive ESG Data Centre available in the Sustainability section of the Company's

website.

**Climate Change and Decarbonization**

OceanaGold remains committed to responsible climate change and GHG emissions management across all business

activities. In 2024 we focused on progressing the key priorities established in our multi-year Climate Change Strategy,

<sup>8</sup> The TCFD (Taskforce for Climate Related Disclosures) has now been replaced by the ISSB / IFRS S2 framework.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

in support of our goal to maintain decarbonization momentum at sites, whilst building robustness in our processes

<u>Additional Information</u>

and approach in alignment with the four TCFD<sup>8</sup> pillars for governance, strategy, risk management, metrics.

OceanaGold's decarbonization efforts in 2025 will continue to focus on the projects that are material decarbonization

levers for the Company.

**Net Zero Commitment**

In alignment with the objectives of the Paris Agreement, the Company established a goal of net zero operational GHG

emissions (Scope 1 and 2) by 2050. The Company is striving to decarbonise its operations in alignment with an

interim goal, approved by the Board in February 2022, to reduce emissions intensity by 30% by 2030 from 2019

baseline year. In support of this goal, each operational site prepares and implements an annual Energy and GHGs

Emissions Reduction Management Plan. These plans outline identified opportunities for energy and GHG emissions

reduction and decarbonizing mobile equipment and electricity supply.

In 2024, the Company also progressed review of its existing climate-related metrics and to test their robustness and

assess opportunities to strengthen the foundation, systems and processes that support the Company's interim 2030

target and approach. Any updates or changes to the Company's current targets resulting from this review will be

captured within and will inform the development of the Company's first Climate Transition Plan, which is planned for

Board consideration in 2025.

**TCFD Alignment & Consideration**

The Company's Climate Change Strategy is aligned to the Climate-related Financial Disclosures (**TCFD**)

recommendations, which are now incorporated in the new International Sustainability Standards Board – S2 Climate-

related Disclosure Standards (**ISSB S2**). The Climate Change Strategy anticipates and prepares the Company for

preparing for mandatory climate reporting in the jurisdictions in which it operates.

The Company assesses climate change risks using scenario analysis and applying its Risk Management Framework.

The impacts of climate change and current climate-related legislation on the financial statements involves significant

judgement and key estimates. The assessment of risks and impacts is ongoing and the Company considers several

areas, including:

(a)**Transition Risks** – such as policy or regulatory change and uncertainty impacting permitting, land access or

closure conditions, the availability of suitable mining technology solutions and access to commercially

feasible renewable energy solutions;

(b)**Physical (Acute and Chronic) Risks** – such as supply chain interruptions, grid reliability, access to water,

water balance considerations, and/or new workplace exposures;

(c)**Legal Risks** – such as litigation in relation to targets, disclosures, mitigation or adaptation planning and

target setting; and

(d)**Stakeholder Risks** – such as shareholder ESG activism, stakeholder conflict from changing land use or

climate related events, or community activism interrupting operations or development projects.

**Human Rights and Modern Slavery**

The Company respects the human rights of all people affected by its business activities in alignment with the United

Nations Universal Declaration of Human Rights and Voluntary Principles on Security and Human Rights. Recognizing

the importance of human rights and the complex challenge of modern slavery, the Company's efforts are dedicated to

identifying, preventing and mitigating potential violations within its sphere of influence. This commitment extends

throughout the Company's operations and supply chains.

Each year, the Company publishes a Modern Slavery Statement, which is available in the Sustainability section of the

Company's website.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Implementation and Oversight**

<u>Additional Information</u>

OceanaGold conducts Company-wide training on sit human rights commitments and expectations and for identifying

and responding to potential human right breaches. The responsibility for managing the risks associated with human

rights and modern slavery lies with the senior Management. OceanaGold fosters a culture of transparency and

accountability, encouraging employees, suppliers, and business partners to report any concerns in accordance with

the Whistleblower Policy.

The implementation of human rights due diligence processes underpins the Company's commitment to the United

Nations Guiding Principles for Business and Human Rights and guides the effective management of potential human

rights risks. OceanaGold remains a member of the United Nations Global Compact Network Australian (**UNGC**) and

has representation on the UNGC Modern Slavery, Community of Practice.

**Diversity and Inclusion**

The Company is committed to building a caring and inclusive organization, including providing opportunities and

workplace arrangements that accommodate the needs of individuals from all backgrounds. The Company is also

committed to pay equity and a working environment conducive to the needs of its workforce. The Company will

continue to respect the unique characteristics of its workforce and the unique experience that each individual brings

to the workplace.

**Fair Employment Policy**

The Company has a Fair Employment Policy reflecting its ongoing efforts and commitment to, developing and

maintaining a merit-based culture where everyone feels they are treated fairly and are safe to speak up. The Fair

Employment Policy is available in the Corporate Governance section of the Company's website.

**Diversity**

The Company's Fair Employment Policy also aims to increase diversity through the establishment of program and

measurable goals. To support the Company's diversity objectives at the Board level, the Governance and

Nominations Committee will, when identifying and considering the selection of candidates for election to the Board,

give consideration to: the level of representation of women on the Board; and diversity criteria other than gender,

including age, ethnicity and geographical background of the candidate.

*Board*

Ms. Stefanie Loader was appointed a Non-Executive Director of OceanaGold on February 20, 2025. As a result, the

Board now has 37.5% female representation.

*Management*

The Company also has three female members of the Executive Leadership Team: Ms. Megan Saussey, Executive

Vice President & Chief Sustainability Officer, Ms. Liang Tang, Executive Vice President, General Counsel and

Company Secretary and Ms. Michelle Du Plessis, Executive Vice President, Chief People & Technology Officer (three

out of nine members during 2024, or 33.3% female representation).

At an operational level, the Company has identified various pathways to improve gender diversity, such as inclusive

mine operations, competitive parental leave benefits, part-time operator roles, scholarships, leadership training to all

aspiring managers and managers, and increased flexible working arrangement practices.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

In 2024, women accounted for approximately 19% of the entire workforce at OceanaGold, consistent with 2023. The

<u>Additional Information</u>

table below has been updated as of December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Female** | **Male** | **Total** | **Total % of all** <br>**Employees** | **Gender** | **Gender** |
| | **Female** | **Male** | **Total** | **Total % of all** <br>**Employees** | **Female** | **Male** |
| President & CEO / Executive Leadership Team | 3 | 6 | 9 | 0.32% | 33% | 67% |
| Asset President / Senior Vice President | 2 | 7 | 9 | 0.32% | 22% | 78% |
| Vice President / Head of (Function) / <br>Department Manager<br>| 18 | 38 | 56 | 1.97% | 32% | 68% |
| Manager / Director / Principal / <br>Superintendents / Senior Professional<br>| 99 | 221 | 320 | 11.26% | 31% | 69% |
| Supervisor & Professionals | 156 | 389 | 545 | 19.18% | 30% | 70% |
| General Staff (Frontline / Business Support / <br>Operator / Trade, Non-Supervisor)<br>| 261 | 1641 | 1902 | 66.95% | 14% | 86% |
| **Totals** | **539** | **2302** | **2841** | **100%** | **19%** | **81%** |

---

*Continuous Efforts in Promoting Diversity Beyond Gender*

The Company is making continuous efforts to achieve a more diverse and inclusive Board. The Company's

commitment to ethnic diversity is reflected in its past board appointments, notably, the appointment of Mr. Jose

Leviste Jr., a Philippine national, who served on the board of the Company for nearly a decade from December 2007

until June 2018. The Governance and Nominations Committee will continue to identify candidates from diverse

backgrounds in the consideration of future Board appointments.

*Diversity at OceanaGold Subsidiary*

The Company's 80% owned subsidiary, OceanaGold Philippines, Inc (**OGPI**), which holds the mining rights to the

Didipio mine, became listed on The Philippine Stock Exchange in May 2024. As part of the listing process, the

Company appointed a diverse Board with strong gender and ethnic representations, including: four out of eight

directors are female, representing 50% of the OGPI board; and five out of eight directors are ethnically diverse,

representing 62.5% of the OGPI board.

The experience and local insights of the OGPI board reflect the rich diversity and expertise they bring to the

Company's operations in the Philippines and underscore the Company's recognition and commitment to inclusivity at

every level.

**Cybersecurity Framework**

At OceanaGold, the integrity and security of the Company's data and IT systems are critical. The Company employs a

comprehensive approach to cybersecurity, emphasising proactive risk management, compliance with regulatory

standards, and fostering a security-aware culture among our employees.

**Implementation and Oversight**

Cybersecurity oversight is part of the Company's corporate governance, led by the Audit and Risk Committee, with

strategic guidance from the Chief People and Technology Officer and operational delivery by the Senior Vice

President Digital Technology. This multi-tiered governance structure ensures that cybersecurity remains a top priority,

with strategic and operational roles clearly defined. The Board endorses the overarching cybersecurity strategy and

ensures alignment with business objectives, while the Audit and Risk Committee oversees the implementation of

cybersecurity measures, monitoring their effectiveness and compliance.

Cybersecurity updates are provided to the Audit and Risk Committee quarterly. These reports are provided by the

Digital Technology function and detail the current cyber risk landscape, the effectiveness of the Company's

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

implemented security measures, and any incidents or breaches, ensuring the Audit and Risk Committee's ongoing

<u>Additional Information</u>

awareness of the Company's cybersecurity position.

**Continuous Cybersecurity Efforts**

Employee training and awareness are critical components of the Company's cybersecurity framework, designed to

equip employees with the knowledge and skills to identify and mitigate cyber threats. Mandatory and regular training

is required of all employees, covering fundamental cybersecurity principles and Company specific policies. For roles

with heightened security responsibilities or following identified security lapses, specialized training is provided to

address specific vulnerabilities.

**Artificial Intelligence (AI) Governance and Risk Management**

The governance of AI technologies at OceanaGold is integrated into the Company's cybersecurity framework. This

integration is crucial for managing associated risks effectively, such as data leakage and the potential inaccuracies

generated by AI systems. The Company's approach is multifaceted and includes several key strategies. First, the

Company provides user guidance alongside deploying new data protection technologies. These technologies are

designed to detect and block any unauthorized transfer of Company data to public data pools. Secondly, the

Company employ managed, 'sandboxed' implementations of AI technologies. This ensures that these powerful tools

are used within controlled environments where compliance and oversight are strictly enforced. Additionally, the Digital

Technology Steering team conducts regular reviews to ensure that the use of AI is in strict alignment with the

Company's cybersecurity goals and overall business objectives. This proactive stance is critical in ensuring that AI

technologies are deployed responsibly, thereby enhancing the Company's cybersecurity capabilities and safeguarding

against emerging threats and vulnerabilities.

**Ethical and Responsible Decision-Making**

**Code of Conduct**

OceanaGold's Code of Conduct describes the Company's commitment to our Values and conducting its activities

ethically, safely and responsibly. It applies to everyone at OceanaGold: directors, employees, contractors and anyone

acting on the Company's behalf and it gives practical guidance on expected behaviours. A copy of OceanaGold's

Code of Conduct is available in the <u>Corporate Governance</u> section of the Company's website.

This is supplemented by formal policies and procedures in relation to matters such as continuous disclosure,

securities trading, health and safety, anti-corruption, environment and community, discrimination, respect at work

(including harassment and bullying), diversity and equal opportunity. The Board monitors compliance with the Code of

Conduct through internal auditing, reporting on material incidents raised via the Code of Conduct Hotline mechanism,

and review of various measures, including the gifts and conflicts registers, safety performance and environmental

performance monitoring. The relevant member of the Executive Leadership Team, together with the President and

CEO, is responsible for informing the Board or relevant Board committee of any identified material breaches of the

Code of Conduct.

In 2023, the Company launched its enhanced Code of Conduct which included integrating the Company's Purpose,

Vision and Values and more detailed guidance on expected behaviours. The Code of Conduct is a practical guide for

everyone at OceanaGold and helps to guide the workforce in its decision-making and is supportive of the Values. The

launch of the Code of Conduct was supported by initiatives to improve awareness and engagement with work to

embed the enhanced Code of Conduct ongoing, including the development of a scenario-based Code of Conduct e-

learning module, released in 2024.

Additionally, to support transparency, alignment and collaboration with suppliers, the Company released a Supplier

Code of Conduct as part of its ongoing commitment to safe, ethical and responsible business practices. This Supplier

Code of Conduct sets out how the Company expects its suppliers to work with it and includes principle-based

guidance on key sustainability topics such as health and safety, environment, communities, and Indigenous Peoples.

A copy of the Supplier Code of Conduct is available in the Corporate Governance section of the Company's website.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Whistleblower Policy**

<u>Additional Information</u>

OceanaGold's Whistleblower Policy describes the process for reporting concerns about potential misconduct (being

misconduct or an improper state of affairs or circumstances about OceanaGold and its related entities, which can

include a serious breach of the Code of Conduct or the Company's Values). It also sets out how the Company

handles these reports, including protections available to whistleblowers. The policy applies across the Company's

operations and to disclosures by any individual who is or has been an officer or employee of OceanaGold, a supplier

of goods or services to OceanaGold (and their employees), an associate or contractor of OceanaGold or a relative,

dependant or spouse of the above, and members of the community.

The purpose of the Whistleblower Policy is to: encourage individuals to report concerns about potential misconduct

without fear of retaliation; and set out the Company's framework for managing reports in a lawful, fair, consistent and

timely manner.

The policy provides for the reporting of potential misconduct to nominated persons (including whistleblower protection

officers, members of the Executive Leadership Team, or Legal and Business Integrity Teams) or the Code of Conduct

Hotline service. The Board or a committee of the Board is informed of various protected disclosures received under

the policy. A copy of the Whistleblower Policy is available in the Corporate Governance section of the Company's

website.

**Anti-Corruption Policy**

OceanaGold is committed to complying with all relevant anti-bribery and anti-corruption laws and regulations and has

zero tolerance for bribery, corruption and fraud in any form, including, direct or indirect, public sector or private

bribery, facilitation payments, secret commissions, kickbacks, theft, or other related improper conduct such as breach

of applicable sanctions and money laundering (**Corrupt Practices**). The Company's Anti-Corruption Policy and Anti-

Bribery and Anti-Corruption Standard set out the responsibilities of all OceanaGold directors, employees, contractors,

consultants, agents, and anyone representing or acting on behalf of the Company or its subsidiaries, and provide

guidance on how to uphold the Company's position on Corrupt Practices.

The Company's in-house training aligns to the Anti-Corruption Policy and Standard. Relevant roles are required to

undertake periodic anti-bribery and anti-corruption training. Anti-bribery and corruption champions have also been

appointed at each of the Company's operations.

The Company encourages all employees and associates to report any suspected violations or potential issues

relating to Corrupt Practices internally or via the independently-operated Code of Conduct Hotline.

The Board also encourages a culture of ethical business conduct and integrity through its formal meetings and

informal discussions with Management. The Board believes that a strong and consistent tone from the top from the

Management team regarding the importance conducting the Company's business ethically promotes an ethical

culture. The President and CEO and the Executive Vice President, General Counsel and Company Secretary, are

both responsible for informing the Board or relevant Board committee of any material incidents of bribery or

corruption.

In 2024, the Company refreshed and published its Anti-Corruption Policy and Anti-Bribery and Anti-Corruption

Standard to enhance its guidance in how it prevents, detects and addresses Corrupt Practices. The Company also

commenced updating its in-house training to reflect the refreshed Anti-Corruption Policy and Standard, to be released

in 2025. A copy of the Anti-Corruption Policy and Anti-Bribery and Anti-Corruption Standard is available in the

Corporate Governance section of the Company's website.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Risk Management and Recognition**

**Risk Management**

The Board is responsible for risk oversight and management assurance, and is assisted in the discharge of its

responsibilities in relation to risk by each of the Audit and Risk Committee (in relation to group risk management

policies framework, including oversight of risk reporting, and financial risk management), the Sustainability Committee

(in relation to sustainability risks), Remuneration, People and Culture Committee (in relation to people and culture

<u>Additional Information</u>

risks) and the Technical Committee (in relation to technical risks).

The Company's risk management framework includes various internal controls and written policies, such as policies

and standards regarding risk management, authority levels for expenditure, commitments and general decision

making, and policies and procedures relating to health, safety and environment designed to ensure a high standard of

performance and regulatory compliance. Management maintains risk registers which document key risks facing the

organization and each of the sites.

The Company implements a risk management process aligned to the international standard for Risk Management,

ISO31000:2018, and, as part of this, undertakes various risk reviews to identify, assess and determine control

strategies for potential business risks.

For more information on material risks, please refer to the Company's latest Annual Information Form dated March

31, 2025, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca and in the Investor Centre

section of the Company's website.

**Internal Audit**

The Company's internal audit function performs independent risk-based reviews of financial and non-financial

processes, including related controls, and assesses their effectiveness within the organization. Internal audit executes

an annual audit plan, as approved by the Audit and Risk Committee, with plan progress reported on a quarterly basis.

The Head of Internal Audit reports to the Chair of the Audit and Risk Committee and, administratively, to the Executive

Vice President and CFO.

The function's remit includes recommendations for improvement in systems, processes and controls to mitigate

related risks. Internal Audit reports, which highlight key findings and recommendations, are provided to Management

and the Audit and Risk Committee. Internal Audit follows up and reports on progress of Management action plans

arising from prior reviews.

**Shareholder Engagement**

**Investor Relations**

Shareholders are given the option to receive communications from and send communications to the Company and its

security registrar, Computershare, electronically. Shareholders are also encouraged to contact the Company via its

website at www.oceanagold.com, which has a dedicated Contact Us page. Shareholders can also contact Investor

Relations via email at IR@oceanagold.com

The Company is committed to engaging in constructive and meaningful communication with Shareholders. It

communicates with the public and Shareholders through a variety of channels, including annual and quarterly reports

and proxy circular, press releases, annual information form, website and industry conferences in a timely manner. The

Company holds quarterly and annual financial and operating webcasts which are open to all, and also holds periodic

management investor presentations outside of the quarterly webcasts. Each year, Shareholders are able to

participate and vote on the Company's approach to executive compensation, as described in this Circular.

**Shareholder Feedback and Concerns**

Management and the Board have taken additional steps to create opportunities for Shareholder engagement,

including occasional directors' participation in meetings with Shareholders.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

Shareholders may also provide feedback to the Board in writing to the Chair through the Company Secretary at the

<u>Additional Information</u>

address set out below. Shareholders may also communicate directly with the Non-Executive Directors by writing to

the Chair or a committee chair through the Company Secretary (or head of Investor Relations) as set out below:

**Company Secretary**

Attention: Liang Tang

OceanaGold Corporation

Suite 1020

400 Burrard Street

Vancouver BC V6C 3A6

Canada

Email: <u>companysecretary@oceanagold.com</u>

**Investor Relations:**

Attention: Brian Martin, Senior Vice President, Business Development & Investor Relations

Email: ir@oceanagold.com

**Additional Information**

Additional information relating to the Company is available under the Company's profile on SEDAR+ at

<u>www.sedarplus.ca</u>. Financial information is provided in the Company's comparative annual financial statements and

Management's Discussion & Analysis for its most recently completed financial year. Copies of the Company's

financial statements and Management's Discussion & Analysis can be obtained by contacting the Company Secretary

at Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada. Copies of such documents will be

provided to Shareholders free of charge.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**6. ADDITIONAL INFORMATION**<br>

<u>Additional Information</u>

---

| | |
|:---|:---|
| **WHERE TO FIND IT** |  |
| <u>Performance of Common Shares – Total Return Index Value</u> ............. | 80 |
| <u>Currency Table</u> ............................................................................................ | 81 |
| <u>Miscellaneous</u> .............................................................................................. | 81 |
| <u>Schedule A – Board Charter</u> ..................................................................... | A-1 |
| <u>Schedule B – Updated Articles</u> ................................................................. | B-1 |
| <u>Schedule C – Reporting Package</u> ............................................................ | C-1 |

---

**Performance of Common Shares – Total Return Index Value**

The Common Shares trade on the TSX under the symbol "OGC". Assuming an initial investment of C$100, the

following graph illustrates the cumulative TSR on the Common Shares relative to the cumulative total return on the

S&P/TSX Composite Index (**TRSPTTGD**), as well as the VanEck Vectors Gold Miners ETF (**GDX**), the VanEck

Vectors Junior Gold Miners ETF (**GDXJ**) and Toronto Global Gold Index (**XGD**) for the period of January 1, 2020 to

December 31, 2024, assuming reinvestment of dividends.

![picture1a.jpg](picture1a.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment**<br>**Jan. 1, 2020**<br>| **Dec. 31,** <br>**2020**<br>| **Dec. 31,** <br>**2021**<br>| **Dec. 31,** <br>**2022**<br>| **Dec. 31,** <br>**2023**<br>| **Dec. 31,** <br>**2024**<br>|
| OceanaGold <br>Corporation<br>| $100 | $96 | $86 | $101 | $101 | $159 |
| VanEck Vectors <br>Gold Miners ETF <br>(GDX)<br>| $100 | $124 | $112 | $102 | $112 | $124 |
| VanEck Vectors <br>Junior Gold Miners <br>ETF (GDXJ)<br>| $100 | $130 | $103 | $88 | $94 | $109 |

---

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment**<br>**Jan. 1, 2020**<br>| **Dec. 31,** <br>**2020**<br>| **Dec. 31,** <br>**2021**<br>| **Dec. 31,** <br>**2022**<br>| **Dec. 31,** <br>**2023**<br>| **Dec. 31,** <br>**2024**<br>|
| TSX Global Gold <br>Index (XGD)<br>| $100 | $121 | $114 | $111 | $115 | $137 |
| S&P/TSX <br>Composite Index <br>(TSX Comp)<br>| $100 | $102 | $124 | $114 | $123 | $145 |

---

<u>Additional Information</u>

**Currency Table**

Unless otherwise indicated, references in this Circular to "CA$" or "Canadian dollars" are to the lawful currency of

Canada, references to "$", "US$" or "United States dollars" are to the lawful currency of the United States, references

to "A$", "AUD", "AU$" or "Australian dollars" are to the lawful currency of Australia and references to "NZ$" or "New

Zealand dollars" are to the lawful currency of New Zealand.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **AU$:US$** | **CA$:US$** | **NZ$:US$** | **PHP:US$** |
| **2024** | End rate | 0.6188 | 0.6951 | 0.5594 | 0.0172 |
|  | Average rate | 0.6574 | 0.7285 | 0.6029 | 0.0174 |
|  | High | 0.6913 | 0.7553 | 0.6349 | 0.0181 |
|  | Low | 0.6187 | 0.6922 | 0.5594 | 0.0169 |
| **2023** | End rate | 0.6812 | 0.7538 | 0.6318 | 0.0180 |
|  | Average rate | 0.6633 | 0.7405 | 0.6128 | 0.0179 |
|  | High | 0.7137 | 0.7618 | 0.6506 | 0.0186 |
|  | Low | 0.6296 | 0.7205 | 0.5802 | 0.0176 |
| **2022** | End rate | 0.6813 | 0.7378 | 0.6350 | 0.0179 |
|  | Average rate | 0.6947 | 0.7688 | 0.6358 | 0.0184 |
|  | High | 0.7579 | 0.8015 | 0.6978 | 0.0196 |
|  | Low | 0.6199 | 0.7202 | 0.5562 | 0.0169 |

---

**Miscellaneous**

**Indebtedness of Directors and Executive Officers**

During the most recently completed financial year and as at the date hereof, no current or former executive officer,

director or employee of the Company or any of its subsidiaries, or any proposed nominee for election as a director of

the Company, or any associate or affiliate of any such executive officer, director, employee or proposed nominee, is or

has been indebted to the Company or any of its subsidiaries, or to any other entity that was provided a guarantee,

support agreement, letter of credit or other similar arrangement by the Company or any of its subsidiaries in

connection with the indebtedness, at any time since the beginning of the most recently completed financial year of the

Company.

**Interest of Certain Persons or Companies in Matters to be Acted Upon**

Except as otherwise set out herein, no director or executive officer of the Company, or any person who has held such

a position since the beginning of the last completed financial year of the Company, nor any nominee for election as a

director of the Company, nor any associate or affiliate of the foregoing persons, has any material interest, direct or

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted on at the Meeting other

<u>Additional Information</u>

than the election of directors.

**Management Contracts**

Management functions of the Company are not, to any substantial degree, performed by a person or persons other

than the directors or senior officers of the Company.

**Related Party Transactions**

The Governance and Nominations Committee reviews related party transactions and investments involving the

Company and its directors. In considering related party transactions, the Governance and Nominations Committee

will assess the materiality of such transactions on a case-by-case basis with respect to both the qualitative and

quantitative aspects of the proposed related party transaction.

When considering related party transactions, the Governance and Nominations Committee generally considers

related parties to include (a) any director or executive officer of the company, (b) a close family member of a director

or executive officer, or (c) any associate, affiliate or other entities, either controlled or jointly controlled by the director

or executive officer or a close family member, or for which the director or executive officer or a close family member

has significant influence over.

Related party transactions that are in the normal course are subject to the same process and controls as other

transactions. This means they are subject to the standard approval procedures and oversight but will also be

considered by the Governance and Nominations Committee for reasonability.

**Interest of Informed Persons in Material Transactions**

To the best of the Company's knowledge, no informed person of the Company, proposed director nominees or any

associate or affiliate of the foregoing persons, has or had any interest, direct or indirect, in any material transaction

since the commencement of the Company's most recently completed financial year, or in any proposed transaction

which has materially affected or would materially affect the Company or any of its subsidiaries, except as disclosed

herein. An informed person includes any director, executive officer of the Company or its subsidiaries and any director

or executive officer of a 10% holder of voting shares, any proposed nominee for director, and any associate or affiliate

of any of these persons or companies.

**Corporate Cease Trade Orders or Bankruptcies**

No proposed director of the Company is, as of the date of this Circular, or has been, within 10 years before the date

of this Circular, a director, chief executive officer or chief financial officer of any company (including the Company)

that:

(a)was the subject of a cease trade or similar order or an order that denied such company access to any

exemption under securities legislation that was in effect for a period of more than thirty consecutive days (an

**Order**) that was issued while the proposed director was acting in the capacity as director, chief executive

officer or chief financial officer; or

(b)was subject to such an Order that was issued after the proposed director ceased to be a director, chief

executive officer or chief financial officer in the company that is the subject of the order and which resulted

from an event that occurred while that person was acting in the capacity as director, chief executive officer

or chief financial officer.

No proposed director of the Company is, at the date of this Circular, or has been within 10 years before the date of

this Circular, a director or executive officer of any company (including the Company) that, while that person was

acting in that capacity, or within a year of that person ceasing to act in that capacity became bankrupt, made a

proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings,

arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Individual Bankruptcies**

<u>Additional Information</u>

No proposed director of the Company has, within 10 years before the date of this Circular, become bankrupt, made a

proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any

proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to

hold the assets of the proposed director.

**Penalties or Sanctions**

No proposed director of the Company has been subject to (a) any penalties or sanctions imposed by a court relating

to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a

securities regulatory authority or (b) any other penalties or sanctions imposed by a court or regulatory body that would

likely be considered important to a reasonable security holder in deciding to vote for a proposed director.

**Cautionary Note Regarding Non-IFRS Financial Measures**

The Company has included certain non-IFRS financial measures in this Circular commonly used in the mining

industry, including Net Profit, Free Cash Flow, AISC per ounce sold and EBITDA to supplement its consolidated

financial statements, which are presented in accordance with International Financial Reporting Standards as issued

by the International Accounting Standard Board (**IFRS**). Non-IFRS performance measures do not have a

standardized meaning prescribed by IFRS, and therefore may not be comparable to similar measures presented by

other companies. The Company provides these non-IFRS measures as they are used by some investors to evaluate

OceanaGold's performance. Accordingly, such non-IFRS measures are intended to provide additional information and

should not be considered in isolation, or a substitute for measures of performance in accordance with IFRS. Readers

should refer to the MD&A under the heading "Non-IFRS Financial Measures" and financial statements for the quarter

and full year ended December 31, 2024, which are available under the Company's profile on SEDAR+ at

www.sedarplus.ca and on the Company's website at www.oceanagold.com.

**Cautionary Note Regarding Forward-Looking Statements**

Certain information and statements in this Circular are considered "forward-looking information" or "forward-looking

statements" (collectively, **forward-looking statements**) as those terms are defined under Canadian securities laws,

which may include, but is not limited to, statements with respect to: the Company's future financial and operating

performance; its mining projects; the future price of gold, copper and silver; the payment of dividends; statements

related to the Company's share buyback program under the NCIB; and business prospects and opportunities of

OceanaGold and its related subsidiaries. All statements in this Circular that address events or developments that the

Company expects to occur in the future are forward-looking statements. Forward-looking statements are statements

that are not historical facts and are generally, although not always, identified by words such as "may", "plans",

"expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims",

"anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified

by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be

taken, occur or be achieved. All statements other than statements of historical facts included in this Circular constitute

forward-looking statements, including but not limited to statements regarding: the Company's plans, prospects and

business strategies; its expectations regarding the results of operations; and business prospects and opportunities of

OceanaGold and its subsidiaries. Often, but not always, forward-looking statements and information can be identified

by the use of words such as "may", "plans", "expects", "projects", "is expected", "budget", "scheduled", "potential",

"estimates", "forecasts", "intends", "targets", "aims", "anticipates", "goal", "with the intent", "strategy", or "believes" or

variations (including negative variations) of such words and phrases, or may be identified by statements to the effect

that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be

achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the

Company's actual results, performance or achievements to be materially different from any future results,

performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties or

factors include those factors identified and described in more detail in the "Risk Factors" section in the Company's

Annual Information Form dated March 31, 2025, and the Company's other filings with Canadian securities regulators,

which are available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

www.oceanagold.com. This list is not exhaustive of the factors that may affect the Company's forward-looking

<u>Additional Information</u>

statements, and other factors may cause actual performance to differ from that anticipated, estimated or intended.

The Company's forward-looking statements are based on the applicable assumptions and factors Management

considers reasonable as of the date hereof, based on the information available to Management at such time. These

assumptions and factors include, but are not limited to, assumptions and factors related to the Company's ability to

carry on current and future operations, including: development and exploration activities; the timing, extent, duration

and economic viability of such operations, including any Mineral Resources or Mineral Reserves identified thereby;

the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to

meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for

outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary

approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on

reasonable terms when required; the current and future social, economic and political conditions; and other

assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their

current expectations regarding future events and operating performance and speak only as of the date hereof. The

Company does not assume any obligation to update forward-looking statements if circumstances or Management's

beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance

that forward-looking statements will prove to be accurate, and actual results, performance or achievements could

differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance

can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them

do, what benefits or liabilities we will derive therefrom. For the reasons set forth above, undue reliance should not be

placed on forward-looking statements.

**Shareholder Proposals**

Pursuant to Section 187 of the BCBCA, any notice of a Shareholder proposal intended to be raised at the AGM to be

held during 2026 must be submitted to the Company at its registered office, on or before March 4, 2026, to be

considered for inclusion in the management information circular for that annual general meeting of shareholders.

**Additional Information**

Additional information relating to the Company is available under the Company's profile on SEDAR+ at

www.sedarplus.ca. Financial information is provided in the Company's comparative annual financial statements and

Management's Discussion & Analysis for its most recently completed financial year. Copies of the Company's

financial statements and Management's Discussion & Analysis can be obtained by contacting the Company Secretary

at Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada. Copies of such documents will be

provided to Shareholders free of charge.

A – 1

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Schedule A – Board Charter**

<u>Additional Information</u>

**OCEANAGOLD CORPORATION**

**("OceanaGold")**

**BOARD CHARTER**

**1. INTRODUCTION**

**1.1The purpose of OceanaGold is to mine gold for a better future:**

(a)The vision of OceanaGold is to be a company that people trust, want to work for and

partner with, supply and invest in, to create value.

(b)The Board is accountable to shareholders for the performance of OceanaGold.

**1.2The primary role of the Board of Directors of OceanaGold (the Board) is to:**

(a)Provide leadership and demonstrated best practice "tone from the top" in its decision

making and actions.

(b)Define OceanaGold's purpose and set its strategic objectives.

(c)Effectively monitor and govern the business and affairs of OceanaGold on behalf of

shareholders, ensuring that Management provides it with accurate, timely and clear

information to enable the Board to perform its responsibilities.

(d)Be willing to challenge and hold Management to account.

(e)Ensure that OceanaGold's overall business is conducted in accordance with best

practice governance principles, in a lawful, ethical and socially responsible manner,

within the values, code of conduct, budgets and risk appetite set by the Board and that

builds the reputation and good standing of OceanaGold amongst its stakeholders.

(f)Act at all times in the best interests of OceanaGold.

**2. KEY RESPONSIBILITIES**

The key responsibilities of the Board (and, where the context requires, powers reserved for its

decision) in fulfilling its role are set out below.

**2.1Purpose, strategic planning and policy setting**

(a)Define OceanaGold's purpose and effectively monitor the achievement of that purpose.

(b)In conjunction with Management, adopt a strategic plan for OceanaGold, including

general and specific goals.

(c)Review performance to confirm that actual results are aligned with that plan and ensure

that the strategic planning process is conducted on a regular basis.

(d)Establish policies to support the achievement of OceanaGold's purpose and the

implementation of the strategic plan.

A – 2

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**2.2Financial Management**

<u>Additional Information</u>

(a)In conjunction with Management, evaluate, approve and monitor the extent of compliance

with OceanaGold's annual budgets and business plans, as well as its balance sheet

management and funding strategy.

(b)Approve operating and capital expenditure, acquisitions and divestments, joint ventures

and other investments or transactions above specified limits.

(c)Oversee the integrity of OceanaGold's accounting and corporate reporting systems,

including external and internal audit, and select and recommend any change of external

auditors at shareholder general meetings.

(d)Approve the dividend policy and determine dividends.

(e)Approving annual financial statements and related financial disclosure documents.

**2.3Risk Management**

Ensure that OceanaGold has in place an appropriate risk management framework and monitor

the effectiveness of that risk management framework.

**2.4Executive Management**

(a)Oversee Management in its achievement of OceanaGold's strategic objectives, the

implementation of its business plans, the instilling of core values and OceanaGold's

performance generally

(b)Oversee the appointment of the President & Chief Executive Officer.

(c)Oversee succession planning for the President & Chief Executive Officer, other senior

executives and the Company Secretary and regularly review their individual performance.

(d)Ensure that OceanaGold's remuneration, people and culture frameworks are aligned with

OceanaGold's purpose, values, strategic objectives and risk appetite, and is sufficient to

attract, retain and motivate high calibre senior executives and align their interests with

the creation of value for shareholders over the short, medium and longer term.

**2.5Governance**

(a)Periodically review and approve OceanaGold's statement of core values and code of

conduct to underpin the desired culture within OceanaGold.

(b)Regularly review Board and Board Committee structure, composition, performance and

succession plans.

(c)Oversee OceanaGold's process for making timely and balanced disclosure of all material

information to its stakeholders.

(d)Set and monitor OceanaGold group policies that ensure OceanaGold:

• complies with the law and regulatory requirements, its core values and code of

conduct and ensures that any material misconduct that is inconsistent with the values

or code of conduct is raised with the Board;

• conducts its business and activities in a manner consistent with best practice

standards of corporate, financial and ethical behaviour;

• builds the reputation and good standing of OceanaGold amongst its stakeholders;

and

A – 3

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

• instils a well-balanced, robust and sustainable corporate culture.

<u>Additional Information</u>

These key responsibilities of the Board are in addition to, and not in derogation of, any other

responsibilities or duties of the Board and its Directors proscribed by OceanaGold's constitutional

documents or under any applicable law or stock exchange listing rules.

**3. BOARD STRUCTURE**

**3.1Independent Directors**

The Board will always be composed of a majority of non-executive Directors who are

"independent directors" in accordance with applicable laws or stock exchange listing rules.

**3.2Chairman of the Board**

(a)The Board will select one of its members to be Chairman as required in accordance with

applicable laws.

(b)Key responsibilities of the Chairman are:

• leading the Board in its roles and responsibilities;

• chairing Board and shareholder meetings effectively and efficiently;

• fostering a culture of fairness, openness, debate, respect and collegiality in Board

deliberations;

• ensuring the Board behaves in accordance with its rules, protocols and code of

conduct;

• facilitating the effective contribution of all Directors;

• promoting constructive and respectful relations between Directors and between the

Board and Management;

• ensuring that the Board is high performing and operates effectively to the highest

governance standards including considers the right matters properly and carefully,

spends sufficient time on pertinent issues and comes to clear decisions;

• in consultation with the President & CEO and the Company Secretary, establishing

the Board meeting timetable and agreeing the agenda for each meeting;

• ensuring that decisions of the Board are properly implemented;

• when appropriate, facilitating the meeting of non-executive Directors without the

presence of Management;

• being the primary point of contact between the Board and the President and Chief

Executive Officer;

• in consultation with the President & Chief Executive Officer, representing

OceanaGold and the Board in meetings with stakeholders including public relations

and investor relations activities;

• ensuring that decisions of the Board are properly implemented;

• when appropriate, facilitating the meeting of non-executive Directors without the

presence of Management;

A – 4

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**•**being the primary point of contact between the Board and the President and Chief

<u>Additional Information</u>

Executive Officer; and

• in consultation with the President & Chief Executive Officer, representing

OceanaGold and the Board in meetings with stakeholders including public relations

and investor relations activities.

**3.3Lead Director**

(a)In the event that the Chairman is not "independent", the Board shall appoint an

independent non-executive Director as a Lead Director.

(b)The Lead Director will:

• enhance the ability of the Board to act independently of Management;

• when appropriate, convene and chair meetings of the independent Directors so as to

ensure that the independent Directors have an adequate opportunity to discuss

issues affecting shareholders;

• serve as a spokesman for the independent Directors in discussions with relevant

stakeholders;

• review and endeavour to resolve conflict of interest issues with respect to the Board

as they arise;

• act as a communication channel between the Chairman and the independent

Directors on sensitive issues;

• in collaboration with the Chairman, provide guidance so as to ensure the Board

successfully carries out its duties; and

• perform any additional duties as requested by the Board.

**3.4Expectations of Directors**

(a)Each Director will not allow his or her personal interests to take priority over

OceanaGold's interests in carrying out their duties as a Director.

(b)Each Director will debate issues openly and constructively and will question or challenge

the opinions presented at meetings when and where they feel the need to do so in a

respectful and constructive manner.

(c)Each Director is expected to actively participate in, utilise their range of relevant skills,

knowledge and experience, and apply their personal judgment to all matters discussed at

Board meetings.

(d)Each Director will strive to attend Board meetings in person.

(e)Each Director shall continually evaluate the number of Boards on which he or she serves

and ensure that he or she can give the time and attention to detail required to properly

fulfil their duties as a Director of OceanaGold.

(f)An executive Director shall not accept appointment to a Board of any listed or non-listed

entity outside the OceanaGold group of companies without the prior approval of the

Chairman.

(g)Each Director acknowledges that all proceedings and deliberations of the Board and its

Committees are strictly confidential and that a Director will be expected to resign if he or

she commits a breach of this confidentiality, unless that disclosure has been authorized

A – 5

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

by OceanaGold or is required by applicable law or stock exchange listing rules, and

<u>Additional Information</u>

otherwise comply with OceanaGold's Directors' Code of Conduct.

**3.5Board Committees**

(a)The Board has established the following standing Committees to assist it in the discharge

of the Board's role and responsibilities.

**Audit and Risk Committee**

This Committee must be comprised entirely of independent non-executive Directors, be

not less than three in number, and assist the Board in assessing the quality and integrity

of OceanaGold's financial statements, oversight of risk management reporting and

internal controls and compliance with legal requirements affecting OceanaGold, the

internal audit process and its outcomes, as well the appointment and activities of the

external auditor.

**Remuneration, People and Culture Committee**

This Committee must be comprised entirely of independent non-executive Directors, be

not less than three in number, and assist the Board in overseeing the human resources

strategy, Board and employee remuneration framework, organisational culture,

aspirational behaviours and employee experience as well as President & Chief Executive

Officer and senior executive succession planning.

**Sustainability Committee**

This Committee must be comprised of not less than three independent non-executive

Directors and assists the Board in the effective discharge of its responsibilities in relation

to safety, health and environmental and community matters arising out of the activities of

OceanaGold as they affect employees, contractors, visitors, the environment and the

communities in which OceanaGold operates.

**Governance & Nominations Committee**

This Committee must be comprised of not less than three independent non-executive

Directors and assists the Board in the effective discharge of its responsibilities in relation

to OceanaGold's corporate governance frameworks, Board composition, succession and

performance, but excluding Chairman of the Board and Chief Executive Officer

succession and Board compensation.

**Technical Committee**

This Committee must be comprised of not less than three independent non-executive

Directors and assists the Board in the effective discharge of its responsibilities in relation

to reporting of the Company's mineral resources and reserves with respect to its material

properties, the operating activities of the Company's material operations, the Company's

technical activities relating to its material exploration and development projects and the

Company process for identifying and managing technical risks.

(b)Board Committees are not intended to restrict the ability of the Board to make an

independent assessment of any recommendation put forward by a Committee and may

come to a different decision on the matter.

(c)The Board will periodically evaluate the performance, and review the charter, of each

Committee, which will outline their role, authority and responsibilities.

(d)The Board may establish from time to time other Committees with specific roles and

responsibilities.

A – 6

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**4. DELEGATION OF RESPONSIBILITIES**

<u>Additional Information</u>

(a)Subject to the Board's reserved powers and any delegations framework setting out

specific matters requiring the Board's approval above certain thresholds, the Board

delegates authority to the President & Chief Executive Officer for all other matters that

are necessary for the day-to-day management of OceanaGold's business.

(b)In discharging the responsibilities delegated by the Board to him or her, the President &

Chief Executive Officer must:

• exercise executive stewardship of OceanaGold's resources in a manner consistent

with its purpose;

• take such action as is necessary for the timely, efficient and effective implementation

and monitoring of all objectives, policies, strategies, plans, budgets, frameworks,

processes, reporting mechanisms and risk management systems and controls

required or approved by the Board and of other decisions taken by or on behalf of the

Board;

• develop and maintain OceanaGold's culture in line with agreed principles;

• build OceanaGold's reputation and good standing amongst its stakeholders;

• lead OceanaGold's communication with its employees;

• keep the Chairman and the Board informed of all matters that may be of importance

to the OceanaGold group of companies, including its current performance and

progress and the external environment, so that the Board is in an appropriate and

fully informed position to fulfil its responsibilities;

• obtain the Chairman's approval for any course of action which is outside the ordinary

course of business; and

• not offer to issue any securities in any OceanaGold group company to any person

without Board approval.

**5. ACCESS TO INDEPENDENT ADVICE**

A Director is entitled to seek independent professional advice (which generally will be whenever

Directors, especially non-executive Directors, judge such advice necessary for them to discharge

their responsibilities as Directors) with the prior approval of the Chairman and otherwise in the

manner, and subject to the terms and conditions, set out in that Director's letter of appointment to

the Board. A copy of any such advice will be made available to all Directors, unless a conflict of

interest would make it inappropriate to do so.

**6. REVIEW OF CHARTER**

The Board will periodically review this Board Charter, and the charters of each of the Board

Committees, and make any amendments it determines are necessary or desirable.

**The Board**

**OceanaGold Corporation**

**June 15, 2023**

B – 1

OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular

**Schedule B – Updated Articles**

<u>Additional Information</u>

**See attached.**

---

| | |
|:---|:---|
| Incorporation Number | BC0786321 |
| Translation of Name (if any) |  |
| Effective Date | June 15, 2007, as <br>amended May 20, 2013 <br>and [•]<br>|

---

**PROVINCE OF BRITISH COLUMBIA**

**BUSINESS CORPORATIONS ACT**

**ARTICLES OF**

**OCEANAGOLD CORPORATION**

-i-

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| | | | |
|:---|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |  |
|  | **Page** |  |  |
| **PART 1** | **PART 1** | **PART 1** |  |
| **INTERPRETATION** | **INTERPRETATION** | **INTERPRETATION** |  |
| 1.1 | Definitions ........................................................................................................ | 1 |  |
| 1.2 | Business Corporations Act Definitions Apply ................................................. | 2 |  |
| 1.3 | Interpretation Act Applies ................................................................................ | 2 |  |
| 1.4 | Conflict in Definitions ...................................................................................... | 2 |  |
| 1.5 | Conflict Between Articles and Legislation ....................................................... | 2 |  |
| **PART 2** | **PART 2** | **PART 2** |  |
| **SHARES AND SHARE CERTIFICATES** | **SHARES AND SHARE CERTIFICATES** | **SHARES AND SHARE CERTIFICATES** |  |
| 2.1 | Authorized Share Structure .............................................................................. | 2 |  |
| 2.2 | Form of Share Certificate ................................................................................. | 2 |  |
| 2.3 | Right to Share Certificate or Acknowledgement .............................................. | 2 |  |
| 2.4 | Sending of Share Certificate ............................................................................. | 2 |  |
| 2.5 | Replacement of Worn Out or Defaced Certificate ........................................... | 3 |  |
| 2.6 | Replacement of Lost, Stolen or Destroyed Certificate ..................................... | 3 |  |
| 2.7 | Recovery of New Share Certificate .................................................................. | 3 |  |
| 2.8 | Splitting Share Certificates ............................................................................... | 3 |  |
| 2.9 | Certificate Fee .................................................................................................. | 3 |  |
| 2.10 | Recognition of Trusts ....................................................................................... | 3 |  |
| **PART 3** | **PART 3** | **PART 3** |  |
| **ISSUE OF SHARES** | **ISSUE OF SHARES** | **ISSUE OF SHARES** |  |
| 3.1 | Directors Authorized to Issue Shares ............................................................... | 4 |  |
| 3.2 | Commissions and Discounts ............................................................................ | 4 |  |
| 3.3 | Brokerage ......................................................................................................... | 4 |  |
| 3.4 | Conditions of Issue ........................................................................................... | 4 |  |
| 3.5 | Warrants, Options and Rights .......................................................................... | 4 |  |
| 3.6 | Fractional Shares .............................................................................................. | 4 |  |
| **PART 4** | **PART 4** | **PART 4** |  |
| **SHARE REGISTERS** | **SHARE REGISTERS** | **SHARE REGISTERS** |  |
| 4.1 | Central Securities Register ............................................................................... | 5 |  |
| 4.2 | Branch Registers ............................................................................................... | 5 |  |
| 4.3 | Appointment of Agents .................................................................................... | 5 |  |
| 4.4 | Closing Register ............................................................................................... | 5 |  |
| **PART 5** | **PART 5** | **PART 5** |  |
| **PART 5** | **PART 5** | **PART 5** | **SHARE TRANSFERS** |
| 5.1 | Recording or Registering Transfer ................................................................... | 5 |  |
| 5.2 | Waivers of Requirements for Transfer ............................................................. | 5 |  |

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-ii-

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| | | |
|:---|:---|:---|
| 5.3 | Form of Instrument of Transfer ........................................................................ | 6 |
| 5.4 | Transferor Remains Shareholder ...................................................................... | 6 |
| 5.5 | Signing of Instrument of Transfer .................................................................... | 6 |
| 5.6 | Enquiry as to Title Not Required ..................................................................... | 6 |
| 5.7 | Transfer Fee ...................................................................................................... | 6 |
| **PART 6** | **PART 6** | **PART 6** |
| **TRANSMISSION OF SHARES** | **TRANSMISSION OF SHARES** | **TRANSMISSION OF SHARES** |
| 6.1 | Legal Personal Representative Recognized on Death ...................................... | 6 |
| 6.2 | Rights of Legal Personal Representative .......................................................... |  |
| **PART 7** | **PART 7** | **PART 7** |
| **PURCHASE OF SHARES** | **PURCHASE OF SHARES** | **PURCHASE OF SHARES** |
| 7.1 | Company Authorized to Purchase Shares ........................................................ | 7 |
| 7.2 | Purchase When Insolvent ................................................................................. | 7 |
| 7.3 | Sale and Voting of Purchased Shares ............................................................... | 7 |
| **PART 8** | **PART 8** | **PART 8** |
| **BORROWING POWERS** | **BORROWING POWERS** | **BORROWING POWERS** |
| 8.1 | Powers of Directors .......................................................................................... | 7 |
| 8.2 | Terms of Debt Instruments ............................................................................... | 8 |
| 8.3 | Delegation by Directors .................................................................................... | 8 |
| **PART 9** | **PART 9** | **PART 9** |
| **ALTERATIONS** | **ALTERATIONS** | **ALTERATIONS** |
| 9.1 | Alteration of Authorized Share Structure ......................................................... | 8 |
| 9.2 | Special Rights and Restrictions ........................................................................ | 9 |
| 9.3 | Change of Name ............................................................................................... | 9 |
| 9.4 | No Interference with Class or Series Rights without Consent ......................... | 9 |
| 9.5 | Alterations to Articles ...................................................................................... | 9 |
| 9.6 | Alterations to Notice of Articles....................................................................... | 9 |
| **PART 10** | **PART 10** | **PART 10** |
| **MEETINGS OF SHAREHOLDERS** | **MEETINGS OF SHAREHOLDERS** | **MEETINGS OF SHAREHOLDERS** |
| 10.1 | Annual General Meetings ................................................................................. | 9 |
| 10.2 | Resolution Instead of Annual General Meeting ............................................... | 9 |
| 10.3 | Calling of Shareholder Meetings ...................................................................... | 10 |
| 10.4 | Electronic Meetings .......................................................................................... | 10 |
| 10.5 | Location of Shareholder Meetings ................................................................... | 10 |
| 10.6 | Notice for Meetings of Shareholders ................................................................ | 10 |
| 10.7 | Record Date for Notice ..................................................................................... | 10 |
| 10.8 | Record Date for Voting .................................................................................... | 11 |
| 10.9 | Failure to Give Notice and Waiver of Notice ................................................... | 11 |
| 10.10 | Notice of Special Business at Meetings of Shareholders ................................. | 11 |

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-iii-

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| | | |
|:---|:---|:---|
| 10.11 | Class Meetings and Series Meetings of Shareholders ...................................... | 11 |
| 10.12 | Notice of Dissent Rights ................................................................................... | 11 |
| 10.13 | Advance Notice Provisions .............................................................................. | 12 |
| **PART 11** | **PART 11** | **PART 11** |
| **PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** |
| 11.1 | Special Business ............................................................................................... | 15 |
| 11.2 | Special Majority ............................................................................................... | 16 |
| 11.3 | Quorum ............................................................................................................. | 16 |
| 11.4 | One Shareholder May Constitute Quorum ....................................................... | 16 |
| 11.5 | Meetings by Telephone or Other Communications Medium ........................... | 16 |
| 11.6 | Other Persons May Attend ............................................................................... | 17 |
| 11.7 | Requirement of Quorum ................................................................................... | 17 |
| 11.8 | Lack of Quorum ............................................................................................... | 17 |
| 11.9 | Lack of Quorum at Succeeding Meeting .......................................................... | 17 |
| 11.10 | Chair ................................................................................................................. | 17 |
| 11.11 | Selection of Alternate Chair ............................................................................. | 17 |
| 11.12 | Adjournments ................................................................................................... | 17 |
| 11.13 | Notice of Adjourned Meeting ........................................................................... | 18 |
| 11.14 | Electronic Voting ............................................................................................. | 18 |
| 11.15 | Decisions by Show of Hands or Poll ................................................................ | 18 |
| 11.16 | Declaration of Result ........................................................................................ | 18 |
| 11.17 | Motion Need Not Be Seconded ........................................................................ | 18 |
| 11.18 | Casting Vote ..................................................................................................... | 18 |
| 11.19 | Manner of Taking a Poll ................................................................................... | 18 |
| 11.20 | Demand for a Poll on Adjournment ................................................................. | 19 |
| 11.21 | Chair Must Resolve Dispute ............................................................................. | 19 |
| 11.22 | Casting of Votes ............................................................................................... | 19 |
| 11.23 | Demand for Poll ............................................................................................... | 19 |
| 11.24 | Demand for a Poll Not to Prevent Continuation of Meeting ............................ | 19 |
| 11.25 | Retention of Ballots and Proxies ...................................................................... | 19 |
| **PART 12** | **PART 12** | **PART 12** |
| **VOTES OF SHAREHOLDERS** | **VOTES OF SHAREHOLDERS** | **VOTES OF SHAREHOLDERS** |
| 12.1 | Number of Votes by Shareholder or by Shares ................................................ | 19 |
| 12.2 | Votes of Persons in Representative Capacity ................................................... | 19 |
| 12.3 | Votes by Joint Shareholders ............................................................................. | 19 |
| 12.4 | Legal Personal Representatives as Joint Shareholders ..................................... | 20 |
| 12.5 | Representative of a Corporate Shareholder ...................................................... | 20 |
| 12.6 | Proxy Provisions Do Not Apply to All Companies ......................................... | 20 |
| 12.7 | Appointment of Proxy Holder .......................................................................... | 20 |
| 12.8 | Alternate Proxy Holders ................................................................................... | 21 |

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-iv-

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| | | |
|:---|:---|:---|
| 12.9 | When Proxy Holder Need Not Be Shareholder ................................................ | 21 |
| 12.10 | Deposit of Proxy ............................................................................................... | 21 |
| 12.11 | Validity of Proxy Vote ..................................................................................... | 21 |
| 12.12 | Form of Proxy .................................................................................................. | 22 |
| 12.13 | Revocation of Proxy ......................................................................................... | 23 |
| 12.14 | Revocation of Proxy Must Be Signed .............................................................. | 23 |
| 12.15 | Chair May Determine Validity of Proxy .......................................................... | 23 |
| 12.16 | Production of Evidence of Authority to Vote .................................................. | 24 |
| **PART 13** | **PART 13** | **PART 13** |
| **DIRECTORS** | **DIRECTORS** | **DIRECTORS** |
| 13.2 | Change in Number of Directors ....................................................................... | 24 |
| 13.3 | Directors' Acts Valid Despite Vacancy ........................................................... | 24 |
| 13.4 | Qualifications of Directors ............................................................................... | 24 |
| 13.5 | Remuneration of Directors ............................................................................... | 24 |
| 13.6 | Reimbursement of Expenses of Directors ........................................................ | 25 |
| 13.7 | Special Remuneration for Directors ................................................................. | 25 |
| 13.8 | Gratuity, Pension or Allowance on Retirement of Director ............................. | 25 |
| **PART 14** | **PART 14** | **PART 14** |
| **ELECTION AND REMOVAL OF DIRECTORS** | **ELECTION AND REMOVAL OF DIRECTORS** | **ELECTION AND REMOVAL OF DIRECTORS** |
| 14.1 | Election at Annual General Meeting ................................................................ | 25 |
| 14.2 | Consent to be a Director ................................................................................... | 25 |
| 14.3 | Failure to Elect or Appoint Directors ............................................................... | 25 |
| 14.4 | Places of Retiring Directors Not Filled ............................................................ | 26 |
| 14.5 | Board May Fill Casual Vacancies .................................................................... | 26 |
| 14.6 | Remaining Directors Power to Act .................................................................. | 26 |
| 14.7 | Shareholders May Fill Vacancies ..................................................................... | 26 |
| 14.8 | Additional Directors ......................................................................................... | 26 |
| 14.9 | Ceasing to be a Director ................................................................................... | 27 |
| 14.10 | Removal of Director by Shareholders .............................................................. | 27 |
| 14.11 | Removal of Director by Directors .................................................................... | 27 |
| **PART 15** | **PART 15** | **PART 15** |
| **POWERS AND DUTIES OF DIRECTORS** | **POWERS AND DUTIES OF DIRECTORS** | **POWERS AND DUTIES OF DIRECTORS** |
| 15.1 | Powers of Management .................................................................................... | 27 |
| 15.2 | Appointment of Attorney of Company ............................................................ | 27 |
| **PART 16** | **PART 16** | **PART 16** |
| **DISCLOSURE OF INTEREST OF DIRECTORS** | **DISCLOSURE OF INTEREST OF DIRECTORS** | **DISCLOSURE OF INTEREST OF DIRECTORS** |
| 16.1 | Obligation to Account for Profits ..................................................................... | 28 |
| 16.2 | Restrictions on Voting by Reason of Interest ................................................... | 28 |
| 16.3 | Interested Director Counted in Quorum ........................................................... | 28 |
| 16.4 | Disclosure of Conflict of Interest or Property .................................................. | 28 |

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-v-

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| | | |
|:---|:---|:---|
| 16.5 | Director Holding Other Office in the Company ............................................... | 28 |
| 16.6 | No Disqualification .......................................................................................... | 28 |
| 16.7 | Professional Services by Director or Officer .................................................... | 28 |
| 16.8 | Director or Officer in Other Corporations ........................................................ | 29 |
| **PART 17** | **PART 17** | **PART 17** |
| **PROCEEDINGS OF DIRECTORS** | **PROCEEDINGS OF DIRECTORS** | **PROCEEDINGS OF DIRECTORS** |
| 17.1 | Meetings of Directors ....................................................................................... | 29 |
| 17.2 | Voting at Meetings ........................................................................................... | 29 |
| 17.3 | Chair of Meetings ............................................................................................. | 29 |
| 17.4 | Meetings by Telephone or Other Communications Medium ........................... | 29 |
| 17.5 | Calling of Meetings .......................................................................................... | 30 |
| 17.6 | Notice of Meetings ........................................................................................... | 30 |
| 17.7 | When Notice Not Required .............................................................................. | 30 |
| 17.8 | Meeting Valid Despite Failure to Give Notice ................................................. | 30 |
| 17.9 | Waiver of Notice of Meetings .......................................................................... | 30 |
| 17.10 | Quorum ............................................................................................................. | 30 |
| 17.11 | Validity of Acts Where Appointment Defective .............................................. | 30 |
| 17.12 | Consent Resolutions in Writing ....................................................................... | 30 |
| **PART 18** | **PART 18** | **PART 18** |
| **EXECUTIVE AND OTHER COMMITTEES** | **EXECUTIVE AND OTHER COMMITTEES** | **EXECUTIVE AND OTHER COMMITTEES** |
| 18.1 | Appointment and Powers of Executive Committee ......................................... | 31 |
| 18.2 | Appointment and Powers of Other Committees ............................................... | 31 |
| 18.3 | Obligations of Committee ................................................................................ | 32 |
| 18.4 | Powers of Board ............................................................................................... | 32 |
| 18.5 | Committee Meetings ........................................................................................ | 32 |
| **PART 19** | **PART 19** | **PART 19** |
| **OFFICERS** | **OFFICERS** | **OFFICERS** |
| 19.1 | Appointment of Officers .................................................................................. | 32 |
| 19.2 | Functions, Duties and Powers of Officers ........................................................ | 32 |
| 19.3 | Qualifications ................................................................................................... | 33 |
| 19.4 | Remuneration ................................................................................................... | 33 |
| **PART 20** | **PART 20** | **PART 20** |
| **INDEMNIFICATION** | **INDEMNIFICATION** | **INDEMNIFICATION** |
| 20.1 | Definitions ........................................................................................................ | 33 |
| 20.2 | Mandatory Indemnification of Directors and Former Directors ...................... | 33 |
| 20.3 | Indemnification of Other Persons ..................................................................... | 33 |
| 20.4 | Non-Compliance with Business Corporations Act ........................................... | 34 |
| 20.5 | Company May Purchase Insurance .................................................................. | 34 |
| **PART 21** | **PART 21** | **PART 21** |

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-vi-

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| | | |
|:---|:---|:---|
| **DIVIDENDS** | **DIVIDENDS** | **DIVIDENDS** |
| 21.1 | Payment of Dividends Subject to Special Rights ............................................. | 34 |
| 21.2 | Declaration of Dividends .................................................................................. | 34 |
| 21.3 | No Notice Required .......................................................................................... | 34 |
| 21.4 | Record Date ...................................................................................................... | 34 |
| 21.5 | Manner of Paying Dividend ............................................................................. | 34 |
| 21.6 | Settlement of Difficulties ................................................................................. | 34 |
| 21.7 | When Dividend Payable ................................................................................... | 35 |
| 21.8 | Dividends to be Paid in Accordance with Number of Shares .......................... | 35 |
| 21.9 | Receipt by Joint Shareholders .......................................................................... | 35 |
| 21.10 | Dividend Bears No Interest .............................................................................. | 35 |
| 21.11 | Fractional Dividends ........................................................................................ | 35 |
| 21.12 | Payment of Dividends ...................................................................................... | 35 |
| 21.13 | Capitalization of Surplus .................................................................................. | 35 |
| **PART 22** | **PART 22** | **PART 22** |
| **DOCUMENTS, RECORDS AND REPORTS** | **DOCUMENTS, RECORDS AND REPORTS** | **DOCUMENTS, RECORDS AND REPORTS** |
| 22.1 | Recording of Financial Affairs ......................................................................... | 35 |
| 22.2 | Inspection of Accounting Records ................................................................... | 36 |
| 22.3 | Remuneration of Auditors ................................................................................ | 36 |
| **PART 23** | **PART 23** | **PART 23** |
| **NOTICES** | **NOTICES** | **NOTICES** |
| 23.2 | Deemed Receipt ............................................................................................... | 37 |
| 23.3 | Certificate of Sending ....................................................................................... | 37 |
| 23.4 | Notice to Joint Shareholders ............................................................................. | 37 |
| 23.5 | Notice to Trustees ............................................................................................. | 37 |
| 23.6 | Undelivered Notices ......................................................................................... | 37 |
| **PART 24** | **PART 24** | **PART 24** |
| **SEAL** | **SEAL** | **SEAL** |
| 24.1 | Who May Attest Seal ....................................................................................... | 38 |
| 24.2 | Sealing Copies .................................................................................................. | 38 |
| 24.3 | Mechanical Reproduction of Seal .................................................................... | 38 |
| **PART 25** | **PART 25** | **PART 25** |
| **PROHIBITIONS** | **PROHIBITIONS** | **PROHIBITIONS** |
| 25.1 | Definitions ........................................................................................................ | 38 |
| 25.2 | Application ....................................................................................................... | 39 |
| 25.3 | Consent Required for Transfer of Shares or Designated Securities ................. | 39 |
| **PART 26** | **PART 26** | **PART 26** |
| **SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE COMMON**<br>**SHARES** | **SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE COMMON**<br>**SHARES** | **SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE COMMON**<br>**SHARES** |

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-vii-

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| | | |
|:---|:---|:---|
| 26.1 | Voting ............................................................................................................... | 39 |
| 26.2 | Dividends .......................................................................................................... | 39 |
| 26.3 | Dissolution ........................................................................................................ | 39 |
| **PART 27** | **PART 27** | **PART 27** |
| 27.1 | Issuable in Series .............................................................................................. | 39 |

---

**PROVINCE OF BRITISH COLUMBIA**

**BUSINESS CORPORATIONS ACT**

**ARTICLES**

**OF**

**OCEANAGOLD CORPORATION**

**(the "Company")**

---

| | |
|:---|:---|
| **Incorporation Number** | **BC0786321** |
| **Translation of Name (if any)** | |
| **Effective Date** | **June 15, 2007, as amended May 20, 2013 and [•]** |

---

**PART 1**

**INTERPRETATION**

**1.1Definitions.**

Without limiting Article 1.2, in these articles, unless the context requires otherwise:

"adjourned meeting" means the meeting to which a meeting is adjourned under Article

11.8 or 11.12;

"board", "board of directors" and "directors" mean the directors or sole director of the

Company for the time being and include a committee or other delegate, direct or indirect,

of the directors or director;

"Business Corporations Act" means the *Business Corporations Act*, (British Columbia)

from time to time in force and all amendments thereto and includes all regulations;

and amendments thereto made pursuant to that Act;

"Interpretation Act" means the *Interpretation Act* (British Columbia) from time to time in

force and all amendments thereto and includes all regulations and amendments thereto

made pursuant to that Act;

"legal personal representative" means the personal or other legal representative of the

shareholder;

"protected purchaser" has the meaning assigned in the Securities Transfer Act;

"seal" means the seal of the Company, if any.

"Securities Transfer Act" means the *Securities Transfer Act* (British Columbia) from

time to time in force and all amendments thereto and includes all regulations and

amendments thereto made pursuant to that Act.

**1.2Business Corporations Act Definitions Apply.** The definitions in the Business

Corporations Act apply to these articles.

**1.3Interpretation Act Applies.** The Interpretation Act applies to the interpretation of these

articles as if these articles were an enactment.

**1.4Conflict in Definitions.** If there is a conflict between a definition in the Business

Corporations Act and a definition or rule in the Interpretation Act relating to a term used in these

articles, the definition in the Business Corporations Act will prevail in relation to the use of the

term in these articles.

**1.5Conflict Between Articles and Legislation.** If there is a conflict between these articles

and the Business Corporations Act, the Business Corporations Act will prevail.

**PART 2**

**SHARES AND SHARE CERTIFICATES**

**2.1Authorized Share Structure.** The authorized share structure of the Company consists of

shares of the class or classes and series, if any, described in the Notice of Articles of the

Company.

**2.2Form of Share Certificate.** Each share certificate issued by the Company must comply

with, and be signed as required by, the Business Corporations Act.

**2.3Right to Share Certificate or Acknowledgement.** Unless the shares of which the

shareholder is the registered owner are uncertificated shares within the meaning of the Business

Corporations Act, each shareholder is entitled, without charge, to:

(a)one certificate representing the share or shares of each class or series of shares

registered in the shareholder's name; or

(b)a non-transferable written acknowledgment of the shareholder's right to obtain

such a share certificate,

provided that in respect of a share held jointly by several persons, the Company is not bound to

issue more than one share certificate or acknowledgement and delivery of a share certificate or

acknowledgment for a share to one of several joint shareholders or to one of the shareholders'

duly authorized agents will be sufficient delivery to all. The Company may refuse to register

more than three persons as joint holders of a share.

**2.4Sending of Share Certificate.** Any share certificate or non-transferable written

acknowledgment of the shareholder's right to obtain such a share certificate to which a

shareholder is entitled may be sent to the shareholder by mail at the shareholders' registered

address, and neither the Company nor any agent is liable for any loss to the shareholder because

the share certificate or acknowledgment sent is lost in the mail or stolen.

**2.5Replacement of Worn Out or Defaced Certificate.** If the Company is satisfied that a

share certificate is worn out or defaced, they must, on production to them of the certificate and

on such other terms, if any, as they think fit:

(a)order the certificate to be cancelled; and

(b)issue a replacement share certificate.

**2.6Replacement of Lost, Stolen or Destroyed Certificate.** If a share certificate is lost,

stolen or destroyed, a replacement share certificate must be issued to the person entitled to that

certificate if the person claiming such share certificate:

(a)so requests a replacement share certificate before the Company has notice that the

share certificate has been acquired by a protected purchaser;

(b)provides the Company with proof satisfactory to them that the certificate is lost,

stolen or destroyed; and

(c)provides the Company with an indemnity bond sufficient in the Company's

judgement to protect the Company from any loss that the Company may suffer by

issuing a new certificate.

A person entitled to a share certificate may not assert against the Company a claim for a new

share certificate where a share certificate has been lost, apparently destroyed or wrongfully taken

if that person fails to notify the Company of that fact within a reasonable time after that person

has notice of it and the Company registers a transfer of the shares represented by the certificate

before receiving a notice of the loss, apparent destruction or wrongful taking of the share

certificate.

**2.7Recovery of New Share Certificate.** If, after the issue of a new share certificate, a

protected purchaser of the original share certificate presents the original share certificate for the

registration of transfer, then in addition to any rights under any indemnity bond, the Company

may recover the new share certificate from a person to whom it was issued or any person taking

under that person other than a protected purchaser.

**2.8Splitting Share Certificates.** If a shareholder surrenders a share certificate to the

Company with a written request that the Company issue in the shareholder's name two or more

certificates, each representing a specified number of shares and in the aggregate representing the

same number of shares as the certificate so surrendered, the Company must cancel the

surrendered certificate and issue replacement share certificates in accordance with that request.

The Company may refuse to issue a certificate with respect to a fraction of a share.

**2.9Certificate Fee.** There must be paid to the Company, in relation to the issue of any share

certificate under Articles 2.5, 2.6, 2.7 or 2.8, the amount, if any and which must not exceed the

amount prescribed under the Business Corporations Act, determined by the directors.

**2.10Recognition of Trusts.** Except as required by law or statute or these Articles, no person

will be recognized by the Company as holding any share upon any trust, and the Company is not

bound by or compelled in any way to recognize (even when having notice thereof) any equitable,

contingent, future or partial interest in any share or fraction of a share or (except as by law or

statute or these Articles provided or as ordered by a court of competent jurisdiction) any other

rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

**PART 3**

**ISSUE OF SHARES**

**3.1Directors Authorized to Issue Shares.** Subject to the Business Corporations Act and the

rights of the holders of issued shares of the Company, the directors may issue, allot, sell or

otherwise dispose of the unissued shares, and previously issued shares that are subject to

reissuance or held by the Company, whether with par value or without par value, at the times, to

the persons, including directors, in the manner, on the terms and conditions and for the issue

prices (including any premium at which shares may be issued) that the directors, in their absolute

discretion, may determine. The issue price for a share with par value must be equal to or greater

than the par value of the share.

**3.2Commissions and Discounts.** The directors may, at any time, authorize the Company to

pay a reasonable commission or allow a reasonable discount to any person in consideration of

that person purchasing or agreeing to purchase shares of the Company from the Company or any

other person or procuring or agreeing to procure purchasers for shares of the Company.

**3.3Brokerage.** The directors may authorize the Company to pay such brokerage fee or other

consideration as may be lawful for or in connection with the sale or placement of its securities.

**3.4Conditions of Issue.** Except as provided for by the Business Corporations Act, no share

may be issued until it is fully paid. A share is fully paid when:

(a)consideration is provided to the Company for the issue of the share by one or

more of the following:

(i)past services performed for the Company;

(ii)property; or

(iii)money; and

(b)the value of the consideration received by the Company equals or exceeds the

issue price set for the share under Article 3.1.

**3.5Warrants, Options and Rights.** Subject to the Business Corporations Act, the Company

may issue warrants, options and rights upon such terms and conditions as the directors

determine, which warrants, options and rights may be issued alone or in conjunction with

Company from time to time.

**3.6Fractional Shares.** A person holding a fractional share does not have, in relation to the

fractional share, the rights of a shareholder in proportion to the fraction of the share held.

**PART 4**

**SHARE REGISTERS**

**4.1Central Securities Register.** As required by and subject to the Business Corporations

Act, the Company must maintain in British Columbia a central securities register which may be

kept in electronic form.

**4.2Branch Registers.** In addition to the central securities register, the Company may

maintain branch securities registers.

**4.3Appointment of Agents.** The directors may, subject to the Business Corporations Act,

appoint an agent to maintain the central securities register and any branch securities registers.

The directors may also appoint one or more agents, including the agent which keeps the central

securities register, as transfer agent for its shares or any class or series of its shares, as the case

may be, and the same or another agent as registrar for its shares or such class or series of its

shares, as the case may be. The directors may terminate such appointment of any agent at any

time and may appoint another agent in its place.

**4.4Closing Register.** The Company must not at any time close its central securities register.

**PART 5**

**SHARE TRANSFERS**

**5.1Recording or Registering Transfer.** Except to the extent that the Business Corporations

Act or the Securities Act otherwise provides, a transfer of a share of the Company must not be

recorded or registered unless:

(a)a duly signed instrument of transfer in respect of the share has been received by

the Company;

(b)if a share certificate has been issued by the Company in respect of the share to be

transferred, that share certificate has been surrendered to the Company;

(c)if a non-transferable written acknowledgment of the shareholder's right to obtain

a share certificate has been issued by the Company in respect of the share to be

transferred, that acknowledgment has been surrendered to the Company; and

(d)such other evidence, if any, as the Company or the transfer agent or registrar for

the class or series of shares to be transferred may require to prove the title of the

transferor or the transferor's right to transfer the share, that the written instrument

of transfer is genuine and authorized and the transfer is rightful or to a protected

purchaser has been received by the Company;

or all of the preconditions for a transfer of a share under the Securities Transfer Act have been

met and the Company is required under the Securities Transfer Act to register the transfer.

**5.2Waivers of Requirements for Transfer.** The Company may waive any of the

requirements set out in Article 5.1.

**5.3Form of Instrument of Transfer.** The instrument of transfer in respect of any share of

the Company must be either in the form, if any, on the back of the Company's share certificates

or in any other form satisfactory to the Company or the transfer agent for the class or series of

shares to be transferred.

**5.4Transferor Remains Shareholder.** Except to the extent that the Business Corporations

Act otherwise provides, the transferor of shares is deemed to remain the holder of the shares until

the name of the transferee is entered in a securities register of the Company in respect of the

transfer.

**5.5Signing of Instrument of Transfer.** If a shareholder, or his or her duly authorized

attorney, signs an instrument of transfer in respect of shares registered in the name of the

shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to

the Company and its directors, officers and agents to register the number of shares specified in

the instrument of transfer, or, if no number is specified, all the shares represented by share

certificates deposited with the instrument of transfer:

(a)in the name of the person named as transferee in that instrument of transfer; or

(b)if no person is named as transferee in that instrument of transfer, in the name of

the person on whose behalf the share certificate is deposited for the purpose of

having the transfer registered.

**5.6Enquiry as to Title Not Required.** Neither the Company nor any director, officer or

agent of the Company is bound to inquire into the title of the person named in the instrument of

transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the

person on whose behalf the instrument is deposited for the purpose of having the transfer

registered or is liable for any claim related to registering the transfer by the shareholder or by any

intermediate owner or holder of the shares, of any interest in the shares, of any share certificate

representing such shares or of any written acknowledgment of a right to obtain a share certificate

for such shares.

**5.7Transfer Fee.** Subject to the applicable rules of any stock exchange on which the shares

of the Company may be listed, there must be paid to the Company, in relation to the registration

of any transfer, the amount determined by the directors.

**PART 6**

**TRANSMISSION OF SHARES**

**6.1Legal Personal Representative Recognized on Death.** In the case of the death of a

shareholder, the legal personal representative, or if the shareholder was a joint holder, the

surviving joint holder, will be the only person recognized by the Company as having any title to

the shareholder's interest in the shares. Before recognizing a person as a legal personal

representative, the directors may require proof of appointment by a court of competent

jurisdiction, a grant of letters probate, letters of administration or such other evidence or

documents as the directors consider appropriate.

**6.2Rights of Legal Personal Representative.** The legal personal representative has the

same rights, privileges and obligations that attach to the shares held by the shareholder, including

the right to transfer the shares in accordance with these Articles, provided the documents

required by the Business Corporations Act and the directors have been deposited with the

Company.

**PART 7**

**PURCHASE OF SHARES**

**7.1Company Authorized to Purchase Shares.** Subject to the special rights and restrictions

attached to any class or series of shares, the Business Corporations Act and applicable securities

legislation, the Company may, if authorized by the directors, purchase or otherwise acquire any

of its shares at the price and on the terms specified in such resolution.

**7.2Purchase When Insolvent.** The Company must not make a payment or provide any

other consideration to purchase or otherwise acquire any of its shares if there are reasonable

grounds for believing that:

(a)the Company is insolvent; or

(b)making the payment or providing the consideration would render the Company

insolvent.

**7.3Sale and Voting of Purchased Shares.** If the Company retains a share redeemed,

purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the

share, but, while such share is held by the Company, it:

(a)is not entitled to vote the share at a meeting of its shareholders;

(b)must not pay a dividend in respect of the share; and

(c)must not make any other distribution in respect of the share.

**PART 8**

**BORROWING POWERS**

**8.1Powers of Directors.** The Company, if authorized by the directors, may from time to

time:

(a)borrow money in the manner and amount, on the security, from the sources and

on the terms and conditions that the directors consider appropriate;

(b)issue bonds, debentures and other debt obligations either outright or as security

for any liability or obligation of the Company or any other person;

(c)guarantee the repayment of money by any other person or the performance of any

obligation of any other person; and

(d)mortgage or charge, whether by way of specific or floating charge, or give other

security on the whole or any part of the present and future undertaking of the

Company.

**8.2Terms of Debt Instruments.** Any bonds, debentures or other debt obligations of the

Company may be issued at a discount, premium or otherwise, and with any special privileges on

the redemption, surrender, drawing, allotment of or conversion into or exchange for shares or

other securities, attending and voting at general meetings of the Company, appointment of

directors or otherwise, and may by their terms be assignable free from any equities between the

Company and the person to whom they were issued or any subsequent holder, all as the directors

may determine.

**8.3Delegation by Directors.** For greater certainty, the powers of the directors under this Part

8 may be exercised by a committee or other delegate, direct or indirect, of the board authorized

to exercise such powers.

**PART 9**

**ALTERATIONS**

**9.1Alteration of Authorized Share Structure.** Subject to Article 9.2, the special rights and

restrictions attached to the shares of any class or series of shares and the Business Corporations

Act, the Company may:

(a)by ordinary resolution:

(i)create one or more classes or series of shares or, if none of the shares of a

class or series of shares is allotted or issued, eliminate that class or series

of shares;

(ii)increase, reduce or eliminate the maximum number of shares that the

Company is authorized to issue out of any class or series of shares or

establish a maximum number of shares that the Company is authorized to

issue out of any class or series of shares for which no maximum is

established;

(iii)subdivide or consolidate all or any of its unissued, or fully paid issued,

shares;

(iv)if the Company is authorized to issue shares of a class of shares with par

value:

(A)decrease the par value of those shares; or

(B)if none of the shares of that class of shares is allotted or issued,

increase the par value of those shares;

(v)change all or any of its unissued, or fully paid issued, shares with par

value into shares without par value or any of its unissued shares without

par value into shares with par value;

(vi)alter the identifying name of any of its shares; or

(vii)otherwise alter its shares or authorized share structure when required or

permitted to do so by the Business Corporations Act.

and, if applicable, alter its Notice of Articles and, if applicable, its Articles

accordingly; or

(b)by directors' resolution, subdivide or consolidate all or any of its unissued, or

fully paid, shares and if applicable, alter its Notice of Articles and, if applicable,

its Articles accordingly.

**9.2Special Rights and Restrictions.** Subject to the special rights or restrictions attached to

the shares of any class or series of shares and the Business Corporations Act, the Company may

by special resolution:

(a)create special rights or restrictions for, and attach those special rights or

restrictions to, the shares of any class or series of shares, whether or not any or all

of those shares have been issued; or

(b)vary or delete any special rights or restrictions attached to the shares of any class

or series of shares, whether or not any or all of those shares have been issued.

**9.3Change of Name.** The Company may by directors' resolution or ordinary resolution

authorize an alteration of its Notice of Articles in order to change its name.

**9.4No Interference with Class or Series Rights without Consent.** A right or special right

attached to issued shares must not be prejudiced or interfered with under the Business

Corporations Act, the Notice of Articles or these Articles unless the holders of shares of the

class or series of shares to which the right or special right is attached consent by a special

separate resolution of the holders of such class or series of shares.

**9.5Alterations to Articles.** If the Business Corporations Act does not specify the type of

resolution and these Articles do not specify another type of resolution, the Company may by

special resolution alter these Articles.

**9.6Alterations to Notice of Articles.** If the Business Corporations Act does not specify the

type of resolution and these Articles do not specify another type of resolution, the Company may

by special resolution alter its Notice of Articles.

**PART 10**

**MEETINGS OF SHAREHOLDERS**

**10.1Annual General Meetings.** Unless an annual general meeting is deferred or waived in

accordance with the Business Corporations Act, the Company must hold an annual general

meeting at least once in each calendar year and not more than 15 months after the last annual

reference date at such date, time and, subject to Article 10.4, location as may be determined by

the directors.

**10.2Resolution Instead of Annual General Meeting.** If all of the shareholders who are

entitled to vote at an annual general meeting consent by a unanimous resolution under the

Business Corporations Act to all of the business that is required to be transacted at that annual

general meeting, the annual general meeting is deemed to have been held on the date of the

unanimous resolution. The shareholders must, in any unanimous resolution passed under this

Article 10.2, select as the Company's annual reference date a date that would be appropriate for

the holding of the applicable annual general meeting.

**10.3Calling of Shareholder Meetings.** The directors may, whenever they think fit, call a

meeting of shareholders.

**10.4Electronic Meetings.**

(a)The board may determine that a meeting of shareholders shall be held entirely by

means of telephone, electronic or other communications facilities, as set out in the

notice of meeting, if all persons attending the meeting are able to participate in it,

whether by telephone, electronic or other communications medium and there is a

compelling reason not to hold the meeting in person (a "**fully electronic** 

**meeting**"). No physical location is required for a fully electronic meeting.

(b)A meeting of shareholders may also be held at which some, but not necessarily

all, persons entitled to attend may participate by means of such communications

facilities, if the board determines to make them available.

(c)A person participating in a meeting by means of telephone, electronic or other

communications facilities is deemed to be present at the meeting.

**10.5Location of Shareholder Meetings.** The directors may, by director's resolution, approve

a location outside of British Columbia for the holding of a meeting of shareholders.

**10.6Notice for Meetings of Shareholders.** The Company must send notice of the date, time

and location of any meeting of shareholders, in the manner provided in these Articles, or in such

other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the

resolution has been given or not), to each shareholder entitled to attend the meeting, to each

director and to the auditor of the Company, unless these Articles otherwise provide, at least the

following number of days before the meeting:

(a)if and for so long as the Company is a public company, 21 days; and

(b)otherwise, 10 days.

If the meeting will be an electronic meeting (as defined in the Business Corporations Act), the

notice must also contain instructions for attending and participating in the meeting by telephone

or other communications medium, including, if applicable, instructions for voting at the meeting.

**10.7Record Date for Notice.** The directors may set a date as the record date for the purpose

of determining shareholders entitled to notice of any meeting of shareholders. The record date

must not precede the date on which the meeting is to be held by more than two months or, in the

case of a general meeting requisitioned by shareholders under the Business Corporations Act, by

more than four months. The record date must not precede the date on which the meeting is held

by fewer than:

(a)if and for so long as the Company is a public company, 21 days; and

(b)otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date

on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**10.8Record Date for Voting.** The directors may set a date as the record date for the purpose

of determining shareholders entitled to vote at any meeting of shareholders. The record date must

not precede the date on which the meeting is to be held by more than two months or, in the case

of a general meeting requisitioned by shareholders under the Business Corporations Act, by more

than four months. If no record date is set, the record date is 5 p.m. on the day immediately

preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the

meeting.

**10.9Failure to Give Notice and Waiver of Notice.** The accidental omission to send notice of

any meeting to, or the non- receipt of any notice by, any of the persons entitled to receive notice

does not invalidate any proceedings at that meeting. Any person entitled to receive notice of a

meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of

such meeting.

**10.10Notice of Special Business at Meetings of Shareholders.** If a meeting of shareholders is

to consider special business within the meaning of Article 11.1, the notice of meeting must:

(a)state the general nature of the special business; and

(b)if the special business includes considering, approving, ratifying, adopting or

authorizing any document or the signing of or giving of effect to any document,

have attached to it a copy of the document or state that a copy of the document

will be available for inspection by shareholders:

(i)at the Company's records office, or at such other reasonably accessible

location in British Columbia as is specified in the notice; and

(ii)during statutory business hours on any one or more specified days before

the day set for the holding of the meeting.

**10.11Class Meetings and Series Meetings of Shareholders.** Unless otherwise specified in

these Articles, the provisions of these Articles relating to a meeting of shareholders will apply

with the necessary changes and so far as they are applicable, to a class meeting or series meeting

of shareholders holding a particular class or series of shares.

**10.12Notice of Dissent Rights.** The Company must send to each of its shareholders, whether

or not their shares carry the right to vote, a notice of any meeting of shareholders at

which a resolution entitling shareholders to dissent is to be considered specifying the date

of the meeting and containing a statement advising of the right to send a notice of dissent

together with a copy of the proposed resolution at least the following number of days

before the meeting:

(a)if and for so long as the Company is a public company, 21 days;

(b)otherwise, 10 days.

**10.13Advance Notice Provisions.**

(a)**Nomination of Directors.**

(i)Subject only to the Business Corporations Act, applicable securities laws

and these Articles, only persons who are nominated in accordance with the

procedures set out in this Article 10.13 shall be eligible for election as

directors to the board. Nominations of persons for election to the board

may only be made at an annual meeting of shareholders, or at a special

meeting of shareholders called for any purpose at which the election of

directors is a matter specified in the notice of meeting, as follows:

(A)by or at the direction of the board or an authorized officer of the

Company, including pursuant to a notice of meeting;

(B)by or at the direction or request of one or more shareholders

pursuant to a proposal made in accordance with the provisions of

Business Corporations Act or a requisition of shareholders made in

accordance with the provisions of the Business Corporations Act;

(C)by any person entitled to vote at such meeting (a "Nominating

Shareholder"), who: (1) is, at the close of business on the date of

giving notice provided for in Article 10.12 below and on the record

date for notice of such meeting, either entered in the securities

register of the Company as a holder of one or more shares carrying

the right to vote at such meeting or who beneficially owns shares

that are entitled to be voted at such meeting; and (2) has given

timely notice in proper written form as set forth in this Article

10.12. (ii)For the avoidance of doubt, the foregoing Article 10.12(a)(ii) shall be the

exclusive means for any person to bring nominations for election to the

board before any annual or special meeting of shareholders of the

Company.

(b)**Timely Notice.** In addition to any other applicable requirement, for a nomination

made by a Nominating Shareholder to be timely notice (a "Timely Notice"), the

Nominating Shareholder's notice must be received by the corporate secretary of

the Company at the principal executive offices of the Company

(i)in the case of an annual meeting of shareholders (including an annual and

special meeting), not later than the close of business on the 30th day,

provided, however, if the date (the "Notice Date") on which the first

public announcement made by the Company of the date of the annual

meeting is less than 50 days prior to the meeting date, not later than the

close of business on the 10th day following the Notice Date; and

(ii)in the case of a special meeting (which is not also an annual meeting) of

shareholders called for any purpose which includes the election of

directors to the board, not later than the close of business on the 15th day

following the day on which the first public announcement of the date of

the special meeting is made by the Company.

provided that, in either instance, if notice-and-access (as defined in National

Instrument 54-101 - *Communication with Beneficial Owners of Securities of a* 

*Reporting Issuer*) is used for delivery of proxy related materials in respect of a

meeting described in Article 10.12(b)(i) or Section 10.12(b)(ii), and the Notice

Date in respect of the meeting is not less than 50 days before the date of the

applicable meeting, the notice must be received not later than the close of

business on the 40th day before the date of the applicable meeting.

(c)**Proper Form of Notice.**

(i)To be in proper written form, a Nominating Shareholder's notice to the

corporate secretary must comply with this Article 10.12 and disclose or

include, as applicable

(A)as to each person whom the Nominating Shareholder proposes to

nominate for election as a director (a "Proposed Nominee"):

(1)their name, age, business and residential address;

(2)the principal occupation, business or employment both

presently and for the past five years;

(3)the number of securities of each class of voting securities of

the Company beneficially owned, or controlled or directed,

directly or indirectly, by the Proposed Nominee, as of the

record date for the meeting of shareholders (if such date

shall then have been made publicly available and shall have

occurred) and as of the date of such notice;

(4)a description of any relationships, agreements,

arrangements, or understandings (including financial,

compensation or indemnity related) between the Proposed

Nominee or any affiliates or associates of, or any person or

entity acting jointly or in concert with, the Proposed

Nominee or the Nominating Shareholder, in connection

with the Proposed Nominee's nomination and election as

director;

(5)any other information that would be required to be

disclosed in a dissident proxy circular or other filings

required to be made in connection with the solicitation of

proxies for election of directors pursuant to the Business

Corporations Act or applicable securities law; and

(6)if the same is required or to be required from nominees

approved by the board, and if the Proposed Nominee will

not be in person at the meeting, be accompanied by a

written consent duly signed by each Proposed Nominee to

serve as a director if elected; and

(A)as to each Nominating Shareholder giving the notice:

(1)their name, business and residential address;

(2)the number of securities of each class of voting

securities of the Company beneficially owned, or

controlled or directed, directly or indirectly, by the

Nominating Shareholder or any other person with

whom the Nominating Shareholder is acting jointly

or in concert with respect to the Company or any of

its securities, as of the record date for the meeting

of shareholders (if such date shall then have been

made publicly available and shall have occurred)

and as of the date of such notice;

(3)their interests in, or rights or obligations associated

with, any agreement, arrangement or understanding,

the purpose or effect of which is to alter, directly or

indirectly, the person's economic interest in a

security of the Company or the person's economic

exposure to the Company;

(4)any relationships, agreements or arrangements,

including financial, compensation and indemnity

related relationships, agreements or arrangements,

between the Nominating Shareholder or any

affiliates or associates of, or any person or entity

acting jointly or in concert with, the Nominating

Shareholder and any Proposed Nominee;

(5)full particulars of any proxy, contract, arrangement,

agreement or understanding pursuant to which such

person, or any of its affiliates or associates, or any

person acting jointly or in concert with such person,

has any interests, rights or obligations relating to the

voting of any securities of the Company or the

nomination of directors to the board;

(6)a representation that the Nominating Shareholder is

a holder of record of securities of the Company, or a

beneficial owner, entitled to vote at such meeting,

and intends to appear in person or by proxy at the

meeting to propose such nomination;

(7)a representation as to whether such person intends

to deliver a proxy circular and/or form of proxy to

any shareholder of the Company in connection with

such nomination or otherwise solicit proxies or

votes from shareholders of the Company in support

of such nomination; and

(8)any other information relating to such person that

would be required to be included in a dissident

proxy circular or other filings required to be made

in connection with solicitations of proxies for

election of directors pursuant to the Business

Corporations Act or as required by applicable

securities law.

(ii)Reference to "Nominating Shareholder" in this Article 10.12(c) shall be

deemed to refer to each shareholder that nominated or seeks to nominate a

person for election as director in the case of a nomination proposal where

more than one shareholder is involved in making the nomination proposal.

(d)**Currency of Nominee Information.** All information to be provided in a Timely

Notice pursuant to this Section 10.12 shall be provided as of the date of such

notice.

(e)**Delivery of Information**. Any notice, or other document or information required

to be given to the corporate secretary pursuant to this Article 10.12 may only be

given by personal delivery, facsimile transmission or by email (at such email

address as may be stipulated from time to time by the corporate secretary for

purposes of this notice), and shall be deemed to have been received and made

only at the time it is served by personal delivery to the corporate secretary at the

address of the principal executive offices of the Company, email (at the address as

aforesaid) or sent by facsimile transmission (provided that receipt of confirmation

of such transmission has been received); provided that if such delivery or

electronic communication is made on a day which is a not a business day or later

than 5:00 p.m. (Vancouver Time) on a day which is a business day, then such

delivery or electronic communication shall be deemed to have been made on the

next following day that is a business day.

(f)**Defective Nomination Determination**. The chair of any meeting of shareholders

of the Company shall have the power to determine whether any proposed

nomination is made in accordance with the provisions of this Article 10.12 and if

any proposed nomination is not in compliance with such provisions, must declare

that such defective nomination shall not be considered at any meeting of

shareholders.

(g)**Waiver.** The board may, in its sole discretion, waive any requirement of this

Article 10.12.

(h)**Definitions.** For the purposes of this Article 10.12, "public announcement" means

disclosure in a press release disseminated by the Company through a national

news service in Canada, or in a document filed by the Company for public access

under its profile on the System of Electronic Document Analysis and Retrieval +

at www.sedarplus.ca.

**PART 11**

**PROCEEDINGS AT MEETINGS OF SHAREHOLDERS**

**11.1Special Business.** At a meeting of shareholders, the following business is special

business:

(a)at a meeting of shareholders that is not an annual general meeting, all business is

special business except business relating to the conduct of or voting at the

meeting;

(b)at an annual general meeting, all business is special business except for the

following:

(i)business relating to the conduct of, or voting at, the meeting;

(ii)consideration of any financial statements of the Company presented to the

meeting;

(iii)consideration of any reports of the directors or auditor;

(iv)the setting or changing of the number of directors;

(v)the election or appointment of directors;

(vi)the appointment of an auditor;

(vii)any non-binding advisory vote;

(viii)business arising out of a report of the directors not requiring the passing of

a special resolution or an exceptional resolution; and

(ix)any other business which, under these Articles or the Business

Corporations Act, may be transacted at a meeting of shareholders without

prior notice of the business being given to the shareholders.

**11.2Special Majority.** The majority of votes required for the Company to pass a special

resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.

**11.3Quorum.** Subject to the special rights and restrictions attached to the shares of any class

or series of shares, the quorum for the transaction of business at a meeting of shareholders is two

persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least

25% of the issued shares entitled to be voted at the meeting are present in person or represented

by proxy, irrespective of the number of persons actually present at the meeting.

**11.4One Shareholder May Constitute Quorum.** If there is only one shareholder entitled to

vote at a meeting of shareholders:

(a)the quorum is one person who is, or who represents by proxy, that shareholder;

and

(b)that shareholder, present in person or by proxy, may constitute the meeting.

**11.5Meetings by Telephone or Other Communications Medium.** A shareholder or proxy

holder who is entitled to participate in, including vote at, a meeting of shareholders may

participate in person or by telephone or other communications medium if all shareholders and

proxy holders participating in the meeting, whether in person or by telephone or other

communications medium, are able to communicate with each other. A shareholder who

participates in a meeting in a manner contemplated by this Article 11.5 is deemed for all

purposes of the Business Corporations Act and these Articles to be present at the meeting and to

have agreed to participate in that manner. Nothing in this Article 11.5 obligates the Company to

take any action or provide any facility to permit or facilitate the use of any communications

mediums at a meeting of shareholders.

**11.6Other Persons May Attend.** The directors, the president (if any), the secretary (if any),

the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any

other persons invited by the directors are entitled to attend any meeting of shareholders, but if

any of those persons does attend a meeting of shareholders, that person is not to be counted in the

quorum, and is not entitled to vote at the meeting, unless that person is a shareholder or proxy

holder entitled to vote at the meeting.

**11.7Requirement of Quorum.** No business, other than the election of a chair of the meeting

and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a

quorum of shareholders entitled to vote is present at the commencement of the meeting.

**11.8Lack of Quorum.** If, within one-half hour from the time set for holding a meeting of

shareholders, a quorum is not present:

(a)in the case of a general meeting convened by requisition of shareholders, the

meeting is dissolved; and

(b)in the case of any other meeting of shareholders, the meeting stands adjourned to

the same day in the next week at the same time and place, or at such other date,

time or location as the chair specifies on the adjournment.

**11.9Lack of Quorum at Succeeding Meeting.** If, at the meeting to which the first meeting

referred to in Article 11.8(b) was adjourned, a quorum is not present within one-half hour from

the time set for the holding of the meeting the person or persons present and being, or

representing by proxy, one or more shareholders entitled to attend and vote at the meeting

constitute a quorum.

**11.10Chair.** The following individual is entitled to preside as chair at a meeting of

shareholders:

(a)the chair of the board, if any; and

(b)if the chair of the board is absent or unwilling to act as chair of the meeting, the

president, if any.

**11.11Selection of Alternate Chair.** If, at any meeting of shareholders, there is no chair of the

board or president present within 15 minutes after the time set for holding the meeting, or if the

chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of

the board and the president have advised the secretary, if any, or any director present at the

meeting, that they will not be present at the meeting, the directors present must choose one of

their number to be chair of the meeting or if all of the directors present decline to take the chair

or fail to so choose or if no director is present, the shareholders entitled to vote at the meeting

who are present in person or by proxy may choose any person present at the meeting to chair the

meeting.

**11.12Adjournments.** The chair of a meeting of shareholders may, and if so directed by the

meeting must, adjourn the meeting from time to time and from place to place, but no business

may be transacted at any adjourned meeting other than the business left unfinished at the meeting

from which the adjournment took place.

**11.13Notice of Adjourned Meeting.** It is not necessary to give any notice of an adjourned

meeting or of the business to be transacted at an adjourned meeting of shareholders except that,

when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given

as in the case of the original meeting.

**11.14Electronic Voting.** Any vote at a meeting of shareholders may be held entirely or

partially by means of telephonic, electronic or other communications facilities if the directors

determine to make them available whether or not persons entitled to attend participate in the

meeting by means of telephonic, electronic or other communications facilities.

**11.15Decisions by Show of Hands or Poll.** Subject to the Business Corporations Act, every

motion put to a vote at a meeting of shareholders will be decided on a show of hands or the

functional equivalent of a show of hands by means of telephonic, electronic or other

communications facilities, unless a poll, before or on the declaration of the result of the vote by

show of hands (or its functional equivalent), is directed by the chair or demanded by at least one

shareholder entitled to vote who is present in person or by proxy.

**11.16Declaration of Result.** The chair of a meeting of shareholders must declare to the

meeting the decision on every question in accordance with the result of the show of hands (or its

functional equivalent) or the poll, as the case may be, and that decision must be entered in the

minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary

majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.4,

conclusive evidence without proof of the number or proportion of the votes recorded in favour of

or against the resolution.

**11.17Motion Need Not Be Seconded.** No motion proposed at a meeting of shareholders need

be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of

shareholders is entitled to propose or second a motion.

**11.18Casting Vote.** In case of an equality of votes, the chair of a meeting of shareholders does

not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote

or votes to which the chair may be entitled as a shareholder.

**11.19Manner of Taking a Poll.** Subject to Article 11.19, if a poll is duly demanded at a

meeting of shareholders:

(a)the poll must be taken:

(i)at the meeting, or within seven days after the date of the meeting, as the

chair of the meeting directs; and

(ii)in the manner, at the time and at the place that the chair of the meeting

directs;

(b)the result of the poll is deemed to be a resolution of and passed at the meeting at

which the poll is demanded; and

(c)the demand for the poll may be withdrawn by the person who demanded it.

**11.20Demand for a Poll on Adjournment.** A poll demanded at a meeting of shareholders on

a question of adjournment must be taken immediately at the meeting.

**11.21Chair Must Resolve Dispute.** In the case of any dispute as to the admission or rejection

of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her

determination made in good faith is final and conclusive.

**11.22Casting of Votes.** On a poll, a shareholder entitled to more than one vote need not cast

all the votes in the same way.

**11.23Demand for Poll.** No poll may be demanded in respect of the vote by which a chair of a

meeting of shareholders is elected.

**11.24Demand for a Poll Not to Prevent Continuation of Meeting.** The demand for a poll at

a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the

continuation of a meeting for the transaction of any business other than the question on which a

poll has been demanded.

**11.25Retention of Ballots and Proxies.** The Company must, for at least three months after a

meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting,

and, during that period, make them available for inspection during statutory business hours by

any shareholder or proxy holder entitled to vote at the meeting. At the end of such three month

period, the Company may destroy such ballots and proxies.

**PART 12**

**VOTES OF SHAREHOLDERS**

**12.1Number of Votes by Shareholder or by Shares.** Subject to any special rights or

restrictions attached to any shares and to the restrictions imposed on joint registered holders of

shares under Article 12.3:

(a)on a vote by show of hands (or its functional equivalent), every person present

who is a shareholder or proxy holder and entitled to vote at the meeting has one

vote, and

(b)on a poll, every shareholder entitled to vote has one vote in respect of each share

entitled to be voted on the matter and held by that shareholder and may exercise

that vote either in person or by proxy.

**12.2Votes of Persons in Representative Capacity.** A person who is not a shareholder may

vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a

proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the

meeting, or the directors, that the person is the legal personal representative or a trustee in

bankruptcy for a shareholder who is entitled to vote at the meeting.

**12.3Votes by Joint Shareholders.** If there are joint shareholders registered in respect of any

share:

(a)any one of the joint shareholders may vote at any meeting, either personally or by

proxy, in respect of the share as if that joint shareholder were solely entitled to it;

or

(b)if more than one of the joint shareholders is present at any meeting, personally or

by proxy, and more than one of them votes in respect of that share, than only the

vote of the joint shareholder present whose name stands first on the central

securities register in respect of the share will be counted.

**12.4Legal Personal Representatives as Joint Shareholders.** Two or more legal personal

representatives of a shareholder in whose sole name any share is registered are, for the purposes

of Article 12.3, deemed to be joint shareholders.

**12.5Representative of a Corporate Shareholder.** If a corporation that is not a subsidiary of

the Company is a shareholder, that corporation may appoint a person to act as its representative

at any meeting of shareholders of the Company, and:

(a)for that purpose, the instrument appointing a representative must:

(i)be received at the registered office of the Company or at any other place

specified, in the notice calling the meeting, for the receipt of proxies, at

least the number of business days specified in the notice for the receipt or

proxies or, if no number is specified, two days before the day set for the

holding of the meeting; or

(ii)be provided, at the meeting, to the chair of the meeting or to a person

designated by the chair of the meeting; and

(b)if a representative is appointed under this Article 12.5:

(i)the representative is entitled to exercise in respect of and at that meeting

the same rights on behalf of the corporation that the representative

represents as that corporation could exercise if it were a shareholder who

is an individual, including, without limitation, the right to appoint a proxy

holder; and

(ii)the representative, if present at the meeting, is to be counted for the

purpose of forming a quorum and is deemed to be a shareholder present in

person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written

instrument, fax or any other method of transmitting legibly recorded messages.

**12.6Proxy Provisions Do Not Apply to All Companies.** Articles 12.7 to 12.15 do not apply

to the Company if and for so long as it is a public company or a pre-existing reporting company

which has the Statutory Reporting Company Provisions as part of its Articles or to which the

Statutory Reporting Company Provisions apply.

**12.7Appointment of Proxy Holder.** Every shareholder of the Company, including a

corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a

meeting of shareholders of the Company may, by proxy, appoint one or more (but not more than

five) proxy holders to attend and act at the meeting in the manner, to the extent and with the

powers conferred by the proxy. The instructing of proxy holders may be carried out by means of

telephonic, electronic or other communications facility in addition to or in substitution for

instructing proxy holders by mail.

**12.8Alternate Proxy Holders.** A shareholder may appoint one or more alternate proxy

holders to act in the place of an absent proxy holder.

**12.9When Proxy Holder Need Not Be Shareholder.** A person must not be appointed as a

proxy holder unless the person is a shareholder, although a person who is not a shareholder may

be appointed as a proxy holder if:

(a)the person appointing the proxy holder is a corporation or a representative of a

corporation appointed under Article 12.5;

(b)the Company has at the time of the meeting for which the proxy holder is to be

appointed only one shareholder entitled to vote at the meeting; or

(c)the shareholders present in person or by proxy at and entitled to vote at the

meeting for which the proxy holder is to be appointed, by a resolution on which

the proxy holder is not entitled to vote but in respect of which the proxy

holder is to be counted in the quorum, permit the proxy holder to attend and vote

at the meeting.

**12.10Deposit of Proxy.** Subject to Article 12.13 and Article 12.15, a proxy for a meeting of

shareholders must:

(a)be received at the registered office of the Company or at any other place specified,

in the notice calling the meeting, for the receipt of proxies, at least the number of

business days specified in the notice, or if no number of days is specified, two

business days before the day set for the holding of the meeting; or

(b)unless the notice provides otherwise, be provided, at the meeting, to the chair of

the meeting or to a person designated by the chair of the meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of

transmitting legibly recorded messages or by using such available telephone or internet voting

services as may be approved by the board.

**12.11Validity of Proxy Vote.** A vote given in accordance with the terms of a proxy is valid

notwithstanding the death or incapacity of the shareholder giving the proxy and despite the

revocation of the proxy or the revocation of the authority under which the proxy is given, unless

notice in writing of that death, incapacity or revocation is received:

(a)at the registered office of the Company, at any time up to and including the last

business day before the day set for the holding of the meeting at which the proxy

is to be used; or

(b)by the chair of the meeting, before the vote is taken.

**12.12Form of Proxy.** A proxy, whether for a specified meeting or otherwise, must be either in

the following form or in any other form approved by the directors or the chair of the meeting:

[Name of Company] (the "Company")

The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing

that person, [name], as proxy holder for the undersigned to attend, act and vote for and on

behalf of the undersigned at the meeting of shareholders to be held on [month, day, year]

and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then

this proxy is given in respect of all shares registered in the name of the

shareholder):____________

Signed this____day of______________,________.

____________________

Signature of shareholder

_________________________

Name of shareholder—printed

**12.13Revocation of Proxy.** Subject to Article 12.14 and Article 12.15, every proxy may be

revoked by an instrument in writing that is:

(a)received at the registered office of the Company at any time up to and including

the last business day before the day set for the holding of the meeting at which the

proxy is to be used; or

(b)provided, at the meeting or any adjourned meeting, to the chair of the meeting or

adjourned meeting, before any vote in respect of which the proxy has been given

has been taken.

**12.14Revocation of Proxy Must Be Signed.** An instrument referred to in Article 12.13 must

be signed as follows:

(a)if the shareholder for whom the proxy holder is appointed is an individual, the

instrument must be signed by the shareholder or his or her legal personal

representative or trustee in bankruptcy; or

(b)if the shareholder for whom the proxy holder is appointed is a corporation, the

instrument must be signed by the corporation or by a representative appointed for

the corporation under Article 12.5.

**12.15Chair May Determine Validity of Proxy.** The chair of any meeting of shareholders

may, at his or her sole discretion, determine whether or not a proxy deposited for use at the

meeting, which may not strictly comply with the requirements of this Article 12 as to form,

execution, accompanying documentation, time of filing or otherwise, shall be valid for use at the

meeting, and any such determination made in good faith shall be final, conclusive and binding

upon the meeting.

**12.16Production of Evidence of Authority to Vote.** The board or the chair of any meeting of

shareholders may, but need not at any time (including before, at or subsequent to the meeting),

inquire into the authority of any person to vote at the meeting and may, but need not, demand

from that person production of evidence for the purpose of determining a person's share

ownership as at the relevant record date and the authority to vote.

**PART 13**

**DIRECTORS**

Number of Directors. The number of directors, excluding additional directors appointed under

Article 14.8, is set at:

(a)if the Company is a public company, the greater of three and the most recently set

of:

(i)the number of directors set by the directors; and

(ii)the number of directors set under Article 14.4;

(b)if the Company is not a public company, the most recently set of:

(i)the number of directors set by the directors; and

(ii)the number of directors set under Article 14.4.

**13.2Change in Number of Directors.** If the number of directors is set under Articles

13.1(a)(i) or 13.1(b)(i):

(a)the shareholders may elect or appoint the directors needed to fill any vacancies in

the board of directors up to that number;

(b)if the shareholders do not elect or appoint the directors needed to fill any

vacancies in the board of directors up to that number at the first meeting of

shareholders following the setting of that number, then the board, or the

shareholders may elect or appoint, directors to fill those vacancies.

No decrease in the number of directors will shorten the term of an incumbent director.

**13.3Directors' Acts Valid Despite Vacancy.** An act or proceeding of the directors is not

invalid merely because fewer than the number of directors set or otherwise required under these

Articles is in office.

**13.4Qualifications of Directors.** A director is not required to hold a share in the capital of the

Company as qualification for his or her office but must be qualified as required by the Business

Corporations Act to become, act or continue to act as a director.

**13.5Remuneration of Directors.** The directors are entitled to the remuneration for acting as

directors, if any, as the directors may from time to time determine. If the directors so

decide, the remuneration of the directors, if any, will be determined by the shareholders. That

remuneration may be in addition to any salary or other remuneration paid to any officer or

employee of the Company as such, who is also a director.

**13.6Reimbursement of Expenses of Directors.** The Company must reimburse each director

for the reasonable expenses that he or she may incur in his or her capacity as director in and

about the business of the Company.

**13.7Special Remuneration for Directors.** If any director performs any professional or other

services for the Company that in the opinion of the directors are outside the ordinary duties of a

director, or if any director is otherwise specially occupied in or about the Company's business,

he or she may be paid remuneration fixed by the directors, or, at the option of that director, fixed

by ordinary resolution, and such remuneration may be either in addition to, or in substitution for,

any other remuneration that he or she may be entitled to receive.

**13.8Gratuity, Pension or Allowance on Retirement of Director.** Unless otherwise

determined by ordinary resolution, the directors may authorize the Company to pay a gratuity or

pension or allowance on retirement to any director who has held any salaried office or place of

profit with the Company or to his or her spouse or dependants and may make contributions to

any fund and pay premiums for the purchase or provision of any such gratuity, pension or

allowance.

**PART 14**

**ELECTION AND REMOVAL OF DIRECTORS**

**14.1Election at Annual General Meeting.** At every annual general meeting and in every

unanimous resolution contemplated by Article 10.2:

(a)the shareholders entitled to vote at the annual general meeting for the election of

directors must elect, or in the unanimous resolution appoint, a board of directors

consisting of the number of directors for the time being set under these Articles;

and

(b)all the directors cease to hold office immediately before the election or

appointment of directors under paragraph (a), but are eligible for re-election or re-

appointment.

**14.2Consent to be a Director.** No election, appointment or designation of an individual as a

director is valid unless:

(a)that individual consents to be a director in the manner provided for in the

Business Corporations Act; or

(b)that individual is elected or appointed at a meeting at which the individual is

present and the individual does not refuse, at the meeting, to be a director.

**14.3Failure to Elect or Appoint Directors.** If:

(a)the Company fails to hold an annual general meeting, and all the shareholders

who are entitled to vote at an annual general meeting fail to pass the unanimous

resolution contemplated by Article 10.2, on or before the date by which the

annual general meeting is required to be held under the Business Corporations

Act; or

(b)the shareholders fail, at the annual general meeting or in the unanimous resolution

contemplated by Article 10.2, to elect or appoint any directors; then each director

then in office continues to hold office until the earlier of:

(c)the date on which his or her successor is elected or appointed; and

(d)the date on which he or she otherwise ceases to hold office under the Business

Corporations Act or these Articles.

**14.4Places of Retiring Directors Not Filled.** If, at any meeting of shareholders at which

there should be an election of directors, the places of any of the retiring directors are not filled by

that election, those retiring directors who are not re-elected and who are asked by the newly

elected directors to continue in office will, if willing to do so, continue in office to complete the

number of directors for the time being set pursuant to these Articles until further new directors

are elected at a meeting of shareholders convened for that purpose.

**14.5Board May Fill Casual Vacancies.** Any casual vacancy occurring in the board of

directors may be filled by the remaining directors for the unexpired term by appointment of a

replacement director by the directors. For the avoidance of doubt, the appointment of an

additional director to fill a casual vacancy as contemplated by this Article is not the appointment

of additional directors for the purpose of Article 14.8.

**14.6Remaining Directors Power to Act.** The directors may act notwithstanding any vacancy

in the board of directors, but if the Company has fewer directors in office than the number set

pursuant to these Articles as the quorum of directors, the directors may only act for the purpose

of appointing directors up to that number or of summoning a meeting of shareholders for the

purpose of filling any vacancies on the board of directors or, subject to the Business

Corporations Act, for any other purpose.

**14.7Shareholders May Fill Vacancies.** If the Company has no directors or fewer directors in

office than the number set pursuant to these Articles as the quorum of directors, the shareholders

may elect or appoint directors to fill any vacancies on the board of directors.

**14.8Additional Directors.** Notwithstanding Articles 13.1 and 13.2, between annual general

meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint one

or more additional directors, but the number of additional directors appointed under this Article

14.8 must not at any time exceed:

(a)one-third of the number of first directors, if, at the time of the appointments, one

or more of the first directors have not yet completed their first term of office; or

(b)in any other case, one-third of the number of the current directors who were

elected or appointed as directors other than under this Article 14.8.

Any director so appointed ceases to hold office immediately before the next election or

appointment of directors under Article 14.1(a), but is eligible for re-election or re-appointment.

**14.9Ceasing to be a Director.** A director ceases to be a director when:

(a)the term of office of the director expires;

(b)the director dies;

(c)the director resigns as a director by notice in writing provided to the Company or

a lawyer for the Company; or

(d)the director is removed from office pursuant to Articles 14.10 or 14.11.

**14.10Removal of Director by Shareholders.** The Company may remove any director before

the expiration of his or her term of office by special resolution. In that event, the shareholders

may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the

shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously

with the removal, then the directors may appoint or the shareholders may elect, or appoint by

ordinary resolution, a director to fill that vacancy.

**14.11Removal of Director by Directors.** The directors may remove any director before the

expiration of his or her term of office if the director is convicted of an indictable offence, or if

the director ceases to be qualified to act as a director of a company and does not promptly resign,

and the directors may appoint a director to fill the resulting vacancy.

**PART 15**

**POWERS AND DUTIES OF DIRECTORS**

**15.1Powers of Management.** The directors must, subject to the Business Corporations Act

and these Articles, manage or supervise the management of the business and affairs of

the Company and have the authority to exercise all such powers of the Company as are

not, by the Business Corporations Act or by these Articles, required to be exercised by

the shareholders of the Company.

**15.2Appointment of Attorney of Company.** The directors exclusively may from time to

time, by power of attorney or other instrument, under seal if so required by law, appoint

any person to be the attorney of the Company for such purposes, and with such powers,

authorities and discretions (not exceeding those vested in or exercisable by the directors

under these Articles and excepting the power to fill vacancies in the

board of directors, to remove a director, to change the membership of, or fill vacancies in,

any committee of the directors, to appoint or remove officers appointed by the directors

and to declare dividends) and for such period, and with such remuneration and subject to

such conditions as the directors may think fit. Any such power of attorney may contain

such provisions for the protection or convenience of persons dealing with such attorney

as the directors think fit. Any such attorney may be authorized by the directors to sub-

delegate all or any of the powers, authorities and discretions for the time being vested in

him or her.

**PART 16**

**DISCLOSURE OF INTEREST OF DIRECTORS**

**16.1Obligation to Account for Profits.** A director or senior officer who holds a disclosable

interest (as that term is used in the Business Corporations Act) in a contract or transaction

into which the Company has entered or proposes to enter is liable to account to the

Company for any profit that accrues to the director or senior officer under or as a result of

the contract or transaction only if and to the extent provided in the Business Corporations

Act.

**16.2Restrictions on Voting by Reason of Interest.** A director who holds a disclosable

interest in a contract or transaction into which the Company has entered or proposes to

enter is not entitled to vote on any directors' resolution to approve that contract or

transaction, unless all the directors have a disclosable interest in that contract or

transaction, in which case any or all of those directors may vote on such resolution.

**16.3Interested Director Counted in Quorum.** A director who holds a disclosable interest in

a contract or transaction into which the Company has entered or proposes to enter and

who is present at the meeting of directors at which the contract or transaction is

considered for approval may be counted in the quorum at the meeting whether or not the

director votes on any or all of the resolutions considered at the meeting.

**16.4Disclosure of Conflict of Interest or Property.** A director or senior officer who holds

any office or possesses any property, right or interest that could result, directly or

indirectly, in the creation of a duty or interest that materially conflicts with that

individual's duty or interest as a director or senior officer, must disclose the nature and

extent of the conflict as required by the Business Corporations Act.

**16.5Director Holding Other Office in the Company.** A director may hold any office or

place of profit with the Company, other than the office of auditor of the Company, in

addition to his or her office of director for the period and on the terms (as to remuneration

or otherwise) that the directors may determine.

**16.6No Disqualification.** No director or intended director is disqualified by his or her office

from contracting with the Company either with regard to the holding of any office or

place of profit the director holds with the Company or as vendor, purchaser or otherwise,

and no contract or transaction entered into by or on behalf of the

Company in which a director is in any way interested is liable to be voided for that

reason.

**16.7Professional Services by Director or Officer.** Subject to the Business Corporations Act,

a director or officer, or any person in which a director or officer has an interest, may act

in a professional capacity for the Company, except as auditor of the Company, and the

director or officer or such person is entitled to remuneration for professional services as if

that director or officer were not a director or officer.

**16.8Director or Officer in Other Corporations.** A director or officer may be or become a

director, officer or employee of, or otherwise interested in, any person in which the

Company may be interested as a shareholder or otherwise, and, subject to the Business

Corporations Act, the director or officer is not accountable to the Company for any

remuneration or other benefits received by him or her as director, officer or employee of,

or from his or her interest in, such other person.

**PART 17**

**PROCEEDINGS OF DIRECTORS**

**17.1Meetings of Directors.** The directors may meet for the conduct of business, adjourn and

otherwise regulate their meetings as the board thinks fit, and meetings of the board held

at regular intervals may be held at the place, at the time and on the notice, if any, that the

board may by resolution from time to time determine.

**17.2Voting at Meetings.** Questions arising at any meeting of directors are to be decided by a

majority of votes and, in the case of an equality of votes, the chair of the meeting does

not have a second or casting vote.

**17.3Chair of Meetings.** Meetings of directors are to be chaired by:

(a)the chair of the board, if any;

(b)in the absence of the chair of the board, the president, if any, if the president is a

director; or

(c)any other director chosen by the directors present if:

(i)neither the chair of the board nor the president, if a director, is present at

the meeting within 15 minutes after the time set for holding the meeting;

(ii)neither the chair of the board nor the president, if a director, is willing to

chair the meeting; or

(iii)the chair of the board and the president, if a director, have advised the

secretary, if any, or any other director, that they will not be present at the

meeting.

**17.4Meetings by Telephone or Other Communications Medium.** A director may

participate in a meeting of the directors or of any committee of the directors in person or

by telephone or other communications medium if all directors participating in the

meeting, whether in person or by telephone or other communications medium, are able to

communicate with each other. A director who participates in a meeting in a manner

contemplated by this Article 17.4 is deemed for all purposes of the Business Corporations

Act and these Articles to be present at the meeting and to have agreed to participate in

that manner.

**17.5Calling of Meetings.** A director may, and the secretary or an assistant secretary, if any,

on the request of a director must, call a meeting of the directors at any time.

**17.6Notice of Meetings.** Other than for meetings held at regular intervals as determined by

the directors pursuant to Article 17.1, reasonable notice of each meeting of the directors,

specifying the place (if not being held exclusively by telephone or other communications

medium), day and time of that meeting must be given to each of the directors by any

method set out in Article 23.1 or orally or by telephone. If the meeting will be an

electronic meeting (as defined in the Business Corporations Act), the notice must also

provide instructions for attending and participating in the meeting by telephone or other

communications medium.

**17.7When Notice Not Required.** It is not necessary to give notice of a meeting of the

directors to a director if:

(a)the meeting is to be held immediately following a meeting of shareholders at

which that director was elected or appointed or is the meeting of the directors at

which that director is appointed; or

(b)the director has waived notice of the meeting.

**17.8Meeting Valid Despite Failure to Give Notice.** The accidental omission to give notice

of any meeting of directors to any director, or the non-receipt of any notice by any

director, does not invalidate any proceedings at that meeting.

**17.9Waiver of Notice of Meetings.** Any director may file with the Company a document

signed by the director waiving notice of any past, present or future meeting of the

directors and may at any time withdraw that waiver with respect to meetings of the

directors held after that withdrawal. After sending a waiver with respect to all future

meetings of the directors, and until that waiver is withdrawn, no notice of any meeting of

the directors need be given to that director and all meetings of the directors so held are

deemed not to be improperly called or constituted by reason of notice not having been

given to such director.

**17.10Quorum.** The quorum necessary for the transaction of the business of the directors may

be set by the directors and, if not so set, is deemed to be set at a majority of the directors

then in office or, if the number of directors is set at one, is deemed to be set at one

director, and that director may constitute a meeting.

**17.11Validity of Acts Where Appointment Defective.** Subject to the Business Corporations

Act, an act of a director or officer is not invalid merely because of an irregularity in the

election or appointment or a defect in the qualification of that director or officer.

**17.12Consent Resolutions in Writing.** A resolution of the directors or of any committee of

the directors consented to in writing by all of the directors entitled to vote on it, whether

by signed document, fax, email or any other method of transmitting legibly recorded

messages, is as valid and effective as if it had been passed at a meeting of the directors or

of the committee of the directors duly called and held. Such resolution may be in two or

more counterparts which together are deemed to constitute one resolution in writing. A

resolution passed in that manner is effective on the date stated in the resolution or, if no

date is stated in the resolution, on the latest date stated on any counterpart. A resolution

of the directors or of any committee of the directors passed in accordance with this

Article 17.12 is deemed to be a proceeding at a meeting of directors or of the committee

of the directors and to be as valid and effective as if it had been passed at a meeting of the

directors or of the committee of the directors that satisfies all the requirements of the

Business Corporations Act and all the requirements of these Articles relating to meetings

of the directors or of a committee of the directors.

**PART 18**

**EXECUTIVE AND OTHER COMMITTEES**

**18.1Appointment and Powers of Executive Committee.** The directors may, by resolution,

appoint an executive committee consisting of the director or directors that they consider

appropriate, and this committee has, during the intervals between meetings of the board of

directors, all of the directors' powers, except:

(a)the power to fill vacancies in the board of directors;

(b)the power to remove a director;

(c)the power to change the membership of, or fill vacancies in, any committee of the

directors; and

(d)such other powers, if any, as may be set out in the resolution or any subsequent

directors' resolution.

**18.2Appointment and Powers of Other Committees.** The directors may, by resolution,

(a)appoint one or more committees (other than the executive committee) consisting

of the director or directors that they consider appropriate;

(b)delegate to a committee appointed under paragraph (a) any of the directors'

powers, except:

(i)the power to fill vacancies in the board of directors;

(ii)the power to remove a director;

(iii)the power to change the membership of, or fill vacancies in, any

committee of the board, and

(iv)the power to appoint or remove officers appointed by the board; and

(c)make any delegation referred to in paragraph (b) subject to the conditions set out

in the resolution.

**18.3Obligations of Committee.** Any committee appointed under Articles 18.1 or 18.2, in the

exercise of the powers delegated to it, must

(a)conform to any rules that may from time to time be imposed on it by the directors;

and

(b)report every act or thing done in exercise of those powers as the directors may

require.

**18.4Powers of Board.** The directors may, at any time, with respect to a committee appointed

under Articles 18.1 or 18.2:

(a)revoke or alter the authority given to a committee, or override a decision made by

a committee, except as to acts done before such revocation, alteration or

overriding;

(b)terminate the appointment of, or change the membership of, a committee; and

(c)fill vacancies on a committee.

**18.5Committee Meetings.** Subject to Article 18.3(a) and unless the directors otherwise

provide in the resolution appointing the committee or in any subsequent resolution, with respect

to a committee appointed under Articles 18.1 or 18.2:

(a)the committee may meet and adjourn as it thinks proper;

(b)the committee may elect a chair of its meetings but, if no chair of the meeting is

elected, or if at any meeting the chair of the meeting is not present within 15

minutes after the time set for holding the meeting, the directors present who are

members of the committee may choose one of their number to chair the meeting;

(c)a majority of the members of a directors' committee constitutes a quorum of the

committee; and

(d)questions arising at any meeting of the committee are determined by a majority of

votes of the members present, and in case of an equality of votes, the chair of the

meeting has no second or casting vote.

**PART 19**

**OFFICERS**

**19.1Appointment of Officers.** The directors may, from time to time, appoint such officers, if

any, as the directors determine, and the directors may, at any time, terminate any such

appointment.

**19.2Functions, Duties and Powers of Officers.** The directors may, for each officer:

(a)determine the functions and duties of the officer;

(b)entrust to and confer on the officer any of the powers exercisable by the directors

on such terms and conditions and with such restrictions as the directors think fit;

and

(c)revoke, withdraw, alter or vary all or any of the functions, duties and powers of

the officer.

**19.3Qualifications.** No officer may be appointed unless that officer is qualified in accordance

with the Business Corporations Act. One person may hold more than one position as an officer of

the Company. Any officer need not be a director.

**19.4Remuneration.** All appointments of officers are to be made on the terms and conditions

and at the remuneration (whether by way of salary, fee, commission, participation in profits or

otherwise) that the directors think fit and are subject to termination at the pleasure of the

directors, and an officer may in addition to such remuneration be entitled to receive, after he or

she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.

**PART 20**

**INDEMNIFICATION**

**20.1Definitions.** In this Part 20:

(a)"eligible penalty" means a judgment, penalty or fine awarded or imposed in, or an

amount paid in settlement of, an eligible proceeding;

(b)"eligible proceeding" means a legal proceeding or investigative action, whether

current, threatened, pending or completed, in which a director, former director,

alternate director, officer or former officer of the Company or an affiliate of the

Company (an "eligible party") or any of the heirs and legal personal

representatives of the eligible party, by reason of the eligible party being or

having been a director, alternate director or officer of the Company or an affiliate

of the Company:

(i)is or may be joined as a party; or

(ii)is or may be liable for or in respect of a judgment, penalty or fine in, or

expenses related to, the proceeding;

(c)"expenses" has the meaning set out in the Business Corporations Act;

(d)"officer" means a person appointed by the board as an officer of the

Company.

**20.2Mandatory Indemnification of Directors and Former Directors.** Subject to the

Business Corporations Act, the Company must indemnify and advance expenses of an eligible

party and his or her heirs and legal personal representatives against all eligible penalties to which

such person is or may be liable, and the Company must, after the final disposition of an eligible

proceeding, pay the expenses actually and reasonably incurred by such person in respect of that

proceeding. Each director, alternate director and officer is deemed to have contracted with the

Company on the terms of the indemnity contained in this Article 20.2.

**20.3Indemnification of Other Persons.** Subject to any restrictions in the Business

Corporations Act, the Company may indemnify any person including directors, officers,

employees, agents and representatives of the Company.

**20.4Non-Compliance with Business Corporations Act.** The failure of a director or former

director of the Company to comply with the Business Corporations Act or these Articles does not

invalidate any indemnity to which he or she is entitled under this Part.

**20.5Company May Purchase Insurance.** The Company may purchase and maintain

insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

(a)is or was a director, officer, employee or agent of the Company;

(b)is or was a director, officer, employee or agent of a corporation at a time when the

corporation is or was an affiliate of the Company;

(c)at the request of the Company, is or was a director, officer, employee or agent of a

corporation or of a partnership, trust, joint venture or other unincorporated entity;

(d)at the request of the Company, holds or held a position equivalent to that of a

director or officer of a partnership, trust, joint venture or other unincorporated

entity;

against any liability incurred by him or her as such director, officer, employee or agent or person

who holds or held such equivalent position.

**PART 21**

**DIVIDENDS**

**21.1Payment of Dividends Subject to Special Rights.** The provisions of this Part 21 are

subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

**21.2Declaration of Dividends.** Subject to the Business Corporations Act, the directors may

from time to time declare and authorize payment of such dividends as they may deem advisable.

**21.3No Notice Required.** The directors need not give notice to any shareholder of any

declaration under Article 21.2.

**21.4Record Date.** The directors may set a date as the record date for the purpose of

determining shareholders entitled to receive payment of a dividend. The record date must not

precede the date on which the dividend is to be paid by more than two months. If no record date

is set, the record date is 5 p.m. on the date on which the directors pass the resolution declaring

the dividend.

**21.5Manner of Paying Dividend.** A resolution declaring a dividend may direct payment of

the dividend wholly or partly by the distribution of specific assets or of paid up shares or of

bonds, debentures or other securities of the Company, or in any one or more of those ways.

**21.6Settlement of Difficulties.** If any difficulty arises in regard to a distribution under Article

21.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

(a)set the value for distribution of specific assets;

(b)determine that cash payments in substitution for all or any part of the specific

assets to which any shareholders are entitled may be made to any shareholders on

the basis of the value so fixed in order to adjust the rights of all parties; and

(c)vest any such specific assets in trustees for the persons entitled to the dividend.

**21.7When Dividend Payable.** Any dividend may be made payable on such date as is fixed

by the directors.

**21.8Dividends to be Paid in Accordance with Number of Shares.** All dividends on shares

of any class or series of shares must be declared and paid according to the number of such shares

held.

**21.9Receipt by Joint Shareholders.** If several persons are joint shareholders of any share,

any one of them may give an effective receipt for any dividend, bonus or other money payable in

respect of the share.

**21.10Dividend Bears No Interest.** No dividend bears interest against the Company.

**21.11Fractional Dividends.** If a dividend to which a shareholder is entitled includes a fraction

of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in

making payment of the dividend and that payment represents full payment of the dividend.

**21.12Payment of Dividends.** Any dividend or other distribution payable in respect of shares

will be paid by cheque or by electronic means or by such other method as the directors may

determine. The payment will be made to or to the order of each registered holder of shares in

respect of which the payment is to be made. Cheques will be sent to the registered address of the

shareholder unless the shareholder otherwise directs. In the case of joint holders, the payment

will be made to the order of all such joint holders and, if applicable, sent to them at the registered

address of the joint shareholder who is first named on the central securities register, unless such

joint holders otherwise direct. The sending of the cheque or the sending of the payment by

electronic means or the sending of the payment by a method determined by the directors in an

amount equal to the dividend or other distribution to be paid less any tax that the Company is

required to withhold will satisfy and discharge the liability for the payment, unless payment is

not made upon presentation, if applicable, or the amount of tax so deducted is not paid to the

appropriate taxing authority.

**21.13Capitalization of Surplus.** Notwithstanding anything contained in these Articles, the

directors may from time to time capitalize any surplus of the Company and may from time to

time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a

dividend representing the surplus or any part of the surplus.

**PART 22**

**DOCUMENTS, RECORDS AND REPORTS**

**22.1Recording of Financial Affairs.** The directors must cause adequate accounting records

to be kept to record properly the financial affairs and condition of the Company and to comply

with the provisions of the Business Corporations Act.

**22.2Inspection of Accounting Records.** Unless the directors determine otherwise, or unless

otherwise determined by ordinary resolution, no shareholder of the Company is entitled to

inspect or obtain a copy of any accounting records of the Company.

**22.3Remuneration of Auditors.** The remuneration of the auditors, if any, shall be set by the

directors regardless of whether the auditor is appointed by the shareholders, by the directors or

otherwise. For greater certainty, the directors may delegate to the audit committee or other

committee the power to set the remuneration of the auditors.

**PART 23**

**NOTICES**

**23.1**Method of Giving Notice. Unless the Business Corporations Act or these Articles

provides otherwise, a notice, statement, report or other record required or permitted by the

Business Corporations Act or these Articles to be sent by or to a person may be sent by any one

of the following methods:

(a)mail addressed to the person at the applicable address for that person as follows:

(i)for a record mailed to a shareholder, the shareholder's registered address;

(ii)for a record mailed to a director or officer, the prescribed address for

mailing shown for the director or officer in the records kept by the

Company or the mailing address provided by the recipient for the sending

of that record or records of that class;

(iii)in any other case, the mailing address of the intended recipient;

(b)delivery at the applicable address for that person as follows, addressed to the

person:

(i)for a record delivered to a shareholder, the shareholder's registered

address;

(ii)for a record delivered to a director or officer, the prescribed address for

delivery shown for the director or officer in the records kept by the

Company or the delivery address provided by the recipient for the sending

of that record or records of that class;

(iii)in any other case, the delivery address of the intended recipient;

(c)sending the record by fax to the fax number provided by the intended recipient for

the sending of that record or records of that class;

(d)sending the record, or a reference providing the intended recipient with immediate

access to the record, by electronic communication to an address provided by the

intended recipient for the sending of that record or records of that class;

(e)sending the record by any method of transmitting legibly recorded messages,

including without limitation by digital medium, magnetic medium, optical

medium, mechanical reproduction or graphic imaging, to an address provided by

the intended recipient for the sending of that record or records of that class;

(f)physical delivery to the intended recipient; or

(g)as otherwise permitted by applicable securities legislation.

**23.2Deemed Receipt.** A record that is mailed to a person by ordinary mail to the applicable

address for that person referred to in Article 23.1 is deemed to be received by the

person to whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following

the date of mailing. Any demand, notice or other communication given by personal delivery will

be conclusively deemed to have been given on the day of actual delivery thereof and, if given by

electronic communication, on the day of transmittal thereof if given during statutory business

hours on the day which statutory business hours next occur if not given during such hours on any

day.

**23.3Certificate of Sending.** A certificate signed by the secretary, if any, or other officer of

the Company or of any other corporation acting in that behalf for the Company stating that a

notice, statement, report or other record was addressed as required by Article 23.1, prepaid and

mailed or otherwise sent as permitted by Article 23.1 is conclusive evidence of that fact.

**23.4Notice to Joint Shareholders.** A notice, statement, report or other record may be

provided by the Company to the joint shareholders of a share by providing the notice to the joint

shareholder first named in the central securities register in respect of the share.

**23.5Notice to Trustees.** A notice, statement, report or other record may be provided by the

Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity

of a shareholder by:

(a)mailing the record, addressed to them:

(i)by name, by the title of the legal personal representative of the deceased or

incapacitated shareholder, by the title of trustee of the bankrupt

shareholder or by any similar description; and

(ii)at the address, if any, supplied to the Company for that purpose by the

persons claiming to be so entitled; or

(b)if an address referred to in paragraph (a)(ii) has not been supplied to the

Company, by giving the notice in a manner in which it might have been given if

the death, bankruptcy or incapacity had not occurred.

**23.6Undelivered Notices** If, on two consecutive occasions, a notice, statement, report or

other record is sent to a shareholder pursuant to Article 23.1 and on each of those occasions any

such record is returned because the shareholder cannot be located, the Company shall not be

required to send any further records to the shareholder until the shareholder informs the

Company in writing of his or her new address.

**PART 24**

**SEAL**

**24.1Who May Attest Seal.** Except as provided in Articles 24.2 and 24.3, the Company's

seal, if any, must not be impressed on any record except when that impression is attested by the

signature or signatures of:

(a)any two directors;

(b)any officer, together with any director;

(c)if the Company only has one director, that director; or

(d)any one or more directors or officers or persons as may be determined by

resolution of the directors.

**24.2Sealing Copies.** For the purpose of certifying under seal a certificate of incumbency of

the directors or officers of the Company or a true copy of any resolution or other document,

despite Article 24.1, the impression of the seal may be attested by the signature of any director or

officer.

**24.3Mechanical Reproduction of Seal.** The directors may authorize the seal to be impressed

by third parties on share certificates or bonds, debentures or other securities of the Company as

they may determine appropriate from time to time. To enable the seal to be impressed on any

share certificates or bonds, debentures or other securities of the Company, whether in definitive

or interim form, on which facsimiles of any of the signatures of the directors or officers of the

Company are, in accordance with the Business Corporations Act or these Articles, printed or

otherwise mechanically reproduced, there may be delivered to the person employed to engrave,

lithograph or print such definitive or interim share certificates or bonds, debentures or other

securities one or more unmounted dies reproducing the seal and the chair of the board or any

senior officer together with the secretary, treasurer, secretary-treasurer, an assistant secretary, an

assistant treasurer or an assistant secretary-treasurer may in writing authorize such person to

cause the seal to be impressed on such definitive or interim share certificates or bonds,

debentures or other securities by the use of such dies. Share certificates or bonds, debentures or

other securities to which the seal has been so impressed are for all purposes deemed to be under

and to bear the seal impressed on them.

**PART 25**

**PROHIBITIONS**

**25.1Definitions.** In this Part 25:

(a)"designated security" means:

(i)a voting security of the Company;

(ii)a security of the Company that is not a debt security and that carries a

residual right to participate in the earnings of the Company or, on the

liquidation or winding up of the Company, in its assets; or

(iii)a security of the Company convertible, directly or indirectly, into a

security described in paragraph (a) or (b);

(b)"security" has the meaning assigned in the *Securities Act* (British Columbia);

(c)"voting security" means a security of the Company that:

(i)is not a debt security, and

(ii)carries a voting right either under all circumstances or under some

circumstances that have occurred and are continuing.

**25.2Application.** Article 25.3 does not apply to the Company if and for so long as it is a

public company or a pre-existing reporting company which has the Statutory Reporting

Company Provisions as part of its Articles or to which the Statutory Reporting Company

Provisions apply.

**25.3Consent Required for Transfer of Shares or Designated Securities.** No share or

designated security may be sold, transferred or otherwise disposed of without the consent of the

directors and the directors are not required to give any reason for refusing to consent to any such

sale, transfer or other disposition.

**PART 26**

**SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE COMMON**

**SHARES**

**26.1Voting.** The holders of the Common shares shall be entitled to receive notice of and to

attend and vote at all meetings of shareholders of the Company except meetings of the holders of

another class of shares. Each Common share shall entitle the holder thereof to one vote.

**26.2Dividends.** Subject to the preferences accorded to the holders of the Preferred shares, the

holders of the Common shares shall be entitled to receive such dividends as may be declared

thereon by the board of directors of the Company from time to time.

**26.3Dissolution.** In the event of the liquidation, dissolution or winding-up of the Company,

whether voluntary or involuntary, the holders of the Common shares shall be entitled to receive

pro rata all of the assets remaining for distribution after payment to the holders of the Preferred

shares, in accordance with preference on liquidation, dissolution or winding-up accorded to the

holders of the Preferred shares.

**PART 27**

**SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE PREFERRED**

**SHARES**

**27.1Issuable in Series.** The Preferred shares may include one or more series of shares and,

subject to the Business Corporations Act, the directors may, by resolution, if none of the shares

of any particular series are issued, alter the Articles of the Company and authorize the alteration

of the Notice of Articles of the Company, as the case may be, to do one or more of:

(a)determine the maximum number of shares of that series that the Company is

authorize to issue, determine that there is no such maximum number, or alter any

such determination;

(b)create an identifying name by which the shares of that series may be identified, or

alter any such identifying name; and

(c)attach special rights and restrictions to the shares of that series, or alter any such

special rights or restrictions.

C - 1

---

| | |
|:---|:---|
| OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular | OceanaGold Corporation 2025 Notice of Meeting and Management Information Circular |
|  | ![image_1a.jpg](image_1a.jpg) |

---

**Schedule C – Reporting Package**

<u>Additional Information</u>

See attached.

**OCEANAGOLD CORPORATION**

**NOTICE OF CHANGE OF AUDITOR**

---

| | |
|:---|:---|
| **TO:** | PricewaterhouseCoopers ("**PWC Australia**")<br>2 Riverside Quay<br>Southbank, VIC 3006 Australia<br>|
| **AND TO:** | PricewaterhouseCoopers LLP ("**PWC Canada**")<br>250 Howe Strreet, Suite 1400<br>Vancouver, BC V6C 3S7<br>|
| **AND TO:** | Alberta Securities Commission<br>British Columbia Securities Commission<br>Manitoba Securities Commission<br>Saskatchewan Financial Services Commission<br>Ontario Securities Commission<br>Autorite des marches financiers<br>Financial and Consumer Services Commission (New Brunswick)<br>Office of the Superintendent of Securities Service, Newfoundland and Labrador<br>Nova Scotia Securities Commission<br>The Office of the Superintendent of Securities (Prince Edward Island)<br>The Office of the Superintendent of Securities (Northwest Territories)<br>The Office of the Superintendent of Securities (Nunavut)<br>The Office of the Superintendent of Securities (Yukon) |
| **RE:** | Notice of Change of Auditor pursuant to Section 4.11 of National Instrument 51-102 - <br>Continuous Disclosure Obligations ("**Nl 51-102**") |
| **DATE:** | February 19, 2025 |

---

OceanaGold Corporation (the **"Company")** hereby gives notice pursuant to Section 4.11 of Nl 51-102 as

follows:

1. At the request of the Company, PWC Australia has resigned as the Company's auditor effective

as of February 19, 2025 (the **"Resignation Date").**

resignation of PWC Australia, and to hold such position until the close of the next annual meeting

of shareholders of the Company.

3. The resignation of PWC Australia as auditor of the Company and the appointment of PWC

Canada as auditor of the Company were considered and approved by the Board of Directors and

the Audit and Risk Committee of the Company.

4. PWC Australia has not expressed any modified opinion in its reports for the Company's two most

recently completed fiscal years or for any period subsequent to the most recently completed

period for which an audit report was issued and preceding the Resignation Date.

5. There have been no "reportable events", as such term is defined in Nl 51-102.

*[Signature page follows.]*

**DATED** effective as of the date first written above.

---

| | |
|:---|:---|
| **OCEANAGOLD CORPORATION** | **OCEANAGOLD CORPORATION** |
|  | *(Signed) "Marius van Niekerk"* |
| By: |  |
|  | Name: Marius van Niekerk |
|  | Title:&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and<br>Chief Financial Officer<br>|

---

![pwclogoc.jpg](pwclogoc.jpg)

February 20, 2025

To:

British Columbia Securities Commission

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Autorité des marchés financiers (Québec)

Financial and Consumer Services Commission (New Brunswick)

Nova Scotia Securities Commission

Office of the Superintendent of Securities Service Newfoundland and Labrador

Financial and Consumer Services Division (Prince Edward Island)

The Office of the Superintendent of Securities (Northwest Territories)

The Office of the Superintendent of Securities (Nunavut)

The Office of the Superintendent of Securities (Yukon)

We have read the statements made by OceanaGold Corporation in the attached copy of change

of auditor notice dated February 19, 2025, which we understand will be filed pursuant to Section

4.11 of National Instrument 51-102.

We agree with the statements concerning PricewaterhouseCoopers in the change of auditor

notice dated February 19, 2025.

---

| | |
|:---|:---|
| Yours very truly, | Yours very truly, |
|  | /s/ PricewaterhouseCoopers |
| PricewaterhouseCoopers | PricewaterhouseCoopers |
| Chartered Accountants | Chartered Accountants |

---

PricewaterhouseCoopers, ABN 52 780 433 757

2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001

T: 61 3 8603 1000, F: 61 3 8603 1999

Liability limited by a scheme approved under Professional Standards Legislation.

![pwclogoc.jpg](pwclogoc.jpg)

February 20, 2025

To:

British Columbia Securities Commission

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Autorité des marchés financiers (Québec)

Financial and Consumer Services Commission (New Brunswick)

Nova Scotia Securities Commission

Office of the Superintendent of Securities Service Newfoundland and Labrador

Financial and Consumer Services Division (Prince Edward Island)

The Office of the Superintendent of Securities (Northwest Territories)

The Office of the Superintendent of Securities (Nunavut)

The Office of the Superintendent of Securities (Yukon)

We have read the statements made by OceanaGold Corporation in the attached copy of change

of auditor notice dated February 19, 2025, which we understand will be filed pursuant to Section

4.11 of National Instrument 51-102.

We agree with the statements concerning PricewaterhouseCoopers LLP in the change of auditor

notice dated February 19, 2025.

---

| |
|:---|
| Yours very truly,  |
| /s/ PricewaterhouseCoopers |
| Chartered Professional Accountants |

---

PricewaterhouseCoopers LLP

PricewaterhouseCoopers Place, 250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada V6C 3S7

T: +1 604 806 7000, F: +1 604 806 7806

"PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

![pwclogoc.jpg](pwclogoc.jpg)

February 20, 2025

To:

British Columbia Securities Commission

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Autorité des marchés financiers (Québec)

Financial and Consumer Services Commission (New Brunswick)

Nova Scotia Securities Commission

Office of the Superintendent of Securities Service Newfoundland and Labrador

Financial and Consumer Services Division (Prince Edward Island)

The Office of the Superintendent of Securities (Northwest Territories)

The Office of the Superintendent of Securities (Nunavut)

The Office of the Superintendent of Securities (Yukon)

Our letter dated February 20, 2025, which was issued to you on our resignation as auditor of

OceanaGold Corporation continues to be valid and does not need to be updated.

---

| | |
|:---|:---|
| Yours very truly, | Yours very truly, |
|  | /s/ PricewaterhouseCoopers |
| PricewaterhouseCoopers | PricewaterhouseCoopers |
| Chartered Accountants | Chartered Accountants |

---

*PricewaterhouseCoopers*, ABN 52 780 433 757

2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001

T: 61 3 8603 1000, F: 61 3 8603 1999

Liability limited by a scheme approved under Professional Standards Legislation.

---

| | | |
|:---|:---|:---|
|  | **Head Office** | **Auditors** |
|  | Suite 1020<br>400 Burrard Street<br>Vancouver, British Columbia V6C 3A6<br>Canada<br>| PricewaterhouseCoopers LLP<br>250 Howe Street, Suite 1400<br>Vancouver, BC V6C 3S7<br>Canada<br>|
| | T: +1 604 678 4123 | **Stock Exchange** |
| | E: info@oceanagold.com | **Stock Exchange** |
| |  | **Canada**<br>Toronto Stock Exchange<br>3rd Floor, 130 King Street W.<br>Toronto, Ontario M5X 1J2<br>Canada |
| | **Investor Relations**<br>T: +1 604 678 4095<br>E: ir@oceanagold.com<br>| **Canada**<br>Toronto Stock Exchange<br>3rd Floor, 130 King Street W.<br>Toronto, Ontario M5X 1J2<br>Canada |
| @oceanagold<br>www.oceanagold.com |  |  |
| @oceanagold<br>www.oceanagold.com | **Company Secretary** | Ticker symbol: OGC |
| @oceanagold<br>www.oceanagold.com | Liang Tang |  |

---

## Exhibit 99.24

**Exhibit 99.24**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![logo1a.jpg](logo1a.jpg) | ![computersharea.jpg](computersharea.jpg) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![logo1a.jpg](logo1a.jpg) | 8th Floor, 100 University Avenue<br>Toronto, Ontario M5J 2Y1<br>www.computershare.com | |
| | **Security Class**<br>**Holder Account Number** | |
| | | Fold |

---

---

| | |
|:---|:---|
| **Form of Proxy - Annual General and Special Meeting to be held virtually on June 4, 2025 at 9:00 am (EDT)** | **Form of Proxy - Annual General and Special Meeting to be held virtually on June 4, 2025 at 9:00 am (EDT)** |
| &nbsp;&nbsp;**This Form of Proxy is solicited by and on behalf of Management.**<br>**Notes to proxy**<br>1.**Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the Management Designees whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse).**<br>2.If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you may be required to provide documentation evidencing your power to sign this proxy with signing capacity stated. If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.<br>3.This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy.<br>4.If a date is not inserted in the space provided on the reverse of this proxy, it will be deemed to bear the date on which it was mailed to the holder by Management.<br>5.**The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, and the proxy appoints the Management Designees listed on the reverse, this proxy will be voted as recommended by Management.**<br>6.The securities represented by this proxy will be voted in favour, or withheld from voting, or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may be called for. If you have specified a choice with respect to any matter to be acted on, the securities will be voted accordingly.<br>7.This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting and Management Information Circular or other matters that may properly come before the meeting or any adjournment or postponement thereof, unless prohibited by law.<br>8.This proxy should be read in conjunction with the accompanying documentation provided by Management. | |
| &nbsp;&nbsp;**This Form of Proxy is solicited by and on behalf of Management.**<br>**Notes to proxy**<br>1.**Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the Management Designees whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse).**<br>2.If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you may be required to provide documentation evidencing your power to sign this proxy with signing capacity stated. If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.<br>3.This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy.<br>4.If a date is not inserted in the space provided on the reverse of this proxy, it will be deemed to bear the date on which it was mailed to the holder by Management.<br>5.**The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, and the proxy appoints the Management Designees listed on the reverse, this proxy will be voted as recommended by Management.**<br>6.The securities represented by this proxy will be voted in favour, or withheld from voting, or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may be called for. If you have specified a choice with respect to any matter to be acted on, the securities will be voted accordingly.<br>7.This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting and Management Information Circular or other matters that may properly come before the meeting or any adjournment or postponement thereof, unless prohibited by law.<br>8.This proxy should be read in conjunction with the accompanying documentation provided by Management. | Fold |
| &nbsp;&nbsp;**This Form of Proxy is solicited by and on behalf of Management.**<br>**Notes to proxy**<br>1.**Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the Management Designees whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse).**<br>2.If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you may be required to provide documentation evidencing your power to sign this proxy with signing capacity stated. If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.<br>3.This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy.<br>4.If a date is not inserted in the space provided on the reverse of this proxy, it will be deemed to bear the date on which it was mailed to the holder by Management.<br>5.**The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, and the proxy appoints the Management Designees listed on the reverse, this proxy will be voted as recommended by Management.**<br>6.The securities represented by this proxy will be voted in favour, or withheld from voting, or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may be called for. If you have specified a choice with respect to any matter to be acted on, the securities will be voted accordingly.<br>7.This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting and Management Information Circular or other matters that may properly come before the meeting or any adjournment or postponement thereof, unless prohibited by law.<br>8.This proxy should be read in conjunction with the accompanying documentation provided by Management. |  |

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**Proxies submitted must be received by 9:00 am (Eastern Daylight Time) on June 2, 2025.**

**VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK!**

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| &nbsp;&nbsp;&nbsp;&nbsp;• Call the number listed BELOW from a touch tone telephone.<br>**1-866-732-VOTE (8683) Toll Free** | &nbsp;&nbsp;&nbsp;&nbsp;• Go to the following web site: www.investorvote.com<br>• **Smartphone?**<br>Scan the QR code to vote now. | ![qrcodea.jpg](qrcodea.jpg) | • You can enroll to receive future securityholder communications electronically by visiting www.investorcentre.com. | • You can attend the meeting virtually by visiting the URL provided on the back of this document. |

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**If you vote by telephone or the Internet, DO NOT mail back this proxy.**

**Voting by mail** may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual.

**Voting by mail or by Internet** are the only methods by which a holder may appoint a person as proxyholder other than the Management Designees named on the reverse of this proxy. Instead of mailing this proxy, you may choose one of the two voting methods outlined above to vote this proxy.

**To vote by telephone or the Internet, you will need to provide your CONTROL NUMBER listed below.**

**CONTROL NUMBER**

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| **Appointment of Proxyholder**<br>**I/We being holder(s) of securities of OceanaGold Corporation (the**<br>**"Company") hereby appoint:** PAUL BENSON, Chair of the Board of the<br>Company, or failing this person, GERARD MICHAEL BOND, President &<br>Chief Executive Officer of the Company (the "Management Designees") | **OR** | **Print the name of the person you are appointing if this person is someone other than the Management Designees listed herein.** |
| **Appointment of Proxyholder**<br>**I/We being holder(s) of securities of OceanaGold Corporation (the**<br>**"Company") hereby appoint:** PAUL BENSON, Chair of the Board of the<br>Company, or failing this person, GERARD MICHAEL BOND, President &<br>Chief Executive Officer of the Company (the "Management Designees") | **OR** | **Print the name of the person you are appointing if this person is someone other than the Management Designees listed herein.** |
| **Appointment of Proxyholder**<br>**I/We being holder(s) of securities of OceanaGold Corporation (the**<br>**"Company") hereby appoint:** PAUL BENSON, Chair of the Board of the<br>Company, or failing this person, GERARD MICHAEL BOND, President &<br>Chief Executive Officer of the Company (the "Management Designees") | | |
| | | **Note: If completing the appointment box above YOU MUST go to https://www.computershare.com/Oceanagold and provide Computershare with the name and email address of the person you are appointing. Computershare will use this information ONLY to provide the appointee with an Invite Code to gain entry to the online meeting.** |

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as my/our proxyholder with full power of substitution and to attend, act and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and on all other matters that may properly come before the Annual General and Special Meeting of shareholders of the Company to be held virtually at https://meetnow.global/MYZ5RD5 on June 4, 2025 at 9:00 am (Eastern Daylight Time) and at any adjournment or postponement thereof.

**VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES.**

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| **1. Election of Directors** | | | | | | | | | | | |
| | **For** | **Withhold** | | **For** | | **Withhold** | | | **For** | **Withhold** | |
| 01. Paul Benson |  |  | 02. Ian M. Reid |  |  |  | 03. Craig J. Nelsen | 03. Craig J. Nelsen |  |  | **Fold** |
| 04. Sandra M. Dodds |  |  | 05. Alan N. Pangbourne |  |  |  | 06. Linda M. Broughton | 06. Linda M. Broughton |  |  |  |
| 07. Stefanie E. Loader |  |  | 08. Gerard M. Bond |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | **For** | **Withhold** |  |
| **2.Appointment of Auditors** | **2.Appointment of Auditors** | **2.Appointment of Auditors** | **2.Appointment of Auditors** | **2.Appointment of Auditors** | **2.Appointment of Auditors** | **2.Appointment of Auditors** | **2.Appointment of Auditors** |  |  |  |  |
| Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. |  |  |  |
| Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. | Appointment of PricewaterhouseCoopers LLP as auditor of the Company for the ensuing year and authorizing the Board of Directors of the Company to fix the auditor's remuneration. |  |  |  |
|  |  |  |  |  |  |  |  |  | **For** | **Against** |  |
| **3.Advisory Vote on the Approach to Executive Compensation** | **3.Advisory Vote on the Approach to Executive Compensation** | **3.Advisory Vote on the Approach to Executive Compensation** | **3.Advisory Vote on the Approach to Executive Compensation** | **3.Advisory Vote on the Approach to Executive Compensation** | **3.Advisory Vote on the Approach to Executive Compensation** | **3.Advisory Vote on the Approach to Executive Compensation** | **3.Advisory Vote on the Approach to Executive Compensation** |  |  |  |  |
| To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). |  |  |  |
| To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). | To consider and, if thought advisable, approve a non-binding advisory resolution on the Company's approach to executive compensation, as more particularly described in the accompanying Management Information Circular (the "Circular"). |  |  |  |
|  |  |  |  |  |  |  |  |  | **For** | **Against** |  |
| **4.Virtual-Only Meetings** | **4.Virtual-Only Meetings** | **4.Virtual-Only Meetings** | **4.Virtual-Only Meetings** | **4.Virtual-Only Meetings** | **4.Virtual-Only Meetings** | **4.Virtual-Only Meetings** | **4.Virtual-Only Meetings** |  |  |  |  |
| To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. |  |  |  |
| To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to hold the next annual general meeting of shareholders exclusively in a virtual-only format, as more particularly described in the Circular. |  |  |  |
|  |  |  |  |  |  |  |  |  | **For** | **Against** |  |
| **5.Share Consolidation** | **5.Share Consolidation** | **5.Share Consolidation** | **5.Share Consolidation** | **5.Share Consolidation** | **5.Share Consolidation** | **5.Share Consolidation** | **5.Share Consolidation** |  |  |  |  |
| To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. |  |  |  |
| To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. | To consider and, if thought advisable, approve a resolution to authorize the Board of Directors of the Company to effect a share consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share, as more particularly described in the Circular. |  |  | **Fold** |
|  |  |  |  |  |  |  |  |  | **For** | **Against** |  |
| **6.Amendments to the Company's Articles** | **6.Amendments to the Company's Articles** | **6.Amendments to the Company's Articles** | **6.Amendments to the Company's Articles** | **6.Amendments to the Company's Articles** | **6.Amendments to the Company's Articles** | **6.Amendments to the Company's Articles** | **6.Amendments to the Company's Articles** |  |  |  |  |
| To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. |  |  |  |
| To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. | To consider and, if thought advisable, approve a special resolution approving amendments to the Company's articles, as more particularly described in the Circular. |  |  |  |
| **Signature of Proxyholder** | **Signature of Proxyholder** | **Signature of Proxyholder** |  |  | **Signature(s)** | **Signature(s)** | **Signature(s)** | **Date** | **Date** | **Date** | **Date** |
| I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. **If no voting instructions are indicated above, and the proxy appoints the Management Designees, this Proxy will be voted as recommended by Management.**<br>**If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.** | I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. **If no voting instructions are indicated above, and the proxy appoints the Management Designees, this Proxy will be voted as recommended by Management.**<br>**If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.** | I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. **If no voting instructions are indicated above, and the proxy appoints the Management Designees, this Proxy will be voted as recommended by Management.**<br>**If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.** | I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. **If no voting instructions are indicated above, and the proxy appoints the Management Designees, this Proxy will be voted as recommended by Management.**<br>**If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.** |  |  |  |  | **DD / MM / YY** | **DD / MM / YY** | **DD / MM / YY** |  |
| I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. **If no voting instructions are indicated above, and the proxy appoints the Management Designees, this Proxy will be voted as recommended by Management.**<br>**If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.** | I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. **If no voting instructions are indicated above, and the proxy appoints the Management Designees, this Proxy will be voted as recommended by Management.**<br>**If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.** | I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. **If no voting instructions are indicated above, and the proxy appoints the Management Designees, this Proxy will be voted as recommended by Management.**<br>**If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.** | I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. **If no voting instructions are indicated above, and the proxy appoints the Management Designees, this Proxy will be voted as recommended by Management.**<br>**If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President.** |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Signing Capacity | Signing Capacity | Signing Capacity |  |  |  |  |
| **Interim Financial Statements -** Mark this box if you would like to receive Interim Financial Statements and accompanying Management's Discussion and Analysis by mail. | **Interim Financial Statements -** Mark this box if you would like to receive Interim Financial Statements and accompanying Management's Discussion and Analysis by mail. |  | **Annual Financial Statements -** Mark this box if you would like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. | **Annual Financial Statements -** Mark this box if you would like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. | **Annual Financial Statements -** Mark this box if you would like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. |  | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. |  |
| **Interim Financial Statements -** Mark this box if you would like to receive Interim Financial Statements and accompanying Management's Discussion and Analysis by mail. | **Interim Financial Statements -** Mark this box if you would like to receive Interim Financial Statements and accompanying Management's Discussion and Analysis by mail. |  | **Annual Financial Statements -** Mark this box if you would like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. | **Annual Financial Statements -** Mark this box if you would like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. | **Annual Financial Statements -** Mark this box if you would like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. |  | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. |  |
| **Interim Financial Statements -** Mark this box if you would like to receive Interim Financial Statements and accompanying Management's Discussion and Analysis by mail. | **Interim Financial Statements -** Mark this box if you would like to receive Interim Financial Statements and accompanying Management's Discussion and Analysis by mail. |  | **Annual Financial Statements -** Mark this box if you would like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. | **Annual Financial Statements -** Mark this box if you would like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. | **Annual Financial Statements -** Mark this box if you would like to receive the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. |  | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. | **Information Circular –** Mark this box if you would like <br>to receive the Information Circular by mail for the next <br>securityholders' meeting. |  |
| If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. | If you are not mailing back your proxy, you may register online to receive the above financial report(s) by mail at www.computershare.com/mailinglist. |

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 O G C Q 3 7 9 0 3 8 A R 1 ◗

## Exhibit 99.25

**Exhibit 99.25**

**Report of Voting Results**

**Section 11.3 of National Instrument 51-102**

In accordance with Section 11.3 of National Instrument 51-102 – *Continuous Disclosure Obligations*, this report briefly describes the matters voted upon and the outcome of voting at the Annual General and Special Meeting of Shareholders of OceanaGold Corporation (the "Company") held on June 4, 2025.

---

| | |
|:---|:---|
| Total Shares Voted: | **538458035** |
| Eligible Shares: | **698211218** |
| Total Percentage of Shares Voted: | **77.12%** |

---

**1.&nbsp;&nbsp;&nbsp;&nbsp;Election of Directors**

Resolutions electing each of the director nominees listed in OceanaGold's Management Information Circular dated April 23, 2025 as directors of the Company were passed by ordinary resolution.

The votes submitted for each director were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Directors** | **Votes For** | **%** | **Votes Withheld / Abstain** | **%** |
| Paul Benson | 393936966 | 79.79 | 99784006 | 20.21 |
| Ian M. Reid | 488729245 | 98.99 | 4991727 | 1.01 |
| Craig J. Nelsen | 491026458 | 99.45 | 2694514 | 0.55 |
| Sandra M. Dodds | 482121086 | 97.65 | 11599886 | 2.35 |
| Alan N. Pangbourne | 490403457 | 99.33 | 3317515 | 0.67 |
| Linda M. Broughton | 491015000 | 99.45 | 2705972 | 0.55 |
| Stefanie E. Loader | 493423819 | 99.94 | 297153 | 0.06 |
| Gerard M. Bond | 493434771 | 99.94 | 286201 | 0.06 |

---

<u>www.oceanagold.com</u>

------

**2.&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Auditor**

A resolution appointing PricewaterhouseCoopers LLP (PWC Canada) as the auditor of the Company for the ensuing year and authorizing the board of the Company to fix their remuneration was passed.

---

| | | | |
|:---|:---|:---|:---|
| **Votes For** | **%** | **Votes Withheld / Abstain** | **%** |
| 508912534 | 94.51 | 29545500 | 5.49 |

---

**3.&nbsp;&nbsp;&nbsp;&nbsp;Advisory Vote on Executive Compensation**

A non-binding resolution on the Company's approach to executive compensation was passed.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Votes For** | **%** | **Votes Against** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| 480384783 | 97.30 | 13336189 | 2.70 |

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**4.&nbsp;&nbsp;&nbsp;&nbsp;Virtual-Only Meetings**

A resolution approving the Company to hold the 2026 Annual General Meeting of Shareholders exclusively in a virtual-only format was passed.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Votes For** | **%** | **Votes Against** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325303717 | 65.89 | 168417253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.11 |

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**5.&nbsp;&nbsp;&nbsp;&nbsp;Share Consolidation**

A special resolution approving the consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share was passed.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Votes For** | **%** | **Votes Against** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| 536892725 | 99.71 | 1565307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |

---

<u>www.oceanagold.com</u>

------

**6.&nbsp;&nbsp;&nbsp;&nbsp;Amendments to the Company's Articles**

A special resolution approving amendments to the Company's articles was passed.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Votes For** | **%** | **Votes Against** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**%** |
| 491746774 | 99.60 | 1974197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |

---

DATED this 4th day of June, 2025.

**OCEANAGOLD CORPORATION**

By: *(signed) "Liang Tang"*

Liang Tang

Executive Vice President, General Counsel & Company Secretary

<u>www.oceanagold.com</u>

## Exhibit 99.26

**Exhibit 99.26**

**OCEANAGOLD CORPORATION**

**Amended and Restated Schedule B – Updated Articles**

to the OceanaGold Corporation 2025 Management Information Circular dated April 23, 2025

filed pursuant to the news release of OceanaGold Corporation dated May 7, 2025

------

---

| | |
|:---|:---|
| Incorporation Number | BC0786321 |
| Translation of Name (if any) | |
| Effective Date | June 15, 2007, as <br>amended May 20, 2013 <br>and [•] |

---

**PROVINCE OF BRITISH COLUMBIA**

**BUSINESS CORPORATIONS ACT**

**ARTICLES OF**

**OCEANAGOLD CORPORATION**

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | **Page** | |
| **PART 1** | **PART 1** | **PART 1** |
| **INTERPRETATION** | **INTERPRETATION** | **INTERPRETATION** |
| 1.1 | Definitions | 1 |
| 1.2 | Business Corporations Act Definitions Apply | 2 |
| 1.3 | Interpretation Act Applies | 2 |
| 1.4 | Conflict in Definitions | 2 |
| 1.5 | Conflict Between Articles and Legislation | 2 |
| **PART 2** | **PART 2** | **PART 2** |
| **SHARES AND SHARE CERTIFICATES** | **SHARES AND SHARE CERTIFICATES** | **SHARES AND SHARE CERTIFICATES** |
| 2.1 | Authorized Share Structure | 2 |
| 2.2 | Form of Share Certificate | 2 |
| 2.3 | Right to Share Certificate or Acknowledgement | 2 |
| 2.4 | Sending of Share Certificate | 2 |
| 2.5 | Replacement of Worn Out or Defaced Certificate | 3 |
| 2.6 | Replacement of Lost, Stolen or Destroyed Certificate | 3 |
| 2.7 | Recovery of New Share Certificate | 3 |
| 2.8 | Splitting Share Certificates | 3 |
| 2.9 | Certificate Fee | 3 |
| 2.10 | Recognition of Trusts | 3 |
| **PART 3** | **PART 3** | **PART 3** |
| **ISSUE OF SHARES** | **ISSUE OF SHARES** | **ISSUE OF SHARES** |
| 3.1 | Directors Authorized to Issue Shares | 4 |
| 3.2 | Commissions and Discounts | 4 |
| 3.3 | Brokerage | 4 |
| 3.4 | Conditions of Issue | 4 |
| 3.5 | Warrants, Options and Rights | 4 |
| 3.6 | Fractional Shares | 4 |
| **PART 4** | **PART 4** | **PART 4** |
| **SHARE REGISTERS** | **SHARE REGISTERS** | **SHARE REGISTERS** |
| 4.1 | Central Securities Register | 5 |
| 4.2 | Branch Registers | 5 |
| 4.3 | Appointment of Agents | 5 |
| 4.4 | Closing Register | 5 |
| **PART 5** | **PART 5** | **PART 5** |
| **SHARE TRANSFERS** | **SHARE TRANSFERS** | **SHARE TRANSFERS** |
| 5.1 | Recording or Registering Transfer | 5 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| 5.2 | Waivers of Requirements for Transfer | 5 |
| 5.3 | Form of Instrument of Transfer | 6 |
| 5.4 | Transferor Remains Shareholder | 6 |
| 5.5 | Signing of Instrument of Transfer | 6 |
| 5.6 | Enquiry as to Title Not Required | 6 |
| 5.7 | Transfer Fee | 6 |
| **PART 6** | **PART 6** | **PART 6** |
| **TRANSMISSION OF SHARES** | **TRANSMISSION OF SHARES** | **TRANSMISSION OF SHARES** |
| 6.1 | Legal Personal Representative Recognized on Death | 6 |
| 6.2 | Rights of Legal Personal Representative | 7 |
| **PART 7** | **PART 7** | **PART 7** |
| **PURCHASE OF SHARES** | **PURCHASE OF SHARES** | **PURCHASE OF SHARES** |
| 7.1 | Company Authorized to Purchase Shares | 7 |
| 7.2 | Purchase When Insolvent | 7 |
| 7.3 | Sale and Voting of Purchased Shares | 7 |
| **PART 8** | **PART 8** | **PART 8** |
| **BORROWING POWERS** | **BORROWING POWERS** | **BORROWING POWERS** |
| 8.1 | Powers of Directors | 7 |
| 8.2 | Terms of Debt Instruments | 8 |
| 8.3 | Delegation by Directors | 8 |
| **PART 9** | **PART 9** | **PART 9** |
| **ALTERATIONS** | **ALTERATIONS** | **ALTERATIONS** |
| 9.1 | Alteration of Authorized Share Structure | 8 |
| 9.2 | Special Rights and Restrictions | 9 |
| 9.3 | Change of Name | 9 |
| 9.4 | No Interference with Class or Series Rights without Consent | 9 |
| 9.5 | Alterations to Articles | 9 |
| 9.6 | Alterations to Notice of Articles | 9 |
| **PART 10** | **PART 10** | **PART 10** |
| **MEETINGS OF SHAREHOLDERS** | **MEETINGS OF SHAREHOLDERS** | **MEETINGS OF SHAREHOLDERS** |
| 10.1 | Annual General Meetings | 9 |
| 10.2 | Resolution Instead of Annual General Meeting | 9 |
| 10.3 | Calling of Shareholder Meetings | 10 |
| 10.4 | Location of Shareholder Meetings | 10 |
| 10.5 | Notice for Meetings of Shareholders | 10 |
| 10.6 | Record Date for Notice | 10 |
| 10.7 | Record Date for Voting | 10 |
| 10.8 | Failure to Give Notice and Waiver of Notice | 10 |

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-ii-

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| 10.9 | Notice of Special Business at Meetings of Shareholders | 11 |
| 10.10 | Class Meetings and Series Meetings of Shareholders | 11 |
| 10.11 | Notice of Dissent Rights | 11 |
| 10.12 | Advance Notice Provisions | 11 |
| **PART 11** | **PART 11** | **PART 11** |
| **PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** |
| 11.1 | Special Business | 15 |
| 11.2 | Special Majority | 16 |
| 11.3 | Quorum | 16 |
| 11.4 | One Shareholder May Constitute Quorum | 16 |
| 11.5 | Meetings by Telephone or Other Communications Medium | 16 |
| 11.6 | Other Persons May Attend | 16 |
| 11.7 | Requirement of Quorum | 17 |
| 11.8 | Lack of Quorum | 17 |
| 11.9 | Lack of Quorum at Succeeding Meeting | 17 |
| 11.10 | Chair | 17 |
| 11.11 | Selection of Alternate Chair | 17 |
| 11.12 | Adjournments | 17 |
| 11.13 | Notice of Adjourned Meeting | 17 |
| 11.14 | Electronic Voting | 18 |
| 11.15 | Decisions by Show of Hands or Poll | 18 |
| 11.16 | Declaration of Result | 18 |
| 11.17 | Motion Need Not Be Seconded | 18 |
| 11.18 | Casting Vote | 18 |
| 11.19 | Manner of Taking a Poll | 18 |
| 11.20 | Demand for a Poll on Adjournment | 19 |
| 11.21 | Chair Must Resolve Dispute | 19 |
| 11.22 | Casting of Votes | 19 |
| 11.23 | Demand for Poll | 19 |
| 11.24 | Demand for a Poll Not to Prevent Continuation of Meeting | 19 |
| 11.25 | Retention of Ballots and Proxies | 19 |
| **PART 12** | **PART 12** | **PART 12** |
| **VOTES OF SHAREHOLDERS** | **VOTES OF SHAREHOLDERS** | **VOTES OF SHAREHOLDERS** |
| 12.1 | Number of Votes by Shareholder or by Shares | 19 |
| 12.2 | Votes of Persons in Representative Capacity | 19 |
| 12.3 | Votes by Joint Shareholders | 20 |
| 12.4 | Legal Personal Representatives as Joint Shareholders | 20 |
| 12.5 | Representative of a Corporate Shareholder | 20 |
| 12.6 | Proxy Provisions Do Not Apply to All Companies | 20 |
| 12.7 | Appointment of Proxy Holder | 21 |

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-iii-

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| 12.8 | Alternate Proxy Holders | 21 |
| 12.9 | When Proxy Holder Need Not Be Shareholder | 21 |
| 12.10 | Deposit of Proxy | 21 |
| 12.11 | Validity of Proxy Vote | 21 |
| 12.12 | Form of Proxy | 22 |
| 12.13 | Revocation of Proxy | 22 |
| 12.14 | Revocation of Proxy Must Be Signed | 22 |
| 12.15 | Chair May Determine Validity of Proxy | 23 |
| 12.16 | Production of Evidence of Authority to Vote | 23 |
| **PART 13** | **PART 13** | **PART 13** |
| **DIRECTORS** | **DIRECTORS** | **DIRECTORS** |
| 13.2 | Change in Number of Directors | 23 |
| 13.3 | Directors' Acts Valid Despite Vacancy | 24 |
| 13.4 | Qualifications of Directors | 24 |
| 13.5 | Remuneration of Directors | 24 |
| 13.6 | Reimbursement of Expenses of Directors | 24 |
| 13.7 | Special Remuneration for Directors | 24 |
| 13.8 | Gratuity, Pension or Allowance on Retirement of Director | 24 |
| **PART 14** | **PART 14** | **PART 14** |
| **ELECTION AND REMOVAL OF DIRECTORS** | **ELECTION AND REMOVAL OF DIRECTORS** | **ELECTION AND REMOVAL OF DIRECTORS** |
| 14.1 | Election at Annual General Meeting | 24 |
| 14.2 | Consent to be a Director | 25 |
| 14.3 | Failure to Elect or Appoint Directors | 25 |
| 14.4 | Places of Retiring Directors Not Filled | 25 |
| 14.5 | Board May Fill Casual Vacancies | 25 |
| 14.6 | Remaining Directors Power to Act | 25 |
| 14.7 | Shareholders May Fill Vacancies | 26 |
| 14.8 | Additional Directors | 26 |
| 14.9 | Ceasing to be a Director | 26 |
| 14.10 | Removal of Director by Shareholders | 26 |
| 14.11 | Removal of Director by Directors | 26 |
| **PART 15** | **PART 15** | **PART 15** |
| **POWERS AND DUTIES OF DIRECTORS** | **POWERS AND DUTIES OF DIRECTORS** | **POWERS AND DUTIES OF DIRECTORS** |
| 15.1 | Powers of Management | 26 |
| 15.2 | Appointment of Attorney of Company | 27 |
| **PART 16** | **PART 16** | **PART 16** |
| **DISCLOSURE OF INTEREST OF DIRECTORS** | **DISCLOSURE OF INTEREST OF DIRECTORS** | **DISCLOSURE OF INTEREST OF DIRECTORS** |
| 16.1 | Obligation to Account for Profits | 27 |

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-iv-

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| 16.2 | Restrictions on Voting by Reason of Interest | 27 |
| 16.3 | Interested Director Counted in Quorum | 27 |
| 16.4 | Disclosure of Conflict of Interest or Property | 27 |
| 16.5 | Director Holding Other Office in the Company | 27 |
| 16.6 | No Disqualification | 28 |
| 16.7 | Professional Services by Director or Officer | 28 |
| 16.8 | Director or Officer in Other Corporations | 28 |
| **PART 17** | **PART 17** | **PART 17** |
| **PROCEEDINGS OF DIRECTORS** | **PROCEEDINGS OF DIRECTORS** | **PROCEEDINGS OF DIRECTORS** |
| 17.1 | Meetings of Directors | 28 |
| 17.2 | Voting at Meetings | 28 |
| 17.3 | Chair of Meetings | 28 |
| 17.4 | Meetings by Telephone or Other Communications Medium | 29 |
| 17.5 | Calling of Meetings | 29 |
| 17.6 | Notice of Meetings | 29 |
| 17.7 | When Notice Not Required | 29 |
| 17.8 | Meeting Valid Despite Failure to Give Notice | 29 |
| 17.9 | Waiver of Notice of Meetings | 29 |
| 17.10 | Quorum | 30 |
| 17.11 | Validity of Acts Where Appointment Defective | 30 |
| 17.12 | Consent Resolutions in Writing | 30 |
| **PART 18** | **PART 18** | **PART 18** |
| **EXECUTIVE AND OTHER COMMITTEES** | **EXECUTIVE AND OTHER COMMITTEES** | **EXECUTIVE AND OTHER COMMITTEES** |
| 18.1 | Appointment and Powers of Executive Committee | 30 |
| 18.2 | Appointment and Powers of Other Committees | 30 |
| 18.3 | Obligations of Committee | 31 |
| 18.4 | Powers of Board | 31 |
| 18.5 | Committee Meetings | 31 |
| **PART 19** | **PART 19** | **PART 19** |
| **OFFICERS** | **OFFICERS** | **OFFICERS** |
| 19.1 | Appointment of Officers | 32 |
| 19.2 | Functions, Duties and Powers of Officers | 32 |
| 19.3 | Qualifications | 32 |
| 19.4 | Remuneration | 32 |
| **PART 20** | **PART 20** | **PART 20** |
| **INDEMNIFICATION** | **INDEMNIFICATION** | **INDEMNIFICATION** |
| 20.1 | Definitions | 32 |
| 20.2 | Mandatory Indemnification of Directors and Former Directors | 33 |
| 20.3 | Indemnification of Other Persons | 33 |

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-v-

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| 20.4 | Non-Compliance with Business Corporations Act | 33 |
| 20.5 | Company May Purchase Insurance | 33 |
| **PART 21** | **PART 21** | **PART 21** |
| **DIVIDENDS** | **DIVIDENDS** | **DIVIDENDS** |
| 21.1 | Payment of Dividends Subject to Special Rights | 33 |
| 21.2 | Declaration of Dividends | 33 |
| 21.3 | No Notice Required | 34 |
| 21.4 | Record Date | 34 |
| 21.5 | Manner of Paying Dividend | 34 |
| 21.6 | Settlement of Difficulties | 34 |
| 21.7 | When Dividend Payable | 34 |
| 21.8 | Dividends to be Paid in Accordance with Number of Shares | 34 |
| 21.9 | Receipt by Joint Shareholders | 34 |
| 21.10 | Dividend Bears No Interest | 34 |
| 21.11 | Fractional Dividends | 34 |
| 21.12 | Payment of Dividends | 34 |
| 21.13 | Capitalization of Surplus | 35 |
| **PART 22** | **PART 22** | **PART 22** |
| **DOCUMENTS, RECORDS AND REPORTS** | **DOCUMENTS, RECORDS AND REPORTS** | **DOCUMENTS, RECORDS AND REPORTS** |
| 22.1 | Recording of Financial Affairs | 35 |
| 22.2 | Inspection of Accounting Records | 35 |
| 22.3 | Remuneration of Auditors | 35 |
| **PART 23** | **PART 23** | **PART 23** |
| **NOTICES** | **NOTICES** | **NOTICES** |
| 23.2 | Deemed Receipt | 36 |
| 23.3 | Certificate of Sending | 36 |
| 23.4 | Notice to Joint Shareholders | 36 |
| 23.5 | Notice to Trustees | 37 |
| 23.6 | Undelivered Notices | 37 |
| **PART 24** | **PART 24** | **PART 24** |
| **SEAL** | **SEAL** | **SEAL** |
| 24.1 | Who May Attest Seal | 37 |
| 24.2 | Sealing Copies | 37 |
| 24.3 | Mechanical Reproduction of Seal | 37 |
| **PART 25** | **PART 25** | **PART 25** |
| **PROHIBITIONS** | **PROHIBITIONS** | **PROHIBITIONS** |
| 25.1 | Definitions | 38 |
| 25.2 | Application | 38 |
| 25.3 | Consent Required for Transfer of Shares or Designated Securities | 38 |

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-vi-

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---

| | | |
|:---|:---|:---|
| **PART 26** | **PART 26** | **PART 26** |
| **SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE COMMON** <br>**SHARES** | **SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE COMMON** <br>**SHARES** | **SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE COMMON** <br>**SHARES** |
| 26.1 | Voting | 39 |
| 26.2 | Dividends | 39 |
| 26.3 | Dissolution | 39 |
| **PART 27** | **PART 27** | **PART 27** |
| **SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE PREFERRED** <br>**SHARES** | **SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE PREFERRED** <br>**SHARES** | **SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE PREFERRED** <br>**SHARES** |
| 27.1 | Issuable in Series | 39 |

---

-vii-

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**PROVINCE OF BRITISH COLUMBIA**

**BUSINESS CORPORATIONS ACT**

**ARTICLES**

**OF**

**OCEANAGOLD CORPORATION**

**(the "Company")**

---

| | |
|:---|:---|
| **Incorporation Number** | **BC0786321** |
| **Translation of Name (if any)** | |
| **Effective Date** | **June 15, 2007, as amended May 20, 2013 and [•]** |

---

**PART 1**

**INTERPRETATION**

**1.1&nbsp;&nbsp;&nbsp;&nbsp;Definitions.**

Without limiting Article 1.2, in these articles, unless the context requires otherwise: "adjourned meeting" means the meeting to which a meeting is adjourned under Article 11.8 or 11.12;

"board", "board of directors" and "directors" mean the directors or sole director of the Company for the time being and include a committee or other delegate, direct or indirect, of the directors or director;

"Business Corporations Act" means the *Business Corporations Act*, (British Columbia) from time to time in force and all amendments thereto and includes all regulations;

and amendments thereto made pursuant to that Act;

"Interpretation Act" means the *Interpretation Act* (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

"legal personal representative" means the personal or other legal representative of the shareholder;

"protected purchaser" has the meaning assigned in the Securities Transfer Act;

"seal" means the seal of the Company, if any.

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"Securities Transfer Act" means the *Securities Transfer Act* (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act.

**1.2&nbsp;&nbsp;&nbsp;&nbsp;Business Corporations Act Definitions Apply.** The definitions in the Business Corporations Act apply to these articles.

**1.3&nbsp;&nbsp;&nbsp;&nbsp;Interpretation Act Applies.** The Interpretation Act applies to the interpretation of these articles as if these articles were an enactment.

**1.4&nbsp;&nbsp;&nbsp;&nbsp;Conflict in Definitions.** If there is a conflict between a definition in the Business Corporations Act and a definition or rule in the Interpretation Act relating to a term used in these articles, the definition in the Business Corporations Act will prevail in relation to the use of the term in these articles.

**1.5&nbsp;&nbsp;&nbsp;&nbsp;Conflict Between Articles and Legislation.** If there is a conflict between these articles and the Business Corporations Act, the Business Corporations Act will prevail.

**PART 2**

**SHARES AND SHARE CERTIFICATES**

**2.1&nbsp;&nbsp;&nbsp;&nbsp;Authorized Share Structure.** The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

**2.2&nbsp;&nbsp;&nbsp;&nbsp;Form of Share Certificate.** Each share certificate issued by the Company must comply with, and be signed as required by, the Business Corporations Act.

**2.3&nbsp;&nbsp;&nbsp;&nbsp;Right to Share Certificate or Acknowledgement.** Unless the shares of which the shareholder is the registered owner are uncertificated shares within the meaning of the Business Corporations Act, each shareholder is entitled, without charge, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;one certificate representing the share or shares of each class or series of shares registered in the shareholder's name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate,

provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate or acknowledgement and delivery of a share certificate or acknowledgment for a share to one of several joint shareholders or to one of the shareholders' duly authorized agents will be sufficient delivery to all. The Company may refuse to register more than three persons as joint holders of a share.

**2.4&nbsp;&nbsp;&nbsp;&nbsp;Sending of Share Certificate.** Any share certificate or non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate to which a shareholder is entitled may be sent to the shareholder by mail at the shareholders' registered

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address, and neither the Company nor any agent is liable for any loss to the shareholder because the share certificate or acknowledgment sent is lost in the mail or stolen.

**2.5&nbsp;&nbsp;&nbsp;&nbsp;Replacement of Worn Out or Defaced Certificate.** If the Company is satisfied that a share certificate is worn out or defaced, they must, on production to them of the certificate and on such other terms, if any, as they think fit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;order the certificate to be cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;issue a replacement share certificate.

**2.6&nbsp;&nbsp;&nbsp;&nbsp;Replacement of Lost, Stolen or Destroyed Certificate.** If a share certificate is lost, stolen or destroyed, a replacement share certificate must be issued to the person entitled to that certificate if the person claiming such share certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;so requests a replacement share certificate before the Company has notice that the share certificate has been acquired by a protected purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provides the Company with proof satisfactory to them that the certificate is lost, stolen or destroyed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;provides the Company with an indemnity bond sufficient in the Company's judgement to protect the Company from any loss that the Company may suffer by issuing a new certificate.

A person entitled to a share certificate may not assert against the Company a claim for a new share certificate where a share certificate has been lost, apparently destroyed or wrongfully taken if that person fails to notify the Company of that fact within a reasonable time after that person has notice of it and the Company registers a transfer of the shares represented by the certificate before receiving a notice of the loss, apparent destruction or wrongful taking of the share certificate.

**2.7&nbsp;&nbsp;&nbsp;&nbsp;Recovery of New Share Certificate.** If, after the issue of a new share certificate, a protected purchaser of the original share certificate presents the original share certificate for the registration of transfer, then in addition to any rights under any indemnity bond, the Company may recover the new share certificate from a person to whom it was issued or any person taking under that person other than a protected purchaser.

**2.8&nbsp;&nbsp;&nbsp;&nbsp;Splitting Share Certificates.** If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the certificate so surrendered, the Company must cancel the surrendered certificate and issue replacement share certificates in accordance with that request. The Company may refuse to issue a certificate with respect to a fraction of a share.

**2.9&nbsp;&nbsp;&nbsp;&nbsp;Certificate Fee.** There must be paid to the Company, in relation to the issue of any share certificate under Articles 2.5, 2.6, 2.7 or 2.8, the amount, if any and which must not exceed the amount prescribed under the Business Corporations Act, determined by the directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2.10&nbsp;&nbsp;&nbsp;&nbsp;Recognition of Trusts.** Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as by law or statute or these Articles provided or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

**PART 3**

**ISSUE OF SHARES**

**3.1&nbsp;&nbsp;&nbsp;&nbsp;Directors Authorized to Issue Shares.** Subject to the Business Corporations Act and the rights of the holders of issued shares of the Company, the directors may issue, allot, sell or otherwise dispose of the unissued shares, and previously issued shares that are subject to reissuance or held by the Company, whether with par value or without par value, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares may be issued) that the directors, in their absolute discretion, may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

**3.2&nbsp;&nbsp;&nbsp;&nbsp;Commissions and Discounts.** The directors may, at any time, authorize the Company to pay a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company.

**3.3&nbsp;&nbsp;&nbsp;&nbsp;Brokerage.** The directors may authorize the Company to pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

**3.4&nbsp;&nbsp;&nbsp;&nbsp;Conditions of Issue.** Except as provided for by the Business Corporations Act, no share may be issued until it is fully paid. A share is fully paid when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;consideration is provided to the Company for the issue of the share by one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;past services performed for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;money; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the value of the consideration received by the Company equals or exceeds the issue price set for the share under Article 3.1.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3.6&nbsp;&nbsp;&nbsp;&nbsp;Fractional Shares.** A person holding a fractional share does not have, in relation to the fractional share, the rights of a shareholder in proportion to the fraction of the share held.

**PART 4**

**SHARE REGISTERS**

**4.1&nbsp;&nbsp;&nbsp;&nbsp;Central Securities Register.** As required by and subject to the Business Corporations Act, the Company must maintain in British Columbia a central securities register which may be kept in electronic form.

**4.2&nbsp;&nbsp;&nbsp;&nbsp;Branch Registers.** In addition to the central securities register, the Company may maintain branch securities registers.

**4.3&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Agents.** The directors may, subject to the Business Corporations Act, appoint an agent to maintain the central securities register and any branch securities registers. The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

**4.4&nbsp;&nbsp;&nbsp;&nbsp;Closing Register.** The Company must not at any time close its central securities register.

**PART 5**

**SHARE TRANSFERS**

**5.1&nbsp;&nbsp;&nbsp;&nbsp;Recording or Registering Transfer.** Except to the extent that the Business Corporations Act or the Securities Act otherwise provides, a transfer of a share of the Company must not be recorded or registered unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a duly signed instrument of transfer in respect of the share has been received by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate has been surrendered to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;if a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment has been surrendered to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;such other evidence, if any, as the Company or the transfer agent or registrar for the class or series of shares to be transferred may require to prove the title of the transferor or the transferor's right to transfer the share, that the written instrument of transfer is genuine and authorized and the transfer is rightful or to a protected purchaser has been received by the Company;

or all of the preconditions for a transfer of a share under the Securities Transfer Act have been met and the Company is required under the Securities Transfer Act to register the transfer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5.2&nbsp;&nbsp;&nbsp;&nbsp;Waivers of Requirements for Transfer.** The Company may waive any of the requirements set out in Article 5.1.

**5.3&nbsp;&nbsp;&nbsp;&nbsp;Form of Instrument of Transfer.** The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates or in any other form satisfactory to the Company or the transfer agent for the class or series of shares to be transferred.

**5.4&nbsp;&nbsp;&nbsp;&nbsp;Transferor Remains Shareholder.** Except to the extent that the Business Corporations Act otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

**5.5&nbsp;&nbsp;&nbsp;&nbsp;Signing of Instrument of Transfer.** If a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer, or, if no number is specified, all the shares represented by share certificates deposited with the instrument of transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;in the name of the person named as transferee in that instrument of transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the share certificate is deposited for the purpose of having the transfer registered.

**5.6&nbsp;&nbsp;&nbsp;&nbsp;Enquiry as to Title Not Required.** Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

**5.7&nbsp;&nbsp;&nbsp;&nbsp;Transfer Fee.** Subject to the applicable rules of any stock exchange on which the shares of the Company may be listed, there must be paid to the Company, in relation to the registration of any transfer, the amount determined by the directors.

**PART 6**

**TRANSMISSION OF SHARES**

**6.1&nbsp;&nbsp;&nbsp;&nbsp;Legal Personal Representative Recognized on Death.** In the case of the death of a shareholder, the legal personal representative, or if the shareholder was a joint holder, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative, the directors may require proof of appointment by a court of competent

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jurisdiction, a grant of letters probate, letters of administration or such other evidence or documents as the directors consider appropriate.

**6.2&nbsp;&nbsp;&nbsp;&nbsp;Rights of Legal Personal Representative.** The legal personal representative has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the Business Corporations Act and the directors have been deposited with the Company.

**PART 7**

**PURCHASE OF SHARES**

**7.1&nbsp;&nbsp;&nbsp;&nbsp;Company Authorized to Purchase Shares.** Subject to the special rights and restrictions attached to any class or series of shares, the Business Corporations Act and applicable securities legislation, the Company may, if authorized by the directors, purchase or otherwise acquire any of its shares at the price and on the terms specified in such resolution.

**7.2&nbsp;&nbsp;&nbsp;&nbsp;Purchase When Insolvent.** The Company must not make a payment or provide any other consideration to purchase or otherwise acquire any of its shares if there are reasonable grounds for believing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Company is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;making the payment or providing the consideration would render the Company insolvent.

**7.3&nbsp;&nbsp;&nbsp;&nbsp;Sale and Voting of Purchased Shares.** If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;is not entitled to vote the share at a meeting of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;must not pay a dividend in respect of the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;must not make any other distribution in respect of the share.

**PART 8**

**BORROWING POWERS**

**8.1&nbsp;&nbsp;&nbsp;&nbsp;Powers of Directors.** The Company, if authorized by the directors, may from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that the directors consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;guarantee the repayment of money by any other person or the performance of any obligation of any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;mortgage or charge, whether by way of specific or floating charge, or give other security on the whole or any part of the present and future undertaking of the Company.

**8.2&nbsp;&nbsp;&nbsp;&nbsp;Terms of Debt Instruments.** Any bonds, debentures or other debt obligations of the Company may be issued at a discount, premium or otherwise, and with any special privileges on the redemption, surrender, drawing, allotment of or conversion into or exchange for shares or other securities, attending and voting at general meetings of the Company, appointment of directors or otherwise, and may by their terms be assignable free from any equities between the Company and the person to whom they were issued or any subsequent holder, all as the directors may determine.

**8.3&nbsp;&nbsp;&nbsp;&nbsp;Delegation by Directors.** For greater certainty, the powers of the directors under this Part 8 may be exercised by a committee or other delegate, direct or indirect, of the board authorized to exercise such powers.

**PART 9**

**ALTERATIONS**

**9.1&nbsp;&nbsp;&nbsp;&nbsp;Alteration of Authorized Share Structure.** Subject to Article 9.2, the special rights and restrictions attached to the shares of any class or series of shares and the Business Corporations Act, the Company may by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;create one or more classes or series of shares or, if none of the shares of a class or series of shares is allotted or issued, eliminate that class or series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;subdivide or consolidate all or any of its unissued, or fully paid issued, shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;if the Company is authorized to issue shares of a class of shares with par value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;decrease the par value of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if none of the shares of that class of shares is allotted or issued, increase the par value of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;alter the identifying name of any of its shares; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;otherwise alter its shares or authorized share structure when required or permitted to do so by the Business Corporations Act.

and, if applicable, alter its Notice of Articles and, if applicable, its Articles accordingly.

**9.2&nbsp;&nbsp;&nbsp;&nbsp;Special Rights and Restrictions.** Subject to the special rights or restrictions attached to the shares of any class or series of shares and the Business Corporations Act, the Company may by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued.

**9.3&nbsp;&nbsp;&nbsp;&nbsp;Change of Name.** The Company may by directors' resolution or ordinary resolution authorize an alteration of its Notice of Articles in order to change its name.

**9.4&nbsp;&nbsp;&nbsp;&nbsp;No Interference with Class or Series Rights without Consent.** A right or special right attached to issued shares must not be prejudiced or interfered with under the Business Corporations Act, the Notice of Articles or these Articles unless the holders of shares of the class or series of shares to which the right or special right is attached consent by a special separate resolution of the holders of such class or series of shares.

**9.5&nbsp;&nbsp;&nbsp;&nbsp;Alterations to Articles.** If the Business Corporations Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by special resolution alter these Articles.

**9.6&nbsp;&nbsp;&nbsp;&nbsp;Alterations to Notice of Articles.** If the Business Corporations Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by special resolution alter its Notice of Articles.

**PART 10**

**MEETINGS OF SHAREHOLDERS**

**10.1&nbsp;&nbsp;&nbsp;&nbsp;Annual General Meetings.** Unless an annual general meeting is deferred or waived in accordance with the Business Corporations Act, the Company must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such date, time and, subject to Article 10.4, location as may be determined by the directors.

**10.2&nbsp;&nbsp;&nbsp;&nbsp;Resolution Instead of Annual General Meeting.** If all of the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution under the Business Corporations Act to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this

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Article 10.2, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

**10.3&nbsp;&nbsp;&nbsp;&nbsp;Calling of Shareholder Meetings.** The directors may, whenever they think fit, call a meeting of shareholders.

**10.4&nbsp;&nbsp;&nbsp;&nbsp;Location of Shareholder Meetings.** The directors may, by director's resolution, approve a location outside of British Columbia for the holding of a meeting of shareholders.

**10.5&nbsp;&nbsp;&nbsp;&nbsp;Notice for Meetings of Shareholders.** The Company must send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if and for so long as the Company is a public company, 21 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;otherwise, 10 days.

If the meeting will be an electronic meeting (as defined in the Business Corporations Act), the notice must also contain instructions for attending and participating in the meeting by telephone or other communications medium, including, if applicable, instructions for voting at the meeting.

**10.6&nbsp;&nbsp;&nbsp;&nbsp;Record Date for Notice.** The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if and for so long as the Company is a public company, 21 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**10.7&nbsp;&nbsp;&nbsp;&nbsp;Record Date for Voting.** The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**10.8&nbsp;&nbsp;&nbsp;&nbsp;Failure to Give Notice and Waiver of Notice.** The accidental omission to send notice of any meeting to, or the non- receipt of any notice by, any of the persons entitled to receive notice

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does not invalidate any proceedings at that meeting. Any person entitled to receive notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.

**10.9&nbsp;&nbsp;&nbsp;&nbsp;Notice of Special Business at Meetings of Shareholders.** If a meeting of shareholders is to consider special business within the meaning of Article 11.1, the notice of meeting must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;state the general nature of the special business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;at the Company's records office, or at such other reasonably accessible location in British Columbia as is specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;during statutory business hours on any one or more specified days before the day set for the holding of the meeting.

**10.10&nbsp;&nbsp;&nbsp;&nbsp;Class Meetings and Series Meetings of Shareholders.** Unless otherwise specified in these Articles, the provisions of these Articles relating to a meeting of shareholders will apply with the necessary changes and so far as they are applicable, to a class meeting or series meeting of shareholders holding a particular class or series of shares.

**10.11&nbsp;&nbsp;&nbsp;&nbsp;Notice of Dissent Rights.** The Company must send to each of its shareholders, whether or not their shares carry the right to vote, a notice of any meeting of shareholders at which a resolution entitling shareholders to dissent is to be considered specifying the date of the meeting and containing a statement advising of the right to send a notice of dissent together with a copy of the proposed resolution at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if and for so long as the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;otherwise, 10 days.

**10.12 Advance Notice Provisions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Nomination of Directors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Subject only to the Business Corporations Act, applicable securities laws and these Articles, only persons who are nominated in accordance with the procedures set out in this Article 10.13 shall be eligible for election as directors to the board. Nominations of persons for election to the board may only be made at an annual meeting of shareholders, or at a special

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meeting of shareholders called for any purpose at which the election of directors is a matter specified in the notice of meeting, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;by or at the direction of the board or an authorized officer of the Company, including pursuant to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with the provisions of Business Corporations Act or a requisition of shareholders made in accordance with the provisions of the Business Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;by any person entitled to vote at such meeting (a "Nominating Shareholder"), who: (1) is, at the close of business on the date of giving notice provided for in Article 10.12 below and on the record date for notice of such meeting, either entered in the securities register of the Company as a holder of one or more shares carrying the right to vote at such meeting or who beneficially owns shares that are entitled to be voted at such meeting; and (2) has given timely notice in proper written form as set forth in this Article 10.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, the foregoing Article 10.12(a)(ii) shall be the exclusive means for any person to bring nominations for election to the board before any annual or special meeting of shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Timely Notice.** In addition to any other applicable requirement, for a nomination made by a Nominating Shareholder to be timely notice (a "Timely Notice"), the Nominating Shareholder's notice must be received by the corporate secretary of the Company at the principal executive offices of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;in the case of an annual meeting of shareholders (including an annual and special meeting), not later than the close of business on the 30th day, provided, however, if the date (the "Notice Date") on which the first public announcement made by the Company of the date of the annual meeting is less than 50 days prior to the meeting date, not later than the close of business on the 10th day following the Notice Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a special meeting (which is not also an annual meeting) of shareholders called for any purpose which includes the election of directors to the board, not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting is made by the Company.

provided that, in either instance, if notice-and-access (as defined in National Instrument 54-101 - *Communication with Beneficial Owners of Securities of a Reporting Issuer*) is used for delivery of proxy related materials in respect of a

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meeting described in Article 10.12(b)(i) or Section 10.12(b)(ii), and the Notice Date in respect of the meeting is not less than 50 days before the date of the applicable meeting, the notice must be received not later than the close of business on the 40th day before the date of the applicable meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Proper Form of Notice.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;To be in proper written form, a Nominating Shareholder's notice to the corporate secretary must comply with this Article 10.12 and disclose or include, as applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;as to each person whom the Nominating Shareholder proposes to nominate for election as a director (a "Proposed Nominee"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;their name, age, business and residential address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the principal occupation, business or employment both presently and for the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the number of securities of each class of voting securities of the Company beneficially owned, or controlled or directed, directly or indirectly, by the Proposed Nominee, as of the record date for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;a description of any relationships, agreements, arrangements, or understandings (including financial, compensation or indemnity related) between the Proposed Nominee or any affiliates or associates of, or any person or entity acting jointly or in concert with, the Proposed Nominee or the Nominating Shareholder, in connection with the Proposed Nominee's nomination and election as director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;any other information that would be required to be disclosed in a dissident proxy circular or other filings required to be made in connection with the solicitation of proxies for election of directors pursuant to the Business Corporations Act or applicable securities law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;if the same is required or to be required from nominees approved by the board, and if the Proposed Nominee will not be in person at the meeting, be accompanied by a written consent duly signed by each Proposed Nominee to serve as a director if elected; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;as to each Nominating Shareholder giving the notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;their name, business and residential address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the number of securities of each class of voting securities of the Company beneficially owned, or controlled or directed, directly or indirectly, by the Nominating Shareholder or any other person with whom the Nominating Shareholder is acting jointly or in concert with respect to the Company or any of its securities, as of the record date for the meeting of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;their interests in, or rights or obligations associated with, any agreement, arrangement or understanding, the purpose or effect of which is to alter, directly or indirectly, the person's economic interest in a security of the Company or the person's economic exposure to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;any relationships, agreements or arrangements, including financial, compensation and indemnity related relationships, agreements or arrangements, between the Nominating Shareholder or any affiliates or associates of, or any person or entity acting jointly or in concert with, the Nominating Shareholder and any Proposed Nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;full particulars of any proxy, contract, arrangement, agreement or understanding pursuant to which such person, or any of its affiliates or associates, or any person acting jointly or in concert with such person, has any interests, rights or obligations relating to the voting of any securities of the Company or the nomination of directors to the board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;any other information relating to such person that would be required to be included in a dissident proxy circular or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to the Business Corporations Act or as required by applicable securities law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Reference to "Nominating Shareholder" in this Article 10.12(c) shall be deemed to refer to each shareholder that nominated or seeks to nominate a

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person for election as director in the case of a nomination proposal where more than one shareholder is involved in making the nomination proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Currency of Nominee Information.** All information to be provided in a Timely Notice pursuant to this Section 10.12 shall be provided as of the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Delivery of Information**. Any notice, or other document or information required to be given to the corporate secretary pursuant to this Article 10.12 may only be given by personal delivery, facsimile transmission or by email (at such email address as may be stipulated from time to time by the corporate secretary for purposes of this notice), and shall be deemed to have been received and made only at the time it is served by personal delivery to the corporate secretary at the address of the principal executive offices of the Company, email (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received); provided that if such delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m. (Vancouver Time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the next following day that is a business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;**Defective Nomination Determination**. The chair of any meeting of shareholders of the Company shall have the power to determine whether any proposed nomination is made in accordance with the provisions of this Article 10.12 and if any proposed nomination is not in compliance with such provisions, must declare that such defective nomination shall not be considered at any meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;**Waiver.** The board may, in its sole discretion, waive any requirement of this Article 10.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;**Definitions.** For the purposes of this Article 10.12, "public announcement" means disclosure in a press release disseminated by the Company through a national news service in Canada, or in a document filed by the Company for public access under its profile on the System of Electronic Document Analysis and Retrieval + at www.sedarplus.ca.

**PART 11**

**PROCEEDINGS AT MEETINGS OF SHAREHOLDERS**

**11.1&nbsp;&nbsp;&nbsp;&nbsp;Special Business.** At a meeting of shareholders, the following business is special business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;at an annual general meeting, all business is special business except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;business relating to the conduct of, or voting at, the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;consideration of any financial statements of the Company presented to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;consideration of any reports of the directors or auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the setting or changing of the number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the election or appointment of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the appointment of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;any non-binding advisory vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;any other business which, under these Articles or the Business Corporations Act, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

**11.2&nbsp;&nbsp;&nbsp;&nbsp;Special Majority.** The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.

**11.3&nbsp;&nbsp;&nbsp;&nbsp;Quorum.** Subject to the special rights and restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 25% of the issued shares entitled to be voted at the meeting are present in person or represented by proxy, irrespective of the number of persons actually present at the meeting.

**11.4&nbsp;&nbsp;&nbsp;&nbsp;One Shareholder May Constitute Quorum.** If there is only one shareholder entitled to vote at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the quorum is one person who is, or who represents by proxy, that shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;that shareholder, present in person or by proxy, may constitute the meeting.

**11.5&nbsp;&nbsp;&nbsp;&nbsp;Meetings by Telephone or Other Communications Medium.** A shareholder or proxy holder who is entitled to participate in, including vote at, a meeting of shareholders may participate in person or by telephone or other communications medium if all shareholders and proxy holders participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A shareholder who participates in a meeting in a manner contemplated by this Article 11.5 is deemed for all purposes of the Business Corporations Act and these Articles to be present at the meeting and to

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have agreed to participate in that manner. Nothing in this Article 11.5 obligates the Company to take any action or provide any facility to permit or facilitate the use of any communications mediums at a meeting of shareholders.

**11.6&nbsp;&nbsp;&nbsp;&nbsp;Other Persons May Attend.** The directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any other persons invited by the directors are entitled to attend any meeting of shareholders, but if any of those persons does attend a meeting of shareholders, that person is not to be counted in the quorum, and is not entitled to vote at the meeting, unless that person is a shareholder or proxy holder entitled to vote at the meeting.

**11.7&nbsp;&nbsp;&nbsp;&nbsp;Requirement of Quorum.** No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting.

**11.8&nbsp;&nbsp;&nbsp;&nbsp;Lack of Quorum.** If, within one-half hour from the time set for holding a meeting of shareholders, a quorum is not present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a general meeting convened by requisition of shareholders, the meeting is dissolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place, or at such other date, time or location as the chair specifies on the adjournment.

**11.9&nbsp;&nbsp;&nbsp;&nbsp;Lack of Quorum at Succeeding Meeting.** If, at the meeting to which the first meeting referred to in Article 11.8(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting constitute a quorum.

**11.10&nbsp;&nbsp;&nbsp;&nbsp;Chair.** The following individual is entitled to preside as chair at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the chair of the board, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.

**11.11&nbsp;&nbsp;&nbsp;&nbsp;Selection of Alternate Chair.** If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present must choose one of their number to be chair of the meeting or if all of the directors present decline to take the chair or fail to so choose or if no director is present, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11.12&nbsp;&nbsp;&nbsp;&nbsp;Adjournments.** The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

**11.13&nbsp;&nbsp;&nbsp;&nbsp;Notice of Adjourned Meeting.** It is not necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

**11.14&nbsp;&nbsp;&nbsp;&nbsp;Electronic Voting.** Any vote at a meeting of shareholders may be held entirely or partially by means of telephonic, electronic or other communications facilities if the directors determine to make them available whether or not persons entitled to attend participate in the meeting by means of telephonic, electronic or other communications facilities.

**11.15&nbsp;&nbsp;&nbsp;&nbsp;Decisions by Show of Hands or Poll.** Subject to the Business Corporations Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands or the functional equivalent of a show of hands by means of telephonic, electronic or other communications facilities, unless a poll, before or on the declaration of the result of the vote by show of hands (or its functional equivalent), is directed by the chair or demanded by at least one shareholder entitled to vote who is present in person or by proxy.

**11.16&nbsp;&nbsp;&nbsp;&nbsp;Declaration of Result.** The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands (or its functional equivalent) or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.4, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

**11.17&nbsp;&nbsp;&nbsp;&nbsp;Motion Need Not Be Seconded.** No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

**11.18&nbsp;&nbsp;&nbsp;&nbsp;Casting Vote.** In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

**11.19&nbsp;&nbsp;&nbsp;&nbsp;Manner of Taking a Poll.** Subject to Article 11.19, if a poll is duly demanded at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the poll must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the manner, at the time and at the place that the chair of the meeting directs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the result of the poll is deemed to be a resolution of and passed at the meeting at which the poll is demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the demand for the poll may be withdrawn by the person who demanded it.

**11.20&nbsp;&nbsp;&nbsp;&nbsp;Demand for a Poll on Adjournment.** A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

**11.21&nbsp;&nbsp;&nbsp;&nbsp;Chair Must Resolve Dispute.** In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive.

**11.22&nbsp;&nbsp;&nbsp;&nbsp;Casting of Votes.** On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

**11.23&nbsp;&nbsp;&nbsp;&nbsp;Demand for Poll.** No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

**11.24&nbsp;&nbsp;&nbsp;&nbsp;Demand for a Poll Not to Prevent Continuation of Meeting.** The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.

**11.25&nbsp;&nbsp;&nbsp;&nbsp;Retention of Ballots and Proxies.** The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during statutory business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

**PART 12**

**VOTES OF SHAREHOLDERS**

**12.1&nbsp;&nbsp;&nbsp;&nbsp;Number of Votes by Shareholder or by Shares.** Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint registered holders of shares under Article 12.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;on a vote by show of hands (or its functional equivalent), every person present who is a shareholder or proxy holder and entitled to vote at the meeting has one vote, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;on a poll, every shareholder entitled to vote has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

**12.2&nbsp;&nbsp;&nbsp;&nbsp;Votes of Persons in Representative Capacity.** A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the

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meeting, or the directors, that the person is the legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

**12.3&nbsp;&nbsp;&nbsp;&nbsp;Votes by Joint Shareholders.** If there are joint shareholders registered in respect of any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any one of the joint shareholders may vote at any meeting, either personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if more than one of the joint shareholders is present at any meeting, personally or by proxy, and more than one of them votes in respect of that share, than only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

**12.4&nbsp;&nbsp;&nbsp;&nbsp;Legal Personal Representatives as Joint Shareholders.** Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be joint shareholders.

**12.5&nbsp;&nbsp;&nbsp;&nbsp;Representative of a Corporate Shareholder.** If a corporation that is not a subsidiary of the Company is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;for that purpose, the instrument appointing a representative must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice for the receipt or proxies or, if no number is specified, two days before the day set for the holding of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if a representative is appointed under this Article 12.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

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**12.6&nbsp;&nbsp;&nbsp;&nbsp;Proxy Provisions Do Not Apply to All Companies.** Articles 12.7 to 12.15 do not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.

**12.7&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Proxy Holder.** Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders of the Company may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy. The instructing of proxy holders may be carried out by means of telephonic, electronic or other communications facility in addition to or in substitution for instructing proxy holders by mail.

**12.8&nbsp;&nbsp;&nbsp;&nbsp;Alternate Proxy Holders.** A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

**12.9&nbsp;&nbsp;&nbsp;&nbsp;When Proxy Holder Need Not Be Shareholder.** A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the person appointing the proxy holder is a corporation or a representative of a corporation appointed under Article 12.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder entitled to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the shareholders present in person or by proxy at and entitled to vote at the meeting for which the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting.

**12.10&nbsp;&nbsp;&nbsp;&nbsp;Deposit of Proxy.** Subject to Article 12.13 and Article 12.15, a proxy for a meeting of shareholders must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;unless the notice provides otherwise, be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages or by using such available telephone or internet voting services as may be approved by the board.

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**12.11&nbsp;&nbsp;&nbsp;&nbsp;Validity of Proxy Vote.** A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;by the chair of the meeting, before the vote is taken.

**12.12&nbsp;&nbsp;&nbsp;&nbsp;Form of Proxy.** A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

[Name of Company] (the "Company")

The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders to be held on [month, day, year] and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy is given in respect of all shares registered in the name of the shareholder): <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Signed this day of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> .

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Signature of shareholder

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name of shareholder—printed

**12.13&nbsp;&nbsp;&nbsp;&nbsp;Revocation of Proxy.** Subject to Article 12.14 and Article 12.15, every proxy may be revoked by an instrument in writing that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;received at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provided, at the meeting or any adjourned meeting, to the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

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**12.14&nbsp;&nbsp;&nbsp;&nbsp;Revocation of Proxy Must Be Signed.** An instrument referred to in Article 12.13 must be signed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or his or her legal personal representative or trustee in bankruptcy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under Article 12.5.

**12.15&nbsp;&nbsp;&nbsp;&nbsp;Chair May Determine Validity of Proxy.** The chair of any meeting of shareholders may, at his or her sole discretion, determine whether or not a proxy deposited for use at the meeting, which may not strictly comply with the requirements of this Article 12 as to form, execution, accompanying documentation, time of filing or otherwise, shall be valid for use at the meeting, and any such determination made in good faith shall be final, conclusive and binding upon the meeting.

**12.16&nbsp;&nbsp;&nbsp;&nbsp;Production of Evidence of Authority to Vote.** The board or the chair of any meeting of shareholders may, but need not at any time (including before, at or subsequent to the meeting), inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence for the purpose of determining a person's share ownership as at the relevant record date and the authority to vote.

**PART 13**

**DIRECTORS**

Number of Directors. The number of directors, excluding additional directors appointed under Article 14.8, is set at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if the Company is a public company, the greater of three and the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the number of directors set by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the number of directors set under Article 14.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if the Company is not a public company, the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the number of directors set by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the number of directors set under Article 14.4.

**13.2&nbsp;&nbsp;&nbsp;&nbsp;Change in Number of Directors.** If the number of directors is set under Articles 13.1(a)(i) or 13.1(b)(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number at the first meeting of shareholders following the setting of that number, then the board, or the shareholders may elect or appoint, directors to fill those vacancies.

No decrease in the number of directors will shorten the term of an incumbent director.

**13.3&nbsp;&nbsp;&nbsp;&nbsp;Directors' Acts Valid Despite Vacancy.** An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**13.4&nbsp;&nbsp;&nbsp;&nbsp;Qualifications of Directors.** A director is not required to hold a share in the capital of the Company as qualification for his or her office but must be qualified as required by the Business Corporations Act to become, act or continue to act as a director.

**13.5&nbsp;&nbsp;&nbsp;&nbsp;Remuneration of Directors.** The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director.

**13.6&nbsp;&nbsp;&nbsp;&nbsp;Reimbursement of Expenses of Directors.** The Company must reimburse each director for the reasonable expenses that he or she may incur in his or her capacity as director in and about the business of the Company.

**13.7&nbsp;&nbsp;&nbsp;&nbsp;Special Remuneration for Directors.** If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any director is otherwise specially occupied in or about the Company's business, he or she may be paid remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either in addition to, or in substitution for, any other remuneration that he or she may be entitled to receive.

**13.8&nbsp;&nbsp;&nbsp;&nbsp;Gratuity, Pension or Allowance on Retirement of Director.** Unless otherwise determined by ordinary resolution, the directors may authorize the Company to pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**PART 14**

**ELECTION AND REMOVAL OF DIRECTORS**

**14.1&nbsp;&nbsp;&nbsp;&nbsp;Election at Annual General Meeting.** At every annual general meeting and in every unanimous resolution contemplated by Article 10.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors

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consisting of the number of directors for the time being set under these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all the directors cease to hold office immediately before the election or appointment of directors under paragraph (a), but are eligible for re-election or re-appointment.

**14.2&nbsp;&nbsp;&nbsp;&nbsp;Consent to be a Director.** No election, appointment or designation of an individual as a director is valid unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;that individual consents to be a director in the manner provided for in the Business Corporations Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director.

**14.3&nbsp;&nbsp;&nbsp;&nbsp;Failure to Elect or Appoint Directors.** If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by Article 10.2, on or before the date by which the annual general meeting is required to be held under the Business Corporations Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by Article 10.2, to elect or appoint any directors; then each director then in office continues to hold office until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the date on which his or her successor is elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the date on which he or she otherwise ceases to hold office under the Business Corporations Act or these Articles.

**14.4&nbsp;&nbsp;&nbsp;&nbsp;Places of Retiring Directors Not Filled.** If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further new directors are elected at a meeting of shareholders convened for that purpose.

**14.5&nbsp;&nbsp;&nbsp;&nbsp;Board May Fill Casual Vacancies.** Any casual vacancy occurring in the board of directors may be filled by the remaining directors for the unexpired term by appointment of a replacement director by the directors. For the avoidance of doubt, the appointment of an additional director to fill a casual vacancy as contemplated by this Article is not the appointment of additional directors for the purpose of Article 14.8.

**14.6&nbsp;&nbsp;&nbsp;&nbsp;Remaining Directors Power to Act.** The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set

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pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of summoning a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Business Corporations Act, for any other purpose.

**14.7&nbsp;&nbsp;&nbsp;&nbsp;Shareholders May Fill Vacancies.** If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

**14.8&nbsp;&nbsp;&nbsp;&nbsp;Additional Directors.** Notwithstanding Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this Article 14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14.1(a), but is eligible for re-election or re-appointment.

**14.9&nbsp;&nbsp;&nbsp;&nbsp;Ceasing to be a Director.** A director ceases to be a director when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the term of office of the director expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the director is removed from office pursuant to Articles 14.10 or 14.11.

**14.10&nbsp;&nbsp;&nbsp;&nbsp;Removal of Director by Shareholders.** The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

**14.11&nbsp;&nbsp;&nbsp;&nbsp;Removal of Director by Directors.** The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.

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**PART 15**

**POWERS AND DUTIES OF DIRECTORS**

**15.1&nbsp;&nbsp;&nbsp;&nbsp;Powers of Management.** The directors must, subject to the Business Corporations Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Business Corporations Act or by these Articles, required to be exercised by the shareholders of the Company.

**15.2&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Attorney of Company.** The directors exclusively may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.

**PART 16**

**DISCLOSURE OF INTEREST OF DIRECTORS**

**16.1&nbsp;&nbsp;&nbsp;&nbsp;Obligation to Account for Profits.** A director or senior officer who holds a disclosable interest (as that term is used in the Business Corporations Act) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Business Corporations Act.

**16.2&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Voting by Reason of Interest.** A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

**16.3&nbsp;&nbsp;&nbsp;&nbsp;Interested Director Counted in Quorum.** A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

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**16.4&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Conflict of Interest or Property.** A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Business Corporations Act.

**16.5&nbsp;&nbsp;&nbsp;&nbsp;Director Holding Other Office in the Company.** A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

**16.6&nbsp;&nbsp;&nbsp;&nbsp;No Disqualification.** No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

**16.7&nbsp;&nbsp;&nbsp;&nbsp;Professional Services by Director or Officer.** Subject to the Business Corporations Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

**16.8&nbsp;&nbsp;&nbsp;&nbsp;Director or Officer in Other Corporations.** A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the Business Corporations Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.

**PART 17**

**PROCEEDINGS OF DIRECTORS**

**17.1&nbsp;&nbsp;&nbsp;&nbsp;Meetings of Directors.** The directors may meet for the conduct of business, adjourn and otherwise regulate their meetings as the board thinks fit, and meetings of the board held at regular intervals may be held at the place, at the time and on the notice, if any, that the board may by resolution from time to time determine.

**17.2&nbsp;&nbsp;&nbsp;&nbsp;Voting at Meetings.** Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**17.3&nbsp;&nbsp;&nbsp;&nbsp;Chair of Meetings.** Meetings of directors are to be chaired by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the chair of the board, if any;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the absence of the chair of the board, the president, if any, if the president is a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any other director chosen by the directors present if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;neither the chair of the board nor the president, if a director, is willing to chair the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting.

**17.4&nbsp;&nbsp;&nbsp;&nbsp;Meetings by Telephone or Other Communications Medium.** A director may participate in a meeting of the directors or of any committee of the directors in person or by telephone or other communications medium if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A director who participates in a meeting in a manner contemplated by this Article 17.4 is deemed for all purposes of the Business Corporations Act and these Articles to be present at the meeting and to have agreed to participate in that manner.

**17.5&nbsp;&nbsp;&nbsp;&nbsp;Calling of Meetings.** A director may, and the secretary or an assistant secretary, if any, on the request of a director must, call a meeting of the directors at any time.

**17.6&nbsp;&nbsp;&nbsp;&nbsp;Notice of Meetings.** Other than for meetings held at regular intervals as determined by the directors pursuant to Article 17.1, reasonable notice of each meeting of the directors, specifying the place (if not being held exclusively by telephone or other communications medium), day and time of that meeting must be given to each of the directors by any method set out in Article 23.1 or orally or by telephone. If the meeting will be an electronic meeting (as defined in the Business Corporations Act), the notice must also provide instructions for attending and participating in the meeting by telephone or other communications medium.

**17.7&nbsp;&nbsp;&nbsp;&nbsp;When Notice Not Required.** It is not necessary to give notice of a meeting of the directors to a director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed or is the meeting of the directors at which that director is appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the director has waived notice of the meeting.

**17.8&nbsp;&nbsp;&nbsp;&nbsp;Meeting Valid Despite Failure to Give Notice.** The accidental omission to give notice of any meeting of directors to any director, or the non-receipt of any notice by any director, does not invalidate any proceedings at that meeting.

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**17.9&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Notice of Meetings.** Any director may file with the Company a document signed by the director waiving notice of any past, present or future meeting of the directors and may at any time withdraw that waiver with respect to meetings of the directors held after that withdrawal. After sending a waiver with respect to all future meetings of the directors, and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director.

**17.10&nbsp;&nbsp;&nbsp;&nbsp;Quorum.** The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be set at a majority of the directors then in office or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

**17.11&nbsp;&nbsp;&nbsp;&nbsp;Validity of Acts Where Appointment Defective.** Subject to the Business Corporations Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

**17.12&nbsp;&nbsp;&nbsp;&nbsp;Consent Resolutions in Writing.** A resolution of the directors or of any committee of the directors consented to in writing by all of the directors entitled to vote on it, whether by signed document, fax, email or any other method of transmitting legibly recorded messages, is as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors duly called and held. Such resolution may be in two or more counterparts which together are deemed to constitute one resolution in writing. A resolution passed in that manner is effective on the date stated in the resolution or, if no date is stated in the resolution, on the latest date stated on any counterpart. A resolution of the directors or of any committee of the directors passed in accordance with this Article 17.12 is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Business Corporations Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

**PART 18**

**EXECUTIVE AND OTHER COMMITTEES**

**18.1&nbsp;&nbsp;&nbsp;&nbsp;Appointment and Powers of Executive Committee.** The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the power to change the membership of, or fill vacancies in, any committee of the directors; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution.

**18.2&nbsp;&nbsp;&nbsp;&nbsp;Appointment and Powers of Other Committees.** The directors may, by resolution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;delegate to a committee appointed under paragraph (a) any of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the power to change the membership of, or fill vacancies in, any committee of the board, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the power to appoint or remove officers appointed by the board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;make any delegation referred to in paragraph (b) subject to the conditions set out in the resolution.

**18.3&nbsp;&nbsp;&nbsp;&nbsp;Obligations of Committee.** Any committee appointed under Articles 18.1 or 18.2, in the exercise of the powers delegated to it, must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;conform to any rules that may from time to time be imposed on it by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;report every act or thing done in exercise of those powers as the directors may require.

**18.4&nbsp;&nbsp;&nbsp;&nbsp;Powers of Board.** The directors may, at any time, with respect to a committee appointed under Articles 18.1 or 18.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;revoke or alter the authority given to a committee, or override a decision made by a committee, except as to acts done before such revocation, alteration or overriding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;terminate the appointment of, or change the membership of, a committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;fill vacancies on a committee.

**18.5&nbsp;&nbsp;&nbsp;&nbsp;Committee Meetings.** Subject to Article 18.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under Articles 18.1 or 18.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the committee may meet and adjourn as it thinks proper;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the committee may elect a chair of its meetings but, if no chair of the meeting is elected, or if at any meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a majority of the members of a directors' committee constitutes a quorum of the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting has no second or casting vote.

**PART 19**

**OFFICERS**

**19.1&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Officers.** The directors may, from time to time, appoint such officers, if any, as the directors determine, and the directors may, at any time, terminate any such appointment.

**19.2&nbsp;&nbsp;&nbsp;&nbsp;Functions, Duties and Powers of Officers.** The directors may, for each officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;determine the functions and duties of the officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

**19.3&nbsp;&nbsp;&nbsp;&nbsp;Qualifications.** No officer may be appointed unless that officer is qualified in accordance with the Business Corporations Act. One person may hold more than one position as an officer of the Company. Any officer need not be a director.

**19.4&nbsp;&nbsp;&nbsp;&nbsp;Remuneration.** All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors think fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.

**PART 20**

**INDEMNIFICATION**

**20.1&nbsp;&nbsp;&nbsp;&nbsp;Definitions.** In this Part 20:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"eligible penalty" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"eligible proceeding" means a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director, former director, alternate director, officer or former officer of the Company or an affiliate of the Company (an "eligible party") or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being or having been a director, alternate director or officer of the Company or an affiliate of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;is or may be joined as a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"expenses" has the meaning set out in the Business Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"officer" means a person appointed by the board as an officer of the Company.

**20.2&nbsp;&nbsp;&nbsp;&nbsp;Mandatory Indemnification of Directors and Former Directors.** Subject to the Business Corporations Act, the Company must indemnify and advance expenses of an eligible party and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director, alternate director and officer is deemed to have contracted with the Company on the terms of the indemnity contained in this Article 20.2.

**20.3&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Other Persons.** Subject to any restrictions in the Business Corporations Act, the Company may indemnify any person including directors, officers, employees, agents and representatives of the Company.

**20.4&nbsp;&nbsp;&nbsp;&nbsp;Non-Compliance with Business Corporations Act.** The failure of a director or former director of the Company to comply with the Business Corporations Act or these Articles does not invalidate any indemnity to which he or she is entitled under this Part.

**20.5&nbsp;&nbsp;&nbsp;&nbsp;Company May Purchase Insurance.** The Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;is or was a director, officer, employee or agent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;is or was a director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;at the request of the Company, is or was a director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;at the request of the Company, holds or held a position equivalent to that of a director or officer of a partnership, trust, joint venture or other unincorporated entity;

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against any liability incurred by him or her as such director, officer, employee or agent or person who holds or held such equivalent position.

**PART 21**

**DIVIDENDS**

**21.1&nbsp;&nbsp;&nbsp;&nbsp;Payment of Dividends Subject to Special Rights.** The provisions of this Part 21 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

**21.2&nbsp;&nbsp;&nbsp;&nbsp;Declaration of Dividends.** Subject to the Business Corporations Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

**21.3&nbsp;&nbsp;&nbsp;&nbsp;No Notice Required.** The directors need not give notice to any shareholder of any declaration under Article 21.2.

**21.4&nbsp;&nbsp;&nbsp;&nbsp;Record Date.** The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5 p.m. on the date on which the directors pass the resolution declaring the dividend.

**21.5&nbsp;&nbsp;&nbsp;&nbsp;Manner of Paying Dividend.** A resolution declaring a dividend may direct payment of the dividend wholly or partly by the distribution of specific assets or of paid up shares or of bonds, debentures or other securities of the Company, or in any one or more of those ways.

**21.6&nbsp;&nbsp;&nbsp;&nbsp;Settlement of Difficulties.** If any difficulty arises in regard to a distribution under Article 21.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;set the value for distribution of specific assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;determine that cash payments in substitution for all or any part of the specific assets to which any shareholders are entitled may be made to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;vest any such specific assets in trustees for the persons entitled to the dividend.

**21.7&nbsp;&nbsp;&nbsp;&nbsp;When Dividend Payable.** Any dividend may be made payable on such date as is fixed by the directors.

**21.8&nbsp;&nbsp;&nbsp;&nbsp;Dividends to be Paid in Accordance with Number of Shares.** All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

**21.9&nbsp;&nbsp;&nbsp;&nbsp;Receipt by Joint Shareholders.** If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

**21.10&nbsp;&nbsp;&nbsp;&nbsp;Dividend Bears No Interest.** No dividend bears interest against the Company.

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**21.11&nbsp;&nbsp;&nbsp;&nbsp;Fractional Dividends.** If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

**21.12&nbsp;&nbsp;&nbsp;&nbsp;Payment of Dividends.** Any dividend or other distribution payable in respect of shares will be paid by cheque or by electronic means or by such other method as the directors may determine. The payment will be made to or to the order of each registered holder of shares in respect of which the payment is to be made. Cheques will be sent to the registered address of the shareholder unless the shareholder otherwise directs. In the case of joint holders, the payment will be made to the order of all such joint holders and, if applicable, sent to them at the registered address of the joint shareholder who is first named on the central securities register, unless such joint holders otherwise direct. The sending of the cheque or the sending of the payment by electronic means or the sending of the payment by a method determined by the directors in an amount equal to the dividend or other distribution to be paid less any tax that the Company is required to withhold will satisfy and discharge the liability for the payment, unless payment is not made upon presentation, if applicable, or the amount of tax so deducted is not paid to the appropriate taxing authority.

**21.13&nbsp;&nbsp;&nbsp;&nbsp;Capitalization of Surplus.** Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the surplus or any part of the surplus.

**PART 22**

**DOCUMENTS, RECORDS AND REPORTS**

**22.1&nbsp;&nbsp;&nbsp;&nbsp;Recording of Financial Affairs.** The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the provisions of the Business Corporations Act.

**22.2&nbsp;&nbsp;&nbsp;&nbsp;Inspection of Accounting Records.** Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

**22.3&nbsp;&nbsp;&nbsp;&nbsp;Remuneration of Auditors.** The remuneration of the auditors, if any, shall be set by the directors regardless of whether the auditor is appointed by the shareholders, by the directors or otherwise. For greater certainty, the directors may delegate to the audit committee or other committee the power to set the remuneration of the auditors.

**PART 23**

**NOTICES**

**23.1&nbsp;&nbsp;&nbsp;&nbsp;**Method of Giving Notice. Unless the Business Corporations Act or these Articles provides otherwise, a notice, statement, report or other record required or permitted by the

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Business Corporations Act or these Articles to be sent by or to a person may be sent by any one of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;mail addressed to the person at the applicable address for that person as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;for a record mailed to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in any other case, the mailing address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;delivery at the applicable address for that person as follows, addressed to the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;for a record delivered to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in any other case, the delivery address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;sending the record, or a reference providing the intended recipient with immediate access to the record, by electronic communication to an address provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;sending the record by any method of transmitting legibly recorded messages, including without limitation by digital medium, magnetic medium, optical medium, mechanical reproduction or graphic imaging, to an address provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;physical delivery to the intended recipient; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;as otherwise permitted by applicable securities legislation.

**23.2&nbsp;&nbsp;&nbsp;&nbsp;Deemed Receipt.** A record that is mailed to a person by ordinary mail to the applicable address for that person referred to in Article 23.1 is deemed to be received by the person to whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following the date of mailing. Any demand, notice or other communication given by personal delivery will be conclusively deemed to have been given on the day of actual delivery thereof and, if given by electronic communication, on the day of transmittal thereof if given during statutory business

------

hours on the day which statutory business hours next occur if not given during such hours on any day.

**23.3&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Sending.** A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that behalf for the Company stating that a notice, statement, report or other record was addressed as required by Article 23.1, prepaid and mailed or otherwise sent as permitted by Article 23.1 is conclusive evidence of that fact.

**23.4&nbsp;&nbsp;&nbsp;&nbsp;Notice to Joint Shareholders.** A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing the notice to the joint shareholder first named in the central securities register in respect of the share.

**23.5&nbsp;&nbsp;&nbsp;&nbsp;Notice to Trustees.** A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;mailing the record, addressed to them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if an address referred to in paragraph (a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

**23.6&nbsp;&nbsp;&nbsp;&nbsp;Undelivered Notices** If, on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to Article 23.1 and on each of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any further records to the shareholder until the shareholder informs the Company in writing of his or her new address.

**PART 24**

**SEAL**

**24.1&nbsp;&nbsp;&nbsp;&nbsp;Who May Attest Seal.** Except as provided in Articles 24.2 and 24.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signature or signatures of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any two directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any officer, together with any director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;if the Company only has one director, that director; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any one or more directors or officers or persons as may be determined by resolution of the directors.

**24.2&nbsp;&nbsp;&nbsp;&nbsp;Sealing Copies.** For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite Article 24.1, the impression of the seal may be attested by the signature of any director or officer.

**24.3&nbsp;&nbsp;&nbsp;&nbsp;Mechanical Reproduction of Seal.** The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the Business Corporations Act or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and the chair of the board or any senior officer together with the secretary, treasurer, secretary-treasurer, an assistant secretary, an assistant treasurer or an assistant secretary-treasurer may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

**PART 25**

**PROHIBITIONS**

**25.1&nbsp;&nbsp;&nbsp;&nbsp;Definitions.** In this Part 25:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"designated security" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a voting security of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a security of the Company that is not a debt security and that carries a residual right to participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a security of the Company convertible, directly or indirectly, into a security described in paragraph (a) or (b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"security" has the meaning assigned in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"voting security" means a security of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;is not a debt security, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**25.2&nbsp;&nbsp;&nbsp;&nbsp;Application.** Article 25.3 does not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.

**25.3&nbsp;&nbsp;&nbsp;&nbsp;Consent Required for Transfer of Shares or Designated Securities.** No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition.

**PART 26**

**SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE COMMON**

**SHARES**

**26.1&nbsp;&nbsp;&nbsp;&nbsp;Voting.** The holders of the Common shares shall be entitled to receive notice of and to attend and vote at all meetings of shareholders of the Company except meetings of the holders of another class of shares. Each Common share shall entitle the holder thereof to one vote.

**26.2&nbsp;&nbsp;&nbsp;&nbsp;Dividends.** Subject to the preferences accorded to the holders of the Preferred shares, the holders of the Common shares shall be entitled to receive such dividends as may be declared thereon by the board of directors of the Company from time to time.

**26.3&nbsp;&nbsp;&nbsp;&nbsp;Dissolution.** In the event of the liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of the Common shares shall be entitled to receive pro rata all of the assets remaining for distribution after payment to the holders of the Preferred shares, in accordance with preference on liquidation, dissolution or winding-up accorded to the holders of the Preferred shares.

**PART 27**

**SPECIAL RIGHTS AND RESTRICTIONS ATTACHED TO THE PREFERRED**

**SHARES**

**27.1&nbsp;&nbsp;&nbsp;&nbsp;Issuable in Series.** The Preferred shares may include one or more series of shares and, subject to the Business Corporations Act, the directors may, by resolution, if none of the shares of any particular series are issued, alter the Articles of the Company and authorize the alteration of the Notice of Articles of the Company, as the case may be, to do one or more of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;determine the maximum number of shares of that series that the Company is authorize to issue, determine that there is no such maximum number, or alter any such determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;create an identifying name by which the shares of that series may be identified, or alter any such identifying name; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;attach special rights and restrictions to the shares of that series, or alter any such special rights or restrictions.

## Exhibit 99.27

**Exhibit 99.27**

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**1. Name and Address of Company**

OceanaGold Corporation (the "**Company**" or "**OceanaGold**")

400 Burrard St., Suite 1020

Vancouver

British Columbia V6C 3A6

**2. Date of Material Change**

June 23, 2025

**3. News Release**

The news release issued with respect to the material change was disseminated through Newswire on June 19, 2025, and a copy was filed under the Company's profile on SEDAR+.

**4Summary of Material Change**

Effective June 23, 2025, OceanaGold consolidated its common shares on the basis of three (3) pre-consolidation common shares for one (1) post-consolidation common share.

**5. Full Description of Material Change**

**5.1. *Full Description of Material Change***

On June 23, 2025 (the "**Effective Date**"), the Company consolidated its common shares (the "**Common Shares**") on the basis of three (3) pre-consolidation common shares for one (1) post-consolidation common share (the "**Consolidation**").

The shareholders of OceanaGold approved the Consolidation at the Annual General and Special Meeting held on June 4, 2025.

The Company is considering a dual listing of its common shares on a major U.S. exchange, including the New York Stock Exchange, in the first half of 2026. The Company believes a U.S. listing could lead to increased interest by a wider audience of potential investors and result in increased marketability and trading liquidity. The motivation of the Consolidation is to raise the per share trading price of the Company's common shares to better comply with minimum trading price requirements of such exchanges.

OceanaGold's post-consolidation common shares were posted for trading on the Toronto Stock Exchange at the opening of trading on the Effective Date under the current symbol "OGC" and new CUSIP number 675222400.

Following completion of the Consolidation on the Effective Date, the Company has 231,126,566 common shares issued and outstanding. The exercise or conversion price of all performance rights and deferred share units was proportionately adjusted reflecting the Consolidation ratio. No fractional post-consolidation common shares were issued in effect with the Consolidation. Any fractional common share interest of 0.50 or more arising from the Consolidation was rounded up to the nearest whole number, and any fractional common share interest of less than 0.50 was cancelled.

Registered shareholders holding pre-Consolidation common shares through the Direct Registration System ("**DRS**") will be automatically sent a DRS advice by the Company's transfer agent, Computershare Investor Services Inc. ("**Computershare**"), representing the number of

------

post-Consolidation common shares they hold following the Consolidation and no further action is required to be taken. Beneficial shareholders holding their common shares through intermediaries such as a broker, trustee or other financial institution should note that such intermediaries may have different procedures for processing the Consolidation than those put in place by the Company for the registered shareholders. Beneficial shareholders who have questions regarding how their common shares will be processed in connection with the Consolidation should contact their intermediaries. Registered shareholders holding their pre-Consolidation common shares in certificate forms will receive a letter of transmittal from Computershare containing instructions on how to exchange their pre-consolidation share certificates for post-Consolidation shares.

**5.2. *Disclosure for Restructuring Transactions***

Not applicable.

**6. Reliance on subsection 7.1(2) or (3) of National Instrument 51-102**

Not applicable.

**7. Omitted Information**

Not applicable.

**8. Executive Officer**

For further information, please contact:

Liang Tang, Executive VP, General Counsel and Company Secretary

Email: <u>companysecretary@oceanagold.com</u>

Haley Mayers, VP, Investor Relations

Tel: +1 604-678-4097

Email: <u>ir@oceanagold.com</u>

**9. Date of Report**

June 24, 2025

## Exhibit 99.28

**Exhibit 99.28**

**OCEANAGOLD CORPORATION**

**NOTICE OF CHANGE OF AUDITOR**

---

| | |
|:---|:---|
| **TO:** | PricewaterhouseCoopers ("**PWC Australia**")<br>2 Riverside Quay<br>Southbank, VIC 3006 Australia |
| **AND TO:** | PricewaterhouseCoopers LLP ("**PWC Canada**")<br>250 Howe Strreet, Suite 1400<br>Vancouver, BC V6C 3S7 |
| **AND TO:** | Alberta Securities Commission<br>British Columbia Securities Commission<br>Manitoba Securities Commission<br>Saskatchewan Financial Services Commission<br>Ontario Securities Commission<br>Autorité des marchés financiers<br>Financial and Consumer Services Commission (New Brunswick)<br>Office of the Superintendent of Securities Service, Newfoundland and Labrador<br>Nova Scotia Securities Commission<br>The Office of the Superintendent of Securities (Prince Edward Island)<br>The Office of the Superintendent of Securities (Northwest Territories)<br>The Office of the Superintendent of Securities (Nunavut)<br>The Office of the Superintendent of Securities (Yukon) |
| **RE:** | Notice of Change of Auditor pursuant to Section 4.11 of National Instrument 51-102 – *Continuous Disclosure Obligations* ("**NI 51-102**") |
| **DATE:** | February 19, 2025 |

---

OceanaGold Corporation (the "**Company**") hereby gives notice pursuant to Section 4.11 of NI 51-102 as follows:

1. At the request of the Company, PWC Australia has resigned as the Company's auditor effective as of February 19, 2025 (the "**Resignation Date**").

3. The resignation of PWC Australia as auditor of the Company and the appointment of PWC Canada as auditor of the Company were considered and approved by the Board of Directors and the Audit and Risk Committee of the Company.

------

4. PWC Australia has not expressed any modified opinion in its reports for the Company's two most recently completed fiscal years or for any period subsequent to the most recently completed period for which an audit report was issued and preceding the Resignation Date.

5. There have been no "reportable events", as such term is defined in NI 51-102.

*[Signature page follows.]*

------

**DATED** effective as of the date first written above.

---

| | |
|:---|:---|
| **OCEANAGOLD CORPORATION** | **OCEANAGOLD CORPORATION** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Signed) "Marius van Niekerk"* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Signed) "Marius van Niekerk"* |
| By: |  |
|  | Name: Marius van Niekerk |
|  | Title:&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer |

---

## Exhibit 99.29

**Exhibit 99.29**

![pwclogo.jpg](pwclogo.jpg)

February 20, 2025

To:

British Columbia Securities Commission

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Autorité des marchés financiers (Québec)

Financial and Consumer Services Commission (New Brunswick)

Nova Scotia Securities Commission

Office of the Superintendent of Securities Service Newfoundland and Labrador

Financial and Consumer Services Division (Prince Edward Island)

The Office of the Superintendent of Securities (Northwest Territories)

The Office of the Superintendent of Securities (Nunavut)

The Office of the Superintendent of Securities (Yukon)

We have read the statements made by OceanaGold Corporation in the attached copy of change of auditor notice dated February 19, 2025, which we understand will be filed pursuant to Section 4.11 of National Instrument 51-102.

We agree with the statements concerning PricewaterhouseCoopers in the change of auditor notice dated February 19, 2025.

Yours very truly,

/s/ PricewaterhouseCoopers

PricewaterhouseCoopers

Chartered Accountants

*PricewaterhouseCoopers, ABN 52 780 433 757*

*2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001*

*T: 61 3 8603 1000, F: 61 3 8603 1999*

Liability limited by a scheme approved under Professional Standards Legislation.

## Exhibit 99.30

**Exhibit 99.30**

![logo1ab.jpg](logo1ab.jpg)

February 20, 2025

To:

British Columbia Securities Commission

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Autorité des marchés financiers (Québec)

Financial and Consumer Services Commission (New Brunswick)

Nova Scotia Securities Commission

Office of the Superintendent of Securities Service Newfoundland and Labrador

Financial and Consumer Services Division (Prince Edward Island)

The Office of the Superintendent of Securities (Northwest Territories)

The Office of the Superintendent of Securities (Nunavut)

The Office of the Superintendent of Securities (Yukon)

Our letter dated February 20, 2025, which was issued to you on our resignation as auditor of OceanaGold Corporation continues to be valid and does not need to be updated.

Yours very truly,

/s/ PricewaterhouseCoopers

PricewaterhouseCoopers

Chartered Accountants

*PricewaterhouseCoopers, ABN 52 780 433 757*

*2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001*

*T: 61 3 8603 1000, F: 61 3 8603 1999*

Liability limited by a scheme approved under Professional Standards Legislation.

## Exhibit 99.31

**Exhibit 99.31**

![pwclogo1a.jpg](pwclogo1a.jpg)

February 20, 2025

To:

British Columbia Securities Commission

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Autorité des marchés financiers (Québec)

Financial and Consumer Services Commission (New Brunswick)

Nova Scotia Securities Commission

Office of the Superintendent of Securities Service Newfoundland and Labrador

Financial and Consumer Services Division (Prince Edward Island)

The Office of the Superintendent of Securities (Northwest Territories)

The Office of the Superintendent of Securities (Nunavut)

The Office of the Superintendent of Securities (Yukon)

We have read the statements made by OceanaGold Corporation in the attached copy of change of auditor notice dated February 19, 2025, which we understand will be filed pursuant to Section 4.11 of National Instrument 51-102.

We agree with the statements concerning PricewaterhouseCoopers LLP in the change of auditor notice dated February 19, 2025.

Yours very truly,

/s/ PricewaterhouseCoopers LLP

Chartered Professional Accountants

PricewaterhouseCoopers LLP

PricewaterhouseCoopers Place, 250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada V6C 3S7

T: +1 604 806 7000, F: +1 604 806 7806

"PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

## Exhibit 99.32

**Exhibit 99.32**

---

| | |
|:---|:---|
| **January 21, 2025** | **News Release** |

---

**OceanaGold Provides Notice of Fourth Quarter and Full Year 2024**

**Results and Conference Call**

(VANCOUVER) OceanaGold Corporation (TSX:OGC, OTCQX:OCANF) ("OceanaGold" or the "Company") will release its operational and financial results for the fourth quarter and year ending December 31, 2024, after market close on Wednesday February 19, 2025. The results will be made available on the Company's website at <u>www.oceanagold.com</u>.

Senior management will host a conference call / webcast to discuss the results on Thursday February 20, 2025, at 10:00 am Eastern Time.

**Webcast Details:**

To register, please copy and paste the link into your browser: <u>https://app.webinar.net/xO8eQlPQnKN</u>

**Conference Call Details:**

Toll-free North America: + 1-888-510-2154

Toronto: +1-437-900-0527

Australia: +61-280-171-385

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.

For further information please contact:

Investor Relations:

Rebecca Henare, Vice President, Investor Relations

Tel: +1 604-678-4095

<u>ir@oceanagold.com</u>

<u>www.oceanagold.com</u>

## Exhibit 99.33

**Exhibit 99.33**

**February 19, 2025&nbsp;&nbsp;&nbsp;&nbsp;News Release**

**OceanaGold Reports Mineral Reserves and Resources**

**for the Year Ended 2024**

(VANCOUVER) OceanaGold Corporation (TSX:OGC, OTCQX:OCANF) ("OceanaGold" or the "Company") is pleased to provide its Mineral Reserves and Mineral Resources ("R&R") statement for the year-ended December 31, 2024.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Mineral Reserves increased by 27% to 6.2 Moz Au net of mining depletion at a 15% higher grade

&nbsp;&nbsp;&nbsp;&nbsp;• Measured and Indicated Mineral Resources increased by 8% to 8.9 Moz Au net of mining depletion

&nbsp;&nbsp;&nbsp;&nbsp;• Initial Mineral Reserves of 4.1 Mt at 9.2 g/t for 1.21 Moz Au declared for Wharekirauponga at Waihi

&nbsp;&nbsp;&nbsp;&nbsp;• Increase in Mineral Reserves at Didipio by 0.14 Moz Au net of mining depletion

&nbsp;&nbsp;&nbsp;&nbsp;• Increase in Indicated Mineral Resources to 2.4 Mt at 17.9 g/t for 1.4 Moz Au at Wharekirauponga

&nbsp;&nbsp;&nbsp;&nbsp;• Increase in Indicated Mineral Resources by 0.17 Moz Au at Macraes

Gerard Bond, President and CEO of OceanaGold, said "It is very pleasing that total Mineral Reserves increased by 27% to 6.2 million ounces of gold net of mining depletion, at a much higher average grade. This fantastic outcome includes the initial 1.2 million ounces of reserves we declared at Wharekirauponga in December 2024, with further reserve additions at Macraes, Waihi, and Didipio.

Today's reserve and resource additions are a testament to our strategy of creating value through exploration and the skill of our talented exploration and technical teams who have delivered another year of tremendous return on investment. I look forward to further successes and value creation in 2025 from our planned $40M investment in exploration across all four sites, our highest exploration budget in five years."

<u>www.oceanagold.com</u>

------

**Mineral Reserves**

The Proven and Probable Mineral Reserves estimates as at December 31, 2024 are presented in Table 1 below.

Table 1: Proven and Probable Reserves as at 31 December, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** | **Cut-off grade** |
| **Gold** | **Tonnes<br>(Mt)** | **Au<br>(g/t)** | **Contained<br>Ozs (Moz)** | **Tonnes<br>(Mt)** | **Au<br>(g/t)** | **Contained<br>Ozs (Moz)** | **Tonnes<br>(Mt)** | **Au<br>(g/t)** | **Contained<br>Ozs (Moz)** | **Cut-off grade** |
| Horseshoe underground | 1.12 | 4.72 | 0.17 | 2.66 | 4.49 | 0.38 | 3.78 | 4.56 | 0.55 | 1.79 g/t Au |
| Palomino underground | - | - | - | 4.33 | 2.73 | 0.38 | 4.33 | 2.73 | 0.38 | 1.79 g/t Au |
| Haile open pits | 4.12 | 1.44 | 0.19 | 30.8 | 1.53 | 1.52 | 34.9 | 1.52 | 1.71 | 0.50 g/t & 0.60 g/t Au |
| Haile Total | 5.25 | 2.14 | 0.36 | 37.8 | 1.88 | 2.28 | 43.0 | 1.91 | 2.64 |  |
| Didipio underground | 15.0 | 1.40 | 0.67 | 14.8 | 0.85 | 0.40 | 29.8 | 1.12 | 1.08 | 0.76 g/t & 1.16 g/t AuEq |
| Didipio open pit stockpile | 15.8 | 0.31 | 0.16 | - | - | - | 15.8 | 0.31 | 0.16 | 0.40 g/t AuEq |
| Didipio Total | 30.8 | 0.84 | 0.83 | 14.8 | 0.85 | 0.40 | 45.7 | 0.84 | 1.23 |  |
| Macraes underground | 0.16 | 1.86 | 0.01 | 3.81 | 1.79 | 0.22 | 3.96 | 1.79 | 0.23 | 1.20 g/t & 1.01 g/t Au |
| Macraes open pits | 11.5 | 0.58 | 0.22 | 8.02 | 0.70 | 0.18 | 19.5 | 0.63 | 0.40 | 0.30 g/t Au |
| Macraes Total | 11.6 | 0.60 | 0.22 | 11.8 | 1.05 | 0.40 | 23.5 | 0.83 | 0.62 |  |
| Martha underground | - | - | - | 4.13 | 3.80 | 0.50 | 4.13 | 3.80 | 0.50 | 2.60 g/t & 3.10 g/t Au |
| Wharekirauponga | - | - | - | 4.10 | 9.20 | 1.21 | 4.10 | 9.20 | 1.21 | 2.40 g/t & 1.40 g/t Au |
| Waihi Total | - | - | - | 8.23 | 6.49 | 1.72 | 8.23 | 6.49 | 1.72 |  |
| **Total Gold** | **47.7** | **0.92** | **1.42** | **72.7** | **2.06** | **4.80** | **120** | **1.61** | **6.22** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Silver** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Silver** | **Tonnes<br>(Mt)** | **Ag<br>(g/t)** | **Contained<br>Ozs (Moz)** | **Tonnes<br>(Mt)** | **Ag<br>(g/t)** | **Contained<br>Ozs (Moz)** | **Tonnes<br>(Mt)** | **Ag<br>(g/t)** | **Contained<br>Ozs (Moz)** |
| Horseshoe underground | 1.12 | 1.8 | 0.1 | 2.66 | 2.0 | 0.2 | 3.78 | 2.0 | 0.2 |
| Palomino underground | - | - | - | 4.33 | 2.5 | 0.3 | 4.33 | 2.5 | 0.3 |
| Haile open pits | 4.12 | 1.8 | 0.2 | 30.8 | 2.3 | 2.3 | 34.9 | 2.3 | 2.6 |
| Haile Total | 5.25 | 1.8 | 0.3 | 37.8 | 2.3 | 2.8 | 43.0 | 2.3 | 3.1 |
| Didipio underground | 15.0 | 1.8 | 0.8 | 14.8 | 1.3 | 0.6 | 29.8 | 1.5 | 1.5 |
| Didipio open pit stockpile | 15.8 | 2.0 | 1.0 | - | - | - | 15.8 | 2.0 | 1.0 |
| Didipio Total | 30.8 | 1.9 | 1.9 | 14.8 | 1.3 | 0.6 | 45.7 | 1.7 | 2.5 |
| Martha underground | - | - | - | 4.13 | 16 | 2.2 | 4.13 | 16 | 2.2 |
| Wharekirauponga | - | - | - | 4.10 | 16 | 2.1 | 4.10 | 16 | 2.1 |
| Waihi Total | - | - | - | 8.23 | 16 | 4.3 | 8.23 | 16 | 4.3 |
| **Total Silver** | **36.1** | **1.9** | **2.2** | **60.8** | **4.0** | **7.8** | **96.9** | **3.2** | **9.9** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Copper** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Copper** | **Tonnes<br>(Mt)** | **Cu<br>(%)** | **Contained<br>(Mt)** | **Tonnes<br>(Mt)** | **Cu<br>(%)** | **Contained<br>(Mt)** | **Tonnes<br>(Mt)** | **Cu (%)** | **Contained<br>(Mt)** |
| Didipio underground | 15.0 | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;14.8 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;29.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Didipio open pit stockpile | &nbsp;&nbsp;&nbsp;&nbsp;15.8 | 0.29 | 0.0 | - | - | - | &nbsp;&nbsp;&nbsp;&nbsp;15.8 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Didipio Total | &nbsp;&nbsp;&nbsp;&nbsp;30.8 | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;14.8 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;45.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Total Copper | &nbsp;&nbsp;&nbsp;&nbsp;30.8 | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;14.8 | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;45.7 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |

---

Mineral Reserves are defined by mine designs based upon the following assumptions: metal prices of US$1,750/oz gold, US$3.50/lb copper and US$20/oz silver; NZD/USD exchange rate of 0.61.

• Reported estimates of contained metal are not depleted for processing losses.

<u>www.oceanagold.com</u>

------

• For underground reserves, cut-offs applied to diluted grades.

• Haile:

◦ Open Pit: the primary cut-off grade is 0.5 g/t Au, while oxide material is assigned a cut-off grade of 0.6 g/t Au.

◦ Underground: the cut-off grade is 1.79 g/t Au, with adjacent lower grade stopes included in the reserves estimate based on an incremental stope cut-off grade of 1.69 g/t Au.

• Didipio:

◦ Gold equivalence (AuEq) is based upon the presented gold and copper prices as well as processing recoveries. AuEq = Au g/t + 1.37 x Cu%.

◦ The 15.8 Mt surface stockpile inventory includes 5.3 Mt of low-grade stocks mined at an approximate cut-off grade of 0.27 g/t AuEq.

◦ Underground: incremental stopes proximal to development already planned to access main stoping areas are reported to a lower cut-off grade of 0.76 g/t AuEq.

• Macraes:

◦ Golden Point underground cut-off grade is 1.20 g/t Au. Stopes for which access already exists are reported to a lower cut-off grade of 1.01 g/t.

• Waihi:

◦ Martha underground cut-off grade for previously unmined stoping areas is 2.60 g/t Au, increasing to 3.0 g/t Au for stoping areas in close proximity to remnant workings, while development cut-off grade is 0.90 g/t Au.

◦ Wharekirauponga underground cut-off grade for stopes is 2.40 g/t Au, while development cut-off grade is 1.40 g/t Au.

**<u>Mineral Reserves</u>**

Mineral Reserves increased at Waihi, largely due to the initial Mineral Reserve declaration at Wharekirauponga underground. An updated Prefeasibility Study technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") was released on December 11, 2024.

Reserves at the Didipio increased by 0.14 Moz, after mine depletion, due to reserve extensions at depth in Panel 3 as well as mine design optimization in Panel 1 and Panel 2 (Figure 1). Reserve additions net of mining depletion also occurred at Macraes, Waihi and the Haile underground. An increase in gold price assumption to $1,750 per ounce contributed to a minor increase in total Reserves across the Company (see "Economic Factors" in Figure 1 below).

**Figure 1: Changes to Proven and Probable Reserves**

![figure1changestoprovenandp.jpg](figure1changestoprovenandp.jpg)

Notes:

• "Depletion" refers to 2024 mining depletion.

• "Reserve Model Updates" represent drilling and/or model updates to reserve or initial reserve declarations.

• "Economic Factors" relate to gold price, mining cost and cut-off grade changes.

• "Adjustments" relate to changes not captured in other categories.

<u>www.oceanagold.com</u>

------

**Mineral Resources**

The Measured, Indicated and Inferred Mineral Resource estimates (inclusive of Mineral Reserves) as of December 31, 2024 are presented in Table 2 below.

**Table 2: Measured and Indicated Resources as of 31 December, 2024**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** | **Cut-off grade** |
| **Gold** | **Tonnes<br>(Mt)** | **Ag<br>(g/t)** | **Contained<br>(Moz)** | **Tonnes<br>(Mt)** | **Ag<br>(g/t)** | **Contained<br>(Moz)** | **Tonnes<br>(Mt)** | **Ag<br>(g/t)** | **Contained<br>(Moz)** | **Tonnes<br>(Mt)** | **Au<br>(g/t)** | **Contained<br>(Moz)** | **Cut-off grade** |
| Horseshoe underground | 1.47 | 4.90 | 0.23 | 3.93 | 4.53 | 0.57 | 5.40 | 4.63 | 0.80 | 0.8 | 3.7 | 0.09 | 1.50 g/t Au |
| Palomino underground | - | - | - | 4.72 | 3.18 | 0.48 | 4.72 | 3.18 | 0.48 | 1.1 | 2.3 | 0.08 | 1.50 g/t Au |
| Haile open pits | 4.14 | 1.44 | 0.19 | 30.8 | 1.53 | 1.52 | 34.9 | 1.52 | 1.71 | 2.2 | 0.8 | 0.06 | 0.50 g/t & 0.60 g/t Au |
| Haile Total | 5.61 | 2.35 | 0.42 | 39.4 | 2.03 | 2.57 | 45.1 | 2.07 | 2.99 | 4.1 | 1.7 | 0.2 |  |
| Didipio underground | 15.6 | 1.57 | 0.79 | 17.6 | 0.88 | 0.50 | 33.2 | 1.20 | 1.28 | 6.4 | 0.8 | 0.2 | 0.67 g/t AuEq |
| Didipio open pit stockpile | 15.8 | 0.31 | 0.16 | - | - | - | 15.8 | 0.31 | 0.16 | - | - | - | 0.27 g/t AuEq |
| Didipio Total | 31.4 | 0.93 | 0.94 | 17.6 | 0.88 | 0.50 | 49.0 | 0.92 | 1.44 | 6.4 | 0.8 | 0.2 |  |
| Macraes underground | 0.30 | 2.34 | 0.02 | 7.91 | 2.23 | 0.57 | 8.22 | 2.23 | 0.59 | 3.0 | 1.7 | 0.2 | 0.90 g/t Au |
| Macraes open pits | 13.7 | 0.66 | 0.29 | 25.1 | 0.69 | 0.56 | 38.8 | 0.68 | 0.85 | 23 | 0.7 | 0.5 | 0.30 g/t Au |
| Macraes Total | 14.0 | 0.69 | 0.31 | 33.1 | 1.06 | 1.12 | 47.1 | 0.95 | 1.44 | 26 | 0.8 | 0.7 |  |
| Martha underground | - | - | - | 6.71 | 5.18 | 1.12 | 6.71 | 5.18 | 1.12 | 2.4 | 4.5 | 0.4 | 2.15 g/t Au |
| Wharekirauponga | - | - | - | 2.42 | 17.9 | 1.40 | 2.42 | 17.9 | 1.40 | 1.9 | 9.8 | 0.6 | 2.10 g/t Au |
| Waihi open pits | - | - | - | 9.72 | 1.76 | 0.55 | 9.72 | 1.76 | 0.55 | 3.1 | 1.8 | 0.2 | 0.50 g/t & 0.56 g/t Au |
| Waihi Total | - | - | - | 18.9 | 5.06 | 3.06 | 18.9 | 5.06 | 3.06 | 7.4 | 4.7 | 1.1 |  |
| **Total Gold** | **51.0** | **1.02** | **1.68** | **109** | **2.07** | **7.26** | **160** | **1.74** | **8.94** | **44** | **1.6** | **2.2** |  |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Silver** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Silver** | **Tonnes<br>(Mt)** | **Ag<br>(g/t)** | **Contained<br>(Moz)** | **Tonnes<br>(Mt)** | **Ag<br>(g/t)** | **Contained<br>(Moz)** | **Tonnes<br>(Mt)** | **Ag<br>(g/t)** | **Contained<br>(Moz)** | **Tonnes<br>(Mt)** | **Ag<br>(g/t)** | **Contained<br>(Moz)** |
| Horseshoe underground | 1.47 | 1.9 | 0.09 | 3.93 | 2.1 | 0.3 | 5.4 | 2.1 | 0.4 | 0.8 | 2.0 | 0.05 |
| Palomino underground | - | - | - | 4.72 | 2.7 | 0.4 | 4.7 | 2.7 | 0.4 | 1.1 | 2.0 | 0.07 |
| Haile open pits | 4.14 | 1.4 | 0.18 | 30.8 | 2.3 | 2.3 | 35 | 2.2 | 2.5 | 2.2 | 2.2 | 0.2 |
| Haile Total | 5.61 | 1.5 | 0.27 | 39.4 | 2.4 | 3.0 | 45 | 2.3 | 3.3 | 4.1 | 2.1 | 0.3 |
| Didipio underground | 15.6 | 1.9 | 1.0 | 17.6 | 1.4 | 0.8 | 33.2 | 1.6 | 1.7 | 6.4 | 1.1 | 0.2 |
| Didipio open pit stockpile | 15.8 | 2.0 | 1.0 | - | - | - | 15.8 | 2.0 | 1.0 | - | - | - |
| Didipio Total | 31.4 | 2.0 | 2.0 | 17.6 | 1.4 | 0.8 | 49.0 | 1.7 | 2.7 | 6.4 | 1.1 | 0.2 |
| Martha underground | - | - | - | 6.71 | 21 | 4.4 | 6.7 | 21 | 4.4 | 2.4 | 22 | 1.7 |
| Wharekirauponga | - | - | - | 2.42 | 28 | 2.2 | 2.4 | 28 | 2.2 | 1.9 | 15 | 0.9 |
| Waihi open pits | - | - | - | 9.72 | 10 | 3.2 | 9.7 | 10 | 3.2 | 3.1 | 9.6 | 1.0 |
| Waihi Total | - | - | - | 18.9 | 16 | 9.8 | 19 | 16 | 9.8 | 7.4 | 15 | 3.6 |
| **Total Silver** | **37.0** | **1.88** | **2.2** | **75.9** | **5.6** | **14** | **113** | **4.4** | **16** | **18** | **7.1** | **4.1** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Copper** | **Tonnes<br>(Mt)** | **Cu<br>(%)** | **Contained<br>(Mt)** | **Tonnes<br>(Mt)** | **Cu<br>(%)** | **Contained<br>(Mt)** | **Tonnes<br>(Mt)** | **Cu<br>(%)** | **Contained<br>(Mt)** | **Tonnes<br>(Mt)** | **Cu<br>(%)** | **Contained<br>(Mt)** |
| Didipio underground | 15.6 | 0.44 | 0.07 | 17.6 | 0.32 | 0.056 | 33.2 | 0.38 | 0.12 | 6.4 | 0.3 | 0.02 |
| Didipio open pit stockpile | 15.8 | 0.29 | 0.05 | - | - | - | 15.8 | 0.29 | 0.046 | - | - | - |
| Didipio Total | 31.4 | 0.36 | 0.11 | 17.6 | 0.32 | 0.056 | 49.0 | 0.35 | 0.17 | 6.4 | 0.3 | 0.02 |
| **Total Copper** | **31.4** | **0.36** | **0.11** | **17.6** | **0.32** | **0.056** | **49.0** | **0.35** | **0.17** | **6.4** | **0.3** | **0.02** |

---

• Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

<u>www.oceanagold.com</u>

------

• All resources are based on the following assumptions: metal prices of US$1,950/oz gold, US$4.0/lb copper and US$23/oz silver; NZD/USD exchange rate of 0.61.

• Open Pit resources are constrained by shells based upon economic assumptions above. Waihi Open Pit resources reported within a pit design limited by infrastructure considerations. Haile Open Pit resources reported within reserve design pit.

• Underground resources are reported within volumes guided by optimized stope designs based upon economic assumptions above and exclude dilution.

• Haile Open Pit primary cut-off grade is 0.50 g/t Au, while oxide cut-off grade is 0.60 g/t Au. Palomino resources and Horseshoe resources cut-off grade is 1.50 g/t Au.

• For Didipio, the 15.8 Mt surface stockpile inventory includes 5.3 Mt of low-grade stocks mined at an approximate cut-off grade of 0.27 g/t AuEq.

• Didipio underground resources reported at a cut-off grade of 0.67 g/t AuEq between the 2,460mRL and 1,965mRL with AuEq cut-off grade based on presented gold and copper prices. AuEq = Au g/t + 1.39 x Cu %.

• Macraes: Open Pits cut-off grade is 0.3 g/t Au. Golden Point underground cut-off grade is 0.9 g/t Au.

• Waihi: Martha underground cut-off grade is 2.15 g/t Au, Wharekirauponga cut-off grade is 2.10 g/t Au, Martha Open Pit cut-off grade is 0.5 g/t Au and Gladstone Open Pit cut-off grade is 0.56 g/t Au.

The increase in Measured and Indicated Mineral Resources of 0.62 Moz, net of mining depletion, is largely due to resource updates at Wharekirauponga underground at Waihi, a gold price-related pit expansion for Innes Mills open pit at Macraes, and extensions for Horseshoe underground at Haile (Figure 2).

**Figure 2: Changes to Measured and Indicated Resources**

![figure2changestomeasuredan.jpg](figure2changestomeasuredan.jpg)

**Notes:**

• "Depletion" refers to 2024 mining depletion.

• "Resource Model Updates" represent drilling and/or model updates to reserve or initial reserve declarations

• "Economic Factors" relate to gold price, mining cost and cut-off grade changes.

• "Adjustments" relate to changes not captured in other categories.

<u>www.oceanagold.com</u>

------

Decreases in Inferred Resources is due to conversion and mining depletion offset by gold price-related open pit expansions for Macraes (Figure 3).

**Figure 3: Changes to Inferred Resources**

![figure3changestoinferredre.jpg](figure3changestoinferredre.jpg)

**Notes:** See notes for figure 2

**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.

For further information please contact:

Investor Relations:

Rebecca Henare, Vice President, Investor Relations

<u>ir@oceanagold.com</u>

Media Inquiries:

Louise Burgess, Director, Communications

<u>info@oceanagold.com</u>

**Notes to Mineral Reserves and Mineral Resources Estimates**

All Mineral Reserves and Mineral Resources were estimated as of December 31, 2024 and have been prepared in accordance with NI 43-101.

All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.

<u>www.oceanagold.com</u>

------

Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

The updates to the Mineral Resources estimate for Haile open pit and underground have been verified and approved by, or are based on information prepared by, or under the supervision of, J. Moore, the Company's Head of Resource Development. The updates to the Mineral Reserves estimate for Haile open pits have been verified and approved by, or are based on information prepared by, or under the supervision of, D. Londono, the Company's Executive Vice President and Chief Operating Officer Americas, and the Mineral Reserves estimate for Haile underground has been verified and approved by or is based upon information prepared by, or under the supervision of, B. Drury, Superintendent- Engineering Services (underground), Haile.

The Mineral Resources estimate for Didipio has been verified and approved by, or is based on information prepared by, or under the supervision of, J. Moore, while the Mineral Reserves estimate for Didipio underground has been verified and approved by or is based upon information prepared by, or under the supervision of, P. Jones, the Company's Head of Underground Mining.

Any updates to the Mineral Resources estimate for Macraes open pits have been verified and approved by, or are based on information prepared by, or under the supervision of, J. Moore. The updates to the Mineral Resources estimate for Macraes underground operations have been verified and approved by, or are based on information prepared by, or under the supervision of, M. Grant, the Company's Senior Geologist – Resource Development, Macraes. The Mineral Reserves estimate for Macraes open pits has been verified and approved by, or is based on information prepared by, or under the supervision of, K. Madambi, the Company's Manager – Technical Services & Projects, Macraes. The Mineral Reserves estimate for Macraes underground has been verified and approved by, or is based upon information prepared by, or under the supervision of, E. Leslie, the Company's Group Mining Engineer.

Any updates to the Mineral Resources estimate for Waihi's Wharekirauponga underground, Martha underground, Gladstone open pit and Martha Open Pit have been verified and approved by, or are based on information prepared by, or under the supervision of, L. Crawford-Flett, the Company's Manager – Exploration and Geology, Waihi. The Mineral Reserves estimates for the Martha underground, Waihi underground has been verified and approved by, or is based on information prepared by, or under the supervision of, D. Townsend, the Company's Manager – Mining (Underground), Waihi. The Mineral Reserves estimate for the Wharekirauponga underground has been verified and approved by, or is based upon information prepared by, or under the supervision of, E. Leslie, the Company's Group Mining Engineer.

<u>www.oceanagold.com</u>

------

All such persons noted above are "qualified persons" for the purposes of NI 43-101. D. Londono is a registered member of the Society of Mining Engineers with the Society of Mining, Metallurgy & Exploration. Messrs Crawford-Flett, Madambi, Jones, Leslie, Moore and Townsend are Members and Chartered Professionals with the Australasian Institute of Mining and Metallurgy. M. Grant is a member of the Australian Institute of Geoscientists. B. Drury is a Registered Member with the Society of Mining, Metallurgy & Exploration.

For further scientific and technical information supporting the disclosure in this news release (including disclosure regarding Mineral Resources and Mineral Reserves, data verification, key assumptions, parameters, methods used to estimate the Mineral Resources and Mineral Reserves, and risks and other factors), please refer to the following NI 43-101 technical reports available on the SEDAR+ website at www.sedarplus.com under the Company's name:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)"NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand" dated March 28, 2024 with an effective date of December 31, 2023, prepared by M. Grant, J. Moore, K. Madambi, E. Leslie and D. Carr (OceanaGold);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)"NI 43-101 Technical Report Didipio Gold / Copper Operations Luzon Island, Philippines" dated March 31, 2022 with an effective date of December 31, 2021, prepared by D. Carr, P Jones, and J. Moore (OceanaGold);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)"NI 43-101 Technical Report – Waihi District Pre-feasibility Study, New Zealand" dated December 11, 2024 with an effective date of June 30, 2024, prepared by D. Townsend, L. Crawford-Flett, K. Hollis, E. Leslie, and T. Maton (OceanaGold); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)"NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina" dated March 28, 2024 with an effective date of December 31, 2023, prepared by D. Carr, D. Londono, J. Moore and B. Drury (OceanaGold), L. Standridge and R. Cook (Call & Nicholas, Inc.), J. Newton Janney-Moore and W. Lucas Kingston (NewFields Mining & Technical Services LLC) and M. Sullivan and B. Miller Clarkson (SRK Consulting (U.S.), Inc.).

**Cautionary Statement Regarding Mineral Resources and Mineral Reserves**

The disclosure in this news release has been prepared in accordance with NI 43-101, which differs significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and resource and reserve information contained or referenced in this news release may not be comparable to similar information disclosed by public companies subject to the technical disclosure requirements of the SEC. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.

<u>www.oceanagold.com</u>

------

**Cautionary Statement Regarding Forward-Looking Information**

Certain information contained in this news release may be deemed "forward-looking" within the meaning of applicable securities laws. All statements other than statements of historical facts included in this news release constitute forward-looking statements, including but not limited to, the estimation of Mineral Reserves and Mineral Resources, the realization of Mineral Reserves and Mineral Resources estimates, estimates of exploration expenditures, costs and timing of future exploration programs and information relating to future performance and reflect the Company's expectations regarding the execution of business strategy, future growth, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information, including, among others, the accuracy of Mineral Reserve and Mineral Resource estimates and related assumptions, inherent operating risks and those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators, which is available on SEDAR+ at www.sedarplus.com under the Company's name. There are no assurances the Company can fulfil forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements and information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information.

The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

<u>www.oceanagold.com</u>

## Exhibit 99.34

**Exhibit 99.34**

---

| | |
|:---|:---|
| **February 19, 2025** | **News Release** |

---

**OceanaGold Reports Fourth Quarter and Full Year 2024 Operating and**

**Financial Results**

***(All financial figures in United States dollars unless otherwise stated)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Met 2024 updated production guidance and achieved record annual production at Haile**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Record annual Net Profit of $192 million and Free Cash Flow of $245 million**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Doubling of annual dividend and intend to repurchase up to $100 million of shares in 2025**<br>

(VANCOUVER) OceanaGold Corporation (TSX: OGC; OTCQX: OCANF) ("OceanaGold" or the "Company") reported its operational and financial results for the three months and year ended December 31, 2024. The condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") are available at <u>www.oceanagold.com</u>.

**Fourth Quarter and Full Year Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter production of 150,900 ounces of gold and 3,100 tonnes of copper, an increase in gold production of 12% from the prior quarter

&nbsp;&nbsp;&nbsp;&nbsp;• Record quarterly and annual production at Haile and best quarterly production at Waihi since production commenced at Martha Underground in 2021

&nbsp;&nbsp;&nbsp;&nbsp;• Full year 2024 production of 488,800 ounces of gold and 12,300 tonnes of copper, achieving updated production guidance

&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly and full year All-In Sustaining Cost (AISC)<sup>†</sup> of $1,563 and $1,777 per ounce, respectively

&nbsp;&nbsp;&nbsp;&nbsp;• Record quarterly and annual revenue of $427 million and $1.29 billion, respectively

&nbsp;&nbsp;&nbsp;&nbsp;• Record quarterly and annual Net Profit<sup>†</sup> of $103 million and $192 million, respectively

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS<sup>†</sup> of $0.15, an increase of 67% from the prior quarter

&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter EBITDA Margin<sup>†</sup> of 58% and Operating Cash Flow Per Share<sup>†</sup> of $0.36

&nbsp;&nbsp;&nbsp;&nbsp;• Record quarterly and annual Free Cash Flow<sup>†</sup> of $147 million and $245 million, respectively

&nbsp;&nbsp;&nbsp;&nbsp;• Repaid the remaining $85.0 million of the revolving credit facility during the quarter, ending the year with Net Cash<sup>†</sup> of $192 million

&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased 8.8 million common shares ($24.1 million) since July, 2024, at an average price of CAD$3.79 per share

&nbsp;&nbsp;&nbsp;&nbsp;• Doubled annual dividend to $0.01 per share quarterly

&nbsp;&nbsp;&nbsp;&nbsp;• Declared an initial Mineral Reserve at Wharekirauponga of 4.1 Mt at 9.2 g/t for 1.21 Moz Au

&nbsp;&nbsp;&nbsp;&nbsp;• Total Mineral Reserves increased by 27% to 6.2 Moz Au, net of mining depletion

†See "Non-IFRS Financial Information" <br> 1

------

Gerard Bond, President and CEO of OceanaGold, said "The fourth quarter was tremendous, delivering numerous operational and Company records, highlighted by record quarterly Free Cash Flow of $147 million. These strong results were driven by record production at Haile and a strong performance by both Macraes and Waihi. We continued to invest at all four operations while increasing shareholders' ownership of the Company by fully repaying the credit facility and actively buying back shares, finishing the year with net cash of $192 million. In 2024 we also successfully completed a number of major milestones notably the OceanaGold Philippines IPO, the ramp-up of Haile's Horseshoe underground mine, and the release of exceptional results in the Waihi District pre-feasibility study.

Looking forward, we expect another year of strong Free Cash Flow in 2025, and a significant step-up in gold production and Free Cash Flow in 2026. We will continue to invest in our organic growth and exploration projects and increase capital returns to our shareholders via the dividend and share-buyback programs. I am also very excited by the value enhancing catalysts we have in 2025, such as obtaining the permits and commencing construction at the high-grade Wharekirauponga underground mine, and further exploration success at each of our sites."

**Multi-Year Outlook**

The Company maintains a strong multi-year outlook, with 20% growth in gold production from 2024 levels by 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Production & Cost Outlook** |  | 2025 | 2026 |
| Gold production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | 450 - 520 | 550 - 620 |
| Copper production | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | 13 -15 | 13 - 15 |
| AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | 1900 - 2050 | 1400 - 1600 |
| Growth & Exploration Capital<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | 120 - 130 | 190 - 215 |

---

1Excludes sustaining exploration capital.

†See "Non-IFRS Financial Information" <br> 2

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q4 2024** | **Q3 2024** | **Q4 2023** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| Gold Produced<sup>1</sup> |  |  |  |  |  |  |
| Haile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75.2** | 64.9 | 37.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**212.6** | &nbsp;&nbsp;&nbsp;&nbsp;152.5 |
| Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.7** | 27.9 | 42.8 | **97.0** | &nbsp;&nbsp;&nbsp;&nbsp;138.5 |
| Macraes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.9** | 28.3 | 36.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**125.4** | 137.0 |
| Waihi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** | 13.8 | 13.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.8** | &nbsp;&nbsp;&nbsp;&nbsp;49.3 |
| Total gold produced<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **150.9** | 134.9 | 129.8 | **488.8** | 477.3 |
| Gold Sales |  |  |  |  |  |  |
| Haile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**73.9** | 53.6 | 29.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208.5** | &nbsp;&nbsp;&nbsp;&nbsp;146.2 |
| Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.8** | 28.9 | 39.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.4** | &nbsp;&nbsp;&nbsp;&nbsp;135.7 |
| Macraes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.6** | 29.5 | 36.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**124.8** | &nbsp;&nbsp;&nbsp;&nbsp;137.1 |
| Waihi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **19.0** | 12.8 | 13.2 | **54.0** | &nbsp;&nbsp;&nbsp;&nbsp;48.9 |
| Total gold sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | **150.3** | 124.8 | 118.8 | **487.7** | 467.9 |
| Average Gold Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **2665** | 2511 | 1993 | **2433** | 1955 |
| Copper Produced<sup>1</sup> - Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** | &nbsp;&nbsp;&nbsp;&nbsp;3.4 | 3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** | &nbsp;&nbsp;&nbsp;&nbsp;14.2 |
| Copper Sales - Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** | &nbsp;&nbsp;&nbsp;&nbsp;3.5 | 3.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** | &nbsp;&nbsp;&nbsp;&nbsp;13.8 |
| Average Copper Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/lb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16** | 4.15 | 3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16** | &nbsp;&nbsp;&nbsp;&nbsp;3.87 |
| Cash Costs<sup>†</sup> |  |  |  |  |  |  |
| Haile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**598** | 683 | 1521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**955** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 |
| Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1033** | 824 | 549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**851** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 |
| Macraes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1214** | 1458 | 901 | **1192** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
| Waihi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1130** | 1538 | 1345 | **1427** | 1300 |
| Consolidated Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**875** | 987 | 987 | **1047** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 |
| AISC<sup>†</sup> |  |  |  |  |  |  |
| Haile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1287** | 1537 | 2570 | **1628** | 1921 |
| Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1389** | 1103 | 737 | **1140** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 |
| Macraes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1535** | 2099 | 1468 | **1906** | 1570 |
| Waihi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1557** | 2252 | 1829 | **2087** | 1914 |
| Consolidated AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/oz | **1563** | 1729 | 1658 | **1777** | 1587 |
| Free Cash Flow<sup>†2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **146.5** | 65.7 | 16.1 | **245.2** | 42.4 |
| Net profit (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **102.7** | 60.6 | (18.9) | **192.0** | 83.1 |
| Adjusted net profit<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **107.6** | 66.4 | 6.6 | **208.3** | 120.1 |
| Adjusted EBITDA<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | **251.3** | 162.8 | 91.6 | **604.0** | 413.6 |
| Earnings (loss) per share<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/share | **$0.14** | $0.08 | $(0.03) | **$0.26** | $0.12 |
| Adjusted earnings per share<sup>†3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/share | **$0.15** | $0.09 | $0.01 | **$0.29** | $0.16 |
| Operating Cash Flow per share<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/share | **$0.36** | $0.22 | $0.12 | **$0.83** | $0.56 |
| Free Cash Flow per share<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$/share | **$0.20** | $0.09 | $0.02 | **$0.34** | $0.06 |

---

1Production is reported on a 100% basis as all operations are controlled by OceanaGold.

2Includes proceeds of $30.0 million from the sale of the Blackwater project in the second quarter of 2024.

3Attributable to the shareholders of the Company.

†See "Non-IFRS Financial Information" <br> 3

------

**Management Update**

The Company advises that David Londono, Chief Operating Officer Americas, is leaving OceanaGold to return to Colombia for family reasons. His last day with the Company will be April 4, 2025. David has been a valued member of OceanaGold since he joined Haile in July 2021 and has guided Haile through operational improvements, permitting of the Haile expansion and mostly recently delivery of the Horseshoe Underground mine into production.

Bhuvanesh Malhotra, Chief Technical and Projects Officer, will permanently assume David's executive accountabilities for the Haile Gold Mine upon David's departure. Mr. Malhotra has been with the company since early 2024 and has over 25 years of experience in operational and technical roles across multiple commodities and mining methods, driving safety performance, operational excellence, and sustainable transformational change.

**Dividend & Share Buyback**

The Company is pleased to announce a doubling of the annual dividend payment, to $0.01 per common share payable quarterly.

The Board has also approved the repurchase of up to $100 million of common shares in 2025. Under the current NCIB ("Normal Course Issuer Bid") program announced in July 2024, the Company had repurchased 8.8 million common shares as of December 31, 2024.

OceanaGold declared a $0.01 per share dividend in February 2025, payable in April 2025. Shareholders of record at the close of business in each jurisdiction on March 5, 2025 (the "Record Date") will be entitled to receive payment of the dividend on April 25, 2025. The dividend payment applies to holders of record of the Company's common shares traded on the Toronto Stock Exchange.

---

| | |
|:---|:---|
| Declaration of Dividend | Wednesday February 19, 2025 |
| Record Date | Wednesday March 5, 2025 |
| Dividend Payment Date | Friday April 25, 2025 |

---

Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in Computershare's international payments service if they want to receive dividends in an alternative currency.

 4

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**Conference Call and Webcast:**

Senior management will host a conference call / webcast to discuss the quarterly results on Thursday February 20th at 10:00 am Eastern Time.

To register, please copy and paste the link into your browser: https://app.webinar.net/xO8eQlPQnKN

Toll-free North America: +1 888-510-2154

International: +1 437-900-0527

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.

**For further information please contact:**

Investor Relations:

Rebecca Henare, Vice President, Investor Relations

Tel: +1 604-678-4095

<u>ir@oceanagold.com</u>

Media Relations:

Louise Burgess, Director, Communications

Tel: +1 604-403-2019

<u>info@oceanagold.com</u>

 5

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**Cautionary Statement for Public Release**

This public release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. All statements in this public release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold; general business; economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits including the FTAA as well as those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available on SEDAR+ at sedarplus.com under the Company's name. The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

 6

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The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Non-IFRS Financial Information**

*Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share*

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

Prior to the first quarter of 2024, Adjusted Net Profit/(Loss) was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/ losses.

 7

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The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q4 2024** | Q3 2024 | Q4 2023 | **2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Net profit (loss) | **102.7** | 60.6 | (18.9) | **192.0** | 83.1 |
| Foreign exchange (gain) loss | **3.0** | (1.3) | (6.9) | **7.9** | 1.8 |
| Write-down of assets | **1.9** | 1.7 | 38.3 | **8.3** | 41.1 |
| Gain on sale of Blackwater project | **—** |  |  | **(17.6)** |  |
| Tax expense on sale of Blackwater project | **—** |  |  | **4.9** |  |
| OGP listing costs | **—** | 5.4 |  | **10.9** |  |
| Restructuring costs | **—** |  | 3.7 | **1.9** | 3.7 |
| **Adjusted net profit** | **107.6** | 66.4 | 6.6 | **208.3** | 120.1 |
| Adjusted weighted average number of common shares - fully diluted | **724.6** | 726.5 | 722.6 | **724.8** | 722.6 |
| **Adjusted earnings per share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.15** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.01 | **0.29** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |

---

*EBITDA and Adjusted EBITDA*

The Company's Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses, write-downs, gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue.

Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/losses.

The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Net profit (loss) | **102.7** | 60.6 | (18.9) | **192.0** | 83.1 |
| Depreciation and amortization | **100.5** | 86.0 | 71.8 | **321.2** | 228.8 |
| Net interest expense and finance costs | **2.9** | 4.3 | 6.3 | **19.1** | 21.0 |
| Income tax expense(recovery) on earnings | **40.3** | 6.1 | (2.7) | **55.4** | 35.3 |
| **EBITDA** | **246.4** | 157.0 | 56.5 | **587.7** | 368.2 |
| Write-down of assets | **1.9** | 1.7 | 38.3 | **8.3** | 39.9 |
| Gain on sale of Blackwater project | **—** |  |  | **(17.6)** |  |
| Tax expense on sale of Blackwater project | **—** |  |  | **4.9** |  |
| OGP listing costs | **—** | 5.4 |  | **10.9** |  |
| Restructuring expense | **—** |  | 3.7 | **1.9** | 3.7 |
| Foreign exchange (gain) loss | **3.0** | (1.3) | (6.9) | **7.9** | 1.8 |
| **Adjusted EBITDA** | **251.3** | 162.8 | 91.6 | **604.0** | 413.6 |

---

 8

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenue** | **427.3** | 345.2 | 267.3 | **1294.0** | 1026.3 |
| **EBITDA Margin** | **58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | **45%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |

---

*Cash Costs and AISC*

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of cash costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

The following table provides a reconciliation of consolidated Cash Costs and AISC:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Cost of sales, excl. depreciation and amortization | **155.1** | 149.7 | 145.9 | **600.5** | 498.8 |
| Indirect taxes | **7.6** | 5.5 | 8.2 | **25.6** | 26.3 |
| Selling costs | **3.2** | 3.9 | 5.1 | **13.4** | 18.3 |
| Other cash adjustments | **(4.7)** | (0.3) | (6.4) | **(8.5)** | (0.5) |
| By-product credits | **(29.7)** | (35.6) | (35.4) | **(120.5)** | (129.8) |
| **Total Cash Costs (net)** | **131.5** | 123.2 | 117.4 | **510.5** | 413.1 |
| Sustaining capital and leases | **77.8** | 80.7 | 63.9 | **288.8** | 269.2 |
| Corporate general & administration | **23.5** | 11.2 | 13.8 | **62.9** | 53.4 |
| Onsite exploration and drilling | **0.5** | 0.8 | 1.7 | **4.2** | 7.0 |
| **Total AISC** | **233.3** | 215.9 | 196.8 | **866.4** | 742.7 |
| Gold sales (koz) | **150.3** | 124.8 | 118.8 | **487.7** | 467.9 |
| **Cash Costs ($/oz)** | **875** | 987 | 987 | **1047** | 883 |
| **AISC ($/oz)**<sup>1</sup> | **1563** | 1729 | 1658 | **1777** | 1587 |

---

1Excludes the Additional Government Share related to the FTAA at Didipio of $(7.4) million, $15.5 million and $8.1 million for the fourth quarter, third quarter and full year 2024, respectively, as it is considered in nature of an income tax.

 9

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The following tables provides a reconciliation of Cash Costs and AISC for each operation:

*Haile*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Cash costs of sales | **51.3** | 44.7 | 46.7 | **199.7** | 135.9 |
| By-product credits | **(0.8)** | (0.7) | (0.4) | **(3.0)** | (4.2) |
| Inventory adjustments | **(6.5)** | (7.5) | (1.2) | **2.0** | (3.0) |
| Freight, treatment and refining charges | **0.2** | 0.1 |  | **0.5** | 0.6 |
| **Total Cash Costs (net)** | **44.2** | 36.6 | 45.1 | **199.2** | 129.3 |
| Sustaining and leases | **20.5** | 15.7 | 10.2 | **53.1** | 52.5 |
| Pre-strip and capitalized mining | **30.5** | 29.9 | 20.9 | **87.0** | 99.2 |
| Onsite exploration and drilling | **—** |  |  | **—** |  |
| **Total AISC** | **95.2** | 82.2 | 76.2 | **339.3** | 281.0 |
| Gold sales (koz) | **73.9** | 53.6 | 29.6 | **208.5** | 146.2 |
| **Cash Costs ($/oz)** | **598** | 683 | 1521 | **955** | 884 |
| **AISC ($/oz)** | **1287** | 1537 | 2570 | **1628** | 1921 |

---

*Didipio*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Cash costs of sales | **40.0** | 36.0 | 34.0 | **147.6** | 129.0 |
| By-product credits | **(27.0)** | (33.5) | (33.9) | **(112.0)** | (121.6) |
| Royalties | **0.8** | 2.1 | 2.7 | **5.9** | 7.3 |
| Indirect taxes | **5.2** | 5.7 | 8.2 | **21.3** | 26.3 |
| Inventory adjustments | **(1.7)** | 7.3 | 4.3 | **5.0** | 18.8 |
| Freight, treatment and refining charges | **4.2** | 6.2 | 6.5 | **17.6** | 23.5 |
| **Total Cash Costs (net)** | **21.5** | 23.8 | 21.8 | **85.4** | 83.3 |
| Sustaining and leases | **4.8** | 5.7 | 5.9 | **20.4** | 11.1 |
| Pre-strip and capitalized mining | **2.5** | 2.4 | 1.6 | **8.6** | 4.3 |
| Onsite exploration and drilling | **—** |  |  | **—** | 0.3 |
| **Total AISC** | **28.8** | 31.9 | 29.3 | **114.4** | 99.0 |
| Gold sales (koz) | **20.8** | 28.9 | 39.7 | **100.4** | 135.7 |
| **Cash Costs ($/oz)** | **1033** | 824 | 549 | **851** | 614 |
| **AISC**<sup>1</sup> **($/oz)** | **1389** | 1103 | 737 | **1140** | 730 |

---

1Excludes the Additional Government Share of FTAA at Didipio of $(7.4) million, $15.5 million and $8.1 million for the fourth quarter, third quarter, and full year 2024, respectively, as it is considered in nature of an income tax.

 10

------

*Macraes*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Cash costs of sales | **44.5** | 38.9 | 31.6 | **137.1** | 145.7 |
| Less: by-product credits | **0.2** |  |  | **0.1** | (0.1) |
| Royalties | **1.0** | 0.2 | 1.4 | **3.4** | 3.8 |
| Inventory adjustments | **(1.7)** | 3.9 | (0.4) | **7.4** | (13.5) |
| Freight, treatment and refining charges | **0.3** | 0.1 | 0.2 | **0.8** | 0.7 |
| **Total Cash Costs (net)** | **44.3** | 43.1 | 32.8 | **148.8** | 136.6 |
| Sustaining and leases | **5.9** | 5.0 | 4.9 | **24.1** | 30.2 |
| Pre-strip and capitalized mining | **5.1** | 13.7 | 15.1 | **62.9** | 45.5 |
| Onsite exploration and drilling | **0.2** | 0.1 | 0.6 | **1.3** | 2.9 |
| **Total AISC** | **55.5** | 61.9 | 53.4 | **237.1** | 215.2 |
| Gold sales (koz) | **36.6** | 29.5 | 36.3 | **124.8** | 137.1 |
| **Cash Costs ($/oz)** | **1214** | 1458 | 901 | **1192** | 996 |
| **AISC ($/oz)** | **1535** | 2099 | 1468 | **1906** | 1570 |

---

*Waihi*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2024** | &nbsp;&nbsp;&nbsp;&nbsp;Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | 2023 |
| Cash costs of sales | **22.1** | 21.3 | 18.8 | **80.9** | 66.8 |
| By-product credits | **(2.1)** | (1.4) | (1.1) | **(5.6)** | (4.0) |
| Royalties | **0.5** | 0.4 | 0.3 | **1.5** | 1.1 |
| Inventory adjustments | **0.9** | (0.6) | (0.3) | **0.1** | (0.4) |
| Add: Freight, treatment and refining charges | **0.1** |  |  | **0.2** | 0.2 |
| **Total Cash Costs (net)** | **21.5** | 19.7 | 17.7 | **77.1** | 63.7 |
| Sustaining and leases | **2.9** | 2.7 | 1.3 | **9.9** | 3.6 |
| Pre-strip and capitalized mining | **5.6** | 5.6 | 4.0 | **22.8** | 22.7 |
| Onsite exploration and drilling | **0.3** | 0.7 | 1.1 | **2.9** | 3.8 |
| **Total AISC** | **30.3** | 28.7 | 24.1 | **112.7** | 93.8 |
| Gold sales (koz) | **19.0** | 12.8 | 13.1 | **54.0** | 48.9 |
| **Cash Costs ($/oz)** | **1130** | 1538 | 1345 | **1427** | 1300 |
| **AISC ($/oz)** | **1557** | 2252 | 1829 | **2087** | 1914 |

---

*Net Cash/(Debt)*

Net Cash/(Debt) has been calculated as total debt less cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Prior to 2024, lease liabilities were included in the calculation of Net Cash/(Debt). The change in respect of 2024 is consistent with the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have been recalculated excluding lease liabilities.

 11

------

The following table provides a reconciliation of Net Cash/(Debt):

---

| | | |
|:---|:---|:---|
| **$M** | **December 31, 2024** | December 31, 2023 |
| Revolving credit facility | **—** | (135.0) |
| Fleet facility<sup>1</sup> | **(2.8)** | (4.4) |
| Unamortized transaction costs | **1.2** | 1.2 |
| **Total debt** | **(1.6)** | (138.2) |
| Cash and cash equivalents | **193.5** | 61.7 |
| **Net Cash (Debt)**<sup>†</sup> | **191.9** | (76.5) |

---

1Fleet facility arrangement for mining equipment financing which will be fully repaid in 2025. There are no additional amounts available under the fleet facility.

*Operating Cash Flow per share*

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of total fully diluted cash Operating Cash Flow per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q4 2024** | Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Cash provided by operating activities | **246.1** | 164.7 | 94.8 | **593.9** | 384.2 |
| Changes in working capital | **14.1** | (3.7) | (5.3) | **4.4** | 22.7 |
| **Cash flows provided by operating activities before changes in working capital** | **260.2** | 161.0 | 89.5 | **598.3** | 406.9 |
| Adjusted weighted average number of common shares - fully diluted | **724.6** | 726.5 | 722.6 | **724.8** | 722.6 |
| **Operating Cash Flow per share** | **$0.36** | $0.22 | $0.12 | **$0.83** | $0.56 |

---

*Free Cash Flow*

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

 12

------

The following table provides a reconciliation of Free Cash Flow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q4 2024** | Q3 2024 | Q4 2023 | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| Cash flows provided by Operating Activities | **246.1** | 164.7 | 94.8 | **593.9** | 384.2 |
| Cash flows used in Investing Activities | **(99.6)** | (99.0) | (78.7) | **(348.7)** | (341.8) |
| **Free Cash Flow** | **146.5** | 65.7 | 16.1 | **245.2** | 42.4 |
| Adjusted weighted average number of common shares - fully diluted | **724.6** | 726.5 | 722.6 | **724.8** | 722.6 |
| **Free Cash Flow per share** | **$0.20** | $0.09 | $0.02 | **$0.34** | $0.06 |

---

 13

## Exhibit 99.35

**Exhibit 99.35**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**February 20, 2025** | **News Release** |

---

**OceanaGold Appoints Stefanie Loader to the Board of Directors**

(VANCOUVER) OceanaGold Corporation (TSX:OGC, OTCQX:OCANF) ("OceanaGold" or the "Company") appoints Ms Stefanie Loader as Non-Executive Director to the Board of Directors (the "Board"), effective immediately.

Paul Benson, Non-Executive Chairman of the Board, said "On behalf of the Board, I am delighted to welcome Stefanie to OceanaGold. Stefanie is a highly accomplished geologist and mining executive with a track-record in successful mining operations, mineral exploration and project development. Her appointment brings tremendous value to our Board and to our shareholders."

Ms Loader's executive experience comprises operations leadership, mineral exploration, project and studies management, and corporate strategy. She also has Board experience, as well as being the Chair of a Health, Safety, Environment and Community Committee and of a Nominations and Remuneration Committee.

Ms Loader's experience spans a wide range of commodities and regions including copper and gold in Australia, Laos, Chile and Peru, and diamonds in Canada and India. She held the role of Managing Director of Northparkes copper and gold mine in Australia for CMOC International and Rio Tinto from 2012 to 2017. Ms Loader was Chair of the New South Wales (NSW) Minerals Council from 2015 to 2017. Ms Loader also served in the office of the CEO for Rio Tinto, supporting the Executive Committee, and as an Exploration Executive.

In 2013, Ms Loader was recognized as one of the Australian Financial Review's 100 Women of Influence and was the winner of the 2024 Outstanding Contribution to NSW Mining Award. She holds a B.Sc. Honours in Geology from the University of Western Australia and a Graduate Certificate in Applied Statistics from Murdoch University, Australia.

Ms Loader will be included in the Company's Information Circular for the 2025 Annual General and Special Meeting.

**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; the Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.

<u>www.oceanagold.com</u>

------

For further information please contact:

Investor Relations:

Rebecca Henare, Vice President, Investor Relations

Tel: +1 (604) 678-4095

<u>ir@oceanagold.com</u>

Media Inquiries:

Louise Burgess, Director, Communications

Tel: +1 (604) 403-2019

<u>info@oceanagold.com</u>

<u>www.oceanagold.com</u>

## Exhibit 99.36

**Exhibit 99.36**

---

| | |
|:---|:---|
| **February 24, 2025** | **News Release** |

---

**OceanaGold Announces New Discovery and Additional High-Grade Drill Results at Haile**

(VANCOUVER) OceanaGold Corporation (TSX: OGC; OTCQX:OCANF) ("OceanaGold" or the "Company") is pleased to provide results from exploration and resource conversion drilling at the Haile Gold Mine ("Haile") in the United States.

**Drill highlights include (core length):**

**Pisces** *(initial drilling*, *located 300 m from Horseshoe)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 44.2 m @ 10.9 g/t Au (DDH1267)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 9.4 m @ 44.1 g/t Au (DDH1269)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 42.7 m @ 6.1 g/t Au (DDH1257)

**Horseshoe** *(definition drilling)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.9 m @ 50.1 g/t Au (UGD0073)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 31.9 m @ 11.7 g/t Au (UGD0075)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 21.7 m @ 7.3 g/t Au (UGD0069)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 19.4 m @ 6.7 g/t Au (UGD0077)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 19.2 m @ 6.5 g/t Au (UGD0063)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 22.6 m @ 5.3 g/t Au (UGD0065)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 7.4 m @ 16.1 g/t Au (UGD0072)

Gerard Bond, President & CEO of OceanaGold, said "Today's exciting new discovery at Haile continues to demonstrate the exceptional return on investment we receive from exploration. While still early-days at the Pisces discovery, we are excited about its size potential and it remains open in multiple directions. Pisces is close to existing and planned underground infrastructure, which may provide benefits from a mining perspective. Due to the phenomenal exploration success we have seen at Haile recently, including Pisces, Horseshoe and Ledbetter Phase 4, we increased the 2025 exploration budget at Haile by 20% to $10M, the largest exploration budget at Haile since the mine has been in production. This supports our strategy of increasing shareholder value through the drill bit."

Results can be viewed in 3D using VRIFY at the following link:

<u>https://vrify.com/meetings/recordings/0bcf42cb-b154-4a06-b85c-9f16e267eb8c</u>

VRIFY note: Drill results reflect those set forth in OceanaGold's press release dated February 23, 2025 and do not include all historical drill results except those relevant to the current Pisces exploration target.

------

**<u>Pisces Discovery</u>**

The Pisces discovery is located along the prospective corridor between the Horseshoe and Palomino deposits at approximately 550 metres below surface (Figure 1). Mineralization intercepted to date defines an exploration target<sup>1</sup> area of approximately 300 x 250 x 25 metres, where the strike length approximates that of the Horseshoe resource. Mineralization is similar in style to Horseshoe and Palomino, occurring at the metavolcanic/metasediment contact, and hosted by silicified and sulphidized laminated siltstone with zones of local brecciation.

A total of 3,437 metres and five holes have been drilled during the current program, testing the thickness and continuity of mineralization in the vicinity of historical drill holes. Significant intercepts were returned including 44.2 m @ 10.9 g/t Au (DDH1267), 9.4 m @ 44.1 g/t Au (DDH1269), and 42.7 m @ 6.1 g/t Au (DDH1257) (see Figure 2 for DDH1257 and DDH1267 and Table 1). This drilling follows up on the historic results in this area which include 14.4 m @ 4.7 g/t Au (RCT0205), 24.4 m @ 3.1 g/t Au (RCT0165) and 7.6 m @ 7.4 g/t Au (RCT0209) (see Table 2 for historical drill hole results).

Mineralization at Pisces remains open in all directions; to the northeast towards Horseshoe and to the southwest towards Palomino, as well as up and down dip. Drilling has been accelerated with an increased budget to better define the continuity of geology and grade, and ascertain the potential size of this new opportunity, as early as possible.

<sup>1.</sup>&nbsp;&nbsp;&nbsp;&nbsp;The exploration target is based on the assessment of limited drill data collected by the Company at Haile. The exploration target is conceptual in nature and insufficient exploration has been undertaken in the area that the exploration target relates to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

------

**Figure 1: Plan view of the location of the Pisces exploration target**

![oceana2a.jpg](oceana2a.jpg)

**Figure 2: Long section A-A' showing Pisces exploration target with drill holes (including historic drill holes) annotated**

![oceana3.jpg](oceana3.jpg)

------

**<u>Horseshoe</u>**

Eighteen additional resource definition holes for 5,587 metres have been completed since the cut-off date for the 2024 year-end resource estimate for the Horseshoe underground (see news release dated February 19, 2025). These holes targeted southwest extensions to Horseshoe and focused on defining the continuity and extent of three zones: the middle zone with 12 holes, the lower zone with 5 holes, and the upper zone with 1 hole (Figure 3). The results received were in line with expectations and support potential additional growth of the Horseshoe underground resource.

Extensions of the middle zone returned 12.9 m @ 50.1 g/t Au (UGD0073) and 11.1 m @ 4.4 g/t Au (UGD0061). Additional significant results within the middle zone resource include 31.9 m @ 11.7 g/t Au (UGD0075), 21.7 m @ 7.3 g/t Au (UGD0069), 19.4 m @ 6.7 g/t Au (UGD0077), and 19.2 m @ 6.5 g/t Au (UGD0063) (see Table 1).

Extensions of the lower zone include 4.8 m @ 5.4 g/t Au (UGD0071) and 3.1 m @ 6.4 g/t Au (UGD0068).

An additional 10,500 metres of resource definition and conversion drilling in 2025 has commenced at Horseshoe.

**Figure 3: Schematic long section (looking north-west) showing Horseshoe mineralization and recent drill holes annotated**

![oceanan4.jpg](oceanan4.jpg)

Note: Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. For further information regarding the Mineral Reserves and Mineral Resources estimate for Horseshoe underground as at December 31, 2024, please see the Company's news release dated February 19, 2025.

------

**Table 1: Recent Haile drill intersections.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From**<br>*(m)* | **To**<br>*(m)* | **Interval**<br>*(m)* | **Au**<br>*(g/t)* | **Target** | **A**ctivity |
| &nbsp;&nbsp;DDH1266 |  | &nbsp;&nbsp;&nbsp;&nbsp;NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;DDH1267 | 591.0 | 635.1 | 44.2 | 10.9 | Pisces | Initial Drilling |
| &nbsp;&nbsp;DDH1269 | 686.1 | 695.5 | 9.4 | 44.1 | Pisces | Initial Drilling |
| &nbsp;&nbsp;*Including* | 686.1 | 687.6 | 1.5 | 228.0 | Pisces | Initial Drilling |
| &nbsp;&nbsp;*Including* | 687.6 | 690.1 | 2.5 | 15.1 | Pisces | Initial Drilling |
| &nbsp;&nbsp;DDH1257 | 560.2 | 602.9 | 42.7 | 6.1 | Pisces | Initial Drilling |
| &nbsp;&nbsp;*Including* | 587.4 | 590.7 | 3.3 | 30.9 | Pisces | Initial Drilling |
| &nbsp;&nbsp;DDH1247 |  | NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;UGD0058 | 288.8 | 298.2 | 9.3 | 3.1 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0059 |  | NSR |  |  | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0060 | 258.5 | 265.8 | 7.3 | 4.1 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0061 | 257.5 | 268.6 | 11.1 | 4.4 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0063 | 272.8 | 292.0 | 19.2 | 6.5 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0064 | 270.7 | 281.3 | 10.7 | 1.8 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0065 | 255.4 | 278.0 | 22.6 | 5.3 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0066 |  | NSR |  |  | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0067 | 252.6 | 260.7 | 8.1 | 4.6 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0068 | 259.1 | 263.2 | 3.1 | 6.4 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0069 | 256.6 | 278.3 | 21.7 | 7.3 | Horseshoe | Definition |
| &nbsp;&nbsp;*Including* | 266.4 | 272.2 | 5.8 | 16.0 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0071 | 261.7 | 266.6 | 4.8 | 5.4 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0072 | 272.2 | 279.6 | 7.4 | 16.1 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0073 | 264.2 | 277.1 | 12.9 | 50.1 | Horseshoe | Definition |
| &nbsp;&nbsp;*Including* | 266.2 | 267.5 | 1.2 | 149.0 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0074 |  | NSR |  |  | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0075 | 228.6 | 260.5 | 31.9 | 11.7 | Horseshoe | Definition |
| &nbsp;&nbsp;*Including* | 238.8 | 242.3 | 3.6 | 54.9 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0076 | 338.3 | 345.5 | 7.2 | 11.9 | Horseshoe | Definition |
| &nbsp;&nbsp;UGD0077 | 242.8 | 262.1 | 19.4 | 6.7 | Horseshoe | Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | 272.4 | 288.0 | 15.6 | 6.6 | Horseshoe | Definition |

---

Notes:

• Intervals are core length, not true width.

• "Initial Drilling" intercept is associated with early-stage exploration drilling, while "Definition" drilling are intercepts outside the current resource model shell directed at converting mineralization to an Inferred resource category. NSR = No Significant Result.

------

**Table 2: Historical Haile drill intersections relevant to the current Pisces exploration target.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From** | **To** | **Interval** | **Au** | **Target** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Activity** |
| **Hole ID** | (m) | (m) | (m) | (g/t) | **Target** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Activity** |
| &nbsp;&nbsp;&nbsp;DDH0397 |  | NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;DDH0596^ |  | NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;DDH0598^ |  | NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;&nbsp;DDH0474 |  | NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;&nbsp;DDH0467 |  | NSR |  |  | Pisces | Initial Drilling |
| DDH0622A^ |  | NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;RCT0083\*\* | 385.6 | 393.2 | 7.6 | 11.7 | Pisces | Initial Drilling |
| &nbsp;&nbsp;RCT0145\* |  | NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;&nbsp;RCT0147 | 545.1 | 548.6 | 3.5 | 3.4 | Pisces | Initial Drilling |
| &nbsp;&nbsp;RCT0165\* | 684.3 | 708.7 | 24.4 | 3.1 | Pisces | Initial Drilling |
| &nbsp;&nbsp;&nbsp;RCT0166 |  | NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;&nbsp;RCT0198 |  | NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;&nbsp;RCT0205 | 720.2 | 735.8 | 14.4 | 4.7 | Pisces | Initial Drilling |
| &nbsp;&nbsp;&nbsp;RCT0208 |  | NSR |  |  | Pisces | Initial Drilling |
| &nbsp;&nbsp;&nbsp;RCT0209 | 598.9 | 606.6 | 7.6 | 7.4 | Pisces | Initial Drilling |

---

Notes:

• Intervals are core length, not true width.

• "Initial Drilling" intercept is associated with early-stage exploration drilling. NSR = No Significant Result.

• All data, apart from DDH0596, DDH0598 and DDH0622A represent historical drilling conducted by Romarco Minerals prior to OceanaGold's ownership of Haile.

• "^" represents OceanaGold drilled holes.

• "\*" represents drill hole results reported by Romarco Minerals in its press release dated April 11, 2012.

• "\*\*" represents drill hole results reported by Romarco Minerals in its press release dated January 20, 2012.

All historical drill data collected by Romarco Minerals are considered historical in nature and based on prior data and reports prepared by Romarco Minerals. A qualified person from the Company has not undertaken independent investigation of the sampling nor has it independently analyzed the results of the historical drilling to verify the results. OceanaGold is not treating the historical data as current. There can be no assurance that any of the historical drill data is representative.

For further information relating to drill hole data please refer to the Company's website at <u>https://investors.oceanagold.com/additional-drillhole-data</u>.

For further information please contact:

**Investor Relations:**

Rebecca Henare, Vice President, Investor Relations

Tel: +1 (604) 678 4095

<u>ir@oceanagold.com</u>

**Media Relations:**

Louise Burgess, Director, Communications

Tel: +1 (604) 403-2019

<u>info@oceanagold.com</u>

------

**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.

**Qualified Person Statement**

The scientific and technical information contained in this press release, other than historic drill data, has been reviewed and approved by Craig Feebrey, a Member of the Australasian Institute of Mining and Metallurgy and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). Mr. Feebrey is the Executive Vice President and Chief Exploration Officer of OceanaGold.

**QA/QC at Haile Gold Mine**

From July 2017 to 2024 almost all Haile exploration core samples have been prepared at the ALS lab in Tucson, Arizona, and analyzed at the ALS lab in Reno, Nevada, each of which is independent from OceanaGold. Select resource conversion core samples were also prepared and analyzed at the SGS lab in Kershaw, South Carolina in 2023 which is also independent from OceanaGold, with confirmation pulp duplicates sent to the ALS lab in Reno, Nevada. Samples are pulverized from a 250g (ALS) or 450g (SGS) sample to 85% passing 75 mesh. Approximately 225g of pulp sample is used for fire assay. Assays are based on a 30g fire assay aliquot for gold with Atomic Absorption finish. If the gold value from Atomic Absorption is >10g/t, an additional 30g of pulp sample is fire assayed for gold using a gravimetric finish. Some holes are composited and analyzed for carbon, sulphur and multi-elements using LECO and ICP- OES methods. Both ALS and SGS labs used for OceanaGold samples are ISO 17025 certified.

Blanks and standards are each inserted every 20th sample. Precision and accuracy of certified reference materials ("CRMs") compared to expected values have been consistently within 5% RSD and often within 3%. Barren marble and sand are inserted as blanks every 20th sample. CRMs from RockLabs are inserted every 20th sample (5%). CRMs from RockLabs and OREAS are inserted every 20th sample (5%). All blanks and CRMs are handled by the OceanaGold Geology Team 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 OceanaGold geologists and

------

geotechnicians. Samples are trucked in sealed plastic barrels by certified couriers with submittal forms that are verified during sample pick-up and delivery to ALS. No sample shipments have been recorded as missing or tampered with.

**Technical Report**

For further information, please refer to the following NI 43-101 technical report available on the SEDAR+ website at <u>www.sedarplus.com</u> under the Company's profile or on our website at <u>www.oceanagold.com</u>: "NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina" dated March 28, 2024 with an effective date of December 31, 2023, prepared by D. Carr, D, Londoño, J. Moore and B. Drury (OceanaGold); L. Standridge and R. Cook (Call & Nicholas, Inc.); J.N. Janney-Moore and W.L. Kingston (NewFields Mining & Technical Services LLC); and M. Sullivan and B. Miller Clarkson (SRK Consulting (U.S.), Inc.).

------

**Cautionary Statement for Public Release**

This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the discovery of Pisces, including the potential size and strike length, estimation of Mineral Reserves and Mineral Resources, potential Mineral Reserves and Mineral Resources growth at Horseshoe underground, the realization of Mineral Reserve and Mineral Resource estimates, costs and timing of the development of new deposits and, costs and timing of future exploration and drilling programs. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements. They include, among others, the accuracy of Mineral Reserve and Mineral Resource estimates and related assumptions, inherent operating risks and those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

<u>www.oceanagold.com</u>

## Exhibit 99.37

**Exhibit 99.37**

---

| | |
|:---|:---|
| **March 4, 2025** | **News Release** |

---

**OceanaGold Submits WNP Application for Fast-track Approval and**

**Reports Additional High-Grade Mineralization at Wharekirauponga**

(VANCOUVER) OceanaGold Corporation (TSX: OGC; OTCQX: OCANF) ("OceanaGold" or the "Company") announces results from five drillholes from the ongoing exploration and resource conversion program at Wharekirauponga, New Zealand.

The Company is also pleased to announce that on March 4, 2025, it lodged its application for the grant of Fast-track approvals for the Waihi North Project ("WNP"), which includes Wharekirauponga Underground ("WUG"), under New Zealand's Fast-track Approvals Act 2024 (the "Act"). The Company expects WNP to be fully permitted (subject to any appeals) under the Act by the end of 2025.

**Highlight drill intercepts include (estimated true width):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6.3 m @ 8.7 g/t Au from 450.0 m, EG Vein (WKP135)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.7 m @ 24.6 g/t Au from 373.3 m, EG HWS Vein (WKP135)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3.5 m @ 14.0 g/t Au from 457.0 m, EG Vein (WKP132A)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5.7 m @ 5.3 g/t Au from 516.6 m, EG Vein (WKP136A)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3.8 m @ 4.0 g/t Au from 567.8 m, EG Vein (WKP136)

Gerard Bond, President & CEO of OceanaGold, said "Today's results continue to demonstrate the continuity and upside potential at Wharekirauponga beyond the 1.2 Moz of Reserves we declared with the PFS in December 2024. Continued growth of Wharekirauponga through drilling and exploring for further discoveries in the district in 2025 is one of the best investments we can make and we look forward to the potential to continue to grow the resource.

Additionally, the submission of our application for the Waihi North Project under the Fast-track Approvals Act is a significant milestone for us and is a testament to the years of hard work, preparation and studies that have gone into this submission. We are excited to now be one step closer to advancing this great project and look forward to unlocking the value of Wharekirauponga for all of our stakeholders."

------

**Drill Results Overview**

Since the Company's exploration news release dated November 14, 2024, a total of five drill holes have been completed which include four extensional drill holes, two from drill site 9 and two from site 8, each of which has intersected significant mineralization in the high-grade southern shoot of the East Graben (EG) vein zone (Table 1, Figures 1-3). Results demonstrate continuation of high-grade mineralization within the EG vein and numerous hanging wall (HW) veins to the south. In addition, a single hole was completed in the lower level of the northern shoot as part of geohydrological studies (Table 1, Figures 1-3) intersecting the EG vein and low-grade mineralization in WKPB01 (1.9 m @ 2.0 g/t Au).

Drilling continues to step out to the south and grow the high-grade southern shoot of the EG vein zone and highlights ongoing potential with a further 600 metres of strike available to be tested from drill site 9. Holes WKP132A (3.5 m @ 14.0 g/t Au) and WKP135 (6.3 m @ 8.7 g/t Au) demonstrate excellent grade and width in the unconstrained up-dip and strike dimensions of the southern shoot. Hole WKP135, drilled from drill site 9, is the southernmost hole drilled across the EG vein to date and demonstrates continuity in grade. Hole WKP137, slightly higher in elevation, further supports this result intersecting 4.1 metres (true width) on the EG vein with analyses pending (Figure 2).

Hole WKP135 also showed a high-grade intersection of 24.6 g/t over 1.7 metres (true width) across the EG HWS (Hanging-Wall Splay), similarly extending mineralization in the hanging wall. A neighbouring hole drilled in late 2024, WKP134A, also intersected high-grade mineralization on this structure with 16.0 g/t over 2.3 metres (true width). Opportunity remains for up-plunge, down-plunge, and along-strike extensions on this and other attendant hanging and footwall veins.

Drill holes WKP136 (3.8 m @ 4.0 g/t Au) and WKP136A (5.7 m @ 5.3 g/t Au) have improved the confidence in mineralization at the lower level of the southern high-grade shoot with both holes displaying continuity in geology and mineralization. These holes will also contribute to the growth of the resource in a future model update.

Results can be viewed in 3D using VRIFY at the following link:

<u>https://vrify.com/meetings/recordings/2379d4c3-4a93-440f-91fe-283ee8ca1c1d</u>

VRIFY note: Drill results reflect those set forth in OceanaGold's press release dated March 4, 2025. For further information, please refer to the press release.

------

**Figure 1: Wharekirauponga Plan View of Geology, Drill Traces and Distribution of 3 Main Vein Zones**

![wharekirauponga.jpg](wharekirauponga.jpg)

------

**Figure 2: Long Section of the EG Vein Drill Intersections (new holes in blue font)**

![egveindrill.jpg](egveindrill.jpg)

**Figure 3: Inset Long Section of the EG Vein Drill Intersections (new holes in blue font)**

![egveindrill2.jpg](egveindrill2.jpg)

**2025 Exploration Program**

Exploration drilling for the 2025 drill program will target resource growth from drill sites 1, 8 and 9, testing beyond the current southern extent of drilling, and up-dip of both current and future extension holes in the south. The EG vein zone remains the primary, near-term target for drilling with 8,600 metres planned in 2025, targeting resource conversion and growth.

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**About Wharekirauponga, the Waihi North Project and the Fast-track Approvals Act**

The Wharekirauponga vein system is located approximately 10 kilometres to the north of the Company's Waihi Gold Mine (Figure 4). Resource conversion drilling at Wharekirauponga during 2024 has increased the Indicated Resource to 2.4 million tonnes grading 17.9 g/t Au for 1.4 million ounces of gold and 1.9 million tonnes grading 9.8 g/t Au for 0.6 million ounces of gold in the Inferred Resource category.

Wharekirauponga is part of WNP, which has the potential to create significant socio-economic contributions for the communities in the Coromandel region and for New Zealand. This includes significant in-country investments and a substantial increase to direct and indirect employment opportunities. OceanaGold operates to the highest environmental and social standards which has enabled it to run a successful and responsible mining business in New Zealand for over three decades.

The lodging of its substantive application for Fast-track approvals is consistent with the Company's targeted timeline for the grant of approvals by December 2025 and the commencement of decline and underground development work for the proposed WUG mine in 2026. In 2025, $40-45 million of early works not requiring Fast-track approvals are also planned. The Act was passed by the New Zealand Government in December 2024 and looks to accelerate the development of major projects with significant regional or national benefits. Applications for Fast-track approvals opened in February 2025. For more information on the Act, please see the Government of New Zealand's website at <u>https://environment.govt.nz/acts-and-regulations/acts/fast-track-approvals/</u>.

**Figure 4: Location Map showing Waihi Gold Mine and Wharekirauponga Deposit**

![wharekirauponga2.jpg](wharekirauponga2.jpg)

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**Table 1: Wharekirauponga drill intersections subsequent to the November 14, 2024 results update.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill Hole ID** | **From (m)** | **To (m)** | **True width (m)** | **Au (g/t)** | **Ag (g/t)** | **Vein** |
| WKP132A | 457.0 | 461.3 | 3.5 | 14.0 | 8.1 | EG |
| WKP135 | 373.3 | 375.4 | 1.7 | 24.6 | 18.9 | EG HWS |
| WKP135 | 450.0 | 457.0 | 6.3 | 8.7 | 11.2 | EG |
| WKP136 | 567.8 | 573.7 | 3.8 | 4.0 | 9.6 | EG |
| WKP136A | 516.6 | 524.0 | 5.7 | 5.3 | 7.0 | EG |
| WKPB01 | 328.6 | 333.0 | 1.9 | 2.0 | 14.3 | EG |

---

For further information relating to drill hole data for Wharekirauponga, please refer to the Company's website at <u>https://investors.oceanagold.com/additional-drillhole-data</u>.

For further information please contact:

Investor Relations:

Rebecca Henare, Vice President Investor Relations

Tel: 1 (604) 678-4095

<u>ir@oceanagold.com</u>

Media Relations:

Louise Burgess, Director, Communications

Tel: 1 (604) 403-2019

<u>info@oceanagold.com</u>

<u>www.oceanagold.com</u>

------

**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.

**Quality Assurance and Quality Control (QA/QC) at Wharekirauponga, Waihi Gold Mine**

All exploration samples are assayed for gold by 30g fire assay with AAS finish. Since mid-2022, drill core sample intervals where visible electrum is logged are followed up by a subsequent screen fire assay after the routine 30g fire assay. Holes WKP40-45 had core samples shipped for sample preparation to the independent SGS laboratory in Westport (New Zealand). Prepared pulps were then shipped to independent Australian Laboratory Services Pty Ltd (ALS) in Brisbane, accredited to ISO/NATA 17025 for gold analysis by fire assay and 4-acid digest, and 42 element ICP geochemical analysis. Holes drilled after WKP45 (i.e., WKP46 to WKP136) were prepared and analyzed at SGS Waihi NZ Ltd (Au by 30g fire assay and Ag by aqua regia digest and 0.3gm AAS finish). Selected pulps are periodically sent to ALS in Brisbane for a 4-acid digestion and 42 or 48 element ICP geochemical analysis.

Quality of exploration assay results has been monitored in the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample preparation at the SGS Waihi and Westport labs through sieving of jaw crush and pulp products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring of assay precision through routine generation of duplicate samples from a second split of the jaw crush and calculation of the fundamental error; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring of accuracy of the primary SGS assay and ALS results through insertion Certified Reference Materials ("CRMs") and blanks into sample batches.

Blank, duplicate and CRM results are reviewed prior to uploading results in the AcQuire database and again on a weekly basis. The protocol at Waihi requires CRMs to be reported to within 2 standard deviations of the certified value. The criterion for preparation duplicates is that they have a relative difference (R-R1/mean RR1) of no greater than 10%. Blanks should not exceed more than 4 times the lower detection value of the assay method. Failure in any of these thresholds triggers an investigation and, if appropriate, re-assay. Drill core is stored within secure facilities on site to which access is controlled. Site employees transport samples to the analytical laboratory which is also a secured facility. The SGS Waihi NZ Ltd laboratory is an independent commercial geochemistry and energy assay laboratory with ISO 17025: 2017 accreditation, audited by an external consultant in 2020, and is inspected on a quarterly basis by OceanaGold geologists. No sampling risks have been recorded during these visits.

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**Qualified Person Statement**

The scientific and technical information relating to Waihi exploration results in this press release has been reviewed and approved by Mr. Leroy Crawford-Flett, a Chartered Professional Member of the Australasian Institute of Mining and Metallurgy, a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects and an employee of OceanaGold.

**Technical Report**

For further information, please refer to the technical report entitled "NI 43-101 Technical Report - Waihi District Study Pre-feasibility Study, New Zealand" dated December 11, 2024 with an effective date of June 30, 2024, prepared by D. Townsend, L Crawford-Flett, K. Hollis, E Leslie, and T. Maton, (OceanaGold) available on the SEDAR+ website at www.sedarplus.com under the Company's name and the Company's news release entitled "OceanaGold Reports Mineral Reserves and Resources for the Year Ended 2024" dated February 19, 2025.

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**Cautionary Statement for Public Release**

This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the expected permitting and construction timeline for WNP, potential Mineral Reserves and Mineral Resources growth, the realization of Mineral Reserve and Mineral Resource estimates, costs and timing of future exploration and drilling programs and the potential of WNP to create significant socio-economic contributions for the surrounding communities in New Zealand. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements. They include, among others, the accuracy of Mineral Reserves and Mineral Resources estimates and related assumptions, inherent operating risks and those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

## Exhibit 99.38

**Exhibit 99.38**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**April 8, 2025** | **News Release** |

---

**OceanaGold Provides Notice of First Quarter 2025 Results and**

**Conference Call, and Annual General and Special Meeting of**

**Shareholders**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC, OTCQX: OCANF) ("OceanaGold" or the "Company") will release its operational and financial results for the first quarter of 2025 after market close on Wednesday, May 7, 2025. The results will be made available on the Company's website at <u>www.oceanagold.com</u>. The Company will hold its 2025 Annual General and Special Meeting of Shareholders (the "AGM") on Wednesday, June 4, 2025.

**First Quarter 2025 Results Conference Call Details:**

Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, May 8, 2025 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods:

Webcast: <u>https://app.webinar.net/5bgEkA5kN1Q</u>

Toll-free North America: 1-888-510-2154

International: 1-437-900-0527

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

**Virtual AGM Details:**

The Company will hold its AGM on Wednesday, June 4, 2025, at 9:00 am EST (6:00 am PST). The meeting will be held virtually via a live webcast accessible on the day at: <u>https://meetnow.global/MYZ5RD5</u>.

The record date to determine the holders of the Company's common shares who are entitled to notice of, and to vote at, the AGM is April 23, 2025. Detailed voting and participation instructions for eligible shareholders will be provided in the Company's Notice of Annual General and Special Meeting of Shareholders and Management Information Circular.

**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

<u>www.oceanagold.com</u>

------

States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.

For further information please contact:

Investor Relations:

Rebecca Henare, Vice President, Investor Relations

Tel: +1 604-678-4123

<u>ir@oceanagold.com</u>

<u>www.oceanagold.com</u>

## Exhibit 99.39

**Exhibit 99.39**

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| | |
|:---|:---|
| **May 7, 2025** | **News Release** |

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**OceanaGold Reports First Quarter 2025 Operating &**

**Financial Results**

**(All financial figures in United States dollars unless otherwise stated)**

**• On track to deliver full year production, cost and capital investment guidance**<br>**• Produced 117,400 ounces of gold at an All-In Sustaining Cost of $1,796 per ounce**<br>**• Strong Free Cash Flow**<sup>†</sup> **of $69 million, zero debt, cash balance of $228 million**<br>

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC; OTCQX: OCANF) ("OceanaGold" or the "Company") reported its operational and financial results for the three months ended March 31, 2025. The condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") are available at <u>www.oceanagold.com</u>.

**First Quarter Highlights**

**• On track to deliver full year production, cost and capital guidance.**

**• Safely and responsibly produced 117,400 ounces of gold and 3,400 tonnes of copper,** both increased by 12% from the prior corresponding quarter.

**• All-In Sustaining Cost ("AISC")**<sup>†</sup> **of $1,796 per ounce,** below the full-year cost guidance.

**• Record average realized gold price of $2,858 per ounce,** with no gold price hedges or prepays.

**• Net profit of $101 million, and EPS of $0.14.**

**• EBITDA Margin**<sup>†</sup> **of 53% and Operating Cash Flow Per Share**<sup>†</sup> **of $0.28.**

**• Generated strong Free Cash Flow**<sup>†</sup> **of $69 million.**

**• Debt-free with cash 18% higher than prior quarter at $228 million.**

**• Repurchased 7.0 million common shares for $20 million,** average price of CAD$4.03 per share. Up to $100 million in repurchases approved for full year 2025.

**• Declared a $0.01 per share quarterly dividend, payable in June 2025.**

**• Announced new Pisces discovery at Haile,** which remains open in multiple directions.

**• Released new high-grade drill results at Wharekirauponga,** continuing to demonstrate its upside potential.

**• Waihi North Project in New Zealand is in the Fast-track permitting process.** Approval expected by year end 2025; early works activities progressing.

† See "Non-IFRS Financial Information"

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Gerard Bond, President and CEO of OceanaGold, said: "We are pleased with the strong and safe start to the year, with production and cost performance on track with our annual guidance. Our operational leverage to rising gold prices has provided substantial upside this quarter and positions us to generate another year of significant Free Cash Flow in 2025. This strong performance, combined with our exceptional financial position, provides us with the flexibility to continue investing in growth and drive increased shareholder returns.

We are enthusiastic about our organic growth opportunities and exploration potential across all operations. This quarter we made significant progress on open pit waste stripping at Haile and Macraes to unlock access to higher-grade ore later this year, which sets us up for increased production in the fourth quarter and 2026. Our Waihi North Project, which includes the high-grade Wharekirauponga underground, is in the Fast-track permitting process, and we expect it to be approved by year-end. We also discovered the promising new Pisces mineralization at Haile and are investing for further exploration successes at each of our sites."

**Share Buyback and Dividend**

In the first quarter of 2025, the Company repurchased 7.0 million common shares for consideration of $19.6 million. For 2025, the Board approved the repurchase of up to $100 million of common shares under the Company's current NCIB ("Normal Course Issuer Bid") program announced in July 2024.

OceanaGold has declared a $0.01 per share dividend payable in June 2025. Shareholders of record at the close of business in each jurisdiction on May 21, 2025 (the "Record Date") will be entitled to receive payment of the dividend on June 20, 2025. The dividend payment applies to holders of record of the Company's common shares traded on the Toronto Stock Exchange.

---

| | |
|:---|:---|
| Declaration of Dividend | Wednesday May 7, 2025 |
| Record Date | Wednesday May 21, 2025 |
| Dividend Payment Date | Friday June 20, 2025 |

---

Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in Computershare's international payments service if they want to receive dividends in an alternative currency. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.

**Proposed Share Consolidation**

The Company is seeking shareholder approval in the upcoming Annual General and Special Meeting in June to consolidate all issued and outstanding common shares on the basis of a consolidation ratio, to be determined by the Board, of up to three to one. The primary strategic rationale for this action is to raise the per share trading price of the common shares to more readily comply with minimum trading price requirements of a major U.S. exchange. This move is part of the Company's exploration of the potential benefits of a dual listing, which it believes could lead to increased access to potential investors, increased marketability and enhanced trading liquidity. The 2025 Annual General and Special Meeting of Shareholders will be held virtually on Wednesday, June 4, 2025, via a live webcast accessible on the day at: <u>https://meetnow.global/MYZ5RD5</u>. Please note that the Company has refined some of the revisions to the Articles of the Company (Resolution 6). Shareholders are asked to consider and vote on the further

† See "Non-IFRS Financial Information"

------

amended Articles, available at: <u>https://investors.oceanagold.com/annual-general-meetings</u> and on SEDAR+ under the Company's name.

**Results Overview**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q1 2025** | **Q4 2024** | **Q1 2024** |
| Gold Produced<sup>1</sup> | Gold Produced<sup>1</sup> |  |  |  |
| Haile | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51.6** | 75.2 | &nbsp;&nbsp;&nbsp;&nbsp;34.7 |
| Didipio | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** | 19.7 | &nbsp;&nbsp;&nbsp;&nbsp;26.3 |
| Macraes | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.4** | 37.9 | &nbsp;&nbsp;&nbsp;&nbsp;32.3 |
| Waihi | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.8** | 18.1 | &nbsp;&nbsp;&nbsp;&nbsp;11.5 |
| Total gold produced<sup>1</sup> | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**117.4** | 150.9 | &nbsp;&nbsp;&nbsp;&nbsp;104.8 |
| Gold Sales |  |  |  |  |
| Haile | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57.2** | 73.9 | &nbsp;&nbsp;&nbsp;&nbsp;41.2 |
| Didipio | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** | 20.8 | &nbsp;&nbsp;&nbsp;&nbsp;31.8 |
| Macraes | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.7** | 36.6 | &nbsp;&nbsp;&nbsp;&nbsp;32.2 |
| Waihi | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9** | 19.0 | &nbsp;&nbsp;&nbsp;&nbsp;11.6 |
| Total gold sales | koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**114.6** | 150.3 | &nbsp;&nbsp;&nbsp;&nbsp;116.8 |
| Average Gold Price | $/oz | **2858** | 2665 | 2092 |
| Copper Produced<sup>1</sup> - Didipio | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | 3.0 |
| Copper Sales - Didipio | kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Average Copper Price | $/lb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.27** | 4.16 | 3.90 |
| Cash Costs<sup>†</sup> |  |  |  |  |
| Haile | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**715** | 598 | 1569 |
| Didipio | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**871** | 1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 |
| Macraes | $/oz | **1369** | 1214 | 1016 |
| Waihi | $/oz | **1445** | 1130 | 1601 |
| Consolidated Cash Costs<sup>†</sup> | $/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**976** | 875 | 1194 |
| AISC<sup>†</sup> |  |  |  |  |
| Haile | $/oz | **1551** | 1287 | 1987 |
| Didipio | $/oz | **1130** | 1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
| Macraes | $/oz | **2313** | 1535 | 1814 |
| Waihi | $/oz | **2019** | 1557 | 2393 |
| Consolidated AISC<sup>†</sup> | $/oz | **1796** | 1563 | 1823 |
| Free Cash Flow<sup>†</sup> | $M | **68.8** | 146.5 | 1.8 |
| Net profit (loss) | $M | **101.2** | 102.7 | (5.3) |
| Adjusted net profit<sup>†</sup> | $M | **102.2** | 107.6 | 3.7 |
| Adjusted EBITDA<sup>†</sup> | $M | **193.0** | 251.3 | 80.9 |
| Earnings (loss) per share<sup>2</sup> | $/share | **$0.14** | $0.14 | $(0.01) |
| Adjusted earnings per share<sup>†2</sup> | $/share | **$0.14** | $0.15 | $0.01 |
| Operating Cash Flow per share<sup>†</sup> | $/share | **$0.28** | $0.36 | $0.11 |
| Free Cash Flow per share<sup>†</sup> | $/share | **$0.10** | $0.20 | $0.00 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Production is reported on a 100% basis as all operations are controlled by OceanaGold.

2&nbsp;&nbsp;&nbsp;&nbsp;Attributable to the shareholders of the Company.

† See "Non-IFRS Financial Information"

------

**Conference Call and Webcast:**

Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, May 8, 2025 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods:

Webcast: <u>https://app.webinar.net/5bgEkA5kN1Q</u>

Toll-free North America: +1 888-510-2154

International: +1 437-900-0527

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.

**For further information please contact:**

Investor Relations:

Haley Mayers, Vice President, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

Media Relations:

Louise Burgess, Director, Communications

Tel: +1 604-403-2019

<u>info@oceanagold.com</u>

------

**Cautionary Statement for Public Release**

This public release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. All statements in this public release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold; general business; economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits including the FTAA as well as those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available on SEDAR+ at sedarplus.com under the Company's name. The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

------

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Non-IFRS Financial Information**

*Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share*

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

------

The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q1 2025** | Q4 2024 | Q1 2024 |
| Net profit (loss) | **101.2** | 102.7 | (5.3) |
| Foreign exchange loss | **0.8** | 3.0 | 6.3 |
| Write-down of assets | **0.2** | 1.9 | 1.2 |
| Restructuring costs | **—** |  | 1.5 |
| **Adjusted net profit** | **102.2** | 107.6 | 3.7 |
| Adjusted weighted average number of common shares - fully diluted | **714.9** | 724.6 | 718.8 |
| **Adjusted earnings per share** | **0.14** | 0.15 | 0.01 |

---

*EBITDA and Adjusted EBITDA*

The Company's Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses, write-downs, gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue.

Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/losses.

The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin:

---

| | | | |
|:---|:---|:---|:---|
| **$M** | &nbsp;&nbsp;**Q1 2025** | Q4 2024 | Q1 2024 |
| Net profit (loss) | **101.2** | 102.7 | (5.3) |
| Depreciation and amortization | **53.7** | 100.5 | 64.8 |
| Net interest expense and finance costs | **1.8** | 2.9 | 5.4 |
| Income tax expense on earnings | **35.3** | 40.3 | 7.0 |
| **EBITDA** | **192.0** | 246.4 | 71.9 |
| Write-down of assets | **0.2** | 1.9 | 1.2 |
| Restructuring expense | **—** |  | 1.5 |
| Foreign exchange loss | **0.8** | 3.0 | 6.3 |
| **Adjusted EBITDA** | **193.0** | 251.3 | 80.9 |
| **Revenue** | **359.9** | 427.3 | 270.3 |
| **EBITDA Margin** | **53%** | 58% | 27% |

---

------

*Cash Costs and AISC*

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculation beginning in the first quarter of 2025.

The following table provides a reconciliation of consolidated Cash Costs and AISC:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q1 2025** | Q4 2024 | Q1 2024 |
| Cost of sales, excl. depreciation and amortization | **142.9** | 155.1 | 160.7 |
| Indirect taxes | **4.8** | 7.6 | 5.6 |
| Selling costs | **2.8** | 3.2 | 3.9 |
| Other cash adjustments | **(3.4)** | (4.7) | (0.8) |
| By-product credits | **(35.3)** | (29.7) | (29.9) |
| **Total Cash Costs (net)** | **111.8** | 131.5 | 139.5 |
| Sustaining capital and leases | **82.1** | 77.8 | 56.8 |
| Corporate general & administration | **10.4** | 23.5 | 14.8 |
| Onsite exploration and drilling | **1.6** | 0.5 | 1.8 |
| **Total AISC** | **205.9** | 233.3 | 212.9 |
| Gold sales (koz) | **114.6** | 150.3 | 116.8 |
| **Cash Costs ($/oz)** | **976** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | 1194 |
| **AISC ($/oz)**<sup>1</sup> | **1796** | 1563 | 1823 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share related to the FTAA at Didipio of $7.5 million, $(7.4) million and $7.5 million for the first quarter, fourth quarter and year to date 2025, respectively, as it is considered in nature of an income tax.

------

The following tables provides a reconciliation of Cash Costs and AISC for each operation:

*Haile*

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per oz amounts** | &nbsp;&nbsp;**Q1 2025** | Q4 2024 | Q1 2024 |
| Cash costs of sales | **45.6** | 51.3 | 53.2 |
| By-product credits | **(1.9)** | (0.8) | (0.7) |
| Inventory adjustments | **(3.0)** | (6.5) | 12.0 |
| Freight, treatment and refining charges | **0.2** | 0.2 | 0.1 |
| **Total Cash Costs (net)** | **40.9** | 44.2 | 64.6 |
| Sustaining and leases | **10.4** | 20.5 | 9.0 |
| Pre-strip and capitalized mining | **36.4** | 30.5 | 8.2 |
| Onsite exploration and drilling | **0.8** |  |  |
| **Total AISC** | **88.5** | 95.2 | 81.8 |
| Gold sales (koz) | **57.2** | 73.9 | 41.2 |
| **Cash Costs ($/oz)** | **715** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | 1569 |
| **AISC ($/oz)** | **1551** | 1287 | 1987 |

---

*Didipio*

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q1 2025** | Q4 2024 | Q1 2024 |
| Cash costs of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.1** | &nbsp;&nbsp;&nbsp;&nbsp;40.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.1 |
| By-product credits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(31.2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28.2) |
| Royalties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Indirect taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Inventory adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Freight, treatment and refining charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| **Total Cash Costs (net)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.6 |
| Sustaining and leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Pre-strip and capitalized mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Onsite exploration and drilling | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| **Total AISC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** | &nbsp;&nbsp;&nbsp;&nbsp;28.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1 |
| Gold sales (koz) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** | &nbsp;&nbsp;&nbsp;&nbsp;20.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.8 |
| **Cash Costs ($/oz)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**871** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 |
| **AISC**<sup>1</sup> **($/oz)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1130** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Excludes the Additional Government Share of FTAA at Didipio of $7.5 million, $(7.4) million and $7.5 million for the first quarter, fourth quarter, and year to date 2025, respectively, as it is considered in nature of an income tax.

------

*Macraes*

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per oz amounts** | &nbsp;&nbsp;**Q1 2025** | Q4 2024 | Q1 2024 |
| Cash costs of sales | **39.2** | 44.5 | 29.6 |
| Less: by-product credits | **(0.1)** | 0.2 |  |
| Royalties | **0.7** | 1.0 | (0.1) |
| Inventory adjustments | **(7.6)** | (1.7) | 3.0 |
| Freight, treatment and refining charges | **0.2** | 0.3 | 0.2 |
| **Total Cash Costs (net)** | **32.4** | 44.3 | 32.7 |
| Sustaining and leases | **9.4** | 5.9 | 6.4 |
| Pre-strip and capitalized mining | **12.3** | 5.1 | 18.7 |
| Onsite exploration and drilling | **0.6** | 0.2 | 0.6 |
| **Total AISC** | **54.7** | 55.5 | 58.4 |
| Gold sales (koz) | **23.7** | 36.6 | 32.2 |
| **Cash Costs ($/oz)** | **1369** | 1214 | 1016 |
| **AISC($/oz)** | **2313** | 1535 | 1814 |

---

*Waihi*

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q1 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q4 2024 | Q1 2024 |
| Cash costs of sales | **26.8** | 22.1 | 19.5 |
| By-product credits | **(2.1)** | (2.1) | (1.0) |
| Royalties | **0.5** | 0.5 | 0.3 |
| Inventory adjustments | **(2.3)** | 0.9 | (0.2) |
| Add: Freight, treatment and refining charges | **0.1** | 0.1 |  |
| **Total Cash Costs (net)** | **23.0** | 21.5 | 18.6 |
| Sustaining and leases | **4.3** | 2.9 | 2.5 |
| Pre-strip and capitalized mining | **4.7** | 5.6 | 5.5 |
| Onsite exploration and drilling | **0.2** | 0.3 | 1.2 |
| **Total AISC** | **32.2** | 30.3 | 27.8 |
| Gold sales (koz) | **15.9** | 19.0 | 11.6 |
| **Cash Costs ($/oz)** | **1445** | 1130 | 1601 |
| **AISC ($/oz)** | **2019** | 1557 | 2393 |

---

*Net Cash/(Debt)*

Net Cash/(Debt) has been calculated as total debt less cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Prior to 2024, lease liabilities were included in the calculation of Net Cash/ (Debt). The change in respect of 2024 is consistent with the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have been recalculated excluding lease liabilities.

------

The following table provides a reconciliation of Net Cash/(Debt):

---

| | | |
|:---|:---|:---|
| **$M** | **March 31, 2025** | December 31, 2024 |
| Revolving credit facility | **—** |  |
| Fleet facility<sup>1</sup> | **—** | (2.8) |
| Unamortized transaction costs | **—** | 1.2 |
| **Total debt** | **—** | (1.6) |
| Cash and cash equivalents | **227.6** | 193.5 |
| **Net Cash**<sup>†</sup> | **227.6** | 191.9 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility.

*Operating Cash Flow per share*

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of total fully diluted cash Operating Cash Flow per share:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q1 2025** | Q4 2024 | Q1 2024 |
| Cash provided by operating activities | **171.6** | 246.1 | 75.3 |
| Changes in working capital | **25.2** | 14.1 | 2.5 |
| **Cash flows provided by operating activities before changes in working capital** | **196.8** | 260.2 | 77.8 |
| Adjusted weighted average number of common shares - fully diluted | **714.9** | 724.6 | 718.8 |
| **Operating Cash Flow per share** | **$0.28** | $0.36 | $0.11 |

---

*Free Cash Flow*

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of Free Cash Flow:

---

| | | | |
|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q1 2025** | Q4 2024 | Q1 2024 |
| Cash flows provided by Operating Activities | **171.6** | 246.1 | 75.3 |
| Cash flows used in Investing Activities | **(102.8)** | (99.6) | (73.5) |
| **Free Cash Flow** | **68.8** | 146.5 | 1.8 |
| Adjusted weighted average number of common shares - fully diluted | **714.9** | 724.6 | 718.8 |
| **Free Cash Flow per share** | **$0.10** | $0.20 | $— |

---

## Exhibit 99.40

**Exhibit 99.40**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**May 21, 2025** | **News Release** |

---

**OceanaGold Releases 2024 Sustainability Report**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC, OTCQX: OCANF) ("OceanaGold" or the "Company") is pleased to publish its annual Sustainability Report and related documents for the year ended December 31, 2024.

Gerard Bond, President and CEO of OceanaGold, said "We made good progress on our sustainability commitments in 2024, consistent with our Purpose of mining gold for a better future. Operating safely and responsibly is a strategic imperative for OceanaGold, as we know that a comprehensive, integrated and company-wide approach to sustainability is fundamental to creating and protecting value for all our stakeholders."

Megan Saussey, Chief Sustainability Officer of OceanaGold, said "2024 was a year of implementation of our updated three-year Sustainability Strategy, with a focus on strengthening our core responsible business practices and maintaining consistent performance across the business."

**2024 Sustainability Performance Outcomes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintained an MSCI "AA" and "Leader" rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commenced implementation of our updated three-year Sustainability Strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developed and progressed Safety Improvement Plans and embedded the investigation learnings across all sites following two fatalities during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved an 80% employee engagement score for our 2024 Culture Survey results, exceeding the global mining and metals benchmark by 8%, demonstrating a strong level of connection to, and satisfaction with, working at OceanaGold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintained our track record of zero material environmental incidents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed over 100ha of progressive rehabilitation of disturbed mine land to the agreed end use; over 30% more land than what was disturbed in the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducted approximately 250 facilitated engagements with Iwi groups (Māori Peoples) who have indicated an interest in the Waihi North Project in New Zealand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spent over US$193 million with local suppliers, paid US$125 million in taxes and royalties to host Governments, and contributed US$11 million to social investments and community partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed portfolio-level climate change transition and physical climate scenario and risk analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Met 70% of our Company-wide water needs through re-used or recycled water.

<u>www.oceanagold.com</u>

------

**Links to OceanaGold's Sustainability-related Reports**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2024 Sustainability Report <u>available here</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2024 Interactive ESG Data <u>available here</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2024 Basis of Preparation and Reporting Indexes <u>available here</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2024 RGMP Implementation and Conformance Report <u>available here</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2024 Conflict-Free Gold Statement <u>available here</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2024 Modern Slavery Statement <u>available here</u><u>.</u>

**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.

**For further information please contact:**

**Investor Relations:**

Haley Mayers, VP, Investor Relations

Tel: +1 604 678 4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604 235 0742

<u>ir@oceanagold.com</u>

**Media Relations:**

Louise Burgess, Director, Communications

Tel: 1 (604) 403-2019

<u>media@oceanagold.com</u>

<u>www.oceanagold.com</u>

## Exhibit 99.41

**Exhibit 99.41**

**June 4, 2025&nbsp;&nbsp;&nbsp;&nbsp;News Release**

**OceanaGold Reports Voting Results from its 2025 Annual General**

**and Special Meeting**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC, OTCQX: OCANF) ("OceanaGold" or the "Company") is pleased to report the voting results from the Company's 2025 Annual General and Special Meeting of Shareholders (the "Annual Meeting") held today.

A total of 538,458,035 common shares were voted at the meeting, representing 77.12% of the votes attached to all outstanding common shares. Shareholders voted in favour of each of the items of business at the Annual Meeting as follows:

**Election of Directors**

Resolutions electing each of the director nominees listed in OceanaGold's Management Information Circular dated April 23, 2025 as directors of the Company were passed by ordinary resolution.

Detailed results of the vote for each director are set out in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Directors | Votes For | % | Votes Withheld /<br>Abstain | % |
| Paul Benson | 393936966 | 79.79 | 99784006 | 20.21 |
| Ian M. Reid | 488729245 | 98.99 | 4991727 | 1.01 |
| Craig J. Nelsen | 491026458 | 99.45 | 2694514 | 0.55 |
| Sandra M. Dodds | 482121086 | 97.65 | 11599886 | 2.35 |
| Alan N. Pangbourne | 490403457 | 99.33 | 3317515 | 0.67 |
| Linda M. Broughton | 491015000 | 99.45 | 2705972 | 0.55 |
| Stefanie E. Loader | 493423819 | 99.94 | 297153 | 0.06 |
| Gerard M. Bond | 493434771 | 99.94 | 286201 | 0.06 |

---

**Share Consolidation**

A special resolution approving the consolidation of all issued and outstanding common shares of the Company on a consolidation ratio of up to three (3) pre-consolidation common shares for one (1) post-consolidation common share (the "Consolidation") was passed.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes For | % | Votes Against | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| 536892725 | 99.71 | 1565307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |

---

<u>www.oceanagold.com</u>

------

The Company is exploring the benefits of a dual listing of its common shares on a major U.S. exchange, including the New York Stock Exchange, for a potential listing in the first half of 2026. The Company believes a U.S. listing could lead to increased interest by a wider audience of potential investors and result in increased marketability and trading liquidity. The principal reason for the Consolidation is to raise the per share trading price of the common shares in order to better comply with minimum trading price requirements of such exchanges.

Subject to approval by the Toronto Stock Exchange, OceanaGold expects the Consolidation to be effective on or around June 23, 2025, and intends to issue a detailed press release to provide a further update and final details on the Consolidation.

**Appointment of Auditor**

A resolution appointing PricewaterhouseCoopers LLP (PWC Canada) as the auditor of the Company for the ensuing year and authorizing the board of the Company to fix their remuneration was passed.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes For | % | Votes Withheld /<br>Abstain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| 508912534 | 94.51 | 29545500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49 |

---

**Advisory Vote on Executive Compensation**

A non-binding resolution on the Company's approach to executive compensation was passed.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes For | % | Votes Against | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| 480384783 | 97.30 | 13336189 | 2.70 |

---

**Virtual-Only Meetings**

A resolution approving the Company to hold the 2026 Annual General Meeting of Shareholders exclusively in a virtual-only format was passed.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes For | % | Votes Against | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| 325303717 | 65.89 | 168417253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.11 |

---

**Amendments to the Company's Articles**

A special resolution approving amendments to the Company's articles was passed.

<u>www.oceanagold.com</u>

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes For | % | Votes Against | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| 491746774 | 99.60 | 1974197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |

---

**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.

**For further information please contact:**

**Investor Relations:**

Haley Mayers, VP, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

**Media Relations:**

Louise Burgess, Director, Communications

Tel: +1 604-403-2019

<u>media@oceanagold.com</u>

<u>www.oceanagold.com</u>

------

**Cautionary Statement for Public Release**

This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the Company being listed on a major U.S. exchange, including such dual listing leading to increased interest by a wider audience of potential investors, increased marketability and trading liquidity and the expected timing for such listing, and the anticipated timing and effects of the completion of the Consolidation. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements. They include, among others, those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name and on the Company's website. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

<u>www.oceanagold.com</u>

## Exhibit 99.42

**Exhibit 99.42**

**June 19, 2025&nbsp;&nbsp;&nbsp;&nbsp;News Release**

**OceanaGold Announces Effective Date of Share Consolidation in**

**Connection with Proposed U.S. Listing**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC, OTCQX: OCANF) ("OceanaGold" or the "Company") announces the consolidation of its common shares on the basis of three (3) pre-consolidation common shares for one (1) post-consolidation common share (the "Consolidation") will take effect as of Monday, June 23, 2025 (the "Effective Date").

The shareholders of OceanaGold approved the Consolidation at the Annual General and Special Meeting held on June 4, 2025.

The Company is considering a dual listing of its common shares on a major U.S. exchange, including the New York Stock Exchange, in the first half of 2026. The Company believes a U.S. listing could lead to increased interest by a wider audience of potential investors and result in increased marketability and trading liquidity. The motivation of the Consolidation is to raise the per share trading price of the Company's common shares to better comply with minimum trading price requirements of such exchanges.

OceanaGold's post-consolidation common shares will be posted for trading on the Toronto Stock Exchange at the opening of trading on the Effective Date, under the current symbol "OGC" and new CUSIP number 675222400.

As at the date of this news release, the Company has 693,379,818 common shares issued and outstanding. Following the completion of the Consolidation on the Effective Date, the Company is expected to have approximately 231,126,566 common shares issued and outstanding, subject to rounding. The exercise or conversion price of all performance rights and deferred share units will be proportionately adjusted reflecting the Consolidation ratio. No fractional post-consolidation common shares will be issued in effect with the Consolidation. Any fractional common share interest of 0.50 or more arising from the Consolidation will be rounded up to the nearest whole number, and any fractional common share interest of less than 0.50 will be cancelled.

Registered shareholders holding pre-Consolidation common shares through the Direct Registration System ("DRS") will be automatically sent a DRS advice by the Company's transfer agent, Computershare Investor Services Inc. ("Computershare"), representing the number of post-Consolidation common shares they hold following the Consolidation and no further action is required to be taken.

<u>www.oceanagold.com</u>

------

Beneficial shareholders holding their common shares through intermediaries such as a broker, trustee or other financial institution should note that such intermediaries may have different procedures for processing the Consolidation than those put in place by the Company for the registered shareholders. Beneficial shareholders who have questions regarding how their common shares will be processed in connection with the Consolidation should contact their intermediaries. Registered shareholders holding their pre-Consolidation common shares in certificate forms will receive a letter of transmittal from Computershare containing instructions on how to exchange their pre-consolidation share certificates for post-Consolidation shares.

**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.

**For further information please contact:**

**Investor Relations:**

Haley Mayers, VP, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

**Media Relations:**

Louise Burgess, Director, Communications

Tel: +1 604-403-2019

<u>media@oceanagold.com</u>

<u>www.oceanagold.com</u>

------

**Cautionary Statement for Public Release**

This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the Company being listed on a major U.S. exchange, including such dual listing leading to increased interest by a wider audience of potential investors, increased marketability and trading liquidity and the expected timing for such listing, and the anticipated Effective Date and effects of the completion of the Consolidation. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements. They include, among others, those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name and on the Company's website. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

<u>www.oceanagold.com</u>

## Exhibit 99.43

**Exhibit 99.43**

---

| | |
|:---|:---|
| **June 25, 2025** | **News Release** |

---

**OceanaGold Extends Strike Length at Wharekirauponga**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC, OTCQX: OCANF) ("OceanaGold" or the "Company") announces results from seven drill holes from the ongoing exploration and resource conversion program at Wharekirauponga, located approximately 10 kilometres ("km") to the north of the Company's Waihi operation in New Zealand.

**Drilling Highlights (estimated true width):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4.0 m @ 43.8 g/t Au from 467.5 m, EG vein (WKP137)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 8.1 m @ 11.8 g/t Au from 646.4 m, EG FW vein (WKP124G)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5.9 m @ 14.7 g/t Au from 398.6 m, EG HWS vein (WKP137)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4.1 m @ 11.5 g/t Au from 532.4 m, EG vein (WKP124E)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6.1 m @ 5.6 g/t Au from 446.9 m, EG vein (WKP138)

Gerard Bond, President and CEO of OceanaGold, said "Today's results further reinforce the tremendous growth potential we have at Wharekirauponga. Gold mineralization continues to increase in scale and is now defined over a strike length of more than 1.4 km, including a further 240 metres to the south of previously intercepted mineralization, and remains open in all directions. Drilling is ongoing with three rigs targeting additional step outs, resource extension, resource conversion and geotechnical drilling for development of the Wharekirauponga underground mine, as we continue to invest in this exciting orebody. The expansion of Wharekirauponga underscores its position as a key asset in our portfolio and highlights the exciting role it will play in shaping the future of OceanaGold and shareholder returns."

Results can be viewed in 3D using VRIFY at the following link:

<u>https://vrify.com/meetings/recordings/549f06b2-198b-4d9a-a72f-cdfbec316c14</u>

VRIFY note: Drill results reflect only those set forth in OceanaGold's press release dated June 25, 2025, and do not include all historical results except those relevant to the current Wharekirauponga exploration target.

**Wharekirauponga Drill Results Overview**

<u>www.oceanagold.com</u>

------

**<u>EG Vein</u>**

Since the March 4, 2025 news release, a total of eight drill holes have been completed across the EG, hanging wall ("HW"), and footwall ("FW") veins, collectively referred to as the "EG vein zone", extending the known strike of mineralization to ~1.4 km. Results for seven of these holes have been received and continue to demonstrate the significant potential to expand the mineral resource associated with the EG vein zone. Drilling completed includes two exploration step-out holes from the most southern drill site, drill site 9, one resource conversion hole from drill site 8 and five resource extension holes from drill sites 1, 8 and 9 (Figure 1).

Two widely spaced exploration step-out holes, WKP138 (6.1 m @ 5.6 g/t Au) and WKP139 (2.9 m @ 0.5 g/t Au), have now extended mineralization a further 240 metres south of the current Inferred Resource and previously intercepted mineralization (WKP135 6.3 m @ 8.7 g/t Au, released March 2025). Another significant step-out hole (WKP140) is in progress and testing ~400 metres south of WKP135 (Figure 2). Importantly, the Hanging Wall Splay ("HWS") is well developed and mineralized (3.3 m @ 4.5 g/t Au) indicating significant potential remains in this part of the system for growth on both structures (more detail on the HW and FW structures below).

Resource conversion hole WKP124E intersected high-grade mineralization in the EG vein with 4.1 m @ 11.5 g/t Au, increasing confidence in the high-grade southern shoot (Table 1, Figures 2 and 3).

Five holes tested immediate extensions to high-grade mineralization, including WKP137 which intersected excellent grade and width (4.0 m @ 43.8 g/t Au) to the south at lower levels. Holes WKP129B and WKP129C successfully drilled across the projection of the EG vein structure at the top of the currently defined high-grade shoot intersecting minor quartz and fault structures, with hole WKP129B returning 2.8 m @ 2.6 g/t Au.

**<u>Hanging Wall and Footwall Veins</u>**

Notably, the HW and FW vein structures associated with the EG vein zone also yielded strong results and have expanded known mineralization. WKP139 confirmed the extension of the HWS and returned 3.3 m @ 4.5 g/t Au along with 5.9 m @ 14.7 g/t Au in WKP137 (Figure 4). The latter result being ~40 metres up dip of other high-grade intersections, including holes WKP134A (2.3 m @ 16.0 g/t Au, released November 2024) and WKP135 (1.7 m @ 24.6 g/t Au, released March 2025).

In the FW zone, a previously unmodelled vein has been defined in WKP124G (8.1 m @ 11.8 g/t Au), 65 metres along strike from WKP124D (3.8 m @ 21.4 g/t Au, released in November 2024).

As we have experienced at Martha Underground, significant opportunity remains with further drilling for up-plunge, down-plunge and along-strike extensions on these and other attendant HW and FW veins.

**2025 Wharekirauponga Exploration Program**

<u>www.oceanagold.com</u>

------

Exploration drilling for the remainder of the 2025 program will continue to target resource growth on the EG vein zone from drill sites 1, 8 and 9, testing beyond the current southern extent of drilling, and up-dip of both current and future extensions in the south. The Fast-track application includes an increase in the number of exploration drill sites, expanding the programme by 8 new sites, as well as doubling the rate of drilling, with up to 6 rigs operating at any one time. This will further accelerate both growth and conversion drilling at Wharekirauponga. The EG vein zone remains the primary, near-term target for drilling in 2025 with approximately 5,000 metres remaining to be drilled this year.

**Figure 1: Wharekirauponga plan view of geology and drill traces highlighting the EG vein zone, T-Stream vein, and Western veins, and drill platform locations**

![figure12a.jpg](figure12a.jpg)

**Figure 2: Long section of the EG vein with geology and drill intercepts (blue font = new holes)**

<u>www.oceanagold.com</u>

------

![figure22a.jpg](figure22a.jpg)

**Figure 3: Inset image from Figure 2. Long section of the EG vein with geology and drill intercepts (blue font = new holes)**

![figure32a.jpg](figure32a.jpg)

<u>www.oceanagold.com</u>

------

**Figure 4: Long section of the EG HWS vein with geology and drill intercepts (blue font = new holes)**

![figure4a.jpg](figure4a.jpg)

**Table 1: Wharekirauponga drill intersections subsequent to the March 4, 2025, results update**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Hole ID\*** | **From**<br>***(m)*** | **To**<br>***(m)*** | **True width**<br>***(m)*** | **Au**<br>***(g/t)*** | **Ag**<br>*(g/t)* | **Vein** |
| &nbsp;&nbsp;&nbsp;**WKP124E** | 532.4 | 537.8 | 4.1 | 11.5 | 19.6 | EG vein |
| &nbsp;&nbsp;&nbsp;**WKP124G** | 574.5 | 581.1 | NSR | NSR | NSR | EG vein |
| &nbsp;&nbsp;&nbsp;**WKP124G** | 646.4 | 657 | 8.1 | 11.8 | 12.1 | EG FW vein |
| &nbsp;&nbsp;&nbsp;**WKP129B** | 379.2 | 379.9 | 0.6 | 26.7 | 18.3 | EG HWS vein |
| &nbsp;&nbsp;&nbsp;**WKP129B** | 400.1 | 403.8 | 2.8 | 2.6 | 3.4 | EG vein |
| &nbsp;&nbsp;&nbsp;**WKP129C** | 434 | 440.9 | NSR | NSR | NSR | EG vein |
| &nbsp;&nbsp;&nbsp;&nbsp;**WKP137** | 366 | 367 | 0.9 | 16.4 | 14 | EG HW vein |
| &nbsp;&nbsp;&nbsp;&nbsp;**WKP137** | 398.6 | 405.4 | 5.9 | 14.7 | 10.4 | EG HWS vein |
| &nbsp;&nbsp;&nbsp;&nbsp;**WKP137** | 467.5 | 471.8 | 4.0 | 43.8 | 30.5 | EG vein |
| &nbsp;&nbsp;&nbsp;&nbsp;**WKP138** | 446.9 | 454 | 6.1 | 5.6 | 5.0 | EG vein |
| &nbsp;&nbsp;&nbsp;&nbsp;**WKP139** | 448 | 452 | 3.3 | 4.5 | 3.1 | EG HWS vein |
| &nbsp;&nbsp;&nbsp;&nbsp;**WKP139** | 482.8 | 486.1 | 2.9 | 0.5 | 1.2 | EG vein |

---

\*WKP124H hole is completed although results have not yet been received

For further information relating to drill hole data please refer to the Company's website at <u>https://investors.oceanagold.com/additional-drillhole-data</u>.

**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; the Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.

<u>www.oceanagold.com</u>

------

**For further information please contact:**

**Investor Relations:**

Haley Mayers, VP, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

**Media Relations:**

Louise Burgess, Director, Communications

Tel: +1 604-403-2019

<u>media@oceanagold.com</u>

**Qualified Person Statement**

The scientific and technical information relating to Waihi exploration results in this press release has been reviewed and approved by Mr. Leroy Crawford-Flett, a Chartered Professional Member of the Australasian Institute of Mining and Metallurgy, a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). Mr. Crawford-Flett is the Exploration & Geology Manager of OceanaGold.

**Quality Assurance and Quality Control ("QA/QC")**

All exploration samples are assayed for gold by 30g fire assay with AAS finish. Since mid-2022, drill core sample intervals where visible electrum is logged are followed up by a subsequent screen fire assay after the routine 30g fire assay. Core samples were prepared and analyzed at SGS Waihi NZ Ltd (Au by 30g fire assay and Ag by aqua regia digest and 0.3gm AAS finish. Samples post April 2024 with Ag, As, Sb. Hg and S by ICP-MS after DIG12R Digest). Selected pulps are periodically sent to ALS in Brisbane for a 4-acid digestion and 42 or 48 element ICP geochemical analysis.

Quality of exploration assay results has been monitored in the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample preparation at the SGS Waihi and Westport labs through sieving of jaw crush and pulp products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring of assay precision through routine generation of duplicate samples from a second split of the jaw crush and calculation of the fundamental error; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring of accuracy of the primary SGS assay and ALS results through insertion Certified Reference Materials ("CRMs") and blanks into sample batches.

Blank, duplicate and CRM results are reviewed prior to uploading results in the AcQuire database and again on a weekly basis. The protocol at Waihi requires CRMs to be reported to within 2 standard

<u>www.oceanagold.com</u>

------

deviations of the certified value. The criterion for preparation duplicates is that they have a relative difference (R-R1/mean RR1) of no greater than 10%. Blanks should not exceed more than 4 times the lower detection value of the assay method. Failure in any of these thresholds triggers an investigation and, if appropriate, re-assay. Drill core is stored within secure facilities on site to which access is controlled. Site employees transport samples to the analytical laboratory which is also a secured facility. The SGS Waihi NZ Ltd laboratory is an independent commercial geochemistry and energy assay laboratory with ISO 17025: 2017 accreditation, audited by an external consultant in 2020, and is inspected on a quarterly basis by OceanaGold geologists. No sampling risks have been recorded during these visits.

**Technical Report**

For further information, please refer to the following NI 43-101 technical report available on the SEDAR+ website at <u>www.sedarplus.com</u> under the Company's profile or on the Company's website at <u>www.oceanagold.com</u>: "NI 43-101 Technical Report - Waihi District Study Pre-feasibility Study, New Zealand" dated December 11, 2024, with an effective date of June 30, 2024, prepared by D. Townsend, L Crawford-Flett, K. Hollis, E Leslie, and T. Maton;

**Cautionary Statement for Public Release**

This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to costs and timing of future exploration and drilling programs and the timing and receipt of Fast-track approval. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking. They include, among others, those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name and on the Company's website. There are no assurances the Company can fulfil forward-looking statements. Such

<u>www.oceanagold.com</u>

------

forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

<u>www.oceanagold.com</u>

## Exhibit 99.44

**Exhibit 99.44**

**July 8, 2025&nbsp;&nbsp;&nbsp;&nbsp;News Release**

**OceanaGold Provides Notice of Second Quarter 2025 Results**

**and Conference Call**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC) (OTCQX: OCAND) ("OceanaGold" or the "Company") will release its operational and financial results for the second quarter of 2025 after market close on Wednesday, August 6, 2025. The results will be made available on the Company's website at <u>www.oceanagold.com</u>.

**Second Quarter 2025 Results Conference Call Details:**

Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, August 7, 2025, at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods:

Webcast: <u>https://app.webinar.net/Pop3el0eA1a</u>

Toll-free North America: 1-888-510-2154

International: 1-437-900-0527

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.

**For further information please contact:**

**Investor Relations:**

Haley Mayers, VP, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

<u>www.oceanagold.com</u>

## Exhibit 99.45

**Exhibit 99.45**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**July 22, 2025** | **News Release** |

---

**OceanaGold Announces Renewal of Share Buyback**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC, OTCQX: OCAND) ("OceanaGold" or the "Company") announces it has received approval from the Toronto Stock Exchange ("TSX") to renew its Normal Course Issuer Bid ("NCIB"), permitting the Company to buy back up to approximately 23 million common shares ("Common Shares"), representing a maximum of 10% of the Company's public float over the next 12 months. As of July 21, 2025, there were a total of 231,121,129 Common Shares issued and outstanding.

The Company believes that the market price of the Common Shares may not, from time to time, fully reflect their value and accordingly the repurchase of its Common Shares would be in the best interest of its shareholders.

Over the prior 12 months under the current NCIB, OceanaGold has repurchased $65 million through the buyback, (6.85 million shares at an average price of C$13.06 per share on a post consolidation basis) with $41 million of the board approved $100 million for the full-year 2025 now completed. The remaining $59 million is expected to be deployed in the second half of 2025 under the renewed NCIB. The increased share repurchase limit provides the Company increased flexibility to continue share buybacks throughout the remainder of 2025 and the first half of 2026.

Gerard Bond, President and Chief Executive Officer of OceanaGold, said "OceanaGold is operating from a position of financial strength, with robust Free Cash Flow generation and a strong balance sheet. In alignment with our disciplined capital allocation framework, we are pleased to announce a renewed NCIB program with an increased repurchase limit. This increased limit allows the Company to continue utilizing the share buyback program to return value to our shareholders while continuing to invest in our growth and exploration projects across the business."

In connection with the NCIB, the Company has entered into an Automatic Share Purchase Plan ("ASPP") with a designated broker to allow for the repurchase of Common Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods.

<u>www.oceanagold.com</u>

------

The Company has received approval from the TSX, during the 12-month period commencing on July 24, 2025 and ending on or before July 23, 2026, to purchase up to approximately 23 million Common Shares through the facilities of the TSX and alternative Canadian trading systems. Under the terms of the NCIB, the Company may purchase up to a daily maximum of 180,933 Common Shares (being 25% of the average daily trading volume of 723,735 Common Shares for the six-month period ended June 30, 2025, in each case on a post-consolidation basis).

The ASPP will terminate on the earliest of the date on which the: (i) purchase limit under the NCIB has been reached; (ii) NCIB expires; and (iii) ASPP otherwise terminates in accordance with its terms. The ASPP constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and the agreement governing the plan has been pre-cleared by the TSX.

The actual number of Common Shares that may be purchased and the timing of such purchases will be determined by the Company in accordance with applicable laws and the ASPP. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. Any Common Shares that are purchased under the NCIB will be cancelled.

**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.

**For further information please contact:**

**Investor Relations:**

Haley Mayers, VP, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

**Media Relations:**

Louise Burgess, Director, Communications

Tel: +1 604-403-2019

<u>media@oceanagold.com</u>

<u>www.oceanagold.com</u>

------

**Cautionary Statement for Public Release**

This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws, which may include, but is not limited to, statements with respect to the amount of and timing for anticipated purchases under the NCIB and the ASPP. All statements other than statements of historical facts included in this press release constitute forward-looking statements. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements. They include, among others, those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name and on the Company's website. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

<u>www.oceanagold.com</u>

## Exhibit 99.46

**Exhibit 99.46**

---

| | |
|:---|:---|
| **August 6, 2025** | **News Release** |

---

**OceanaGold Reports Record Quarterly Net Profit**

**(All financial figures in United States dollars unless otherwise stated)**

&nbsp;&nbsp;&nbsp;&nbsp;**• Produced 119,500 ounces of gold and on track to deliver full year guidance**<br>&nbsp;&nbsp;&nbsp;&nbsp;**• Record quarterly net profit of $118 million and record Adjusted EPS**<sup>†</sup> **of $0.51**<br>&nbsp;&nbsp;&nbsp;&nbsp;**• Free Cash Flow**<sup>†</sup> **of $120 million with $299 million of cash and no debt**<br>

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC; OTCQX: OCANF) ("OceanaGold" or the "Company") reported its operational and financial results for the three and six months ended June 30, 2025. The condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") are available at <u>www.oceanagold.com</u>.

**Second Quarter Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• **On track to deliver full year production, cost and capital guidance.**

&nbsp;&nbsp;&nbsp;&nbsp;• **Safely and responsibly produced 119,500 ounces of gold and 3,700 tonnes of copper.**

&nbsp;&nbsp;&nbsp;&nbsp;• **All-In Sustaining Cost ("AISC")**<sup>†</sup> **of $2,027 per ounce in the quarter, resulting in $1,915 year to date,** at the low-end of guidance range.

&nbsp;&nbsp;&nbsp;&nbsp;• **Record quarterly revenue of $432 million supported by record average realized gold price of $3,293 per ounce,** with no hedges or prepays.

&nbsp;&nbsp;&nbsp;&nbsp;• **Record quarterly net profit of $118 million, record EPS of $0.49 and Adjusted EPS**<sup>†</sup> **of $0.51.**

&nbsp;&nbsp;&nbsp;&nbsp;• **EBITDA Margin**<sup>†</sup> **of 50% and Operating Cash Flow Per Share**<sup>†</sup> **of $0.99.**

&nbsp;&nbsp;&nbsp;&nbsp;• **Generated strong Free Cash Flow**<sup>†</sup> **of $120 million and $189 million year to date,** resulting in a trailing 12 month Free Cash Flow<sup>†</sup> yield<sup>1</sup> of 18%.

&nbsp;&nbsp;&nbsp;&nbsp;• **Cash balance increased by 31% to $299 million from the prior quarter,** enhancing an already strong balance sheet with no debt.

&nbsp;&nbsp;&nbsp;&nbsp;• **Repurchased $21 million in common shares during the quarter and $41 million year to date under the share buyback program.** On track to buyback up to $100 million of shares in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• **Declared a $0.03 per share quarterly dividend, payable in September 2025.**

&nbsp;&nbsp;&nbsp;&nbsp;• **Completed a 3-for-1 share consolidation in preparation for a planned listing on the New York Stock Exchange in the first half of 2026.**

&nbsp;&nbsp;&nbsp;&nbsp;• **Released new drill results at Wharekirauponga extending the strike length,** continuing to demonstrate its upside potential.

† See "Non-IFRS Financial Information"

1 Calculated as trailing 12 month Free Cash Flow<sup>†</sup> over the average trailing 12 month market capitalization in USD.

------

Gerard Bond, President and CEO of OceanaGold, said: "We are pleased to have had another safe, responsible and strong quarter, with us being on track to deliver full year production, cost and capital guidance. Our production and cost performance, together with being a fully unhedged gold producer with no prepays, drove record quarterly net profit and earnings per share, and delivered strong Free Cash Flow. With no debt and a strengthening cash balance, our exceptional financial position continues to provide us the flexibility to invest in our exciting organic growth opportunities and deliver enhanced shareholder returns via dividends and our recently renewed and expanded share buyback program.

Looking ahead, open pit waste stripping is advancing as planned at Haile in Ledbetter Phase 3 and at Macraes in Innes Mills Phase 8, setting us up for a strong fourth quarter and 2026 as we gain access to higher grade ore at our two largest sites. Permitting of our Waihi North Project, which includes the high-grade Wharekirauponga underground, is progressing and we continue to expect approval by year end. Building on the success at Wharekirauponga, where we recently announced an extension of the strike length, exploration is ongoing on promising targets at all sites as we remain focused on unlocking additional value for shareholders."

**Share Buyback and Dividend**

In the first half of 2025, the Company repurchased 3.9 million common shares for consideration of $40.6 million. The Board approved in February 2025 the repurchase in 2025 of up to $100 million of common shares under the Company's NCIB ("Normal Course Issuer Bid") program announced in July 2024. The NCIB was recently extended for another 12 months and upsized to be for up to 10% of issued capital.

OceanaGold has declared a $0.03 per share dividend payable in September 2025. Shareholders of record at the close of business in each jurisdiction on August 20, 2025 (the "Record Date") will be entitled to receive payment of the dividend on September 19, 2025. The dividend payment applies to holders of record of the Company's common shares traded on the Toronto Stock Exchange.

---

| | |
|:---|:---|
| Declaration of Dividend | Wednesday, August 6, 2025 |
| Record Date | Wednesday, August 20, 2025 |
| Dividend Payment Date | Friday, September 19, 2025 |

---

Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in Computershare's international payments service if they want to receive dividends in an alternative currency. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.

† See "Non-IFRS Financial Information"

------

**Results Overview**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Q2 2025** | Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Gold Produced<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47.7** | 51.6 | 37.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99.3** | &nbsp;&nbsp;&nbsp;&nbsp;72.5 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.5** | 20.6 | 23.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45.1** | &nbsp;&nbsp;&nbsp;&nbsp;49.4 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.0** | 28.4 | 26.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58.4** | &nbsp;&nbsp;&nbsp;&nbsp;59.2 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3** | 16.8 | 10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.1** | &nbsp;&nbsp;&nbsp;&nbsp;21.9 |
| Total gold produced<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119.5** | 117.4 | 98.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**236.9** | &nbsp;&nbsp;&nbsp;&nbsp;203.0 |
| Gold Sales |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49.5** | 57.2 | 39.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**106.7** | &nbsp;&nbsp;&nbsp;&nbsp;81.0 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** | 17.8 | 18.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.4** | &nbsp;&nbsp;&nbsp;&nbsp;50.7 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.8** | 23.7 | 26.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58.5** | &nbsp;&nbsp;&nbsp;&nbsp;58.7 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4** | 15.9 | 10.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.3** | &nbsp;&nbsp;&nbsp;&nbsp;22.2 |
| Total Gold sales | &nbsp;&nbsp;&nbsp;&nbsp;koz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**121.3** | 114.6 | 95.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235.9** | &nbsp;&nbsp;&nbsp;&nbsp;212.6 |
| Average Gold Price | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3293** | 2858 | 2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3082** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224 |
| Copper Produced<sup>1</sup> - Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | **3.7** | 3.4 | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Copper Sales - Didipio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.0** | 3.2 | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Average Copper Price | &nbsp;&nbsp;&nbsp;&nbsp;$/lb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.36** | 4.27 | 4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.32** | &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Cash Costs<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**997** | 715 | 1351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**846** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**873** | 871 | 874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**872** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1496** | 1369 | 1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1444** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1670** | 1445 | 1635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1559** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 |
| Consolidated Cash Costs<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1210** | 976 | 1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1096** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 |
| AISC<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1890** | 1551 | 2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1708** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 |
| &nbsp;&nbsp;&nbsp;Didipio | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1287** | 1130 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1214** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 |
| &nbsp;&nbsp;&nbsp;Macraes | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2146** | 2313 | 2319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2213** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041 |
| &nbsp;&nbsp;&nbsp;Waihi | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2190** | 2019 | 2434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2106** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418 |
| Consolidated AISC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$/oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2027** | 1796 | 2131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1915** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963 |
| Free Cash Flow<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**120.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.8 | &nbsp;&nbsp;&nbsp;&nbsp;31.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.0 |
| Net profit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**117.6** | &nbsp;&nbsp;&nbsp;&nbsp;101.2 | &nbsp;&nbsp;&nbsp;&nbsp;34.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**218.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.7 |
| Adjusted net profit<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**120.0** | &nbsp;&nbsp;&nbsp;&nbsp;102.2 | &nbsp;&nbsp;&nbsp;&nbsp;30.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**222.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3 |
| EBITDA<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**217.1** | 192.0 | 112.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**409.1** | &nbsp;&nbsp;&nbsp;&nbsp;184.3 |
| Adjusted EBITDA<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$M | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**219.5** | 193.0 | 109.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**412.5** | &nbsp;&nbsp;&nbsp;&nbsp;189.9 |
| Earnings per share - basic<sup>2</sup> | $/share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.92** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.11 |
| Adjusted earnings per share - diluted<sup>†2</sup> | $/share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.73 |
| Free Cash Flow per share-diluted<sup>†</sup> | $/share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.80** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 |

---

1Production is reported on a 100% basis as all operations are controlled by OceanaGold.

2Attributable to the shareholders of the Company.

† See "Non-IFRS Financial Information"

------

**Management Update**

The Company is pleased to announce that Mr. Keenan Jennings has been appointed Chief Exploration Officer effective September 29, 2025. Mr. Jennings will replace Craig Feebrey who is retiring after 10 years with OceanaGold. Mr. Jennings brings over 35 years of global experience in mineral exploration and executive leadership, having held senior roles at BHP, Rio Tinto, and Anglo American.

The Company also announces that Peter Sharpe, Chief Operating Officer-Asia Pacific, is leaving OceanaGold to pursue other opportunities outside the gold industry. His last day with the Company will be October 24, 2025. Bhuvanesh Malhotra, current Chief Technical and Project Officer, will become Chief Operating Officer for all operations from September 26, 2025. Mr. Malhotra has been with the Company since early 2024 and has over 25 years of experience in operational and technical roles across multiple commodities and mining methods, driving safety performance, operational excellence and sustainable transformational change.

The Company thanks Mr. Feebrey and Mr. Sharpe for their tremendous contributions to OceanaGold and wishes them both well in the future.

**Conference Call and Webcast:**

Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, August 7, 2025 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods:

Webcast: <u>https://app.webinar.net/Pop3el0eA1a</u>

Toll-free North America: +1 888-510-2154

International: +1 437-900-0527

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.

**For further information please contact:**

Investor Relations:

Haley Mayers, Vice President, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

Media Relations:

Louise Burgess, Director, Communications

Tel: +1 604-403-2019 <u>info@oceanagold.com</u>

† See "Non-IFRS Financial Information"

------

**Cautionary Statement for Public Release**

This public release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. All statements in this public release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold; general business; economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits including the FTAA as well as those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available on SEDAR+ at sedarplus.com under the Company's name. The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including:

† See "Non-IFRS Financial Information"

------

development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Non-IFRS Financial Information**

*Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share*

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

† See "Non-IFRS Financial Information"

------

The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Net profit | **117.6** | 101.2 | 34.0 | **218.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.7 |
| Foreign exchange (gain) loss | **2.4** | 0.8 | (0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Write-down of assets | **—** | 0.2 | 3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Gain on sale of Blackwater project | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (17.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.6) |
| Tax expense on sale of Blackwater project | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| OGP listing costs | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Restructuring costs | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| **Adjusted net profit** | **120.0** | 102.2 | 30.6 | **222.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3 |
| **Adjusted weighted average number of common shares - fully diluted** | **234.8** | 238.3 | 242.8 | **235.4** | 241.0 |
| **Adjusted earnings per share** | **0.51** | 0.43 | 0.13 | **0.94** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |

---

*EBITDA and Adjusted EBITDA*

Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses, write-downs, gains/losses on disposal of assets, OGP listing costs, foreign exchange gains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue.

Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/losses.

† See "Non-IFRS Financial Information"

------

The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| Net profit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**117.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**218.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.7 |
| Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**108.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134.7 |
| Net interest expense and finance costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 |
| Income tax expense on earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**78.4** | 9.0 |
| **EBITDA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**217.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**409.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184.3 |
| Write-down of assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.2** | 4.7 |
| Gain on sale of Blackwater project | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.6) |
| Tax expense on sale of Blackwater project | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | 4.9 |
| OGP listing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | 5.5 |
| Restructuring expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | 1.9 |
| Foreign exchange (gain) loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** | 6.2 |
| **Adjusted EBITDA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**219.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**412.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189.9 |
| Revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**432.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**792.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521.5 |
| **EBITDA Margin** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% |

---

*Cash Costs and AISC*

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculation beginning in the first quarter of 2025.

† See "Non-IFRS Financial Information"

------

The following table provides a reconciliation of consolidated Cash Costs and AISC:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | **YTD 2025** | YTD 2024 |
| Cost of sales, excl. depreciation and amortization | **181.1** | &nbsp;&nbsp;&nbsp;&nbsp;142.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135.0 | &nbsp;&nbsp;&nbsp;&nbsp;**324.0** | 295.7 |
| Indirect taxes | **5.6** | &nbsp;&nbsp;&nbsp;&nbsp;4.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 | &nbsp;&nbsp;&nbsp;&nbsp;**10.4** | &nbsp;&nbsp;&nbsp;&nbsp;12.5 |
| Selling costs | **2.6** | &nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Other cash adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10.5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.5) |
| By-product credits | **(35.4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(70.7)** | (55.2) |
| **Total Cash Costs (net)** | **146.8** | &nbsp;&nbsp;&nbsp;&nbsp;111.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116.2 | &nbsp;&nbsp;&nbsp;&nbsp;**258.6** | 255.8 |
| Sustaining capital and leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.4** | &nbsp;&nbsp;&nbsp;&nbsp;26.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.8 | &nbsp;&nbsp;&nbsp;&nbsp;**61.2** | &nbsp;&nbsp;&nbsp;&nbsp;44.3 |
| Deferred stripping and capitalized mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49.0** | &nbsp;&nbsp;&nbsp;&nbsp;55.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.7 | &nbsp;&nbsp;&nbsp;&nbsp;**104.3** | &nbsp;&nbsp;&nbsp;&nbsp;86.0 |
| Corporate general & administration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** | &nbsp;&nbsp;&nbsp;&nbsp;10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | &nbsp;&nbsp;&nbsp;&nbsp;**25.5** | &nbsp;&nbsp;&nbsp;&nbsp;28.0 |
| Onsite exploration and drilling | **0.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| **Total AISC** | **245.9** | &nbsp;&nbsp;&nbsp;&nbsp;205.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204.0 | &nbsp;&nbsp;&nbsp;&nbsp;**451.8** | 417.0 |
| Gold sales (koz) | **121.3** | &nbsp;&nbsp;&nbsp;&nbsp;114.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.8 | &nbsp;&nbsp;&nbsp;&nbsp;**235.9** | 212.6 |
| **Cash Costs ($/oz)** | **1210** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1096** | 1203 |
| **AISC ($/oz)**<sup>1</sup> | **2027** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1915** | 1963 |

---

1Excludes the Additional Government Share related to the FTAA at Didipio of $10.2 million, $7.5 million and $17.7 million for the second quarter, first quarter and year to date 2025, respectively, as it is considered in nature of an income tax.

The following tables provides a reconciliation of Cash Costs and AISC for each operation:

*Haile*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | **YTD 2025** | YTD 2024 |
| **Cash costs of sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.5 | &nbsp;&nbsp;&nbsp;&nbsp;**99.5** | 103.7 |
| By-product credits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.5) |
| Inventory adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.8)** | &nbsp;&nbsp;&nbsp;&nbsp;16.0 |
| Freight, treatment and refining charges | **0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| **Total Cash Costs (net)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49.4** | &nbsp;&nbsp;&nbsp;&nbsp;40.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.8 | &nbsp;&nbsp;&nbsp;&nbsp;**90.3** | 118.4 |
| Sustaining capital and leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** | &nbsp;&nbsp;&nbsp;&nbsp;10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 | &nbsp;&nbsp;&nbsp;&nbsp;**26.6** | &nbsp;&nbsp;&nbsp;&nbsp;16.9 |
| Deferred stripping and capitalized mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.0** | &nbsp;&nbsp;&nbsp;&nbsp;36.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 | &nbsp;&nbsp;&nbsp;&nbsp;**64.4** | &nbsp;&nbsp;&nbsp;&nbsp;26.6 |
| Onsite exploration and drilling | **0.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total AISC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.1 | &nbsp;&nbsp;&nbsp;&nbsp;**182.2** | 161.9 |
| Gold sales (koz) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.8 | &nbsp;&nbsp;&nbsp;&nbsp;**106.7** | &nbsp;&nbsp;&nbsp;&nbsp;81.0 |
| **Cash Costs ($/oz)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**997** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**846** | 1462 |
| **AISC ($/oz)** | **1890** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1708** | 1998 |

---

† See "Non-IFRS Financial Information"

------

*Didipio*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| **Cash costs of sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.3** | &nbsp;&nbsp;&nbsp;&nbsp;32.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70.4** | &nbsp;&nbsp;&nbsp;&nbsp;71.6 |
| By-product credits | **(30.9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(62.1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51.5) |
| Royalties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Indirect taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** | &nbsp;&nbsp;&nbsp;&nbsp;10.4 |
| Inventory adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.7)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.6) |
| Freight, treatment and refining charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| **Total Cash Costs (net)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.5** | &nbsp;&nbsp;&nbsp;&nbsp;40.1 |
| Sustaining capital and leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| Deferred stripping and capitalized mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| General and administration<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.3** |  |
| **Total AISC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46.5** | &nbsp;&nbsp;&nbsp;&nbsp;53.7 |
| Gold sales (koz) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.4** | &nbsp;&nbsp;&nbsp;&nbsp;50.7 |
| **Cash Costs ($/oz)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**873** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**872** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 |
| **AISC**<sup>1</sup> **($/oz)** | **1287** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1214** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 |

---

1Excludes the Additional Government Share of FTAA at Didipio of $10.2 million, $7.5 million and $17.7 million for the second quarter, first quarter, and year to date 2025, respectively, as it is considered in nature of an income tax.

*Macraes*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| **Cash costs of sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**82.5** | &nbsp;&nbsp;&nbsp;&nbsp;53.7 |
| Less: by-product credits | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) |
| Royalties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Inventory adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.7)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Freight, treatment and refining charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| **Total Cash Costs (net)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84.5** | &nbsp;&nbsp;&nbsp;&nbsp;61.4 |
| Sustaining capital and leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** | &nbsp;&nbsp;&nbsp;&nbsp;13.2 |
| Deferred stripping and capitalized mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.5** | &nbsp;&nbsp;&nbsp;&nbsp;44.1 |
| Onsite exploration and drilling | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| **Total AISC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.3 | &nbsp;&nbsp;&nbsp;&nbsp;**129.5** | &nbsp;&nbsp;&nbsp;&nbsp;119.7 |
| Gold sales (koz) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58.5** | &nbsp;&nbsp;&nbsp;&nbsp;58.7 |
| **Cash Costs ($/oz)** | **1496** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1444** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
| **AISC($/oz)** | **2146** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2213** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041 |

---

† See "Non-IFRS Financial Information"

------

*Waihi*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q2 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Q1 2025 | Q2 2024 | &nbsp;&nbsp;&nbsp;**YTD 2025** | YTD 2024 |
| **Cash costs of sales** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.5 | 37.5 |
| By-product credits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.7) | (2.1) |
| Royalties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Inventory adjustments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.3) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.7) | (0.2) |
| Add: Freight, treatment and refining charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| **Total Cash Costs (net)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.3 | 35.9 |
| Sustaining capital and leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Deferred stripping and capitalized mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | 11.6 |
| Onsite exploration and drilling | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| **Total AISC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.9 | 53.7 |
| Gold sales (koz) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3 | 22.2 |
| **Cash Costs ($/oz)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1670** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 | 1617 |
| **AISC ($/oz)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2190** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 | 2418 |

---

*Net Cash/(Debt)*

Net Cash/(Debt) has been calculated as total debt less cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Prior to 2024, lease liabilities were included in the calculation of Net Cash/ (Debt). The change in respect of 2024 is consistent with the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have been recalculated excluding lease liabilities.

The following table provides a reconciliation of Net Cash/(Debt):

---

| | | |
|:---|:---|:---|
| **$M** | **June 30, 2025** | December 31, 2024 |
| Revolving credit facility | **—** |  |
| Fleet facility<sup>1</sup> | **—** | (2.8) |
| Unamortized transaction costs | **—** | 1.2 |
| **Total debt** | **—** | (1.6) |
| Cash and cash equivalents | **298.7** | 193.5 |
| **Net Cash**<sup>†</sup> | **298.7** | 191.9 |

---

1Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility.

† See "Non-IFRS Financial Information"

------

*Operating Cash Flow per share*

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of total fully diluted Operating Cash Flow per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | YTD 2024 |
| Cash provided by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**226.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.6 | 107.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**398.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183.1 |
| Changes in working capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9** | 25.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.5) | **30.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.0) |
| **Cash flows provided by operating activities before changes in working capital** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**231.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**428.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177.1 |
| Adjusted weighted average number of common shares - fully diluted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**234.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238.3 | 242.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.0 |
| **Operating Cash Flow per share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.99** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.83 | $0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1.82** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.73 |

---

*Free Cash Flow*

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of Free Cash Flow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q2 2025** | Q1 2025 | Q2 2024 | **YTD 2025** | &nbsp;&nbsp;&nbsp;&nbsp;YTD 2024 |
| Cash flows provided by Operating Activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**226.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.6 | 107.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**398.5** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183.1 |
| Cash flows used in Investing Activities | **(106.8)** | (102.8) | (76.6) | **(209.6)** | (150.1) |
| **Free Cash Flow** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**120.1** | 68.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.0 |
| Adjusted weighted average number of common shares - fully diluted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**234.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238.3 | 242.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241.0 |
| **Free Cash Flow per share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.29 | $0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$0.80** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.14 |

---

† See "Non-IFRS Financial Information"

## Exhibit 99.47

**Exhibit 99.47**

---

| | |
|:---|:---|
| **September 11, 2025** | **News Release** |

---

**OceanaGold Announces Ongoing Exploration Success at Haile**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") is pleased to announce positive results from its exploration and resource conversion drilling programs at the Haile Gold Mine ("Haile") in the United States.

Gerard Bond, President and CEO of OceanaGold, said "With a record high exploration budget of $10 million at Haile this year, we are delighted by the excellent return on investment we continue to generate through exploration. These exciting results continue to demonstrate the continuity of high-grade mineralization at several deposits across the property, notably at Ledbetter Phase 4, Horseshoe Underground, and the promising new early-stage Pisces and Clydesdale targets. The exploration success continues to highlight the exceptional upside for low-risk organic growth we have within our existing portfolio of assets."

**Drilling Highlights (core length):**

**Ledbetter Phase 4** *(conversion drilling)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 28.9 m @ 18.33 g/t Au (DDH1279)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 8.7 m @ 22.30 g/t Au (DDH1281)

**Horseshoe** *(conversion drilling)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 16.1 m @ 16.33 g/t Au (UGD0082)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 14.6 m @ 10.33 g/t Au (UGD0084)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 24.0 m @ 7.99 g/t Au (UGD0085)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 22.0 m @ 8.60 g/t Au (UGD0086)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 10.2 m @ 11.12 g/t Au (UGD0084)

**Pisces** *(Initial drilling, located 300 m south of Horseshoe)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 7.6 m @ 10.39 g/t Au (DDH1271)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6.6 m @ 3.34 g/t Au (DDH1290)

**Clydesdale** (*initial drilling, located 100 m northwest of Palomino*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 26.2 m @ 4.11 g/t Au (DDH1282)

Results can be viewed in 3D using VRIFY at the following link:

<u>https://vrify.com/meetings/recordings/c880f1e8-449e-41a1-916c-125c8df72661</u>

<u>www.oceanagold.com</u>

------

VRIFY note: Drill results reflect only those set forth in OceanaGold's press release dated September 11, 2025, and do not include all historical drill results except those relevant to the current targets in this release.

**Ledbetter Phase 4 – High-Grade Results Targeting Underground Resource Conversion**

Mineralization in Ledbetter Phase 4 is located within the current final phase of the open pit Mineral Reserve (Figure 1). An ongoing resource conversion drill program is enhancing resource confidence and providing samples for metallurgical testing in support of the current trade-off study for the evaluation of a potential underground mine at Ledbetter, which has potential for improved overall site economics.

A zone of mineralization, down-dip of Ledbetter Phase 4 extension, has been tested with a total of four holes, or 1,975 metres ("m"). The program has returned results with strong mineralized intersections: 28.9 m @ 18.33 g/t Au from 489.1 m *including* 1.3 m @ 189.22 g/t (DDH1279), and 8.7 m @ 22.30 g/t Au from 375.9 m *including* 5.0 m @ 35.86 g/t (DDH1281).

**Figure 1: Schematic cross section (looking northeast) showing Ledbetter mineralization with recent drill holes annotated.**

![figure11.jpg](figure11.jpg)

<u>www.oceanagold.com</u>

------

**Horseshoe Underground – Support for Additional Resource Growth**

At Horseshoe Underground, drilling continues on both resource conversion and definition programs, totalling 7,467 m from 24 holes since the February 2025 news release. Conversion drilling totalling 4,261 m in 14 holes has targeted Inferred Mineral Resources in the lower levels of the deposit. Notable intercepts include: 16.1 m @ 16.33 g/t Au from 274.3 m (UGD0082) and 14.6 m @ 10.33 g/t from 235.6 m (UGD0084), 24.0 m @ 7.99 g/t from 258.6 m (UGD0085) and 22.0 m @ 8.60 g/t from 259.3 m (UGD0086); the latter three holes extending high-grade mineralization to the southwest.

Definition drilling totalling 10 holes for 3,206 m has targeted step-out opportunities, primarily south and west of the current resource. Assay results for nine holes have been received with the following significant intercepts: 7.6 m @ 3.63 g/t Au from 271.0 m and 9.1 m @ 3.40 g/t Au from 299.9 m (UGD0097) and 5.0 m @ 5.64 g/t Au from 267.9 m (UGD0100). The definition drill program is ongoing with 2,600 m remaining to be drilled in 2025. These results demonstrate the potential for continued resource growth, and drilling will remain focused on further defining step-out targets to support future underground development.

**Figure 2: Schematic long section (looking northwest) showing Horseshoe mineralization with recent significant intercepts annotated.**

![figure21.jpg](figure21.jpg)

<u>www.oceanagold.com</u>

------

**Pisces – Initial Drilling of High-Grade Target**

The Pisces target is located along the prospective corridor between the Horseshoe and Palomino deposits at approximately 550 m below surface and close to existing and planned underground infrastructure.

A total of nine holes for 6,167 m has been drilled in 2025, with the testing of geological and grade continuity. Significant intercepts include: 7.6 m @ 10.39 g/t Au from 647.0 m (DDH1271), 6.8 m @ 2.60 g/t Au from 571.0 m (DDH1285) and 6.6 m @ 3.34 g/t Au (DDH1290), demonstrating continuity of mineralization in the eastern area of the target towards Horseshoe. See the VRIFY link for visual representation of the results.

In conjunction with previously reported results, 44.2 m @ 10.85 g/t Au from 591 m (DDH1267), 9.4 m @ 44.14 g/t Au from 686.1 m (DDH1269) and 42.7 m @ 6.07 g/t Au from 560.2 m (DDH1257), (released February 24, 2025), the highest-grade mineralization defines a 150 m strike length. This zone of higher- grade mineralization remains to be further tested, while the target remains open to the northeast towards Horseshoe and down-dip.

**Clydesdale – Successful Early-Stage Result**

The early-stage Clydesdale drill target is located 100 m northwest of Palomino and approximately 300 m stratigraphically lower at approximately 800 m below surface. The target is defined by anomalous gold grades in wall rock metasediments, anomalous pathfinder geochemistry, and alteration mineralogy (Table 2). A total of two holes totalling 1,600 m have been drilled in 2025 to test the target. Initial results have returned one significant intercept of 26.2 m @ 4.11 g/t Au from 780.7 m including 14.6 m @ 6.21 g/t Au (DDH1282). See the VRIFY link for visual representation of the results.

Follow-up drilling is ongoing with two additional holes to be completed by the end of the year for a total of 1,800 m.

<u>www.oceanagold.com</u>

------

**Figure 3: Plan map showing 2025 drillhole locations**

![figure31.jpg](figure31.jpg)

**Table 1: Haile drill intersections subsequent to the February 24, 2025, drill results update.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;&nbsp;&nbsp;**From**<br>***(m)*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**To**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(m)*** | **Interval**<br>&nbsp;&nbsp;&nbsp;&nbsp;***(m)*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Au**<br>***(g/t)*** | **Target** | **Activity** |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1278 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Ledbetter 04 | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1279 | &nbsp;&nbsp;&nbsp;&nbsp;489.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519.2 | &nbsp;&nbsp;&nbsp;&nbsp;28.9 | &nbsp;&nbsp;&nbsp;&nbsp;18.33 | &nbsp;&nbsp;&nbsp;&nbsp;Ledbetter 04 | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;*Including* | &nbsp;&nbsp;&nbsp;&nbsp;505.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506.8 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;189.22 | &nbsp;&nbsp;&nbsp;&nbsp;Ledbetter 04 | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;DDW1280 |  | NSR | NSR |  | &nbsp;&nbsp;&nbsp;&nbsp;Ledbetter 04 | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1281 | &nbsp;&nbsp;&nbsp;&nbsp;375.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384.5 | &nbsp;&nbsp;&nbsp;&nbsp;8.7 | &nbsp;&nbsp;&nbsp;&nbsp;22.30 | &nbsp;&nbsp;&nbsp;&nbsp;Ledbetter 04 | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;*Including* | &nbsp;&nbsp;&nbsp;&nbsp;375.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380.9 | &nbsp;&nbsp;&nbsp;&nbsp;5.0 | &nbsp;&nbsp;&nbsp;&nbsp;35.86 | &nbsp;&nbsp;&nbsp;&nbsp;Ledbetter 04 | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0079 | &nbsp;&nbsp;&nbsp;&nbsp;197.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206.4 | &nbsp;&nbsp;&nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;275.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276.9 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0080 | &nbsp;&nbsp;&nbsp;&nbsp;207.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213.5 | &nbsp;&nbsp;&nbsp;&nbsp;5.9 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0081 |  | NSR | NSR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0082 | &nbsp;&nbsp;&nbsp;&nbsp;274.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290.3 | &nbsp;&nbsp;&nbsp;&nbsp;16.1 | &nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0083 |  | NSR |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0084 | &nbsp;&nbsp;&nbsp;&nbsp;235.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250.2 | &nbsp;&nbsp;&nbsp;&nbsp;14.6 | &nbsp;&nbsp;&nbsp;&nbsp;10.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;Conversion |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;*Including* | &nbsp;&nbsp;&nbsp;&nbsp;244.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247.8 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.14 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;263.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273.3 | 10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0085 | &nbsp;&nbsp;&nbsp;&nbsp;258.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282.6 | 24.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.99 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0086 | &nbsp;&nbsp;&nbsp;&nbsp;259.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281.3 | 22.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.60 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0088 | &nbsp;&nbsp;&nbsp;&nbsp;238.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247.8 | &nbsp;&nbsp;&nbsp;&nbsp;9.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0089 | &nbsp;&nbsp;&nbsp;&nbsp;217.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231.7 | 14.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;236.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243.8 | &nbsp;&nbsp;&nbsp;&nbsp;7.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;*Including* | &nbsp;&nbsp;&nbsp;&nbsp;242.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243.4 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.60 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0090 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0091 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0092 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0093 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0094 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0095 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0096 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0097 | &nbsp;&nbsp;&nbsp;&nbsp;271.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278.6 | &nbsp;&nbsp;&nbsp;&nbsp;7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;299.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309.1 | &nbsp;&nbsp;&nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0098 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0099 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0100 | &nbsp;&nbsp;&nbsp;&nbsp;267.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272.9 | &nbsp;&nbsp;&nbsp;&nbsp;5.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0101 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0102 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0103 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;Horseshoe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1271 | &nbsp;&nbsp;&nbsp;&nbsp;647.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654.6 | &nbsp;&nbsp;&nbsp;&nbsp;7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1272 | &nbsp;&nbsp;&nbsp;&nbsp;551.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563.6 | 12.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1274 | &nbsp;&nbsp;&nbsp;&nbsp;607.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609.0 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1277 | &nbsp;&nbsp;&nbsp;&nbsp;599.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600.8 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1285 | &nbsp;&nbsp;&nbsp;&nbsp;522.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529.8 | &nbsp;&nbsp;&nbsp;&nbsp;7.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;571.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577.8 | &nbsp;&nbsp;&nbsp;&nbsp;6.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1286 | &nbsp;&nbsp;&nbsp;&nbsp;627.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632.0 | &nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1290 | &nbsp;&nbsp;&nbsp;&nbsp;642.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648.9 | &nbsp;&nbsp;&nbsp;&nbsp;6.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1293 | &nbsp;&nbsp;&nbsp;&nbsp;536.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543.4 | &nbsp;&nbsp;&nbsp;&nbsp;7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;UGD0109 | &nbsp;&nbsp;&nbsp;&nbsp;413.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431.3 | 18.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1276 | &nbsp;&nbsp;&nbsp;&nbsp;400.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406.6 | &nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1282 | &nbsp;&nbsp;&nbsp;&nbsp;768.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772.4 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1282 | &nbsp;&nbsp;&nbsp;&nbsp;780.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806.9 | 26.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;*Including* | &nbsp;&nbsp;&nbsp;&nbsp;792.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806.9 | 14.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;Initial Drilling |

---

**Notes:**

• Intervals are core length, not true width.

"Initial Drilling" intercepts are associated with early-stage exploration drilling, "Definition" drilling intercepts are intercepts outside the current resource model shell directed at defining mineralization to an Inferred Resource category and "Conversion" drilling are intercepts converting Inferred Resources to Indicated Resources category. NSR = No Significant Result.

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**Table 2: Historical and OGC Haile drill intersections relevant to the Ledbetter 04, Pisces, and Clydesdale target areas.**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | &nbsp;&nbsp;&nbsp;&nbsp;**From**<br>***(m)*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**To**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(m)*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interval**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(m)*** | **Au**<br>***(g/t)*** | **Target** | **Activity** |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0436 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0439 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0450 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0451 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0461 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0632^ | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0638^ | &nbsp;&nbsp;&nbsp;&nbsp;469.2 | &nbsp;&nbsp;&nbsp;&nbsp;478.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0646^ | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0653^\* | &nbsp;&nbsp;&nbsp;&nbsp;465.8 | &nbsp;&nbsp;&nbsp;&nbsp;478.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0686^ | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0841^ | &nbsp;&nbsp;&nbsp;&nbsp;401.4 | &nbsp;&nbsp;&nbsp;&nbsp;407.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1201^ | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;Advanced Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1207^ | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;Advanced Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1208^ | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;Advanced Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1213^ | &nbsp;&nbsp;&nbsp;&nbsp;468.3 | &nbsp;&nbsp;&nbsp;&nbsp;481.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;Advanced Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1252^ | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1253^ | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1255^ | &nbsp;&nbsp;&nbsp;&nbsp;431.9 | &nbsp;&nbsp;&nbsp;&nbsp;443.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1256^ | &nbsp;&nbsp;&nbsp;&nbsp;431.5 | &nbsp;&nbsp;&nbsp;&nbsp;438.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1260^ | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion |
| &nbsp;&nbsp;&nbsp;&nbsp;RC2002 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RC2019 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RC2058 | &nbsp;&nbsp;&nbsp;&nbsp;441.9 | &nbsp;&nbsp;&nbsp;&nbsp;461.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RC2064 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RC2067 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;RC2108 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0050 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0067 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0068 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0088 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0134 | &nbsp;&nbsp;&nbsp;&nbsp;432.8 | &nbsp;&nbsp;&nbsp;&nbsp;445.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0149 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0161 | &nbsp;&nbsp;&nbsp;&nbsp;428.5 | &nbsp;&nbsp;&nbsp;&nbsp;441.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 | &nbsp;&nbsp;&nbsp;&nbsp;42.40 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;*Including* | &nbsp;&nbsp;&nbsp;&nbsp;429.8 | &nbsp;&nbsp;&nbsp;&nbsp;431.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;318.52 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0167 | &nbsp;&nbsp;&nbsp;&nbsp;410.7 | &nbsp;&nbsp;&nbsp;&nbsp;441.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0203 | NSR | NSR | NSR | NSR | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0204 | &nbsp;&nbsp;&nbsp;&nbsp;438.9 | &nbsp;&nbsp;&nbsp;&nbsp;445.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | Ledbetter 04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0599^ | NSR | NSR | NSR | NSR | Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;DDH0636^ | &nbsp;&nbsp;&nbsp;&nbsp;545.4 | &nbsp;&nbsp;&nbsp;&nbsp;550.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;597.9 | &nbsp;&nbsp;&nbsp;&nbsp;611.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1067^ | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1204^ | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1245^ | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;DDH1247^\*\* | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0012 | &nbsp;&nbsp;&nbsp;&nbsp;356.6 | &nbsp;&nbsp;&nbsp;&nbsp;358.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;399.3 | &nbsp;&nbsp;&nbsp;&nbsp;413.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0028 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0077 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0080 | &nbsp;&nbsp;&nbsp;&nbsp;144.8 | &nbsp;&nbsp;&nbsp;&nbsp;152.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;193.6 | &nbsp;&nbsp;&nbsp;&nbsp;202.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;251.8 | &nbsp;&nbsp;&nbsp;&nbsp;262.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0091 | &nbsp;&nbsp;&nbsp;&nbsp;528.8 | &nbsp;&nbsp;&nbsp;&nbsp;538.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0146 | NSR | NSR | NSR | NSR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pisces | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;DDH1177^ | &nbsp;&nbsp;&nbsp;&nbsp;527.7 | &nbsp;&nbsp;&nbsp;&nbsp;535.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | Palomino | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0051 | &nbsp;&nbsp;&nbsp;&nbsp;510.5 | &nbsp;&nbsp;&nbsp;&nbsp;521.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;634.0 | &nbsp;&nbsp;&nbsp;&nbsp;649.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;713.2 | &nbsp;&nbsp;&nbsp;&nbsp;725.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0110 | &nbsp;&nbsp;&nbsp;&nbsp;269.8 | &nbsp;&nbsp;&nbsp;&nbsp;281.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;507.2 | &nbsp;&nbsp;&nbsp;&nbsp;511.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;526.8 | &nbsp;&nbsp;&nbsp;&nbsp;538.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;774.2 | &nbsp;&nbsp;&nbsp;&nbsp;780.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;823.0 | &nbsp;&nbsp;&nbsp;&nbsp;827.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0117 | &nbsp;&nbsp;&nbsp;&nbsp;502.9 | &nbsp;&nbsp;&nbsp;&nbsp;509.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;600.5 | &nbsp;&nbsp;&nbsp;&nbsp;614.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;641.6 | &nbsp;&nbsp;&nbsp;&nbsp;649.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And | &nbsp;&nbsp;&nbsp;&nbsp;688.9 | &nbsp;&nbsp;&nbsp;&nbsp;693.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |
| &nbsp;&nbsp;&nbsp;&nbsp;RCT0118 | &nbsp;&nbsp;&nbsp;&nbsp;519.6 | &nbsp;&nbsp;&nbsp;&nbsp;527.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;Clydesdale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Drilling |

---

**Notes:**

• Intervals are core length, not true width.

• "Initial Drilling" intercepts are associated with early-stage exploration drilling, while "Conversion" drilling are intercepts converting Inferred Resources to Indicated Resources category. NSR = No Significant Result. All data, apart from holes marked "^"represent historical drilling conducted by Romarco Minerals prior to OceanaGold's ownership of Haile

• "^" represents OceanaGold holes.

• "\*" represents drill hole results reported by OceanaGold in its press release dated November 8, 2017.

• "\*\*" represents drill hole results reported by OceanaGold in its press release dated February 24, 2025.

• All historical drill data collected by Romarco Minerals are considered historical in nature and based on prior data and reports prepared by Romarco Minerals. A qualified person from the Company has not undertaken independent investigation of the sampling nor has it independently analyzed the results of the historical drilling to verify the results. OceanaGold is not treating the historical data as current. There can be no assurance that any of the historical drill data is representative.

<u>www.oceanagold.com</u>

------

For further information relating to drill hole data please refer to the Company's website at <u>https://investors.oceanagold.com/additional-drillhole-data</u>.

**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; the Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.

**For further information please contact:**

**Investor Relations:**

Haley Mayers, VP, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

**Media Relations:**

Louise Burgess, VP, Communications

Tel: +1 604-403-2019

<u>media@oceanagold.com</u>

**Qualified Person Statement**

The scientific and technical information relating to the Haile exploration results contained in this press release has been reviewed and approved by Craig Feebrey, a Member of the Australasian Institute of Mining and Metallurgy and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). Mr. Feebrey is the Executive Vice President and Chief Exploration Officer of OceanaGold.

**Quality Assurance and Quality Control ("QA/QC")**

From July 2017 to 2025 almost all Haile exploration core samples have been prepared at the ALS lab in Tucson, Arizona, and analyzed at the ALS lab in Reno, Nevada, each of which is independent from OceanaGold. Select resource conversion core samples were also prepared and analyzed at the SGS lab in Kershaw, South Carolina in 2025 which is also independent from OceanaGold, with confirmation pulp duplicates sent to the ALS lab in Reno, Nevada. Samples are pulverized from a 250g (ALS) or 450g (SGS) sample to 85% passing 75 mesh. Approximately 225g of pulp sample is used for fire assay. Assays

<u>www.oceanagold.com</u>

------

are based on a 30g fire assay aliquot for gold with Atomic Absorption finish. If the gold value from Atomic Absorption is >10g/t, an additional 30g of pulp sample is fire assayed for gold using a gravimetric finish.

Some holes are composited and analyzed for carbon, sulphur and multi-elements using LECO and ICP- OES methods. Both ALS and SGS labs used for OceanaGold samples are ISO 17025 certified.

Blanks and standards are each inserted every 20th sample. Precision and accuracy of certified reference materials ("CRMs") compared to expected values have been consistently within 5% RSD and often within 3%. Barren marble and sand are inserted as blanks every 20th sample. CRMs from RockLabs and OREAS are inserted every 20th sample (5%). All blanks and CRMs are handled by the OceanaGold Geology Team 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 or contractors. 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 OceanaGold geologists and geotechnicians. Samples are trucked in sealed plastic barrels by certified couriers with submittal forms that are verified during sample pick-up and delivery to ALS. No sample shipments have been recorded as missing or tampered with.

**Technical Report**

For further information, please refer to the following NI 43-101 technical report available on the SEDAR+ website at <u>www.sedarplus.com</u> under the Company's profile or on the Company's website at <u>www.oceanagold.com</u>: "NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina" dated March 28, 2024, with an effective date of December 31, 2023, prepared by D. Carr, D, Londoño, J. Moore and B. Drury (OceanaGold); L. Standridge and R. Cook (Call & Nicholas, Inc.); J.N. Janney-Moore and W.L. Kingston (NewFields Mining & Technical Services LLC); and M. Sullivan and B. Miller Clarkson (SRK Consulting (U.S.), Inc.).

**Cautionary Statement for Public Release**

This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the estimation of Mineral Reserves and Resources, potential Mineral Reserves and Resources growth, the realization of Mineral Reserves and Resources estimates, costs and timing of the development of new deposits and, costs and timing of future exploration and drilling programs. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its

<u>www.oceanagold.com</u>

------

related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking. They include, among others, those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name and on the Company's website. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

<u>www.oceanagold.com</u>

## Exhibit 99.48

**Exhibit 99.48**

**October 7, 2025&nbsp;&nbsp;&nbsp;&nbsp;News Release**

**OceanaGold Provides Notice of Third Quarter 2025 Results**

**and Conference Call**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") will release its operational and financial results for the third quarter of 2025 after market close on Wednesday, November 5, 2025. The results will be made available on the Company's website at <u>www.oceanagold.com</u>.

**Third Quarter 2025 Results Conference Call Details:**

Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, November 6, 2025, at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods:

Webcast: <u>https://app.webinar.net/edmQZrLXkro</u>

Toll-free North America: 1-888-510-2154

International: 1-437-900-0527

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.

**For further information please contact:**

**Investor Relations:**

Haley Mayers, VP, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

<u>www.oceanagold.com</u>

## Exhibit 99.49

**Exhibit 99.49**

**November 5, 2025&nbsp;&nbsp;&nbsp;&nbsp;News Release**

**OceanaGold Reports Third Quarter 2025 Results**

**(All financial figures in United States dollars unless otherwise stated)**

&nbsp;&nbsp;&nbsp;&nbsp;**•** **On track to deliver full year guidance with strong Q4 advancing as planned**

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Free Cash Flow**<sup>†</sup> **of $94 million with $335 million of cash and no debt at quarter end**

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Share buyback program increased by 75% to $175M, expected to be completed by year end**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC; OTCQX: OCANF) ("OceanaGold" or the "Company") reported its operational and financial results for the three and nine months ended September 30, 2025. The condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") are available at www.oceanagold.com.

**Third Quarter Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;**• Remain on track to deliver full year production, cost and capital guidance.** 

&nbsp;&nbsp;&nbsp;&nbsp;**• Safely and responsibly produced 103,500 ounces of gold and 3,100 tonnes of copper.**

&nbsp;&nbsp;&nbsp;&nbsp;**• Waste stripping at Haile and Macraes is well advanced, with higher-grade ore from the open pits delivered in the third quarter, positioning both sites to deliver a strong fourth quarter.**

&nbsp;&nbsp;&nbsp;&nbsp;**• All-In Sustaining Cost ("AISC")**<sup>†</sup> **of $2,052 per ounce year to date,** expecting to be lower in the fourth quarter commensurate with increased gold production.

&nbsp;&nbsp;&nbsp;&nbsp;**• Record quarterly revenue of $449 million supported by record average realized gold price of $3,476 per ounce,** with no hedges or prepays.

&nbsp;&nbsp;&nbsp;&nbsp;**• Quarterly attributable net profit of $87 million, EPS of $0.38 and Adjusted EPS**<sup>†</sup> **of $0.40.**

&nbsp;&nbsp;&nbsp;&nbsp;**• EBITDA Margin**<sup>†</sup> **of 46% and Operating Cash Flow Per Share**<sup>†</sup> **of $0.93.**

&nbsp;&nbsp;&nbsp;&nbsp;**• Generated strong Free Cash Flow**<sup>†</sup> **of $94 million in the quarter and $283 million year to date,** resulting in a trailing 12-month Free Cash Flow<sup>†</sup> yield<sup>1</sup> of 15%.

&nbsp;&nbsp;&nbsp;&nbsp;**• Cash balance increased by 12% from the prior quarter to $335 million with no debt.**

&nbsp;&nbsp;&nbsp;&nbsp;**• Completed $39 million in share repurchases in the quarter at an average price of CAD$24.14.**

&nbsp;&nbsp;&nbsp;&nbsp;**• Share buyback program for 2025 increased by 75% to $175 million,** with $100 million repurchased year to date as of November 5, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**• Declared a $0.03 per share quarterly dividend, payable in December 2025.**

&nbsp;&nbsp;&nbsp;&nbsp;**• Ongoing exploration success at Haile,** demonstrating the upside for low-risk organic growth within the existing portfolio of assets.

† See "Non-IFRS Financial Information"

1 Calculated as trailing 12 month Free Cash Flow<sup>†</sup> over the average trailing 12 month market capitalization in USD.

------

&nbsp;&nbsp;&nbsp;&nbsp;**• Fast-track permit approval for the Waihi North Project is expected by year-end.**

Gerard Bond, President and CEO of OceanaGold, said: "The third quarter was another period of safe and responsible gold production in which we continued to generate substantial Free Cash Flow, despite it being the planned lowest production quarter of the year. The investment made in waste stripping at Haile and Macraes throughout 2025 has us in fresh open pit ore at both mines now, which positions us for the fourth quarter to be our strongest quarter of the year. Permitting of our Waihi North Project, which includes the high-grade Wharekirauponga underground, is progressing well and we continue to expect approval by year end - in the interim we are advancing early works activities.

The significant Free Cash Flow we have generated year to date of $283 million has allowed us to pay a higher dividend in 2025, continue to strengthen our balance sheet and increase our share buyback program for 2025 by 75% to $175 million. Our focus on investing in attractive organic growth and our disciplined capital allocation framework reflects our continued commitment to creating value and delivering strong returns to our shareholders."

**Share Buyback and Dividend**

As of November 5, 2025, the Company had completed the planned $100 million of share repurchases for 2025. The Board has approved a 75% increase to the share buyback program for 2025, with a total of $175 million in share buybacks expected to be completed by year end.

OceanaGold has declared a $0.03 per share dividend payable in December 2025. Shareholders of record at the close of business in each jurisdiction on November 19, 2025 (the "Record Date") will be entitled to receive payment of the dividend on December 19, 2025. The dividend payment applies to holders of record of the Company's common shares traded on the Toronto Stock Exchange.

---

| | |
|:---|:---|
| Declaration of Dividend | Wednesday, November 5, 2025 |
| Record Date | Wednesday, November 19, 2025 |
| Dividend Payment Date | Friday, December 19, 2025 |

---

Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in Computershare's international payments service if they want to receive dividends in an alternative currency. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.

† See "Non-IFRS Financial Information"

------

**Results Overview**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Gold Produced<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Haile | koz | **30.0** | 47.7 | 64.9 | **129.2** | 137.4 |
| &nbsp;&nbsp;Didipio | koz | **21.9** | 24.5 | 27.9 | **66.9** | 77.3 |
| &nbsp;&nbsp;Macraes | koz | **32.8** | 30.0 | 28.3 | **91.2** | 87.5 |
| &nbsp;&nbsp;Waihi | koz | **18.8** | 17.3 | 13.8 | **52.9** | 35.7 |
| Total gold produced<sup>1</sup> | koz | **103.5** | 119.5 | 134.9 | **340.2** | 337.9 |
| Gold Sales |  |  |  |  |  |  |
| &nbsp;&nbsp;Haile | koz | **33.4** | 49.5 | 53.6 | **140.1** | 134.6 |
| &nbsp;&nbsp;Didipio | koz | **29.7** | 20.6 | 28.9 | **68.1** | 79.6 |
| &nbsp;&nbsp;Macraes | koz | **32.7** | 34.8 | 29.5 | **91.2** | 88.2 |
| &nbsp;&nbsp;Waihi | koz | **20.4** | 16.4 | 12.8 | **52.7** | 35.0 |
| Total Gold sales | koz | **116.2** | 121.3 | 124.8 | **352.1** | 337.4 |
| Average Gold Price | $/oz | **3476** | 3293 | 2511 | **3212** | 2330 |
| Copper Produced<sup>1</sup> - Didipio | kt | **3.1** | 3.7 | 3.4 | **10.2** | 9.2 |
| Copper Sales - Didipio | kt | **4.4** | 3.0 | 3.5 | **10.6** | 8.9 |
| Average Copper Price | $/lb | **4.44** | 4.36 | 4.15 | **4.37** | 4.17 |
| Cash Costs<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Haile | $/oz | **1981** | 997 | 683 | **1117** | 1152 |
| &nbsp;&nbsp;Didipio | $/oz | **787** | 873 | 824 | **835** | 803 |
| &nbsp;&nbsp;Macraes | $/oz | **1345** | 1496 | 1458 | **1408** | 1185 |
| &nbsp;&nbsp;Waihi | $/oz | **1539** | 1670 | 1538 | **1551** | 1588 |
| Consolidated Cash Costs<sup>†</sup> | $/oz | **1420** | 1210 | 987 | **1203** | 1123 |
| AISC<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Haile | $/oz | **3464** | 1890 | 1537 | **2127** | 1814 |
| &nbsp;&nbsp;Didipio | $/oz | **1213** | 1287 | 1103 | **1214** | 1075 |
| &nbsp;&nbsp;Macraes | $/oz | **2171** | 2146 | 2099 | **2198** | 2060 |
| &nbsp;&nbsp;Waihi | $/oz | **2039** | 2190 | 2252 | **2080** | 2357 |
| Consolidated AISC<sup>†</sup> | $/oz | **2333** | 2027 | 1729 | **2052** | 1877 |
| Free Cash Flow<sup>†</sup> | $M | **94.4** | 120.1 | 65.7 | **283.3** | 98.7 |
| Net profit<sup>2</sup> | $M | **87.2** | 114.1 | 59.9 | **301.0** | 85.3 |
| Adjusted net profit<sup>†2</sup> | $M | **92.9** | 116.5 | 65.7 | **310.1** | 96.7 |
| EBITDA<sup>†</sup> | $M | **205.0** | 217.1 | 157.0 | **614.1** | 341.3 |
| Adjusted EBITDA<sup>†</sup> | $M | **210.7** | 219.5 | 162.8 | **623.2** | 352.7 |
| Earnings per share - basic<sup>2</sup> | $/share | **$0.38** | $0.49 | $0.25 | **$1.30** | $0.36 |
| Adjusted earnings per share - diluted<sup>†2</sup> | $/share | **$0.40** | $0.51 | $0.27 | **$1.32** | $0.40 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$0.93** | $0.99 | $0.66 | **$2.76** | $1.40 |
| Free Cash Flow per share-diluted<sup>†</sup> | $/share | **$0.41** | $0.51 | $0.27 | **$1.21** | $0.41 |

---

1Production is reported on a 100% basis as all operations are controlled by OceanaGold.

2Attributable to the shareholders of the Company.

† See "Non-IFRS Financial Information"

------

**Conference Call and Webcast:**

Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, November 6, 2025 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods:

Webcast: https://app.webinar.net/edmQZrLXkro

Toll-free North America: +1 888-510-2154

International: +1 437-900-0527

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 wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

**For further information please contact:**

Investor Relations:

Haley Mayers, Vice President, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

Media Relations:

Louise Burgess, Vice President, Communications

Tel: +1 604-403-2019

<u>info@oceanagold.com</u>

------

**Cautionary Statement for Public Release** 

This public release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. All statements in this public release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold; general business; economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits including the FTAA as well as those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available on SEDAR+ at sedarplus.com under the Company's name. The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of

------

estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Non-IFRS Financial Information**

*Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share*

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Net profit | **87.2** | 114.1 | 59.9 | **301.0** | 85.3 |
| Foreign exchange (gain) loss | **2.0** | 2.4 | (1.3) | **5.2** | 4.9 |
| Write-down of assets | **0.6** |  | 1.7 | **0.8** | 6.4 |
| Gain on sale of Blackwater project | **—** |  |  | **—** | (17.6) |
| Tax expense on sale of Blackwater project | **—** |  |  | **—** | 4.9 |
| NYSE / PSE listing costs | **1.6** |  | 5.4 | **1.6** | 10.9 |
| Restructuring / Other costs | **1.5** |  |  | **1.5** | 1.9 |
| **Adjusted net profit** | **92.9** | 116.5 | 65.7 | **310.1** | 96.7 |
| **Adjusted weighted average number of common shares - fully diluted** | **233.0** | 234.8 | 242.2 | **234.4** | 241.8 |
| **Adjusted earnings per share** | **0.40** | 0.51 | 0.27 | **1.32** | 0.40 |

---

------

*EBITDA and Adjusted EBITDA*

Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses, write-downs, gains/losses on disposal of assets, OGP listing costs, foreign exchange gains/losses and other non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue.

Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The comparative quarters have been recalculated adjusting for all foreign exchange gains/losses.

The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Net profit | **93.1** | 117.6 | 60.6 | **311.9** | 89.3 |
| Depreciation and amortization | **62.3** | 54.9 | 86.0 | **170.9** | 220.7 |
| Net interest expense and finance costs | **1.0** | 1.5 | 4.3 | **4.3** | 16.2 |
| Income tax expense on earnings | **48.6** | 43.1 | 6.1 | **127.0** | 15.1 |
| **EBITDA** | **205.0** | 217.1 | 157.0 | **614.1** | 341.3 |
| Write-down of assets | **0.6** |  | 1.7 | **0.8** | 6.4 |
| Gain on sale of Blackwater project | **—** |  |  | **—** | (17.6) |
| Tax expense on sale of Blackwater project | **—** |  |  | **—** | 4.9 |
| NYSE / PSE listing costs | **1.6** |  | 5.4 | **1.6** | 10.9 |
| Restructuring / Other costs | **1.5** |  |  | **1.5** | 1.9 |
| Foreign exchange (gain) loss | **2.0** | 2.4 | (1.3) | **5.2** | 4.9 |
| **Adjusted EBITDA** | **210.7** | 219.5 | 162.8 | **623.2** | 352.7 |
| Revenue | **448.5** | 432.4 | 345.2 | **1240.8** | 866.7 |
| **EBITDA Margin** | **46%** | 50% | 45% | **49%** | 39% |

---

*Cash Costs and AISC*

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated

------

as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculation beginning in the first quarter of 2025.

The following table provides a reconciliation of consolidated Cash Costs and AISC:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Cost of sales, excl. depreciation and amortization | **208.4** | 181.1 | 149.7 | **532.4** | 445.4 |
| Indirect taxes  | **7.3** | 5.6 | 5.5 | **17.7** | 18.0 |
| Selling costs  | **4.8** | 2.6 | 3.9 | **10.2** | 10.2 |
| Other cash adjustments  | **(6.5)** | (7.1) | (0.3) | **(17.0)** | (3.8) |
| By-product credits  | **(49.0)** | (35.4) | (35.6) | **(119.7)** | (90.8) |
| **Total Cash Costs (net)**  | **165.0** | 146.8 | 123.2 | **423.6** | 379.0 |
| Sustaining capital and leases | **43.7** | 34.4 | 29.1 | **104.9** | 73.4 |
| Deferred stripping and capitalized mining | **53.7** | 49.0 | 51.6 | **158.0** | 137.6 |
| Corporate general & administration  | **6.7** | 15.1 | 11.2 | **32.2** | 39.4 |
| Onsite exploration and drilling | **1.9** | 0.6 | 0.8 | **4.1** | 3.7 |
| **Total AISC** | **271.0** | 245.9 | 215.9 | **722.8** | 633.1 |
| Gold sales (koz) | **116.2** | 121.3 | 124.8 | **352.1** | 337.4 |
| **Cash Costs ($/oz)** | **1420** | 1210 | 987 | **1203** | 1123 |
| **AISC ($/oz)**<sup>1</sup> | **2333** | 2027 | 1729 | **2052** | 1877 |

---

1Excludes the Additional Government Share related to the FTAA at Didipio of $16.6 million, $10.2 million and $34.3 million for the third quarter, second quarter and year to date 2025, respectively, as it is considered in nature of an income tax.

The following tables provides a reconciliation of Cash Costs and AISC for each operation:

*Haile*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| **Cash costs of sales** | **62.4** | 53.9 | 44.7 | **161.9** | 148.4 |
| By-product credits | **(0.9)** | (1.9) | (0.7) | **(4.7)** | (2.2) |
| Inventory adjustments | **4.5** | (2.8) | (7.5) | **(1.3)** | 8.5 |
| Freight, treatment and refining charges | **0.2** | 0.2 | 0.1 | **0.6** | 0.3 |
| **Total Cash Costs (net)** | **66.2** | 49.4 | 36.6 | **156.5** | 155.0 |
| Sustaining capital and leases | **20.1** | 16.2 | 15.7 | **46.7** | 32.6 |
| Deferred stripping and capitalized mining | **29.4** | 28.0 | 29.9 | **93.8** | 56.5 |
| Onsite exploration and drilling | **0.2** | 0.1 |  | **1.1** |  |
| **Total AISC** | **115.9** | 93.7 | 82.2 | **298.1** | 244.1 |
| Gold sales (koz) | **33.4** | 49.6 | 53.6 | **140.1** | 134.6 |
| **Cash Costs ($/oz)** | **1981** | 997 | 683 | **1117** | 1152 |
| **AISC ($/oz)** | **3464** | 1890 | 1537 | **2127** | 1814 |

---

------

*Didipio*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| **Cash costs of sales** | **37.1** | 38.3 | 36.0 | **107.5** | 107.6 |
| By-product credits | **(45.0)** | (30.9) | (33.5) | **(107.1)** | (85.0) |
| Royalties | **2.9** | 2.4 | 2.1 | **6.9** | 5.1 |
| Indirect taxes | **7.3** | 5.7 | 5.7 | **17.7** | 16.1 |
| Inventory adjustments | **15.2** | (0.7) | 7.3 | **19.0** | 6.7 |
| Freight, treatment and refining charges | **5.9** | 3.2 | 6.2 | **12.9** | 13.4 |
| **Total Cash Costs (net)** | **23.4** | 18.0 | 23.8 | **56.9** | 63.9 |
| Sustaining capital and leases | **10.8** | 7.0 | 5.7 | **20.5** | 15.6 |
| Deferred stripping and capitalized mining | **1.2** | 1.1 | 2.4 | **4.2** | 6.1 |
| General & administration<sup>1</sup> | **0.2** | 0.3 |  | **0.5** |  |
| Onsite exploration and drilling | **0.3** |  |  | **0.3** |  |
| **Total AISC** | **35.9** | 26.4 | 31.9 | **82.4** | 85.6 |
| Gold sales (koz) | **29.7** | 20.6 | 28.9 | **68.1** | 79.6 |
| **Cash Costs ($/oz)** | **787** | 873 | 824 | **835** | 803 |
| **AISC**<sup>1</sup> **($/oz)** | **1213** | 1287 | 1103 | **1214** | 1075 |

---

1Excludes the Additional Government Share of FTAA at Didipio of $16.6 million, $10.2 million and $34.3 million for the third quarter, second quarter, and year to date 2025, respectively, as it is considered in nature of an income tax.

*Macraes*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| **Cash costs of sales** | **40.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.3 | 38.9 | **123.4** | 92.6 |
| Less: by-product credits | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | **(0.1)** | (0.1) |
| Royalties | **2.8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | 0.2 | **6.1** | 2.4 |
| Inventory adjustments | **0.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | 3.9 | **(1.6)** | 9.1 |
| Freight, treatment and refining charges | **0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | 0.1 | **0.7** | 0.5 |
| **Total Cash Costs (net)** | **44.0** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.1 | 43.1 | **128.5** | 104.5 |
| Sustaining capital and leases | **10.6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | 5.0 | **28.4** | 18.2 |
| Deferred stripping and capitalized mining | **16.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 | 13.7 | **42.8** | 57.8 |
| Onsite exploration and drilling | **0.2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | 0.1 | **0.9** | 1.1 |
| **Total AISC** | **71.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.8 | 61.9 | **200.6** | 181.6 |
| Gold sales (koz) | **32.7** | &nbsp;&nbsp;&nbsp;&nbsp;34.8 | 29.5 | **91.2** | 88.2 |
| **Cash Costs** **($/oz)** | **1345** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | 1458 | **1408** | 1185 |
| **AISC** **($/oz)** | **2171** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | 2099 | **2198** | 2060 |

---

------

*Waihi* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| **Cash costs of sales** | **30.9** | 30.7 | 21.3 | **88.4** | 58.8 |
| By-product credits | **(3.1)** | (2.6) | (1.4) | **(7.8)** | (3.5) |
| Royalties | **0.8** | 0.6 | 0.4 | **1.9** | 1.0 |
| Inventory adjustments | **2.7** | (1.4) | (0.6) | **(1.0)** | (0.8) |
| Add: Freight, treatment and refining charges | **0.1** |  |  | **0.2** | 0.1 |
| **Total Cash Costs (net)** | **31.4** | 27.3 | 19.7 | **81.7** | 55.6 |
| Sustaining capital and leases | **2.8** | 2.2 | 2.7 | **9.3** | 7.0 |
| Deferred stripping and capitalized mining | **6.8** | 5.7 | 5.6 | **17.2** | 17.2 |
| Onsite exploration and drilling | **0.7** | 0.5 | 0.7 | **1.4** | 2.6 |
| **Total AISC** | **41.7** | 35.7 | 28.7 | **109.6** | 82.4 |
| Gold sales (koz) | **20.4** | 16.3 | 12.8 | **52.7** | 35.0 |
| **Cash Costs ($/oz)** | **1539** | 1670 | 1538 | **1551** | 1588 |
| **AISC ($/oz)** | **2039** | 2190 | 2252 | **2080** | 2357 |

---

*Net Cash/(Debt)*

Net Cash/(Debt) has been calculated as total debt less cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health. Prior to 2024, lease liabilities were included in the calculation of Net Cash/ (Debt). The change in respect of 2024 is consistent with the generally adopted approach to the calculation of Net Cash/(Debt). The comparative quarters have been recalculated excluding lease liabilities.

The following table provides a reconciliation of Net Cash/(Debt):

---

| | | |
|:---|:---|:---|
| **$M** | **September 30, 2025** | December 31, 2024 |
| Revolving credit facility | **—** |  |
| Fleet facility<sup>1</sup> | **—** | (2.8) |
| Unamortized transaction costs | **—** | 1.2 |
| **Total debt** | **—** | (1.6) |
| Cash and cash equivalents | **334.9** | 193.5 |
| **Net Cash**<sup>†</sup> | **334.9** | 191.9 |

---

1Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility.

------

*Operating Cash Flow per share*

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of total fully diluted Operating Cash Flow per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Cash provided by operating activities | **227.5** | 226.9 | 164.7 | **626.0** | 347.8 |
| Changes in working capital | **(9.8)** | 4.9 | (3.7) | **20.3** | (9.7) |
| **Cash flows provided by operating activities before changes in working capital** | **217.7** | 231.8 | 161.0 | **646.3** | 338.1 |
| Adjusted weighted average number of common shares - fully diluted | **233.0** | 234.8 | 242.2 | **234.4** | 241.8 |
| **Operating Cash Flow per share** | **$0.93** | $0.99 | $0.66 | **$2.76** | $1.40 |

---

*Free Cash Flow*

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted adjusted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of Free Cash Flow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q3 2025** | Q2 2025 | Q3 2024 | **YTD 2025** | YTD 2024 |
| Cash flows provided by Operating Activities | **227.5** | 226.9 | 164.7 | **626.0** | 347.8 |
| Cash flows used in Investing Activities | **(133.1)** | (106.8) | (99.0) | **(342.7)** | (249.1) |
| **Free Cash Flow** | **94.4** | 120.1 | 65.7 | **283.3** | 98.7 |
| Adjusted weighted average number of common shares - fully diluted | **233.0** | 234.8 | 242.2 | **234.4** | 241.8 |
| **Free Cash Flow per share** | **$0.41** | $0.51 | $0.27 | **$1.21** | $0.41 |

---

## Exhibit 99.50

**Exhibit 99.50**

---

| | |
|:---|:---|
| **November 25, 2025** | **News Release** |

---

**OceanaGold Extends High-Grade Mineralization at Wharekirauponga and Receives Draft Decision and Conditions to Approve the Waihi North Project**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") announces results from ten drill holes from the ongoing exploration and resource conversion program at Wharekirauponga, located approximately 10 kilometres ("km") to the north of the Company's Waihi operation in New Zealand.

OceanaGold is also pleased to announce that on November 25, 2025, the Expert Panel appointed by the New Zealand government to consider permitting of the Waihi North Project ("WNP") under the Fast-track Approvals Act has released a draft decision and conditions indicating a provisional intention to approve the project. The draft decision and conditions remain subject to a further comment period, with a final decision expected by year-end 2025.

**Wharekirauponga Drilling Highlights (estimated true width):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 13.9 m @ 25.8 g/t Au from 466.8 m, EG vein (WKP137A)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 7.4 m @ 5.3 g/t Au from 396.0 m, EG HWS vein (WKP137A)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.8 m @ 108.1 g/t Au from 514.7 m, EG vein (WKP124J)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2.5 m @ 17.0 g/t Au from 530.3 m, EG FW vein (WKP124J)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3.2 m @ 19.7 g/t Au from 532.6 m, EG vein (WKP124K)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.5 m @ 28.8 g/t Au from 474.4 m, EG HW vein (WKP124K)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5.6 m @ 6.9 g/t Au from 534.2 m, EG vein (WKP124L)

Gerard Bond, President and CEO of OceanaGold, said "We are excited about today's drill results from Wharekirauponga that extend the high-grade mineralization at the southern boundary of the resource, as demonstrated by the fantastic high-grade intercepts received by drill hole WKP137A. With more follow-up drilling planned, I am very pleased with the value and return on investment that we continue to achieve through exploration, as this deposit continues to grow.

We are also encouraged by the Expert Panel's release of a draft decision and conditions indicating the provisional intention to grant approvals for the Waihi North Project through the Fast-track Approvals Act. We look forward to continuing our engagement with participants in the approvals process and progressing through this next stage of the application to move towards the receipt of a final decision by the end of the year. We intend to safely and responsibly develop the Waihi North Project which extends the mine life of

<u>www.oceanagold.com</u> 

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the Waihi operation well into the future, while generating strong returns for our shareholders and bringing wider economic benefits for the local communities and for New Zealand."

Drill results can be viewed in 3D using VRIFY at the following link:

<u>https://vrify.com/meetings/recordings/1ec83dd5-7af1-41de-b60b-4cedf4d94ffc</u>

VRIFY note: Drill results reflect only those set forth in OceanaGold's press release dated November 25, 2025, and do not include all historical results except those relevant to the current Wharekirauponga exploration target.

**Wharekirauponga Drill Results Overview**

**<u>East Graben ("EG") Vein</u>**

Since the June 25, 2025 news release, a total of ten drill holes have been completed and results returned from the EG, hanging wall ("HW") and footwall ("FW") veins, collectively referred to as the "EG vein zone" (Figure 1). Drilling results have further extended the known limits of the mineralized EG vein 135 m to the south (definition) and improved confidence in the potential for resource (conversion). These results continue to demonstrate the significant potential to expand the mineral resource associated with the EG vein zone.

Drilling from drill site 9 included the high-grade EG vein intercept from WKP137A (13.9 m @ 25.8 g/t Au), extending the high-grade mineralization at the southern end of the resource. This result is supported by previous intercepts WKP135 (6.3 m @ 8.7 g/t Au, released March 2025), WKP137 (4.0 m @ 43.8 g/t Au, released June 2025) and WKP134A (7.7 m @ 11.4 g/t Au, released November 2024) defining a new high-grade zone on the southern boundary of the existing resource, which remains open to the south with significant growth potential.

To further test this, step out hole WKP140A at the southern-most trace of drilling returned an intercept of 2.6 m @ 0.6 g/t, confirming the continuation of the EG vein 135 m to the south of previously reported hole WKP139 (2.9 m @ 0.5 g/t Au, released June 2025). The continuity of veining demonstrated by WKP140A supports growth of the total known strike length from 1.4 km to 1.5 km and this remains open to the north and south.

Drill site 1 results include WKP143, completed down dip on the EG vein, returning 2.3 m @ 4.6 g/t Au, similar to neighbouring holes, extending mineralization.

At drill site 8, five new directional holes have been completed from the WKP124 parent hole, which have infilled and tested the extents of the mineralization on the EG vein structure. Conversion drilling highlights include the high-grade intersection received in hole WKP124J with 1.8 m @ 108.1 g/t Au (EG vein). Drill

<u>www.oceanagold.com</u> 

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hole intersections across the EG vein in holes WKP124K (3.2 m @ 19.7 g/t Au) and WKP124L (5.6 m @ 6.9 g/t Au) met expectations and increased resource confidence. Drill holes WKP124H (NSR) and WKP124I (NSR) defined the upper limit of the EG vein at this location (Figure 2).

**<u>Hanging Wall and Footwall Veins</u>**

Notably, the HW and FW vein structures that lie immediately to the east and west respectively of the EG vein zone also yielded strong results. Drill hole WKP137A returned an intercept of 7.4 m @ 5.3 g/t Au on the EG hanging wall splay ("HWS"), which extends the known mineralization on this structure, parallel to extensions on the EG vein, with other previously reported surrounding intercepts including WKP135 (1.7 m @ 24.6 g/t Au, released March 2025), WKP134A (2.3 m @ 16.0 g/t Au, released March 2025) and WKP137 (5.9 m @ 14.7 g/t Au, released June 2025) (Figure 3).

High-grade Au was intersected across several other EG HW and FW structures including 2.5 m @ 17.0 g/t Au and 2.4 m @ 10.4 g/t Au from separate FW veins in drill hole WKP124J and 1.5 m @ 28.8 g/t Au from a HW vein in WKP124K, continuing to demonstrate the potential for additional resource growth at Wharekirauponga outside of the main EG vein structure.

<u>www.oceanagold.com</u> 

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**Figure 1: Wharekirauponga plan view of geology and drill traces highlighting the EG vein zone, T-Stream vein, and Western veins, and drill platform locations**

![figure1b.jpg](figure1b.jpg)

<u>www.oceanagold.com</u> 

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**Figure 2: Long section of the EG vein with geology and drill intercepts (blue font = new holes)**

![figure2b.jpg](figure2b.jpg)

**Figure 3: Long section of the EG HWS vein with geology and drill intercepts (blue font = new holes)**

![figure3b.jpg](figure3b.jpg)

**Wharekirauponga Exploration Program**

Exploration for the remainder of the 2025 program will continue to target resource growth on the EG vein zone from drill sites 8 and 9. In October, the Company received permits for two additional exploration drill sites. The Fast-track application includes a further increase in the number of exploration drill sites, expanding the program by 8 new sites (inclusive of two new sites added in October), as well as doubling the drilling effort, with up to 6 rigs operating at any one time, from the currently permitted 3 rigs. The doubling of the exploration drill sites and drill rigs will further accelerate both definition and conversion drilling at Wharekirauponga in 2026 and beyond.

<u>www.oceanagold.com</u> 

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**Table 1: Wharekirauponga drill intersections subsequent to the June 25, 2025, results update**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drill Hole ID** | &nbsp;&nbsp;&nbsp;&nbsp;**From**<br>***(m)*** | **To**<br>***(m)*** | **True width *(m)*** | **Au *(g/t)*** | **Ag *(g/t)*** | **Vein** | **Activity** |
| **WKP124H** | &nbsp;&nbsp;&nbsp;&nbsp;520.5 | &nbsp;&nbsp;&nbsp;&nbsp;521.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | NSR | NSR | EG Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;**WKP124I** | &nbsp;&nbsp;&nbsp;&nbsp;520.2 | &nbsp;&nbsp;&nbsp;&nbsp;520.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | NSR | NSR | EG Vein | &nbsp;&nbsp;&nbsp;Conversion |
| **WKP124J** | &nbsp;&nbsp;&nbsp;&nbsp;514.7 | &nbsp;&nbsp;&nbsp;&nbsp;516.9 | 1.8 | 108.1 | 71.9 | EG Vein | &nbsp;&nbsp;&nbsp;Conversion |
| **WKP124J** | &nbsp;&nbsp;&nbsp;&nbsp;530.3 | &nbsp;&nbsp;&nbsp;&nbsp;533.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | 17.0 | 16.1 | &nbsp;&nbsp;&nbsp;EG FW Vein | &nbsp;&nbsp;&nbsp;Conversion |
| **WKP124J** | &nbsp;&nbsp;&nbsp;&nbsp;577.1 | &nbsp;&nbsp;&nbsp;&nbsp;580.2 | 2.4 | 10.4 | 18.4 | EG FW Vein | &nbsp;&nbsp;&nbsp;Conversion |
| **WKP124K** | &nbsp;&nbsp;&nbsp;&nbsp;474.4 | &nbsp;&nbsp;&nbsp;&nbsp;476.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | 28.8 | 30.7 | &nbsp;&nbsp;&nbsp;EG HW Vein | &nbsp;&nbsp;&nbsp;Conversion |
| **WKP124K** | &nbsp;&nbsp;&nbsp;&nbsp;532.6 | &nbsp;&nbsp;&nbsp;&nbsp;537.1 | 3.2 | 19.7 | 11.8 | EG Vein | &nbsp;&nbsp;&nbsp;Conversion |
| **WKP124K** | &nbsp;&nbsp;&nbsp;&nbsp;585.4 | &nbsp;&nbsp;&nbsp;&nbsp;586.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | 16.3 | 9.3 | &nbsp;&nbsp;&nbsp;EG FW Vein | &nbsp;&nbsp;&nbsp;Conversion |
| **WKP124L** | &nbsp;&nbsp;&nbsp;&nbsp;534.2 | &nbsp;&nbsp;&nbsp;&nbsp;542.9 | 5.6 | 6.9 | 5.3 | EG Vein | &nbsp;&nbsp;&nbsp;Conversion |
| **WKP124L** | &nbsp;&nbsp;&nbsp;&nbsp;626.5 | &nbsp;&nbsp;&nbsp;&nbsp;628.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | 8.3 | 12.1 | &nbsp;&nbsp;&nbsp;EG FW Vein | &nbsp;&nbsp;&nbsp;Conversion |
| **WKP137A** | &nbsp;&nbsp;&nbsp;&nbsp;396.0 | &nbsp;&nbsp;&nbsp;&nbsp;404.2 | 7.4 | 5.3 | 5.7 | EG HWS Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| **WKP137A** | &nbsp;&nbsp;&nbsp;&nbsp;417.6 | &nbsp;&nbsp;&nbsp;&nbsp;420.7 | 2.8 | 7.0 | 6.1 | EG HW Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| **WKP137A** | &nbsp;&nbsp;&nbsp;&nbsp;427.9 | &nbsp;&nbsp;&nbsp;&nbsp;433.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 | 2.3 | 1.9 | &nbsp;&nbsp;&nbsp;EG HW Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| **WKP137A** | &nbsp;&nbsp;&nbsp;&nbsp;439.3 | &nbsp;&nbsp;&nbsp;&nbsp;440.1 | 0.6 | 33.4 | 20.8 | EG HW Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| **WKP137A** | &nbsp;&nbsp;&nbsp;&nbsp;466.8 | &nbsp;&nbsp;&nbsp;&nbsp;481.2 | 13.9 | 25.8 | 18.9 | EG Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;**WKP140** | *Hole abandoned prior to reaching EG vein target* | *Hole abandoned prior to reaching EG vein target* | *Hole abandoned prior to reaching EG vein target* | *Hole abandoned prior to reaching EG vein target* | *Hole abandoned prior to reaching EG vein target* | *Hole abandoned prior to reaching EG vein target* | *Hole abandoned prior to reaching EG vein target* |
| **WKP140A** | &nbsp;&nbsp;&nbsp;&nbsp;543.8 | &nbsp;&nbsp;&nbsp;&nbsp;547.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | 0.6 | 3.3 | EG Vein | Growth |
| &nbsp;&nbsp;&nbsp;**WKP141** | &nbsp;&nbsp;&nbsp;&nbsp;220.5 | &nbsp;&nbsp;&nbsp;&nbsp;222.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | 10.2 | 35.3 | &nbsp;&nbsp;&nbsp;EG HW Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;**WKP141** | &nbsp;&nbsp;&nbsp;&nbsp;248.5 | &nbsp;&nbsp;&nbsp;&nbsp;248.9 | 0.3 | 48.9 | 31.5 | EG HW Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;**WKP141** | &nbsp;&nbsp;&nbsp;&nbsp;376.3 | &nbsp;&nbsp;&nbsp;&nbsp;378.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | 1.7 | 14.9 | EG Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;**WKP141** | &nbsp;&nbsp;&nbsp;&nbsp;472.0 | &nbsp;&nbsp;&nbsp;&nbsp;476.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | 4.4 | 24.4 | &nbsp;&nbsp;&nbsp;EG FW Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;**WKP142** | &nbsp;&nbsp;&nbsp;&nbsp;398.3 | &nbsp;&nbsp;&nbsp;&nbsp;401.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | 1.5 | 14.2 | EG Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |
| &nbsp;&nbsp;&nbsp;**WKP143** | &nbsp;&nbsp;&nbsp;&nbsp;467.8 | &nbsp;&nbsp;&nbsp;&nbsp;470.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | 4.6 | 11.5 | EG Vein | &nbsp;&nbsp;&nbsp;&nbsp;Definition |

---

**Notes:**

**"Growth" intercepts are associated with early-stage exploration drilling, "Definition" drilling intercepts are intercepts outside the current resource model shell directed at defining mineralization to an Inferred Resource category and "Conversion" drilling are intercepts converting Inferred Resources to Indicated Resources category. NSR = No Significant Result.**

**Waihi North Project Fast-track Approval and Early Works Activities Update**

OceanaGold is encouraged by the Expert Panel's release of a draft decision and conditions indicating a provisional intention to grant approvals for the WNP through the Fast-track Approvals Act. It is important to note that at this stage, a final decision has not yet been reached.

The Expert Panel will now invite comment on the proposed conditions of consent from relevant parties. The Company will then have a chance to review and respond to these comments.

The Expert Panel's final decision on the application is expected in mid-December 2025.

<u>www.oceanagold.com</u> 

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The Company also continues to advance early works, design and project activities at WNP, including construction of the services trench and expansion of the water treatment plant, and expects to spend $45 million in capital in 2025 on these activities. The construction of the 5 km services trench that will convey power, water and communications from the existing Waihi operations to the Willows surface facilities area commenced in the third quarter of 2025. Civil works and fabrication have also commenced at the expanded water treatment plant site and are progressing well, with both deliverables planned for completion by the second quarter of 2026.

**Figures 4-5: Services trench construction – October 2025**

![figure4-5.jpg](figure4-5.jpg)

**Figure 6: Water treatment plant expansion – October 2025**

![figure6.jpg](figure6.jpg)

For further information relating to drill hole data please refer to the Company's website at <u>https://investors.oceanagold.com/additional-drillhole-data</u>.

<u>www.oceanagold.com</u> 

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**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 wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

**For further information please contact:**

**Investor Relations:**

Haley Mayers, VP, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

**Media Relations:**

Louise Burgess, VP, Communications

Tel: +1 604-403-2019

<u>media@oceanagold.com</u>

**Qualified Person Statement**

The scientific and technical information relating to Waihi exploration results in this press release has been reviewed and approved by Mr. Leroy Crawford-Flett, a Chartered Professional Member of the Australasian Institute of Mining and Metallurgy, a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). Mr. Crawford-Flett is the Exploration & Geology Manager of Waihi Operation.

**Quality Assurance and Quality Control ("QA/QC")**

All exploration samples are assayed for gold by 30g fire assay with AAS finish. Since mid-2022, drill core sample intervals where visible electrum is logged are followed up by a subsequent screen fire assay after the routine 30g fire assay. Core samples were prepared and analyzed at SGS Waihi NZ Ltd (Au by 30g fire assay and Ag by aqua regia digest and 0.3gm AAS finish. Samples post April 2024 with Ag, As, Sb. Hg and S by ICP-MS after DIG12R Digest). Selected pulps are periodically sent to ALS in Brisbane for a 4- acid digestion and 42 or 48 element ICP geochemical analysis.

<u>www.oceanagold.com</u> 

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Quality of exploration assay results has been monitored in the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample preparation at the SGS Waihi and Westport labs through sieving of jaw crush and pulp products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring of assay precision through routine generation of duplicate samples from a second split of the jaw crush and calculation of the fundamental error; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring of accuracy of the primary SGS assay and ALS results through insertion Certified Reference Materials ("CRMs") and blanks into sample batches.

Blank, duplicate and CRM results are reviewed prior to uploading results in the AcQuire database and again on a weekly basis. The protocol at Waihi requires CRMs to be reported to within 2 standard deviations of the certified value. The criterion for preparation duplicates is that they have a relative difference (R-R1/mean RR1) of no greater than 10%. Blanks should not exceed more than 4 times the lower detection value of the assay method. Failure in any of these thresholds triggers an investigation and, if appropriate, re-assay. Drill core is stored within secure facilities on site to which access is controlled. Site employees transport samples to the analytical laboratory which is also a secured facility. The SGS Waihi NZ Ltd laboratory is an independent commercial geochemistry and energy assay laboratory with ISO 17025: 2017 accreditation, audited by an external consultant in 2020, and is inspected on a quarterly basis by OceanaGold geologists. No sampling risks have been recorded during these visits.

**Technical Report**

For further information, please refer to the following NI 43-101 technical report available on the SEDAR+ website at <u>www.sedarplus.com</u> under the Company's profile or on the Company's website at <u>www.oceanagold.com</u>: "NI 43-101 Technical Report - Waihi District Study Pre-feasibility Study, New Zealand" dated December 11, 2024, with an effective date of June 30, 2024, prepared by D. Townsend, L Crawford-Flett, K. Hollis, E Leslie, and T. Maton.

**Cautionary Statement for Public Release**

This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to costs and timing of future exploration and drilling programs and the timing and receipt of Fast-track approval. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or

<u>www.oceanagold.com</u> 

------

future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking. They include, among others, those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name and on the Company's website. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

<u>www.oceanagold.com</u>

## Exhibit 99.51

**Exhibit 99.51**

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| | |
|:---|:---|
| **December 18, 2025** | **News Release** |

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**OceanaGold Receives Permit Approval for the Waihi North Project**

(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") is pleased to announce that the Expert Panel appointed by the New Zealand government to consider permitting of the Waihi North Project ("WNP") has released a final decision approving the project.

OceanaGold is now officially permitted to develop and operate WNP, which includes the high-grade Wharekirauponga Underground mine ("WUG"), located ~10 kilometres ("km") North of the Company's Waihi operation in New Zealand. This permit approval includes the development of WUG and the associated surface infrastructure, expansion of the current processing plant and water treatment plant and construction of a new tailings storage facility. This marks a significant milestone for OceanaGold which has been many years in the making and sets the stage for transformative growth in New Zealand.

The OceanaGold Board has approved the selection of the mining contractor for the tunnelling of the underground mine, plus the awarding of contracts for bulk earthworks at the Willows portal site and a power upgrade project. The mining contractor is expected to mobilize and begin tunnelling in the first half of 2026.

The permit also allows an increase in the number of exploration drill pads and a doubling of the allowable drill rigs to six, which will allow the Company to further accelerate both definition and conversion drilling at Wharekirauponga in 2026 and beyond.

Gerard Bond, President & CEO of OceanaGold, said "We are delighted to have received approval for our Waihi North Project, which allows access to one of the best undeveloped, high-grade orebodies in our industry. This is a major milestone for OceanaGold and for the Waihi operation and is a testament to our 35-year history of safe and responsible mining in New Zealand.

We are grateful for the approval of this regionally significant project, for which we have done considerable work to ensure its compliance with all requirements of New Zealand's rigorous environmental laws. The development of WNP will provide meaningful gold production for years to come while bringing substantial investment, job creation, and economic and biodiversity benefits for the surrounding communities and New Zealand. We are in a strong net cash position and expect to internally fund WNP over the coming years, as well as progress our other organic growth opportunities while generating strong returns for shareholders."

**Waihi District Overview**

The town of Waihi on the North Island of New Zealand is located ~140 km southeast of Auckland and is the location of a gold district which has produced an estimated 8 million ounces of gold to date.

<u>www.oceanagold.com</u>

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The Waihi District comprises the Company's Waihi operation, which includes the currently producing Martha Underground mine, and WNP, which includes WUG. The Company owns a property (Willows), adjacent to and outside of the Coromandel Forest Park, that will host the main access portal to, and service the development of WUG. A 6.5 km twin incline will be built to access WUG from Willows, with initial plans for two ventilation shafts to be located in the Coromandel Forest Park.

Development of WNP has the potential to create significant socio-economic contributions for the communities in the Waihi region and for New Zealand. This includes significant in-country investment and a substantial increase in direct and indirect employment opportunities, with the project having the potential to extend the life of the Waihi operation well into the future. OceanaGold operates to the highest environmental and social standards which has enabled it to run a successful and responsible mining business in New Zealand for over three decades and to meet the requirements of the Expert Panel's assessments.

For a visual overview of the site and proposed project infrastructure, please see the accompanying video: <u>https://vrify.com/meetings/recordings/60614a47-4b84-48a5-a077-27506b6a170e</u>

**Waihi North Project Development Update**

The OceanaGold Board of Directors has approved the selection of the mining contractor to begin tunnelling for the underground mine. The Board has also approved the award of the bulk earthworks contract at the Willows portal site area and the contract for a power upgrade project. The mining contractor is expected to mobilize and begin tunnelling underground in the first half of 2026.

Early-works, design and project activities continue to advance at WNP. The construction of the 5 km services trench to convey power, water and communications from the existing Waihi operations and to the Willows surface facilities area commenced in the third quarter of 2025. Civil works and fabrication are progressing well at the expanded water treatment plant site. Both projects are planned for completion by the second quarter of 2026, which will enable the decline and underground development work to commence thereafter. Gold production from WUG is expected to begin in 2032, with first stope ore in 2033.

**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 wholly-owned Haile Gold Mine in the

<u>www.oceanagold.com</u>

------

United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

**For further information please contact:**

**Investor Relations:**

Haley Mayers, VP, Investor Relations

Tel: +1 604-678-4097

<u>ir@oceanagold.com</u>

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u>

**Media Relations:**

Louise Burgess, VP, Communications

Tel: +1 604-403-2019

<u>media@oceanagold.com</u>

**Technical Report**

For further information, please refer to the following NI 43-101 technical report available on the SEDAR+ website at <u>www.sedarplus.com</u> under the Company's profile or on the Company's website at <u>www.oceanagold.com</u>: "NI 43-101 Technical Report - Waihi District Study Pre-feasibility Study, New Zealand" dated December 11, 2024, with an effective date of June 30, 2024, prepared by D. Townsend, L Crawford-Flett, K. Hollis, E Leslie, and T. Maton.

**Cautionary Statement for Public Release**

This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to costs and timing of future exploration and drilling programs and the timing of development of the Wharekirauponga Underground mine. Forwardlooking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-

<u>www.oceanagold.com</u>

------

looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking. They include, among others, those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name and on the Company's website. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

<u>www.oceanagold.com</u>

## Exhibit 99.52

**Exhibit 99.52**

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| |
|:---|
| **NEWS RELEASE** |
| January 20, 2026 |

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**OceanaGold Provides Notice of Fourth Quarter and Full Year 2025**

**Results and Conference Call**

**VANCOUVER, BC** – OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") will release its operational and financial results for the fourth quarter and year ending December 31, 2025, after market close on Wednesday, February 18, 2026. The results will be made available on the Company's website at <u>www.oceanagold.com</u>.

Fourth Quarter and Full Year 2025 Results Conference Call Details

Senior management will host a conference call and webcast to discuss the fourth quarter and full year 2025 results on Thursday, February 19, 2026, at 10:00am EST (7:00am PST). To participate in the conference call, please use one of the following methods:

Webcast: <u>https://app.webinar.net/jg9VnRpdZO4</u>

Toll-free North America: 1-888-510-2154

International: 1-437-900-0527

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 wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

For further information please contact:

**Investor Relations:**

Haley Mayers, VP, Investor RelationsTel: +1 604-678-4097<u>ir@oceanagold.com</u> Valerie Burns, Manager, Investor RelationsTel: +1 604-235-0742<u>ir@oceanagold.com</u>

www.oceanagold.com<sub>1</sub>

## Exhibit 99.53

**Exhibit 99.53**

---

| |
|:---|
| **NEWS RELEASE** |
| February 18, 2026 |

---

**OceanaGold Achieves 2025 Guidance & Delivers Record Free Cash Flow**

**(All financial figures in United States dollars unless otherwise stated)**

---

| |
|:---|
| **• 2025 production, AISC**<sup>†</sup>**, and capital all in line with Guidance** |
| **• Record quarterly and annual financial performance, with $477M of cash and no debt at year end** |
| **• 2026 Guidance projects 12%**<sup>1</sup> **increase in production at 7%**<sup>1</sup> **lower AISC**<sup>†</sup>  |
| **• Dividend tripled and share buyback doubled, for a total capital return up to $432M in 2026** |

---

**VANCOUVER, BC** - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") reported its operational and financial results for the three months and year ended December 31, 2025. The consolidated financial statements and Management's Discussion and Analysis ("MD&A") are available at www.oceanagold.com.

**Fourth Quarter and Full Year Highlights**

**• Full year 2025 production of 497,600 ounces of gold, above the mid-point of Guidance.**

**• Produced 157,400 ounces of gold and 3,200 tonnes of copper in the fourth quarter,** an increase in gold production of 52% from the prior quarter, with all four sites delivering an increase in gold production.

**• All-In Sustaining Cost ("AISC")**<sup>†</sup> **25% lower in the quarter and at $1,966 per ounce for the full year.**

**• Record quarterly revenue of $652 million at a record average realized gold price of $4,227 per ounce.**

**• Quarterly Adjusted EBITDA Margin**<sup>†</sup> **of 57% and record Operating Cash Flow Per Share**<sup>†</sup> **of $1.21.**

**• Record quarterly attributable net profit of $328 million and record EPS of $1.44. Record Adjusted EPS**<sup>†</sup> **of $0.88,** which excludes the post-tax net impairment reversal at Haile.

**• Generated record annual and quarterly Free Cash Flow**<sup>†</sup> **of $543 million and $259 million respectively,** resulting in a trailing 12-month Free Cash Flow<sup>†</sup> yield<sup>2</sup> of 15%.

**• Cash balance increased by 42% from the prior quarter to $477 million with no debt.**

**• Completed $175 million in share repurchases in 2025 at an average price of CAD$24.54.** 

**• The Board approved a tripling of the quarterly dividend to $0.09 per share.**

**• The Board approved a doubling of share repurchases to up to $350 million for 2026.**

**• Received final approval for the Waihi North Project permit,** with development activity accelerating**.**

**• The Company intends to list on the New York Stock Exchange ("NYSE") in early April, 2026.**

† See "Non-IFRS Financial Information"

1. Calculated as the mid point of guidance for full year 2026 compared to the actual result of full year 2025.

2. &nbsp;&nbsp;&nbsp;&nbsp;Calculated as the trailing 12-month Free Cash Flow<sup>†</sup> over the average trailing 12-month market capitalization in USD.

------

**Exhibit 99.53**

**2026 Guidance**

**• Gold production growth of ~12%**<sup>1</sup> **to between 520,000 to 590,000 ounces,** driven by Haile.

**• 7%**<sup>1</sup> **reduction in AISC**<sup>†</sup> **to between $1,750 to $1,900 per ounce.** 

**• Growth and exploration capital investment of $340 million,** reflecting an acceleration of the Waihi North Project, commencement of the Palomino Underground development and a ~50% increase in exploration.

Gerard Bond, President and CEO of OceanaGold, said: "2025 was a stellar year for OceanaGold, with strong operational execution translating to record financial outcomes and shareholder returns. We safely and responsibly delivered production, cost and capital Guidance for the year. We generated record net profit, record EPS and record Free Cash Flow<sup>†</sup>, and further strengthened our balance sheet to nearly half a billion dollars of cash with no debt. We were able to invest in our attractive organic growth opportunities, pay an increased dividend and return a substantial amount of capital to shareholders via an upsized share buyback.

Looking ahead to 2026, we expect higher production, lower unit costs, and expect another year of strong Free Cash Flow<sup>†</sup> in the current gold price environment. We are excited to progress development and exploration activity to accelerate one of the highest-grade undeveloped gold projects in our industry, the Waihi North Project, as well as commence development of Palomino Underground at Haile. We are increasing our investment in exploration in 2026 by 50%, to a Company record, in pursuit of high return, near mine options. We are confident this growth investment will continue to drive value creation for shareholders.

We are committed to maximizing returns to shareholders via our disciplined capital allocation framework and will do so by tripling the dividend from 2025 levels, and doubling our share buyback program to $350 million. To further broaden our investor base and enhance liquidity, we are also excited to be listing on the NYSE in April this year."

† See "Non-IFRS Financial Information"

1. Calculated as the mid point of guidance for full year 2026 compared to the actual result of full year 2025.

2. &nbsp;&nbsp;&nbsp;&nbsp;Calculated as the trailing 12-month Free Cash Flow<sup>†</sup> over the average trailing 12-month market capitalization in USD.

------

**Exhibit 99.53**

Results Overview

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Gold Produced<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | koz | **55.6** | 30.0 | 75.2 | **184.8** | 212.6 |
| &nbsp;&nbsp;&nbsp;Macraes | koz | **55.8** | 32.8 | 37.9 | **147.0** | 125.4 |
| &nbsp;&nbsp;&nbsp;Waihi | koz | **22.2** | 18.8 | 18.1 | **75.1** | 53.8 |
| &nbsp;&nbsp;&nbsp;Didipio | koz | **23.8** | 21.9 | 19.7 | **90.7** | 97.0 |
| Total gold produced<sup>1</sup> | koz | **157.4** | 103.5 | 150.9 | **497.6** | 488.8 |
| Gold Sales |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | koz | **50.3** | 33.4 | 73.9 | **190.4** | 208.5 |
| &nbsp;&nbsp;&nbsp;Macraes | koz | **53.7** | 32.7 | 36.6 | **144.9** | 124.8 |
| &nbsp;&nbsp;&nbsp;Waihi | koz | **21.1** | 20.4 | 19.0 | **73.8** | 54.0 |
| &nbsp;&nbsp;&nbsp;Didipio | koz | **20.6** | 29.7 | 20.8 | **88.7** | 100.4 |
| Total Gold sales | koz | **145.7** | 116.2 | 150.3 | **497.8** | 487.7 |
| Average Gold Price | $/oz | **4227** | 3476 | 2665 | **3509** | 2433 |
| Copper Produced<sup>1</sup> - Didipio | kt | **3.2** | 3.1 | 3.1 | **13.3** | 12.3 |
| Copper Sales - Didipio | kt | **2.9** | 4.4 | 2.8 | **13.5** | 11.7 |
| Average Copper Price | $/lb | **5.35** | 4.44 | 4.16 | **4.57** | 4.16 |
| Cash Costs<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | $/oz | **1529** | 1981 | 598 | **1225** | 955 |
| &nbsp;&nbsp;&nbsp;Macraes | $/oz | **885** | 1345 | 1214 | **1215** | 1192 |
| &nbsp;&nbsp;&nbsp;Waihi | $/oz | **1584** | 1539 | 1130 | **1561** | 1427 |
| &nbsp;&nbsp;&nbsp;Didipio | $/oz | **883** | 787 | 1033 | **846** | 851 |
| Consolidated Cash Costs<sup>†</sup> | $/oz | **1207** | 1420 | 875 | **1204** | 1047 |
| AISC<sup>†</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Haile | $/oz | **2295** | 3464 | 1287 | **2171** | 1628 |
| &nbsp;&nbsp;&nbsp;Macraes | $/oz | **1286** | 2171 | 1535 | **1861** | 1906 |
| &nbsp;&nbsp;&nbsp;Waihi | $/oz | **2068** | 2039 | 1557 | **2077** | 2087 |
| &nbsp;&nbsp;&nbsp;Didipio | $/oz | **1422** | 1213 | 1389 | **1255** | 1140 |
| Consolidated AISC<sup>†</sup> | $/oz | **1761** | 2333 | 1563 | **1966** | 1777 |
| Free Cash Flow<sup>†</sup> | $M | **259.4** | 94.4 | 146.5 | **542.7** | 245.2 |
| Net profit<sup>2</sup> | $M | **327.7** | 87.2 | 102.0 | **628.7** | 187.4 |
| Adjusted net profit<sup>†</sup><sup>2</sup> | $M | **201.7** | 92.9 | 106.9 | **511.8** | 203.6 |
| EBITDA<sup>†</sup> | $M | **543.2** | 205.0 | 246.4 | **1157.3** | 587.7 |
| Adjusted EBITDA<sup>†</sup> | $M | **374.0** | 210.7 | 251.3 | **997.2** | 604.0 |
| Earnings per share - diluted<sup>2</sup> | $/share | **$1.42** | $0.37 | $0.42 | **$2.69** | $0.78 |
| Adjusted earnings per share - diluted<sup>†2</sup> | $/share | **$0.88** | $0.40 | $0.44 | **$2.19** | $0.84 |
| Operating Cash Flow per share - diluted<sup>†</sup> | $/share | **$1.21** | $0.93 | $1.08 | **$3.96** | $2.48 |
| Free Cash Flow per share-diluted<sup>†</sup> | $/share | **$1.13** | $0.41 | $0.61 | **$2.32** | $1.01 |

---

1Production is reported on a 100% basis as all operations are controlled by OceanaGold.

2Attributable to the shareholders of the Company.

† See "Non-IFRS Financial Information"

------

**Dividend**

OceanaGold has declared a $0.09 per share dividend, which is tripled compared to the prior quarter. Shareholders of record at the close of business in each jurisdiction on March 4, 2026 (the "Record Date") will be entitled to receive payment of the dividend on April 2, 2026. The dividend payment applies to holders of record of the Company's common shares traded on the Toronto Stock Exchange.

---

| | |
|:---|:---|
| Declaration of Dividend | Wednesday, February 18, 2026 |
| Record Date | Wednesday, March 4, 2026 |
| Dividend Payment Date | Thursday, April 2, 2026 |

---

Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in Computershare's international payments service if they want to receive dividends in an alternative currency. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.

**Share Buyback**

In 2025, the Company completed the planned $175 million of share repurchases for the full year at an average price of CAD$24.54**.** The Board has approved a doubling of the share buyback program for 2026, with up to $350 million in share buybacks planned.

**Management Update**

The Company is pleased to announce that Mr. David Bickerton will assume the position of Executive Vice President and Chief Sustainability Officer (CSO) starting in April 2026, based in Brisbane. David joined OceanaGold in 2011 and has completed numerous roles in Brisbane, USA, New Zealand and the Philippines. Since August 2022, David has been Asset President of the Didipio Mine. David brings a deep understanding of our business, culture and Company objectives to this critical role and to the Executive Leadership team.

**Conference Call and Webcast:**

Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, February 19, 2026 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Webcast: https://app.webinar.net/jg9VnRpdZO4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Toll-free North America: +1 888-510-2154

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International: +1 437-900-0527

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

------

**About OceanaGold** 

OceanaGold is a global 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 wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

**For further information please contact:** 

**Investor Relations:** 

Rebecca Henare, Vice President, Investor Relations

Tel: +1 604-678-4095

ir@oceanagold.com

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

ir@oceanagold.com

**Media Relations:** 

Louise Burgess, Vice President, Communications

Tel: +1 604-403-2019

info@oceanagold.com

------

**Cautionary Statement for Public Release** 

This public release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. All statements in this public release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold; general business; economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits including the FTAA as well as those factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available on SEDAR+ at sedarplus.com under the Company's name. The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts,

------

studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

**Non-IFRS Financial Information**

Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company's operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses and reversals, write-downs, foreign exchange (gains)/losses, gain on sale of assets, listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Net profit<sup>1</sup> | **327.7** | 87.2 | 102.0 | **628.7** | 187.4 |
| Foreign exchange (gain) loss | **(1.9)** | 2.0 | 3.0 | **3.3** | 7.9 |
| Write-down of assets | **8.0** | 0.6 | 1.9 | **8.8** | 8.3 |
| Gain on sale of Blackwater project | **—** |  |  | **—** | (17.6) |
| Impairment reversal | **(176.2)** |  |  | **(176.2)** |  |
| Tax expense on impairment reversal and sale of Blackwater project | **43.2** |  |  | **43.2** | 4.9 |
| NYSE / PSE listing costs | **0.9** | 1.6 |  | **2.5** | 10.9 |
| Restructuring / Other costs | **—** | 1.5 |  | **1.5** | 1.9 |
| **Adjusted net profit**<sup>1</sup> | **201.7** | 92.9 | 106.9 | **511.8** | 203.7 |
| **Weighted average number of common shares - fully diluted** | **230.2** | 233.0 | 241.5 | **233.5** | 241.6 |
| **Adjusted earnings per share** | **0.88** | 0.40 | 0.44 | **2.19** | 0.84 |

---

1Attributable to the shareholders of the Company.

------

EBITDA and Adjusted EBITDA

Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses and reversals, write-downs, gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non-recurring costs. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue.

The following table provides a reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Net profit | **333.8** | 93.1 | 102.7 | **645.7** | 192.0 |
| Depreciation and amortization | **81.1** | 62.3 | 100.5 | **252.0** | 321.2 |
| Net interest expense and finance costs | **—** | 1.0 | 2.9 | **4.3** | 19.1 |
| Income tax expense on earnings | **128.3** | 48.6 | 40.3 | **255.3** | 55.4 |
| **EBITDA** | **543.2** | 205.0 | 246.4 | **1157.3** | 587.7 |
| Foreign exchange (gain) loss | **(1.9)** | 2.0 | 3.0 | **3.3** | 7.9 |
| Gain on sale of Blackwater project, net | **—** |  |  | **—** | (12.7) |
| Impairment reversal | **(176.2)** |  |  | **(176.2)** |  |
| NYSE / PSE listing costs | **0.9** | 1.6 |  | **2.5** | 10.9 |
| Restructuring / Other costs | **—** | 1.5 |  | **1.5** | 1.9 |
| Write-down of assets | **8.0** | 0.6 | 1.9 | **8.8** | 8.3 |
| **Adjusted EBITDA** | **374.0** | 210.7 | 251.3 | **997.2** | 604.0 |
| Revenue | **652.4** | 448.5 | 427.3 | **1893.2** | 1294.0 |
| **Adjusted EBITDA Margin** | **57%** | 47% | 59% | **53%** | 47% |

---

Cash Costs and AISC

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes the value of cash-settled stock-based compensation in the year of vesting. Cash costs are reduced by copper and silver by-product credits that are considered incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of

------

Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

Prior to the first quarter of 2025, Didipio's AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company's reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio's AISC calculation beginning in the first quarter of 2025.

The following table provides a reconciliation of consolidated Cash Costs and AISC:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Cost of sales, excl. depreciation and amortization | **231.3** | 208.4 | 155.1 | **763.7** | 600.5 |
| Indirect taxes  | **8.5** | 7.3 | 7.6 | **26.2** | 25.6 |
| Selling costs  | **3.8** | 4.8 | 3.2 | **14.0** | 13.4 |
| Other cash adjustments<sup>2</sup> | **(26.8)** | (6.5) | (4.7) | **(43.8)** | (8.5) |
| By-product credits  | **(40.9)** | (49.0) | (29.7) | **(160.6)** | (120.5) |
| **Total Cash Costs (net)**  | **175.9** | 165.0 | 131.5 | **599.5** | 510.5 |
| Sustaining capital and leases | **53.3** | 43.7 | 34.1 | **158.2** | 107.5 |
| Deferred stripping and capitalized mining | **26.5** | 53.7 | 43.7 | **184.5** | 181.3 |
| Corporate general & administration  | **(1.6)** | 6.7 | 23.5 | **30.6** | 62.9 |
| Onsite exploration and drilling | **0.3** | 1.9 | 0.5 | **4.4** | 4.2 |
| **Total AISC** | **254.4** | 271.0 | 233.3 | **977.2** | 866.4 |
| Gold sales (koz) | **145.7** | 116.2 | 150.3 | **497.8** | 487.7 |
| **Cash Costs ($/oz)** | **1207** | 1420 | 875 | **1204** | 1047 |
| **AISC ($/oz)**<sup>1</sup> | **1761** | 2333 | 1563 | **1966** | 1777 |

---

1Excludes the Additional Government Share related to the FTAA at Didipio of $2.9 million, $16.6 million and $37.2 million for the fourth quarter, third quarter and full year 2025, respectively, as it is considered in nature of an income tax.

2Other cash adjustments reflect the inclusion of cash settled stock-based compensation in AISC over the year of vesting.

3Corporate general & administration, in addition to cash settled stock-based compensation, includes the full year true-up in the fourth quarter related to site service allocations.

------

The following tables provides a reconciliation of Cash Costs and AISC for each operation:

Haile

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| **Cash costs of sales**<sup>1</sup> | **83.5** | 62.4 | 51.3 | **245.4** | 199.7 |
| By-product credits | **(1.0)** | (0.9) | (0.8) | **(5.7)** | (3.0) |
| Inventory adjustments | **(5.8)** | 4.5 | (6.5) | **(7.1)** | 2.0 |
| Freight, treatment and refining charges | **0.1** | 0.2 | 0.2 | **0.7** | 0.5 |
| **Total Cash Costs (net)** | **76.8** | 66.2 | 44.2 | **233.3** | 199.2 |
| Sustaining capital and leases | **23.0** | 20.1 | 20.5 | **69.7** | 53.1 |
| Deferred stripping and capitalized mining | **15.2** | 29.4 | 30.5 | **109.0** | 87.0 |
| Onsite exploration and drilling | **—** | 0.2 |  | **1.1** |  |
| **Total AISC** | **115.0** | 115.9 | 95.2 | **413.1** | 339.3 |
| Gold sales (koz) | **50.3** | 33.4 | 73.9 | **190.4** | 208.5 |
| **Cash Costs ($/oz)** | **1529** | 1981 | 598 | **1225** | 955 |
| **AISC ($/oz)** | **2295** | 3464 | 1287 | **2171** | 1628 |

---

1Reflects the inclusion of cash settled stock-based compensation over the year of vesting.

Macraes

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| **Cash costs of sales**<sup>1</sup> | **49.8** | 40.9 | 44.5 | **173.2** | 137.1 |
| By-product credits | **(0.2)** |  | 0.2 | **(0.3)** | 0.1 |
| Royalties | **7.8** | 2.8 | 1.0 | **13.9** | 3.4 |
| Inventory adjustments | **(10.5)** | 0.1 | (1.7) | **(12.1)** | 7.4 |
| Freight, treatment and refining charges | **0.6** | 0.2 | 0.3 | **1.3** | 0.8 |
| **Total Cash Costs (net)** | **47.5** | 44.0 | 44.3 | **176.0** | 148.8 |
| Sustaining capital and leases | **16.6** | 10.6 | 5.9 | **45.0** | 24.1 |
| Deferred stripping and capitalized mining | **3.8** | 16.3 | 5.1 | **46.6** | 62.9 |
| Onsite exploration and drilling | **1.0** | 0.2 | 0.2 | **1.9** | 1.3 |
| **Total AISC** | **68.9** | 71.1 | 55.5 | **269.5** | 237.1 |
| Gold sales (koz) | **53.7** | 32.7 | 36.6 | **144.9** | 124.8 |
| **Cash Costs** **($/oz)** | **885** | 1345 | 1214 | **1215** | 1192 |
| **AISC** **($/oz)** | **1286** | 2171 | 1535 | **1861** | 1906 |

---

1Reflects the inclusion of cash settled stock-based compensation over the year of vesting.

------

Waihi

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| **Cash costs of sales**<sup>1</sup> | **40.2** | 30.9 | 22.1 | **128.6** | 80.9 |
| By-product credits | **(4.1)** | (3.1) | (2.1) | **(11.9)** | (5.6) |
| Royalties | **3.4** | 0.8 | 0.5 | **5.3** | 1.5 |
| Inventory adjustments | **(6.2)** | 2.7 | 0.9 | **(7.2)** | 0.1 |
| Add: Freight, treatment and refining charges | **0.1** | 0.1 | 0.1 | **0.3** | 0.2 |
| **Total Cash Costs (net)** | **33.4** | 31.4 | 21.5 | **115.1** | 77.1 |
| Sustaining capital and leases | **6.8** | 2.8 | 2.9 | **16.1** | 9.9 |
| Deferred stripping and capitalized mining | **3.4** | 6.8 | 5.6 | **20.6** | 22.8 |
| Onsite exploration and drilling | **(0.1)** | 0.7 | 0.3 | **1.3** | 2.9 |
| **Total AISC** | **43.5** | 41.7 | 30.3 | **153.1** | 112.7 |
| Gold sales (koz) | **21.1** | 20.4 | 19 | **73.8** | 54 |
| **Cash Costs ($/oz)** | **1584** | 1539 | 1130 | **1561** | 1427 |
| **AISC ($/oz)** | **2068** | 2039 | 1557 | **2077** | 2087 |

---

1Reflects the inclusion of cash settled stock-based compensation over the year of vesting.

Didipio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per oz amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| **Cash costs of sales**<sup>1</sup> | **42.9** | 37.1 | 40.0 | **150.4** | 147.6 |
| By-product credits | **(35.6)** | (45.0) | (27.0) | **(142.7)** | (112.0) |
| Royalties | **2.5** | 2.9 | 0.8 | **9.4** | 5.9 |
| Indirect taxes | **6.6** | 7.3 | 5.2 | **24.3** | 21.3 |
| Inventory adjustments | **(2.9)** | 15.2 | (1.7) | **16.1** | 5.0 |
| Freight, treatment and refining charges | **4.7** | 5.9 | 4.2 | **17.6** | 17.6 |
| **Total Cash Costs (net)** | **18.2** | 23.4 | 21.5 | **75.1** | 85.4 |
| Sustaining capital and leases | **6.9** | 10.8 | 4.8 | **27.4** | 20.4 |
| Deferred stripping and capitalized mining | **4.1** | 1.2 | 2.5 | **8.3** | 8.6 |
| General & administration<sup>2</sup> | **0.2** | 0.5 |  | **0.7** |  |
| Onsite exploration and drilling | **(0.3)** | 0.3 |  | **—** |  |
| **Total AISC** | **29.1** | 36.2 | 28.8 | **111.5** | 114.4 |
| Gold sales (koz) | **20.6** | 29.7 | 20.8 | **88.7** | 100.4 |
| **Cash Costs ($/oz)** | **883** | 787 | 1033 | **846** | 851 |
| **AISC**<sup>1</sup> **($/oz)** | **1422** | 1213 | 1389 | **1255** | 1140 |

---

1. Reflects the inclusion of cash settled stock-based compensation over the year of vesting.

2. Excludes the Additional Government Share of FTAA at Didipio of $2.9 million, $16.6 million and $37.2 million for the fourth quarter, third quarter, and full year 2025, respectively, as it is considered in nature of an income tax.

Net Cash/(Debt)

Net Cash/(Debt) has been calculated as total debt less cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health.

------

The following table provides a reconciliation of Net Cash/(Debt):

---

| | | |
|:---|:---|:---|
| **$M** | **December 31, 2025** | **December 31, 2024** |
| Amounts drawn under the revolving credit facility | **—** |  |
| Amounts drawn under the mining equipment fleet facility<sup>1</sup> | **—** | (2.8) |
| Unamortized transaction costs | **—** | 1.2 |
| **Total debt** | **—** | (1.6) |
| Cash and cash equivalents | **476.5** | 193.5 |
| **Net Cash** | **476.5** | 191.9 |

---

1Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility.

Operating Cash Flow per share

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of total fully diluted Operating Cash Flow per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Cash provided by operating activities | **358.2** | 227.5 | 246.1 | **984.2** | 593.9 |
| Changes in working capital | **(79.6)** | (9.8) | 14.1 | **(59.3)** | 4.4 |
| **Cash flows provided by operating activities before changes in working capital** | **278.6** | 217.7 | 260.2 | **924.9** | 598.3 |
| Weighted average number of common shares - fully diluted | **230.2** | 233.0 | 241.5 | **233.5** | 241.6 |
| **Operating Cash Flow per share** | **$1.21** | $0.93 | $1.08 | **$3.96** | $2.48 |

---

Free Cash Flow

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of Free Cash Flow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$M, except per share amounts** | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| Cash flows provided by Operating Activities | **358.2** | 227.5 | 246.1 | **984.2** | 593.9 |
| Cash flows used in Investing Activities | **(98.8)** | (133.1) | (99.6) | **(441.5)** | (348.7) |
| **Free Cash Flow** | **259.4** | 94.4 | 146.5 | **542.7** | 245.2 |
| Weighted average number of common shares - fully diluted | **230.2** | 233.0 | 241.5 | **233.5** | 241.6 |
| **Free Cash Flow per share** | **$1.13** | $0.41 | $0.61 | **$2.32** | $1.01 |

---

## Exhibit 99.54

**Exhibit 99.54**

---

| |
|:---|
| **NEWS RELEASE** |
| February 18, 2026 |

---

**OceanaGold Reports Mineral Reserves and Resources for the Year Ended 2025** 

**VANCOUVER, BC** – OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") is pleased to provide its Mineral Reserves and Mineral Resources statement for the year ended December 31, 2025.

**Highlights**

• Total Mineral Reserves of 5.83 million ounces of gold ("Moz Au") across its four operating assets.

• Total Measured and Indicated Resources of 8.63 Moz Au<sup>1</sup> and Inferred Resources of 2.5 Moz Au.

• An initial underground Mineral Reserve of 0.44 Moz gold declared for Ledbetter Underground ("LUG"), Haile has removed lower margin open pit ounces while increasing asset Net Present Value ("NPV") by determining that Ledbetter will be best advanced as an underground mine.

• Gold price assumption increased to a prudent $2,200/oz for reserves and $2,450/oz for resources.

• Reserve additions were driven by open pit extensions at Macraes, supported by a higher gold price that extends mine life to 2032, and increases at the Horseshoe Underground at Haile.

• At Wharekirauponga, 0.16 Moz of Inferred Resources was added, while a significant increase in resource conversion and growth drilling is planned for 2026.

• NI 43-101 Technical Reports for Haile and Macraes will be released by March 31, 2026 providing updated life-of mine plans based on Mineral Reserves only. The Didipio NI 43-101 Technical report will be released in the first half of 2026.

Gerard Bond, President and CEO of OceanaGold, said "Our 2025 Reserves and Resources reflect the value added through our successful exploration efforts in 2025, particularly at Horseshoe Underground at Haile and Wharekirauponga Underground at Waihi. The technical work to convert the final open pit phase at Ledbetter to an underground Reserve at Haile resulted in increasing Haile's NPV. We are recognizing the benefits of operating in a higher gold price environment with the addition of 5 years mine life at Macraes, while maintaining a prudent $2,200 per ounce Reserve gold price assumption to ensure we produce profitable gold. We have a tremendous track record of organically growing our Reserve and Resources through exploration and we are increasing our investment in exploration by 50%, with a planned expenditure of $60M in 2026."

1. Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves.

 www.oceanagold.com 1

------

**Updated Mine Plans for Haile and Macraes** 

The updated Mineral Reserves for Haile reflects a change in mining method for the final Ledbetter open pit phase (Phase 4) to an underground mine. This change removes low-margin open pit ounces while improving the NPV of Haile. Beyond the economic benefits, the transition to underground also provides operational benefits, including significantly less waste movement, less rehandle, lower greenhouse gas emissions and lower tailings facility capacity requirements. In the upcoming technical report mine plan, LUG portal construction commences in 2028, with first development ore expected in 2029 and steady-state production expected in 2030. First ore from the Palomino Underground ("PUG") remains on schedule for 2028. Mine life for the site will be extended to 2036.

Haile is expected to produce on average 210,000 ounces of gold per year from 2027 through 2031, providing the mine a more sustainable, de-risked production profile as compared to the previous technical report. Notably, open pit mining continues at Haile across the other open pits until 2033, which remain part of the planned mining sequence in conjunction with the underground operation.

The increased reserves at Macraes reflects the leverage the mine has to a higher gold price, with previously marginal open pits becoming economic in a rising gold price environment*,* resulting in the addition of 5 years of reserve mine life. Applying a $2,200 gold price assumption (compared to $1,750 previously), additional open pit cutbacks were economic at Innes Mills, Coronation, Coronation North and Golden Bar, which, in conjunction with the Golden Point Underground, extends the mine life at Macraes to 2032.

Updated National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") technical reports for Haile and Macraes will be filed on SEDAR+ by the end of March 2026 and will include life-of-mine plans, capital and costs estimates based on Mineral Reserves only. The Didipio NI 43-101 Technical report will be released in the first half of 2026.

**Mineral Reserves**

Mineral Reserves total 5.83 Moz, representing a net decrease of 0.39 Moz from the prior year (see Figure 1). The change was mainly driven by Haile, where reserves declined due to depletion and the change in mining method at LUG from an open pit to an underground mine, which removes lower margin open pit inventory while improving overall asset NPV. This was partially offset by additions at depth in the

------

Horseshoe Underground. Additionally, higher gold price assumptions allowed for multiple new open pit phases at Macraes.

**Figure 1: Changes to Proven and Probable Reserves**

![picture2c.jpg](picture2c.jpg)

Notes:

• "Depletion" refers to 2025 mining depletion.

• "Reserve Model Updates" represent drilling and/or model updates to reserve or initial reserve declarations.

• "Economic Factors" relate to gold price, mining cost and cut-off grade changes.

• "Adjustments" relate to changes not captured in other categories. This includes the LUG mining method change.

------

The Proven and Probable Mineral Reserves estimates as at December 31, 2025 are presented in Table 1 below.

**Table 1: Proven and Probable Reserves as at December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Gold** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Horseshoe Underground | 1.52 | 4.39 | 0.21 | 2.63 | 4.24 | 0.36 | 4.14 | 4.29 | 0.57 |
| &nbsp;&nbsp;Palomino Underground | - | - | - | 3.62 | 2.96 | 0.34 | 3.62 | 2.96 | 0.34 |
| &nbsp;&nbsp;Ledbetter Underground | - | - | - | 4.00 | 3.39 | 0.44 | 4.00 | 3.39 | 0.44 |
| &nbsp;&nbsp;Open Pits | 2.47 | 1.23 | 0.10 | 16.1 | 1.62 | 0.84 | 18.6 | 1.57 | 0.94 |
| **Haile Total** | **3.99** | **2.43** | **0.31** | **26.3** | **2.33** | **1.98** | **30.3** | **2.35** | **2.29** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 13.5 | 1.39 | 0.60 | 14.7 | 0.85 | 0.40 | 28.3 | 1.11 | 1.01 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 0.30 | 0.13 | - | - | - | 13.2 | 0.30 | 0.13 |
| **Didipio Total** | **26.7** | **0.85** | **0.73** | **14.7** | **0.85** | **0.40** | **41.5** | **0.85** | **1.13** |
| **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** |
| &nbsp;&nbsp;Macraes Underground | 0.04 | 2.01 | 0.00 | 2.57 | 1.90 | 0.16 | 2.62 | 1.90 | 0.16 |
| &nbsp;&nbsp;Macraes Open Pit | 11.5 | 0.55 | 0.20 | 19.7 | 0.64 | 0.40 | 31.2 | 0.61 | 0.61 |
| **Macraes Total** | **11.5** | **0.56** | **0.21** | **22.3** | **0.78** | **0.56** | **33.8** | **0.71** | **0.77** |
| **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** |
| &nbsp;&nbsp;Martha Underground | - | - | - | 3.43 | 3.85 | 0.42 | 3.43 | 3.85 | 0.42 |
| &nbsp;&nbsp;Wharekirauponga | - | - | - | 4.10 | 9.20 | 1.21 | 4.10 | 9.20 | 1.21 |
| **Waihi Total** | **-** | **-** | **-** | **7.53** | **6.76** | **1.64** | **7.53** | **6.76** | **1.64** |
| **Total Gold** | **42.3** | **0.92** | **1.25** | **70.9** | **2.01** | **4.58** | **113** | **1.60** | **5.83** |
|  | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Silver** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Horseshoe Underground | 1.52 | 1.5 | 0.1 | 2.63 | 1.8 | 0.2 | 4.14 | 1.7 | 0.2 |
| &nbsp;&nbsp;Palomino Underground | - | - | - | 3.62 | 2.7 | 0.3 | 3.62 | 2.7 | 0.3 |
| &nbsp;&nbsp;Ledbetter Underground | - | - | - | 4.00 | 11 | 1.3 | 4.00 | 11 | 1.3 |
| &nbsp;&nbsp;Open Pits | 2.47 | 2.1 | 0.2 | 16.1 | 2.3 | 1.2 | 18.6 | 2.2 | 1.3 |
| **Haile Total** | **3.99** | **1.9** | **0.2** | **26.3** | **3.5** | **3.0** | **30.3** | **3.3** | **3.2** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 13.5 | 1.7 | 0.7 | 14.7 | 1.3 | 0.6 | 28.3 | 1.5 | 1.4 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 1.9 | 0.8 | - | - | - | 13.2 | 1.9 | 0.8 |
| **Didipio Total** | **26.7** | **1.8** | **1.6** | **14.7** | **1.3** | **0.6** | **41.5** | **1.7** | **2.2** |
| **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** | **Waihi** |
| &nbsp;&nbsp;Martha Underground | - | - | - | 3.43 | 17 | 1.9 | 3.43 | 17 | 1.9 |
| &nbsp;&nbsp;Wharekirauponga | - | - | - | 4.10 | 16 | 2.1 | 4.10 | 16 | 2.1 |
| **Waihi Total** | **-** | **-** | **-** | **7.53** | **17** | **4.0** | **7.53** | **17** | **4.0** |
| **Total Silver** | **30.7** | **1.8** | **1.8** | **48.6** | **4.9** | **7.6** | **79.3** | **3.7** | **9.5** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Copper** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 13.5 | 0.38 | 0.05 | 14.7 | 0.31 | 0.05 | 28.3 | 0.35 | 0.10 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 0.28 | 0.04 | - | - | - | 13.2 | 0.28 | 0.04 |
| **Didipio Total** | **26.7** | **0.33** | **0.09** | **14.7** | **0.31** | **0.05** | **41.5** | **0.32** | **0.13** |
| **Total Copper** | **26.7** | **0.33** | **0.09** | **14.7** | **0.31** | **0.05** | **41.5** | **0.32** | **0.13** |

---

Notes:

• Mineral Reserves are defined by mine designs based upon the following assumptions: metal prices of US$2,200/oz gold, US$4.00/lb copper and US$25/oz silver; NZD/USD exchange rate of 0.60.

• Reported estimates of contained metal are not depleted for processing losses.

• For underground reserves, cut-offs applied to diluted grades.

• Mineral Reserves are reported on a 100% basis. OceanaGold holds an 80% attributable interest in the Didipio Mine.

• Haile:

&nbsp;&nbsp;&nbsp;&nbsp;◦ Open Pit: the primary cut-off grade is 0.5 g/t Au, while oxide material is assigned a cut-off grade of 0.6 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Underground: the cut-off grade is 1.86 g/t Au.

• Didipio:

&nbsp;&nbsp;&nbsp;&nbsp;◦ Gold equivalence (AuEq) is based upon the presented gold and copper prices as well as processing recoveries. AuEq = Au g/t + 1.27 x Cu%.

&nbsp;&nbsp;&nbsp;&nbsp;◦ The 13.2 Mt surface stockpile inventory includes 5.3 Mt of low-grade stocks mined at an approximate cut-off grade of 0.27 g/t AuEq.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Underground: cut-off grade of 1.16 g/t AuEq is used. Incremental stopes proximal to development already planned to access main stoping areas are reported to a lower cut-off grade of 0.76 g/t AuEq

• Macraes:

&nbsp;&nbsp;&nbsp;&nbsp;◦ Open Pit: Primary cut-off grade is 0.25 g/t while Golden Bar is 0.30 g/t

&nbsp;&nbsp;&nbsp;&nbsp;◦ Underground: Golden Point cut-off grade is 1.08 g/t Au. Stopes for which access already exists are reported to a lower cut-off grade of 0.94 g/t.

• Waihi:

&nbsp;&nbsp;&nbsp;&nbsp;◦ Martha Underground cut-off grade for previously unmined stoping areas is 2.60 g/t Au, increasing to 3.2 g/t Au for stoping areas in close proximity to remnant workings.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Wharekirauponga Underground cut-off grade for stopes is 2.40 g/t Au.

**Mineral Resources** 

Measured and Indicated Resources (inclusive of reserves) total 8.63 Moz, a net decrease of 0.31 Moz from the prior year (Figure 2). The change was mainly driven by mining depletion at all operations, and at Haile, resources decreased due to the change in mining method of Ledbetter to an underground mine. This was partially offset by growth at Macraes, where resources increased as higher gold price assumptions allowed for multiple open pit expansions, with increases from model updates at Innes Mills and Coronation particularly contributing to growth. Additional increases came from the Horseshoe Underground at Haile and from Waihi, with increases at Wharekirauponga.

------

**Figure 2: Changes to Measured and Indicated Resources**

![picture3.jpg](picture3.jpg)

Notes:

• "Depletion" refers to 2025 mining depletion.

• "Resource Model Updates" represent drilling and/or model updates to reserve or initial reserve declarations

• "Economic Factors" relate to gold price, mining cost and cut-off grade changes.

• "Adjustments" relate to changes not captured in other categories.

Inferred Resources total 2.5 Moz, a net increase of 0.3 Moz from the prior year (Figure 3). The increase was largely driven by additions at Wharekirauponga Underground at Waihi, gold price-related open pit expansions at Macraes and additions at depth at Didipio, offsetting the decreases from Inferred Resources conversion.

**Figure 3: Changes to Inferred Resources**![picture4a.jpg](picture4a.jpg)

Notes: See notes for figure 1.

The Measured, Indicated and Inferred Mineral Resource estimates (inclusive of Mineral Reserves) as of December 31, 2025 are presented in Table 2 below.

------

**Table 2: Measured, Indicated and Inferred Resources as of December 31, 2025**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Gold** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** |
| **Haile** | | | | | | | | | | | | | |
| &nbsp;&nbsp;Horseshoe Underground | 1.98 | 5.11 | 0.33 | 2.76 | 5.11 | 0.45 | 4.74 | 5.11 | 0.78 | 0.5 | 0.5 | 2.7 | 0.0 |
| &nbsp;&nbsp;Palomino Underground | . | . | . | 4.19 | 3.38 | 0.45 | 4.19 | 3.38 | 0.45 | 0.8 | 0.8 | 2.5 | 0.1 |
| &nbsp;&nbsp;Ledbetter Underground | . | . | . | 4.07 | 4.12 | 0.54 | 4.07 | 4.12 | 0.54 | 1.2 | 1.2 | 2.9 | 0.1 |
| &nbsp;&nbsp;Open Pits | 2.58 | 1.21 | 0.10 | 16.1 | 1.64 | 0.85 | 18.7 | 1.58 | 0.95 | 0.6 | 0.6 | 0.9 | 0.0 |
| **Haile Total** | **4.56** | **2.91** | **0.43** | **27.1** | **2.63** | **2.30** | **31.7** | **2.67** | **2.72** | **3.1** | **3.1** | **2.4** | **0.2** |
| **Didipio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Didipio Underground | 14.3 | 1.53 | 0.71 | 17.7 | 0.89 | 0.51 | 32.0 | 1.18 | 1.21 | 9.2 | 9.2 | 0.9 | 0.3 |
| &nbsp;&nbsp;Open Pit Stockpiles | 13.2 | 0.29 | 0.12 | . | . | . | 13.2 | 0.29 | 0.12 |  |  |  |  |
| **Didipio Total** | **27.5** | **0.94** | **0.83** | **17.7** | **0.89** | **0.51** | **45.2** | **0.92** | **1.34** | **9.2** | **9.2** | **0.9** | **0.3** |
| **Macraes** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Macraes Underground | 0.08 | 3.02 | 0.01 | 6.37 | 2.28 | 0.47 | 6.45 | 2.29 | 0.47 | 2.4 | 2.4 | 1.8 | 0.1 |
| &nbsp;&nbsp;Open Pits | 12.6 | 0.62 | 0.25 | 35.7 | 0.67 | 0.76 | 48.3 | 0.65 | 1.01 | 25 | 25 | 0.7 | 0.5 |
| **Macraes Total** | **12.7** | **0.63** | **0.26** | **42.1** | **0.91** | **1.23** | **54.8** | **0.85** | **1.49** | **27** | **27** | **0.8** | **0.7** |
| **Waihi** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Martha Underground |  |  |  | 6.33 | 5.24 | 1.07 | 6.33 | 5.24 | 1.07 | 2.2 | 2.2 | 4.6 | 0.3 |
| &nbsp;&nbsp;Wharekirauponga |  |  |  | 2.63 | 17.3 | 1.46 | 2.63 | 17.3 | 1.46 | 2.9 | 2.9 | 8.5 | 0.8 |
| &nbsp;&nbsp;Open Pits |  |  |  | 9.72 | 1.78 | 0.56 | 9.72 | 1.78 | 0.56 | 3.2 | 3.2 | 1.8 | 0.2 |
| **Waihi Total** |  |  |  | **18.7** | **5.13** | **3.08** | **18.7** | **5.13** | **3.08** | **8.3** | **8.3** | **4.9** | **1.3** |
| **Total Gold** | **44.8** | **1.05** | **1.51** | **106** | **2.10** | **7.11** | **150** | **1.78** | **8.63** | **48** | **48** | **1.6** | **2.5** |
| **Silver** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Silver** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** |
| **Haile** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Horseshoe Underground | 1.98 | 1.9 | 0.1 | 2.76 | 2.1 | 0.2 | 4.74 | 2.0 | 0.3 | 0.5 | 0.5 | 1.0 | 0.0 |
| &nbsp;&nbsp;Palomino Underground | . | . | . | 4.19 | 2.8 | 0.4 | 4.19 | 2.8 | 0.4 | 0.8 | 0.8 | 2.1 | 0.1 |
| &nbsp;&nbsp;Ledbetter Underground | . | . | . | 4.07 | 12 | 1.6 | 4.07 | 12 | 1.6 | 1.2 | 1.2 | 7.5 | 0.3 |
| &nbsp;&nbsp;Open Pits | 2.58 | 2.5 | 0.2 | 16 .1 | 2.5 | 1.3 | 18.7 | 2.5 | 1.5 | 0.6 | 0.6 | 2.4 | 0.0 |
| **Haile Total** | **4.56** | **2.2** | **0.3** | **27.1** | **4.0** | **3.5** | **31.7** | **3.7** | **3.8** | **3.1** | **3.1** | **4.0** | **0.4** |
| **Didipio** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Didipio Underground | 14 .3 | 1.8 | 0.8 | 17.7 | 1.4 | 0.8 | 32.0 | 1.6 | 1.6 | 9.2 | 9.2 | 1.2 | 0.4 |
| &nbsp;&nbsp;Open Pit Stockpiles | 13 .2 | 1.9 | 0.8 | . | . | . | 13.2 | 1.9 | 0.8 |  |  |  |  |
| **Didipio Total** | **27.5** | **1.8** | **1.6** | **17.7** | **1.4** | **0.8** | **45.2** | **1.7** | **2.4** | **9.2** | **9.2** | **1.2** | **0.4** |
| **Waihi** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Martha Underground |  |  |  | 6.33 | 20 | 4.1 | 6.3 | 20 | 4.1 | 2.2 | 2.2 | 24 | 1.7 |
| &nbsp;&nbsp;Wharekirauponga |  |  |  | 2.63 | 27 | 2.3 | 2.6 | 27 | 2.3 | 2.9 | 2.9 | 13 | 1.2 |
| &nbsp;&nbsp;Open Pits |  |  |  | 9.72 | 10 | 3.2 | 9.7 | 10 | 3.2 | 3.2 | 3.2 | 10 | 1.0 |
| **Waihi Total** |  |  |  | **18.7** | **16** | **9.6** | **18.7** | **16** | **9.6** | **8.3** | **8.3** | **15** | **3.9** |
| **Total Silver** | **32 .1** | **1.9** | **1.9** | **63.5** | **6.8** | **14.0** | **95.6** | **5.1** | **16.0** | **21.0** | **21.0** | **7.1** | **4.7** |

---

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---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Copper** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Copper** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** |
| **Didipio** | | | | | | | | | | | | | |
| &nbsp;&nbsp;Didipio Underground | 14.3 | 0.43 | 0.06 | 17.7 | 0.33 | 0.06 | 32.0 | 0.37 | 0.12 | 9.2 | 9.2 | 0.3 | 0.02 |
| &nbsp;&nbsp;Open Pit Stockpiles | 13.2 | 0.28 | 0.04 | . | . | . | 13.2 | 0.28 | 0.04 |  |  |  |  |
| **Didipio Total** | **27.5** | **0.36** | **0.10** | **17.7** | **0.33** | **0.06** | **45.2** | **0.35** | **0.16** | **9.2** | **9.2** | **0.3** | **0.02** |
| **Total Copper** | **27.5** | **0.36** | **0.10** | **17.7** | **0.33** | **0.06** | **45.2** | **0.35** | **0.16** | **9.2** | **9.2** | **0.3** | **0.02** |

---

Notes:

• Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

• All resources are based on the following assumptions: metal prices of US$2,450/oz gold, US$4.50/lb copper and US$28.50/oz silver; NZD/USD exchange rate of 0.60.

• Macraes Open Pit resources are constrained by optimised shells based upon economic assumptions above. Waihi Open Pit resources reported within a pit design limited by infrastructural considerations. Haile Open Pit resources reported within the reserve design pit.

• Underground resources are reported within volumes guided by conceptual stope designs which are based upon economic assumptions above and exclude dilution.

• Mineral Resources are reported on a 100% basis. OceanaGold holds an 80% attributable interest in the Didipio Mine.

• Haile

&nbsp;&nbsp;&nbsp;&nbsp;◦ Open Pit primary cut-off grade is 0.50 g/t Au, while oxide cut-off grade is 0.60 g/t Au. Horseshoe, Ledbetter and Palomino underground resources at 1.70 g/t Au cut-off.

• Didipio

&nbsp;&nbsp;&nbsp;&nbsp;◦ 13.2 Mt surface stockpile inventory based on mining cut-off grades at the time ranging from 0.27 g/t to 0.40 AuEq.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Underground resources reported at a cut-off grade of 0.67 g/t AuEq between the 2,460mRL and 1,800mRL with AuEq cut-off grade based on presented gold and copper prices. AuEq = Au g/t + 1.27 x Cu %.

• Macraes

&nbsp;&nbsp;&nbsp;&nbsp;◦ Open Pits cut-off grades between 0.25 g/t Au and 0.40 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Golden Point underground cut-off grade is 0.97 g/t Au.

• Waihi

&nbsp;&nbsp;&nbsp;&nbsp;◦ Martha underground cut-off grade is 2.15 g/t Au, Wharekirauponga cut-off grade is 1.70 g/t Au.

&nbsp;&nbsp;&nbsp;&nbsp;◦ Martha Open Pit cut-off grade is 0.5 g/t Au and Gladstone Open Pit cut-off grade is 0.56 g/t Au.

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**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 wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

**For further information please contact:** 

**Investor Relations:** 

Rebecca Henare, VP, Investor Relations

Tel: +1 604-678-4095

ir@oceanagold.com

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

ir@oceanagold.com

**Media Relations:** 

Louise Burgess, VP, Communications

Tel: +1 604-403-2019

media@oceanagold.com

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**Notes to Mineral Reserves and Mineral Resources Estimates**

All Mineral Reserves and Mineral Resources were estimated as of December 31, 2025 and have been prepared in accordance with NI 43-101.

Mineral Reserves and Mineral Resources estimates are reported on a 100% basis. OceanaGold holds an 80% attributable interest in the Didipio Mine. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content. All $ references are in U.S. dollars.

Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration; however, there is no guarantee that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category.

The Mineral Resource estimates for Haile open pit and Horseshoe underground have been verified and approved by, or is based on information prepared by, or under the supervision of, J. Moore, the Company's Head of Resource Development. The Mineral Resource estimates for the Haile Palomino and Ledbetter undergrounds have been verified and approved by, or is based on information prepared by, or under the supervision of, D. Corley, the Company's Principal Resource Geologist. The Mineral Reserves estimate for Haile open pits has been verified and approved by, or is based on information prepared by, or under the supervision of, G. Hollett, the Company's Head of Mine Engineering and the Mineral Reserves estimate for Haile underground has been verified and approved by or is based upon information prepared by, or under the supervision of, B. Drury, Superintendent – Engineering Services (underground), Haile.

The Mineral Resources estimate for Didipio has been verified and approved by, or is based on information prepared by, or under the supervision of, J. Moore, while the Mineral Reserves estimate for Didipio underground has been verified and approved by or is based upon information prepared by, or under the supervision of, P. Jones, the Company's Head of Underground Mining.

The Mineral Resources estimate for Macraes open pit and underground operations has been verified and approved by, or is based on information prepared by, or under the supervision of, M. Grant, the Company's Senior Geologist – Resource Development, Macraes. The Mineral Reserves estimate for Macraes open pits has been verified and approved by, or is based on information prepared by, or under the supervision of, K. Madambi, the Company's Manager – Technical Services & Projects, Macraes. The Mineral Reserves estimate for Macraes underground has been verified and approved by, or is based upon information prepared by, or under the supervision of, E. Leslie, the Company's Group Mining Engineer.

The Mineral Resources estimate for Waihi's Wharekirauponga underground, Martha underground, Gladstone open pit and Martha Open Pit has been verified and approved by, or is based on information prepared by, or under the supervision of, L. Crawford-Flett, the Company's Manager – Exploration and Geology, Waihi. The Mineral Reserves estimate for Martha underground has been verified and approved by, or is based on information prepared by, or under the supervision of, D. Townsend, the Company's Manager – Mining (Underground), Waihi. The Mineral Reserves estimate for the Wharekirauponga underground has been verified and approved by, or is based upon information prepared by, or under the supervision of, E. Leslie, the Company's Group Mining Engineer.

All such persons noted above are "qualified persons" for the purposes of NI 43-101. Messrs. Crawford-Flett, Madambi, Jones, Leslie, Moore and Townsend are Members and Chartered Professionals with the Australasian Institute of Mining and Metallurgy. Messrs. M. Grant and D. Corley are members of the Australian Institute of Geoscientists. Mr. Hollett is a Professional Engineer registered with Engineers and Geoscientists of British Columbia. Ms. Drury is a Registered Member with the Society of Mining, Metallurgy & Exploration.

For further scientific and technical information supporting the disclosure in this news release (including disclosure regarding Mineral Resources and Mineral Reserves, data verification, key assumptions, parameters, methods used to

------

estimate the Mineral Resources and Mineral Reserves, and risks and other factors), please refer to the following NI 43-101 technical reports available on the SEDAR+ website at www.sedarplus.com under the Company's name:

a)"NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand" dated March 28, 2024 with an effective date of December 31, 2023, prepared by M. Grant, J. Moore, K. Madambi, E. Leslie and D. Carr (OceanaGold);

b)"NI 43-101 Technical Report Didipio Gold / Copper Operations Luzon Island, Philippines" dated March 31, 2022 with an effective date of December 31, 2021, prepared by D. Carr, P. Jones, and J. Moore (OceanaGold);

c)"NI 43-101 Technical Report – Waihi District Pre-feasibility Study, New Zealand" dated December 11, 2024 with an effective date of June 30, 2024, prepared by D. Townsend, L. Crawford-Flett, K. Hollis, E. Leslie, and T. Maton (OceanaGold); and

d)"NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina" dated March 28, 2024 with an effective date of December 31, 2023, prepared by D. Carr, D. Londono, J. Moore and B. Drury (OceanaGold), L. Standridge and R. Cook (Call & Nicholas, Inc.), J. Newton Janney-Moore and W. Lucas Kingston (NewFields Mining & Technical Services LLC) and M. Sullivan and B. Miller Clarkson (SRK Consulting (U.S.), Inc.).

**Cautionary Statement Regarding Mineral Resources and Mineral Reserves**

The scientific and technical disclosure in this news release has been prepared in accordance with NI 43-101, which differs from the scientific and technical disclosure requirements of the United States Securities and Exchange Commission ("SEC") applicable to United States domestic companies. Accordingly, Mineral Resource and Mineral Reserve information and other scientific and technical information contained or referenced in this news release may not be comparable to similar information disclosed by United States companies subject to the scientific and technical disclosure requirements of the SEC. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.

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**Cautionary Statement Regarding Forward-Looking Information**

This news release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to: the future price of gold; the future financial and operating performance of the Company and its mining projects; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserves and Mineral Resources estimates; estimates of exploration expenditures, costs and timing of future exploration programs; timing of filing of updated technical information, including each of the Haile, Macraes and Didipio technical reports; estimated mine life of the Company's operations, including an extension to the mine life at Macraes to 2032; the expected increase in NPV at Haile; the timing for portal construction, first development ore and steady-state production at LUG; the timing for first ore from PUG; the production profile at Haile from 2027 through 2031; the timing for continued open pit mining at Haile; and information relating to future performance. Forward-looking statements relate to future performance and reflect the Company's expectations regarding the execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.Such risks include, among others, the accuracy of Mineral Reserves and Mineral Resources estimates and related assumptions, inherent operating risks and those risk factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available on SEDAR+ at www.sedarplus.com under the Company's name. There are no assurances the Company can fulfil forward-looking statements. This list is not exhaustive of the factors that may affect the Company's forward-looking statements.

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including development and exploration activities, the timing, extent, duration and economic viability of such operations, including any Mineral Resources or Mineral Reserves identified thereby, the accuracy and reliability of estimates, projections, forecasts, studies and assessments, the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

## Exhibit 99.55

**Exhibit 99.55**

&nbsp;&nbsp;**NEWS RELEASE**<br>March 27, 2026<br>

**OceanaGold Files Annual Information Form and Updated Technical Reports for Haile, Macraes and Didipio**

**VANCOUVER, BC** – OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") announces that it has filed its Annual Information Form, along with updated technical reports prepared in accordance with National Instrument 43 – 101 – Standards of Disclosure for Mineral Projects ("NI 43 – 101") for three of its operations – Haile, Macraes and Didipio, each with an effective date of December 31, 2025.

The projected gold production and cost profile outlined in the Technical Reports positions the Company to continue to generate substantial Free Cash Flow at current gold prices. The mine plans set forth in the Technical Reports are based on the Company's 2025 Mineral Reserves only (estimate using a price of $2,200 per ounce gold) and do not include Inferred Mineral Resources or exploration upside. Mineral Reserves and Resources estimates utilized in the Technical Reports were released in the Company's February 18<sup>th</sup> news release titled "*OceanaGold Reports Mineral Reserves and Resources for the Year Ended 2025*". The Company's 2026 Guidance, outlined in the Fourth Quarter and Full Year 2025 Management's Discussion and Analysis released February 18, 2026, remains unchanged.

The Technical Reports and Annual Information Form are available under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u> and on our website at <u>www.oceanagold.com</u>.

About OceanaGold

OceanaGold is a global 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 wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

www.oceanagold.com 1

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For further information please contact:

**Investor Relations:** 

Rebecca Henare, VP, Investor Relations

Tel: +1 604-678-4095

<u>ir@oceanagold.com</u> 

Valerie Burns, Manager, Investor Relations

Tel: +1 604-235-0742

<u>ir@oceanagold.com</u> 

**Media Relations:** 

Louise Burgess, VP, Communications

Tel: +1 604-403-2019

<u>media@oceanagold.com</u> 

Qualified Persons

In this news release, each of: Greg Hollett, Group Head of Mining Engineering, a qualified person under NI 43 – 101, has reviewed and approved the disclosure of all scientific and technical information related to Haile; Knowell Madambi, Manager – Technical Services and Projects, a qualified person under NI 43 – 101, has reviewed and approved the disclosure of all scientific and technical information related to Macraes; and Phillip Jones, Group Head of Underground Mining, a qualified person under NI 43 – 101, has reviewed and approved the disclosure of all scientific and technical information related to Didipio.

Technical Reports

For further information, please refer to the following NI 43 – 101 Technical Reports available on the SEDAR+ website at <u>www.sedarplus.ca</u> under the Company's profile or on our website at <u>www</u><u>.oceanagold</u><u>.com</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NI 43-101 Technical Report – Haile Gold Mine Lancaster County, South Carolina", dated March 27, 2026 with an effective date of December 31, 2025, prepared by D. Carr, Group Head of Metallurgy, G. Hollett, Group Head of Mining Engineering, B. Drury, Underground Engineering Superintendent, J. Moore, Group Head of Resource Development, D. Corley, Principal Resource Development Geologist, L. Standridge (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) and B. Miller (SRK Principal Consultant, Geology). Each of Messrs. Carr, Hollett, Moore and Corley and Ms. Drury is an employee of OceanaGold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NI 43-101 Technical Report – Macraes Operation, Otago, New Zealand", dated March 27, 2026 with an effective date of December 31, 2025, prepared by M. Grant, Senior Geologist, Resource Development, K. Madambi, Manager – Technical Services and Projects, E. Leslie, Group Mining Engineer, and D. Carr, Group Head of Metallurgy, each of whom is an employee of OceanaGold; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NI 43-101 Technical Report – Didipio Mine, Luzon Island, Philippines", dated March 27, 2026 with an effective date of December 31, 2025, prepared by D. Carr, Group Head of Metallurgy, P. Jones, Group Head of Underground Mining, and J. Moore, Group Head of Resource Development, each of whom is an employee of OceanaGold.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to: the future price of gold; the future financial and operating performance of Haile, Macraes and Didipio; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserves and Mineral Resources estimates; estimates of exploration expenditures and timing of future exploration programs; estimated mine life of Haile, Macraes and Didipio; and certain additional information relating to future performance. Forward-looking statements relate to future performance and reflect the Company's expectations regarding the execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others, the accuracy of Mineral Reserves and Mineral Resources estimates and related assumptions, inherent operating risks and those risk factors identified and described in more detail in the section entitled "Risk Factors" contained in the Company's most recent Annual Information Form and the Company's other filings with Canadian securities regulators, which are available on SEDAR+ at www.sedarplus.ca under the Company's name. There are no assurances the Company can fulfil forward-looking statements. This list is not exhaustive of the factors that may affect the Company's forward-looking statements.

The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including development and exploration activities; the timing, extent, duration and economic viability of such operations, including any Mineral Resources or Mineral Reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold and copper; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when

------

required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

Cautionary Note for United States Readers

Unless otherwise indicated, the scientific and technical disclosure in this news release was prepared in accordance with NI 43-101, which differs from the scientific and technical disclosure requirements of the U.S. Securities and Exchange Commission (the "**SEC**") that are applicable to domestic United States reporting companies. Any Mineral Reserves and Mineral Resources reported by the Company in accordance with NI 43-101 may not qualify as such under SEC standards, including Subpart 1300 of Regulation S-K under the United States Exchange Act of 1934, as amended.

Accordingly, Mineral Resource and Mineral Reserve information and other scientific and technical information contained or referenced in this Annual Information Form may not be comparable to similar scientific and technical information disclosed by United States public companies subject to the reporting and technical disclosure requirements of the SEC.

Cautionary Statement Regarding Non-IFRS Measures

This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under IFRS, including Free Cash Flow. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with OceanaGold's consolidated financial statements. Readers should refer to OceanaGold's Q4 2025 Management's Discussion & Analysis dated February 18, 2026 available on SEDAR+ at www.sedarplus.ca under OceanaGold's name and OceanaGold's website at www.oceanagold.com under the heading "Non-IFRS Financial Measures" for a more detailed discussion of how OceanaGold calculates certain of such measures and a reconciliation of certain measures to IFRS terms.

## Exhibit 99.56

**Exhibit 99.56**

***Note: [01 Mar 2017]*** *– The following is a consolidation of 13-501F1. It incorporates amendments to this document that came into effect on March 1, 2017. This consolidation is provided for your convenience and should not be relied on as authoritative.*

**FORM 13-501F1**

***CLASS 1 REPORTING ISSUERS AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

---

| | |
|:---|:---|
| I, <u>VAN NIEKERK, Marius</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. | I, <u>VAN NIEKERK, Marius</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. |
| /s/ <u>VAN NIEKERK, Marius</u> | <u>19 Feb 2025</u> |
| Name: VAN NIEKERK, Marius | Date: |
| Title: Chief Financial Officer |  |

---

**Reporting Issuer Name:&nbsp;&nbsp;&nbsp;&nbsp;**OceanaGold Corporation/OceanaGold Corporation

&nbsp;&nbsp;&nbsp;&nbsp;(000025328) **End date of previous financial year:&nbsp;&nbsp;&nbsp;&nbsp;** 31 Dec 2024

---

| | | |
|:---|:---|:---|
| **Type of Reporting Issuer:** | **[**⌧**] Class 1 reporting issuer** | **[☐] Class 3B reporting issuer** |

---

**Highest Trading Marketplace:&nbsp;&nbsp;&nbsp;&nbsp;**Toronto Stock Exchange (TSX)

**<u>Market</u> <u>value</u> <u>of</u> <u>listed</u> <u>or</u> <u>quoted</u> <u>equity</u> <u>securities</u>:**

**Equity Symbol&nbsp;&nbsp;&nbsp;&nbsp;**OGC

**1st Specified Trading Period** (dd/mm/yy)&nbsp;&nbsp;&nbsp;&nbsp;01/01/24 to 31/03/24

------

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $3.06<br>(i) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 711193111<br>(ii)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (i) x (ii) | $2176250919.66<br>(A) |

---

---

| | |
|:---|:---|
| **2nd Specified Trading Period** (dd/mm/yy) | 01/04/24 to 30/06/24 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $3.14<br>(iii) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 711239778<br>(iv)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (iii) x (iv) | $2233292902.92 (B) |

---

---

| | |
|:---|:---|
| **3rd Specified Trading Period** (dd/mm/yy) | 01/07/24 to 30/09/24 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $3.83<br>(v) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 708074378<br>(vi)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (v) x (vi) | $2711924867.74 <br>(C) |

---

------

---

| | |
|:---|:---|
| **4th Specified Trading Period** (dd/mm/yy) | 01/10/24 to 31/12/24 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $3.98<br>(vii) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 702471037<br>(viii)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (vii) x (viii) | $2795834727.26<br>(D) |

---

---

| | |
|:---|:---|
| **5th Specified Trading Period** (dd/mm/yy) | N/A |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $ N/A (ix) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period N/A (x)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (ix) x (x) | $ N/A<br>(E) |

---

---

| | |
|:---|:---|
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | $2479325854.40<br>(1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** | |
| (Provide details of how value was determined) | $0.00<br>(2) |
| **Capitalization for the previous financial year (1) + (2)** | $2479325854.40 |

---

------

---

| | |
|:---|:---|
| **Participation Fee** | $28000.00 |
| **Late Fee,** if applicable | $ N/A |
| **Total Fee Payable** | $28000.00 |
| (Participation Fee plus Late Fee) |  |

---

## Exhibit 99.57

**Exhibit 99.57**

**FORM 13-502F1**

***CLASS 1 AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

---

| | |
|:---|:---|
| I, <u>VAN NIEKERK, Marius</u> , an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. | I, <u>VAN NIEKERK, Marius</u> , an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. |
| /s/<u>VAN NIEKERK, Marius</u> | <u>19 Feb 2025</u> |
| Name: VAN NIEKERK, Marius | Date: |
| Title: Chief Financial Officer |  |

---

**Reporting Issuer Name:&nbsp;&nbsp;&nbsp;&nbsp;**OceanaGold Corporation / OceanaGold Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0000252328) **End date of previous financial year:&nbsp;&nbsp;&nbsp;&nbsp;**31 Dec 2024

**Type of Reporting Issuer:&nbsp;&nbsp;&nbsp;&nbsp;[**⌧**] Class 1 reporting issuer [☐] Class 3B reporting issuer**

**Highest Trading Marketplace:&nbsp;&nbsp;&nbsp;&nbsp;**Toronto Stock Exchange (TSX)

(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees)

**<u>Market</u> <u>value</u> <u>of</u> <u>listed</u> <u>or</u> <u>quoted</u> <u>equity</u> <u>securities</u>:**

(in Canadian Dollars - refer to section 36 of OSC Rule 13-502 Fees)

**Equity Symbol&nbsp;&nbsp;&nbsp;&nbsp;**OGC

**1st Quarterly Period** (dd/mm/yy)&nbsp;&nbsp;&nbsp;&nbsp;01/01/24 to 31/03/24

(refer to the definition of "quarterly period" under OSC Rule

13-502 Fees)

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace | $3.06<br>(i) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period 711193111<br>(ii)

------

---

| | | |
|:---|:---|:---|
| Market value of class or series | (i) x (ii) | $2176250919.66<br>(A) |

---

---

| | |
|:---|:---|
| **2nd Quarterly Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule <br>13-502 Fees) | 01/04/24 to 30/06/24 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace | $3.14<br>(iii) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period 711239778<br>(iv)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (iii) x (iv) | $2233292902.92<br>(B) |

---

---

| | |
|:---|:---|
| **3rd Quarterly Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule <br>13-502 Fees) | 01/07/24 to 30/09/24 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace | $3.83<br>(v) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period 708074378<br>(vi)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (v) x (vi) | $2711924867.74<br>(C) |

---

---

| | |
|:---|:---|
| **4th Quarterly Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule <br>13-502 Fees) | 01/10/24 to 31/12/24 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace | $3.98<br>(vii) |

---

------

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period 702471037<br>(viii)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (vii) x (viii) | $2795834727.26<br>(D) |

---

---

| | |
|:---|:---|
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | $2479325854.40<br>(1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 Fees, if applicable) that was listed or quoted on a marketplace at the end of the trading day of each quarterly period in the previous financial year of the reporting issuer.)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** | |
| (See paragraph 9(1)(c), and if applicable, paragraph 9(1)(d) and (e) of OSC Rule 13-502 Fees) |  |
| (Provide details of how value was determined) | $0.00<br>(2) |
| **Capitalization for the previous financial year (1) + (2)** | $2479325854.40 |
| **Participation Fee** |  |
| (For Class 1 reporting issuers, from Appendix A of OSC Rule 13-502 Fees, select the participation fee) | $59350.00 |
| (For Class 3B reporting issuers, form Appendix B of OSC Rule 13-502 Fees, select the participation fee) |  |
| **Late Fee,** if applicable | $0.00 |
| (As determined under section 8 of OSC Rule 13-502 Fees) |  |
| **Total Fee Payable** | $59350.00 |
| (Participation Fee plus Late Fee) |  |

---

## Exhibit 99.58

**Exhibit 99.58**

***Note: [01 Mar 2017]*** *– The following is a consolidation of 13-501F1. It incorporates amendments to this document that came into effect on March 1, 2017. This consolidation is provided for your convenience and should not be relied on as authoritative.*

**FORM 13-501F1**

***CLASS 1 REPORTING ISSUERS AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

---

| | |
|:---|:---|
| I, <u>VAN NIEKERK, Marius</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. | I, <u>VAN NIEKERK, Marius</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. |
| /s/ <u>VAN NIEKERK, Marius</u> | <u>18 Feb 2026</u> |
| Name: VAN NIEKERK, Marius | Date: |
| Title: CHIEF FINANCIAL OFFICER |  |

---

**Reporting Issuer Name:&nbsp;&nbsp;&nbsp;&nbsp;**OceanaGold Corporation/OceanaGold Corporation

&nbsp;&nbsp;&nbsp;&nbsp;(000025328) **End date of previous financial year:&nbsp;&nbsp;&nbsp;&nbsp;** 31 Dec 2025

---

| | | |
|:---|:---|:---|
| **Type of Reporting Issuer:** | **[**⌧**] Class 1 reporting issuer** | **[☐] Class 3B reporting issuer** |

---

**Highest Trading Marketplace:&nbsp;&nbsp;&nbsp;&nbsp;**Toronto Stock Exchange (TSX)

**<u>Market</u> <u>value</u> <u>of</u> <u>listed</u> <u>or</u> <u>quoted</u> <u>equity</u> <u>securities</u>:**

**Equity Symbol&nbsp;&nbsp;&nbsp;&nbsp;**OGC

**1st Specified Trading Period** (dd/mm/yy)&nbsp;&nbsp;&nbsp;&nbsp;01/01/25 to 31/03/25

------

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $4.8<br>(i) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 698211218<br>(ii)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (i) x (ii) | $3351413846.40<br>(A) |

---

---

| | |
|:---|:---|
| **2nd Specified Trading Period** (dd/mm/yy) | 01/04/25 to 30/06/25 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $19.22<br>(iii) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 231121139<br>(iv)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (iii) x (iv) | $4442148291.58 (B) |

---

---

| | |
|:---|:---|
| **3rd Specified Trading Period** (dd/mm/yy) | 01/07/25 to 30/09/25 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $29.71<br>(v) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 229002474<br>(vi)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (v) x (vi) | $6803663502.54 <br>(C) |

---

------

---

| | |
|:---|:---|
| **4th Specified Trading Period** (dd/mm/yy) | 01/10/25 to 31/12/25 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $38.9<br>(vii) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 225121801<br>(viii)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (vii) x (viii) | $8757238058.90<br>(D) |

---

---

| | |
|:---|:---|
| **5th Specified Trading Period** (dd/mm/yy) | N/A |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $ N/A (ix) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period N/A (x)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (ix) x (x) | $ N/A<br>(E) |

---

---

| | |
|:---|:---|
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | $5838615924.86<br>(1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** | |
| (Provide details of how value was determined) | $0.00<br>(2) |
| **Capitalization for the previous financial year (1) + (2)** | $5838615924.86 |

---

------

---

| | |
|:---|:---|
| **Participation Fee** | $36500.00 |
| **Late Fee,** if applicable | $ N/A |
| **Total Fee Payable** | $36500.00 |
| (Participation Fee plus Late Fee) |  |

---

## Exhibit 99.59

**Exhibit 99.59**

**FORM 13-502F1**

***CLASS 1 AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

---

| | |
|:---|:---|
| I, <u>VAN NIEKERK, Marius</u> , an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. | I, <u>VAN NIEKERK, Marius</u> , an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. |
| /s/<u>VAN NIEKERK, Marius</u> | <u>18 Feb 2026</u> |
| Name: VAN NIEKERK, Marius | Date: |
| Title: CHIEF FINANCIAL OFFICER |  |

---

**Reporting Issuer Name:&nbsp;&nbsp;&nbsp;&nbsp;**OceanaGold Corporation / OceanaGold Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0000252328) **End date of previous financial year:&nbsp;&nbsp;&nbsp;&nbsp;**31 Dec 2025

**Type of Reporting Issuer:&nbsp;&nbsp;&nbsp;&nbsp;[**⌧**] Class 1 reporting issuer [☐] Class 3B reporting issuer**

**Highest Trading Marketplace:&nbsp;&nbsp;&nbsp;&nbsp;**Toronto Stock Exchange (TSX)

(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees)

**<u>Market</u> <u>value</u> <u>of</u> <u>listed</u> <u>or</u> <u>quoted</u> <u>equity</u> <u>securities</u>:**

(in Canadian Dollars - refer to section 36 of OSC Rule 13-502 Fees)

**Equity Symbol&nbsp;&nbsp;&nbsp;&nbsp;**OGC

**1st Quarterly Period** (dd/mm/yy)&nbsp;&nbsp;&nbsp;&nbsp;01/01/25 to 31/03/25

(refer to the definition of "quarterly period" under OSC Rule

13-502 Fees)

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace | $4.8<br>(i) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period 698211218<br>(ii)

------

---

| | | |
|:---|:---|:---|
| Market value of class or series | (i) x (ii) | $3351413846.40<br>(A) |

---

---

| | |
|:---|:---|
| **2nd Quarterly Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule <br>13-502 Fees) | 01/04/25 to 30/06/25 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace | $19.22<br>(iii) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period 231121139<br>(iv)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (iii) x (iv) | $4442148291.58 (B) |

---

---

| | |
|:---|:---|
| **3rd Quarterly Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule <br>13-502 Fees) | 01/07/25 to 30/09/25 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace | $29.71<br>(v) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period 229002474<br>(vi)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (v) x (vi) | $6803663502.54 <br>(C) |

---

---

| | |
|:---|:---|
| **4th Quarterly Period** (dd/mm/yy)<br>(refer to the definition of "quarterly period" under OSC Rule <br>13-502 Fees) | 01/10/25 to 31/12/25 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly period in which such security was listed or quoted on the highest trading marketplace | $38.9<br>(vii) |

---

------

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly period 225121801<br>(viii)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (vii) x (viii) | $8757238058.90<br>(D) |

---

---

| | |
|:---|:---|
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | $5838615924.86<br>(1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 Fees, if applicable) that was listed or quoted on a marketplace at the end of the trading day of each quarterly period in the previous financial year of the reporting issuer)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** | |
| (See paragraph 9(1)(c), and if applicable, paragraph 9(1)(d) and (e) of OSC Rule 13-502 Fees) |  |
| (Provide details of how value was determined) | $0.00<br>(2) |
| **Capitalization for the previous financial year (1) + (2)** | $5838615924.86 |
| **Participation Fee** |  |
| (For Class 1 reporting issuers, from Appendix A of OSC Rule 13-502 Fees, select the participation fee) | $76425.00 |
| (For Class 3B reporting issuers, form Appendix B of OSC Rule 13-502 Fees, select the participation fee) |  |
| **Late Fee,** if applicable | $0.00 |
| (As determined under section 8 of OSC Rule 13-502 Fees) |  |
| **Total Fee Payable** | $76425.00 |
| (Participation Fee plus Late Fee) |  |

---

## Exhibit 99.60

**Exhibit 99.60**

**NI 43-101 Technical Report**

**Waihi District Pre-feasibility Study, New Zealand**

**Effective Date: June 30, 2024**

**Report Date: December 11, 2024**

Report Prepared by:

**OceanaGold Corporation**

Suite 1020, 400 Burrard Street

Vancouver, BC V6C 3A6

Canada

**Signed by Qualified Persons:**

David Townsend, Assoc Deg (Surveying), GDip (Mining), MAusIMM CP (Min) (OceanaGold Mining

Manager)

Leroy Crawford-Flett, BCA/BSc. (Management/Geology), MPM, MAusIMM CP (Geo), (OceanaGold

Exploration and Geology Manager)

Kirsty Hollis, BEng Mineral Processing, FAusIMM CP (Met) (OceanaGold Principal Metallurgist)

Euan Leslie, BEng Mining, BCom Economics, MAusIMM CP (Min) (OceanaGold Group Mining Engineer)

Trevor Maton, ARSM, BSc. (Eng) Mining (Hons), MSc. Economics, MAusIMM CP (Min) (OceanaGold

Study Director)

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**Cautionary Note Regarding Forward-Looking Statements** 

This report contains certain "forward-looking statements" and "forward-looking information" (collectively,

"forward-looking statements") within the meaning of applicable Canadian securities laws. All statements,

other than statements of historical fact regarding OceanaGold Corporation (OceanaGold) or the Waihi

District (including Martha Underground (MUG), Martha Open Pit (MOP), Gladstone Open Pit (GOP) and

Wharekirauponga Underground (WUG)), are forward-looking statements. The words "believe", "expect",

"anticipate", "contemplate", "target", "plan", "intend", "project", "continue", "budget", "estimate", "potential",

"may", "will", "can", "could" and similar expressions identify forward-looking statements. In particular, this

report contains forward-looking statements with respect to cash flow forecasts, projected capital,

operating and exploration expenditures, targeted cost reductions, mine life and production rates, potential

mineralization and metal or mineral recoveries, and information pertaining to potential improvements to

financial and operating performance and mine life at the Waihi District. All forward-looking statements in

this report are necessarily based on opinions and estimates made as of the date such statements are

made and are subject to important risk factors and uncertainties, many of which cannot be controlled or

predicted. Material assumptions regarding forward-looking statements are discussed in this report, where

applicable. In addition to such assumptions, the forward-looking statements are inherently subject to

significant business, economic and competitive uncertainties and contingencies. Known and unknown

factors could cause actual results to differ materially from those projected in the forward-looking

statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of

metals and commodities (including gold, diesel fuel, natural gas and electricity); the speculative nature of

mineral exploration and development; changes in mineral production performance, exploitation and

exploration successes; diminishing quantities or grades of reserves; increased costs, delays,

suspensions, and technical challenges associated with the construction of capital projects; operating or

technical difficulties in connection with mining or development activities, including disruptions in the

maintenance or provision of required infrastructure and information technology systems; damage to

OceanaGold's or the Waihi District's reputation due to the actual or perceived occurrence of any number

of events, including negative publicity with respect to the handling of environmental matters or dealings

with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil

disturbances; uncertainty whether the Waihi District will meet OceanaGold's capital allocation objectives;

the impact of global liquidity and credit availability on the timing of cash flows and the values of assets

and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency

markets; changes in interest rates; changes in national and local government legislation, taxation,

controls or regulations and/or changes in the administration of laws, policies and practices; expropriation

or nationalization of property and political or economic developments; failure to comply with

environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with,

necessary permits and approvals; litigation; contests over title to properties or over access to water,

power and other required infrastructure; increased costs and physical risks including extreme weather

events and resource shortages, related to climate change; and availability and increased costs associated

with mining inputs and labour. In addition, there are risks and hazards associated with the business of

mineral exploration, development, and mining, including environmental hazards, industrial accidents,

unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold

or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to

cover these risks).

Many of these uncertainties and contingencies can affect OceanaGold's actual results and could cause

actual results to differ materially from those expressed or implied in any forward-looking statements made

by, or on behalf of, OceanaGold. All of the forward-looking statements made in this report are qualified by

these cautionary statements and OceanaGold and the qualified persons who authored this report

undertake no obligation to update publicly or otherwise revise any forward-looking statements whether as

a result of new information or future events or otherwise, except as may be required by law.

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**Table of Contents**

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| **1** | **SUMMARY ............................................................................................................................................** | **SUMMARY ............................................................................................................................................** | **12** |
| 1.1 | 1.1 | Property Description, Location and Ownership .................................................................. | 12 |
| 1.2 | 1.2 | Geology and Mineralization ................................................................................................... | 14 |
| 1.3 | 1.3 | Status of Exploration, Development and Operation ........................................................... | 15 |
| 1.4 | 1.4 | Mineral Processing and Metallurgical Test Work ................................................................ | 15 |
| 1.5 | 1.5 | Mineral Resources Estimate .................................................................................................. | 16 |
| 1.6 | 1.6 | Mineral Reserves Estimate .................................................................................................... | 18 |
| 1.7 | 1.7 | Mining Method .......................................................................................................................... | 20 |
| 1.8 | 1.8 | Recovery Methods .................................................................................................................. | 23 |
| 1.9 | 1.9 | Project Infrastructure ............................................................................................................... | 24 |
| 1.10 | 1.10 | Environment Studies, Permitting and Social or Community Impact ................................ | 25 |
| 1.11 | 1.11 | Capital and Operating Costs .................................................................................................. | 27 |
| 1.12 | 1.12 | Economic Analysis .................................................................................................................... | 29 |
| 1.13 | 1.13 | Conclusions and Recommendations .................................................................................... | 32 |
| **2** | **INTRODUCTION ..................................................................................................................................** | **INTRODUCTION ..................................................................................................................................** | **35** |
| 2.1 | 2.1 | Terms of Reference ................................................................................................................. | 35 |
| 2.2 | 2.2 | Qualified Persons .................................................................................................................... | 35 |
| 2.3 | 2.3 | Details of Inspections .............................................................................................................. | 35 |
| 2.4 | 2.4 | Information Sources and References ................................................................................... | 35 |
| 2.5 | 2.5 | Effective Dates ......................................................................................................................... | 36 |
| 2.6 | 2.6 | Units of Measure ....................................................................................................................... | 36 |
| **3** | **RELIANCE ON OTHER EXPERTS ...................................................................................................** | **RELIANCE ON OTHER EXPERTS ...................................................................................................** | **37** |
| **4** | **PROPERTY DESCRIPTION AND LOCATION ...............................................................................** | **PROPERTY DESCRIPTION AND LOCATION ...............................................................................** | **38** |
| 4.1 | 4.1 | Property Location ...................................................................................................................... | 38 |
| 4.2 | 4.2 | Property Ownership and Access Arrangements ................................................................. | 39 |
| **5** | **ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES, AND** <br>**INFRASTRUCTURE .....................................................................................................................** | **ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES, AND** <br>**INFRASTRUCTURE .....................................................................................................................** | **42** |
| 5.1 | 5.1 | Accessibility ............................................................................................................................... | 42 |
| 5.2 | 5.2 | Climate and Physiography ...................................................................................................... | 42 |
| 5.3 | 5.3 | Local Resources and Infrastructure ....................................................................................... | 42 |
| 5.4 | 5.4 | Physiography ............................................................................................................................. | 42 |
| 5.5 | 5.5 | Mining Area Infrastructure ....................................................................................................... | 42 |
| **6** | **HISTORY ...............................................................................................................................................** | **HISTORY ...............................................................................................................................................** | **43** |
| 6.1 | 6.1 | Waihi ........................................................................................................................................... | 43 |
| 6.2 | 6.2 | Previous Studies and Resource Estimates .......................................................................... | 44 |
| 6.3 | 6.3 | Historical Data ........................................................................................................................... | 44 |

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| **7** | **GEOLOGICAL SETTING AND MINERALIZATION .......................................................................** | **GEOLOGICAL SETTING AND MINERALIZATION .......................................................................** | **46** |
| 7.1 | 7.1 | Regional Geology ..................................................................................................................... | 46 |
| 7.2 | 7.2 | Waihi Geology ........................................................................................................................... | 48 |
| 7.3 | 7.3 | Wharekirauponga ..................................................................................................................... | 51 |
| **8** | **DEPOSIT TYPES .................................................................................................................................** | **DEPOSIT TYPES .................................................................................................................................** | **53** |
| **9** | **EXPLORATION ....................................................................................................................................** | **EXPLORATION ....................................................................................................................................** | **54** |
| 9.1 | 9.1 | Pre-OceanaGold ....................................................................................................................... | 54 |
| 9.2 | 9.2 | OceanaGold .............................................................................................................................. | 54 |
| **10** | **DRILLING ..............................................................................................................................................** | **DRILLING ..............................................................................................................................................** | **55** |
| 10.1 | 10.1 | Drill Methods ............................................................................................................................ | 55 |
| 10.2 | 10.2 | Geological Logging .................................................................................................................. | 55 |
| 10.3 | 10.3 | Drill Core Recovery .................................................................................................................. | 56 |
| 10.4 | 10.4 | Collar Surveys .......................................................................................................................... | 56 |
| 10.5 | 10.5 | Downhole Surveys .................................................................................................................. | 57 |
| 10.6 | 10.6 | Geotechnical Drilling ............................................................................................................... | 57 |
| 10.7 | 10.7 | Drill Spacings and Orientations ............................................................................................. | 57 |
| **11** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY ..........................................................** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY ..........................................................** | **59** |
| 11.1 | 11.1 | Sampling Methods and Preparation ..................................................................................... | 59 |
| 11.2 | 11.2 | Quality Assurance and Quality Control ................................................................................ | 59 |
| 11.3 | 11.3 | Laboratory Analyses ................................................................................................................ | 62 |
| 11.4 | 11.4 | Database .................................................................................................................................... | 62 |
| 11.5 | 11.5 | Sample Security. ....................................................................................................................... | 63 |
| 11.6 | 11.6 | Density Determinations ............................................................................................................ | 63 |
| 11.7 | 11.7 | Opinion on Adequacy (Security, Sample Preparation, Analysis) ..................................... | 65 |
| **12** | **DATA VERIFICATION ........................................................................................................................** | **DATA VERIFICATION ........................................................................................................................** | **66** |
| 12.1 | 12.1 | Internal and External Reviews ................................................................................................ | 66 |
| 12.2 | 12.2 | Opinion on Adequacy (Data Verification) .............................................................................. | 68 |
| **13** | **MINERAL PROCESSING AND METALLURGICAL TESTING ...................................................** | **MINERAL PROCESSING AND METALLURGICAL TESTING ...................................................** | **69** |
| 13.1 | 13.1 | MUG ............................................................................................................................................ | 69 |
| 13.2 | 13.2 | MOP ............................................................................................................................................ | 79 |
| 13.3 | 13.3 | GOP ............................................................................................................................................ | 80 |
| 13.4 | 13.4 | WUG ........................................................................................................................................... | 81 |
| 13.5 | 13.5 | Comments on Adequacy (Processing and Metallurgy) ...................................................... | 97 |
| 13.6 | 13.6 | Future Work Program ............................................................................................................... | 97 |
| **14** | **MINERAL RESOURCE ESTIMATES ...............................................................................................** | **MINERAL RESOURCE ESTIMATES ...............................................................................................** | **98** |
| 14.1 | 14.1 | MUG ............................................................................................................................................ | 99 |
| 14.2 | 14.2 | MOP ............................................................................................................................................ | 105 |

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| 14.3 | 14.3 | Gladstone Pit ............................................................................................................................. | 111 |
| 14.4 | 14.4 | Wharekirauponga ..................................................................................................................... | 115 |
| 14.5 | 14.5 | Classification of Mineral Resources ..................................................................................... | 122 |
| 14.6 | 14.6 | Cut–off Grade Estimates ......................................................................................................... | 123 |
| 14.7 | 14.7 | Mining Factors or Assumptions .............................................................................................. | 123 |
| 14.8 | 14.8 | Risks ........................................................................................................................................... | 128 |
| 14.9 | 14.9 | Mineral Resource Statement ................................................................................................. | 129 |
| **15** | **MINERAL RESERVE ESTIMATES ...................................................................................................** | **MINERAL RESERVE ESTIMATES ...................................................................................................** | **131** |
| 15.1 | 15.1 | MUG ............................................................................................................................................ | 131 |
| 15.2 | 15.2 | WUG ........................................................................................................................................... | 132 |
| 15.3 | 15.3 | Mineral Reserve Statement .................................................................................................... | 133 |
| **16** | **MINING METHODS .............................................................................................................................** | **MINING METHODS .............................................................................................................................** | **135** |
| 16.1 | 16.1 | Status of Current Mine Development ................................................................................... | 135 |
| 16.2 | 16.2 | MUG ............................................................................................................................................ | 135 |
| 16.3 | 16.3 | WUG ........................................................................................................................................... | 146 |
| 16.4 | 16.4 | Production Schedule ................................................................................................................ | 158 |
| **17** | **RECOVERY METHODS .....................................................................................................................** | **RECOVERY METHODS .....................................................................................................................** | **161** |
| 17.1 | 17.1 | Ore Processing ........................................................................................................................ | 161 |
| 17.2 | 17.2 | Operational Results .................................................................................................................. | 165 |
| 17.3 | 17.3 | Process Unit Costs ................................................................................................................... | 166 |
| 17.4 | 17.4 | Water Treatment Plant ............................................................................................................ | 167 |
| **18** | **PROJECT INFRASTRUCTURE ........................................................................................................** | **PROJECT INFRASTRUCTURE ........................................................................................................** | **171** |
| 18.1 | 18.1 | Existing Mine Site Surface Infrastructure ............................................................................ | 171 |
| 18.2 | 18.2 | Tailings Storage Facility .......................................................................................................... | 172 |
| 18.3 | 18.3 | Waste Rock Storage and Usage ........................................................................................... | 174 |
| 18.4 | 18.4 | Site Wide Water Management ............................................................................................... | 177 |
| 18.5 | 18.5 | Site Wide Water Balance ........................................................................................................ | 178 |
| 18.6 | 18.6 | Water Supply ............................................................................................................................ | 179 |
| 18.7 | 18.7 | Power and Electrical ............................................................................................................... | 179 |
| 18.8 | 18.8 | Willows Facilities (for WUG) .................................................................................................. | 180 |
| **19** | **MARKET STUDIES AND CONTRACTS .........................................................................................** | **MARKET STUDIES AND CONTRACTS .........................................................................................** | **182** |
| 19.1 | 19.1 | General ...................................................................................................................................... | 182 |
| 19.2 | 19.2 | Bullion Production and Sales .................................................................................................. | 182 |
| 19.3 | 19.3 | Contracts and Forward Sales Contracts ............................................................................... | 182 |
| **20** | **ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT ....** | **ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT ....** | **183** |
| 20.1 | 20.1 | Mineral Rights and land access ............................................................................................. | 183 |
| 20.2 | 20.2 | Land Access Status .................................................................................................................. | 183 |

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| 20.3 | 20.3 | Required Permits and Status .................................................................................................. | 184 |
| 20.4 | 20.4 | Permitting Process and Schedule .......................................................................................... | 184 |
| 20.5 | 20.5 | Environmental Studies ............................................................................................................. | 184 |
| 20.6 | 20.6 | Stakeholder Engagement ........................................................................................................ | 187 |
| 20.7 | 20.7 | Social and Cultural Impacts .................................................................................................... | 188 |
| 20.8 | 20.8 | Rehabilitation and Bonds ........................................................................................................ | 189 |
| **21** | **CAPITAL AND OPERATING COSTS ..............................................................................................** | **CAPITAL AND OPERATING COSTS ..............................................................................................** | **190** |
| 21.1 | 21.1 | Capital Expenditure Estimates ............................................................................................... | 190 |
| 21.2 | 21.2 | Operating Cost Estimates ....................................................................................................... | 194 |
| **22** | **ECONOMIC ANALYSIS ......................................................................................................................** | **ECONOMIC ANALYSIS ......................................................................................................................** | **198** |
| 22.1 | 22.1 | Principal Assumptions and Input Parameters ..................................................................... | 198 |
| 22.2 | 22.2 | Cashflow Forecasts and Annual Production Forecasts ...................................................... | 199 |
| 22.3 | 22.3 | Taxes, Royalties and Other Interests .................................................................................... | 206 |
| 22.4 | 22.4 | Sensitivity Analysis ................................................................................................................... | 207 |
| 22.5 | 22.5 | OceanaGold Pricing Model Result ........................................................................................ | 209 |
| **23** | **ADJACENT PROPERTIES ................................................................................................................** | **ADJACENT PROPERTIES ................................................................................................................** | **213** |
| **24** | **OTHER RELEVANT DATA AND INFORMATION .........................................................................** | **OTHER RELEVANT DATA AND INFORMATION .........................................................................** | **214** |
| **25** | **INTERPRETATION AND CONCLUSIONS .....................................................................................** | **INTERPRETATION AND CONCLUSIONS .....................................................................................** | **215** |
| 25.1 | 25.1 | Geology and Mineralization .................................................................................................... | 215 |
| 25.2 | 25.2 | Resource Estimation ................................................................................................................ | 215 |
| 25.3 | 25.3 | Status of Exploration, Development and Operations .......................................................... | 215 |
| 25.4 | 25.4 | Geotechnical, Hydrology, Mining and Reserves .................................................................. | 216 |
| 25.5 | 25.5 | Mineral Processing, and Water Treatment .......................................................................... | 218 |
| 25.6 | 25.6 | Project Infrastructure ................................................................................................................ | 218 |
| 25.7 | 25.7 | Mineral Tenure, Surface Rights, Royalties, Environment, Social and Permits ............... | 219 |
| 25.8 | 25.8 | Economic Analysis .................................................................................................................... | 220 |
| **26** | **RECOMMENDATIONS .......................................................................................................................** | **RECOMMENDATIONS .......................................................................................................................** | **221** |
| 26.1 | 26.1 | Recommended Work Programs ............................................................................................ | 221 |
| 26.2 | 26.2 | Recommended Work Program Costs .................................................................................... | 223 |
| **27** | **REFERENCES ......................................................................................................................................** | **REFERENCES ......................................................................................................................................** | **224** |
| **28** | **GLOSSARY ..........................................................................................................................................** | **GLOSSARY ..........................................................................................................................................** | **226** |
| 28.1 | 28.1 | Mineral Resources .................................................................................................................... | 226 |
| 28.2 | 28.2 | Mineral Reserves ...................................................................................................................... | 226 |
| 28.3 | 28.3 | Definition of Terms .................................................................................................................... | 227 |
| 28.4 | 28.4 | Abbreviations ............................................................................................................................. | 228 |

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**Appendices**

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| **APPENDICES .................................................................................................................................................** | **235** |
| **APPENDIX A – CERTIFICATES OF QUALIFIED PERSONS ...............................................................** | **236** |

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**Tables**

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| **Table 1-1: Summary of Mineral Resources Estimate as of June 30, 2024 ....................................** | **16** |
| **Table 1-2: MUG and WUG Combined Mineral Reserves Estimate as of June 30, 2024 ............** | **19** |
| **Table 1-3: WUG Mine Production Annual Mining Schedule .............................................................** | **21** |
| **Table 1-4: MUG Mine Production Annual Mining Schedule ..............................................................** | **22** |
| **Table 1-5: Total Capital Cost Summary ($M) ........................................................................................** | **28** |
| **Table 1-6: LoM Operating Cost Summary ($M and $/t) ......................................................................** | **29** |
| **Table 1-7: Indicative Economic Results .................................................................................................** | **31** |
| **Table 1-8: Gold Price Sensitivity Analysis ............................................................................................** | **32** |
| **Table 2-1: Qualified Persons Responsible for Preparing this Technical Report ........................** | **35** |
| **Table 6-1: Mine Production Since 1988 - 2023 .....................................................................................** | **45** |
| **Table 10-1: Current Project Drill Spacings ............................................................................................** | **58** |
| **Table 11-1: Grade Control QAQC Samples for RC Sampling ...........................................................** | **61** |
| **Table 11-2: Grade Control QAQC Samples for Open Pit Channels ................................................** | **62** |
| **Table 11-3: Density Values Used in MUG ..............................................................................................** | **63** |
| **Table 11-4: Mined Variable Values Used Around Historical Workings .........................................** | **64** |
| **Table 11-5: Density values Used in GOP ...............................................................................................** | **64** |
| **Table 11-6: Bulk Density Values in MOP ...............................................................................................** | **64** |
| **Table 11-7: Bulk Density Values Used in WUG ....................................................................................** | **65** |
| **Table 13-1: Testwork Program 2018 .......................................................................................................** | **69** |
| **Table 13-2: Testwork Program 2019 .......................................................................................................** | **69** |
| **Table 13-3: Testwork Program 2020 .......................................................................................................** | **69** |
| **Table 13-4: Summary of MUG Composite Samples Tested ..............................................................** | **70** |
| **Table 13-5: Metallurgical Samples Contained within MUG Stopes ................................................** | **70** |
| **Table 13-6: Gold Extraction Results for Historical Composites .....................................................** | **71** |
| **Table 13-7: Gold Extraction Results for 2019 Composites ...............................................................** | **72** |
| **Table 13-8 Gold Extraction Results for 2020 Composites ................................................................** | **73** |
| **Table 13-9: Historical Comminution Results on Ore from MUG -2011 ..........................................** | **75** |
| **Table 13-10: Summary of Comminution Testing of 2019 MUG Mineralization Samples ..........** | **76** |
| **Table 13-11: Summary of Comminution Testing of 2020 MUG Mineralization Samples ..........** | **77** |
| **Table 13-12: Combined Comminution Testing results 2019 and 2020 ..........................................** | **78** |
| **Table 13-13: MUG Recovery Models .......................................................................................................** | **78** |
| **Table 13-14: Recovery Estimate ...............................................................................................................** | **81** |
| **Table 13-15: Comminution Testing of GOP Mineralization Samples .............................................** | **81** |
| **Table 13-16: 2018 Wharekirauponga Composite Locations .............................................................** | **82** |
| **Table 13-17: 2019 Wharekirauponga Composite Locations .............................................................** | **83** |
| **Table 13-18: Wharekirauponga Composite Head Assay Results ...................................................** | **84** |

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| **Table 13-19: 2018 Composite Gold Recovery Results .......................................................................** | **85** |
| **Table 13-20: 2019 Composite Gold Recovery Results .......................................................................** | **85** |
| **Table 13-21: 2020 WUG Au Geometallurgical Matrix – Mass Balance ...........................................** | **86** |
| **Table 13-22: 2020 WUG Au Geometallurgical Matrix – Gold Balance ............................................** | **87** |
| **Table 13-23: 2020 WUG Au Geometallurgical Matrix ..........................................................................** | **88** |
| **Table 13-24: 2020 Composite Gold Recovery Results .......................................................................** | **89** |
| **Table 13-25: 2022 WUG Au Geometallurgical Matrix – Mass Balance ...........................................** | **90** |
| **Table 13-26: 2022 WUG Au Geometallurgical Matrix – Gold Balance ............................................** | **90** |
| **Table 13-27: 2022 WUG Au Geometallurgical Matrix ..........................................................................** | **91** |
| **Table 13-28: 2022 Composite Gold Recovery Results .......................................................................** | **92** |
| **Table 13-29: 2022 WUG As Geometallurgical Matrix – Mass Balance ...........................................** | **93** |
| **Table 13-30: 2022 WUG As Geometallurgical Matrix – Gold Balance ............................................** | **93** |
| **Table 13-31: 2022 Composite Results (Geomet Domain 4-9 g/t Au and 150-500 ppm As) .......** | **94** |
| **Table 13-32: 2019 WUG Comminution Testwork .................................................................................** | **96** |
| **Table 13-33: 2020 WUG Comminution Testwork .................................................................................** | **96** |
| **Table 14-1: Model Closeout Dates ...........................................................................................................** | **98** |
| **Table 14-2: Summary Statistics of Composite Au Values for MUG ...............................................** | **100** |
| **Table 14-3: Summary Statistics of Cut Au Values for MUG .............................................................** | **101** |
| **Table 14-4: MUG Block Model Dimensions ...........................................................................................** | **102** |
| **Table 14-5: Fields in the MUG Model ......................................................................................................** | **102** |
| **Table 14-6: MUG Summary of Search Neighbourhood Parameters for Au Estimate ................** | **104** |
| **Table 14-7. MUG Resource Estimate vs Mill-Reconciled Stope and Development ....................** | **105** |
| **Table 14-8: Summary Statistics of Composite Au Values for MOP ................................................** | **106** |
| **Table 14-9: Summary Statistics of Cut Au for MOP ............................................................................** | **108** |
| **Table 14-10: MOP5 Block Model Dimensions .......................................................................................** | **109** |
| **Table 14-11: MOP Estimation Parameters used in Estimate ............................................................** | **109** |
| **Table 14-12: List of Fields in MOP Model ..............................................................................................** | **110** |
| **Table 14-13: Summary Statistics for Composite Au Values for GOP ............................................** | **112** |
| **Table 14-14: GOP Estimation Parameters .............................................................................................** | **113** |
| **Table 14-15: GOP Block Model Dimensions .........................................................................................** | **114** |
| **Table 14-16: Summary Statistics of Composite Au Values for WUG .............................................** | **116** |
| **Table 14-17: WUG Estimation Parameters ............................................................................................** | **120** |
| **Table 14-18: WUG Block Model Dimensions ........................................................................................** | **120** |
| **Table 14-19: List of Fields in WUG Model .............................................................................................** | **121** |
| **Table 14-20: Classification Criteria .........................................................................................................** | **122** |
| **Table 14-21: Resource Cut-off Grade Estimates .................................................................................** | **123** |
| **Table 14-22: Summary of Mineral Resources Estimate as of June 30, 2024 ...............................** | **130** |

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| **Table 15-1: Underground Mining Dilution Factors ..............................................................................** | **131** |
| **Table 15-2: MUG Underground Mining Dilution and Recovery Factors ........................................** | **132** |
| **Table 15-3: WUG Mining Dilution and Recovery Factors ..................................................................** | **133** |
| **Table 15-4: MUG and WUG Reserve Estimate as of 30 June 2024 .................................................** | **133** |
| **Table 16-1: MUG Cut-off Grade Calculation ..........................................................................................** | **136** |
| **Table 16-2. Summary of Laboratory Tests ............................................................................................** | **138** |
| **Table 16-3. Summary of Allowable Strike Lengths .............................................................................** | **139** |
| **Table 16-4: Underground Mining Rates .................................................................................................** | **142** |
| **Table 16-5: Mobile Diesel Fleet Ventilation Requirements ...............................................................** | **144** |
| **Table 16-6: WUG Cut-off Calculation ......................................................................................................** | **146** |
| **Table 16-7: Dewatering Estimates for WUG ..........................................................................................** | **151** |
| **Table 16-8: WUG Mining Rates .................................................................................................................** | **156** |
| **Table 16-9: WUG Mobile Equipment Fleet .............................................................................................** | **156** |
| **Table 16-10: Annual Production Profile .................................................................................................** | **160** |
| **Table 18-1: Tailings Storage Plan ............................................................................................................** | **173** |
| **Table 18-2: Waihi Power Demands ..........................................................................................................** | **179** |
| **Table 21-1: Life of Mine Capital Costs ($000's) ...................................................................................** | **190** |
| **Table 21-2. WUG Contingency Breakdown ...........................................................................................** | **191** |
| **Table 21-3: Underground Capital Cost Summary (Growth and Sustaining) ................................** | **192** |
| **Table 21-4: Processing Capital Cost Summary ...................................................................................** | **193** |
| **Table 21-5: Tailings Storage Capital Cost Summary ..........................................................................** | **193** |
| **Table 21-6: Other Capital Cost Summary ..............................................................................................** | **194** |
| **Table 21-7: LoM Operating Cost Summary ...........................................................................................** | **194** |
| **Table 21-8: MUG Cost Summary ..............................................................................................................** | **195** |
| **Table 21-9: WUG Cost Summary .............................................................................................................** | **196** |
| **Table 21-10: Processing Cost Summary ...............................................................................................** | **197** |
| **Table 21-11: General and Administration Operating Costs ..............................................................** | **198** |
| **Table 22-1: Basic Model Parameters ......................................................................................................** | **198** |
| **Table 22-2: Annual Mine Production .......................................................................................................** | **199** |
| **Table 22-3: Annual Process Plant Production .....................................................................................** | **200** |
| **Table 22-4: LoM Operating Cost Summary ...........................................................................................** | **201** |
| **Table 22-5: Life of Mine Capital Costs ($000's) ...................................................................................** | **202** |
| **Table 22-6: Indicative Economic Results ..............................................................................................** | **203** |
| **Table 22-7: LoM AISC Contribution .........................................................................................................** | **205** |
| **Table 22-8: Annual AISC Curve Profile ..................................................................................................** | **206** |
| **Table 22-9: Gold Price Sensitivity analysis ...........................................................................................** | **208** |
| **Table 22-10: Gold Price ..............................................................................................................................** | **209** |

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| **Table 22-11: Key Economic Metrics ........................................................................................................** | **210** |
| **Table 22-12: Cash Flow Summary Mineral Reserves (Reserve Case Price) ................................** | **211** |
| **Table 22-13. Cash Flow Summary Mineral Reserves (Alternative Case Price) ...........................** | **212** |
| **Table 26-1: Recommended Work Program Costs ...............................................................................** | **223** |
| **Table 28-1: Definition of Terms ................................................................................................................** | **227** |
| **Table 28-2: Abbreviations ..........................................................................................................................** | **228** |

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**Figures**

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| **Figure 1-1: General Location Map of the Waihi Operation ...............................................................** | **12** |
| **Figure 1-2: Map Showing Location of WUG and the Waihi Operations ........................................** | **14** |
| **Figure 1-3: Resource Versus Reserve Example Schematic .............................................................** | **17** |
| **Figure 1-4: Waihi Process Flowsheet .....................................................................................................** | **23** |
| **Figure 1-5: Waihi Existing and Planned Infrastructure ......................................................................** | **24** |
| **Figure 1-6. Annual AISC and Total Cost Curve Profile ......................................................................** | **30** |
| **Figure 4-1: Map Showing the Location of the Waihi Operation .......................................................** | **38** |
| **Figure 4-2: Location of the Waihi Operations and WUG Area, Declines and Tunnels,** <br>**Willows Facilities, and Mining Permits ..................................................................................................**<br>| **39** |
| **Figure 4-3: Location of the Projects within the Favona Mining Permit (NZTM grid) ..................** | **40** |
| **Figure 7-1: Regional Geological Map of the Coromandel Peninsula (NZTM grid) ......................** | **47** |
| **Figure 7-2: Geological Map and Section Across the Waihi Area ....................................................** | **49** |
| **Figure 7-3: Geological Cross Section Through the Gladstone Vein System. The Location** <br>**of this Section Line is Shown as B-B1 in Plan View in Figure 7-2 ..................................................**<br>| **51** |
| **Figure 7-4: a) Geological Map Across the Wharekirauponga Vein Systems and b) A Cross** <br>**Section Facing NNE Showing the Architecture of Veining at Depth. Majority of the Au** <br>**Mineralization Occurs Along the EG Vein at the Intersection with the EG HW Veins ...............**<br>| **52** |
| **Figure 11-1: Sample Preparation Flow Sheet for SGS laboratory in Waihi ..................................** | **61** |
| **Figure 13-1: Gold Extraction as a Function of Feed Grade ..............................................................** | **74** |
| **Figure 13-2: Arsenic Grade / Recovery Relationship .........................................................................** | **79** |
| **Figure 13-3: Historical Open Pit Performance .....................................................................................** | **80** |
| **Figure 13-4: Cross-Section of WUG Geometallurgical Samples .....................................................** | **95** |
| **Figure 14-1: List of Fields in GOP Model ...............................................................................................** | **115** |
| **Figure 14-2: Vein 425 uncapped – (top) plot of Au ppm in histogram / (bottom) probability** <br>**plot of Au ........................................................................................................................................................**<br>| **117** |
| **Figure 14-3: Summary of Back-Transformed Variogram Parameters (Vein = 410) ....................** | **118** |
| **Figure 14-4: Summary of Back-Transformed Variogram Parameters (Vein = 425) ....................** | **119** |
| **Figure 14-5: Resource Versus Reserve Conceptual Schematic for Martha Pit ...........................** | **123** |
| **Figure 14-6: Plan of Martha Phase 5 Pit .................................................................................................** | **125** |
| **Figure 14-7: MUG Mineral Resource Long Section .............................................................................** | **126** |
| **Figure 14-8: Gladstone Pit Geotechnical Domains .............................................................................** | **127** |
| **Figure 14-9: WUG Mineral Resource Long Section ............................................................................** | **128** |
| **Figure 14-10: WUG Mineral Resource Plan View .................................................................................** | **128** |
| **Figure 16-1: MUG Mining Cross Section Looking South East from Hanging Wall ....................** | **135** |
| **Figure 16-2: Underground Mining Operating Costs 2009 to 2023 ..................................................** | **136** |
| **Figure 16-3: Plan and Long Section of Geotechnically Logged Drill Holes .................................** | **137** |
| **Figure 16-4: Plot of Structure Data for MUG .........................................................................................** | **137** |

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| **Figure 16-5: MUG Primary Ventilation Layout ......................................................................................** | **144** |
| **Figure 16-6: Martha Primary Pumping Station Layout .......................................................................** | **145** |
| **Figure 16-7: WUG Mining Method and Extraction Sequence ...........................................................** | **148** |
| **Figure 16-8: Wharekirauponga Catchment Drainage .........................................................................** | **149** |
| **Figure 16-9: WUG Potential Groundwater Impact Areas ...................................................................** | **150** |
| **Figure 16-10: Waihi North Project Configuration ................................................................................** | **152** |
| **Figure 16-11: WUG Long Section looking NW from Footwall ..........................................................** | **153** |
| **Figure 16-12: Bulk Mining (left) vs Avoca Only Mining (Right)........................................................** | **154** |
| **Figure 16-13: Isometric View of WUG Underground Layout (Looking from Hanging Wall) ....** | **155** |
| **Figure 16-14: WUG Ventilation Shaft Construction Methodology ..................................................** | **157** |
| **Figure 16-15. Annual Mine Production ...................................................................................................** | **158** |
| **Figure 16-16: Annual Processing Profile ...............................................................................................** | **159** |
| **Figure 17-1: Process Flow Sheet .............................................................................................................** | **161** |
| **Figure 17-2: General Arrangement for Proposed Process Plant Upgrade ...................................** | **164** |
| **Figure 17-3: Proposed Reefton Crusher Installation ..........................................................................** | **164** |
| **Figure 17-4: Proposed Tower Mill Installation .....................................................................................** | **165** |
| **Figure 17-5: Underground Mill Feed Tonnes and Recovery 2009-2023 ........................................** | **166** |
| **Figure 17-6: Actual Process Unit Costs 2009-2023 .............................................................................** | **166** |
| **Figure 17-7: Water Treatment Plant Flowsheet ....................................................................................** | **167** |
| **Figure 17-8: General Arrangement of Water Treatment Plant Upgrade ........................................** | **170** |
| **Figure 18-1: Waihi Existing Infrastructure ............................................................................................** | **171** |
| **Figure 18-2: Plan View of TSF3 to 142 mRL ..........................................................................................** | **173** |
| **Figure 18-3: Tailings Storage and TSF Construction Chart .............................................................** | **174** |
| **Figure 18-4: Site Wide Water Management ...........................................................................................** | **177** |
| **Figure 18-5: Willows Infrastructure and Buildings .............................................................................** | **181** |
| **Figure 22-1: Annual Mine Production .....................................................................................................** | **199** |
| **Figure 22-2: Annual Process Plant Production ...................................................................................** | **200** |
| **Figure 22-3: Project After-Tax Metrics Summary at $1,750 /oz Au .................................................** | **204** |
| **Figure 22-4: Project After-Tax Metrics Summary at $2,400 /oz Au .................................................** | **204** |
| **Figure 22-5: Annual AISC and Total Cash Cost Curve Profile .........................................................** | **206** |
| **Figure 22-6: NPV Sensitivity Analysis ....................................................................................................** | **207** |
| **Figure 22-7: Gold Price Sensitivity Analysis ........................................................................................** | **208** |

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**1SUMMARY**

This Technical Report has been prepared in accordance with National Instrument 43-101 – Standards of

Disclosure for Mineral Projects (NI 43-101). The purpose of this report is to disclose the results of the

Waihi Mineral Resource and Mineral Reserve estimates and the completed Pre-Feasibility Study on

Wharekirauponga Underground (WUG). This report will be available on OceanaGold Corporation's

(OceanaGold or the Company) website at oceanagold.com and under the Company's profile on SEDAR+

at sedarplus.com.

The previous NI 43-101 technical report for the Waihi operation was filed in March 2021.

This technical report prepared in accordance with NI 43-101 for the Waihi operation (Technical Report)

summarises work completed that covers the conversion of Mineral Resources to Mineral Reserves for the

Martha and Wharekirauponga deposits. This report supports Mineral Resources and Mineral Reserves

estimates as of the June 30, 2024.

**1.1Property Description, Location and Ownership**

The Waihi operation is located within the Hauraki District on the North Island of New Zealand. The Waihi

operation is owned and managed by Oceana Gold (New Zealand) Limited and Waihi Gold Company

Limited, both 100 % owned subsidiaries of OceanaGold. The general location of the Waihi operation is

illustrated in Figure 1-1.

![figure1-1a.jpg](figure1-1a.jpg)

**Figure 1-1: General Location Map of the Waihi Operation**

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Prospecting, Exploration and Mining Permits issued under the Crown Minerals Act 1991 (CMA) provide

exclusive rights to minerals owned by the Crown, including gold and silver, and confer rights to access

those minerals underground, but not at surface without landowner access approval. All existing gold

mining activities in Waihi including the current Martha Underground (MUG), the ore processing plant,

existing tailings facilities and the inactive Martha open pit are within the existing Favona Mining Permit

41808 (MP 41808) and are on land owned by OceanaGold or for which requisite surface land access

rights are in place.

Wharekirauponga is located approximately 10 km to the north of Waihi and is held under the

Wharekirauponga Mining Permit 60541 (MP 60541). WUG and the related access tunnels and surface

infrastructure are within land owned and administered by government agencies including the Department

of Conservation (DOC), are within OceanaGold owned land, or have no surface expression for which land

access rights are required. Approvals processes are underway or planned to secure the surface access

rights over government land as required for exploration, environmental management and monitoring

activities, vent rise structures and utilities connecting the proposed new surface facilities site at Willows to

the existing Waihi operations.

An access arrangement between DOC and OceanaGold has been granted to allow for exploration

activities (including surface drilling) to take place within MP 60541. Approvals processes are underway or

planned to secure land access for additional exploration sites and environmental management and

monitoring activities.

**1.1.1Current Waihi Operations**

MP 41808 extends across an area of 1573 hectares characterized by urban and rural land use. Land

ownership is variable including parcels owned by OceanaGold, private landowners and government

agencies. As noted above, all requisite landowner approvals are in place as required for surface land

access to support the existing operations. In addition to land access and mineral rights, OceanaGold

holds a suite of resource consents from the Hauraki District Council (HDC) and Waikato Regional Council

(WRC) authorising mining within the MP 41808 area.

**1.1.2Wharekirauponga Underground (WUG)**

MP 60541 extends across an area of 3,272 hectares. The proposed WUG mine, vent stacks, dual access

tunnel and surface exploration activities are located within MP 60541 on land primarily owned by the

Crown and administered by DOC as a conservation/forest park. Portal access to the mine together with

other associated surface infrastructure and the proposed Processing Plant to Willows access tunnel are

located on land owned by OceanaGold, private landowners or government agencies.

The Waihi North Project (WNP) includes WUG, access tunnels from a box cut portal at Willows to WUG,

Processing Plant to Willows access tunnel, surface facilities and infrastructure at Willows, high voltage

(HV) power upgrade, processing and water treatment plant upgrades, Martha Open Pit Stage 4

infrastructure upgrade and a new tailings storage facility (TSF3).

Requirements for third party surface access rights, including access arrangements issued under the CMA

or licences and easements, are confined to government agencies, with processes underway or planned to

secure these as part of the WNP permitting and consenting work plan. Figure 1-2 outlines the WNP,

Martha Open Pit (MOP), MUG, and the existing Waihi surface facilities at the processing plant.

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OceanaGold will require a suite of resource consents authorising mining of WUG and the construction

and operation of associated infrastructure within the MP 60541 and MP 41808 areas. Processes are

underway or planned to secure these as part of the permitting and consenting work plan. It is anticipated

these consents will be secured in 2025, enabling surface works to commence in 2025 and underground

tunnelling to commence in mid-late 2026. First stope ore at WUG is planned for 2033.

![figure1-2a.jpg](figure1-2a.jpg)

**Figure 1-2: Map Showing Location of WUG and the Waihi Operations**

**1.2Geology and Mineralization**

WUG and MUG are located within the Coromandel Peninsula which hosts over 50 known gold and silver

deposits that make up the Hauraki Goldfield. The peninsula is built up of Miocene to Quaternary volcanic

rocks (the Coromandel Volcanic Zone) overlying a Mesozoic basement. It is bound to the west by the

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Hauraki Rift, a large graben filled with Quaternary and Tertiary sediments, and to the south by volcanics

deposited by the presently active Taupo Volcanic Zone (TVZ).

The gold and silver mineralization occurs within low-sulphidation, epithermal quartz vein systems

occupying large, north to northeast trending, normal faults and their subsidiary extensional structures. The

vein systems comprise a 3D network of multiple vein sets that collectively strike >1000 m, with a current

vertical range of 300 m (Wharekirauponga) and >500 m (Waihi) and include veins typically between 0.5

and 5 m in width (but up to 30 m locally). The main gold bearing minerals are electrum and silver

sulphides developed within quartz veins.

The geological controls on mineralization are well understood and is sufficient to support the estimation of

Mineral Resources and Mineral Reserves.

**1.3Status of Exploration, Development and Operation**

Historical underground mining took place in Waihi from 1879 to 1952 on the Martha vein system

producing approximately 5.0 Moz Au. The Martha vein system was then mined in an open pit from 1988

to 2015 and produced 2 Moz Au. Underground mining recommenced in 2004, and various vein systems

have since been mined around Waihi to date. Minor historical underground mining took place at

Wharekirauponga between 1893 to 1897 producing 19 oz of gold.

Exploration completed in Waihi has included underground and open pit mapping, geochemical sampling,

spectral analysis, airborne geophysical surveys, ground resistivity geophysics, extensive diamond drilling

and engineering studies. Exploration conducted around Wharekirauponga since 1986 has consisted of

geological and structural mapping, geochemical sampling, airborne, ground and downhole geophysical

surveys, surface drilling, engineering studies and mining operations.

Approximately 370 km of diamond core has been drilled within the Martha and Gladstone areas since

1980 (as of June 2024) and Wharekirauponga has had ~64 km of diamond drilling since 1980 (as of June

2024). Additionally, 86 km has been drilled in approximately 4,000 reverse circulation grade control holes

during the open pit operation. Recent diamond drilling has largely focused on the Wharekirauponga,

Martha and Gladstone deposits. The exploration programs completed to date are appropriate to the style

of the deposit and prospects.

**1.4Mineral Processing and Metallurgical Test Work**

With more than 35 years of proven operating performance, there is a high level of confidence that the

Waihi process flowsheet is well suited to regional geology. Significant operating experience and

metallurgical testwork data have been accumulated over the life-of-mine informing the development and

selection of processing options for future orebodies.

Metallurgical testwork on Wharekirauponga mineralization has been used to generate recovery and

throughput estimates for inclusion in the WUG technical and financial models. To support the test work

program, a geometallurgical matrix was developed identifying the main gold bearing domains and

composites targeted for metallurgical analysis. The basis was that the existing grind/leach process would

be suitable for treatment of the WUG orebody.

Testwork results support ongoing use of the existing Waihi plant flowsheet, with plant expansions to

enable higher WUG throughput rates. Metallurgical analysis also confirmed that the existing P80 targets

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of 75 µm for open-pit ores and 53 µm for underground ores will continue to deliver gold recoveries of

greater than 90 %.

**1.5Mineral Resources Estimate**

The Mineral Resources at Waihi comprise both open pit and underground resources. Separate block

models were generated for the respective open pit and underground areas. Mineral Resources were

classified in accordance with the 2014 CIM Definition standards. The Mineral Resource statement, as of

June 30 2024, for Waihi District is presented in Table 1-1.

**Table 1-1: Summary of Mineral Resources Estimate as of June 30, 2024**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Area  | Indicated | Indicated | Indicated | Indicated | Indicated | Inferred | Inferred | Inferred | Inferred | Inferred |
| Area  | Tonnes | Grade | Grade | Au | Ag | Tonnes | Grade | Grade | Au | Ag |
| Area  | (Mt) | (g/t Au) | (g/t Ag) | (Moz) | (Moz) | (Mt) | (g/t Au) | (g/t Ag) | (Moz) | (Moz) |
| MOP | 6.50 | 1.95 | 13.4 | 0.41 | 2.81 | 2.3 | 2.1 | 12.1 | 0.2 | 0.9 |
| GOP  | 3.22 | 1.44 | 3.76 | 0.15 | 0.39 | 0.8 | 1.0 | 2.6 | 0.03 | 0.1 |
| MUG | 6.42 | 5.29 | 25.5 | 1.09 | 5.27 | 2.7 | 4.7 | 27.1 | 0.4 | 2.4 |
| WUG | 2.39 | 17.9 | 28.0 | 1.37 | 2.15 | 1.3 | 9.6 | 17.1 | 0.4 | 0.7 |
| Total <br>Mineral <br>Resources<br>| 18.5 | 5.07 | 17.8 | 3.02 | 10.6 | 7.1 | 4.3 | 17.6 | 1.0 | 4.0 |

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Notes:

Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral

Reserves do not have demonstrated economic viability.

Mineral Resources estimate was reviewed and approved by, or is based on information prepared by or

under the supervision of, Leroy Crawford-Flett, BSc Geology, MAusIMM CP (Geology), the Company's

Exploration and Geology Manager and a qualified person under NI 43-101.

Mineral Resources are reported at a gold price of $1,950/oz.

Mineral Resources estimate for MUG is reported below the MOP design and constrained to within a

conceptual underground design based upon the incremental cut-off grade of 2.15 g/t Au.

Mineral Resources estimate for Wharekirauponga WUG is reported within a conceptual underground design

at a 2.10 g/t Au cut-off grade.

Mineral Resources estimates for MOP and GOP are reported within conceptual pit designs and incremental

cut-off grades of 0.50 g/t and 0.56 g/t, respectively. The MOP conceptual pit design is limited by

infrastructural considerations.

Tonnage and grade measurements are in metric units. Gold ounces are reported as troy ounces and "g/t"

represents grams per tonne.

No dilution is included in the reported figures and no allowances for processing or mining recoveries have

been made.

All figures have been rounded; totals may therefore not sum exactly.

OceanaGold is not aware of any environmental, permitting, legal, socio-economic, marketing, political, or

other factors that might materially affect the Mineral Resource estimates. The QPs acknowledge that the

consenting timeline is a risk, however, are satisfied with the Company's risk mitigation plans.

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MUG and WUG Resources are reported within conceptual stopes, only for material above the nominated

cut-off grade. This constrains the tonnes and grade reporting to the mineralized or vein interpretation as

shown in Figure 1-3.

![figure1-3a.jpg](figure1-3a.jpg)

**Figure 1-3: Resource Versus Reserve Example Schematic**

**1.5.1MUG Resource Estimate**

Data available in June 2024 were included in the MUG Resource estimate. Estimations were performed in

individual geological domains using 1 m and 2 m length-weighted downhole composites. Estimation was

undertaken via Ordinary Kriging for Au and Ag, and inverse distance squared for As. Grades were

estimated into parent 10 mE x 10 mN x 10 mRL blocks with sub-blocking to 1 mE x 1 mN x 1 mRL.

Mineral Resources were reported within conceptual stope designs which were created using the Deswik®

Stope Optimiser (SO). Stope widths vary, depending on the thickness of the mineralization with a

minimum economic mining width of 1.3 m used. A maximum stope width of 15 m was used with a

minimum pillar width between stopes of 5 m. The Mineral Resource is reported within the SO shapes

above a 2.15 g/t cut-off grade, excluding dilution within SO shapes from the reporting of the resources. No

unclassified material contained within the SO shapes is reported. No mining recovery or dilution factors

were applied to the Mineral Resource estimate.

The Mineral Resources are classified as Indicated and Inferred Mineral Resources, based primarily on

drillhole spacing. Manual interpretations of Indicated and Inferred boundaries were applied to domains

material to Life of Mine (LoM) Plan.

**1.5.2Martha Open Pit Resource Estimate**

Drillhole data available in April 2024 was included in the MOP Resource estimate. The assay coverage for

gold and silver covers all core and RC drilling. However, for open pit channel sampling pertaining to the

mined volume, silver assay data is significantly sparser than for gold. Silver grade estimates are provided

for metallurgical considerations (carbon stripping and electro-winning) as well as for revenue estimation,

albeit silver is a minor contributor to revenue.

Grades were estimated into parent 10 mE x 10 mN x 10 mRL blocks with sub-blocking to 1.25 mE x

1.25 mN x 1.25 mRL, using 2 m and 3 m run-length composites. Grade estimation was completed in

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Leapfrog EDGE® software, using Ordinary Kriging to produce estimates for gold. Resources are reported

at a cut-off grade of 0.50 g/t within an open pit design that is limited by infrastructural considerations. The

Mineral Resources are classified as Indicated and Inferred Mineral Resources, based primarily on

drillhole spacing.

**1.5.3Gladstone Pit Resource Estimate**

Drillhole data available in June 2024 were included in the GOP Resource estimate. The assay coverage

for gold, silver and arsenic covers all core drilling. Grades were estimated into parent 5 mE x 10 mN x

10 mRL blocks with sub-blocking to 2.5 mE x 2.5 mN x 2.5 mRL, using 3 m run-length composites. Grade

estimation was done in Vulcan software, using Ordinary Kriging to produce estimates for gold. Resources

are reported at a cut-off grade of 0.56 g/t within an open pit design. The Mineral Resources are classified

as Indicated and Inferred Mineral Resources, based primarily on drillhole spacing.

**1.5.4Wharekirauponga Underground Resource**

Drillhole data available in June 2024 was included in the WUG Resource estimate. The estimations were

performed in individual geological domains using 1 m length weighted downhole composites, via Ordinary

Kriging for Au and Ag, and inverse distance squared for other elements. Grades were estimated into

parent 4 mE x 16 mN x 16 mRL blocks with sub-blocking to 1 mE x 1 mN x 1 mRL.

Mineral Resources were reported within conceptual stope designs which were created using the Deswik®

Stope Optimiser. Stope widths vary, depending on the thickness of the mineralization with a minimum

mining width of 2 m used. A maximum stope width of 15 m was used, where no cemented rock fill of

stopes are proposed a minimum pillar width between stopes of 8 m was applied. The Mineral Resource is

reported within the Stope Optimiser shapes above a 2.10 g/t cut-off grade, excluding dilution within SO

shapes from the reporting of the resources. No unclassified material contained within the Stope Optimiser

shapes is reported. No mining recovery or dilution factors were applied to the Mineral Resource estimate.

The Mineral Resources are classified as Indicated and Inferred Mineral Resources, based primarily on

drillhole spacing and then manual interpretation of Indicated and Inferred boundaries are applied to

domains that comprise >90 % of system endowment within economic optimized stopes.

**1.6Mineral Reserves Estimate**

Mineral Reserves at Waihi comprise underground Resources. Permits are in place to extract the Martha

Mineral Reserve. Permits are required to extract the Wharekirauponga Mineral Reserves and

OceanaGold assumes these permits authorising the commencement of works to be issued at the end of

2025. Mineral Reserves were classified in accordance with the 2014 CIM Definition standards. The Mineral

Reserve Statement, as of June 30, 2024, is presented in Table 1-2 . There are no Mineral Reserves for

MOP. Note the inclusion of modifying factors (dilution and recovery) to the Mineral Resources results in a

net increase in tonnes (due to the inclusion of dilution factors), a reduction in ounces (due to the inclusion

of recovery factors) and a reduction in grade (due to a combination of dilution and recovery factors).

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**Table 1-2: MUG and WUG Combined Mineral Reserves Estimate as of June 30, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reserve Area | Class | Tonnes <br>(Mt) | Au (g/t) | Ag (g/t) | Au (Moz) | Ag (Moz) |  |  |
| Reserve Area | Class | Tonnes <br>(Mt) | Au (g/t) | Ag (g/t) | Au (Moz) | Ag (Moz) | MUG | Proven |
| Probable | 4.4 | 3.8 | 16.1 | 0.5 | 2.3 | MUG |  |  |
| Total MUG | Total MUG | 4.4 | 3.8 | 16.1 | 0.5 | 2.3 |  |  |
| WUG | Proven | - | - | - | - | - |  |  |
| WUG | Probable | 4.1 | 9.2 | 16.1 | 1.2 | 2.1 |  |  |
| Total WUG | Total WUG | 4.1 | 9.2 | 16.1 | 1.2 | 2.1 |  |  |
| Total Mineral Reserve | Total Mineral Reserve | 8.5 | 6.4 | 16.1 | 1.7 | 4.4 |  |  |

---

Note:

The WUG Mineral Reserves estimate was reviewed and approved by, or is based on information prepared

by or under the supervision of, Euan Leslie, MAusIMM (CP), the Company's Group Mining Engineer and a

qualified person under NI 43-101.

The MUG Mineral Reserves estimate was reviewed and approved by, or is based on information prepared

by or under the supervision of, David Townsend, MAusIMM (CP), the Company's Mining Manager and a

qualified person under NI 43-101.

Mineral Reserves are reported based on OceanaGold's mine design, mine plan, mine schedule and cash

flow model at a gold price of $1,750 /oz.

Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the

nearest 100,000 tonnes.

Ounces are estimates of metal contained in the Mineral Reserves and do not include allowances for

processing losses. Ounces are rounded to the nearest hundred thousand ounces.

All figures have been rounded; totals may therefore not sum exactly.

Tonnage and grade measurements are in metric units. Gold ounces are reported as troy ounces and "g/t"

represents grams per tonne.

**1.6.1Martha Underground (MUG)**

MUG has been in development and production since 2020 using a predominantly Avoca bottom-up

mining method. Mineral Reserves are based on similar mining methods, mining productivities employed

to date and with five main production areas delineated. A spacing of generally 18 m between levels is

used. Cemented rock fill (CRF) is used to backfill selected historical stopes.

The underground mine design process resulted in underground Mineral Reserves of 4.4 Mt (diluted) with

an average grade of 3.8 g/t Au. This estimate is based on a mine design cut-off grade of 3.0 g/t Au. The

modifying factors include a 50 % to 90 % mining recovery based on type of opening (stope, development,

etc.) to the designed wireframes in addition to a 0 % to 13 % unplanned dilution using zero grade for

dilution.

**1.6.2Wharekirauponga Underground (WUG)**

Based on the orientation, depth, and geotechnical characteristics of mineralization, transverse sublevel

open stoping (longhole) and modified Avoca methods are planned for WUG. Transverse open stopes will

be 15 m along strike and stope width will vary based on mineralization grade and geotechnical

considerations. A spacing of 20 m between levels is used. CRF will be used to backfill the primary stopes.

There will be an opportunity for some non-cemented waste rock to be used in selected stopes based on

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the mining sequence. The CRF will have sufficient strength to allow for mining adjacent to backfilled

stopes.

The deposit has been divided into three production areas. One northern and two southern blocks

separated by a crown pillar at -60 mRL. The underground mine design process resulted in underground

mining Reserves of 4.1 Mt (diluted) with an average grade of 9.2 g/t Au.

This estimate is based on a mine design cut-off of 2.4 g/t Au. The numbers include an 80 % to 100 %

mining recovery based on type of opening (transverse, Avoca, development, etc.) to the designed

wireframes in addition to a 0 % to 20 % unplanned dilution using zero grade for dilution.

**1.7Mining Method**

**1.7.1Geotechnical WUG**

A geotechnical field characterization program has been undertaken to assess the expected rock quality.

This program included logging core, laboratory strength testing, in situ stress measurements and oriented

core logging of jointing. The results of this program have provided adequate quantity and quality of data

for prefeasibility-level design of the underground workings.

A geotechnical assessment of the orebody shape and ground conditions has determined that a

combination of longhole open stoping in wide areas and modified Avoca stoping in narrow areas are

appropriate mining methods. Stopes have been sized to maintain stability once mucked empty. Within the

wider areas, a primary/secondary extraction sequence with tight backfilling allows optimization of ore

recovery while maintaining ground stability. Primary stopes and selected secondary stopes will be

backfilled with cemented rockfill.

The design has been laid out using empirical design methods based on similar case histories. The

modelling results confirm that stopes and access drifts are predicted to remain stable during active

mining.

**1.7.2Mining WUG**

Stope optimization was completed on the resource model based on a level interval of 20 m high. In the

wider transverse stoping areas, the stope length was set to 15 m along strike and the maximum width

limited to 20 m, whereas in the narrower Avoca areas, stope length was based on geotechnical

considerations.

Within the transverse mining area, each stope has a 5 m x 5 m access located at the bottom of the stope.

Top accesses (also 5 m x 5 m) are designed to give access to stopes on the next level and to allow for

backfilling. The stopes are drilled from the top and rings are blasted from the end of a stope toward the

footwall access. The blasted material is mucked using tele-remote equipment. A primary/secondary

stoping sequence will be used. The stopes are connected to a level access located in waste material and

to the main ramp which located in the footwall. Each level access is connected to the ventilation system.

Ore will be mucked from the bottom stope access using 15 t loaders and loaded into 50 t trucks for

haulage to surface.

The underground mine production schedule is based on the productivity rates developed from a

combination of existing MUG benchmarking, first principles and benchmarking against similar projects

where applicable. The schedule was completed based on mining operations occurring 365 days/year,

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7 days/week, with two 12 hour shifts each day. A production rate of approximately 2,200 tonnes per day is

targeted, with ramp-up to full production in mid to late 2033.

The commencement of surface works is planned for 2025, assuming all consents are received from

authorities. Underground portal development is scheduled to begin in late 2026. Portal development is

required before the decline access can begin. Material development ore is achieved in 2032 with first

production from the stopes scheduled to occur in 2033 and will last through to 2038 based on the current

Mineral Reserves (Table 1-3).

**Table 1-3: WUG Mine Production Annual Mining Schedule**

---

| | | | |
|:---|:---|:---|:---|
| Year | Mineralized Tonnes (kt) | Au (g/t) | Ounces (koz) |
| 2031 | 3 | 5.5 | 1 |
| 2032 | 139 | 11.4 | 51 |
| 2033 | 620 | 10.1 | 201 |
| 2034 | 798 | 9.6 | 245 |
| 2035 | 799 | 10.7 | 276 |
| 2036 | 795 | 8.2 | 209 |
| 2037 | 662 | 7.8 | 165 |
| 2038 | 240 | 7.4 | 57 |
| **Total** | **4057** | **9.2** | **1205** |

---

**1.7.3Mining MUG**

MUG is accessed via the existing Favona portal through the existing Trio and Correnso workings and

shares the ventilation development and shafts as well as the underground workshop, crib room and

dewatering systems.

Exploration drives were completed on 800 mRL and 920 mRL in 2018. Development of MUG commenced

in mid-2019. Development has focussed on ramp access for Edward, Empire, Rex and Royal mine areas,

footwall, fill, and ore drive development, ventilation and secondary egress connections, and drilling

platforms. Two portal breakthroughs have been completed in the southwestern corner of the Martha open

pit and are being used for ventilation and secondary egress purposes and dumping of underground waste

into the bottom of the pit.

The development strategy involves mining of declines for access to five main stoping blocks. Access

drives are mined to develop drilling and loading levels, generally intersecting the orebodies centrally.

Access drives are spaced generally at 14 m to 18 m vertically over the height of the mine. Ore drives will

be developed in both directions along strike from the access drives. Stockpiles are mined off the decline

and in levels for truck loading.

The key differences with recent operating practices involve the development of footwall drives, crosscuts

and pass systems in selected locations mainly confined to Edward, Empire east and west to backfill the

historical workings. Crosscut spacing is generally at 15 m spacing. Historical stopes are backfilled to

provide both regional and local stability.

Mining options available for MUG are limited because of the permit conditions, blasting and backfill

constraints. Modified Avoca mining was selected as the preferred mining method. MUG has been

<sup>1</sup> The effective reporting date is 30 June 2024, therefore H1 has been removed from Table 1-4. The full

year's Au production for MUG in 2024 is 48-52koz.

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designed with a 14 m to 18 m level spacing, floor to floor primarily to limit blast vibration but this also

assists hanging wall and footwall stability.

Approximately 50 % of the Mineral Reserves will involve the extraction of remnant skins in the footwall or

hanging wall of previously mined (historical) stopes, or the extraction of both remnant skins. Historical

backfill may also be mined as this material may be above the cut-off grade. However, as it is currently

classified as Inferred Resource it is not included as Mineral Reserve.

Following operating practices and detailed studies over the last nine years, the following methods are

applied for the extraction of remnant areas, adjacent to historic workings:

• Modified Avoca method whereby the historic stope is backfilled with cemented fill prior to stoping

and the remnant skin is extracted by conventional modified Avoca using rockfill in a bottom-up

sequence that exposes the cemented fill

• Modified Avoca method adjacent to the collapsed historic stope where backfill with CRF is not

feasible and a stand off from the historic wall of 3.0 m is maintained with lower estimated

recoveries, higher dilution

• Remote, side ring method where the historic backfill is extracted together with remnant wall rock

in a top-down sequence with cemented backfill

• Transverse stoping method where the historic backfill is extracted together with remnant wall rock

in a top down or bottom-up sequence with cemented or rock backfill.

The side ring and transverse mining method for the extraction of remnant skins and historic backfill use

conventional drilling and remote loading methods. This method involves additional waste development

adjacent to the remnant stopes, which increases overall development quantities and mining costs. Permit

conditions and the mining method require all stopes and selected developments to be backfilled. The

current Mineral Reserves are shown in Table 1-4.

**Table 1-4: MUG Mine Production Annual Mining Schedule**

---

| | | | |
|:---|:---|:---|:---|
| Year | Mineralized Tonnes (kt) | Au (g/t) | Ounces (koz) |
| 2024 (H2) | 275 | 2.98 | 26<sup>1</sup> |
| 2025 | 453 | 3.42 | 50 |
| 2026 | 493 | 3.48 | 55 |
| 2027 | 516 | 3.61 | 60 |
| 2028 | 503 | 3.71 | 60 |
| 2029 | 485 | 3.85 | 60 |
| 2030 | 472 | 3.96 | 60 |
| 2031 | 492 | 3.79 | 60 |
| 2032 | 356 | 5.20 | 60 |
| 2033 | 365 | 4.04 | 47 |
| **Total** | **4410** | **3.80** | **538** |

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**1.8Recovery Methods**

The Waihi process flowsheet is illustrated in Figure 1-4, with a conventional process being used for gold

recovery. The processing plant has been operational since 1988, undergoing one major upgrade in 1999

to increase throughput capacity of open-pit mill feed, and one minor upgrade in 2006 to introduce

campaign treatment of underground ore. Its current throughput capacity is 1.25 million tonnes per annum

on open-pit mill feed and 0.66 million tonnes per annum on underground ore.

Considerable operating experience and metallurgical testwork data have been accumulated over the life-

of-mine, and this informs the development and selection of processing options for future orebodies.

Metallurgical testwork on MUG and WUG orebodies supports ongoing use of the existing flowsheet with

plant expansions to enable higher throughput rates. These expansions will be timed to align with the

development of WUG. Key elements of the expansions include, installation of an upstream jaw crusher,

replacement of the 1.2 MW ball mill with a 1.8 MW tower mill; refurbishment of the adsorption circuit; and

new pumps and pipework for delivery of tailings to TSF3. This will increase throughput capacity to 0.8

million tonnes per annum on underground ore.

Open-pit and underground ores would be treated on a campaign basis as required. This is due to

differences in ore hardness and gold liberation size, with open-pit ores softer than underground ores and

gold liberation occurring at a coarser grind size. This means that open-pit ores are treated at higher

throughput rates than underground ores and their target grind size is coarser. Further to this, metallurgical

testwork has confirmed that the existing P80 targets of 75 µm for open-pit ores and 53 µm for

underground ores will continue to deliver gold recoveries of +90 %.

![figure1-4.jpg](figure1-4.jpg)

**Figure 1-4: Waihi Process Flowsheet**

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**1.9Project Infrastructure**

The modern Waihi Operation has been in production since 1988 with site infrastructure developed to

support the MOP and MUG operations. MUG uses the existing process facilities, tailings storage, water

treatment facilities and other site infrastructure. The power supply is provided from the national grid and

supplied to the site substation at the processing plant area. The location of the existing and planned

infrastructure at Waihi is shown below in Figure 1-5.

![figure1-5a.jpg](figure1-5a.jpg)

**Figure 1-5: Waihi Existing and Planned Infrastructure**

New surface facilities and infrastructure will be required for WUG, including tailings and waste rock

disposal, stockpiling, water treatment, and power supply, which are described below. The Willows,

adjacent to the Coromandel Forest Park, was purchased in 2021. This area will form the initial access to

WUG and service the mine. The area will include the following infrastructure:

• Temporary waste rock stack to accommodate development waste rock, all of which will be

returned underground as backfill

• Boxcut portal façade excavation

• Access road to portal

• Bulk earthworks and drainage

• Collection/silt ponds and associated pumping requirements

• Surface Facilities Area (SFA):

-Maintenance workshop

-Small general warehouse facility

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-Electricity supply and substations

-Temporary/backup generators

-Air compressor

-Administration offices, security hut, crib room, clean/dirty room (change house), breezeway,

muster room and ablution facilities. (including sanitary system, potable and raw water tanks

and pumping system)

-Light vehicle car parking

-Tyre change facility

-Fuel facility

-Heavy vehicle and light vehicle washbay facility (including oily water separator).

• Explosives storage magazine

• Services Trench between the process plant and Willows (approximately 5 km) for water

treatment, potable water, mine dewatering, electrical supply, communications (fibre optic cables)

• Sealed road from the Willows Road to the mine plant area to minimise dust

• An upgrade of the existing SH 25 and Willows Road intersection

• Improvements to Willows Road (Signage and road markings)

• Noise bunding.

A new tailings storage facility, TSF3, is to be constructed adjacent to existing tailings facilities at Baxter

Road for the Waihi Operations, featuring downstream construction and associated stockpiles,

containment ponds and diversion drains.

A high voltage (HV) power upgrade is required from the Transpower Waikino grid exit point (GXP) in

Hauraki District Council (HDC) Road Reserve to a new 33 kV / 11 kV substation at the Waihi Baxter Road

operations.

**1.10Environment Studies, Permitting and Social or Community Impact**

**1.10.1Permitting**

Prospecting, Exploration and Mining Permits issued under the CMA provide exclusive rights to minerals

owned by the Crown, including gold and silver, and confer land access rights to those minerals

underground, but not at surface. All existing gold mining activities in Waihi including the current MUG, the

ore processing plant, existing tailings facilities and the inactive Martha open pit are within the existing MP

41808, which extends across an area of 1573 hectares, and are on land owned by OceanaGold or for

which requisite surface land access rights are in place.

WUG is held under MP 60541, which extends across an area of 3,272 hectares. WUG and the related

access tunnels and surface infrastructure are within land owned and administered by government

agencies including DOC, are within OceanaGold owned land, or have no surface expression for which

land access rights are required. Approvals processes are underway or planned to secure surface access

rights over government land as required for exploration, environmental management and monitoring

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activities, ventilation rise structures, the proposed surface facilities site at Willows, the services trench

connecting Willows to the existing Waihi operations and the new tailings storage facility.

An access arrangement between DOC and OceanaGold has been granted to allow for existing

exploration activities (including surface drilling) to take place within MP 60541. Approvals processes are

underway or planned to secure land access for additional exploration sites and environmental

management and monitoring activities.

**1.10.2Resource Consents**

MP 41808 is within land characterized by urban and rural land use. In addition to land access and mineral

rights, OceanaGold holds a suite of resource consents from HDC and WRC authorising mining within the

MP 41808 area.

WUG, including ventilation stacks, the dual access tunnel and surface exploration activities are located on

land primarily owned by the Crown and administered by DOC as a conservation/forest park and zoned,

for resource consenting purposes, as conservation land. An area of council-owned unformed road reserve

("paper road"), located within the forest park, is effectively zoned as conservation land.

Portal access to the mine together with other associated surface infrastructure and the Processing Plant

to Willows access tunnel are located on land variously owned by OceanaGold, private landowners and

various government agencies and characterized by urban and rural land use. Requirements for third party

surface access rights, in the form of access arrangements issued under the CMA or licences and

easements, are confined to government agencies, with processes underway or planned to secure these

as part of the WNP permitting and consenting work plan.

OceanaGold will require a suite of resource consents authorising mining of WUG and the construction

and operation of associated WNP infrastructure within the MP 60541 and MP 41808 areas. Processes are

underway or planned to secure these as part of the WNP permitting and consenting work plan.

Using the New Zealand government's proposed Fast-track Approvals Bill, together with existing permitting

and consenting processes, OceanaGold assumes resource consent approval, and the other approvals as

required for the development of the WNP to commence, by the end of 2025.

**1.10.3Environmental and Social Impact Studies** 

As part of existing consenting processes OceanaGold has commissioned independent experts to provide

a range of specialist environmental technical reports on the actual and potential effects on the

environment of allowing the activities associated with developing and operating the WNP. These effects

include:

• Biodiversity

• Water

• Landscape and Visual

• Transport

• Amenity

• Air Quality

• Rehabilitation and Closure.

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The technical assessments conclude that the WNP's effects are all able to be managed through the

application of the effects management hierarchy, to produce environmental, social and cultural outcomes

that are appropriate within the context of regulatory requirements, having regard to the scale and location

of the WNP activities. The WNP will manage the majority of its potential adverse effects through

prevention and mitigation, including the use of offsetting and compensation for residual effects on

terrestrial and aquatic biodiversity and habitat values, such that residual effects are minor. The WNP is

targeting a biodiversity net gain, as it incorporates measures proposed for the sole purpose of providing

benefits to the environment in recognition of the conservation purpose of the land above the proposed

WUG operations.

Community engagement commenced in 2020 and less formal engagement with iwi and regulators began

much earlier, around 2017. OceanaGold has well-established positive working relationships with key

stakeholders, and this has provided a solid platform for understanding and respecting diverse viewpoints.

Understanding the relationship between the business and the external context is crucial to effective

stakeholder engagement. Building trust through the sharing of information and perspectives helps

streamline decision making, based on mutual trust and shared values.

In 2022, an independent Social Impact Assessment (SIA) was completed for the WNP which follows the

International Association of Impact Assessment's guidance for preparing an SIA. The WNP will have

positive social impacts in so far as it will contribute to:

• Job security and sustained livelihoods

• Social uplift from reduced local unemployment

• Social uplift from increased business activity and indirect employment opportunities.

The assessment identified the following effects that were assessed as having moderate to high negative

significance:

• Increased demand for accommodation.

• Change in sense of place for residents around the Willows area (location of the SFA for the WUG)

• Reduced amenity, as a result of increased traffic movements along Willows Road.

The Company recognises the special relationship that iwi have with land and water, and that this

relationship is important to spiritual and cultural wellbeing. The Company has had a consultation program

in place with iwi for many years covering the operating mine, the mineral exploration program and new

projects, and this is ongoing.

Of the nine groups that claim cultural interests and associations with the proposed WNP area, five have

agreed that they will provide a Cultural Impact Assessment for the WNP. The remaining four iwi groups

have either chosen not to complete an assessment, to defer to another iwi group they have recognized as

having authority over specific matters, or to not engage with the Company further.

**1.11Capital and Operating Costs**

All costs, unit costs and prices are in United States dollars unless otherwise noted.

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**1.11.1Capital Cost**

Non-Sustaining (growth) capital is $556 million, including underground capitalized development linked

mainly to the development of WUG. The sustaining capital cost is $342 million, which is primarily for mine

development, surface infrastructure, underground mine equipment replacements associated with MUG

and site rehabilitation works. The total LoM capital cost is $897 million as summarized in Table 1-5.

Capital costs have been estimated with reference to actual experience in undertaking the same or similar

works at Waihi, quotations from suppliers and estimates provided by consultants with appropriate

expertise. The capital cost estimation is consistent with proposed development programs and ongoing

requirements and were undertaken to an appropriate level of estimation accuracy. It is likely that over the

life of the mine actual expenditures will vary, due to modifications, upgrades, introduction of new

technology and other unforeseen factors.

**Table 1-5: Total Capital Cost Summary ($M)**

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| | | | |
|:---|:---|:---|:---|
| Description | Non-Sustaining <br>Capex<br>| Sustaining <br>Capex<br>| Total |
| WUG | 357.9 | 62.9 | 420.9 |
| MUG | - | 102.1 | 102.1 |
| Processing and Water Treatment | 92.8 | 8.4 | 101.2 |
| TSF's | 44.4 | 80.5 | 124.9 |
| Other Capital | 60.6 | 16.0 | 76.7 |
| Rehabilitation | - | 71.6 | 71.6 |
| **Total** | **555.8** | **341.6** | **897.4** |

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**1.11.2Operating Cost**

The total life of mine operating cost (excluding capitalized operating cost) is $1,200 million. Operating

costs have been estimated with reference to actual operating experience at Waihi, supplier quotations,

estimates from consultants with appropriate expertise and otherwise estimated internally by appropriately

credentialled OceanaGold people. The operating cost estimates include allowance for performance

related improvement opportunities that have been identified.

The total operating cost unit rate of $141.8 /t processed are summarized in Table 1-6. A notional carbon

cost for a diesel equipped mine has been included in the operating cost estimate based on the New

Zealand climate change commission research report recommendations.

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**Table 1-6: LoM Operating Cost Summary ($M and $/t)**

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| | | |
|:---|:---|:---|
| Description | $M | $/t Ore Mined |
| UG Mining – MUG | 488.8 | 110.8 |
| UG Mining – WUG | 264.4 | 65.2 |
| Subtotal Mining  | 753.2 | 89.0 |
|  | $M | $/t Ore Processed |
| Processing | 222.7 | 26.3 |
| G&A Costs  | 191.0 | 22.6 |
| Refining / Freight Costs | 5.6 | 0.7 |
| Other - Carbon Costs and stockpile movements | 28.2 | 3.3 |
| **Total Operating Costs** | **1200.8** | **141.8** |

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**1.12Economic Analysis**

All revenues, costs, prices and economic indices are in United States dollars unless otherwise noted.

Economic analysis is undertaken in real terms, i.e. constant 2024 dollars. No inflation or escalation

included.

The economic analysis covers the operating MUG, the planned WUG, and a mill processing 0.8 Mtpa of

underground ore. MUG and WUG are expected to produce 1.6 million ounces of payable gold over a

15 year mine life at a maximum rate of 253 koz Au per year during full WUG production years with a LoM

all-in sustaining cost (AISC) of $994 /oz.

The underground mines are expected to require sustaining capital of $342 million (including closure and

rehabilitation costs of $72 million) and a non-sustaining (growth) capital spend of $556 million over the

modelled life, for total capital expenditure of $897 million. At a constant $1,750 /oz gold price assumption,

the WNP generates pre-tax and after-tax NPV5.0% values of $259 million and $138 million, respectively.

OceanaGold has also estimated WNPs value using an alternative price assumption (refer to section

22.4.2) of a flat $2,400 /oz gold price over the life of the operation. At these prices and a 5 % discount rate

the project is estimated to produce a pre-tax and after-tax NPV value of $902 million and $621 million

respectively.

A summary of the model results for both the reserve case and the OceanaGold price case is presented in

Table 1-7. The project's NPV is most sensitive to gold grade and price, followed by operating costs and

capital costs.

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Figure 1-6 shows the annual AISC trend over the life of mine. The improvement in AISC is due to the

commencement of WUG and is primarily due to the improvement in grade. Over the WUG production life

(2033-2038) the AISC is $634 /oz.

![figure1-6a.jpg](figure1-6a.jpg)

**Figure 1-6. Annual AISC and Total Cost Curve Profile**

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**Table 1-7: Indicative Economic Results**

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| | | |
|:---|:---|:---|
| Description | Reserve Case <br>Price<br>| Alternative Price |
| **Market Prices** | **Market Prices** | **Market Prices** |
| Gold ($/oz) | 1750 | 2400 |
| Payable Gold (koz) | 1593 | 1593 |
| **Revenue ($000's)** | **Revenue ($000's)** | **Revenue ($000's)** |
| Gross Gold Revenue | 2788394 | 3824083 |
| Silver By-Product Credit (at $20 /oz Ag) | 54598 | 54598 |
| Total Gross Revenue | 2842992 | 3878682 |
| **Direct Operating Costs ($000's)** | **Direct Operating Costs ($000's)** | **Direct Operating Costs ($000's)** |
| Mining | 753223 | 753223 |
| Processing | 222717 | 222717 |
| Site G&A | 191026 | 191026 |
| Selling/Refining | 5584 | 5584 |
| Other - Carbon Costs and stockpile movements | 28232 | 28232 |
| **Total Direct Operating Costs** | **1200783** | **1200783** |
| **Non-Direct Operating Costs ($000's)** | **Non-Direct Operating Costs ($000's)** | **Non-Direct Operating Costs ($000's)** |
| Royalties payable to Government | 58213 | 98343 |
| Other Royalties | 38582 | 52742 |
| **Total Non-Direct Operating Costs** | **96795** | **151085** |
| Operating Cash Flow | 1545414 | 2526815 |
| **Taxes ($000's)** | **Taxes ($000's)** | **Taxes ($000's)** |
| Income Tax | 217309 | 482089 |
| **Capital ($000's)** | **Capital ($000's)** | **Capital ($000's)** |
| Sustaining Capital | 341590 | 341590 |
| Non-Sustaining Capital | 555807 | 555807 |
| **Total Capital** | **897397** | **897397** |
| **Metrics ($000's)** | **Metrics ($000's)** | **Metrics ($000's)** |
| Pre-Tax Free Cash Flow  | 648017 | 1629418 |
| After-Tax Free Cash Flow  | 430709 | 1147329 |
| Pre-Tax NPV at 5%  | 258543 | 902338 |
| After-Tax NPV at 5%  | 137726 | 620707 |
| IRR | 9.2% | 24.0% |

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**1.12.1Sensitivity Analysis**

Additional gold price sensitivity analyses were conducted with NPV5%, and IRR summarized in Table 1-8.

**Table 1-8: Gold Price Sensitivity Analysis**

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| | | |
|:---|:---|:---|
|  | **NI 43-101 Sensitivity to Gold price** | **NI 43-101 Sensitivity to Gold price** |
| | **After tax NPV5% ($M)** | **IRR (%)** |
| Gold $1,100 | -387 | N/A |
| Gold $1,500 | -52 | N/A |
| Gold $1,750 | 138 | 9.2% |
| Gold $2,000 | 326 | 14.8% |
| Gold $2,400 | 621 | 24.0% |

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**1.13Conclusions and Recommendations**

**1.13.1Geology and Mineral Resources**

Resource growth and conversion at Wharekirauponga have achieved outstanding success since the initial

resource was announced at in February 2019. Indicated Resource endowment has grown from 0.41 Mt at

an average Au grade of 18 g/t containing 0.23 Moz of gold to 2.39 Mt at an average Au grade of 17.88 g/t

containing 1.37 Moz of gold. Inferred Resource growth has also replaced conversion over the same

period.

Forward budgeted work programmes continue to allocate resources to both resource conversion and

growth. This includes 5,000 meters of conversion drilling and 3,600 m of growth drilling planned and

budgeted in 2025. A broad development and drilling strategy is planned to extend WUG resources in a

south-westward direction from Drill Site 9, where consented drilling platforms enable testing of 500 m

extension to the EG vein corridor. Infill drilling in the northern and central area of WUG will target the

conversion of 400,000 oz of Inferred Au Resources to Indicated in 2025 and 2026.

In accordance with Wharekirauponga Mining Permit conditions OceanaGold will undertake resource

definition drilling to further delineate the extent of the resource which remains open in several aspects

along strike, in vertical extent, and with potential for identification of additional veins. Exploration will also

be conducted along the decline route to identify opportunity for incidental ore discovery and prevent

sterilisation. Given the potential of WUG, the Company expects to be investing in exploration for a

number of years.

Waihi 3D geological models are supported by diamond core drilling, logging, analytical testing and mine

mapping to reflect controls to mineralization. Geologic domains are used to guide gold grade

interpolation. Exploration drilling has been accompanied by an industry standard QA/QC program

showing good quality analytical results in terms of precision and accuracy. The results of the drilling,

sampling, analytical testing, core logging and geologic interpretation provide good support for an industry

standard resource estimation. Models are updated at least biannually, internally peer reviewed and

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integrated into mine and exploration planning. Models have also been reviewed by independent, external

experts in 2024 in respect of WUG, MUG and MOP and in 2022 in respect of GOP.

Planning is advanced to increase drilling programme capabilities through available regulatory channels

including the government's Fast-track Approvals Bill in which the WNP is a listed project. Grade control

drilling is scheduled ahead of production by means of fanned holes from underground drill stations.

**1.13.2Mining and Reserves**

Longhole stoping and modified Avoca are seen as the appropriate mining methods for the WUG deposit

geometry. The large stope sizes minimize cost and grades are not overly diluted. Mine planning work

considered revenue for Au and a cut-off grade (CoG) of 2.4 g/t Au was used. A detailed 3D mine design

was completed around economically minable areas above cutoff grade.

Tonnage and grades presented in the Reserve include dilution and recovery that are benchmarked to

similar operations. Productivities were generated from a combination of existing MUG benchmarking, first

principles and benchmarking against similar projects where applicable. Equipment used in this study is

standard equipment used worldwide with only standard package/automation features.

The underground access and ventilation system are appropriate for the extraction of the Reserve. A

production schedule was generated using Deswik® software targeting 2,200 tonnes per day.

Planned future work includes:

• Extensional and infill drilling to further optimise capital infrastructure requirements

• Continued geotechnical investigations for WUG including data collection for crown pillar area,

footwall development and EG Vein areas, investigative drillholes for each ventilation shaft and

numerical modelling for both crown and pillar stability

• Material balance analysis for TSF construction methodology and options

• Detailed mine equipment fleet and material handling optioneering

• Staged ventilation modelling and optimisation.

**1.13.3Mineral Processing and Metallurgical Testing**

Metallurgical testwork on WUG mineralization has been used to generate recovery and throughput

estimates for inclusion in the WNP's technical and financial models. To support the testwork program, a

series of geometallurgical matrices were developed in conjunction with the geology team. These

geometallurgical matrices identified the main gold bearing domains and the minimum number of

composites to be targeted for metallurgical testwork.

Testwork results support ongoing use of the existing plant flowsheet with plant expansions to enable

higher throughput rates. Metallurgical testwork also confirmed that the existing P80 targets of 75 µm for

open-pit ores and 53 µm for underground ores will continue to deliver gold recoveries of +90 %.

Infill drilling presents the opportunity to continue test work on core samples to confirm metallurgical

assumptions for any new Reserves that are defined.

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**1.13.4Recovery Methods**

Gold recovery at Waihi is achieved via a conventional process flowsheet. Current plant capacity is 1.25

million tonnes per annum on open-pit ore, and 0.66 million tonnes per annum on underground ore.

Capacity on underground ore needs to increase to 0.8 million tonnes per annum when WUG comes on

stream.

Metallurgical testwork supports ongoing use of the existing flowsheet with minor plant expansions to

enable the higher throughput rates. These expansions will be timed to align with the development of new

orebodies.

**1.13.5Infrastructure**

Detailed design and execution works is planned for the services trench to join existing processing plant to

Willows, the water treatment plant upgrade and bulk earthworks for the Willows area. Geotechnical

investigations will continue to enable portal boxcut and waste rock stack detailed design, and the first

1.5 km of decline to Ventilation Shaft No.1.

Supporting infrastructure is included in the capital estimates, including:

• Supporting surface infrastructure for the new WNP portals

• Building of a new tailings storage facility, TSF3

• The capacity of the water treatment plant (WTP) will be doubled to allow treatment of mine

dewatering from WUG and decant water off TSF3. This aligns with expected dewatering flows

and the newly consented discharge regime (Regime E).

A geotechnical borehole investigation will be conducted around the ridges to the east of the proposed

TSF3 and borrow pits to identify suitable materials for construction of the embankment and extent of

earthworks required. Additional infrastructure design works includes:

• Undertake drilling with man portable drill rig that does not require vegetation clearance to identify

near surface conditions favourable for construction of the ventilation shafts within the Coromandel

Forest Park

• Confirming the methodology for construction of ventilation shafts with specialist contractors

• Confirming the suitability of the proposed plant upgrade as metallurgical testwork and mine

schedule plans are updated

• Completion of detailed design for the 33 kV buried powerline upgrade from Waikino and the

Processing Plant and Willows substations.

**1.13.6Economic Analysis**

The current metal price environment is attractive. If the gold price remains above the $1,750 /oz

assumption for a long period, at a 5 % discounted rate there is the potential for WUG and MUG Reserves

and Resources estimates to be updated via an economic model applying a higher gold price assumption.

At $1,750 /oz the after tax NPV5% is $138 M. At $2,400 /oz the after tax NPV5% is $621 M.

Over the WUG production period (2033 to 2038) AISC is $634 /oz providing a robust economic outlook for

the project.

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**2INTRODUCTION**

**2.1Terms of Reference**

This report provides Mineral Resource and Mineral Reserve Estimates, and a classification of Mineral

Resources and Reserves prepared in accordance with the Canadian Institute of Mining, Metallurgy and

Petroleum Standards on Mineral Resources and Reserves: Definitions and Guidelines 10 May 2014 (CIM,

2014). References in this report to "OceanaGold" include OceanaGold Corporation, Oceana Gold (New

Zealand) Limited, Waihi Gold Company Limited and their subsidiaries and associates, as the context

requires. This report has been prepared to satisfy OceanaGold obligations as a reporting issuer in

Canada.

**2.2Qualified Persons**

The Qualified Persons (QP) for the report are OceanaGold employees engaged for the preparation of this

Technical Report, as listed in Table 2-1.

**Table 2-1: Qualified Persons Responsible for Preparing this Technical Report**

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| | | | |
|:---|:---|:---|:---|
| QPs | Employer | Position | Technical Report Item(s) <br>Contributed<br>|
| David Townsend (not Independent)<br>Assoc. De.g (Surveying), GDip. (Mining), <br>MAusIMM CP (Min),<br>| OceanaGold | Mining Manager | Sections: 1.6 - 1.7, 1.13, <br>15.1, 15.3, 16.1 - 16.2, <br>16.4, 25.4, and 26<br>|
| Leroy Crawford-Flett (not Independent)<br>BCA/BSc. (Management/Geology), MPM, <br>MAusIMM CP (Geo)<br>| OceanaGold | Exploration and <br>Geology Manager<br>| Sections: 1.1 - 1.3, 1.5, <br>1.13, 2 – 4, 6 – 12, 14, <br>23 -24, 25.1 - 25.3, and <br>26<br>|
| Kirsty Hollis (not Independent)<br>BEng (Mineral Processing), FAusIMM CP <br>(Met)<br>| OceanaGold | Principal <br>Metallurgist<br>| Sections: 1.4, 1.8, 1.13, <br>2, 13, 17, 18.4, 18.5, <br>25.5, 25.6, and 26<br>|
| Euan Leslie (not Independent)<br>BEng. Mining (Hons), BCom. Economics, <br>MAusIMM CP (Min), <br>| OceanaGold | Group Mining <br>Engineer<br>| Sections: 1.6 - 1.7, 1.13, <br>2 - 3, 15.2 - 15.3, 16.3 - <br>16.4, 25.4, and 26<br>|
| Trevor Maton (not Independent)<br>ARSM, BSc. (Eng) Mining (Hons), MSc. <br>Economics, MAusIMM CP (Min), <br>| OceanaGold | Study Manager | Sections: 1.9 – 1.13, 2 - <br>3, 5, 18 – 22, 24, 25.6 - <br>25.8 and 26<br>|

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**2.3Details of Inspections**

All the QPs are based permanently on-site in Waihi.

**2.4Information Sources and References**

This report is based in part on internal and external technical reports, previous studies, maps, published

government reports, company letters and memoranda, and public information as cited throughout this

report and listed in the References Section 27.

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**2.5Effective Dates**

The effective date of this Technical Report is 30 June 2024.

**2.6Units of Measure**

The metric system has been used throughout this report except for contained metal which is expressed in

troy ounces. Tonnes are metric of 1,000 kg, or 2,204.6 lb. All currency is in United States dollars ($)

unless otherwise stated.

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**3RELIANCE ON OTHER EXPERTS**

The Authors used their experience to determine if the information from previous reports was suitable for

inclusion in this technical report and adjusted information that required amending. This report includes

technical information, which required subsequent calculations to derive subtotals, totals, and weighted

averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin

of error. Where these occur, the Authors do not consider them to be material.

The Authors have relied upon memos from:

• Alison Paul, Senior Vice President Legal and Public Affairs, OceanaGold, issued on 29 November

2024, for information regarding the legal, political, social and tax matters, permitting process,

surface land ownership/agreements, as well as the mineral titles for the Waihi District

• Mark Burroughs, Superintendent Environment, OceanaGold, issued on 21 November 2024, for

information on the Favona Mining Permit and the Wharekirauponga Resource Consent, including

environmental impacts and controls covering biodiversity, landscape and visual, transport,

amenity, air quality, rehabilitation, closure and bonds.

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**4PROPERTY DESCRIPTION AND LOCATION**

**4.1Property Location**

The Waihi Operation is located within the small township of Waihi, 142 km southeast of Auckland, in the

North Island of New Zealand (Figure 4-1). The geographic centre of the mine is at 37° 22' 49" S latitude

and 175° 54' 08" E longitude. Waihi is located at the foot of the Coromandel Peninsula and is accessed by

the State Highway 2 dual carriageway. Martha Underground (MUG), Martha Open Pit (MOP) and

Gladstone Open Pit (GOP) Resources are within the Waihi town and within Mining Permit MP 41808

(Figure 4-2). The Wharekirauponga Underground (WUG) is located approximately 10 km north of Waihi

within Mining Permit MP 60541 (Figure 4-2).

![figure4-1a.jpg](figure4-1a.jpg)

**Figure 4-1: Map Showing the Location of the Waihi Operation**

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![figure4-2a.jpg](figure4-2a.jpg)

<sup>Source: OceanaGold GIS database, LINZ online GIS data service and New Zealand Petroleum and</sup>

<sup>Minerals Data Service</sup>

**Figure 4-2: Location of the Waihi Operations and WUG Area,** 

**Declines and Tunnels, Willows Facilities, and Mining Permits** 

**4.2Property Ownership and Access Arrangements**

**4.2.1Martha Open Pit (MOP), Martha Underground (MUG) and Gladstone Open Pit (GOP)**

The Waihi Operation is owned and administered by Oceana Gold (New Zealand) Limited and Waihi Gold

Company Limited, which are wholly owned subsidiaries of OceanaGold Corporation (OceanaGold).

References in this document to OceanaGold refer to the parent company together with its subsidiaries.

The locations of MUG, MOP and GOP are illustrated in Figure 4-3.

All gold mining activities in Waihi including the current underground mining operation, the processing

plant, tailings facility and the inactive MOP are within the existing MP 41808. The land on which these

activities take place is owned by various stakeholders including OceanaGold. In accordance with the

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requirements of the CMA, where mining activities involve surface disturbance on land not owned by

OceanaGold an access arrangement with the landowner is required.

The MUG Project underlies land owned by various proprietors including the Crown (administered by Land

Information New Zealand (LINZ)), DOC, the HDC and various private landowners. The portal to MUG is

on land owned by OceanaGold which is accessed adjacent to the processing plant and water treatment

plant.

![figure4-3a.jpg](figure4-3a.jpg)

<sup>Source: OceanaGold GIS database and LINZ online GIS database</sup>

**Figure 4-3: Location of the Projects within the Favona Mining Permit (NZTM grid)**

Majority of the land covering MOP is owned by the Crown and administered by LINZ. There are two

parcels adjacent to the MOP that are administered for the Crown by DOC. OceanaGold has entered into

an access arrangement with LINZ and a separate access arrangement with DOC providing for ongoing

formal entry on the various publicly owned land parcels for CMA purposes.

Land within the mining permit that hosts the conveyor belt corridor, the water treatment plant (and an

associated pipeline for the discharge of the treated water into the Ohinemuri River), the process plant and

the tailings storage facilities, is all owned by OceanaGold except for one parcel where the conveyor belt

corridor runs through land adjoining the Union Hill area, which is in the name of the Commissioner of

Crown Lands administered by LINZ, and portions of public roads, road reserve and river reserve.

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OceanaGold has entered into an access arrangement with LINZ providing for ongoing formal entry on the

conveyor belt corridor for CMA purposes. GOP and MOP occur on land owned by OceanaGold and

government agencies. Additional access arrangements will be required for the Martha Open Pit Phase 5

(MOP5).

The MUG Project requires mining beneath privately owned land, for which no access arrangements are

required but resource consents remain a requirement. Resource consents currently in place set out a

process (including arbitration) for addressing certain impacts on owners of land above stopes and

development drives. For MUG, public road access is provided to the OceanaGold underground amenities

and processing plant site via Baxter Road and to the open pit mine by Seddon Street.

**4.2.2WUG and WNP**

WUG is located within Mining Permit (MP 60541), on land owned by the Crown and administered by DOC

as a conservation/forest park. An access arrangement between DOC and OceanaGold has been made to

allow for exploration activities (including surface drilling) to take place within MP 60541. Known

environmental liabilities are managed through stipulated conditions in the DOC access arrangement and

Regional and District Council Consents including conditions that protect the conservation (biodiversity,

heritage and amenity) values of the land.

An area of council-owned unformed road reserve, located within the forest park, is subject to an existing

access arrangement authorising surface exploration activities, field studies and the location of ventilation

stacks (subject to conditions).

Portal access to WUG together with other associated surface infrastructure, including the services trench

and the proposed Processing Plant to Willows access tunnel are located on land variously owned by

OceanaGold, private landowners and various government agencies. Identified requirements for third party

surface access rights are confined to government agencies and are expected to take the form of access

arrangements, licences and/or easements already in place or for which processes are planned or

underway.

The Waihi North Project (WNP) includes WUG, access tunnels from a box cut portal at Willows to WUG,

Processing Plant to Willows access tunnel, surface facilities and infrastructure at Willows, high voltage

(HV) power upgrade, processing and water treatment plant upgrades, Martha Open Pit Stage 4 (MOP4)

infrastructure upgrade and new tailings storage facility (TSF3).

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**5ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL** 

**RESOURCES, AND INFRASTRUCTURE**

**5.1Accessibility**

The Waihi property is easily accessible on paved roads and highways from State Highway 2 to the mine

entrance on Baxter Road, located 1 km south of Waihi, New Zealand. The major international airport at

Auckland, is a 90-minute drive from the mine.

**5.2Climate and Physiography**

The climate is temperate. Mean temperatures range from 8 °C in the South Island to 16 °C in the North

Island. January and February are the warmest months, July the coldest. New Zealand does not have a

large temperature range, but the weather can change rapidly and unexpectedly. Winds in New Zealand

are predominantly from the West and South-West, in winter, when the climate is dominated by regular

depressions. In summer, winds are more variable with a northerly predominance associated with the

regular large anti cyclones which cover all the country.

**5.3Local Resources and Infrastructure**

Local resources (labour force, manufacturing, supplies, housing, utilities, emergency services, etc.) and

infrastructure are in place and are widely utilized at Waihi. Numerous small communities exist around the

Waihi operations with populations ranging from 700 to 10,000 people. Power is available in the area via

an existing 33 kV transmission grid. Surrounding nearby land use is dominantly for agriculture,

horticulture, and timber.

**5.4Physiography**

The Waihi township is at the foot of the Coromandel Peninsula, to the west are the hills of the Kaimai

Ranges. In the Waihi region:

• Earthquakes are common, though usually not severe, averaging 3,000 per year. Mostly less than

three on the Richter scale

• Volcanic activity is most common on the central North Island Volcanic Plateau approximately

200 km to 300 km from Waihi

• Tsunamis would not have any direct impact on Waihi

• Droughts are not regular and occur less frequently over much of the North Island between

January and April

• Flooding is the most regular natural hazard.

**5.5Mining Area Infrastructure**

There are large industrial centres near the mine. Equipment and sources of logistical and professional

expertise can be obtained from the major cities of Hamilton, Tauranga, and Auckland which are within

two-hour travel of the mine. Multiple contractors provide skilled workers for the operation. There is

adequate labour for operations.

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**6HISTORY**

**6.1Waihi**

The town of Waihi became established when the original Martha Mine opened as an underground

operation in 1879. The mine was productive, producing approximately 1,056 tonnes of gold-silver bullion

from about 12 million tonnes of ore by 1952. The historic mine extracted five main sub-parallel lodes

together with numerous branch and cross lodes. Early stoping employed the cut and fill method, but this

was phased out and largely replaced after 1914 by the shrink stoping method. Stopes were generally not

backfilled after 1914 but left open. The workings reached a total depth of 600 m from surface on 16 levels.

Seven main shafts were used to access miners and supplies underground, and numerous other shafts

were developed for ventilation and exploration. In 1894, the Waihi Gold Mining Company adopted the

cyanide process for gold extraction, which was first trialled in the world at a nearby mine in Karangahake.

Exploration drilling between 1979 and 1984 by Waihi Mining and Development Ltd. and AMAX Exploration

Ltd. identified large open pit mineralization within the confines of the historic mining area. Following the

granting of permits, MOP began operation in 1988 as an unincorporated joint venture between

subsidiaries of Normandy Mining Limited Group and Otter Gold Mines Ltd. The Otter Gold holding was

acquired by Normandy in 2002 and the Newmont Mining Corporation acquired full ownership of the Waihi

operations in 2002 through the acquisition of the Normandy Mining Group.

MOP produced 22 Mt for 2.2 Moz. Au when a localized failure of the north wall undercut the main access

ramp suspending open pit mining operations.

MP 41808 was granted in March 2004 for a duration of 25 years to mine the Favona vein system.

Underground mining resumed at Waihi in 2004 with the development of the Favona mine located

approximately 2 km east of MOP. Mining of the Favona vein system led to further extensions of

underground development towards the nearby Moonlight, Trio and Correnso deposits. The Mining

License, ML 322388 expired in July 2017 and was amalgamated into the existing Favona MP 41808.

OceanaGold obtained full ownership of the Waihi property in October 2015. Resource consent for

underground mining of the remnant mineralization around the Martha vein system and the MOP4 was

granted on the 12 December 2018. Table 6-1 summarizes the annual production from Waihi since 1988.

Wharekirauponga

Early prospecting and mining at Wharekirauponga were attempted between 1893-1897, but only 19 oz of

gold bullion was recovered from a 14-ton test parcel and mining was soon abandoned. Modern

prospecting and exploration recommenced between 1978 and 1993 by Amoco, BP and others which

included 5,500 m of drilling in 23 drill holes. Newmont acquired a controlling interest in the property in

2005 and started a reconnaissance geological mapping, sampling, CSAMT geophysics and drilling

campaigns targeting high-grade underground minable veins.

In 2010, drilling intersected the main T-Stream Vein containing 156 m at 1.6 g/t Au. Wide spaced follow up

drilling confirmed the presence of three prospective vein zones each striking more than one km in length,

namely the Western Vein, the T-Stream Vein and the EG Vein. Newmont completed 7 km of diamond

drilling in 15 holes intersecting locally high-grade gold mineralization in each hole. Newmont ceased

exploration in 2013 and the prospect remained idle until 2015 when OceanaGold acquired Newmont's

New Zealand assets. Exploration then continued in 2017 in the form of diamond drilling along the EG

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target where quartz veining and Au mineralization were intersected along the EG trend. Since the initial

discovery, 97 diamond drill holes have been drilled into the EG vein system from which a geological

model has been produced and a resource estimate calculated.

**6.2Previous Studies and Resource Estimates**

Resource estimates and exploration results have previously been publicly reported for MUG, MOP, WUG

and GOP. These reports are available through the OceanaGold company website.

**6.3Historical Data**

It is estimated that the historical Martha Underground produced approximately 5.0 Moz gold between

1879 and 1952. The underground workings extended over 15 vertical levels, 600 m deep and 1.6 km

along strike. The Martha vein system was subsequently mined from an open pit, between 1988 and 2015

which produced approximately 2 Moz of gold.

Underground mine production recommenced in 2006 at the Favona vein system situated approximately

two km southeast of the Martha deposit followed by the Union-Trio-Amaranth vein system and Correnso

Vein System. Mining produced 470 koz of gold from the Favona deposit between 2006 and 2013, 230 koz

of gold from the Trio deposit between 2013 and 2015 and 583 koz from the Correnso deposit between

2015 and 2023. Mine production from Waihi since 1988 is presented in Table 6-1.

Large scale mechanized underground mining has continued uninterrupted since 2008. Current mining is

focused on MUG. No significant gold production is recorded from WUG, apart from 19 oz Au recovered

from a 14-ton test parcel in the late 1890's.

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**Table 6-1: Mine Production Since 1988 - 2023**

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| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Martha Open Pit | Martha Open Pit | Martha Open Pit | Martha Open Pit | Favona | Favona | Favona | Favona | Trio | Trio | Trio | Trio | Correnso | Correnso | Correnso | Correnso | MUG | MUG | MUG | MUG |
|  |  |  | Mined | Recovered |  |  | Mined | Recovered |  |  | Mined | Recovered |  |  | Mined | Recovered |  |  | Mined | Recovered |
| Year End | Tonnes | Au<br>(g/t)<br>| Au<br>(koz)<br>| Au<br>(koz)<br>| Tonnes | Au<br>(g/t)<br>| Au<br>(koz)<br>| Au<br>(koz)<br>| Tonnes | Au<br>(g/t)<br>| Au<br>(koz)<br>| Au<br>(koz)<br>| Tonnes | Au<br>(g/t)<br>| Au<br>(koz)<br>| Au<br>(koz)<br>| Tonnes | Au<br>(g/t)<br>| Au<br>(koz)<br>| Au<br>(koz)<br>|
| 30/06/1988 | 68179 | 2.4 | 5.3 | 3.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1989 | 775240 | 2.8 | 69.8 | 63.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1990 | 879294 | 3.1 | 87.6 | 78.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1991 | 858173 | 3.4 | 93.8 | 84.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1992 | 834472 | 3.1 | 83.2 | 74.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1993 | 817003 | 3.2 | 84.1 | 75.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1994 | 800203 | 3.3 | 84.9 | 77.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1995 | 880580 | 2.5 | 70.8 | 66.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1996 | 892859 | 2.9 | 83.3 | 79.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1997 | 915135 | 3.0 | 88.3 | 82.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1998 | 917346 | 3.1 | 91.4 | 85.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/1999 | 907790 | 3.6 | 105.1 | 95.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/2000 | 1030062 | 3.3 | 109.3 | 102.0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/2001 | 1202938 | 2.7 | 104.4 | 95.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 30/06/2002 | 1343925 | 3.3 | 142.6 | 129.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2002 | 638210 | 3.5 | 71.6 | 64.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2003 | 1231521 | 3.1 | 120.8 | 109.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2004 | 1274790 | 3.4 | 141.0 | 127.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2005 | 1158385 | 4.8 | 180.2 | 167.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2006 | 794231 | 4.0 | 102.9 | 97.0 | 135304 | 7.9 | 34.2 | 30.0 |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2007 | 273414 | 1.7 | 15.2 | 13.3 | 225276 | 11.1 | 80.1 | 72.2 |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2008 | 536360 | 1.9 | 32.6 | 29.7 | 330619 | 11.1 | 118.0 | 101.5 |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2009 | 951481 | 2.0 | 62.4 | 57.7 | 333103 | 8.2 | 87.8 | 79.4 |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2010 | 564031 | 2.4 | 44.1 | 39.7 | 367577 | 6.2 | 73.8 | 66.1 |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2011 | 691763 | 2.5 | 54.5 | 48.9 | 304609 | 6.0 | 58.4 | 51.6 |  |  |  |  |  |  |  |  |  |  |  |  |
| 31/12/2012 | 15972 | 4.8 | 2.5 | 2.2 | 51580 | 5.6 | 9.3 | 8.6 | 340391 | 5.4 | 59.1 | 54.6 |  |  |  |  |  |  |  |  |
| 31/12/2013 | 165569 | 2.8 | 14.8 | 12.8 | 52200 | 4.3 | 7.2 | 6.5 | 463854 | 6.4 | 95.7 | 88.0 |  |  |  |  |  |  |  |  |
| 31/12/2014 | 684473 | 3.1 | 68.0 | 61.7 | 6820 | 7.4 | 1.7 | 1.6 | 301694 | 7.7 | 75.1 | 69.1 | 7912 | 2.8 | 0.7 | 0.6 |  |  |  |  |
| 31/12/2015 | 234935 | 3.3 | 25.2 | 24.3 |  |  |  |  |  |  |  |  | 474036 | 8.8 | 133.7 | 119.5 |  |  |  |  |
| 31/12/2016 |  |  |  |  |  |  |  |  |  |  |  |  | 489300 | 8.1 | 126.1 | 116.0 |  |  |  |  |
| 31/12/2017 |  |  |  |  |  |  |  |  |  |  |  |  | 472450 | 8.6 | 130.4 | 119.1 |  |  |  |  |
| 31/12/2018 |  |  |  |  |  |  |  |  |  |  |  |  | 433593 | 6.77 | 94.4 | 83.5 |  |  |  |  |
| 31/12/2019 |  |  |  |  |  |  |  |  |  |  |  |  | 433389 | 5.6 | 78.0 | 68.1 |  |  |  |  |
| 31/12/2020 |  |  |  |  |  |  |  |  |  |  |  |  | 100880 | 6.09 | 19.7 | 17.6 | 36527 | 2.1 | 2.5 | 2.2 |
| 31/12/2021 |  |  |  |  |  |  |  |  |  |  |  |  | 43492 | 4.97 | 6.9 | 6.3 | 243936 | 2.94 | 23.1 | 21.1 |
| 31/12/2022 |  |  |  |  |  |  |  |  |  |  |  |  | 2586 | 3.55 | 0.3 | 0.3 | 355624 | 3.66 | 41.9 | 39.0 |
| 31/12/2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 472642 | 3.48 | 52.9 | 48.9 |
| Total | 22338334 | 3.1 | 2240 | 2050.9 | 1807088 | 8.1 | 470.48 | 417.4 | 1105939 | 6.49 | 229.9 | 211.7 | 2455052 | 7.39 | 583.1 | 524.4 | 1108729 | 3.38 | 120.3 | 111.2 |

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**7GEOLOGICAL SETTING AND MINERALIZATION**

**7.1Regional Geology**

Both the Waihi operations and WUG are located within the Coromandel Peninsula which hosts over fifty

gold and silver deposits that make up the Hauraki Goldfield. The peninsula is built up of Miocene to

Quaternary volcanic rocks, the Coromandel Volcanic Zone (CVZ) overlying a Mesozoic basement. It is

bound to the west by the Hauraki Rift, a large graben filled with Quaternary and Tertiary sediments, and to

the south by volcanics deposited by the presently active Taupo Volcanic Zone (TVZ).

A schematic geological map of the Coromandel Peninsula is illustrated in Figure 7-1. Jurassic greywacke

basement and intruded granitic stocks and dykes of the Mania Hill Group are exposed in the northern part

of Coromandel, becoming progressively down faulted to the south and covered by younger volcanics.

Coromandel geology is dominated by the CVZ, Miocene to Pliocene aged volcanics formed during three

main phases of volcanism (Christie et al. 2007). The first phase constitutes the widespread andesites and

dacites of the Coromandel group (18 to 3 Ma). The second phase encompasses the predominantly

rhyolitic units of the Whitianga Group (9.1 to 6 Ma) and the third phase is dominated by Strombolian

volcanoes and dykes of the Mercury Bay Basalts (6.0 to 4.2 Ma) (Skinner 1986). Epithermal veins and

hydrothermal alteration are observed within the Mania Hill Group, the Coromandel Group and Whitianga

Groups.

Coromandel Group can be subdivided into the Kuaotunu Subgroup andesites and dacites, occurring in

the northern region of the goldfield (18 to 11 Ma), the Waiwawa Subgroup andesites, dacites and

rhyodacites in the southern and eastern parts of the goldfield (10 to 5.6 Ma), as well as the Omahine (8.1

to 6.6 Ma) and Kaimai (5.6 to 3.8 Ma) andesite and dacite Subgroups in the southern parts of the

goldfield.

Mineralized sequences are overlain in places by post-mineral andesitic to dacitic flows of the Kaimai

Subgroup, rhyolitic ignimbrites of the Ohinemuri Subgroup and more recent, Pleistocene age sediments

and ash units. Although these post-mineral units do not blanket the mineralized units, they can be

extensive and reach hundreds of meters in thickness.

The CVZ hosts low- to medium-sulphidation epithermal Au-Ag and minor Cu porphyry deposits along its

length (Christie et al. 2007). The porphyry Cu-Mo-Au deposits are associated with diorite-granodiorite

composition intrusions and volcanic rocks and dated between 18.1 and 16.4 Ma. Epithermal deposits in

the CVZ appear younger in age and formed between 14 and 5 Ma.

The Au-Ag deposits of the Waihi District and Wharekirauponga are classical low-sulphidation, epithermal

quartz vein systems associated with north to northeast trending faults. The main ore minerals are

electrum and silver sulphides developed within quartz veins. Other minerals present within the veins

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include ubiquitous pyrite and more localized adularia, calcite, illite, smectite, sphalerite, galena,

chalcopyrite and rhodochrosite. Base metal sulphide content is low but generally increases with depth.

![figure7-1c.jpg](figure7-1c.jpg)

**Figure 7-1: Regional Geological Map of the Coromandel Peninsula (NZTM grid)**

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**7.2Waihi Geology**

The Waihi vein system is hosted within andesitic flows, intrusives and volcaniclastic units of late Miocene

age (7.36 to 6.76 Ma) Waipupu Formation. The Waipupu Formation in Waihi can be subdivided into an

upper quartz-phenocryst poor unit and a lower quartz-phenocryst rich unit which dip shallowly towards the

SE. Some of the veining and gold mineralization in Waihi appears to be better developed within the lower

quartz-rich andesite flows, with the exception of the Favona, Moonlight and Gladstone vein systems

which are solely hosted within the upper andesite unit. Much of the mineralized andesites in Waihi are

overlain by post-mineral rocks including dacite flows of the Uretara Formation (5.23 Ma), Pleistocene

ignimbrites and recent ash deposits. Where veining is exposed close to the surface, the quartz-adularia

altered andesite appears to have formed resistant paleo-topo 'highs' that project through the post-mineral

cover sequences.

A generalized map of the surface geology of Waihi and the location of veining at depth is illustrated in

Figure 7-2. All known Au and Ag mineralization in Waihi is confined to veining or vein fragment within

hydrothermal eruption breccia. The major mineralized veins are typically coincident with dip-slip, normal

faults believed to have formed in an extensional setting related to early, back-arc rifting of the TVZ dated

at ca 6.1 Ma (Mauk et al 2011). Some of the main mineralized veins within the Waihi area include the

Martha Vein System (which incorporates the Martha, Empire, Welcome, Royal, Edward, Rex and Albert

veins among many others) in the NW and the Correnso, Daybreak, Union, Trio, Amaranth, Favona,

Moonlight and GOP veins progressively southeast (Figure 7-2).

![figure7-2c.jpg](figure7-2c.jpg)

<sup>Modified from 1:50 000 scale IGNS Waihi Geological map using OceanaGold drilling data, mapping data and internal reports (as of Feb 2021).</sup>

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**Figure 7-2: Geological Map and Section Across the Waihi Area**

**7.2.1Martha Vein System**

The Martha Vein System is the largest and most documented of the vein networks in Waihi. The veins are

numerous and form a large network that extends for more than 1600 m along strike and 600 m below the

surface. The vein network although complex in detail, simply comprises the dominant southeast-dipping

Martha vein and several northwest-dipping hanging wall splays including the Empire, Welcome, Royal

and Rex veins. The Martha vein is the largest vein structure reaching up to 30 m in thickness in places

but averages 6-15 m wide. Increased vein widths are closely associated with the steepening of vein dips

from an average of 65 to 70° to approximately 85° to the southeast. Steeper portions of the vein tend to

contain higher concentrations of Au and Ag. The vein itself comprises mainly intact brecciated quartz vein

material evidence for vein emplacement during the late stages of dip-slip faulting. The quartz is

characterized by multiphase brecciation, and banding (colloform and crustiform) and quartz textures are

highly variable from a fine, microcrystalline, and chalcedonic character to more coarsely crystalline

particularly at depth. Apart from the main Martha vein, the hanging wall splay veins are also significant

mineralized structures reaching 18 m width. The hanging wall splays closest to Martha link up with the

Martha vein at depth often forming a higher-grade lode at the intersection. The hanging wall splays further

away from Martha either thin out at depth or are not drilled deep enough to make out their relationship

with Martha at depth. Additional, smaller-scale splay veins are present linking the larger vein structures

and form a valuable contribution to the mineralization particularly in MOP. These splays typically comprise

smaller veins between 5 and 50 cm in width infilling extensional structures with no fault displacement,

dipping moderately towards the northwest. Two steeply dipping, NNE-trending and well mineralized vein

structures and form an important part of the overall Martha vein network.

The andesitic host rocks within proximity to veining have often undergone pervasive hydrothermal

alteration, sometimes with complete replacement of the primary mineralogy. Characteristic alteration

assemblages of the host rocks are dominated by argillic alteration closest to veining and propylitic

alteration extending over tens of metres laterally from major veins. The degree of alteration within the

Waihi District is variable and often dependent on the host rock lithology and the nearby veining. On rare

occasions, some host rocks at or near the contact of large veins appears only weakly altered, for example

the "hard bars" identified during the early historical mining of the Martha vein. Volcaniclastic units tend to

have increased clay alteration compared to the flow units.

Gold occurs mostly as small inclusions of electrum (averaging 38 % silver) occurring as both free grains

in the quartz and as inclusions in sulphides such as pyrite, galena, sphalerite and less commonly

chalcopyrite. Free gold is rarely observed. Acanthite associated with pyrite and galena is the main silver

mineral. Martha ore has silver to gold ratios of > 10:1, The Favona and Trio ores had silver to gold ratios

of ~ 4:1, and Correnso ore had a silver to gold ratio of less than 2:1.

The base metal sulphide content is low but is observed to increase in concentration with depth within all

the Waihi veins. Sphalerite and galena are the most abundant base metal sulphides while chalcopyrite is

less common and pyrrhotite is rare. Correnso ore has higher base metal content than other Waihi veins.

Oxidation extends down the vein margins to over 250 m below surface however, the andesite host rocks

can appear only weakly weathered at or near the surface.

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Much of the Martha Vein System has been mined from underground historically between 1883 and 1952.

However, significant mineralized veined material remains intact adjacent to the historical workings that

was not recoverable historically.

**7.2.2Gladstone Vein System**

The Gladstone deposit is part of the greater Waihi epithermal vein system located approximately 2 km to

the east of MOP. It is situated along the southern strike extent of the Favona and Moonlight deposits.

Veining at GOP occurs within the upper 250 m below the surface, hosted within the upper andesite unit

(devoid of quartz phenocrysts) (Figure 7-3). The mineralization is characterized by shallow-level,

hydrothermal breccias and associated banded quartz veins interpreted to represent the top of the

epithermal system. The uppermost mineralized quartz veins flare up into hydrothermal explosion

breccias. The Gladstone veins are predominantly steeply dipping veins developed within the hanging wall

of the Favona Fault that dips moderately towards the southeast. Gladstone veining trends ENE to NNE

between 010° and 070° and dips steeply towards the southeast.

![figure7-3c.jpg](figure7-3c.jpg)

**Figure 7-3: Geological Cross Section Through the Gladstone Vein System. The Location of this** 

**Section Line is Shown as B-B1 in Plan View in Figure 7-2**

**7.3Wharekirauponga**

Low-sulphidation epithermal quartz veins at Wharekirauponga are hosted in Whitianga Group rhyolites,

typically rhyolite flow domes to sub-volcanic intrusions within polymict lapilli tuffs. The geology observed in

outcrop mapping and diamond drilling indicates the rhyolitic host rocks are partially overlain by strongly

magnetic, fresh, andesitic flows, rhyolitic tuffs and recent ash deposits (Figure 7-4). Deep drilling to the

west suggests the rhyolites are underlain by Coromandel Group andesites.

Gold mineralization occurs in association with quartz veining developed along two types of structurally

controlled vein arrays. The principal veins, namely the EG, T-Stream and Western Veins occupy laterally

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continuous, NE trending (025-47°), moderately dipping (60-65°) fault structures reaching up to 10 m in

width. More subsidiary, extensional veins (1-100 cm wide) are developed between or adjacent to the

principal fault hosted veins. These veins often form significant arrays that are moderate to steeply dipping

with a more northerly to NNE strike and appear to lack lateral and vertical continuity compared to the

principal veins.

The rhyolites have undergone pervasive hydrothermal alteration, often with complete replacement of

primary mineralogy by quartz and adularia with minor illite and/or smectite clay alteration. Figure 7-4

illustrates in plan the dominant veins at the Wharekirauponga deposit.

The EG Vein is the largest and most continuous mineralized structure drilled at Wharekirauponga to date.

The vein strikes approximately NE (020°) for over ~1000 m although the extent of veining to the north and

south remains open due to limited drill data.

Within the footwall of the EG Vein are a series of veins referred to as the East Graben footwall veins.

These veins show unique characteristics to other Wharekirauponga veins in that they appear more as

sulphide-rich (pyrite-marcasite) vein breccias with slightly elevated As, Hg and Sb. The brecciated nature

of these veins indicate they may be more fault controlled than extensional.

There are a series of sheeted hanging wall veins along the EG structure containing significant Au grade in

places. These veins appear to have a more northerly strike with sub-vertical dips. These veins outcrop at

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surface and were the focus of minor historical workings (pre-1950's) and early diamond drilling in the

1980's.

![figure7-4c.jpg](figure7-4c.jpg)

<sup>Modified from previous geological interpretation maps using mapping data, and internal OceanaGold reports (as at June 2024).</sup>

**Figure 7-4: a) Geological Map Across the Wharekirauponga Vein Systems and b) A Cross Section** 

**Facing NNE Showing the Architecture of Veining at Depth. Majority of the Au Mineralization** 

**Occurs Along the EG Vein at the Intersection with the EG HW Veins**

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**8DEPOSIT TYPES**

All the gold deposits outlined by OceanaGold to date in this report are considered to be typical of

epithermal vein gold-silver deposits. The Waihi and Wharekirauponga deposits display the following

features that are typical of epithermal gold deposits elsewhere in the world:

• Gold-silver mineralization is predominantly confined to localized bands within multiphase quartz

veins

• Host lithologies for veins are volcanic units of andesitic and/or rhyolitic composition

• Sphalerite, galena, and chalcopyrite commonly occur with gold-silver Mineralization within the

MUG deposit. This base metal content increases at depth

• Host rock volcanics have undergone pervasive hydrothermal alteration, often with complete

replacement of primary mineralogy. Characteristic alteration minerals include quartz, adularia,

albite, carbonate, pyrite, illite, chlorite, interlayered illite-smectite and chlorite-smectite clays

extending over tens of metres laterally from major veins

• Mineralization is structurally controlled.

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**9EXPLORATION**

Exploration work completed since the 1970's in the Waihi District has been extensive and includes

geological mapping, geochemical sampling, airborne, ground and down-hole geophysical surveys,

surface and underground drilling, engineering studies and mine development.

**9.1Pre-OceanaGold**

Exploration drilling in Waihi between 1979 and 1984 by Waihi Mining and Development Ltd. and AMAX

Exploration Ltd. identified large open pit mineralization within the confines of the historic Martha mining

area. Following the granting of permits, the MOP operation commenced operation in 1988 as an

unincorporated joint venture between subsidiaries of Normandy Mining Limited Group and Otter Gold

Mines Ltd. The Otter Gold holding was acquired by Normandy in 2002 and the Newmont Mining

Corporation acquired full ownership of the Waihi operations in 2002 through the acquisition of the

Normandy Mining Group.

Early prospecting and mining took place at Wharekirauponga between 1893 and 1897, but only 19 oz of

gold bullion was recovered from a 14-ton test parcel and mining was soon abandoned. Modern

prospecting and exploration recommenced from 1978 to 1993 by Amoco, BP and others which included

5,500 m of drilling in 23 drill holes. Newmont acquired a controlling interest in the exploration permit in

2005 and started an exploration campaign that included reconnaissance geological mapping, rock, soil

and stream sediment sampling, geophysics including CSAMT, ground gravity and airborne EM, followed

by diamond drilling of targets with the potential to deliver a high-grade, underground minable gold deposit.

In 2010, drilling intersected a broad zone of anomalous gold in the vicinity of the T-Stream, including

156 m at 1.6 g/t Au. Wide spaced follow up drilling confirmed the presence of three prospective vein

zones each potentially striking more than 1 km in length, namely the Western Vein, the T-Stream Vein and

the EG Vein. Newmont completed 7 km of diamond drilling in 15 holes intersecting locally high-grade gold

Mineralization in each hole. Newmont ceased exploration in 2013.

**9.2OceanaGold**

Since 2015, OceanaGold has continued exploration activity within the Waihi and Wharekirauponga areas.

Work has included geological mapping and rock sampling for spectral and geochemical analysis, soil

surveys, structural analysis and ground resistivity in the form of CSAMT and magnetics. OceanaGold has

drilled 272 km of diamond core in Waihi (permit MP 41808) and 57 km at Wharekirauponga (permit MP

60541) since it acquired the operations and tenements from Newmont in 2015. Resource conversion

drilling is continuing with further drilling planned for Waihi and Wharekirauponga in 2025.

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**10DRILLING**

Approximately 370 km of diamond core has been drilled within the MOP, MUG, and GOP since 1980.

WUG includes 64 km of diamond drilling.

Additionally, 86 km has been drilled in 4,500 Reverse Circulation Grade Control (RC) grade control holes

during the MOP operation between May 2007 and May 2015, using a 114 mm hole diameter and rig-

mounted cyclone sampler.

**10.1Drill Methods**

All surface exploration drill holes were drilled using triple tube wireline diamond methods. Surface holes

are collared using large-diameter PQ core, both as a means of improving core recovery and to provide

greater opportunity to case off and reduce diameter when drilling through broken ground and historic

stopes. Hole diameter is usually reduced to HQ which is the most common core diameter and preference

for target zones. Sometimes NQ core diameter is drilled, particularly where ground conditions have

required a reduction in core diameter prior to reaching the target zone. Drill core is routinely oriented to

allow for the calculation of downhole structural measurements in areas of interest such as veins.

**10.2Geological Logging**

Since October 2015, when OceanaGold took ownership of Waihi Gold all drill core has been logged into

Excel spreadsheets using validated templates. Log intervals are based on geological boundaries or

assigned a nominal length of 1 or 2 m. The geological log incorporates geotechnical parameters, lithology,

weathering, alteration and veining. A dropdown menu for each field allows the logging geologist to enter

data by selecting from the available codes. Once logging is complete, the log is validated and then

uploaded into an AcQuire database. A complete digital photographic record is maintained for all drill core.

**10.2.1Lithology Fields**

Primary lithological fields include rock composition, rock type and grain size. Other fields include textural

features and intensity and clast types.

Holes drilled around historic mine workings have logging codes to sufficiently characterise the material

associated with the workings for example stope fill, open stope, collapsed stope and open holes.

**10.2.2Weathering Fields**

Weathering is logged on a scale of one to five where five represents fresh rock and one represents

intensely weathered material.

**10.2.3Alterations Fields**

Logging of hydrothermal alteration uses a 1-5 scale to record the intensity of hydrothermal alteration

minerals within the host rock. This includes the intensity of adularia, silicification, clay, chlorite, carbonate

and hematite. A secondary field of "alteration style" is also inferred from the mineral assemblages and

associated temperature-pH charts from Corbett and Leach, 1998.

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**10.2.4Structural Fields**

Structural fields are used to record information on veins and secondary breccias such as faults and

hydrothermal breccias. Veining is described using fields such as vein percentage, vein mineralogy, vein

texture, vein style and sulphide content. Fields describing secondary breccias include breccia percentage,

breccia type, matrix composition and clast composition.

Downhole orientation data in the form of alpha and beta angles are recorded to estimate the dip and dip

direction of geological structures of interest on the core. The calculations consider a 'top of core'

reference line drawn on the core by the drillers along with the drilling direction and angle of the drillhole.

Structural data is validated during logging and uploaded into the AcQuire database.

**10.2.5Geotechnical Logging**

Logging geologists record standard geotechnical parameters including rock quality designation, fractures

per meter and hardness for most drill core. Geotechnical geologists may then select specific core to

undergo more detailed geotechnical logging and analysis.

**10.3Drill Core Recovery**

Diamond drill core 'recovery' is estimated by comparing the measured (recovered) core length against the

drilled length (obtained from the drilling rig). Recovery data has been captured for all sample intervals for

all diamond drill holes and there is no observed relationship between core recovery and grade. Core from

MUG is monitored for recovery daily to rationalise actual core loss against the intersection of historic

mining voids with re-drilling actioned if necessary.

Core recovery within veined material (>40 % vein in sample interval) varies and is summarized as follows:

• 92.5 % within MUG

• 92.5 % within MOP

• 89-90 % for GOP

• 96.2 % for WUG.

At MUG, core recovery from areas with historic mine workings is relatively low and therefore

methodologies have been trialled and adopted to best record recovery in these zones. Areas of core loss

are broken out where possible to avoid any smear of Au grade over disproportionate areas.

**10.4Collar Surveys**

All historic (pre-1952) underground mine data in Waihi was recorded using the local Mt Eden Old (MEO)

grid. This grid has continued to be utilized for all underground and exploration activity within 3 km of the

Waihi operations. The MEO grid is offset from New Zealand Transverse Mercator (NZTM) Grid by

5215389.166 (shift mN) and 1456198.997 (shift mE). Any work more than 3 km from the Martha mine

uses the national New Zealand Transverse Mercator (NZTM) Grid.

MOP has historically used a local mine grid, referred to as 'Martha Mine Grid', derived from MEO grid but

oriented perpendicular to the main veins. The grid origin is based at No.7 Shaft (1700 mE, 1600 mN) and

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rotated 23.98° west of MEO North. All open pit channel and drilling data has been converted to MEO for

the Resource estimation of the MUG Resource. Relative level (mRL) is calculated as sea level + 1000 m.

The position of drill collars at WUG are located using a total station in NZGD2000 Mt Eden. These

coordinates are converted to New Zealand Transverse Mercator (NZTM) grid using an online Land

Information New Zealand (LINZ) coordinate convertor.

All underground and surface drill collars used in Resource and Reserve estimates are surveyed using a

total station by a registered professional land surveyor.

**10.5Downhole Surveys**

The method for lining up drill rigs and collecting downhole survey data to monitor down hole deviation has

improved over time as new techniques and technologies have developed.

To line up a drilling rig when commencing a drillhole, prior to 2023 surface holes used a sighting compass

and underground holes used a surveyed point painted on the ribs. Since 2023, all diamond drill rigs are

lined up prior to drilling using a Devi Azimuth Aligner.

Prior to 2023, downhole surveys were taken on all drillholes at approximately 20 to 30 m intervals using a

digital single shot camera. The azimuth recorded from these surveys was sometimes influenced by the

inherent magnetism in the country rock and/or underground infrastructure in proximity to the drillhole.

Downhole magnetic readings were therefore taken and recorded along with the azimuth and dip survey

data. Where surveys were deemed inaccurate or not able to be taken, they were replaced with an

estimated value. Where drillholes pass through old workings within the Martha vein system, surveys were

estimated and inserted on either side of the workings to improve the accuracy of the drill trace curvature.

All downhole surveys in the AcQuire database are validated by a geologist.

Since 2023 all downhole surveys have been taken using a Devi-gyroscope. This instrument is a true north

seeking gyroscope that is not influenced by magnetic surroundings and provides a more accurate,

continuous trace of drillholes with depth.

**10.6Geotechnical Drilling**

Geotechnical drilling has been carried out for GOP, MUG and WUG for the purposes of collecting

samples for triaxial, uniaxial strength testing and other laboratory test work. All Resource drilling has

some geotechnical components logged and are analysed by a site-based geotechnical engineer.

**10.7Drill Spacings and Orientations**

Mineral Resources have been adequately drilled to achieve an Indicated or Inferred Resource

classification (Table 10-1). Classification considers average spacing to the three closest drill holes. The

extensive mining history of MOP and MUG have developed significant experience in assessing the

continuity of Mineralization and mining the Martha vein system and the adjacent deposits. The vein style

Mineralization has a strong visual control, is well understood, and has demonstrated continuity over

significant ranges.

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**Table 10-1: Current Project Drill Spacings** 

---

| | | |
|:---|:---|:---|
| Project | Drill Spacing | Drill Spacing |
| Project | Indicated Resource | Inferred Resource |
| MOP | 30-36 metres | <60 metres |
| GOP | 22.5-35 metres | <60 metres |
| MUG | 36 metres | <60 metres |
| WUG | 36-42 metres | <67.5 metres |

---

WUG includes ~150 diamond drill holes (excluding re-drills and piezo holes) drilled up to April 2024. Much

of the recent drilling has targeted the EG Vein zone. The EG Vein zone has been intersected in drilling

over a strike length of ~1 km. This structure is larger than those typically encountered in the Waihi Project

area and on this basis the average drill hole spacing required for classification as an Inferred Resource

has been increased to 70 m average distance to the three closest drill holes.

Drill holes are designed to intersect known mineralized features in a nominally perpendicular orientation

as much as practicable given the length of drillholes (often 250 m+) and availability of drill platforms.

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**11SAMPLE PREPARATION, ANALYSES, AND SECURITY**

**11.1Sampling Methods and Preparation**

Once the core is logged, photographed and sample intervals allocated, it is cut in half length ways. If a

vein is present, the cut line is preferentially aligned to intercept the downhole apex of the structure. Within

each sample interval, one half of the core is bagged for sampling and the other is kept in storage. Whole

core is sampled under the following conditions:

• Underground grade control drilling

• Exploration drilling on occasion where there was significant core loss coupled with visible

electrum

• Exploration drilling on all BQ core is whole core sampled due to reduced sample volumes. BQ

diameter core is only rarely drilled.

Labelled calico bags containing the cut core samples are routinely transported to the local Waihi SGS

Laboratory for crushing and sample preparation. Refer to the sample preparation flow sheet illustrated in

Figure 11-1.

Sample preparation has been carried out at the SGS Waihi laboratory since 2006. Prior to then the

sample preparation facility was located at the Martha Mine site and operated by trained site employees.

Some of the early WUG core (holes WKP40-45) were sent to the Westport SGS laboratory for crushing

and sample preparation.

RC drill chips were sampled as part of the grade control process during the MOP operation but also on a

minor scale for exploration purposes (approximately 4309 m used in MUG estimate). At the RC rig site,

samples were collected in a bag attached to the cyclone at 1.5 m intervals from which a 3 to 5 kg sample

was split using a cone splitter. Bags were then transported to the secure sample preparation facility.

Sample preparation of RC chips is the same as drill core.

Channel sampling in MOP was conducted as part of the grade control process prior to its transition to RC

drilling in 2007. Channel sampling was undertaken using 1 m long channel samples on 2.5 m benches

along North-South lines, spaced 7.5 m apart. A 3.6 kg sample was collected per interval with a maximum

of 50 mm dimension in longest direction. Similar to RC drill chips, samples were sent and prepared in the

onsite sample preparation facility and despatched to the SGS laboratory in Waihi for analysis.

**11.2Quality Assurance and Quality Control**

**11.2.1Exploration Drilling Samples**

Analyses of drill sample pulps from exploration core was undertaken predominantly at the SGS

Laboratory in Waihi but also at the ALS laboratory in Brisbane and Townsville. The quality of exploration

assay results has been monitored by:

• Sieving of the jaw crush and pulp products at the laboratory

• Monitoring of assay precision through routine generation of duplicate samples (one (1) every

batch of 17 samples) from a second split of the jaw crush and calculation of the fundamental error

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• Monitoring of accuracy of the results through insertion of Certified Reference Material (CRM) and

blanks into each batch of 17 samples

• Blank, duplicate and CRM results are reviewed prior to uploading assay results in the AcQuire

database and again on a weekly basis. The Waihi protocol requires CRMs to be reported to within

two (2) standard deviations of the certified value. The criterion for preparation duplicates is that

they have a relative difference (R-R1/mean RR1) of no greater than 10 %. Blanks should not

exceed more than four times the lower detection method of the assay method. Failure in any of

these thresholds triggers an investigation and re-assay.

**11.2.2Underground Face Samples**

Routine grade control underground face channel sampling protocols ensure a CRM standard, a blank, a

crush and field duplicate were submitted within the sample sequence of every face. A blank sample was

entered into the sample sequence preferably after what appears to be the highest-grade sample in the

face. A field and crush duplicate of the sample preceding the blank, was entered at the end of the sample

sequence, followed by the CRM standard.

**11.2.3RC Grade Control Data**

Assay quality control procedures for grade control RC data are set out in the MOP grade control

procedures updated in 2015 (Table 11-1). These procedures were designed to detect any poor sampling

and sample preparation practices and ensure that results are within acceptable ranges of accuracy and

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precision. The QAQC protocols implemented for RC grade control sampling in MOP are summarized in

Figure 11-1.

![figure11-1a.jpg](figure11-1a.jpg)

**Figure 11-1: Sample Preparation Flow Sheet for SGS laboratory in Waihi**

**Table 11-1: Grade Control QAQC Samples for RC Sampling**

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| | | |
|:---|:---|:---|
| Check | Description | Frequency  |
| Blanks | Coarse Post-Mineral Andesite (Tirohia Quarry); <br>submitted blind to the lab<br>| 1 per drillhole |
| Standards | Currently using Rocklabs standards; submitted <br>as pulp to the lab<br>| 1 per drillhole |
| Field Duplicates | Additional RC sample taken from reject material <br>from drill rig split<br>| 1 every fifth drillhole  |
| Crush Duplicates | Split of crush residue repeat assayed by 50 g <br>Aqua Regia Assay<br>| 1 every 50 samples |
| Fire Assay | Repeat assay of pulp by 30 g Fire Assay | 30 per month  |

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**11.2.4Open Pit Channel Samples**

Assay quality control procedures for grade control data used in MOP were set out in the MOP grade

control procedure. All QC data were imported into AcQuire database and analysed. QAQC protocols

implemented are summarized in Table 11-2.

**Table 11-2: Grade Control QAQC Samples for Open Pit Channels**

---

| | | |
|:---|:---|:---|
| Check | Description | Frequency  |
| Standards | Rocklabs standards; submitted as pulp to the lab | 1 per 30 samples |
| Pulp Replicates | Sample pulps resubmitted blind to the lab | 30 per month  |
| Internal Lab <br>Checks<br>| Sample randomly selected by lab, per despatch, <br>for repeat analysis<br>| 1 per despatch  |

---

**11.3Laboratory Analyses**

The standard suite of elements analysed at SGS in Waihi for all exploration drill and RC samples are gold

and silver, although a significant proportion of core is also analysed for copper, arsenic, lead, zinc, and

antimony. Gold is assayed using a 30 g charge for fire assay with AAS finish. Between May 2007 and

September 2014 pulps were assayed by SGS for gold and silver by 30g Aqua Regia digest. From

September 2014 fire assay analyses were conducted on gold only. Over range gold results of >100 g/t are

re-assayed using an increase in dilution for the acid digest prior to instrument finish. Silver is analysed

using a 0.3 g charge and AAS or ICP-MS instrument finish. For all other elements, the samples undergo a

0.3 g Aqua Regia digest followed by an ICP-MS instrument finish.

Generally, elements including mercury, arsenic, selenium, and antimony increase at shallow levels within

epithermal deposits. The presence of sinter and high-level quartz vein textures in the GOP area indicate

that the Resource is at the top of an epithermal system. As a result, multielement data with an extended

suite of elements has been undertaken at ALS Laboratories in Brisbane. Sample preparation was

conducted at SGS Waihi following standardized procedures with a variation to sample drying temperature.

A reduced temperature of 60 °C has been used to limit mercury volatilisation.

A selection of WUG and MUG holes have undergone additional 42 element ICP-MS geochemical

analyses at the ALS laboratory in Brisbane.

Comparison of the Ultratrace data with routine multielement data produced by SGS Laboratory in Waihi

showed good correlation between the parent (SGS) and umpire (Ultratrace) data sets for silver, lead, zinc,

and arsenic, which gives confidence in the accuracy of SGS data for these elements. For samples with

over range silver and lead, these elements are found to be extracted more efficiently by using a more

dilute Aqua Regia digest (one (1)g sample weight rather than the standard 10 g per 50 ml).

**11.4Database**

All QAQC data is managed in an AcQuire database. Blanks and CRM standards are reviewed on a

weekly basis using AcQuire QAQC objects. Any patterns or concerns regarding sample preparation or

assay quality are discussed directly with the laboratory.

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**11.5Sample Security**

All drill core is logged at a facility owned by OceanaGold and access onto site is strictly controlled. Core

boxes consist of plastic which provides good protection to the core provided it is stored under cover. All

core is stored in secure designated core sheds in Waihi. OceanaGold employees transport sample bags

containing core samples to the Waihi SGS Laboratory on a daily basis. This laboratory is a secure facility.

**11.6Density Determinations**

**11.6.1MUG**

Weight measurements are routinely collected for representative core samples in air and in water during

the logging process. The AcQuire database is set-up to automatically calculate the density from the

measured weights using the formula:

<u>*Weight in Air*</u> <br> *Weight in Air – Weight in Water*

The density of the host rocks and vein structures in MUG are slightly variable (Table 11-3). The andesitic

host rocks average 2.55 g/cm<sup>3</sup> with the maximum recorded at 2.8 g/cm<sup>3</sup>. Weathering and hydrothermal

clay alteration generally decreases the density while pyrite alteration increases the density. The density of

'vein' material in the MUG model is mostly influenced by weathering proximal to historical workings rather

than surface weathering. Minerals present in large percentages within veins are the main factors

contributing to variations in density of vein material, particularly base metals, calcite, and clay content. A

factor of -2 %, was applied to the vein's density to factor the under calling of vugs and fractures in the

samples.

**Table 11-3: Density Values Used in MUG**

---

| | | |
|:---|:---|:---|
| Domain | Sample Count | Mean Density |
| Andesite | 2,321 | 2.43 |
| Quartz Andesite | 18,348 | 2.53 |
| Vein | 4,024 | 2.50 |

---

'Stope fill' is assigned a density of 1.8 within the Resource estimate. Collapse zones associated with the

'Milking Cow' subsidence zone and the MOP wall failure have been assigned a density of 1.9. Fill is

captured in the model via the 'mined' variable summarized in Table 11-4.

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**Table 11-4: Mined Variable Values Used Around Historical Workings**

---

| | | |
|:---|:---|:---|
| Mean Variable Value | Material Type | Modifying Factor |
| 0 | In-situ | As estimated |
| 1 | Backfilled Stopes | Density of 1.8 and grade modified |
| 2 | Subsidence or Collapsed Stopes | Density of 1.6 and grade modified |
| 5 | Open Stope | Density set to zero, grade removed |
| 6 | Open Development | Density set to zero, grade removed |
| 7 | Rill Stoping Fill | Density of 1.8 and grade modified |

---

**11.6.2GOP**

Applying the same density method from MUG, density samples were collected while being logged and

imported into an AcQuire database (Table 11-5).

**Table 11-5: Density values Used in GOP**

---

| | | |
|:---|:---|:---|
| Domain | Sample Count | Mean SG |
| Regolith  | 26 | 1.7 |
| Dacite | 38 | 1.8 |
| Intercalated Volcaniclastics | 17 | 1.9 |
| Rhyolitic Tuff | 97 | 1.7 |
| Mineralized Domains | 355 | 2.47 |

---

**11.6.3MOP**

Dry bulk density testing is carried out in accordance with Water Displacement Method 4 as outlined by

Lipton and Horton in Monograph 30 - Mineral Resource and Ore Reserve Estimation - The AusIMM Guide

to Good Practice (2013). Density data suggests that while there is a relationship between weathering and

density, a stronger relationship is seen between density and relative elevation where density increases at

deeper elevation. Table 11-6 summarises the average of the density values by lithology and elevation.

**Table 11-6: Bulk Density Values in MOP**

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| | | |
|:---|:---|:---|
| Domain | Sample Count | Mean Bulk Density (g/cm<sup>3</sup>) |
| Quartz Andesite | 332 | 2.45 |
| Quartz Vein | 377 | 2.47 |

---

**11.6.4WUG**

Dry bulk density testing was completed on 156 samples. Samples were selected using the optimized

stopes shapes to focus on potential mill feed and designed to ensure reasonable geographic coverage of

potential ore domains. Sampled vein density has a minor survivorship bias with intact core being

preferentially sampled, and recovery in vein zones occasionally challenging. A factor of -0.4 % was

applied to the vein's density to factor the under calling of vugs in the samples as determined by

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comparison of total logged recovery vs. that of samples selected for analysis. Density data collected are

summarized in Table 11-7.

**Table 11-7: Bulk Density Values Used in WUG**

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| | | |
|:---|:---|:---|
| Domain | Sample Count | Mean Bulk Density (g/cm<sup>3</sup>) |
| Rhyolitic intrusive/flow | 69 | 2.47 |
| Hanging wall Veins | 68 | 2.47 |
| Footwall Veins | 19 | 2.56 |

---

**11.7Opinion on Adequacy (Security, Sample Preparation, Analysis)**

Sample collection, preparation and analysis are according to industry standards. All labs used by

OceanaGold are certified to ISO-9001 standard or 17025 accredited for gold and silver through the

Standards Council of New Zealand. The primary external lab used for check assays at SGS, Waihi is both

ISO-9001 certified and 17025 accredited.

Core, pulp, and RC sample storage are considered secure. Sample transport is by company personnel

between secure facilities and by approved couriers to external labs. No significant risks have been

identified for sample contamination or sample exchange. No samples have been reported as missing

during transport or as tampered with upon receipt at the lab.

All Waihi drillhole data (assays, logs, surveys) are stored in the secure AcQuire database, which is

managed by the senior database specialist in New Zealand. The AcQuire database is an industry certified

database. Database changes are tracked and verified. Strict data importing and verification protocols

must be followed to avoid, for example, overlapping or missing intervals, mismatched hole depths in

different fields, duplicate hole IDs or sample numbers, and invalid logging codes.

In the opinion of the qualified person, the sample security, sample preparation and analyses are adequate

for the purposes of Resource estimation.

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**12DATA VERIFICATION**

Drill hole data is entered into an AcQuire database interface which includes protocols for validation. All

drill collars, traces and surveys are checked for accuracy in 3D using Vulcan® and Leapfrog® while holes

are being drilled. Once the hole has completed drilling, the collar position is picked up by a qualified

surveyor and updated in AcQuire.

All geological logging is checked and validated by a second geologist on the core bench prior to core

cutting. Logging data is entered into AcQuire by a geologist and then checked for completeness and

errors once it is loaded into AcQuire. Laboratory results are uploaded into an AcQuire database using the

files emailed directly from the laboratory.

Assay results are only successfully uploaded to AcQuire if they pass the QAQC verification. If any of the

QAQC fail the verification, then further investigation is required by the geologist before the results can be

uploaded to the database. Each drillhole has a checklist that needs to be completed before the hole can

be classified as 'closed out' in the database.

Geology personnel are well trained and regularly monitored for consistency. Below level detection limit

assay results are stored in the database as (negative) half the detection limit. No other modification of the

assay results is undertaken. Monthly QAQC reporting and review is undertaken on all laboratory assay

results. CRMs performance is regularly scrutinized, and the database QAQC function thresholds are

reviewed bi-annually. CRMs are currently assigned to batches on a rotational roster in a 'pigeon pair'

system.

A limited number of twinned holes were completed during the initial investigations for Correnso. These

indicated that there is some short-range variability in gold Mineralization. No twinned holes have been

drilled for the other projects. Geologists can recognise strong visual indicators for high-grade

Mineralization observed both in drill core and in underground development.

All intercepts are reviewed during the construction of the geological wireframes prior to grade estimation,

this review involves visual comparison of core photography, assay and logging data and spatial

relationships to adjacent data. Significant intercepts are reported internally on a weekly basis for peer

review purposes.

Data quality verification including check assay programs have been undertaken under the supervision of

the Qualified Person for all exploration and Resource development projects for the last 9 years. Data

quality is routinely assessed during Resource estimation workflows with external review conducted during

milestones such as feasibility level studies.

**12.1Internal and External Reviews**

A number of internal reviews have taken place to verify data collected for Mineral Resource purposes. A

list of some of these reviews are provided below:

**12.1.1Geology and Wireframing**

Rhys, DA. 2009 Observations, and exploration recommendations at Newmont exploration properties

Hauraki Goldfield. Unpublished Memo to Newmont Waihi Gold.

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Rhys, DA. 2010 WKP prospect: review of exploration results with recommendations. Unpublished Memo

to Newmont Waihi Gold.

Rhys, DA. 2011 Observations of selected drill core from the WKP prospect (with WKP-30 information

added). Unpublished Memo to Newmont Waihi Gold.

Rhys, DA. 2011. Review of the Structural Setting of the Correnso Vein System, Waihi, New Zealand.

Unpublished Report to Newmont Waihi Gold.

Rhys, DA. 2017. Waihi District geology: continuing contributions to understanding structural setting and

zonation as applied to exploration and mining. Unpublished Memo to OceanaGold.

Rhys, DA. 2020. Review of the structural controls of the WKP prospect. Unpublished Memo to

OceanaGold.

Rhys, DA. 2020. Review of the core logging template for the Martha Underground Project. Unpublished

correspondence to OceanaGold.

Richards, SD. 2019. Review of the WKP vein model using orientation data. Unpublished internal

validation.

Richards, SD. 2023. Review of the WKP vein model. Unpublished internal review.

**12.1.2Density**

White, T. 2012 Correnso Dry Bulk Density Study. Unpublished Internal Report, Newmont Waihi Gold.

McArthur, F. 2019 WKP SG Data Memo. Unpublished Internal Report. OceanaGold.

Vigour-Brown, W. 2019 Martha Underground SG Memo, Unpublished Internal Report. OceanaGold.

Meyer, N. 2024 Dry Bulk Density Testing MOP5, Unpublished Internal Report, OceanaGold.

Meyer, N 2024 Dry Bulk Density Testing WKP, Unpublished Internal Report, OceanaGold.

**12.1.3Assay QAQC and Multielement Geochemistry**

Inglis R. 2013. Heterogeneity Study. Unpublished Internal Report, Newmont Waihi Gold.

Barker, S., Hood, S., Hughes, R., Richards, S. 2019. The Lithogeochemical signatures of hydrothermal

alteration in the Waihi epithermal District, New Zealand. New Zealand Journal of Geology and

Geophysics, Vol 62, Issue 4.

Biggalow, J. 2015. Review of multielement geochemistry of Waihi drill data. Unpublished Internal Review.

Newmont.

**12.1.4Static and Kinetic Test work**

Kirk, A. 2012. Geochemistry of Ore, Tailings and Waste Rock Assessment by URS New Zealand for the

Correnso Underground Mine (Newmont Waihi Gold).

**12.1.5Mineralogy**

Mauk J. 2009. Petrographic Examination of Samples from the Reptile North and Number Nine Veins,

Waihi. Unpublished Report to Newmont Waihi Gold.

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Mauk, J.L., Hall, C.M., Barra, F., and Chesley, J.T., 2011, Punctuated evolution of a large epithermal

province: The Hauraki goldfield, New Zealand. Economic Geology, v. 106, p. 921–943.

Ross, KV. and Rhys, DA. 2011. Petrographic Study of Representative Samples from the Correnso Vein

System, Waihi District, New Zealand. Unpublished Report to Newmont Waihi Gold.

Menzies A. 2013 QEMSCAN Analysis of Samples from the Waihi District, New Zealand: Correnso.

Unpublished report. Universidad Catolica del Norte, Antofagasta, Chile.

Coote, A. 2011 Petrological Studies of Diamond Core from WKP029 and WKP030, of the WKP South

Project, Coromandel, New Zealand. Unpublished Report to Newmont Waihi Gold

Coote, A. 2012 Petrological Studies of Diamond Core from WKP024 and WKP031, of the WKP

Epithermal Deposit, Coromandel, New Zealand. Unpublished Report to Newmont Waihi Gold.

Simpson, M. 2012 SWIR report for drill holes WKP-24, WKP-27, and WKP-30, Wharekirauponga,

Southern Hauraki Goldfield. Unpublished Report to Newmont Waihi Gold.

**12.1.6Hydrology**

GWS Limited 2012. Proposed Underground Mining Extensions – Waihi. Assessment of Groundwater

Inflows and Throughflows. Prepared for Newmont Waihi Gold.

**12.1.7Mineral Resource Estimation**

Allwood, K. Geomodelling Limited 2024. Waihi MUG Resource Estimation Review. Unpublished Memo to

OceanaGold.

De Veth, A. AMC Limited 2022. Report Waihi North – Mining Pre-Feasibility Study (GOP Block Model

Review Final Report). Unpublished Memo to OceanaGold.

De Veth, A. AMC Limited 2022. Report Waihi North – Mining Pre-Feasibility Study (MOP Block Model

Review Final Report). Unpublished Memo to OceanaGold.

Van de Ven, M. and Sterk R. RSC Limited 2020. Data Quality Review: Waihi Martha Underground Project.

Unpublished Memo to OceanaGold.

Van de Ven, M. and Sterk R. RSC Limited 2024. Draft Independent Technical Review of Mineral

Resources, WNP, NZ. Unpublished Memo to OceanaGold.

**12.2Opinion on Adequacy (Data Verification)**

The QP has reviewed the appropriate reports and is of the opinion that the data verification programs

undertaken on the data collected from the Waihi operations and WNP adequately support the geological

interpretations, the analytical and database quality, and therefore support the use of the data in Mineral

Resource and Mineral Reserve estimation.

Database audits confirm the data are acceptable for use in estimation with no significant database errors

identified.

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**13MINERAL PROCESSING AND METALLURGICAL TESTING**

The Waihi mill has treated ore sourced from the Martha open pit as well as several nearby underground

ore bodies over the last 35 years. Considerable data and operating experience have been accumulated

over this time and this information has been used to support the design of metallurgical testwork and

process flowsheets for new orebodies.

With the discovery of new orebodies, geometallurgical characterisation has been used to generate

recovery and throughput estimates for inclusion in technical and financial models. To support the

geometallurgical program, a geometallurgical matrix was developed in conjunction with the geology team.

This geometallurgical matrix identified the main gold bearing domains and the minimum number of

composites to be targeted for metallurgical testwork. The starting basis for the metallurgical testwork was

that the existing grind/leach process would be suitable for treatment of the new orebodies.

**13.1MUG**

The testwork programs completed in 2018, 2019 and 2020 are listed in Table 13-1, Table 13-2, and Table

13-3.

**Table 13-1: Testwork Program 2018**

---

| | |
|:---|:---|
| Project | Testwork Program  |
| MUG | Metallurgical composites |
| Flotation and Ultra-Fine Grind (FUFG) | Process Engineering Pre-feasibility Study |

---

**Table 13-2: Testwork Program 2019**

---

| | |
|:---|:---|
| Project | Testwork Program  |
| MUG | Metallurgical variability<br>Comminution and water treatment plant (WTP) <br>testing<br>|
| Flotation and Ultra-Fine Grind | Variability<br>Locked cycle<br>Diagnostic leach testwork<br>Signature plot testwork<br>|

---

**Table 13-3: Testwork Program 2020**

<u>Project</u> <u>Testwork Program </u> <br> <u>MUG</u> <u>Metallurgical variabilityComminution testing</u>

**13.1.1Leach and Flotation Testwork**

Prior to 2018, metallurgical test work was completed on 30 composite samples of intercepts from the

various vein structures in the MUG Resource. Twenty-four samples were submitted to the Newmont

Inverness testing facility. Six samples representing the Edward vein were submitted to Ammtec

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Laboratory in Perth. Samples were mostly submitted both as quarter core and as jaw crush reject material

(95 % <7 mm), if both were available.

In 2019, 18 composites from intercepts were submitted to AMML Laboratories in Australia for testing

direct leach performance and 6 composites samples were sent to JKTech for comminution testing.

In 2020, 25 composites samples from intercepts were sent to the OceanaGold Macraes Metallurgical

Laboratory for testing direct leach performance, and 22 composites samples were sent to JKTech for

comminution testing.

Table 13-4 provides an overview of the composite samples used in the three rounds of metallurgical

testwork. Samples were selected to ensure spatial and geological representativeness and, as appropriate,

chemical representativeness.

**Table 13-4: Summary of MUG Composite Samples Tested**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Vein Structure | Historical <br>(2011)<br>| 2019 | 2020 | Total |
| Edward | 18 | 3 | 9 | 30 |
| Empire East | 2 | 4 | 10 | 16 |
| Martha | 9 | 7 | - | 16 |
| Grace | 1 | - | - | 1 |
| Royal | - | 4 | 5 | 9 |
| Rex | - | 4\* | 1 | 5 |
| Total | 30 | 22 | 25 | 77 |

---

\*4 Rex samples tested at 75 µm

A review of the composite sample locations relative to the defined Resource and preliminary stope design

identified 50 of the total 77 composites lay in or within 20 m of expected mined areas. These samples

were used in the development of the recovery models for MUG and are summarized in Table 13-5. A total

of 13 historical samples and 16 samples selected in 2019, and 21 samples selected in 2021 have been

located based on the stopes (within a 20 m halo) to be mined over the LoM for the MUG deposit. Bottle

roll tests were completed at three different grinds (38 µm, 53 µm and 75 µm).

**Table 13-5: Metallurgical Samples Contained within MUG Stopes**

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| | | | | |
|:---|:---|:---|:---|:---|
| Vein Structure | Historical | 2019 | 2020 | Total |
| Edward | 13 | 2 | 9 | 24 |
| Empire | - | 4 | 8 | 12 |
| Martha | - | 4 | - | 4 |
| Grace | - | - | - | - |
| Royal | - | 2 | 3 | 5 |
| Rex |  | 4\* | 1 | 5 |
| Total | 13 | 16 | 21 | 50 |

---

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\* 4 Rex samples tested at 75 µm

Bottle roll CIL test results for the historical samples are summarized in Table 13-6.

**Table 13-6: Gold Extraction Results for Historical Composites**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Domain | Hole ID | Calculated <br>gold Grade,<br>Au g/t | As,<br>ppm | Au Extraction (%) | Au Extraction (%) | Au Extraction (%) |
| Domain | Hole ID | Calculated <br>gold Grade,<br>Au g/t | As,<br>ppm | 38 µm | 53 µm | 75 µm |
| Edward | UW388-1000 | 3.75 | 42 | 96.50 | 95.57 | 94.98 |
| Edward | UW388-1000 (Dup) | 4.14 | 50 | 96.52 | 96.20 | 95.17 |
| Edward | UW388-1001 | 4.64 | 34 | 97.57 | 96.87 | 96.06 |
| Edward | UW388-1001 (Dup) | 4.78 | 33 | 97.34 | 97.02 | 95.83 |
| Edward | UW395-1000 | 20.47 | 112 | 97.73 | 97.46 | 96.26 |
| Edward | UW395 1000/1001 | 14.83 | 95 | 97.05 | 96.49 | 95.37 |
| Edward | UW395-1001 | 10.39 | 67 | 96.58 | 95.78 | 93.88 |
| Edward | UW407-1000  | 5.54 | 30 | 97.20 | 95.60 | 94.70 |
| Edward | UW407-1001 | 3.34 | 20 | 98.40 | 99.00 | 93.10 |
| Edward | UW409-1000 | 12.30 | 60 | 98.00 | 95.50 | 93.40 |
| Edward | UW409-1001 | 7.72 | 60 | 97.90 | 94.80 | 93.50 |
| Edward | UW411-1001 | 4.95 | 40 | 97.90 | 97.70 | 97.80 |
| Edward | UW412-1000 | 1.76 | 30 | 89.06 | 88.08 | 84.83 |

---

Table 13-7 summarizes gold recovery data at the grind sizes tested for the 2019 samples. The

metallurgical samples tested in 2019 were processed at AMML Laboratories in Australia. The Rex

samples were tested at 75 µm as part of the Variability Leach and Flotation and Ultra fined grind (FUFG)

testwork program.

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**Table 13-7: Gold Extraction Results for 2019 Composites**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Domain | Hole ID | Assay Head <br>Grade<br>Au g/t | As<br>ppm | Au Extraction (%) | Au Extraction (%) | Au Extraction (%) |
| Domain | Hole ID | Assay Head <br>Grade<br>Au g/t | As<br>ppm | 38 µm | 53 µm | 75 µm |
| Edward | 920SP9MR1318 | 6.54 | 11.9 | 98.9 | 98.5 | - |
| Edward | 920SP9MR1264 <br>920SP9MR1320<br>| 5.89 | 36.1 | 96.1 | 95.8 | - |
| Empire | 920SP7MN1303 | 6.82 | 189 | 87.4 | 89.0 | - |
| Empire | 920SP7MN1290 | 4.66 | 111.5 | 92.5 | 91.1 | - |
| Empire | 800SP1MR1224 | 5.75 | 48.5 | 97.4 | 96.0 | - |
| Empire | 800SP1MN1095 | 5.73 | 185 | 86.4 | 84.0 | - |
| Martha | 800SP3MR1227 <br>800SP3MN1188 <br>800SP3MR1300<br>| 5.00 | 301 | 86.2 | 79.4 | - |
| Martha | 800SP1MN1100 <br>800SP1MN1109 <br>800SP1MN1118 <br>800SP1MN1100 <br>800SP1MR1224<br>| 6.13 | 45.6 | 94.0 | 95.4 | - |
| Martha | 800SP1MN1127 <br>800SP1MR1214<br>| 5.09 | 139.5 | 83.9 | 80.5 | - |
| Martha | 800SP1MR1317 <br>800SP1MR1280 <br>800SP2MN1191 <br>800SP1MR1317<br>| 5.76 | 259 | 82.60 | 78.9 | - |
| Royal | 920SP9MN1281<br>920SP9MN1297<br>920SP9MN1301<br>920SP9MN1276<br>| 5.45 | 178 | 91.9 | 89.5 | - |
| Royal | 800DC1RN1246<br>800DC1RN1240<br>800DC1RN1255<br>| 4.35 | 79.2 | 91.3 | 88.5 |  |
| Rex | UW715<br>UW725<br>UW721<br>920RCCRN1256<br>920RCCRN1259<br>920RCCRN1266<br>UW671<br>| 3.18 | 10.5 |  |  | 93.5 |
| Rex | UW718<br>UW712<br>UW706<br>| 3.13 | 14.9 |  |  | 92.7 |
| Rex | UW719<br>UW717<br>UW679<br>| 4.79 | 15.9 |  |  | 93.6 |
| Rex | UW667<br>UW708<br>UW711<br>| 4.84 | 46.3 |  |  | 91.6 |

---

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Table 13-8 summarises gold recovery data at the grind sizes tested for the 2020 samples. The

metallurgical samples tested in 2020 were processed in-house at Macraes metallurgical laboratory in New

Zealand.

**Table 13-8 Gold Extraction Results for 2020 Composites**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Domain | Hole ID | <br>Assay Head <br>grade, Au g/t | As,<br>ppm | Au Extraction (%) | Au Extraction (%) | Au Extraction (%) |
| Domain | Hole ID | <br>Assay Head <br>grade, Au g/t | As,<br>ppm | 38 µm | 53 µm | 75 µm |
| Edward | 800DC8MR1476 | 2.09 | 62 | 93.8 | 92.7 | 91.7 |
| Edward | 920SP8MR1363 | 3.48 | 75 | 96.1 | 95.8 | 95.4 |
| Edward | 800PC2MR1453 | 3.41 | 33 | 96.3 | 95.9 | 94.2 |
| Edward | 800DC8MR1436 | 4.34 | 35 | 93.8 | 93.8 | 93.7 |
| Edward | 920SP9MR1366 | 4.35 | 70 | 93.0 | 92.2 | 91.0 |
| Empire | 800DC7MN1337 | 3.50 | 39 | 95.6 | 93.3 | 90.3 |
| Empire | 800DC5MN1345 | 3.80 | 79 | 90.1 | 89.4 | 86.8 |
| Empire | 920SP6MN1432 | 3.38 | 51 | 94.6 | 92.2 | 88.7 |
| Empire | 920SP4MR1413 | 3.79 | 76 | 91.0 | 90.9 | 92.3 |
| Empire | 920SP2MR1326 | 5.55 | 176 | 86.2 | 86.2 | 83.3 |
| Empire | 800DC2MR1477 | 3.93 | 95 | 92.8 | 92.8 | 90.2 |
| Empire | 920SP7MN1396 | 2.74 | 76 | 91.4 | 91.7 | 87.1 |
| Empire | 920SP6MN1446 | 4.61 | 201 | 88.2 | 87.2 | 84.2 |
| Royal | 800DC3RN1375 | 3.68 | 91 | 87.1 | 88.3 | 86.5 |
| Rex | UW722 | 4.06 | 8 | 97.1 | 96.2 | 95.1 |
| Edward | 800RC3MR1442 | 3.6 | 19 | 99.4 | 99.3 | 99.1 |
| Edward | 800DC8MR1503 | 3.71 | 22 | 97.4 | 96.9 | 95.6 |
| Edward HW | 920SP8MR1315 | 4.51 | 31 | 95.2 | 95.6 | 93.3 |
| Edward HW | 920SP9MR1358 | 3.53 | 16 | 96.5 | 95.8 | 94.0 |
| Empire | 800DC4MN1540 | 6.19 | 140 | 93.9 | 92.2 | 89.8 |
| Royal | 14EMPRN1576 | 4.52 | 223 | 91.7 | 85.3 | 79.7 |
| Royal | 800RC3RN1438 | 4.18 | 125 | 89.7 | 88.2 | 83.2 |

---

Gold extraction results for historical, 2019 and 2020 samples at different grind sizes indicate that a 38 µm

grind size provides the best gold extraction in the laboratory. On average for all metallurgical samples,

gold recovery improvement between 38 µm and 53 µm is 0.70 % for Edward, 0.90 % for Empire, 3.10 %

for Martha, 2.4 % for Royal and 0.90 % for Rex. Plant operating experience has shown that an equivalent

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laboratory gold recovery at a P80 of 38 µm is equivalent to a grind size P80 of 53 µm in the plant. This

relationship is due to the laboratory grind testwork being in open circuit, whereas in the plant the grinding

circuit is in closed-circuit. This results in the higher density sulphides being preferentially ground finer and

hence liberating more gold particles that are disseminated within the sulphides.

Figure 13-1 shows gold extraction (recovery) for the historical, 2019 and 2020 samples tested at a grind

size of 38 µm against calculated gold feed grades indicate a range of recoveries from 89 % to 99 % for

the Edward samples, 83 % to 94 % for Martha samples, 86 % to 97 % for Empire, 87 % to 92 % for

Royal, and 92 % to 94 % for Rex samples. Arsenic grades in the composites ranged from 11 ppm to

301 ppm whilst the grades in the mine schedule are generally in the 30 to 50 ppm range. The chart

highlights the composites tested above and below an 80 ppm grade. In general, gold recovery decreases

with increasing Arsenic grade, a product of fine gold locked in arsenopyrite grains.

![figure13-1c.jpg](figure13-1c.jpg)

**Figure 13-1: Gold Extraction as a Function of Feed Grade**

In addition to the leach testwork, flotation testwork was done on 27 samples (Phase 1 - 9 samples, Phase

2 - 18 samples) at a grind size of 75 µm. Results from this testwork indicated that there is little to no

recovery benefit at 1 % sulphur grade. At an overall grade of 1.11 % sulphur recovery benefits is less than

1 %. Sensitivity analysis on the incremental financial model shows a 3.4 % improvement benefit is

needed to generate an economic return. At this recovery benefit the net present value (NPV) is neutral. To

generate an overall benefit of 3.4 % recovery the sulphur model indicates that the overall grade should be

1.7 % total sulphur. For MUG there is insufficient material from underground to make FUFG economically

beneficial as the overall average sulphur grade is only 1.1 %.

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**13.1.2Comminution Testwork**

Ore characterisation on historical samples from MUG in 2011 indicated that the MUG ore is considered

medium competency for SAG milling with Axb of 41.9, and a high Bond Ball Work Index (BBWI) of

19.2 kWh/t. Table 13-9 shows historical results from testwork conducted in 2011.

**Table 13-9: Historical Comminution Results on Ore from MUG -2011** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Sample | Sample ID | DWI | Axb | SG | BBWI <br>(kWh/t)<br>|
| Edward | UW240-1003 | 6.29 | 40.8 | 2.55 | 17.3 |
| Edward | UW367-1000 | 5.35 | 48.4 | 2.60 | 17.0 |
| Edward | UW407-1000 | 5.83 | 42.8 | 2.48 | 18.7 |
| Edward | UW407-1001 | 5.31 | 47.1 | 2.49 | 19.5 |
| Edward | UW409-1000 | 5.87 | 42.9 | 2.50 | 17.7 |
| Edward | UW409-1001 | 5.66 | 44.3 | 2.50 | 19.2 |
| Edward | UW411-1001 | 4.81 | 53.7 | 2.57 | 19.7 |
| Edward | UW412-1000 | 7.36 | 33.9 | 2.46 | 18.8 |
| Empire East | UW240 | 4.39 | 60.7 | 2.67 | 14.8 |
| MUG | WHD188 | 6.03 | 41.9 | 2.54 | 17.7 |
| Grace | UW210 | 4.81 | 55.8 | 2.67 | 16.4 |
| 75<sup>th</sup> percentile |  | 6.03 | 41.9 | 2.60 | 19.2 |

---

Six samples from MUG were submitted in 2019 for comminution testing to the JKTech testing facilities in

Brisbane, Australia. Comminution testing consisted of SMC, Bond Rod Mill and Bond Ball Mill work

indices, and bond abrasion index. The selected samples represent Mineralization to be mined from four

vein structures at MUG. Samples were submitted as quarter core (1/2 HQ).

The comminution test results are summarized in Table 13-10. The characterisation conducted on the

Waihi mill feed sources has indicated that MUG Mineralization is very competent for SAG milling (75<sup>th</sup>

percentile Axb 33.2) and hard to grind in ball mill (BBWI 21.0 - 25.2 kWh/t).

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**Table 13-10: Summary of Comminution Testing of 2019 MUG Mineralization Samples**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Sample | DWI | Axb | SG | BBWI | BRWI | BAI |
| Edward | 7.67 | 34.1 | 2.58 | 22.5 | 15.4 | 0.3966 |
| Empire | 8.55 | 30.7 | 2.61 | 21.0 | 16.1 | 0.3458 |
| Martha 1 | 6.70 | 37.1 | 2.51 | 23.5 |  |  |
| Martha 2 | 6.75 | 38.2 | 2.59 | 25.2 | 14.0 | 0.3537 |
| Royal 1 | 6.60 | 36.9 | 2.43 | 22.2 |  |  |
| Royal 2 | 6.66 | 37.9 | 2.53 | 23.4 | 15.7 | 0.2418 |
| 75<sup>th</sup> percentile | 7.89 | 33.2 | 2.60 | 23.9 | 16.0 | 0.3859 |

---

Twenty-two samples were selected in 2020 from MUG for comminution variability testing. Samples

comprised of quartered HQ drill core from various domains of the MUG deposit. Samples were selected

based on the geometallurgical matrix in conjunction with the geology team to identify the main gold

bearing domains and to indicate the minimum number of composites to be targeted for metallurgical

testing. Sample selection was based on core availability for the MUG ore, spatial distribution within each

of the MUG vein structures, and representativeness of average gold grades over the LoM.

Table 13-11 presents ore characteristics for the 2020 comminution samples. The comminution results

from 2020 indicate that the MUG Mineralization is moderately competent for SAG milling (Axb 39.4 - 75<sup>th</sup>

percentile) and that the ore is hard with a BBWI of 17.2 kWh/t.

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**Table 13-11: Summary of Comminution Testing of 2020 MUG Mineralization Samples** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Sample | DWI | Axb | SG | BBWI | BRWI | BAI |
| Edward 1 | 4.45 | 57.5 | 2.56 | 16.6 | 12.9 | 0.5856 |
| Edward 2 | 5.58 | 46.0 | 2.57 | 16.5 | 14.6 | 0.5353 |
| Edward 3 | 5.51 | 46.6 | 2.58 | 15.7 | 14.0 | 0.7033 |
| Edward 4 | 5.97 | 43.4 | 2.58 | 17.0 | 14.5 | 0.6846 |
| Edward 5 | 6.17 | 41.7 | 2.57 | 15.6 | 15.3 | 0.6923 |
| Edward 6 | 6.24 | 41.0 | 2.57 | 16.8 | 14.4 | 0.428 |
| Edward 7 | 6.34 | 40.7 | 2.59 | 17.2 | 14.9 | 0.5585 |
| Edward 8 | 4.99 | 51.2 | 2.55 | 16.4 | 12.7 | 0.6122 |
| Edward 9 | 7.74 | 33.0 | 2.59 | 20.0 | 15.2 | 0.5234 |
| Empire 1 | 5.69 | 45.1 | 2.55 | 17.1 | 14.2 | 0.6829 |
| Empire 2 | 5.18 | 49.7 | 2.59 | 16.0 | 13.9 | 0.4983 |
| Empire 3 | 6.63 | 39.1 | 2.6 | 17.0 | 14.4 | 0.5865 |
| Empire 4 | 6.95 | 36.2 | 2.53 | 17.4 | 15.5 | 0.4159 |
| Empire 5 | 5.81 | 44.3 | 2.59 | 17.5 | 14.3 | 0.5225 |
| Empire 6 | 5.55 | 46.3 | 2.56 | 16.6 | 14.4 | 0.4056 |
| Empire 7 | 7.29 | 35.7 | 2.6 | 16.2 | 14.8 | 0.626 |
| Empire 8 | 8.40 | 34.9 | 2.92 | 16.7 | 15.3 | 0.6562 |
| Empire 9 | 6.08 | 42.1 | 2.58 | 18.4 | 14.0 | 0.4833 |
| Empire 10 | 6.30 | 41.4 | 2.6 | 20.3 | 14.6 | 0.3723 |
| Empire 11 | 5.93 | 42.3 | 2.5 | 17.1 | 15.5 | 0.715 |
| Rex 1 | 6.55 | 39.6 | 2.58 | 16.2 | 14.6 | 0.6149 |
| Royal 1 | 6.38 | 39.7 | 2.52 | 17.2 | 13.3 | 0.5993 |
| 75<sup>th</sup> percentile | 6.57 | 39.4 | 2.59 | 17.2 | 15.0 | 0.6629 |

---

Table 13-12 shows the combined results from the 2019 and 2020 comminution testwork programs. These

results indicate that the MUG Mineralization is moderately competent (Axb 36.9) and hard for ball milling

with a bond ball work index of 20.2kWh/t. The tested samples also showed to be highly abrasive with a

Bond Abrasion index of 0.63.

<sup>2</sup> The Au recovery model developed for Edward did not include results for samples with gold grades >7 g/t.

<sup>3</sup> The Au recovery model developed for Rex was based on leach testwork data at a grind size P80 75 µm as there were no tests

conducted at 38 µm.

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**Table 13-12: Combined Comminution Testing results 2019 and 2020**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Sample | DWI | Axb | SG | BBWI | BRWI | BAI |
| 75<sup>th</sup> percentile | 6.74 | 36.9 | 2.59 | 20.2 | 15.3 | 0.6336 |

---

The SMC test results can be used to estimate specific power requirements for the MUG ore using the

comminution parameters derived from these tests. Based on the power-based model developed by

Morrell, the SAG mill specific power is estimated at 10.4 kWh/t (75<sup>th</sup> percentile) and the ball mill specific

power is 22.1 kWh/t (75<sup>th</sup> percentile).

The 75<sup>th</sup> percentile comminution results from 2019 and 2020 were used in the Waihi comminution circuit,

a primary grind size of 80 % passing 53 µm was utilized for the primary grind for the MUG feed. The

existing grinding circuit is capable of processing MUG ores over the LoM.

**13.1.3Recovery Estimates and Assumptions**

The recovery models developed for each of the vein structures provided below are based on the leach

testwork results conducted on the historical, 2019 and 2020 samples. Multiple Linear Regression (MLR)

was used to predict gold recovery with the explanatory variables being gold head grade and arsenic

content in the feed. Table 13-13 provides the recovery models developed for Edward, Empire, Martha,

Royal and Rex domains.

**Table 13-13: MUG Recovery Models**

---

| |
|:---|
| Domain |
| Edward<sup>2</sup> Recovery (%) = 97.14 + (0.40 \* Au ppm) – (0.068 \* As ppm), r<sup>2</sup>=0.38 |
| Empire<br> Recovery (%) = 93.74 + (1.33 \* Au ppm) – (0.081 \* As ppm), r<sup>2</sup>=0.90 |
| Martha<br> Recovery (%) = 76.41 + (2.68 \* Au ppm) – (0.024 \* As ppm), r<sup>2</sup>=0.55 |
| Royal<br> Recovery (%) = 80.25 + (1.41 \* Au ppm) + (0.023 \* As ppm), r<sup>2</sup>=0.96 |
| Rex<sup>3</sup> Recovery (%) = 91.92 + (0.78 \* Au ppm) - (0.092 \* As ppm), r<sup>2</sup>=0.87 |

---

The gold recovery models developed for MUG deposit are used to forecast gold recovery in the mine

schedule on a yearly basis. Applying the recovery models to the mine schedule indicates the gold

recovery for MUG Mineral Reserve is 95 %.

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Recovery is correlated to both gold and arsenic head grades with gold present in arsenopyrite identified

previously as being finer grain size than the majority present in ore. High arsenic levels yield a lower

recovery in the tested composites over the range from 8 to 301 ppm and highlighted in Figure 13-2.

![figure13-2c.jpg](figure13-2c.jpg)

**Figure 13-2: Arsenic Grade / Recovery Relationship**

A review of the methodology used to estimate the metallurgical recoveries and testwork was undertaken

by G Butcher Consulting Pty Ltd which endorsed the laboratory testing and mathematical modelling

methods used to develop the recovery algorithms and that the selection of sampling locations and the

representivity of the ore domains appears to have been undertaken with diligence, although additional

sampling and testing of the Rex and Royal domains is recommended to improve the confidence of the

models developed to date.

**13.2MOP**

MOP metallurgical recovery of gold is estimated at 90% and silver recovery is estimated at 63 % based

on the process plant performance and reconciliations over the last 35 years of operation. Throughput and

gold recovery data from the last open pit campaign through the Martha mill in 2013-14 is shown below in

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Figure 13-3 with the monthly reconciled recovery of 90% achieved or exceeded. The proposed cutback

will expose mineralization at similar or higher levels during the first five (5) years of open pit operation.

![figure13-3b.jpg](figure13-3b.jpg)

**Figure 13-3: Historical Open Pit Performance**

**13.3GOP**

Laboratory scale test work has been conducted on the drill hole samples obtained for the GOP Mineral

Resource. The key focus of the metallurgical work has been to derive gold recovery, throughput rates,

reagent consumption and to confirm the suitability of current plant configuration. This test work has shown

the GOP mineralization to be amenable for processing via the existing Waihi treatment plant flowsheet.

Recovery is shown to vary with the weathering extent of the GOP mineralization. The weathered domain

achieves higher recoveries than the primary un-weathered domain. Separate recovery relationships have

been defined for the weathered and un-weathered domains. A small separate metallurgical domain

characterized by the hydrothermal breccia host rock was also identified.

A grind size of P80 of 90 µm has been selected, as plant operating experience has shown that this is

equivalent to a laboratory gold recovery at a P80 of 75 µm. The gold and arsenic relationship identified in

Correnso Resource is not observed in the GOP Resource. The statistically significant drivers of recovery

within the GOP Resource are weathering and gold head grade. The recovery estimate from the testwork

is calculated at a P80 of 75 µm (see Table 13-14).

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**Table 13-14: Recovery Estimate**

---

| | |
|:---|:---|
| Testwork | Recovery  |
| Weathered | Recovery % = 100 \* (0.902 – (0.049 / Head grade Au)) |
| Un-weathered | Recovery % = 100 \* (0.85 – (0.452 / Head grade Au)) |
| Hydrothermal Breccia | Recovery % = 74% |

---

This relationship predicts an average recovery for the GOP Resource of 71 % based on the average

Mineral Resource grade of 1.49 g/t Au. An average process recovery of 71 % has been used for GOP

based on leaching testwork.

Four samples were submitted for comminution testing to the JKTech facilities in Brisbane, Australia.

Comminution testing consisted of SMC and Bond ball mill work index. The selected samples represent

mineralization to be mined from four domains in GOP. Samples were submitted as quarter core (1/2 HQ).

The comminution test results are summarized in Table 13-15. The characterisation conducted on the GOP

mineralization has indicated that the material is classified as 'moderately soft' to "medium" in terms of

SAG mill competency (average Axb 47.1). The weathered material had the softest BBWI of 17.2 kWh/t

and it is categorized as 'hard', the three remaining samples are considered very hard (BBWI 20.9 –

22.6 kWh/t).

**Table 13-15: Comminution Testing of GOP Mineralization Samples**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Parameter | HBX | Un-weathered A | Un-weathered B | Weathered | Average |
| Axb | 56.6 | 47.8 | 41.2 | 42.9 | 47.1 |
| SG | 2.49 | 2.69 | 2.58 | 2.54 | 2.58 |
| DWI | 4.39 | 5.62 | 6.26 | 5.93 | 5.55 |
| BBWI | 20.9 | 22.6 | 21.3 | 17.2 | 20.5 |

---

The comminution results provided in Table 13-15 were applied to a comminution circuit similar to the

current Waihi circuit, and for mill sizing. A primary grind size of 80 % passing 75 µm was utilized for the

primary grind design for GOP Mineralization.

The GOP orebody contains significant levels of mercury at levels higher than currently experienced in the

mill (up to 4 g/t Hg). Deportment surveys on laboratory leach tests and plant surveys on MUG feed have

been conducted to estimate the portion of mercury that is likely to report to the elution and gold room

circuits. Data from these surveys has been used to design a retort system to capture mercury in the gold

room and minimise occupational and environmental exposure.

**13.4WUG**

Economic gold Mineralization at WUG is hosted within quartz vein structures as either silica associated

free gold or with minor occurrences of sulphide minerals, notably pyrite and arsenopyrite. It is similar in

nature to that observed with other underground deposits at Waihi such as Favona, Correnso and MUG,

the main difference being hosted in Rhyolite rather than Andesite.

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The silica associated gold is readily leached via conventional grinding and cyanide leaching flowsheets.

The sulphide associated gold appears to be leachable via similar flowsheets, but recovery is dependent

on grind size as the inclusion size of gold within the sulphides appears to be significantly finer than that in

silica based on response to the various flowsheet options and grind sizes tested. Higher levels of

arsenopyrite will lead to higher residue grades due to unliberated gold inclusions at economic grind sizes.

The geological interpretation of the Wharekirauponga deposit has developed over time as the drilling

program had progressed. Overall, the metallurgical program has classified the deposit into three main

geometallurgical domains mainly the main EG vein, the footwall veins, and the hanging wall veins.

Classification of metallurgical composites has identified the domain it resides in and in some cases the

domain has changed with reinterpretation.

**13.4.1Leach Testwork**

A total of 6 testwork programs have been undertaken on samples from the Wharekirauponga deposit

since 2017. The first three programs investigation various flowsheet options considering direct leach at

several grind sizes, production of a sulphide flotation concentrates for further processing, flotation and

ultrafine grinding followed by cyanide leach. A total of 10 composites were prepared in the 2018 programs

and a further 6 in the 2019 program with the source holes and domain structures (Table 13-16 and Table

13-17).

**Table 13-16: 2018 Wharekirauponga Composite Locations**

---

| | | | |
|:---|:---|:---|:---|
| Composite # | Metallurgical Samples | Metallurgical Samples | Metallurgical Samples |
| Composite # | Hole ID | Sample No | Vein Structure |
| WKP-MET-001 | WKP40 | WKP40-0492-0500.8 | EG Vein |
| WKP-MET-002 | WKP42 | WKP42-0430.5-0440 | EG Vein |
| WKP-MET-003 | WKP50 | WKP50-0403-0406 | EG Vein |
| WKP-MET-003 |  | WKP50-0413-0415 |  |
| WKP-MET-004 | WKP52 | WKP52-0550 | FW Vein |
| WKP-MET-004 | WKP55 | WKP55-0363-0364 | FW Vein |
| WKP-MET-004 | WKP55 | WKP55-0307 | FW Vein |
| WKP-MET-005 | WKP50 | WKP0087, WKP50-0093, 0094 | HW Vein |
| WKP-MET-006 | WKP35 | WKP35-576.4-587.2 | EG Vein |
| WKP-MET-0077 | WKP44 | WKP44-0410-0422 | EG Vein |
| WKP-MET-008 | WKP53 | WKP53-0677-0689 | EG Vein |
| WKP-MET-009 | WKP56 | WKP56-0348-0356 | EG Vein |
| WKP-MET-010 | WKP57 | WKP57-0341-0349 | EG Vein |

---

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**Table 13-17: 2019 Wharekirauponga Composite Locations**

---

| | | | |
|:---|:---|:---|:---|
| Composite # | Metallurgical Samples | Metallurgical Samples | Metallurgical Samples |
| Composite # | Hole ID | Sample No | Vein Structure |
| WKP-MET-010 | WKP54 | WKP054-0582-0596 | EG Vein |
| WKP-MET-010 | WKP60-1 | WKP60-0465-0475 | EG Vein |
| WKP-MET-010 | WKP60-2 | WKP60-0570-0577 | FW Vein |
| WKP-MET-010 | WKP61 | WKP61-0387-0394 | EG Vein |
| WKP-MET-010 | WKP63 | WKP63-0527-0545 | FW Vein |
| WKP-MET-010 | WKP65 | WKP65-0491-0505 | EG Vein |

---

Testing on the 2018 composites was completed by ALS Metallurgy in Perth, Australia and included:

• Head assay and screen fire assay

• Gravity gold recovery at 106 µm grind size

• Cyanide leach of both gravity concentrate and gravity tails

• Sulphide flotation and leaching of flotation products.

Head Grade analysis is outlined in Table 13-18 below and indicate a gold head grade ranging from 4.2 g/t

to 50.6 g/t for the main EG Vein samples. Total sulphur head grades range up to 1.82 % sulphur and

arsenic grades range up to 580 ppm, similar ranges to the Correnso north deposit processed at Waihi.

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**Table 13-18: Wharekirauponga Composite Head Assay Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Composite # | Au g/t <br>FA<br>| Ag g/t | As ppm | Hg ppm | SiO2, % | S Total, % |
| WKP-MET-001 | 7.53 | 10 | 15 | <0.1 | - | - |
| WKP-MET-002 | 26.0 | 35 | 325 | 0.8 | - | - |
| WKP-MET-003 | 9.47 | 8 | 100 | <0.1 | 88.4 | 0.42 |
| WKP-MET-004 | 4.83 | 4 | 270 | 2.9 | 82.0 | 1.34 |
| WKP-MET-005 | 4.54 | 16 | 30 | 0.1 | 89.2 | <0.02 |
| WKP-MET-006 | 4.20 | 11.4 | 580 | 0.4 | 80.8 | 1.82 |
| WKP-MET-007 | 4.60 | 5.4 | 350 | 0.1 | 84.6 | 0.52 |
| WKP-MET-008 | 7.00 | 4.5 | 80 | <0.1 | 89.0 | 0.26 |
| WKP-MET-009 | 5.21 | 6.9 | 390 | 0.5 | 80.4 | 1.74 |
| WKP-MET-010 | 7.67 | 12.9 | 110 | 0.2 | 81.6 | 0.86 |
| WKP-MET-011 | 50.6 | 98 | 230 | <0.1 | 82.0 | 0.36 |
| WKP-MET-012 | 19.4 | 26 | 80 | <0.1 | 90.2 | 0.28 |
| WKP-MET-013 | 13.1 | 24 | 540 | 1 | 86.4 | 2.06 |
| WKP-MET-014 | 17.7 | 62 | 140 | 0 | 82.8 | 0.74 |
| WKP-MET-015 | 62.8 | 88 | 30 | <0.1 | 87.6 | 0.04 |
| WKP-MET-016 | 22.6 | 24 | 170 | <0.1 | 84.8 | 0.62 |

---

Gravity concentrates were produced using a laboratory gravity concentrate with the concentrate subject to

intensive cyanide leach conditions and the gravity tail subject to standard leach conditions. The combined

leach recoveries are indicative of that expected from a conventional gold processing flowsheet.

Table 13-19 shows results from the 2018 composites indicating that gravity gold recovery ranged from

8.1 % to 41 % averaging 18.4 % for the EG Vein samples at either 53 µm or 106 µm grind size. The

relatively low gravity recovery results and screen fire assay results suggest the majority of the gold is

present as fine particles.

The average gold recovery from leaching on the main EG Vein samples (composites 1, 2, 3, 7, 8, 9, and

10) averages 90.7 % and suggests the majority of the EG Vein material can be regarded as free milling.

The lower recovery experienced in composites 4 and 6 may be attributable to the higher sulphur feed

grade and likely partially refractory locked in sulphides.

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**Table 13-19: 2018 Composite Gold Recovery Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Composite # | <br>Calculated <br>Au Grade,<br>g/t | Au/Ag<br>ratio | P80,<br>µm | Gravity Au <br>Recovery, % | Total Au Recovery (%) | Total Au Recovery (%) |
| Composite # | <br>Calculated <br>Au Grade,<br>g/t | Au/Ag<br>ratio | P80,<br>µm | Gravity Au <br>Recovery, % | 53 µm | 106 µm |
| WKP-MET-001 | 7.96 | 1.0/1.2 | 106 | 35.1 |  | 95.5 |
| WKP-MET-002 | 28.7 | 1.0/1.2 | 53 | 15.1 | 89.5 |  |
| WKP-MET-003 | 9.78 | 1.0/1.4 | 53 | 25.0 | 89.3 |  |
| WKP-MET-004 | 5.08 | 1.0/1.6 | 53 | 8.1 | 66.4 |  |
| WKP-MET-005 | 4.46 | 1.0/1.4 | 53 | 12.5 | 80.9 |  |
| WKP-MET-006 | 3.78 | 1.0/2.7 | 106 | 11.5 |  | 68.8 |
| WKP-MET-007 | 5.35 | 1.0/1.2 | 106 | 10.9 |  | 91.2 |
| WKP-MET-008 | 6.65 | 1.0/0.6 | 106 | 41.0 |  | 95.8 |
| WKP-MET-009 | 5.72 | 1.0/1.3 | 106 | 9.7 |  | 84.3 |
| WKP-MET-010 | 7.58 | 1.0/1.7 | 106 | 15.5 |  | 89.1 |
| Average |  |  |  |  | 90.7 |  |

---

The 2019 composites examined the effect of grind size on overall recovery with average recovery

increasing to 94.3 % at a 38 µm grind in the laboratory. In Waihi ores typically higher recoveries are

achieved with decreasing grind size from liberation of fine gold present in sulphide particles. The recovery

results for these composites are shown below in Table 13-20 indicating a 1.4 % improvement in overall

gold recovery from grinding from 53 µm down to 38 µm.

**Table 13-20: 2019 Composite Gold Recovery Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Composite # | <br>Calculated <br>Au Grade,<br>g/t | Au/Ag<br>ratio | Total Au Recovery (%) | Total Au Recovery (%) | Total Au Recovery (%) | Total Au Recovery (%) | Total Au Recovery (%) |
| Composite # | <br>Calculated <br>Au Grade,<br>g/t | Au/Ag<br>ratio | 38 µm | 53 µm | 75 µm | 90 µm | 106 µm |
| WKP-MET-011 | 50.7 | 1.0/1.9 | 95.3 | 92.6 | 91.1 |  |  |
| WKP-MET-012 | 19.1 | 1.0/1.3 | 96.6 | 94.7 | 93.6 | 91.8 | 90.6 |
| WKP-MET-013 | 13.2 | 1.0/1.8 | 85.9 | 86.1 |  |  |  |
| WKP-MET-014 | 18.9 | 1.0/2.8 | 96.1 | 96.2 | 96.5 | 95.0 |  |
| WKP-MET-015 | 59.7 | 1.0/1.5 | 95.5 | 93.4 | 93.4 | 91.6 |  |
| WKP-MET-016 | 23.1 | 1.0/1.0 | 96.2 | 94.6 | 92.3 | 91.0 |  |

---

Process Plant operating experience has shown that an equivalent laboratory gold recovery at a P80 of

38 µm is equivalent to a grind size P80 of 53 µm in the plant. This relationship is due to the laboratory

grind test work being in open circuit, whereas in the plant the grinding circuit is in closed circuit. This

results in the higher density sulphides being preferentially ground finer from the cyclone classification and

hence liberating more gold particles that are disseminated within the sulphides.

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Diagnostic leach tests were completed on direct leach tailings samples for 10 of the composites from the

EG Vein. The results show there is little free milling gold remaining in the tails (6 %) that would be

recoverable with longer leach residence time. Up to 32 % of the gold in tailings appears to be silica locked

and given the high silica head grade is unlikely to be recoverable via leaching or flotation without further

grinding to liberate the locked gold. Unleached gold locked with sulphide minerals represents 61 % of the

total gold lost to tailings. The sulphide minerals may be recovered through sulphide flotation. Preliminary

flotation testwork conducted at 75 µm on the EG Vein has indicated no significant recovery benefits when

compared to direct cyanidation at a grind size of 38 µm (i.e., 92 % (flotation) vs 96 % (direct cyanidation)).

A geometallurgical matrix was prepared based on the three main structures (the EG Vein, hanging wall

and footwall) and for low, medium, and high-grade bins to allow selection of 16 composites for the fourth

program in 2020 focusing on direct leach performance from 38 to 75 µm (Table 13-21, Table 13-22, and

Table 13-23). This program was undertaken in house by OceanaGold utilising the Macraes metallurgical

laboratory facilities and Waihi metallurgical resources.

**Table 13-21: 2020 WUG Au Geometallurgical Matrix – Mass Balance**

![image_22a.jpg](image_22a.jpg)

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**Table 13-22: 2020 WUG Au Geometallurgical Matrix – Gold Balance**

![image_23a.jpg](image_23a.jpg)

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**Table 13-23: 2020 WUG Au Geometallurgical Matrix**

![image_24a.jpg](image_24a.jpg)

The results of the 2020 direct leach testwork are shown below in Table 13-24 for the 38 µm grind which

provided the highest leach recovery relative to the 53 and 75 µm grind sizes.

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**Table 13-24: 2020 Composite Gold Recovery Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Composite ID | Structure | Au | Ag | As | Au Recovery | Au Residue | Ag Recovery |
| ID |  | g/t | g/t | g/t | % | g/t | % |
| WKP-MET-032 | EG Vein | 6.7 | 5.8 | 69 | 93.2 | 0.42 | 85.2 |
| WKP-MET-033 | EG Vein | 7.6 | 31 | 59 | 92.9 | 0.48 | 79.3 |
| WKP-MET-034 | EG Vein | 3.1 | 10.2 | 252 | 73.8 | 0.73 | 59.4 |
| WKP-MET-035 | EG Vein | 4.1 | 7.7 | 245 | 93.6 | 0.26 | 83.4 |
| WKP-MET-036 | EG Vein | 6.4 | 31.8 | 96 | 92.4 | 0.46 | 69.5 |
| WKP-MET-037 | EG Vein | 5.7 | 24.3 | 594 | 85.6 | 0.75 | 59 |
| WKP-MET-038 | EG Vein | 16.2 | 25.1 | 146 | 95.3 | 0.69 | 80.3 |
| WKP-MET-039 | EG Vein | 16.6 | 33 | 287 | 91.8 | 1.12 | 77.7 |
| WKP-MET-040 | EG Vein | 5.5 | 12.8 | 7 | 98 | 0.11 | 82.5 |
| WKP-MET-041 | EG Vein | 3.3 | 8.2 | 272 | 81 | 0.66 | 60.7 |
| WKP-MET-042 | FW Vein | 5.1 | 18 | 752 | 68.1 | 1.62 | 34.7 |
| WKP-MET-043 | FW Vein | 8.3 | 14.3 | 204 | 91 | 0.87 | 71.1 |
| WKP-MET-044 | FW Vein | 8.3 | 27.2 | 1010 | 66.4 | 2.79 | 32 |
| WKP-MET-045 | T Stream | 1.7 | 3.5 | 73 | 97.1 | 0.06 | 88.3 |
| WKP-MET-046 | HW Vein | 3.4 | 4.3 | 370 | 98.2 | 0.06 | 89.4 |
| WKP-MET-047 | HW vein | 4.5 | 21.7 | 1970 | 51 | 2.26 | 39.5 |

---

In 2022 the fifth round of testing continued with 16 additional composites from the infill drilling program

focusing on the higher grade EG vein structure to improve confidence and meet the requirements of the

geometallurgical matrix for a prefeasibility level of study,(Table 13-25, Table 13-26, and Table 13-27).

These samples were submitted to AMML in Australia for testing to the Round 4 flowsheet.

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**Table 13-25: 2022 WUG Au Geometallurgical Matrix – Mass Balance**

![image_25a.jpg](image_25a.jpg)

**Table 13-26: 2022 WUG Au Geometallurgical Matrix – Gold Balance**

![image_26.jpg](image_26.jpg)

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**Table 13-27: 2022 WUG Au Geometallurgical Matrix**

![image_27a.jpg](image_27a.jpg)

The results of the 2022 direct leach testwork is shown below in Table 13-28 for the 38 µm grind which

provided the highest leach recovery relative to the 53 and 75 µm grind sizes.

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**Table 13-28: 2022 Composite Gold Recovery Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Composite ID | Structure | Au | Ag | As | Au Recovery | Au Residue | Ag Recovery |
| ID |  | g/t | g/t | g/t | % | g/t | % |
| WKP-MET-048 | FW Vein | 2.4 | 9.8 | 280 | 83.1 | 0.49 | 47.6 |
| WKP-MET-049 | FW Vein | 1.2 | 6.2 | 857 | 43.3 | 0.73 | 41.1 |
| WKP-MET-050 | HW Vein | 15.9 | 42.2 | 118 | 93.2 | 1.01 | 53.3 |
| WKP-MET-051 | HW Vein | 3.9 | 7.5 | 116 | 93.6 | 0.29 | 62 |
| WKP-MET-052 | EG Vein | 9.6 | 15.8 | 241 | 93 | 0.6 | 67.2 |
| WKP-MET-053 | EG Vein | 29 | 49.7 | 70 | 92.2 | 1.91 | 53.9 |
| WKP-MET-054 | EG Vein | 2.3 | 13 | 279 | 76.9 | 0.72 | 41.1 |
| WKP-MET-055 | EG Vein | 18.9 | 29.9 | 165 | 95.5 | 0.52 | 73.6 |
| WKP-MET-056 | EG Vein | 6.5 | 11.8 | 303 | 90.8 | 0.36 | 58.3 |
| WKP-MET-057 | EG Vein | 22.5 | 91.9 | 38 | 98.5 | 0.73 | 40.5 |
| WKP-MET-058 | FW Vein | 34.4 | 73.2 | 442 | 95.5 | 2.39 | 57 |
| WKP-MET-059 | FW Vein | 23.9 | 44.6 | 156 | 94.6 | 1.06 | 56.9 |
| WKP-MET-060 | EG Vein | 11.7 | 14.7 | 170 | 97.4 | 0.66 | 73.3 |
| WKP-MET-061 | EG Vein | 9.9 | 18.6 | 61 | 92 | 0.35 | 56.4 |
| WKP-MET-062 | FW Vein | 4.6 | 5.7 | 347 | 90.4 | 0.48 | 61.2 |
| WKP-MET-063 | FW Vein | 6.3 | 21.7 | 402 | 78.1 | 1.4 | 60.2 |

---

Generally good recoveries were recorded for the EG Vein samples however in the footwall and hanging

wall veins lower recoveries were encountered, particularly with lower gold head grades and elevated

arsenic head grades. This has been observed in both Correnso and MUG test programs and milling

practice with gold present in arsenopyrite being much finer than in other forms. In the 2020 program a

whole of ore leach was conducted at 10 µm to check the effect of potential finer grinding of the sulphides

but generally lead to recovery improvements of less than 2 % and would not pay for the power required.

A recovery modelling process based on the 31 composites related to the three main vein structures

showed a significant correlation in gold recovery and residue to both gold and arsenic grades.

The geological block model in 2022 was updated with an independent arsenic model allowing such a

regression model for recovery to be used to forecast recovery in the mine planning phase. The

distribution of arsenic grades across the structures was reviewed and an updated geometallurgical matrix

prepared that focused on grade bins of arsenic (<150 ppm, 150-300 ppm, 300-500 ppm and >500 ppm)

and against the gold grade bins (1-4 g/t, 4-9g /t, 9-15 g/t and >15 g/t). The mass balance portion of the

matrix is shown below in Table 13-29 showing 59 % of the tonnage is below 300 ppm arsenic and 84 %

below 500 ppm.

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**Table 13-29: 2022 WUG As Geometallurgical Matrix – Mass Balance**

![image_28a.jpg](image_28a.jpg)

The gold balance portion of the matrix is shown below in Table 13-30 and the gold distribution is more

skewed to the lower arsenic domains with 70 % of gold below 300 ppm arsenic and 92 % below 500 ppm.

Arsenic grades above 300 ppm As and below 9 g/t Au are expected to show recoveries below 88 % and

represent 16.5 % of the metal.

**Table 13-30: 2022 WUG As Geometallurgical Matrix – Gold Balance**

![image_29a.jpg](image_29a.jpg)

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An additional 6 composites were identified to increase the sample count in the 4-9 g/t gold grade and

150-500 ppm arsenic grade bins. These samples were submitted to AMML in Australia for testing to the

previous laboratory flowsheet. Results for these 6 composites are presented below in Table 13-31.

**Table 13-31: 2022 Composite Results (Geomet Domain 4-9 g/t Au and 150-500 ppm As)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Composite ID | Structure | Au | Ag | As | Au Recovery | Au Residue | Ag Recovery |
| ID |  | g/t | g/t | g/t | % | g/t | % |
| WKP-MET-064 | HW Vein | 8.5 | 15.4 | 242 | 92.5 | 0.57 | 67.7 |
| WKP-MET-065 | HW Vein | 5.3 | 7.6 | 344 | 93.7 | 0.34 | 77 |
| WKP-MET-066 | FW Vein | 12.7 | 36 | 168 | 93.5 | 0.83 | 55.1 |
| WKP-MET-067 | FW Vein | 9.5 | 12.4 | 293 | 91.6 | 0.88 | 56.6 |
| WKP-MET-068 | EG Vein | 8.8 | 20.1 | 681 | 78.9 | 1.74 | 44.3 |
| WKP-MET-069 | EG Vein | 4.7 | 9 | 350 | 81.5 | 0.79 | 53.4 |

---

A cross-section of all geometallurgical samples is illustrated in Figure 13-4. This indicates good sample

coverage in the south-west of the orebody where the bulk of the ore tonnes are located and where there

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is an abundance of drill core. Additional geometallurgical samples from the north-east of the orebody will

be collected for testwork as drilling in the north-east of the orebody progresses.

![image_30a.jpg](image_30a.jpg)

**Figure 13-4: Cross-Section of WUG Geometallurgical Samples**

**13.4.2Comminution Testwork**

Due to the quartz vein nature of the gold host rock, it generally is regarded as competent and hard from a

milling perspective. Ore hardness characterisation has been undertaken on composites by JKTech with

SMC and Bond hardness tests to allow for prediction of anticipated milling rates. In 2019 a total of 6

composites were submitted for comminution characterisation and results are summarized in Table 13-32.

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**Table 13-32: 2019 WUG Comminution Testwork**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Composite | Structure | Axb | SG | DWI | BRWI | BBWI | BAi |
| ID |  |  | t/m<sup>3</sup> |  | kwh/t | kwh/t |  |
| WKP-MET-017 | EG | 38.8 | 2.49 | 6.43 | 16.1 | 18.7 | 0.7016 |
| WKP-MET-018 | EG | 34 | 2.53 | 7.51 |  | 22.1 |  |
| WKP-MET-019 | EG | 39.2 | 2.53 | 6.45 |  | 19.1 |  |
| WKP-MET-020 | FW | 39.4 | 2.59 | 6.55 | 16 | 19.3 | 0.7053 |
| WKP-MET-021 | FW | 36.8 | 2.62 | 7.07 |  | 20 |  |
| WKP-MET-022 | FW | 34.7 | 2.59 | 7.38 |  | 20.3 |  |

---

In 2020 a follow-up program tested a further 9 composites across the deposit. The Axb values obtained in

both programs were consistent and in line with that observed with other Waihi deposits. The Bond ball mill

work index measured in the 2020 program was about 10 % higher than the 2019 program. A summary of

the results from the 2020 program is shown in Table 13-33.

**Table 13-33: 2020 WUG Comminution Testwork**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Composite | Structure | Axb | SG | DWI | BRWI | BBWI | BAi |
| ID |  |  | t/m<sup>3</sup> |  | kwh/t | kwh/t |  |
| WKP-MET-023 | EG | 35.8 | 2.54 | 7.19 | 16.5 | 24.8 | 0.7682 |
| WKP-MET-024 | EG | 37.5 | 2.53 | 6.75 | 15.9 | 23.5 | 0.8225 |
| WKP-MET-025 | EG | 39.6 | 2.56 | 6.52 | 17.4 | 24.1 | 0.9219 |
| WKP-MET-026 | EG | 37 | 2.58 | 6.94 | 16.6 | 20.6 | 0.8873 |
| WKP-MET-027 | EG | 39.6 | 2.57 | 6.54 | 16.4 | 21.7 | 0.7608 |
| WKP-MET-028 | EG | 37 | 2.5 | 6.76 | 17.5 | 21.1 | 1.0086 |
| WKP-MET-029 | HW Vein | 38.4 | 2.54 | 6.68 | 15.6 | 21.6 | 0.7657 |
| WKP-MET-030 | FW Vein | 33 | 2.53 | 7.7 | 17.6 | 23.1 | 0.8634 |
| WKP-MET-031 | FW Vein | 33 | 2.57 | 7.72 | 18.9 | 26.1 | 0.7827 |

---

Given the consistent results between the programs over the 15 composites the values were used in

establishing specific energy requirements and milling rate predictions. A primary grind size of 80 %

passing 53 µm was utilized for the primary grind design for the WUG feed.

**13.4.3Recovery Estimates and Assumptions**

With the completion of the 2023 samples the recovery analysis was updated and considered the

individual structures and all samples for the combined structures. For the Wharekirauponga deposit for

the prefeasibility study based on the sample ground to 38 µm in the lab the following regressions are

provided:

• Gold Recovery (%) = 93.835 + (0.2312 \* Au ppm) – (0.02313 \* As ppm), r<sup>2</sup> = 0.85

• Gold residue grade (g/t) = -0.06849 + (0.049631 \* Au ppm) + 0.001356 \* As ppm), r<sup>2</sup> = 0.69

• Silver Recovery (%) = 79.283 – (0.27413 \* Ag ppm) – (0.03932 \* As ppm), r<sup>2</sup> = 0.48

These models should be suitable for use over the gold grade range over 2.8 g/t Au and for a plant

flowsheet targeting a 53 µm cyclone overflow grind size target.

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**13.5Comments on Adequacy (Processing and Metallurgy)**

In the opinion of the QP, the following conclusions are appropriate:

• Metallurgical test work and associated analytical procedures were performed by recognized

testing facilities, and inhouse facilities and the tests performed were appropriate to the

Mineralization type

• Samples selected for testing were representative of the various types and styles of Mineralization

within the Waihi and Wharekirauponga areas. Samples were selected from a range of depths

within the deposit. Sufficient samples were taken so that tests were performed on adequate

sample mass

• Average weighted recoveries have been assumed based on test work completed and source

proportion in the inventory. These recoveries are appropriate to be used in support of Mineral

Resource and Mineral Reserve estimation, based on the drill hole spacing and sample selection

• Metallurgical testwork conducted on the composites from the MUG deposit supports an expected

gold recovery assumption of 95 % for treatment through the existing process plant flowsheet

based on targeting a primary grind size of 53 µm used in the mine optimization

• Historical metallurgical results on the MOP deposit supports an expected gold recovery

assumption of 90 % for treatment through the existing process plant flowsheet based on a 90 µm

grind size

• Metallurgical testwork on the GOP deposit supports an expected gold recovery assumption of

71 % for treatment through the existing process plant flowsheet based on a 75 µm grind size

• Metallurgical testwork on the WUG deposit supports an expected gold recovery assumption of

90 % for treatment through the existing process plant flowsheet based on a 53 µm grind size.

**13.6Future Work Program**

Infill drilling presents the opportunity to continue test work on available core samples to confirm

metallurgical estimates for any new Reserves that are defined. This should occur as material becomes

available to de-risk the use of existing forecasting inputs.

As the Resource size grows, the geometallurgical matrix should be updated with the increased inventory

and parameters. This will support the feasibility study and ensure coverage of the extended Resource

area and range of grades expected. Increased sample count should provide improved confidence in the

recovery relationship as a function of gold and arsenic head grades, and test if a global recovery for all

the deposit continues to be valid or if separate models for the hanging wall and footwall structures is

warranted.

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**14MINERAL RESOURCE ESTIMATES**

Mineral Resource Estimates for four areas have been prepared with close out dates for the databases

used in estimation as shown in Table 14-1. Data used to support the estimates include surface and

underground diamond drill core, RC chips and underground grade control channel sample chips.

**Table 14-1: Model Closeout Dates**

---

| | | | |
|:---|:---|:---|:---|
| Project | Closeout Date |  |  |
| Project | Closeout Date | MUG | 11 June 2024 |
| MOP | 01 February 2024 | MUG | 11 June 2024 |
| MOP | 01 February 2024 | WUG | 24 April 2024 |
| GOP | 01 September 2022 | WUG | 24 April 2024 |
| GOP | 01 September 2022 |  |  |

---

All geological models and geological concepts have been routinely reviewed by internal and external

reviewers. Open pit and underground mining since 1988 have provided a large database of mapping and

grade control sampling, which has confirmed the geological interpretations to date.

The modelling process employed in the grade estimation for all the Waihi projects is performed using

numerous Vulcan® and Leapfrog® processes and summarized in the steps outlined below:

• Validation of input data

• Update geologic models including lithological, mineralized, structural, and oxide domains

• Data selection – drill hole data selection from the site AcQuire database, RC, and channel data

from the AcQuire production databases

• Exclusion of unwanted drill holes by data type

• Flag data files by domains

• Composite drill holes using length weighting

• Exploratory data analysis by domain and data type

• Assign top cuts by domain to input data files

• Review of variography and variogram modelling

• Block Model construction based upon modelled domains and surfaces

• Run estimation for all domains for gold, silver, and arsenic

• Run estimation for confidence classification and apply ringfencing

• Assign density, mining depletions, back fill grade, stripping of negative values from non-estimated

blocks, assignment of grade to dilution domains, and assignment of recovery to all domains

• Resource classification.

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Estimations were performed in individual geological domains using length weighted downhole

composites. Estimation is undertaken via Ordinary Kriging for Au and Ag, and inverse distance squared

for other elements.

Models are rotated in bearing to align with the dominant strike of the veins. Sub-blocking is used to define

narrow veins and to maintain volume integrity with the geology solids. The grade estimation for all models

is controlled by hard domain boundaries, with both sample selection and estimation of blocks limited to

domains defined by the interpretation solids. Multi-pass estimation is used to control sample selection

criteria at a local and long-range scales.

**14.1MUG**

**14.1.1Geological Model**

The comprehensive MUG dataset includes diamond drilling, modern face sampling and backs mapping,

in-pit mapping, grade control channel and RC data, historic crosscuts, historic mapping, digitized historic

mining wireframes. Wireframe inputs to contributing models include:

• 125 Vein domains

• 10 Dilution domains

• 17 Lithology units

• 5 Oxide surfaces.

MUG models are built with underground mining economics in mind, and delineation of consistently narrow

or low-grade structures not deemed necessary for estimation. 58 veins feature in production planning.

Wireframes were created using Leapfrog Geo® software. Geological logging fields of drilling data such

vein textures, vein mineralogy, vein percentage, breccia type and historical voids were initially used to

create representative wireframes of vein structures. These initial wireframes were then modified on a

vein-by-vein basis and compared to gold and silver grade, core photography and structural

measurements to establish geological consistency between veins. Veins defined by pit grade control data

but without supporting drilling information to substantiate vein extrapolation beyond the pit boundary were

not included in the wireframes.

Individual veins were validated at various stages throughout the modelling process. Upon completion of

the modelling process, additional validation includes:

• A visual review in three axis sliced planes viewing gold grade, historical voids, and logged

geology

• Drill hole review following domain flagging and filtering for gold immediately outside of vein

boundaries

• Peer review within the Waihi geology team

• Review against historic mining. Note that in instances where mined voids had no drill data,

relative position of stoping panels was determined using vein wireframes. This ensures a

conservative approach was taken to depletion.

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The accurate treatment of historic mine workings is recognized as being of high importance to both the

MUG and MOP mines.

A 3D model of historic workings is maintained for Resource depletion, mine engineering and geotechnical

and safety consideration. This 3D model was initially digitized from linen plans and captures the extent of

known stopes, drives, passes, and shafts within historic mine. It is considered largely complete and is

updated and manipulated to adhere to modern points of observation including diamond drilling, probes,

void scans, and mining breakthroughs.

All the workings are separated into individual wireframes and regularly assessed for position, orientation,

and width against all available data.

Stope shapes and levels are validated for closure, consistency and crossing triangles to ensure they

could be evaluated for volume, then re-merged into a complete set of development levels, filled stopes

and open stopes. All remodelled historical workings are peer reviewed and validated against previous

models. All updates are recorded in a 'stope adjustment register'. The updated model contains wireframes

for development levels, open stopes, filled stopes, shafts, passes and the Milking Cow caved zone.

**14.1.2Exploratory Data Analysis**

Exploratory data analysis (EDA) was completed on gold grades by logged drillhole features to identify

mineralization controls. EDA was performed using Isatis Neo and Vulcan data analysis tools. Weighted

statistics of raw and composited Au values were reviewed using Isatis Neo. Tabulated in Table 14-2 is the

statistics for major domains comprising >70 % of MUG metal content.

**Table 14-2: Summary Statistics of Composite Au Values for MUG**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Count | Mean | Variance | Std Dev | CV | Minimum | Maximum | |  |  |  |  |  |  |  |
| | Count | Mean | Variance | Std Dev | CV | Minimum | Maximum | 1100 | 43154 | 4.19 | 57.18 | 7.56 | 1.804 | 0.01 | 507 |
| 1220 | 7370 | 3.85 | 58.99 | 7.68 | 1.997 | 0 | 190.68 | 1100 | 43154 | 4.19 | 57.18 | 7.56 | 1.804 | 0.01 | 507 |
| 1220 | 7370 | 3.85 | 58.99 | 7.68 | 1.997 | 0 | 190.68 | 1304 | 1877 | 2.57 | 29.26 | 5.41 | 2.104 | 0.01 | 114.06 |
| 1400 | 4792 | 4.05 | 73.02 | 8.55 | 2.111 | 0 | 209.48 | 1304 | 1877 | 2.57 | 29.26 | 5.41 | 2.104 | 0.01 | 114.06 |
| 1400 | 4792 | 4.05 | 73.02 | 8.55 | 2.111 | 0 | 209.48 | 1500 | 2208 | 4.16 | 42.91 | 6.55 | 1.576 | 0 | 108.81 |
| 1500 | 2208 | 4.16 | 42.91 | 6.55 | 1.576 | 0 | 108.81 |  |  |  |  |  |  |  |  |

---

**14.1.3Compositing, Grade Capping and Outlier Restrictions**

Statistical assessment of the input data is undertaken by domain. Typical top-cut selection is based on the

assessment of the population distribution characteristics.

Domain specific assessment of Au capping strategy was conducted from spatial review of data, its

distribution on raw histograms, lognormal probability plots, review of uncut vs cut percentiles, coefficient

of variance, and metal loss. Top-cut assessment for Au for each domain is undertaken independently for

exploration drill holes and grade control channels. A global top-cut values were assigned to Silver and

Arsenic. Values of 400 ppm for Silver and 1300 ppm for Arsenic were assigned to each element. Table

14-3 below shows is the top-cut statistics for the major domains.

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**Table 14-3: Summary Statistics of Cut Au Values for MUG**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Count | Mean | Variance | Std Dev | CV | Minimum | Maximum | | | | | | | | |
| | Count | Mean | Variance | Std Dev | CV | Minimum | Maximum | 1100 | 43154 | 4.11 | 38.46 | 6.2 | 1.507 | 0.01 | 66 |
| 1220 | 7370 | 3.68 | 37.88 | 6.15 | 1.673 | 0 | 50 | 1100 | 43154 | 4.11 | 38.46 | 6.2 | 1.507 | 0.01 | 66 |
| 1220 | 7370 | 3.68 | 37.88 | 6.15 | 1.673 | 0 | 50 | 1304 | 1877 | 2.45 | 18 | 4.24 | 1.729 | 0.01 | 40 |
| 1400 | 4792 | 3.87 | 42.66 | 6.53 | 1.689 | 0 | 50 | 1304 | 1877 | 2.45 | 18 | 4.24 | 1.729 | 0.01 | 40 |
| 1400 | 4792 | 3.87 | 42.66 | 6.53 | 1.689 | 0 | 50 | 1500 | 2208 | 4.07 | 33.02 | 5.75 | 1.411 | 0 | 48 |
| 1500 | 2208 | 4.07 | 33.02 | 5.75 | 1.411 | 0 | 48 |  |  |  |  |  |  |  |  |

---

Reconciliation history for the Waihi Project has demonstrated that some level of high-grade restriction is

necessary to limit the influence of outliers on grade estimates for the epithermal veins that have been

mined during the operations history. This was applied on a by-domain basis following the spatial

assessment high-grade sample distribution and observation of local short-range variance.

**14.1.4Variography**

Variograms were modelled using Vulcan and Leapfrog EDGE's® data analysis tools. In domains where

there are significant number of grade control (GC) channel samples, variograms analysed by mine

production using Leapfrog EDGE® are used. Variograms for the rest of the domains were analysed using

Vulcan and Isatis. For domains that do not have sufficient data to produce reasonable variograms, a

general variogram is applied. Orientations of the omni direction variogram are defined by the orientation

of each vein.

Spherical variogram models were fit for most of the domains with few domains where exponential models

were used. The variograms are characterized by moderate to high nuggets (25-60 % of the sill), with

ranges of 15 – 120 m in the primary direction.

**14.1.5Block Modelling and Validation**

The MUG block model dimensions, origin and cell size are provided in Table 14-4. Gold (Au) grade was

estimated in Vulcan using Ordinary Kriging (OK) and Nearest Neighbour (NN) with Mineral Resources

reported from OK. Silver (Ag) grade was also estimated using OK and because correlation between Au

and Ag was evident, the Au variograms were applied to the Ag estimate. Arsenic was estimated using

Inverse Distance squared (ID2) with orientations being informed by a local varying anisotropy (LVA).

Estimations were performed in individual mineralized domains using length weighted down hole

composites; 1 m in narrow (<10 m width) veins, 2 m composites in the broader veins. Gold grade is

estimated into parent cells of 10 m x 10 m x 10 m, with minimum sub-block dimensions of 1 m in each

direction. All estimates utilized LVA to address complex local geometries and appropriate sample selection

strategies.

Generally, Au grade was estimated using a 2-pass grade estimation scheme. First pass will include all

input data with higher number of sample requirement and shorter search distance. Un-estimated blocks

are then reprocessed with diamond drillholes only in the input data set. A 3-pass estimation scheme was

used where there is sufficient GC UG channel data. A factor of 93 % was applied to cut Au values of all

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GC UG channel samples to address potential bias in channel sampling. Table 14-4 shows the search

neighbourhood parameters.

**Table 14-4: MUG Block Model Dimensions**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Variable | X | Y | Z |  |  |  |  |
| Variable | X | Y | Z | Origin | 395200 | 642200 | 450 |
| Extents (m) | 1600 | 1200 | 700 | Origin | 395200 | 642200 | 450 |
| Extents (m) | 1600 | 1200 | 700 | Block Size (Parent) | 10 | 10 | 10 |
| No. of Blocks (Parent) | 340 | 190 | 140 | Block Size (Parent) | 10 | 10 | 10 |
| No. of Blocks (Parent) | 340 | 190 | 140 | Sub-Block Size | 1.0 | 1.0 | 1.0 |
| Orientation | +65 degrees | X-axis around Z |  | Sub-Block Size | 1.0 | 1.0 | 1.0 |
| Orientation | +65 degrees | X-axis around Z |  |  |  |  |  |

---

For this model, the vein domains were estimated using OK, and variable search orientation was employed

for all domains to improve estimation locally in areas with complex vein geometries and to aid in the

resolution of the sample selection for the estimation.

Models are created using a standard block variable schema to enable the capture of all relevant grade

fields, Resource Classification evaluation data and geologic information. Parent block model variables

captured are presented in Table 14-5. Mining evaluations are performed on a stripped-down version of the

parent model, with all non-essential variables removed from the engineering model edition to assist in

processing requirements.

Dilution domains were created based on a 7.5 m halo around the veins and grade locally estimated using

short ranges. An octant search was applied to all domains. Example estimation parameters used for the

major domains are presented Table 14-6.

**Table 14-5: Fields in the MUG Model**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Model Field | Type | Default <br>Value | Description |  |  |  |  |
| Model Field | Type | Default <br>Value | Description | ag | float | -99 | Ag estimate |
| as | float | -99 | As estimate | ag | float | -99 | Ag estimate |
| as | float | -99 | As estimate | au_lva | float | -99 | Au estimate; Kriged LVA  |
| au_nn_c1 | float | -99 | Au nearest neighbour estimate cut | au_lva | float | -99 | Au estimate; Kriged LVA  |
| au_nn_c1 | float | -99 | Au nearest neighbour estimate cut | au_ok_ke | float | -99 | kriging efficiency  |
| au_ok_kvar | float | -99 | kriging variance | au_ok_ke | float | -99 | kriging efficiency  |
| au_ok_kvar | float | -99 | kriging variance | au_ok_nholes | float | -99 | Au OK no of holes |
| au_ok_nsamples | float | -99 | Au OK no of samples | au_ok_nholes | float | -99 | Au OK no of holes |
| au_ok_nsamples | float | -99 | Au OK no of samples |  |  |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Model Field | Type | Default <br>Value | Description |  |  |  |  |
| Model Field | Type | Default <br>Value | Description | au_ok_sor | float | -99 | kriging slope of regression |
| au_pref | float | -99 | preferred Au  | au_ok_sor | float | -99 | kriging slope of regression |
| au_pref | float | -99 | preferred Au  | bearing | float | -99 | bearing LVA  |
| code | short | -99 | vein code | bearing | float | -99 | bearing LVA  |
| code | short | -99 | vein code | dip | float | -99 | dip LVA  |
| est_id_lva | float | -99 | estimation ID LVA kriged | dip | float | -99 | dip LVA  |
| est_id_lva | float | -99 | estimation ID LVA kriged | geol | nam<br>e |  | lithology  |
| met_rec | float | -99 | estimated recovery  | geol | nam<br>e |  | lithology  |
| met_rec | float | -99 | estimated recovery  | mined | byte | 0 | 0= Insitu,1=STF, 2 =STC and MC, 5=STO, 6=Lvls and Passes, 7=STR |
| oxide | byte | 2 | 1=totally ox; 2=>50 % ox; 3=<50 % ox; 4=along fractures; 5=fresh | mined | byte | 0 | 0= Insitu,1=STF, 2 =STC and MC, 5=STO, 6=Lvls and Passes, 7=STR |
| oxide | byte | 2 | 1=totally ox; 2=>50 % ox; 3=<50 % ox; 4=along fractures; 5=fresh | pit | byte | -99 | 1=air, 2=MOP Ph4, 3=MOP Ph5, 4=below MOP Ph5 |
| plunge | float | -99 | plunge LVA  | pit | byte | -99 | 1=air, 2=MOP Ph4, 3=MOP Ph5, 4=below MOP Ph5 |
| plunge | float | -99 | plunge LVA  | rescat | byte | 6 | 6=unestimated unclassified; 4=estimated unclassified and dilution; <br>3=inferred; 2=indicated; 1=measured |
| rescat_avedist | float | -99 | resource classification average distance | rescat | byte | 6 | 6=unestimated unclassified; 4=estimated unclassified and dilution; <br>3=inferred; 2=indicated; 1=measured |
| rescat_avedist | float | -99 | resource classification average distance | rescat_avedist_drl | float | -99 | average distance from OK |
| rescat_id | float | 4 | rescat pass  | rescat_avedist_drl | float | -99 | average distance from OK |
| rescat_id | float | 4 | rescat pass  | rescat_nholes | short | -99 | resource classification no of holes |
| rescat_nsamps | short | 0 | resource classification no of samples | rescat_nholes | short | -99 | resource classification no of holes |
| rescat_nsamps | short | 0 | resource classification no of samples | risk | float | -99 | risk rating final  |
| risk_dq | float | -99 | data quality risk  | risk | float | -99 | risk rating final  |
| risk_dq | float | -99 | data quality risk  | risk_ecn | float | -99 | economic risk: 1=STC_MC 3 m buffer |
| risk_est | float | -99 | 1 = veins in LOMP | risk_ecn | float | -99 | economic risk: 1=STC_MC 3 m buffer |
| risk_est | float | -99 | 1 = veins in LOMP |  |  |  |  |
| risk_geo | float | -99 | 1= GC dvt, 2=GC IND, 3=RES IND, 4=RES 16 m, 6=AQF, 7=LOMP vns, <br>9=INF vns |  |  |  |  |
| risk_geo | float | -99 | 1= GC dvt, 2=GC IND, 3=RES IND, 4=RES 16 m, 6=AQF, 7=LOMP vns, <br>9=INF vns |  |  |  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Model Field | Type | Default <br>Value | Description |  |  |  |  |
| Model Field | Type | Default <br>Value | Description | sg | float | 2.5 | density  |
| sg_pre | float | -99 | density pre-mine | sg | float | 2.5 | density  |
| sg_pre | float | -99 | density pre-mine |  |  |  |  |

---

**Table 14-6: MUG Summary of Search Neighbourhood Parameters for Au Estimate** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pass <br>Number<br>| Orientation <br>(VULCAN)<br>| Search <br>Directions<br>| Maximum <br>Samples per <br>Drillhole<br>| Minimum <br>Samples per <br>Estimate<br>| Maximum <br>Samples per <br>Estimate<br>|  |  |  |  |  |  |
| 1 (with GC <br>UG channel) | LVA | 60/40/15 | 4 | 5 | 18 |  |  |  |  |  |  |
| 1 (with GC <br>UG channel) | LVA | 60/40/15 | 4 | 5 | 18 | 2 | LVA | 120/100/40 | 4 | 5 | 18 |
| 3 | LVA | 120/100/40 | 4 | 1 | 18 |  |  |  |  |  |  |

---

**14.1.6Reconciliation**

Table 14-7 summarises the annual reconciliation for the MUG Resource estimate vs mill reconciled stope

and development. 2024 year-to-date includes mining up to and including October 2024. Since 2021 MUG

has been the predominant ore source, replacing the Correnso vein. Mining during 2022 and 2023 has

resulted in significantly more contained gold than estimated, albeit at lower grade. Whilst the MUG

Resource estimates have over-stated grade by approximately 10 %, mining dilution has been the major

cause of poor grade reconciliation. More recently, in areas of remnant mining, where higher grades

commonly occur along the margins of stopes, under-break has also contributed to lower than expected

grades.

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**Table 14-7. MUG Resource Estimate vs Mill-Reconciled Stope and Development**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Resource Model | Resource Model | Resource Model | Mine (Mill-Reconciled) | Mine (Mill-Reconciled) | Mine (Mill-Reconciled) | Mine / Model Factor (%) | Mine / Model Factor (%) | Mine / Model Factor (%) |  | | | | | | | | | |
| | Resource Model | Resource Model | Resource Model | Mine (Mill-Reconciled) | Mine (Mill-Reconciled) | Mine (Mill-Reconciled) | Mine / Model Factor (%) | Mine / Model Factor (%) | Mine / Model Factor (%) | | Mt | Au g/t | Moz | Mt | Au g/t | Moz | Mt | Au g/t | Moz |
| 2024 YTD\* | 0.23 | 4.23 | 0.03 | 0.45 | 3.01 | 0.04 | 199% | 71% | 141% |  | Mt | Au g/t | Moz | Mt | Au g/t | Moz | Mt | Au g/t | Moz |
| 2024 YTD\* | 0.23 | 4.23 | 0.03 | 0.45 | 3.01 | 0.04 | 199% | 71% | 141% | 2023 | 0.26 | 4.55 | 0.04 | 0.47 | 3.49 | 0.05 | 184% | 77% | 141% |
| 2022 | 0.30 | 4.88 | 0.05 | 0.36 | 3.67 | 0.04 | 121% | 75% | 91% | 2023 | 0.26 | 4.55 | 0.04 | 0.47 | 3.49 | 0.05 | 184% | 77% | 141% |
| 2022 | 0.30 | 4.88 | 0.05 | 0.36 | 3.67 | 0.04 | 121% | 75% | 91% | 2021 | 0.22 | 4.19 | 0.03 | 0.29 | 3.24 | 0.03 | 132% | 77% | 100% |
| 2020 | 0.13 | 5.80 | 0.02 | 0.13 | 5.30 | 0.02 | 100% | 91% | 92% | 2021 | 0.22 | 4.19 | 0.03 | 0.29 | 3.24 | 0.03 | 132% | 77% | 100% |
| 2020 | 0.13 | 5.80 | 0.02 | 0.13 | 5.30 | 0.02 | 100% | 91% | 92% | 2019 | 0.43 | 5.52 | 0.08 | 0.43 | 5.60 | 0.08 | 100% | 101% | 101% |
| 2018 | 0.40 | 6.20 | 0.08 | 0.43 | 6.80 | 0.09 | 108% | 110% | 119% | 2019 | 0.43 | 5.52 | 0.08 | 0.43 | 5.60 | 0.08 | 100% | 101% | 101% |
| 2018 | 0.40 | 6.20 | 0.08 | 0.43 | 6.80 | 0.09 | 108% | 110% | 119% | TOTAL | 1.96 | 5.15 | 0.33 | 2.56 | 4.40 | 0.36 | 131% | 85% | 112% |
| TOTAL | 1.96 | 5.15 | 0.33 | 2.56 | 4.40 | 0.36 | 131% | 85% | 112% |  |  |  |  |  |  |  |  |  |  |

---

\*YTD Oct (Planning model within GC Design)

**14.2MOP**

**14.2.1Geological Model**

The MOP model shares a common architecture and inputs with the MUG model. Open pit mining

selectivity and cut-off grade is considered in estimation domaining, with smaller veins grouped into "bulk

domains" of common characteristic and orientation, intersected by major vein domains. A 0.1 g/t grade

shell is applied to constrain the grades within these bulk domains. The 0.1 g/t grade shell was constructed

using an indicator interpolant in Leapfrog Geo<sup>®</sup> with structural trend following the major vein trends.

Lithological and oxide modelling is common to both the MOP and MUG mines.

• 20 veins

• 7 bulk domains.

**14.2.2Exploratory data Analysis**

Summary statistics for the major MOP5 domains and the bulk domains are presented in Table 14-8. The

open pit channel and RC data has been utilized in the construction of the Martha model, these datasets

are spatially distinct from each other and cover those portions of the deposit that have already been

mined or are immediately adjacent to the mined portion of the deposit whereas the exploration drilling

data covers the full extent of the area being modelled. Data analysis is completed for each domain and

each data type as a routine process in the construction of the Martha grade estimates. Differing

composite lengths are utilized for differing styles of Mineralization within the Martha deposit. To this end

data analysis is also conducted on 2 m for veins and 3 m composites for bulk domains.

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**Table 14-8: Summary Statistics of Composite Au Values for MOP**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Comp Length | Domain | Count | Length | Mean | Std Dev | CV | Variance | Minimum | Lower Quartile | Median | Upper Quartile | Maximum |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2m | 1100 | 7985 | 15534.54 | 3.61 | 6.76 | 1.88 | 45.71 | 0.00 | 0.47 | 1.40 | 3.88 | 186.55 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2m | 1100 | 7985 | 15534.54 | 3.61 | 6.76 | 1.88 | 45.71 | 0.00 | 0.47 | 1.40 | 3.88 | 186.55 | 2m | 1110 | 113 | 202.85 | 2.59 | 6.37 | 2.46 | 40.54 | 0.00 | 0.09 | 0.52 | 2.69 | 48.70 |
| 2m | 1120 | 141 | 269.50 | 1.92 | 3.53 | 1.84 | 12.46 | 0.01 | 0.04 | 0.63 | 2.10 | 30.80 | 2m | 1110 | 113 | 202.85 | 2.59 | 6.37 | 2.46 | 40.54 | 0.00 | 0.09 | 0.52 | 2.69 | 48.70 |
| 2m | 1120 | 141 | 269.50 | 1.92 | 3.53 | 1.84 | 12.46 | 0.01 | 0.04 | 0.63 | 2.10 | 30.80 | 2m | 1131 | 424 | 751.40 | 3.21 | 4.56 | 1.42 | 20.8 | 0.01 | 0.42 | 1.62 | 4.15 | 44.00 |
| 2m | 1140 | 69 | 116.40 | 1.77 | 2.97 | 1.68 | 8.82 | 0.00 | 0.15 | 0.49 | 2.31 | 14.82 | 2m | 1131 | 424 | 751.40 | 3.21 | 4.56 | 1.42 | 20.8 | 0.01 | 0.42 | 1.62 | 4.15 | 44.00 |
| 2m | 1140 | 69 | 116.40 | 1.77 | 2.97 | 1.68 | 8.82 | 0.00 | 0.15 | 0.49 | 2.31 | 14.82 | 2m | 1141 | 74 | 103.35 | 1.85 | 3.28 | 1.77 | 10.75 | 0.02 | 0.18 | 0.51 | 1.98 | 13.56 |
| 2m | 1201 | 634 | 1202.70 | 3.04 | 5.57 | 1.83 | 31.03 | 0.00 | 0.17 | 0.91 | 3.32 | 48.96 | 2m | 1141 | 74 | 103.35 | 1.85 | 3.28 | 1.77 | 10.75 | 0.02 | 0.18 | 0.51 | 1.98 | 13.56 |
| 2m | 1201 | 634 | 1202.70 | 3.04 | 5.57 | 1.83 | 31.03 | 0.00 | 0.17 | 0.91 | 3.32 | 48.96 | 2m | 1220 | 2210 | 4286.48 | 5.02 | 9.95 | 1.98 | 99.07 | 0.00 | 0.5 | 2.04 | 5.69 | 243.20 |
| 2m | 1221 | 89 | 152.20 | 5.24 | 5.42 | 1.03 | 29.37 | 0.01 | 1.11 | 3.91 | 7.71 | 21.96 | 2m | 1220 | 2210 | 4286.48 | 5.02 | 9.95 | 1.98 | 99.07 | 0.00 | 0.5 | 2.04 | 5.69 | 243.20 |
| 2m | 1221 | 89 | 152.20 | 5.24 | 5.42 | 1.03 | 29.37 | 0.01 | 1.11 | 3.91 | 7.71 | 21.96 | 2m | 1302 | 940 | 1754.58 | 3.19 | 4.82 | 1.51 | 23.2 | 0.00 | 0.63 | 1.60 | 4.10 | 80.01 |
| 2m | 1304 | 769 | 1500.90 | 2.74 | 6.53 | 2.38 | 42.59 | 0.01 | 0.32 | 1.03 | 3.09 | 139.73 | 2m | 1302 | 940 | 1754.58 | 3.19 | 4.82 | 1.51 | 23.2 | 0.00 | 0.63 | 1.60 | 4.10 | 80.01 |
| 2m | 1304 | 769 | 1500.90 | 2.74 | 6.53 | 2.38 | 42.59 | 0.01 | 0.32 | 1.03 | 3.09 | 139.73 | 2m | 1305 | 3375 | 6484.89 | 4.14 | 5.79 | 1.4 | 33.47 | 0.00 | 0.73 | 2.08 | 5.13 | 88.66 |
| 2m | 1306 | 133 | 205.75 | 3.46 | 4.21 | 1.22 | 17.71 | 0.00 | 0.26 | 2.03 | 4.94 | 22.00 | 2m | 1305 | 3375 | 6484.89 | 4.14 | 5.79 | 1.4 | 33.47 | 0.00 | 0.73 | 2.08 | 5.13 | 88.66 |
| 2m | 1306 | 133 | 205.75 | 3.46 | 4.21 | 1.22 | 17.71 | 0.00 | 0.26 | 2.03 | 4.94 | 22.00 | 2m | 1307 | 104 | 155.20 | 1.73 | 2.71 | 1.56 | 7.35 | 0.00 | 0.17 | 0.65 | 2.25 | 13.97 |
| 2m | 1308 | 811 | 1521.00 | 4.48 | 7.54 | 1.68 | 56.82 | 0.00 | 0.52 | 1.91 | 5.34 | 98.80 | 2m | 1307 | 104 | 155.20 | 1.73 | 2.71 | 1.56 | 7.35 | 0.00 | 0.17 | 0.65 | 2.25 | 13.97 |
| 2m | 1308 | 811 | 1521.00 | 4.48 | 7.54 | 1.68 | 56.82 | 0.00 | 0.52 | 1.91 | 5.34 | 98.80 | 2m | 1309 | 145 | 272.23 | 4.18 | 9.34 | 2.23 | 87.15 | 0.01 | 0.26 | 1.07 | 3.35 | 82.10 |
| 2m | 1400 | 2160 | 4227.91 | 5.23 | 10.83 | 2.07 | 117.39 | 0.00 | 0.60 | 2.00 | 5.81 | 209.50 | 2m | 1309 | 145 | 272.23 | 4.18 | 9.34 | 2.23 | 87.15 | 0.01 | 0.26 | 1.07 | 3.35 | 82.10 |
| 2m | 1400 | 2160 | 4227.91 | 5.23 | 10.83 | 2.07 | 117.39 | 0.00 | 0.60 | 2.00 | 5.81 | 209.50 | 2m | 1500 | 935 | 1811.67 | 4.16 | 6.78 | 1.63 | 46 | 0.01 | 0.55 | 2.01 | 5.11 | 101.58 |
| 2m | 1510 | 83 | 166.51 | 8.95 | 12.17 | 1.36 | 148.05 | 0.02 | 0.55 | 2.85 | 12.82 | 49.80 | 2m | 1500 | 935 | 1811.67 | 4.16 | 6.78 | 1.63 | 46 | 0.01 | 0.55 | 2.01 | 5.11 | 101.58 |
| 2m | 1510 | 83 | 166.51 | 8.95 | 12.17 | 1.36 | 148.05 | 0.02 | 0.55 | 2.85 | 12.82 | 49.80 | 2m | 1511 | 30 | 58.50 | 1.51 | 2.41 | 1.6 | 5.83 | 0.01 | 0.07 | 0.61 | 1.98 | 9.03 |
| 3m | 1900 | 163 | 485.79 | 4.58 | 10.62 | 2.32 | 112.87 | 0.01 | 0.23 | 0.80 | 4.15 | 70.81 | 2m | 1511 | 30 | 58.50 | 1.51 | 2.41 | 1.6 | 5.83 | 0.01 | 0.07 | 0.61 | 1.98 | 9.03 |
| 3m | 1900 | 163 | 485.79 | 4.58 | 10.62 | 2.32 | 112.87 | 0.01 | 0.23 | 0.80 | 4.15 | 70.81 | 3m | 1901 | 3859 | 11396.14 | 1.36 | 3.33 | 2.44 | 11.06 | 0.00 | 0.15 | 0.38 | 1.21 | 87.13 |
| 3m | 1902 | 5550 | 16197.67 | 1.29 | 2.8 | 2.18 | 7.84 | 0.00 | 0.15 | 0.40 | 1.24 | 60.50 | 3m | 1901 | 3859 | 11396.14 | 1.36 | 3.33 | 2.44 | 11.06 | 0.00 | 0.15 | 0.38 | 1.21 | 87.13 |
| 3m | 1902 | 5550 | 16197.67 | 1.29 | 2.8 | 2.18 | 7.84 | 0.00 | 0.15 | 0.40 | 1.24 | 60.50 | 3m | 1903 | 10400 | 30230.31 | 1.66 | 4.42 | 2.66 | 19.5 | 0.00 | 0.17 | 0.47 | 1.48 | 173.84 |
| 3m | 1904 | 6752 | 19997.63 | 1.28 | 3.06 | 2.4 | 9.36 | 0.00 | 0.20 | 0.47 | 1.27 | 106.42 | 3m | 1903 | 10400 | 30230.31 | 1.66 | 4.42 | 2.66 | 19.5 | 0.00 | 0.17 | 0.47 | 1.48 | 173.84 |
| 3m | 1904 | 6752 | 19997.63 | 1.28 | 3.06 | 2.4 | 9.36 | 0.00 | 0.20 | 0.47 | 1.27 | 106.42 | 3m | 1905 | 13230 | 39622.25 | 1.44 | 2.78 | 1.93 | 7.75 | 0.00 | 0.26 | 0.63 | 1.58 | 123.08 |
| 3m | 1906 | 465 | 1371.06 | 1.72 | 4.23 | 2.47 | 17.9 | 0.01 | 0.14 | 0.35 | 1.14 | 49.52 | 3m | 1905 | 13230 | 39622.25 | 1.44 | 2.78 | 1.93 | 7.75 | 0.00 | 0.26 | 0.63 | 1.58 | 123.08 |
| 3m | 1906 | 465 | 1371.06 | 1.72 | 4.23 | 2.47 | 17.9 | 0.01 | 0.14 | 0.35 | 1.14 | 49.52 |  |  |  |  |  |  |  |  |  |  |  |  |  |

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**14.2.3Compositing, Grade Capping and Outlier Restrictions**

Domain specific assessment of Au capping strategy was conducted from spatial review of data, its

distribution on raw histograms, lognormal probability plots, review of uncut vs cut percentiles, coefficient

of variance, and metal loss. Top-cut assessment for Au for each domain is undertaken independently for

exploration drill holes and grade control channels. A global top-cut values were assigned to silver and

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arsenic. Values of 400 ppm for silver and 1300 ppm for arsenic were assigned to each element. Table

14-9 shows the top cut statistics for Au for all domains.

**Table 14-9: Summary Statistics of Cut Au for MOP**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Domain | Count | Length | Mean | Std Dev | CV | Variance | Minimum | Lower <br>Quartile<br>| Median | Upper <br>Quartile<br>| Maximum |
| 1100 | 7985 | 15534.54 | 3.54 | 5.92 | 1.67 | 35.04 | 0.00 | 0.47 | 1.40 | 3.88 | 56 |
| 1110 | 113 | 202.85 | 1.93 | 2.72 | 1.41 | 7.39 | 0.00 | 0.09 | 0.52 | 2.69 | 10 |
| 1120 | 141 | 269.50 | 1.69 | 2.46 | 1.45 | 6.05 | 0.01 | 0.04 | 0.63 | 2.00 | 11 |
| 1131 | 424 | 751.40 | 3.04 | 3.72 | 1.22 | 13.85 | 0.01 | 0.42 | 1.62 | 4.15 | 20 |
| 1140 | 69 | 116.40 | 1.77 | 2.97 | 1.68 | 8.82 | 0.00 | 0.15 | 0.49 | 2.31 | 14.82 |
| 1141 | 74 | 103.35 | 1.27 | 1.59 | 1.25 | 2.52 | 0.02 | 0.18 | 0.51 | 1.98 | 5 |
| 1201 | 634 | 1202.70 | 2.82 | 4.70 | 1.67 | 22.06 | 0.00 | 0.17 | 0.91 | 3.32 | 32.5 |
| 1220 | 2210 | 4286.48 | 4.76 | 7.36 | 1.55 | 54.11 | 0.00 | 0.5 | 2.04 | 5.69 | 50 |
| 1221 | 89 | 152.20 | 4.97 | 5.10 | 1.03 | 26.03 | 0.01 | 1.11 | 3.91 | 7.71 | 21.96 |
| 1302 | 940 | 1754.58 | 3.10 | 3.91 | 1.26 | 15.28 | 0.00 | 0.63 | 1.60 | 4.10 | 26 |
| 1304 | 769 | 1500.90 | 2.49 | 3.73 | 1.49 | 13.88 | 0.01 | 0.32 | 1.03 | 3.09 | 23 |
| 1305 | 3375 | 6484.89 | 4.06 | 5.31 | 1.31 | 28.15 | 0.00 | 0.73 | 2.08 | 5.13 | 32 |
| 1306 | 133 | 205.75 | 3.36 | 3.88 | 1.15 | 15.08 | 0.00 | 0.26 | 2.03 | 4.94 | 16 |
| 1307 | 104 | 155.20 | 1.50 | 1.91 | 1.28 | 3.67 | 0.00 | 0.17 | 0.65 | 2.25 | 6.5 |
| 1308 | 811 | 1521.00 | 4.30 | 6.36 | 1.48 | 40.47 | 0.00 | 0.52 | 1.91 | 5.34 | 42 |
| 1309 | 145 | 272.23 | 3.11 | 4.59 | 1.47 | 21.04 | 0.01 | 0.26 | 1.07 | 3.35 | 16 |
| 1400 | 2160 | 4227.91 | 4.88 | 7.78 | 1.59 | 60.45 | 0.00 | 0.6 | 2.00 | 5.81 | 50 |
| 1500 | 935 | 1811.67 | 4.06 | 5.80 | 1.43 | 33.63 | 0.01 | 0.55 | 2.01 | 5.11 | 42 |
| 1510 | 83 | 166.51 | 8.50 | 10.96 | 1.29 | 120.18 | 0.02 | 0.55 | 2.85 | 12.82 | 32.5 |
| 1511 | 30 | 58.50 | 1.17 | 1.46 | 1.25 | 2.13 | 0.01 | 0.07 | 0.61 | 1.98 | 4.5 |
| 1900 | 163 | 485.79 | 3.06 | 4.45 | 1.45 | 19.79 | 0.01 | 0.23 | 0.80 | 4.15 | 15 |
| 1901 | 3859 | 11396.14 | 1.31 | 2.57 | 1.97 | 6.61 | 0.00 | 0.15 | 0.38 | 1.21 | 28.5 |
| 1902 | 5550 | 16197.67 | 1.25 | 2.41 | 1.92 | 5.79 | 0.00 | 0.15 | 0.40 | 1.24 | 29.88 |
| 1903 | 10400 | 30230.31 | 1.59 | 3.36 | 2.12 | 11.31 | 0.00 | 0.17 | 0.47 | 1.48 | 47 |
| 1904 | 6752 | 19997.63 | 1.24 | 2.49 | 2.01 | 6.18 | 0.00 | 0.2 | 0.47 | 1.27 | 55 |
| 1905 | 13230 | 39622.25 | 1.43 | 2.48 | 1.74 | 6.16 | 0.00 | 0.26 | 0.63 | 1.58 | 55 |
| 1906 | 465 | 1371.06 | 1.45 | 2.64 | 1.82 | 6.99 | 0.01 | 0.14 | 0.35 | 1.14 | 12 |

---

**14.2.4Variography**

Variograms are modelled using Leapfrog EDGE's® data analysis tools. For domains that don't have

sufficient data to produce reasonable variograms, a general variogram is applied. Orientations of the omni

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direction variogram are defined by the orientation of each vein. While vein orientations of all major and

minor veins were used for bulk domains.

Spherical variogram models were fit for the domains. The variograms are characterized by moderately

high nuggets (20-40 % of the sill), with ranges of 35 – 80 m in the primary direction.

**14.2.5Block Modelling and Validation**

MOP5 deposit is estimated in Leapfrog EDGE®, the model is constructed using a sub-blocked model of

1.25 m dimensions in all directions. The model is however, regularized into a 5 m cell size prior to pit

optimisation assessment. Octant search is applied to all domains. The grade is estimated in a 10 m x

10 m x 10 m parent cell using OK with LVA applied to address complex geometries. Tabulation of

dimensions, parameters, and field codes used in the model are presented in Table 14-10, Table 14-11,

and Table 14-12.

Estimations were performed in individual domains using 2 m length weighted downhole composites for all

vein-based domains and 3 m length weighted composites for the lithological (bulk) domains. Domain

boundaries are treated as hard contacts in compositing, model construction and in grade estimation.

**Table 14-10: MOP5 Block Model Dimensions**

---

| | | | |
|:---|:---|:---|:---|
| Variable | X | Y | Z |
| Origin | 395150 | 642330 | 750 |
| Extents (m) | 1500 | 1050 | 450 |
| Block Size (Parent) | 10 | 10 | 10 |
| Sub-Block Size | 1.25 | 1.25 | 1.25 |
| Orientation | +65 degrees | X-axis around Z |  |

---

**Table 14-11: MOP Estimation Parameters used in Estimate** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pass <br>Number<br>| Orientation <br>(EDGE®)<br>| Search <br>Directions<br>| Maximum <br>Samples per <br>Drillhole<br>| Minimum <br>Samples per <br>Estimate<br>| Maximum <br>Samples per <br>Estimate<br>|  |  |  |  |  |  |
| 1 | LVA | 35-80/15- <br>70/5-30 | 4 | 6 | 20 |  |  |  |  |  |  |
| 1 | LVA | 35-80/15- <br>70/5-30 | 4 | 6 | 20 | 2 | LVA | 120/100/30 | 4 | 6 | 20 |

---

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**Table 14-12: List of Fields in MOP Model**

---

| | | | |
|:---|:---|:---|:---|
| Model Field | Type | Default <br>Value<br>| Description |
| ag_pref | float | -99 | preferred Ag |
| au_ok | float | -99 | Au estimate; Ordinary kriged LVA  |
| au_id2 | float | -99 | Au estimate; inverse distance  |
| au_pref | float | -99 | preferred Au  |
| code | short | -99 | domain code |
| pass | float | -99 | estimation pass number |
| geol | name |  | lithology  |
| mined | byte | 0 | 0= Insitu,1=STF, 2 =STC and MC, 5=STO, 6=Lvls and <br>Passes, 7=STR<br>|
| oxide | byte | 2 | 1=totally ox; 2=>50% ox; 3=<50% ox; 4=along fractures; <br>5=fresh<br>|
| pit | byte | -99 | 1=air, 2=MOP Ph4, 3=MOP Ph5, 4=below MOP Ph5 |
| rescat | byte | 6 | 6=unestimated unclassified; 4=estimated unclassified and <br>dilution; 3=inferred; 2=indicated; 1=measured<br>|
| rescat_prelim | byte | -99 | resource classification prior to post-processing |
| sg | float | 2.5 | density  |
| sg_pre | float | -99 | density pre-mine |

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**14.3Gladstone Pit**

**14.3.1Geological Model**

Gladstone Open Pit is based on Mineralization around the Gladstone Hill and Winner Hill area. The

Resource model describes the Mineralization within Gladstone and Winner Hills and includes part of the

Moonlight orebody, depleted for underground mining.

GOP mineralization is characterized by shallow-level, hydrothermal breccias and associated banded

quartz veins interpreted to represent the top of the epithermal system. The uppermost mineralized quartz

veins flare up into hydrothermal explosion breccias. The GOP veins are predominantly steeply dipping

veins developed within the hanging wall of the Favona Fault that dips moderately towards the SE. The

vein trend ENE to NE between 035° and 075° and dips steeply towards the SE.

Relatively high vein density at GOP is amenable to grouping of non-primary veins of similar structural and

geochemical characteristic, for open pit modelling. Estimation domains consist of:

• 6 veins

• 8 grouped minor vein/splay domains

• 5 lithology units.

**14.3.2Exploratory data Analysis**

Weighted statistics of raw and cut Au values were reviewed using Isatis and Leapfrog®. Tabulated below

in Table 14-13.

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**Table 14-13: Summary Statistics for Composite Au Values for GOP**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Domain | Total<br>Count<br>| Defined <br>Count<br>| Minimum | Maximum | Mean | Standard <br>Deviation<br>| Variance | Coefficient of <br>Variation<br>|
| N/A | 884 | 884 | 0.01 | 22.8 | 0.25 | 1.52 | 2.3160 | 6.004 |
| 6000 | 557 | 557 | 0.01 | 6.4 | 0.44 | 0.77 | 0.5971 | 1.747 |
| 6101 | 324 | 324 | 0.04 | 66.2 | 3.29 | 5.88 | 34.6000 | 1.785 |
| 6102 | 183 | 183 | 0.02 | 9.88 | 1.64 | 1.67 | 2.7900 | 1.017 |
| 6109 | 124 | 124 | 0.04 | 10.7 | 1.51 | 1.55 | 2.3920 | 1.022 |
| 6115 | 83 | 83 | 0.07 | 5.82 | 1.12 | 1.05 | 1.0950 | 0.9319 |
| 6116 | 108 | 108 | 0.14 | 13.83 | 1.56 | 1.85 | 3.4270 | 1.185 |
| 6200 | 127 | 127 | 0.01 | 0.37 | 0.07 | 0.08 | 6.012E-03 | 1.08 |
| 6201 | 1039 | 1039 | 0.01 | 10.64 | 0.41 | 0.65 | 0.4166 | 1.585 |
| 6203 | 95 | 95 | 0.02 | 0.47 | 0.05 | 0.06 | 3.908E-03 | 1.187 |
| 6205 | 47 | 47 | 0.01 | 2.18 | 0.06 | 0.27 | 0.07358 | 4.254 |
| 6206 | 154 | 154 | 0.01 | 1.61 | 0.19 | 0.28 | 0.07939 | 1.469 |
| 6901 | 580 | 580 | 0.01 | 7.26 | 0.15 | 0.41 | 0.1649 | 2.635 |
| 6902 | 1051 | 1051 | 0.01 | 2.97 | 0.12 | 0.23 | 0.05371 | 1.923 |
| 6903 | 3169 | 3169 | 0.00 | 52.9 | 0.10 | 0.97 | 0.9397 | 9.256 |
| 6904 | 2986 | 2986 | 0.01 | 27.42 | 0.51 | 1.07 | 1.1400 | 2.081 |
| 6905 | 2176 | 2176 | 0.01 | 11.11 | 0.30 | 0.6 | 0.3600 | 1.997 |
| 6906 | 955 | 955 | 0.00 | 13.29 | 0.63 | 1.09 | 1.1800 | 1.735 |
| 6907 | 3128 | 3128 | 0.01 | 80.81 | 1.42 | 3.7 | 13.72 | 2.606 |
| 6908 | 1387 | 1387 | 0.01 | 15.44 | 0.15 | 0.59 | 0.3426 | 3.895 |

---

**14.3.3Compositing, Grade Capping and Outlier Restrictions**

Domain specific assessment of Au capping strategy was conducted in Isatis Neo from spatial review of

data, its distribution on raw histograms, lognormal probability plots, review of uncut vs cut percentiles,

coefficient of variance, and metal loss.

**14.3.4Variography**

Variogram modelling was undertaken for five representative domains – three structural domains and two

bulk domains. Domain search characteristics and statistics were compared in determining the application

of these variograms to neighbouring domains.

The nugget effect was obtained from the down hole variograms of the 3 m composites. The nuggets were

in the range 20-60 %.

**14.3.5Block Modelling and Validation**

The GOP Resource model is constructed in Vulcan 2022.2.1 using input wireframes created in Leapfrog

Geo® 2021.2.5. The estimation uses domain-constrained ordinary kriging and 3 m length weighted

downhole composites with equal residual distribution. Estimation domains consist of major veins, grouped

splay veins and hydrothermal breccia.

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Gold and silver are estimated using Ordinary Kriging and underlying search strategy. For vein domains,

bearing plunge and dip are assigned to block variables using the anisotropy workflow and hanging wall

surfaces. These LVA orientations are then used to inform search orientation. Estimation is for the parent

block with assignment to the sub-block. Table 14-14 shows the GOP estimation parameters.

**Table 14-14: GOP Estimation Parameters**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Domain | Orientation <br>(VULCAN)<br>| Search <br>Dimensions<br>| Min <br>Samples<br>| Max <br>samples<br>| Octant <br>search<br>| Discretisation | Max No <br>of <br>Samples <br>per hole<br>|
| 6000 | LVA  | 150/140/26 | 6 | 9 | No | 4/8/8 | 3 |
| 6101 | LVA  | 130/80/25 | 6 | 9 | No | 4/8/8 | 3 |
| 6102 | LVA  | 130/80/25 | 6 | 9 | No | 4/8/8 | 3 |
| 6109 | LVA  | 130/80/25 | 6 | 9 | No | 4/8/8 | 3 |
| 6115 | LVA  | 130/80/25 | 6 | 9 | No | 4/8/8 | 3 |
| 6116 | LVA  | 130/80/25 | 6 | 9 | No | 4/8/8 | 3 |
| 6201 | 110/0/-24 | 100/90/20 | 6 | 12 | No | 4/8/8 | 3 |
| 6901 | 145/-60/0 | 160/130/60 | 6 | 12 | No | 4/8/8 | 3 |
| 6902 | 50/0/-50 | 140/60/40 | 6 | 12 | No | 4/8/8 | 3 |
| 6903 | 45/0/-70 | 140/60/40 | 6 | 12 | No | 4/8/8 | 3 |
| 6904 | 37/0/-85 | 160/130/60 | 6 | 12 | No | 4/8/8 | 3 |
| 6905 | 45/0/85 | 140/90/20 | 6 | 12 | No | 4/8/8 | 3 |
| 6906 | 65/0/-80 | 140/90/20 | 6 | 12 | No | 4/8/8 | 3 |
| 6907 | 30/0/75 | 160/130/60 | 6 | 12 | No | 4/8/8 | 3 |
| 6908 | 30/0/75 | 140/90/20 | 6 | 12 | No | 4/8/8 | 3 |

---

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The block model dimensions, origin and cell size have been selected based on global change of support

assessment. The model was extended to the NW relative to previous versions to populate slackened wall

designs associated with a TSF concept. Block rotation was chosen as the mean of the two dominant

structural orientations, with cross-strike width set at 5 m to reflect reduced geological continuity in this

orientation. Sub-blocking to 2.5 m was enabled to honour anastomosing vein geometries. Table 14-15

shows the GOP block model dimensions and Figure 14-1 shows a list of fields used in the GOP model.

**Table 14-15: GOP Block Model Dimensions**

---

| | | | |
|:---|:---|:---|:---|
| Variable | X | Y | Z |
| Origin | 396600 | 642250 | 900 |
| Extents (m) | 450 | 800 | 300 |
| Block Size (Parent) | 5 | 10 | 10 |
| Sub-Block Size | 2.5 | 2.5 | 2.5 |
| Orientation | +135 degrees | X axis around Z |  |

---

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![figure14-1a.jpg](figure14-1a.jpg)

**Figure 14-1: List of Fields in GOP Model**

**14.4Wharekirauponga**

**14.4.1Geological Model**

Veins were modelled using Leapfrog Geo® 2023.2.1. Geological logging of drill core such as vein

textures, vein mineralogy, vein percentage and breccia type were initially used to create representative

wireframes of vein structures. These initial wireframes were then modified on a vein-by-vein basis and

compared to Au and Ag grade, core photography and structural measurements to establish geological

consistency between veins. Some narrow, discontinuous high-gold grade intercepts that cannot be

corelated with neighbouring drillholes have been excluded from the vein modelling.

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**14.4.2Exploratory Data Analysis**

Outputs from the analysis are presented in Table 14-16.

**Table 14-16: Summary Statistics of Composite Au Values for WUG**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Domain | Count | Length | Mean | Std Dev | CV | Variance | Minimum | Lower <br>Quartile<br>| Median | Upper <br>Quartile<br>| Maximum |
| 410 | 297 | 293.85 | 20.19 | 54.17 | 2.68 | 2934.12 | 0.01 | 1.22 | 6.57 | 20.38 | 805.34 |
| 425 | 622 | 622.6 | 22.88 | 36.10 | 1.58 | 1303.45 | 0.09 | 2.38 | 8.58 | 28.07 | 361.40 |
| 430 | 319 | 311.05 | 6.39 | 20.36 | 3.18 | 414.48 | 0.10 | 0.81 | 1.49 | 4.65 | 285.00 |
| 431 | 198 | 192.6 | 2.14 | 3.61 | 1.69 | 13.04 | 0.16 | 0.67 | 1.17 | 2.13 | 38.70 |
| 432 | 112 | 105.7 | 2.96 | 4.58 | 1.55 | 21.01 | 0.15 | 0.63 | 1.25 | 2.92 | 25.32 |
| 433 | 147 | 142.9 | 2.04 | 5.52 | 2.71 | 30.45 | 0.01 | 0.44 | 0.81 | 1.47 | 70.70 |
| 434 | 58 | 57.25 | 0.84 | 1.07 | 1.26 | 1.14 | 0.01 | 0.18 | 0.48 | 1.03 | 5.22 |
| 435 | 47 | 46 | 3.19 | 9.75 | 3.06 | 94.98 | 0.01 | 0.24 | 0.88 | 2.09 | 58.20 |
| 436 | 129 | 126.7 | 7.24 | 12.02 | 1.66 | 144.52 | 0.22 | 0.79 | 2.56 | 7.93 | 81.66 |
| 510 | 38 | 36.3 | 6.98 | 8.92 | 1.28 | 79.54 | 0.36 | 1.46 | 2.75 | 7.54 | 37.50 |
| 511 | 122 | 117.42 | 13.32 | 24.39 | 183 | 595.07 | 0.02 | 1.11 | 3.42 | 18.44 | 206.00 |
| 512 | 48 | 49.1 | 7.48 | 9.00 | 1.20 | 81.09 | 0.01 | 1.02 | 4.84 | 10.55 | 46.45 |
| 513 | 37 | 33.9 | 2.27 | 5.11 | 2.25 | 26.09 | 0.01 | 0.32 | 0.87 | 2.02 | 41.80 |
| 514 | 41 | 38.93 | 2.57 | 5.21 | 2.03 | 27.20 | 0.16 | 0.62 | 1.42 | 3.19 | 44.14 |
| 515 | 33 | 32.35 | 3.75 | 4.11 | 1.09 | 16.86 | 0.29 | 0.95 | 2.50 | 4.27 | 19.83 |
| 516 | 7 | 7 | 6.79 | 8.11 | 1.19 | 65.70 | 0.82 | 2.00 | 3.18 | 8.92 | 24.02 |
| 560 | 51 | 49.18 | 3.26 | 3.18 | 0.98 | 10.11 | 0.13 | 0.75 | 2.45 | 4.76 | 17.70 |
| 561 | 33 | 30.2 | 6.30 | 8.94 | 1.42 | 79.91 | 0.20 | 1.05 | 2.92 | 6.46 | 44.60 |
| 562 | 50 | 46.45 | 5.62 | 8.51 | 1.51 | 72.45 | 0.17 | 0.78 | 2.22 | 7.19 | 50.60 |
| 563 | 58 | 58.3 | 3.56 | 4.18 | 1.17 | 17.45 | 0.18 | 1.07 | 2.06 | 5.06 | 23.70 |
| 564 | 52 | 51.16 | 2.14 | 1.61 | 0.75 | 2.60 | 0.15 | 0.74 | 1.85 | 2.94 | 7.43 |
| 565 | 37 | 32.52 | 3.15 | 4.77 | 1.52 | 22.80 | 0.18 | 0.60 | 1.23 | 3.08 | 20.40 |
| 566 | 52 | 51.1 | 6.09 | 9.21 | 1.51 | 84.76 | 0.10 | 2.06 | 3.34 | 6.61 | 58.40 |
| 567 | 21 | 18 | 20.68 | 34.36 | 1.66 | 1180.73 | 0.25 | 2.26 | 11.60 | 21.60 | 157.00 |
| 590 | 17 | 16.18 | 8.37 | 15.19 | 1.81 | 230.85 | 0.02 | 0.07 | 3.50 | 6.02 | 55.10 |
| 591 | 17 | 17.45 | 11.17 | 20.10 | 1.80 | 403.96 | 0.03 | 0.50 | 2.49 | 10.86 | 75.62 |
| 592 | 7 | 6.7 | 2.87 | 3.54 | 1.24 | 12.54 | 0.13 | 0.20 | 1.67 | 4.63 | 9.70 |
| 593 | 11 | 10.6 | 4.57 | 5.13 | 1.12 | 26.34 | 1.03 | 1.07 | 2.43 | 6.21 | 17.50 |
| 600 | 162 | 160.59 | 2.63 | 6.49 | 2.47 | 42.18 | 0.03 | 0.34 | 0.60 | 1.65 | 52.20 |
| 700 | 12098 | 12068.40 | 0.56 | 1.23 | 2.19 | 1.51 | 0.01 | 0.17 | 0.31 | 0.58 | 40.08 |

---

**14.4.3Compositing, Grade Capping and Outlier Restrictions**

One-metre composites using codes backflagged from the geological model as a control. Residual lengths

are added to previous interval and minimum coverage is at 30 %, allowing a sample at the minimum

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sample length of 30 cm to create a composite in single-sample width intersects. The composite length

was based on the mean sampling length used in core sampling. Two-meter composites were examined,

as part of geostatistical review, to test sensitivity.

Domain specific assessment of Au capping strategy was conducted from spatial review of data, its

distribution on raw histograms, lognormal probability plots, review of uncut vs cut percentiles, coefficient

of variance, and metal loss using Isatis Neo.

Clamping is applied to domains 425 and 410, whereby a secondary cap is applied beyond a percentage

of the search distance, limiting the influence of the observed localized high-grade populations.

The clamping values of 72 g/t for 425 and 58 g/t for 410 were determined by grade vs x/y/z cross-plots,

and visual assessment of grade distribution within the domains' histogram and normal-probability breaks.

Subdomaining the high-grade population was undertaken as part of sensitivity analysis. Hard boundaries

were investigated but not introduced, with review of geological and geochemical data failing to determine

physical characteristics distinguishing high-grade samples from the rest of the domain population.

![figure14-2.jpg](figure14-2.jpg)

**Figure 14-2: Vein 425 uncapped – (top) plot of Au ppm in histogram / (bottom) probability plot** 

**of Au**

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**14.4.4Variography**

Variograms for the veins 410 and 425 of the estimated Au variable were constructed from the 1 m topcut

composite data within each of the respective estimation domains, using Isatis™ (Geovariances) software.

The traditional semi-variograms did not exhibit robust structures and to improve the variogram, the data

was transformed into Normal Score in Leapfrog EDGE® and back transformed.

Initially, down hole experimental variograms were calculated to establish the nugget for modelling the

directional variograms for grade. The geology and geometry of Mineralization controls were also

considered in selecting the orientations. Two-structured spherical models were fitted to the variograms

produced. Variogram orientations reflected obvious trends in the data. Variography results for vein 410

and 425 for Au ppm is summarized Figure 14-3 and Figure 14-4 respectively.

![figure14-3c.jpg](figure14-3c.jpg)

**Figure 14-3: Summary of Back-Transformed Variogram Parameters (Vein = 410)**

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![figure14-4c.jpg](figure14-4c.jpg)

**Figure 14-4: Summary of Back-Transformed Variogram Parameters (Vein = 425)**

**14.4.5Block Modelling and Validation**

Gold and silver grades for all domains are estimated using Ordinary Kriging (OK) while all other elements

(As, Hg, S, and Sb) are estimated using Inverse Distance Squared (ID2) methodology. A local varying

anisotropy (LVA) rotation was applied for all estimations. No octant-based search strategy was employed.

A two-pass search strategy was established to interpolate grade for each of the estimation domains within

the mineralized domains.

The relevant veins were estimated using OK on the 1 m composite, grade capped samples. Domain

control (hard boundaries for Mineralization) were used for both composite and block selection. Grade

estimates were interpolated into parent cells and all sub-cells were assigned the parent cell grades. A

block discretisation of 2 (X points) x 5 (Y points) x 5 (Z points) was used.

The WUG block model is rotated in bearing to align with the dominant strike of the veins. Sub-blocking is

used to define narrow veins and to maintain volume integrity with the geology solids. A second estimation

was run for the classification, where the distance to the closest 3 drillholes is recorded. The estimation

parameters for WUG are summarized Table 14-17. A 7.5 m buffer surrounding the vein is estimated using

a local 50 m search and kriged estimate with a 2 g/t topcut. Table 14-18: shows the WUG block model

dimensions and Table 14-9 lists the fields in the WUG model.

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**Table 14-17: WUG Estimation Parameters**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Pass <br>Number<br>| Orientation <br>(EDGE®)<br>| Maximum <br>Search <br>Directions<br>| Intermediate <br>Search <br>Directions<br>| Minimum <br>Search <br>Directions<br>| Maximum <br>Samples per <br>Drillhole<br>| Minimum <br>Samples <br>per <br>Estimate<br>| Maximum <br>Samples <br>per <br>Estimate<br>|
| 1 | Variable <br>Orientation<br>| 200 / 110 | 150 / 80 | 40 / 30 | 6 / 4 | 8 / 6 | 22 / 18 |
| 2 | Variable <br>Orientation<br>| 400 / 220 | 300 / 160 | 100 / 80 | 6 / 4 | 4 | 22 / 18 |

---

\*Major Domain / Minor Domain parameter

**Table 14-18: WUG Block Model Dimensions**

---

| | |
|:---|:---|
| **Description** | **Data** |
| Number of parent blocks: | 235 × 99 × 41 = 953,865 |
| Base point: | 1849150.00, 5867740.00, 345 |
| Parent block size: | 4, 16, 16 |
| Minimum sub-block size: | 1, 1, 1 |
| Leapfrog Rotation: |  |
| Azimuth: | 25° |
| Dip: | 0° |
| Pitch: | 0° |
| Boundary size: | 940, 1584, 656 |

---

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**Table 14-19: List of Fields in WUG Model**

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| | | |
|:---|:---|:---|
| Model Field | Sub-field | Description |
| Au_OK |  | Combined estimator using OK. Hierarchy P1> P2> Dilution |
|  | NS | Number of samples |
|  | AvgD | Average Euclidean distance to sample  |
|  | KM | Kriging mean  |
|  | KV | Kriging variance |
|  | SoR | Slope of regression |
|  | KE | Kriging efficiency  |
|  | Dom | Domain code |
|  | Est | Estimator used to inform block |
| RESCAT |  | Resource Category Estimator |
|  | NS | Number of samples |
|  | AveD | Average Euclidean distance to sample  |
|  | Dom | Domain code |
|  | Est | Estimator used to inform block  |
| RES_CAT |  | Final Resource Category |
| Au_ID2 |  | Inverse distance Au estimate |
| Au_NN |  | Nearest Neighbour Au estimate |
| Ag_OK |  | Ordinary kriged Ag estimate  |
| As_ID |  | Inverse distance As estimate |
| Hg_ID |  | Inverse distance Hg estimate |
| Sb_ID |  | Inverse distance Sb estimate |
| DENSITY |  | Density assigned by lithology |
| GM_EST |  | Estimation domain flagged from geology model |
| Manual_RESCAT |  | Classification domain flagged during classification workflow |
| GM_LITHOLOGY |  | Lithology flagged from geology model |

---

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**14.5Classification of Mineral Resources**

The Resource Classification is based on an assessment of average drilling density. An estimation run is

undertaken utilising the three closest drill holes intersecting the domain of interest, the average distance

to the three closest drill holes used to estimate the block is then stored to form the basis for classification.

MUG uses an average spacing to three drill holes of 60 m for Inferred and 40 m for Indicated Resources.

Any mineralized backfill is not classified or inclusion within the Mineral Resource due to uncertainty in

both the continuity and the distribution of grade within the back filled stopes. The Measured material is

classified based on proximity to drilling and sill drive development. Blocks are classified as Measured if

they are within an average distance of 10 m of three separate sampled locations, either drill holes or

lateral ore drive development channel sample locations.

The EG vein of WUG has been intersected in drilling over a strike length of 1 km, this structure is larger

than those typically encountered in the Waihi area and on this basis the average drill hole spacing

required for classification as an Inferred Resource on the EG vein structure has been increased to 67.5 m

average distance to the three closest drill holes. An average drill spacing of three holes within 42 m was

used as the basis for classification as Indicated Resource for the EG structure. All other WUG

Mineralization has been classified using a distance threshold of 36 m to the three closest drill holes for

classification as Indicated.

For MOP, an average drill hole spacing of 60 m to the three closest drillholes on the major mineralized

veins for classification as Inferred and a spacing of 36 m for classification as Indicated Resource. A tighter

spacing of 30 m has been implemented for classification as Indicated Resource and 40 m for Inferred

Resource for the bulk domains, usually are more complicated zones of strong brecciation and/or

stockwork veining. As with MUG any mineralized backfill is not classified or inclusion within the Mineral

Resource due to uncertainty.

The Gladstone deposit is classified using an average drill hole spacing of 60 m to the three closest

drillholes on the major mineralized veins for classification as Inferred Resource and a spacing of 35 m for

classification as Indicated Resource. A tighter spacing of 22.5 m has been implemented for classification

as Indicated Resource for the non-vein-based domains, typically these are more complicated zones

exhibiting strong brecciation and/or stockwork veining.

The classification criteria are summarized in Table 14-20.

**Table 14-20: Classification Criteria**

---

| | | | |
|:---|:---|:---|:---|
| Project | Drill Spacing for <br>Measured Resource<br>| Drill Spacing for <br>Indicated <br>Resource<br>| Drill Spacing for <br>Inferred Resource<br>|
| MOP  | - | 30 - 36 metres | <60 metres |
| GOP | 15 metres | 22.5 - 35 metres | <60 metres |
| MUG | 10 metres | 36 metres | < 60 metres |
| WUG | - | 36 – 42 metres | <67.5 metres |

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**14.6Cut–off Grade Estimates**

Mineral Resource cut-off grades have been estimated using a long-term gold price of $1,950 and silver

price of $20 /oz at an exchange rate of $0.61: NZ$. Estimated cut-off grades for the various Mineral

Resources are shown below in Table 14-21.

**Table 14-21: Resource Cut-off Grade Estimates**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Price $/<br>oz<br>| Metal <br>Recovery<br>| Process <br>Cost $/t<br>| G&A $/t | Sustaining <br>Capex $/t<br>| Mining <br>$/t<br>| Royalty %<br>| Cut-off <br>Grade <br>g/t<br>|
| MOP | 1950 | 90% | 20 | 7 | 0 | -3 | 2% | 0.50 |
| MUG | 1950 | 94% | 24 | 15 | 7 | 66 | 2% | 2.15 |
| GOP | 1950 | 74% | 18 | 7 | 0 | -3 | 2% | 0.56 |
| WUG | 1950 | 90% | 24 | 7 | 6 | 79 | 4% | 2.10 |

---

**14.7Mining Factors or Assumptions**

The classification of open pit Mineral Resources considers geologic, mining, processing, and economic

considerations, and have been confined within appropriate LG pit shells, and therefore are classified in

accordance with the 2014 CIM Definition Standards for Mineral Resources.

MUG and WUG Resource reporting is constrained by conceptual stopes however reporting is only on

material above cut-off. This constrains the tonnes and grade reporting to the mineralized or vein

interpretation as shown in Figure 14-5.

![figure14-5b.jpg](figure14-5b.jpg)

**Figure 14-5: Resource Versus Reserve Conceptual Schematic for Martha Pit**

The MOP5 cutback was developed by OceanaGold from a Whittle optimisation carried out in 2016 and

further validated in 2017. Inputs comprised a maximum 7 Mt per annum operation and 1.5 Mt per annum

processing throughput. Open pit slopes were generated for separate rectangular sub-regions based on

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different rock units calibrated with existing pit slopes and with allowance for haul roads. Mining costs were

based on actual mining costs from 2006 to 2007 when the Martha pit was operating at moderate

production rates escalated by the Consumer Price Index, recent contractor quotes, and confirmed under

the current pricing guidance.

The Whittle optimisation and the optimum pit selected considered the proximity of the pit to the Waihi

township, social and environmental constraints, and the need for high geotechnical factors of safety and

limits on encroachment.

The design slopes for the MOP5 cutback are based on current pit slopes and berm intervals are generally

20 m below 1090 mRL and 15 m above 1090 mRL. Pit slopes to the south and south-west have been

conservative due to effect of historic workings on the rock mass quality, the proximity of the town and

presence of argillic andesite and slopes to the east are the shallowest slopes due to presence of the post-

mineral sediments comprising tuffs and alluvial layers as well as a weaker andesite unit. The pit

configuration is shown in Figure 14-6.

The pit encroaches towards the town centre, residential and low-density residential zones, and for this

reason a plan change to the Hauraki District Plan will be required to provide for this component of the

WNP, for allowing Resource consents to be sought for this element of WNP. The plan change goes to a

hearing before Council-appointed Commissioners in December 2024.

Key points of note are:

• A constraint has been placed on the cutback of the western pit wall so as not to encroach into the

Moresby Avenue reserve and the Central School grounds

• The pit requires relocation of the existing crusher and belt conveyors from the existing crusher

slot to a new crusher slot, 70 m to the east and installation of a new crushing facility

• Relocation and enlargement of the noise bund beyond Grey Street into Slevin Park, construction

of a noise bund along the remaining MOP5 pit rim, relocation of the historical Cornish pumphouse

and partial realignment of the Eastern Stream is required

• Relocation and re-establishment of the open pit office block, fuel bowser, substation, workshop,

wheel wash and magazine are required.

The final dimensions of MOP5 are:

• Pit area - approximately 66 Ha

• Pit depth - approximately 316 m

• Pit floor level - approximately 840 mRL

• Pit length x breadth - approximately 1,115 x 830 m

• Total volume - approximately 59 Mm<sup>3</sup>.

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![figure14-6a.jpg](figure14-6a.jpg)

**Figure 14-6: Plan of Martha Phase 5 Pit**

**14.7.1MUG**

The Mineral Resource is reported within conceptual designs, created using Deswik.SO®. Stope widths

vary, depending on the thickness of the Mineralization. A minimum mining width of 1.3 m was used, and

0.3 m of dilution was applied to both the footwall and hanging wall. A maximum stope width of 15 m was

used with a minimum pillar width between stopes of 8 m. Nominal stope dimensions of 15 m high by 10 m

in length. The method of specifying the strike and dip angles for the initial stope-seed-shapes in SO was

to apply a stope control surface wireframe over the full extent of the orebody where stope shapes are to

be generated. The following stope shapes were manually excluded from the Mineral Resource estimate:

• Isolated stope shapes either showing lack of continuity or distant from the main concentrations of

shapes

• Stopes closer than 50 m from the surface

• Within a solid created as an exclusion solid around the historical "Milking Cow" zone by projecting

the cave zone outwards by 20 m

• All stopes intersecting the base of the Martha Phase 5 pit.

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The Mineral Resource is reported within the SO shapes above a 2.15 g/t cut-off grade. No unclassified

material contained within the SO shapes is reported. Figure 14-7 presents the SO shapes after exclusion

based on geotechnical and economic assessment.

![figure14-7a.jpg](figure14-7a.jpg)

**Figure 14-7: MUG Mineral Resource Long Section**

**14.7.2Gladstone Pit**

Geotechnical studies during 2017 and 2023 on preliminary design concepts including geotechnical

drilling, rock/ soil testing and detailed core logging showed that the slopes in the Winner Hill pit and the

northern slopes in Gladstone Hill were generally satisfactory under unsaturated or partially drained

conditions. However, the southern and eastern upper slopes were shown to be marginally stable under

fully or partially saturated conditions particularly where there was a significant depth of the surficial

deposits.

Design pit slopes were modified based on a geotechnical study completed by PSM in early 2018 including

three additional geotechnical holes and geotechnical modelling to achieve satisfactory factors of safety.

Geotechnical domains were re-defined based on drilling. The geotechnical domains are presented in

Figure 14-8.

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![figure14-8a.jpg](figure14-8a.jpg)

**Figure 14-8: Gladstone Pit Geotechnical Domains**

**14.7.3WUG**

OceanaGold has reported the Mineral Resource within conceptual designs which were created using the

Deswik.SO®. Stope widths vary, depending on the thickness of the Mineralization. A minimum economic

mining width of 2.0 m was used. A maximum stope width of 15 m was used with a minimum pillar width

between stopes of 8 m. Nominal stope dimensions of 15 m high by 15 m in length. The method of

specifying the strike and dip angles for the initial stope-seed-shapes in SO was to apply a stope control

surface wireframe over the full extent of the orebody where stope shapes are to be generated. All shapes

within 50 m of the surface topography were excluded from the estimate.

The Mineral Resource is reported within the SO shapes above a 2.10 g/t cut-off grade. No unclassified

material contained within the SO shapes is reported. Figure 14-9 and Figure 14-10 present the SO

shapes. No mining recovery or dilution were applied to the Mineral Resource estimate.

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![figure14-9a.jpg](figure14-9a.jpg)

**Figure 14-9: WUG Mineral Resource Long Section**

![figure14-10a.jpg](figure14-10a.jpg)

**Figure 14-10: WUG Mineral Resource Plan View**

**14.8Risks**

The Mineral Resource Estimates that form the basis of this report are based on assumptions that are

subject to a variety of risks and uncertainties which could cause actual results to differ from those

reflected in this report. Potential geologic risks include unusual or unexpected geological complexities,

variation in estimation and modelling of grade, tonnes, geologic continuity of mineral deposits, the

possibility that future exploration, development, or mining results will not be consistent with expectations

and the potential for historic mine workings to be materially different to that assumed in these studies.

Many of these risks are reflected in the classification of the resources.

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Indicated and Inferred Mineral Resources both have inherent risk, The term "Inferred Mineral Resource"

refers to that part of a Mineral Resource for which quantity and grade or quality can be estimated on the

basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological

and grade continuity.

The term "Indicated Mineral Resource" refers to that part of a Mineral Resource for which quantity, grade

or quality, densities, shape, and physical characteristics can be estimated with a level of confidence

sufficient to allow the appropriate application of technical and economic parameters, to support mine

planning and evaluation of the economic viability of the deposit. The geological and grade continuity to be

reasonably assumed.

The vein systems within the project areas are geologically complex and in some instances are difficult to

fully drill test. WUG has limited consented drill platforms, deeper portions of the MUG system are at

challenging drill intersection angles and the town infrastructure and pit highwalls overlying the Martha pit,

placed limitations upon the ability to fully drill test the deposit. Notwithstanding this, Waihi has a strong

operational history and the risks are considered to be in line with those dealt with throughout the

operations past history, these risks are thought to be well understood and actively managed.

**14.9Mineral Resource Statement**

Mineral Resource estimates, as of 30 June 2024, are presented in Table 14-22 and are classified in

accordance with CIM. Mineral Resources are inclusive of Mineral Reserves and are reported at a

commodity price of $1,950 /oz gold.

Information relating to geology, sampling, data verification and Mineral Resources in this document was

prepared by or under the supervision of Leroy Crawford-Flett. Mr. Crawford-Flett is a Chartered

Professional Member of the Australasian Institute of Mining and Metallurgy and is the Qualified Person for

those topics. Mr Crawford-Flett is a full-time employee of OceanaGold Limited and 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. A summary of the Mineral Resource

estimate is provided in Table 14-22.

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**Table 14-22: Summary of Mineral Resources Estimate as of June 30, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Area  | Indicated | Indicated | Indicated | Indicated | Indicated | Inferred | Inferred | Inferred | Inferred | Inferred |
| Area  | Tonnes | Grade | Grade | Au | Ag | Tonnes | Grade | Grade | Au | Ag |
| Area  | (Mt) | (g/t Au) | (g/t Ag) | (Moz) | (Moz) | (Mt) | (g/t Au) | (g/t Ag) | (Moz) | (Moz) |
| MOP | 6.50 | 1.95 | 13.44 | 0.41 | 2.81 | 2.3 | 2.1 | 12.1 | 0.2 | 0.9 |
| GOP  | 3.22 | 1.44 | 3.76 | 0.15 | 0.39 | 0.8 | 1.0 | 2.6 | 0.03 | 0.1 |
| MUG | 6.42 | 5.29 | 25.51 | 1.09 | 5.27 | 2.7 | 4.7 | 27.1 | 0.4 | 2.4 |
| WUG | 2.39 | 17.88 | 28.02 | 1.37 | 2.15 | 1.3 | 9.6 | 17.1 | 0.4 | 0.7 |
| Total <br>Mineral <br>Resources<br>| 18.53 | 5.07 | 17.82 | 3.02 | 10.62 | 7.1 | 4.3 | 17.6 | 1.0 | 4.0 |

---

Notes:

Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral

Reserves do not have demonstrated economic viability.

Mineral Resources estimate was reviewed and approved by, or is based on information prepared by or

under the supervision of, Leroy Crawford-Flett, MAusIMM CP (Geology), the Company's Exploration and

Geology Manager and a qualified person under NI 43-101.

Mineral Resources are reported at a gold price of $1,950/oz.

Mineral Resources estimate for MUG is reported below the MOP5 design and are constrained to within a

conceptual underground design based upon the incremental cut-off grade of 2.15 g/t Au.

Mineral Resources estimate for WUG is reported within a conceptual underground design at a 2.10 g/t Au

cut-off grade.

Mineral Resources estimates for MOP and GOP are reported within conceptual pit designs and incremental

cut-off grades of 0.50 g/t Au and 0.56g/t Au, respectively. The MOP conceptual pit design is limited by

infrastructural considerations.

Tonnage and grade measurements are in metric units. Gold ounces are reported as troy ounces and "g/t"

represents grams per tonne.

No dilution is included in the reported figures and no allowances for processing or mining recoveries have

been made.

▪All figures have been rounded; totals may therefore not sum exactly.

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**15MINERAL RESERVE ESTIMATES**

There are no open pit Mineral Reserve estimates. Mineral Reserves were generated for the MUG and

WUG. The underground mining areas are located on land owned by Crown and OceanaGold. Royalties

are applicable to both mines. MUG design is completed using the site coordinate system using Mt Eden

Old Cadastral mine grid plus 1,000 m. WUG design is completed using NZTM grid.

Note the inclusion of modifying factors (dilution and recovery) to the Mineral Resources results in a net

increase in tonnes (due to the inclusion of dilution factors), a reduction in ounces (due to the inclusion of

recovery factors) and a reduction in grade (due to a combination of dilution and recovery factors).

**15.1MUG**

MUG is in operation and mining Mineral Resources extending below and outside of the existing MOP. The

Martha Mineral Reserves are excluded from the MOP Mineral Resource.

**15.1.1Conversion Assumptions, Parameters and Methods**

Measured and Indicated Mineral Resources were converted to Proven and Probable Mineral Reserves by

applying the appropriate modifying factors, as described herein, to potential mining block shapes created

during the mine design process.

Based on the orientation, depth, and geotechnical characteristics of the mineralization, a combination of

Avoca and transverse sublevel open stoping method (longhole) with ramp access is used. The stopes are

of variable dimensions and stope length will vary based on mineralization grade and geotechnical

considerations. A spacing of 18 m between levels is used. Cemented rock fill (CRF) will be used to backfill

selected stopes. The CRF will have sufficient strength to allow for mining adjacent to backfilled stopes.

A detailed design was completed including re-mucks, passing bays, etc. All Mineral Reserve tonnages are

expressed as "dry" tonnes (i.e., no moisture) and are based on the density values stored in the block

model. Inferred Mineral Resources are not included in the mine plan. Mining dilution and recovery have

been applied to the Reserves using the methodologies described below.

**<u>Dilution</u>**

The mining dilution estimate is based on the Equivalent Linear Overbreak Slough (ELOS) methodology

(Clark, 1997) and summarized in Table 15-1. ELOS is an empirical design method used to estimate the

amount of overbreak / slough that will occur in an underground opening based on rock quality and the HR

of the opening. A 0.5 % additional dilution allowance was used to account for other potential sources of

dilution (e.g., dilution from the floor when mucking a stope).

**Table 15-1: Underground Mining Dilution Factors**

---

| | |
|:---|:---|
| Activity | ELOS m |
| Sidewalls (rock) | 0.3 m  |
| Bottom (backfill)  | 0.05 m  |

---

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**<u>Recovery</u>**

A development recovery factor of 100 % was used for all horizontal development. A development

overbreak factor of 15 % is applied to capital and operating lateral waste development dimensions. A

development overbreak factor of 10 % is assumed for operating lateral ore development.

The mining recovery factors applied for MUG are summarized in Table 15-2. The stope recovery factor

was varied as a function of mining method and considered wall and rill dilutions, and underbreak from

stope firings.

**Table 15-2: MUG Underground Mining Dilution and Recovery Factors**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Mining Method -<br>Modifying Factors<br>| Wall / <br>Rill <br>Dilution<br>| Under-<br>break<br>| Bogging <br>Recovery<br>| Modifying <br>factors<br>| Comments |
| Intact Avoca | Intact Avoca | Intact Avoca | Intact Avoca | Intact Avoca | Intact Avoca |
| Tonnes | 9% |  | 96% | 1.05 | Based on MUG |
| oz Au |  | 6% | 96% | 0.90 |  |
| Mining against Cemented Fill | Mining against Cemented Fill | Mining against Cemented Fill | Mining against Cemented Fill | Mining against Cemented Fill | Mining against Cemented Fill |
| Tonnes | 7% |  | 93% | 1.0 | Based on MUG |
| oz Au |  | 13% | 93% | 0.8 |  |
| Proximal to Collapse (+3 m pillar) | Proximal to Collapse (+3 m pillar) | Proximal to Collapse (+3 m pillar) | Proximal to Collapse (+3 m pillar) | Proximal to Collapse (+3 m pillar) | Proximal to Collapse (+3 m pillar) |
| Tonnes | 20% |  | 93% | 1.13 | Increase – shorter panels |
| oz Au |  | 3% | 93% | 0.83 | Allow some panel failure |
| Adjacent to Collapse or Historic Fill | Adjacent to Collapse or Historic Fill | Adjacent to Collapse or Historic Fill | Adjacent to Collapse or Historic Fill | Adjacent to Collapse or Historic Fill | Adjacent to Collapse or Historic Fill |
| Tonnes | 25% |  | 70% | 1.10 | Corners cannot be bogged <br>out<br>|
| oz Au |  | 20% | 70% | 0.50 | High dilution in historic fill |

---

**15.2WUG**

**15.2.1Conversion Assumptions, Parameters and Methods**

A development overbreak of 12 % is applied for waste development and 0 % for ore development.

Minable stopes are developed using Deswik.SO® which include a 0.5 m applied to both footwall and

hanging wall. These SO shapes are then applied further modifying factors as summarized in Table 15-3.

The stope recovery and dilution are applied as a function of mining method and stope width.

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**Table 15-3: WUG Mining Dilution and Recovery Factors**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Width | Width | Width |
| | | | <8 m | 10 | 12 - 15+ |
| Transverse | Primary | Dilution | 15% | 5% | 0% |
| Transverse | Primary | Recovery | 90% | 90% | 85% |
| Transverse | Secondary/Avoca | Dilution | 15% | 10% | 20% |
| Transverse | Secondary/Avoca | Recovery | 90% | 90% | 85% |
| Longitudinal | Primary | Dilution | 5% | 5% | 10% |
| Longitudinal | Primary | Recovery | 93% | 90% | 85% |
| Longitudinal | Avoca | Dilution | 5% | 5% | 20% |
| Longitudinal | Avoca | Recovery | 93% | 90% | 85% |
| Longitudinal | Secondary | Dilution | 5% | 10% | 20% |
| Longitudinal | Secondary | Recovery | 93% | 90% | 80% |

---

**15.3Mineral Reserve Statement**

Mineral Reserves were classified using the 2014 CIM Definition standards. Measured Mineral Resources

were converted to Proven Mineral Reserves, and Indicated Mineral Resources were converted to

Probable Mineral Reserves by applying the appropriate modifying factors, as described herein, to

potential mining shapes created during the mine design process. MUG Mineral Reserves of 4.4 Mt

(diluted) with an average grade of 3.8 g/t Au and WUG Mineral Reserves of are 4.1 Mt (diluted) with an

average grade of 9.2 g/t Au presented in Table 15-4.

**Table 15-4: MUG and WUG Reserve Estimate as of 30 June 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reserve Area | Class | Tonnes <br>(Mt) | Au (g/t) | Ag (g/t) | Au (Moz) | Ag (Moz) |  |  |
| Reserve Area | Class | Tonnes <br>(Mt) | Au (g/t) | Ag (g/t) | Au (Moz) | Ag (Moz) | MUG | Proven |
| Probable | 4.4 | 3.8 | 16.1 | 0.5 | 2.3 | MUG |  |  |
| Total MUG |  | 4.4 | 3.8 | 16.1 | 0.5 | 2.3 |  |  |
| WUG | Proven | - | - | - | - | - |  |  |
|  | Probable | 4.1 | 9.2 | 16.1 | 1.2 | 2.1 |  |  |
| Total WUG | Total WUG | 4.1 | 9.2 | 16.1 | 1.2 | 2.1 |  |  |
| Total Mineral Reserve | Total Mineral Reserve | 8.5 | 6.4 | 16.1 | 1.7 | 4.4 |  |  |

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Notes:

The WUG Mineral Reserves estimate was reviewed and approved by, or is based on information prepared

by or under the supervision of, Euan Leslie, MAusIMM (CP), the Company's Group Mining Engineer and a

qualified person under NI 43-101.

The MUG Mineral Reserves estimate was reviewed and approved by, or is based on information prepared

by or under the supervision of, David Townsend, MAusIMM (CP), the Company's Mining Manager and a

qualified person under NI 43-101.

Mineral Reserves are reported based on OceanaGold's mine design, mine plan, mine schedule and cash

flow model at a gold price of US$1,750/oz Au.

Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the

nearest 100,000 tonnes.

Ounces are estimates of metal contained in the Mineral Reserves and do not include allowances for

processing losses. Ounces are rounded to the nearest hundred thousand ounces.

All figures have been rounded; totals may therefore not sum exactly.

Tonnage and grade measurements are in metric units. Gold ounces are reported as troy ounces

and "g/t" represents grams per tonne.

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**16MINING METHODS**

**16.1Status of Current Mine Development**

MUG mining consent was granted in 2019 with mine development commencing 2020. The feasibility

study for MUG was completed in March 2021 with initial mine development targeted in-situ hosted

material in REX, Edward and Royal West to deliver a base load run of mine ore while the method and

technique for extraction of remnant material was trialled and refined. Current mine development and

extraction continues from Edward, Empire West, Empire, Royal East and Rex mine areas. Figure 16-1

below shows a cross section of the MUG's LoM Plan.

![figure16-1c.jpg](figure16-1c.jpg)

**Figure 16-1: MUG Mining Cross Section Looking South East from Hanging Wall**

**16.2MUG**

**16.2.1Cut-off Grade Calculations**

Previous mining costs for the Favona, Trio Correnso and MUG mines have been reviewed from 2009 to

2023. Operating costs per tonne of ore mined is shown in Figure 16-2 as the CPI adjusted unit costs

(NZ$ / tonne ore mined) and the mined ore tonnes over time. Costs vary depending on:

• the ore tonnage mined

• the proportion of lateral development to stoping

• the average width of stoping

• any floor benching or overhand cut and fill, and

• the operating development in waste.

At an FX of $0.61 / NZ$, MUG mine operating costs range from $61 to $91.5 / tonne ore mined.

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![figure16-2b.jpg](figure16-2b.jpg)

**Figure 16-2: Underground Mining Operating Costs 2009 to 2023**

Current estimated costs and the calculated Au cut-off grades (CoG) are shown in Table 16-1. Incremental

material is included in the Reserves based on an incremental stope cut-off grade of 2.6 g/t Au and an

incremental development cut-off grade of 0.9 g/t Au.

**Table 16-1: MUG Cut-off Grade Calculation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Parameter | Unit | Operating <br>CoG<br>| Incremental <br>Stoping CoG<br>| Marginal <br>Development <br>CoG<br>|
| Mining cost  | $/t | 110.8 | 87.6 | 0.0 |
| Process cost | $/t | 26.3 | 26.3 | 26.3 |
| G&A | $/t | 22.6 | 22.6 | 22.6 |
| Total Cost | $/t | 160 | 137 | 49 |
| Gold price | $/oz | 1750 | 1750 | 1750 |
| Average Au mill Recovery |  | 94% | 94% | 94% |
| CoG  | g/t | 3.0 | 2.6 | 0.9 |

---

**16.2.2Geotechnical**

A total of 84 km of drill core was geotechnically assessed in MUG during initial studies (Figure 16-3). No

structural data was collected directly from core for joints, geologists only record structural measurements

for veining and faults.

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![figure16-3b.jpg](figure16-3b.jpg)

**Figure 16-3: Plan and Long Section of Geotechnically Logged Drill Holes**

A total of 807 orientation measurements were recorded during the underground data collection campaign

from scanline mapping. Mapping of development headings and key structures within MUG is also

recorded by the site geotechnical engineers. Key structures are steeply dipping oriented, predominantly

north-east-east. A stereonet plot of the structures recorded is given in Figure 16-4.

![figure16-4c.jpg](figure16-4c.jpg)

**Figure 16-4: Plot of Structure Data for MUG**

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A number of rock properties testing has been undertaken since 2006 with a specific testing program from

MUG undertaken in 2020. The types and number of tests conducted are shown in Table 16-2 and a

summary of results.

**Table 16-2. Summary of Laboratory Tests**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UCS (MPa) | UTS (MPa) | Modulus (Gpa) | Poisons Ratio |
| Mean | 106 | 8 | 36 | 106 |
| Max | 255 | 20.6 | 47 | 255 |
| Min | 9 | 1.9 | 19 | 9 |
| Sample Size | 36 | 45 | 24 | 36 |

---

Historical mining took place at Martha over a period of almost 70 years from the 1880's and the issue of

void interaction is considered the single biggest challenge to the current mine. Historical stopes (unfilled

and filled), development and raises / shafts are present throughout the mines and need to be carefully

monitored and managed.

Operations presently maintain a void management document specific to the MUG area which is based

upon set rules, standoff distances, and guidelines around managing the interaction with historical voids.

The approach is risk-based, data driven and controlled by collaboration between operations, survey,

mining and geotechnical engineers.

Rock mass characterisation has used the Q system, and shows:

• Edward is expected to be poor in most areas and very poor around the historic fill and collapsed

stopes

• Empire is expected to be poor in most areas

• Empire West is a mix of good and poor ground conditions.

Stress measurement tests were conducted at Waihi for the Trio Underground Mine Project by the West

Australian School of Mines in 2010 using the Acoustic Emission (AE) method which indicated:

• Horizontal: vertical stress ratio ranges from 2.1 – 2.4

• The major principal stress orientation (sigma 1 = 02/019°) is shallow dipping and near horizontal

in nature so will have differing effects on each of the orebodies at MUG.

Empirical methods of stope design have been employed to evaluate stability conditions and was

separated by orebody (i.e., Martha, Empire, Edward, Rex) and then by domains (immediate hanging wall,

immediate footwall, and ore zones) for each of the mining areas. The hydraulic radius (HR) was then

determined for each mining area, based on 18 m height (Table 16-3).

• Allowable spans around the historic collapsed and filled stopes are slightly less than the virgin

areas as expected

• Poor ground conditions resulting from features such as closely spaced fractures, oxidized quartz

calcite, and faulting and clay filled structures around the veins dominate stope wall and crown

behaviour, with these zones being a main source of any overbreak/unravelling issues

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• The rock mass conditions in the Rex stoping areas are expected to be very poor and this is

currently restricting the allowable strike length

• There is variation within the rock mass across the domains which needs to be given consideration

when planning stoping on a level-by-level basis.

**Table 16-3. Summary of Allowable Strike Lengths**

---

| | | | |
|:---|:---|:---|:---|
| Mining Area | Hanging wall | Ore Zone | Footwall |
| Edward - All | 11 m | 9 m | 11 m |
| Edward - Upper | 13 m | 8 m | 13 m |
| Edward - Lower | 11 m | 9 m | 11 m |
| Empire - All | 11 m | 9 m | 11 m |
| Empire | 14 m | 13 m | 21 m |
| Martha | 26 m | 18 m | 23 m |
| Empire West | 9 m | 5 m | 8 m |
| Royal East | 13 m | 8 m | 16 m |
| Royal West | 13 m | 11 m | 18 m |
| Rex | 9 m | 2 m | 16 m |

---

**16.2.3Hydrogeology and Mine Dewatering**

Dewatering of the veins and workings will be required to reach the targeted depth. Inflows will be from

storage within the workings, veins, and the rock mass. In addition, rainfall infiltrating the base of the pit will

report to MUG during mining. Small pockets of perched groundwater may also be encountered in the

historical workings. Below 550 mRL previously unmined veins are expected, so only water from the veins,

rock mass and MOP will be removed.

Modelled groundwater inflows to MUG used an analytical model that is based on the historical dewatering

data set for the historical MOP. Discharge from the historical mine was sourced from storage in

interconnected vein systems and groundwater inflow from the surrounding rock mass. Vein water storage

was greatest where the veins were widest. These were also the areas of maximum gold yield.

Groundwater sourced from the rock mass was considered to be a minor contributor to the historical

discharge. Previous mining took place to a depth of approximately 541 mRL. Backfilling of stopes was

variable, and collapse and compression of stopes will have modified the void space following historical

mining. It is assumed that the sum of these void increases and decreases has not substantially altered

the original groundwater storage capacity.

Groundwater recharge from the open pit is significant during high rainfall events. The current average

daily dewatering rate is approximately 14,000 m<sup>3</sup>/d which is satisfactory for lowering the ground water

table within the mining schedule.

**16.2.4Geochemical**

Waste rock excavated from the MUG comprises similar geologies to that mined from the MOP over the

previous three decades. Where possible, waste rock remains underground and is used to backfill

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excavated voids. During the initial stages of mining, waste rock was stored temporarily in the vicinity of

the Favona portal or in the Polishing Pond Stockpile which are designed to collect and manage seepage

and runoff before being returned later as underground backfill. Ore is stored at the existing Run of Mine

(ROM) stockpile to await processing.

Waste rock used as backfill will be permanently stored within the underground workings, limiting the

potential for oxidation of the overburden prior to future flooding of the workings The potential for ongoing

oxidation of waste rock once the materials are at their final destinations is considered to be negligible.

The current oversaturation of groundwater in respect to sulphate and a likely high degree of attenuation

on trace elements via the sorption to ion-hydroxide minerals will ensure that any impacts of groundwater

quality within the vicinity of the workings as a result of oxidized overburden should be minimal.

Within temporary stockpiles, appropriate mitigation measures in the form of limestone amendment will be

required to limit oxidation and/or limit the effects of already oxidized material. The limestone amendment

required for waste rock placed within the temporary stockpiles is dependent upon the exposure period

and the calculated sulphate oxidation rate. Waste rock placed in temporary storage structures and left

exposed for a period of no more than 30 weeks is blended with crushed limestone at a rate 12 kg CaCO<sup>3</sup>

per tonne of waste rock or at an amendment rate of approximately 1.2 %. Monitoring of placed rock

ensures these dosing rates are appropriate and enable refinement as part of ongoing operations.

**16.2.5Mine Design**

MUG is accessed via the existing Favona portal through the existing Trio and Correnso workings and

shares the ventilation development and shafts as well as the underground workshop, crib room and

dewatering systems.

Exploration drives were completed on 800 mRL and 920 mRL in 2018. Development of MUG commenced

in mid-2019 and 2,169 m of lateral development and a 120 m ventilation raise were completed by the end

of 2019 and a further 35,125 m of lateral development completed up to the end of 2023. Development has

focussed on ramp access for Edward, Empire, Rex and Royal mine areas, footwall, fill and ore drive

development, ventilation and secondary egress connections, and drilling platforms.

Two portal breakthroughs have been completed in the southwestern corner of the MOP and are being

used for ventilation and secondary egress purposes and dumping of underground waste into the bottom

of the pit.

Based on the proposed mining method and equipment, historical experience and orebody geometries, the

development strategy for MUG operations involves mining of declines for access to five main stoping

blocks. Access drives will be mined to develop drilling and loading levels, generally intersecting the

orebodies centrally. Access drives will be spaced generally at 14 m to 18 m vertically over the height of

the mine. Ore drives will be developed in both directions along strike from the access drives. Stockpiles

will be mined off the decline and in levels for truck loading.

Key differences with recent operating practices involve the development of footwall drives and crosscuts

in selected locations mainly confined to Edward, Empire east and west to backfill the historical workings

with cemented rock fill (CRF) or rockfill (RF). Crosscut spacing is generally at 15 m spacing. Historical

stopes are backfilled to provide both regional and local stability.

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Mining method selection work for MUG was undertaken by SRK in 2011, 2016 and 2017 and confirmed

by Entech in 2018 and 2020 and by OceanaGold in 2020. Backfill studies were conducted by Outotec and

AMC in 2019 and 2020. Five mining methods are proposed for the mine:

• Modified Avoca with RF in virgin (previously unmined) areas

• Modified Avoca with RF in remnant areas adjacent to collapsed stopes separated by an

intermediate pillar

• Modified Avoca with RF in remnant areas adjacent historical stopes filled with engineered fill, CRF

• Bottom up, side ring method with CRF/RF where skins adjacent to historical backfill are extracted

• Bottom up or top down, transverse stoping with CRF/RF where skins adjacent to historical

backfill, open or collapsed stopes are extracted.

Mining options available for MUG are limited because of the blasting and backfill constraints and modified

Avoca and transverse mining was selected as the preferred mining methods. MUG has been designed

with a 14 m to 18 m level spacing, floor to floor primarily to limit blast vibration but this also assists

hanging wall and footwall stability.

A reasonable proportion of the Mineral Reserves will involve the extraction of remnant skins in the footwall

or hanging wall of previously mined (historical) stopes, or the extraction of both remnant skins. Historical

backfill may also be mined and experience with open pit mining shows this material may be above the

cut-off. However, as it is currently classified as Inferred Mineral Resource it is not included as Mineral

Reserve.

Following detailed studies over the last nine years, the following methods are proposed for the extraction

of remnant areas, adjacent to historic workings:

• Modified Avoca method whereby the historic stope is backfilled with CRF prior to stoping and the

remnant skin is extracted by conventional modified Avoca using RF in a bottom-up sequence that

exposes the CRF

• Modified Avoca method adjacent the collapsed historic stope where backfill with CRF is not

feasible and a stand off from the historic wall of 3.0 m maintained with lower estimated

recoveries, higher dilutions

• Remote, side ring method where the historic backfill is extracted together with remnant wall rock

in a top-down sequence with CRF backfill. The side ring method is described in detail below

• Transverse stoping method where the historic backfill is extracted together with remnant wall rock

in a top down or bottom-up sequence with CRF/RF backfill.

The side ring and transverse mining method for the extraction of remnant skins and historic backfill will

use conventional drilling and remote loading methods. This method involves additional waste

development adjacent to the remnant stopes, which increases overall development quantities and mining

costs. The permit and mining method requires all stopes and selected development to be backfilled.

Mine design was prepared using Deswik® software, that allows for mine physicals to be scheduled. The

design software incorporates functionality to export all design and block model interrogation data to the

scheduler, including volumes, tonnes, grades, and segment lengths. Furthermore, graphical sequencing

is exported for the critical links between all development and production activities.

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**16.2.6Productivities and Mine Production Schedule**

MUG mine production criteria were calculated from benchmarked rates. Table 16-4 lists the productivity

rates and activity durations used in the mine development and production schedule.

**Table 16-4: Underground Mining Rates**

---

| | |
|:---|:---|
| Activity | MUG Rate |
| Critical access and ventilation development | 18 m/week max |
| General rate level waste development | 9-12 m/week |
| High priority ore drive development | 15 m/week |
| General rate ore drive development | 9 m/week |
| Stope production – peak individual stope | 650 t/day - 800 t/day |
| Stope production – total mine peak  | 2,000 t/day |
| Standard backfilling rate | 850 t/day |
| Long hole drilling rate per rig | 120 m/day |

---

Checks were made to ensure development and stopes were sequenced correctly, development

completed on the level prior to stoping commencing and adequate separation between the stoping fronts

on the various levels. Checks were also made to ensure stoping, drilling, and backfilling activities on a

single level could be carried out independently of each other.

The MUG schedule allows for a dewatering rate of 40 vertical metres per year. Crown pillars have been

located at strategic horizons to enable production targets to be met and to ensure that a tail of low

production towards the end of the mine schedule could be minimized. The mining schedule was split into

the following working areas:

• Rex

• Edward upper levels

• Empire east and Martha

• Empire west

• Royal east

• Royal west.

Each working area had independent decline access and independent escape and ventilation

development.

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The mine is planned to produce at a rate of 500,000 tpa. To ensure overall mine production rates are

achievable, activities associated with the mining works were scheduled in a logical sequence using the

rates discussed above.

The major constraints on the underground scheduling were as follows:

• Minimize variations in development rates and production to avoid additional costs due to under-

utilisation of the mobile equipment

• Maintain capital development approximately one full stope block ahead of production to enable

capital infrastructure to be established

• Stope production can only commence once the main return airway and second egress is

established.

The schedule comprises six independent ramp accesses each with separate escape and return air

systems which are gathered at the key 800 L and 920 L haulage drives. From each decline a crosscut is

developed into the orebody and sill dives developed along the orebody, each level also includes minor

infrastructure for stockpiling, loading, electrical and pumping. On some levels additional development

including footwall drives, crosscuts and passes are developed for backfilling the historical stopes.

**16.2.7Ventilation**

MUG primary ventilation plan is shown in Figure 16-5. Fresh air enters MUG's south western district via

the northern haulage portal and the pit intake above the Edward lode area and also from the Correnso

mine via the 920 mRL and 800 mRL drives. Return air exits the mine via the pit exhaust drive and the

existing 4.5 m diameter 920 to 800 mRL raisebored shaft. The existing Trio primary fans only need run

when accessing remnant areas in the north otherwise they can be switched off. The secondary means of

egress is via the pit intake.

The current primary fan arrangement for south-west MUG is comprised of two 700 kW MTV axial flow

fans in parallel located underground in the pit exhaust airway.

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Having a complex system of connecting airways between ventilation districts, with multiple mining fronts

running concurrently, requires a good understanding of the ventilation circuit. Opening and closing louvred

regulators as well as ventilation gates in strategic places assists in managing airflow distribution.

![logo_01b.jpg](logo_01b.jpg)

**Figure 16-5: MUG Primary Ventilation Layout**

Table 16-5 lists the mobile equipment and shows the number of vehicles along with their subsequent

airflow requirements for dilution of diesel exhaust.

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**Table 16-5: Mobile Diesel Fleet Ventilation Requirements**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Full Diesel Fleet | Model | Engine power <br>rating (kW)<br>| Airflow <br>requirement<br>| Qty | Total <br>Airflow <br>(m³/s)<br>|
| Truck | Sandvik TH551 | 515 | 26 | 6 | 156 |
| Loader | Sandvik LH517i | 310 | 16 | 4 | 64 |
| Loader | R2900G | 320 | 16 | 2 | 32 |
| Grader | Cat 12H | 120 | 6 | 1 | 6 |
| Charge-up | Charmec 1610B | 110 | 6 | 2 | 12 |
| Agitator | LF700 | 170 | 9 | 2 | 18 |
| Development Drill | Sandvik DL421-7C | 120 | 6 | 5 | 30 |
| Production Drill | Solo DD330, <br>Sandvik DL421-7C<br>| 55<br>110<br>| 3<br>6<br>| 3<br>2<br>| 9<br>12<br>|
| IT | L120G | 200 | 10 | 4 | 40 |
| LV | Toyota Landcruiser | 110 | 6 | 5 | 30 |
| Total (m³/s) | Total (m³/s) | Total (m³/s) | Total (m³/s) | Total (m³/s) | 410 |

---

**16.2.8Mine Services**

The mine primary pump station is installed in the lower levels of Correnso at 794 mRL and consists of two

trains of four Wier 6/4 AHPP-08 centrifugal multi-flow pumps, horizontal shaft type, and mounted on a 2.4

drives. The pump chamber includes two modified sea containers equipped with level float switches and

sparging for temporary storage of water. The general layout is shown in Figure 16-6.

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![image_46a.jpg](image_46a.jpg)

**Figure 16-6: Martha Primary Pumping Station Layout**

Four dewatering bores were commissioned in 2020, targeting old mine workings and were drilled from 2

access cuddies along the 800 m drill drive which dewatered the groundwater levels from the original

730 mRL down to 620 mRL (110 m head).

The preferred approach to dewater levels from 620 to 560 mRL, will be a combination of active and

passive dewatering. When high inflows are intersected, diamond drilled holes are drilled into the area to

dewatering the area faster and allow dryer working conditions in developments going forward. The water

from the drill holes is dropped onto the floor, directed through drains to dedicated sumps and pump

stations.

The secondary pumping strategy for will be to pump or gravity flow to sumps located in the level access

development. This water is then gravity fed through drain holes linking level sumps and pumped or

directed to the primary pumping station.

**16.3WUG**

**16.3.1Cut-off Grade Calculations**

Stopes are assessed individually to determine if they meet the relevant cut-off grade. In addition, the

profitability of stoping areas is assessed to ensure profits cover the costs of any additional development

requirements.

Two cut-off grades are used at WUG:

• minimum grade to warrant stoping including new ore drive development

• minimum grade to warrant processing of any development material including haulage to mill.

<sup>4</sup> MUG and WUG royalties are payable to the NZ government at the greater of a 1 % royalty on net sales

revenue from gold and silver or 5 % of accounting profits. Parts of the Wharekirauponga Mining

Permit, MP 60541, are subject to an additional 2 % of sales royalty payable to Osisko (acquired from

Geoinformatics)

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These cut-off grade scenarios are shown in Table 16-6.

**Table 16-6: WUG Cut-off Calculation**

---

| | | | |
|:---|:---|:---|:---|
| Parameter | Unit | Operating CoG | Development CoG |
| Mining cost  | $/t | 65.2 | 19.2 |
| Process cost | $/t | 26.3 | 26.3 |
| G&A | $/t | 22.6 | 22.6 |
| Total Cost | $/t | 114.6 | 68.7 |
| Gold price | $/oz | 1750 | 1750 |
| Average Au mill Recovery |  | 90% | 90% |
| Royalty<sup>4</sup> |  | 4% | 4% |
| Cut-off grade | g/t | 2.4 | 1.4 |

---

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**16.3.2Geotechnical**

Geotechnical studies were undertaken by several external consultants and the OceanaGold studies team

and has entailed the establishment of the geotechnical characterization and geotechnical design

elements for the relevant areas. Key investigation and independent review have centred around:

• Drill hole logging, sampling and geotechnical testwork on samples

• Willows area and portal

• WUG access tunnel, process plant to Willows access tunnel

• WUG.

The drilling program was highly limited by restricted access conditions (within the DOC boundary). More

than 130 diamond drillholes have been completed at WUG. Of this drilling 102 holes have had

geotechnical logging for RQD and 44 for Q.

Rock property testing was conducted for the major rock types in WUG. A total of 54 uniaxial compressive

strength (UCS) tests and a total of 7 Brazilian tests were completed to infer strength and elastic properties

of the rock mass.

Stress measurements are not available for WUG. However, tests have been conducted for the Trio

underground mine (some 10 km to the south), as reported by Golder (2021).

The rock mass quality estimates combined with the laboratory testwork show a wide range. The results

indicate that there is significant variance in the rock mass quality of the region ranging between 'very

poor' to 'good' averaging 'fair' in the main stoping regions. Rock quality can impact on the stability of

workings and in terms of the Avoca mining method is managed by the sublevel interval and the maximum

length of hanging wall exposed prior to backfilling. Because of the variability in estimates this would need

to be managed on an operational basis once conditions are confirmed in the sill drive.

The orebody is narrow in most regions and the driving property limiting stope strike is the hanging wall

span. Consequently, back widths are not expected to exceed 15 m in most areas of the mine. However, in

localized areas of the EG Veins there is opportunity for large sized stope widths up to 15 mL x 20 mW in

span. Empirical assessment suggests that approximately 50 % of these stopes will require ground

support.

Although empirical methods have gained wide acceptance in estimating preliminary design spans, it is

important to consider their limitations where the effects of large-scale persistent structures are generally

not adequately represented and it is quite possible that the hanging wall will fail back to a structural

feature such as a contact, fault, or fault splay as the stope span is increased and the zone of the hanging

wall relaxation or de-stressing extends. These issues could be overcome or better managed with the

installation of support, strategic placement of pillars, or changes in stope design so that the stope

boundaries coincide with structures.

The extraction sequence can be broken into two different types:

• Avoca: bottom-up longitudinal access retreat along strike using modified Avoca

• Transverse: within the wider EG sections this is bottom-up transverse primary/secondary

extraction with consolidated fill (CRF). Transverse access is from the footwall.

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Figure 16-7 illustrates a typical sequence within the wider southern decline section.

![logo_02b.jpg](logo_02b.jpg)

**Figure 16-7: WUG Mining Method and Extraction Sequence**

**16.3.3Hydrogeology and Mine Dewatering**

The catchment area for the Wharekirauponga Stream is approximately 15 km<sup>2</sup> and with 2.17 m/year

rainfall, the average daily rainfall volume reporting to the catchment is in the order of 89,200 m<sup>3</sup>/d, with

most rainfall in winter although sub-tropical storms can produce heavy events in summer. The general site

location is interpreted to be within a groundwater discharge zone within the headwaters of the

Wharekirauponga Stream that flows to the north-east and ultimately joins the Otahu River. Surface water

flow rates have been monitored since 2019. Figure 16-8 shows WUG mine and access tunnels in relation

to the Wharekirauponga catchment.

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![logo_03b.jpg](logo_03b.jpg)

**Figure 16-8: Wharekirauponga Catchment Drainage**

WUG is located in a sensitive region in relation to groundwater with several minor streams in the area as

illustrated in Figure 16-8. Hydrogeological investigations to date have been made by a number of

consultants including a three-dimensional hydrogeological model (3D Model) of the Wharekirauponga

catchment with uncertainty analysis. Flow monitoring, radon testing and 3D modelling has indicated the

Wharekirauponga catchment streams have potential for a portion of their baseflow to be attributable to

discharge from the EG ore vein system.

Studies to date have shown that unlike MUG there is potential for some connection between the deeper

and shallow aquifer units. The degree of the connectivity is key to understanding any risk of impacts to

the streams above the mine and will be controlled by permeable structures and the stream bed

characteristics. A three-dimensional groundwater model was built that has had reasonable calibration to

field data to replicate some but not all characteristics of the sub-catchment.

The area of potential effect from mine dewatering is expected to be constrained to (Figure 16-9):

1. Downstream drainage point: Studies have shown a drainage point lower in the catchment

corresponding with the strike of the EG vein is likely

2. Rhyolite exposure: Although modelling is indicating impact outside of the outcrop, expert opinion

is that this is due to the lack of information (due to limited drill sites and ability to test) on the post-

colluvium units. Any impacts from dewatering are expected to be concentrated on any structures

that intersect through where the rhyolite outcrop area

3. Warm spring reduction/cessation: This is a unique feature which was unable to be re-created in

the modelling. The suspected mechanism is a pipe-type structure and expected to cease during

dewatering. Impacts are minor and water quality is poor with no unique ecological characteristics.

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![logo_04b.jpg](logo_04b.jpg)

**Figure 16-9: WUG Potential Groundwater Impact Areas**

Uncertainty analysis has been conducted on the model results with a conservative combination (lowest

flow of streams with hydrogeological characteristics of the highest impact) showing that minimal impacts

are expected on both the streams and the ecology. The modelling construction and results have been

independently peer reviewed by reputable industry experts.

The bulk of the formation through which the WUG access tunnels is constructed consists of low-

permeability, low-storativity andesite with any groundwater being stored and transmitted in fractures.

Dewatering is therefore largely limited to management of the groundwater contained in fault and vein

systems. Control of underground groundwater inflow through an appropriate grouting or resin injection

method may be employed in these structures to ensure minimal impacts to surface bodies are

maintained. Estimates for the total ground water inflows have been made and are illustrated in Table 16-7.

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**Table 16-7: Dewatering Estimates for WUG**

---

| | |
|:---|:---|
| **Area** | **Go Forward Case (m**<sup>3</sup>**/d)** |
| Access Tunnel Processing Plant to Willows  | 2400 |
| Dual Tunnels Willows to WUG | 7000 |
| WUG (Intera results) | 2600 |
| **Total mine dewatering** | **12000** |

---

**16.3.4Geochemical**

Column leach tests have been conducted with a representative sample of the expected WUG material.

Results have shown similar potential for acid forming material (PAF) as the existing MUG operation.

Waste rock stored on surface is expected to require lime amendment to limit oxidation and/or limit the

effects of already oxidized material. Any contact water with this PAF material is contained and transported

to the upgraded water treatment facility for treatment (see sections 0 and 18.5).

An assessment for WUG closure was conducted including particle tracking to understand potential

impacts on streams. Results have shown that with lime amendment, trace elements are unlikely to be

measurably different to existing conditions.

**16.3.5Mine Design**

The proposed access to WUG is via a 6.5 km underground tunnel from OceanaGold owned land at the

end of Willow Road just north of Waihi. Access to surface installations within the Forest Park is limited.

Surface infrastructure will be located at Willows to support the mining operation, including ventilation

raises and fans, with additional life-of-mine ventilation installations near the orebody within the Forest

Park.

A 4.7 km tunnel is also proposed from the Willows to the process plant at Waihi to complete the transport

route from the mine to the plant (Figure 16-10). This tunnel will be developed from both ends meeting in

the middle and is timed to provide access as late as possible to the processing plant end.

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![logo_05b.jpg](logo_05b.jpg)

**Figure 16-10: Waihi North Project Configuration**

Studies showed that a dual access option provided an economic advantage over a single decline access

when the risk of production delays is considered, while also assisting with primary ventilation

management. The dual access option negates the need for an additional ventilation raise within the

Forest Park.

The development of the access tunnels from the Willows portal will be ventilated by a primary return air

raise close to the portal within the Willows boundary. The dual tunnel design allows for the second tunnel

to be used as a primary return airway to the return air raise, thus negating the need for long secondary

ventilation circuits over the 6.7 km tunnel distance.

The dual incline to the top of the orebody, allowing early access for construction of the primary ventilation

raises to the surface. The portal raise then becomes a fresh air raise, providing a fresh air intake for each

access decline.

Two other declines split from the main access decline (Figure 16-11), one of which accesses -40 mRL,

which is the base of the upper mining area, above the sill pillar. The second decline accesses the bottom

of the orebody. This system of three decline accesses allows for production from both the upper and lower

mining areas at the same time, as well as providing for multiple contingent faces for development into the

orebody, effectively decreasing the production ramp-up time. They also facilitate air flow through the mine.

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![logo_06b.jpg](logo_06b.jpg)

**Figure 16-11: WUG Long Section looking NW from Footwall**

A second fresh air intake will be mined to the surface near the orebody to assist with ventilation flows to

the extremities of the orebody. An emergency egress raise will be incorporated within this air intake. Due

to air speeds and pressures a control system will need to be in place to turn fans off for use of this

emergency egress. The ventilation raise locations will be restricted by the need to minimise impacts on

the surface.

A large portion of the orebody is steeply dipping and amenable to Avoca style selective mining. A portion

of the orebody is massive where ore veins coalesce, and this zone is amenable to a transverse long hole

open stoping with engineered backfill.

The interpretation and definition of the geological model has been improving due to successful conversion

drilling. Over a certain region (highlighted in dashed white in Figure 16-11), the EG vein is variably

dipping, and the footwall veins coalesce. Low-grade mineralization has been identified between the

numerous footwall veins, therefore suggesting selective mining in this region is not the preferred

approach, as it could leave significant high-grade pillars behind. 80 % of the deposit is in the southern

zone, and approximately 50 % of the total WUG value is from the area highlighted by the dashed polygon.

An optimized transverse bulk mining method has been applied to this region to recover more

mineralization and provide flexibility in the event of geological interpretation and geotechnical changes.

Where the veins coalesce into a more massive (bulk) zone with narrow spacing between veins, a

benching method with cemented rock fill (CRF) will be employed. Stope widths will be limited to 15 to

20 m wide to address the crown stability risk.

Bulk mining will provide higher ore tonnes and contained gold ounces (at the cost of reduced grades).

Figure 16-12 compares the bulk mine design (left) to the Avoca only mining (right). Bulk mining requires

additional development for crosscuts and footwall drives. Where the veins are narrow and spread further

apart, Avoca and modified Avoca methods will continue to be the predominant methods employed.

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![logo_07b.jpg](logo_07b.jpg)

**Figure 16-12: Bulk Mining (left) vs Avoca Only Mining (Right)**

Vertical stoping limits are 20 m floor to floor, and mining is scheduled in an overhand style, retreating

horizontally from strike extremity towards two accesses per level, and centre outward towards the

accesses. The production rate is scheduled at 800 kt ore per annum.

A decline system was designed to connect to the level accesses, and other infrastructure required for the

life of the mine was designed from these openings. Two level access locations per level are provided in

the PFS design. These locations satisfy the following criteria:

• Secondary ventilation – Accesses are located to ensure that secondary ventilation circuits for

development and stoping on levels are reasonable, without pressure losses that would result in

inadequate airflow. This requires limiting strike distances between primary ventilation access

points

• Production efficiency – The orebody geometry is narrow with a long strike distance. This limits the

options for sequencing of multiple mining fronts, as each level must retreat to the access from

either direction, limiting the level to two production fronts at a time. The provision of twin accesses

allows for up to four mining fronts per level, providing greater flexibility in production scheduling to

decrease production risk over the life of the mine.

A sill pillar is located at -60 mRL, splitting the mine into two areas allowing for multiple mining fronts.

Stopes above the sill bench will be bench mined and backfilled with cemented rock fill to allow for

recovery of the pillar towards the end of the mine life.

Mine waste will be stockpiled at Willows and the polishing pond during the development phase of WUG

and then returned underground as stope backfill. Mining rates assume major access capital development

will be mined by a specialized mining contractor.

**16.3.6Productivities and Mine Production Schedule**

Mining of the WUG orebody consists of the following phases:

1. Construction of the portal and surface infrastructure, which includes the waste rock stack

foundation, crib rooms and offices, electrical substation, water management facilities, fuel

storage, explosive magazines, compressed air supply, workshops, stores, parking areas, and

other ancillary facilities required for the mining operation. The facility area and portal will be

located at the Willows

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2. Preparation for the portal at the Polishing Pond near the processing plant for the additional

haulage tunnel will also be required

3. Development of the Willows decline from surface to the initial primary ventilation raise (VS1). This

is a single heading development using secondary ventilation from the portal

4. Mining of the primary return air shaft and installation of primary fans, and establishment of an

underground pumping station

5. Development of dual inclines to the WUG orebody. This development will utilize primary

ventilation airflows between the portal and the return air raise

6. Concurrent development of an incline from the Willows return air raise location and decline from

the Polishing Pond

7. Develop declines (off the dual incline) to access the orebody, initially using secondary ventilation.

Develop surface air raises, then transfer the primary ventilation fans to the WUG orebody return

air raise

8. Develop the orebody infrastructure and production accesses, including ore drives

9. Commence stope production upon completion and commissioning critical path capital

development and associated infrastructure

10. Production ramp-up to steady-state production to closure

11. Mine rehabilitation.

The rate at which nameplate production is achieved is determined by access to the WUG from the

Willows box cut portal, and then by the rate of vertical advance possible once primary ventilation is

established.

The orebody is divided into three production zones 'A', 'B' and 'C (Figure 16-13). There are also separate

production zones above and below the sill pillar at -60 mRL in zones 'A'. Zone 'Z' is the main access

capital development.

Zone 'A' is the most significant production zone and the first to commence production due to its proximity

to the main access tunnels.

![logo_08a.jpg](logo_08a.jpg)

**Figure 16-13: Isometric View of WUG Underground Layout (Looking from Hanging Wall)**

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Underground mine scheduling is undertaken with Deswik® Interactive Scheduler and Deswik® Sched

software. After establishing task dependencies, mining priorities, task rates, and capacity constraints the

schedule is generated using the software's auto-scheduler. Equipment productivity rates are built from a

combination of existing MUG benchmarking, first principles and benchmarking to similar projects.

Key schedule assumptions are noted in Table 16-8.

**Table 16-8: WUG Mining Rates**

---

| | | |
|:---|:---|:---|
| **Activity** | **Resource** | **Rate** |
| Production Loader | LHD | 450 -1,000 t/day depending on width of stope  |
| Backfill Loader | LHD | 850 t/day for Rack fill, 600 t/day for CRF |
| Surface Fresh/Return Air Raise | Strip and Line | 4 m/d |
| Stope Drilling | LH Drill | 180 m/d |
| Decline - Single heading | Jumbo | 28 m/week per heading |
| Incline - Dual | Jumbo | 36 m/week per heading |
| Decline - orebody access | Jumbo | 28 m/week per heading |
| Access Drive | Jumbo | 28 m/week per heading |
| All other remaining development | Jumbo | 9 m/week |

---

The mine mobile equipment requirements summarized in Table 16-9 are based on the production

schedule.

**Table 16-9: WUG Mobile Equipment Fleet**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category | Make and Model <br>(Indicative)<br>| 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 |
| Development Drills | Sandvik DD422i | 1 | 1 | 3 | 2 | 2 | 2 | 2 | 3 | 3 | 1 | 1 | 1 | 1 |
| Production Drills | Sandvik DL431 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 4 | 4 | 3 | 3 | 2 |
| Loaders | Sandvik LH517 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 6 | 8 | 7 | 7 | 5 | 2 |
| Trucks | Sandvik TH551 | 1 | 1 | 2 | 2 | 2 | 4 | 4 | 9 | 11 | 8 | 8 | 7 | 3 |
| Charge-up | Charmec MF 605D | - | - | - | - | - | - | 1 | 1 | 2 | 2 | 2 | 1 | 1 |
| Shotcreter | Spraymec SF 050 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | - | - | - | - |
| Transmixer | Agi LF700 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 1 |
| Service Truck | MacLean BT3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Water Truck | Elphinstone WF810 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Grader | Cat 12H | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Light Vehicle | Landcruiser | 2 | 3 | 10 | 10 | 10 | 9 | 9 | 12 | 12 | 12 | 12 | 11 | 5 |
| IT | Volvo L120 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 1 | 1 | 1 | 1 |

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**16.3.7Ventilation**

The development phase of the mine during the building of access tunnels from the Willows portal will be

ventilated by a primary return air raise close to the portal within the Willows. The dual tunnel design

allows for the second tunnel to be used as a primary return airway to the return air raise, thus negating

the need for extensive secondary ventilation circuits over the 6.7 km tunnel distance.

At the orebody two additional return air raises will be mined to surface, one for return air and one as a

fresh air intake. An emergency egress system is included within the fresh air intake shaft.

It is assumed that consents will enable ventilation shafts to be located in favourable geotechnical ground

and give the ability to conduct the required investigative drilling and testing to find suitable ground prior to

construction. In addition, the surface expression will be increased to up to 900 m<sup>2</sup>, to allow for the

construction requirements.

Due to access restriction to finalise a ventilation construction methodology a conservative approach has

been made by shortening the shaft lengths to 60 m and increasing the lateral development. Final

methodology will be dependent on ground conditions encountered and is part of the forward work

program when access is given to investigate. Figure 16-4 illustrates the potential construction

methodology.

![logo_09a.jpg](logo_09a.jpg)

**Figure 16-14: WUG Ventilation Shaft Construction Methodology**

Ventilation requirements are determined from the diesel fleet requirements of the mining schedule.

460 m<sup>3</sup>/s is required at maximum demand which includes leakage. A 2 MW fan is required to provide this

quantity and is to be constructed underground.

**16.3.8Mine Services**

Mine dewatering from WUG is estimated to be 12,000 m<sup>3</sup>/day. Due to some uncertainty, especially with

the dual tunnel section, infrastructure has been sized for 350 L/s or 30,240 m<sup>3</sup>/day. This size is

considered appropriate and allows for potential higher permeabilities in sections of the tunnel.

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The main primary dewatering infrastructure will be staged as the mine progresses. Costs and

development are included to accommodate the following pump stations:

• PS1: 2 x Warman 12/10 AHPP Centrifugal Pumps (2 duty)

• PS2: 2 x Warman 12/10 AHPP Centrifugal Pumps (2 duty)

• PS3: 2 x Warman 12/10 AHPP Centrifugal Pumps (2 duty)

• PS4: 3 x Warman 12/10 AHPP Centrifugal Pumps (3 duty)

• Interim PS1: 3 x Flygt BS2640 90kW

• Interim PS2: 3 x Flygt BS2640 37kW

Mine designs have appropriate drainage and drain lines included in the design to facilitate all water to the

main pump stations.

**16.4Production Schedule**

Figure 16-15 and Figure 16-16 show the annual mine and mill production schedule respectfully for MUG

and WUG. Table 16-10 shows the combined production schedules. Note figures show H2 only for 2024

with full year production expected to be 48-52 koz.

![logo_10a.jpg](logo_10a.jpg)

**Figure 16-15. Annual Mine Production**

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![logo_11a.jpg](logo_11a.jpg)

**Figure 16-16: Annual Processing Profile**

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**Table 16-10: Annual Production Profile**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Units | 2024 <br>(H2) <br>| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 |
| MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule | MUG Production Schedule |
| Ore Tonnes | 000's t | 275 | 453 | 493 | 516 | 503 | 485 | 472 | 492 | 356 | 365 | - | - | - | - | - |
| Gold Grade g/t | g/t | 3.0 | 3.4 | 3.5 | 3.6 | 3.7 | 3.8 | 4.0 | 3.8 | 5.2 | 4.0 | - | - | - | - | - |
| Silver Grade g/t | g/t | 13 | 16 | 18 | 13 | 13 | 14 | 13 | 9 | 39 | 18 | - | - | - | - | - |
| Contained Au oz | 000's oz | 26 | 50 | 55 | 60 | 60 | 60 | 60 | 60 | 60 | 47 | - | - | - | - | - |
| Contained Ag oz | 000's oz | 118 | 233 | 290 | 215 | 206 | 216 | 194 | 143 | 451 | 216 | - | - | - | - | - |
| Waste Mined Tonnes | 000's t | 227 | 520 | 436 | 361 | 328 | 129 | 44 | 44 | 4 | 1 | - | - | - | - | - |
| WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule | WUG Production Schedule |
| Ore Tonnes | 000's t | - | - | - | - | - | - | - | 3 | 139 | 620 | 798 | 799 | 795 | 662 | 240 |
| Gold Grade g/t | g/t | - | - | - | - | - | - | - | 5.5 | 11.4 | 10.1 | 9.6 | 10.7 | 8.2 | 7.8 | 7.4 |
| Silver Grade g/t | g/t | - | - | - | - | - | - | - | 6 | 18 | 18 | 17 | 18 | 14 | 13 | 16 |
| Contained Au oz | 000's oz | - | - | - | - | - | - | - | 1 | 51 | 201 | 245 | 276 | 209 | 165 | 57 |
| Contained Ag oz | 000's oz | - | - | - | - | - | - | - | 1 | 79 | 356 | 428 | 463 | 368 | 277 | 123 |
| Waste Mined Tonnes | 000's t | - | - | 50 | 176 | 477 | 477 | 469 | 428 | 317 | 357 | 416 | 57 | 31 | 5 | 3 |
| Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule | Combined Underground Production Schedule |
| Ore Tonnes | 000's t | 275 | 453 | 493 | 516 | 503 | 485 | 472 | 495 | 496 | 985 | 798 | 799 | 795 | 662 | 240 |
| Gold Grade g/t | g/t | 3.0 | 3.4 | 3.5 | 3.6 | 3.7 | 3.8 | 4.0 | 3.8 | 6.9 | 7.8 | 9.6 | 10.7 | 8.2 | 7.8 | 7.4 |
| Silver Grade g/t | g/t | 13 | 16 | 18 | 13 | 13 | 14 | 13 | 9 | 33 | 18 | 17 | 18 | 14 | 13 | 16 |
| Contained Au oz | 000's oz | 26 | 50 | 55 | 60 | 60 | 60 | 60 | 60 | 111 | 248 | 245 | 276 | 209 | 165 | 57 |
| Contained Ag oz | 000's oz | 118 | 233 | 290 | 215 | 206 | 216 | 194 | 144 | 530 | 572 | 428 | 463 | 368 | 277 | 123 |
| Waste Mined Tonnes | 000's t | 227 | 520 | 486 | 537 | 805 | 606 | 513 | 473 | 321 | 357 | 416 | 57 | 31 | 5 | 3 |
| Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule | Combined Processing Production Schedule |
| Ore Tonnes | 000's t | 275 | 453 | 493 | 516 | 503 | 485 | 472 | 495 | 496 | 800 | 800 | 800 | 800 | 800 | 279 |
| Gold Grade g/t | g/t | 3.0 | 3.4 | 3.5 | 3.6 | 3.7 | 3.8 | 4.0 | 3.8 | 6.9 | 8.7 | 9.5 | 10.7 | 8.2 | 7.1 | 6.9 |
| Silver Grade g/t | g/t | 13 | 16 | 18 | 13 | 13 | 14 | 13 | 9 | 33 | 18 | 17 | 18 | 15 | 18 | 19 |
| Recovered Au oz | 000's oz | 25 | 47 | 52 | 57 | 57 | 57 | 56 | 56 | 101 | 204 | 223 | 253 | 188 | 165 | 57 |
| Recovered Ag oz | 000's oz | 80 | 147 | 183 | 135 | 130 | 136 | 122 | 91 | 334 | 293 | 271 | 293 | 235 | 287 | 110 |

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**17RECOVERY METHODS**

The metallurgical process at Waihi is proven technology and well suited to regional geo-metallurgy,

having been in continuous operation for 35 years. Metallurgical testwork on WNP orebodies supports

ongoing use of the existing flowsheet with plant expansions to enable higher throughput rates. These

expansions will be timed to align with the development of new orebodies. Open-pit and underground ores

will continue to be treated on a campaign basis to meet their respective grind size and recovery targets.

**17.1Ore Processing**

The existing process flowsheet consists of five stages: comminution, leaching/adsorption, elution, electro-

winning and smelting as shown in Figure 17-1. It has the capacity to treat either 1.25 Mt of open pit or

0.66 Mt of underground ore per annum.

![figure1-4.jpg](figure1-4.jpg)

**Figure 17-1: Process Flow Sheet**

**17.1.1Comminution**

The existing circuit is designed to treat open-pit ore at 150 tph to produce a target grind size (P80) of

75 µm or treat underground ore at 80 tph to produce a target grind size (P80) of 53 µm. Normally, the

SAG mil is set-up as a closed-circuit, but it can be operated in open circuit if required. The ball mill is

always operated in closed circuit.

Stockpiled ore is reclaimed by front end loader and fed onto a static grizzly with an aperture of 150 mm.

The final conveyor from the ore handling circuit transports the ore into the grinding circuit.

Prior to entry into the feed chute of the semi-autogenous (SAG) mill, the ore is further reduced in feed

size via a jaw crusher to a P80 of 110 – 130 mm. The SAG mill-ball size is 125 mm, and the mill will

operate typically with a 10 % ball load. The SAG mill draws between 2.1 and 2.5 MW of power.

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The SAG mill discharge is sized using a trommel attached to the SAG. The +12 mm oversize material is

conveyed to a 30 kW cone crusher and is recycled back to the SAG mill. The undersize slurry from the

SAG trommel is pumped to two 500 mm diameter inclined Weir Warman Cavex cyclones. The cyclone

underflow reports to the SAG mill feed chute. The cyclone overflow gravitates to the ball mill discharge

hopper, whereby the slurry is pumped to a cyclone distributor, which consists of fourteen 250 mm

diameter Weir Warman Cavex cyclones. The cyclone underflow reports back to the ball mill for further

grinding and the cyclone overflow reports to the pre-leach thickener.

**17.1.2Leaching and Adsorption**

The pre-leach thickener increases slurry density from approximately 15 % solids to approximately 37 to

40 % solids prior to the leach/adsorption circuit, which comprises five leach and seven carbon in pulp

(CIP) adsorption tanks. The leaching tanks capacity are 700 m<sup>3</sup> and the adsorption tanks have 300 m<sup>3</sup>,

providing a total residence leach/adsorption time of 24 hours for open-pit ore and 48 hours for

underground ore. Wedge wire cylindrical inter-stage screens with mechanical wipers are installed in each

adsorption tank. The inter-stage screens retain carbon in the tank but let the slurry pass through to the

next stage. A bleed stream is pumped from an adsorption tank to the previous tank in the circuit, the

carbon contained in the bleed stream is retained in the previous adsorption tank in the circuit, this

provides counter current flow whereby the slurry flows from adsorption tank 1 to 7 while the carbon flows

from adsorption tank 7 to 1. This allows for maximum carbon loading in adsorption tank 1 and maximum

scavenging of gold solution in adsorption tank 7. From adsorption tank 7 the slurry passes over a carbon

safety screen to collect any carbon that may have leaked from the adsorption circuit, the barren tailings

slurry is then pumped to the tailing's storage facility.

Cyanide is delivered and mixed on-site, via a sparging system to a concentration of 21 % wt./vol. The

cyanide is dosed into the first leach tank and the concentration is maintained at 250-280 ppm. Oxygen is

added to the first leach tank by a shear reactor to enhance the leach kinetics and reduce cyanide

consumption.

**17.1.3Elution, Electrowinning and Smelting**

Loaded carbon from the adsorption circuit is fed into an elution column where the carbon is washed at

high temperature and pressure to remove the gold and silver from the carbon and into a pregnant eluate

using the AARL process. The pregnant eluant is then passed through electrowinning cells where gold and

silver are electroplated onto stainless steel cathodes. Following elution, the barren carbon is reactivated

and recycled to the adsorption tanks.

The cathodes are periodically harvested and rinsed to yield a gold and silver bearing sludge which is

dried, mixed with fluxes and put into a furnace at 1200 °C. Once the sludge is molten it is poured as bars

of doré ready for shipment to the Mint.

**17.1.4Metallurgical Accounting**

Metallurgical accounting at Waihi is primarily based on the tonnage of wet ore processed through the

comminution circuit, as totalized on a conveyor weightometer and gold receipts from the Mint. Wet tonnes

are converted to dry tonnes by using a moisture factor, the moisture factor is derived from samples taken

from the conveyor. Gold production is based on gold receipts from the Mint and the changes to the gold

stocks in circuit. Gold stock takes are taken monthly.

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Samples are taken at strategic points in the processing stream to measure gold concentrations in those

streams to determine plant efficiencies on a day-to-day basis. All information is entered into a data base

which then performs the metallurgical accounting.

**17.1.5Other**

The Waihi processing plant has a SCADA control system. Equipment protection and control loops to

optimise the control of the major streams/processing parameters within each process circuit are actively

in use within the process plant.

**17.1.6Process Plant Upgrade**

The processing plant currently has the capacity to treat either 1.25 Mt of open pit or 0.66 Mt of

underground mill feed per annum at a feed rate of 150 tph and 80 tph respectively. To align with the

proposed mine schedule for the new WUG orebody, throughput capacity on underground ore will need to

increase to 0.8 Mt per annum or 100 tph.

Ausenco were engaged to design and cost the expansion option(s) to pre-feasibility study level accuracy.

OceanaGold provided the major inputs to the process design criteria and specified the major equipment

to be included in the study. Ausenco developed mass balances, process flow diagrams, mechanical

equipment lists, electrical load lists, material take-offs and plant layout designs showing new, relocated,

and upgraded equipment.

Key elements for the proposed plant upgrade include:

• Installation of the primary crusher salvaged from OceanaGold's Reefton process plant

• Relocation of process water and elution water tanks that currently sit in the proposed crusher site

• Installation of 1.8 MW tower mill for secondary grinding (to replace existing conventional 1.2 MW

ball mill) and associated feed pumps and hopper

• New classification circuit to operate with the new tower mill, including cyclones, feed pump and

associated hopper

• Replacement of the 6 current adsorption tank interstage screens with larger capacity Derrick units

• Replacement of the 6 current adsorption circuit air lifts with centrifugal recessed impeller carbon

advance pumps

• Upgrade of the tailings pumping system to pump to the new TSF3

• Containerized MCC to provide power to the Primary Crusher Area

• Upgrades to the existing switchroom(s) to support the installation and the associated new

equipment

• HV/LV Switchroom and stepdown transformers

• A general layout of the proposed plant upgrade, and the crusher and tower mill installations are

shown in the figures below- Figure 17-2; Figure 17-3; Figure 17-4.

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![logo_13a.jpg](logo_13a.jpg)

**Figure 17-2: General Arrangement for Proposed Process Plant Upgrade**

![logo_14a.jpg](logo_14a.jpg)

**Figure 17-3: Proposed Reefton Crusher Installation**

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![logo_15a.jpg](logo_15a.jpg)

**Figure 17-4: Proposed Tower Mill Installation**

**17.2Operational Results**

Mill production tonnes processed by source and plant recovery for the 2009 -2023 years are shown in

Figure 17-5. Mill throughput has been mine constrained since 2015 with all ore being sourced from a

single underground mine. Reduced recoveries in 2018 and 2019 are a product of high arsenic levels in

the lower levels of the Correnso mine and in line with budget recovery models incorporating gold and

arsenic head grades.

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![logo_16a.jpg](logo_16a.jpg)

Source: Newmont and OceanaGold Monthly Reports

**Figure 17-5: Underground Mill Feed Tonnes and Recovery 2009-2023**

**17.3Process Unit Costs**

Process unit costs are dependent to a large degree on ore availability with initiatives implemented since

2015 to reduce costs in the mill given the limited supply of ore. Processing costs have ranged from NZ$34

– 50 /tonne milled (CPI adjusted) when more than 40,000 tonnes per month of ore was available. The unit

cost history for the Waihi mill is shown in Figure 17-6 below.

![logo_17a.jpg](logo_17a.jpg)

Source: Newmont and OceanaGold Monthly Reports

**Figure 17-6: Actual Process Unit Costs 2009-2023**

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**17.4Water Treatment Plant**

As the Waihi processing plant operates with a positive water balance, a water treatment plant (WTP) and

a reverse osmosis (RO) plant treat various water sources before discharging into the local Ohinemuri

River. The WTP flowsheet is illustrated in Figure 17-7.

![logo_18a.jpg](logo_18a.jpg)

**Figure 17-7: Water Treatment Plant Flowsheet**

The WTP has been in operation since 1988 and has been subject to upgrades in 1999 and 2011. A

reverse osmosis plant was built and commissioned in 2008 to provide an additional treatment option for

metals removal but has not been used since 2012. The WTP has performed consistently well with no

recorded non compliances with consent conditions.

The WTP incorporates four parallel streams with three of these dedicated to soluble metals removal only.

The fourth stream has two phases of treatment; oxidation of cyanide to destroy the cyanide complexes

followed by metals precipitation and removal.

Lime and ferric chloride are added to all four water streams to facilitate metals precipitation and removal.

Metals tend to occur in a soluble form when the pH of water is low and raising the pH with lime in the

presence of ferric chloride creates insoluble hydroxides and carbonates to form. Following mixing and

retention a polyelectrolyte (flocculant) is added along with more lime to form flocs that can be settled out.

Cyanide oxidation is achieved using a combination of hydrogen peroxide, copper sulphate and lime. A

series of tanks are used for reagent mixing followed by retention to provide time for chemical reaction.

Hydrogen peroxide in the presence of copper destroys all free cyanide through chemical oxidation. Weak

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acid dissociable (WAD) cyanide is also oxidized during the process. On oxidation, cyanide yields simple

carbon and nitrogen compounds.

Clarifiers at the end of the treatment process allow the suspended solids and metals to be removed from

the water. The suspended solids and metals fall to the bottom of the clarifiers forming a slurry. The slurry

is pumped to the tailings pond via a thickener. Carbon dioxide is added to the clean water overflow from

the clarifier to reduce the pH of the water to meet the compliance limits.

There are two polishing ponds that hold the treated water for approximately 16 hours prior to discharge to

the river. This provides time for the treated water to be tested, and the results to be received and

interpreted prior to the water discharging to the Ohinemuri River.

Water that meets the discharge criteria is discharged to the Ohinemuri River. If the water does not meet

the discharge criteria, it is recycled back through the plant, used in processing, or pumped to the tailings

storage facility.

There are five operating regimes, and each provides for a different combination of water requiring cyanide

destruction versus metals removal only. These operating regimes recognise that the proportion of water

being treated for cyanide destruction impacts the treated water quality.

**17.4.1Water Treatment Plant Upgrade**

GHD were engaged to design and cost an upgrade of the water treatment plant (WTP) to meet the

predicted demands of the WNP.

The design capacity of the expanded WTP is double that of the existing infrastructure – 1,800 m<sup>3</sup>/hr for

metals removal and 500 m<sup>3</sup>/hr for cyanide destruction and metals removal. This aligns with expected

dewatering flows and the newly consented discharge regime (Regime E).

Datasets of WTP influent and treated waters formed the basis of design. Influent analysis was used to

calculate predicted loads to the upgraded plant and the Resource Consent (AUTH971318.01.13) was

used as the basis for treatment targets.

The upgrade study identified the preferred treatment options as follows:

• Metals Removal: Two additional streams, replicating the current metals precipitation treatment

method

• Cyanide Destruction: One additional stream, replicating the current hydrogen peroxide oxidation

process.

These treatment options were progressed to further engineering design and costing.

• Metals Streams Upgrade: Involves adding two additional parallel metals treatment streams, as

per the current method of treatment. A new blend tank would be added to maintain the residence

of upfront mixing of incoming water. The two new streams would both have:

-mixing tanks with agitators for dosing of ferric chloride, calcium hydroxide and polyelectrolyte

-clarifiers with motorized rake and platforms, each equipped with duty-standby underflow

pumps

-a thickener to receive pumped clarifier underflow, each sized to accommodate clarifier

underflow from the new cyanide stream and each with duty-standby underflow pumps

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-in-pipe CO2 dosing of effluent on passage to the polishing ponds.

• *Cyanide Stream Upgrade:* This upgrade involves the addition of a 250m<sup>3</sup>/h treatment stream,

mimicking the current stream, thus including:

-mixing tanks with agitators for the mixing of ferric chloride and calcium hydroxide

-chemical oxidation tanks (5 of) with introduction of hydrogen peroxide and copper sulphate in

the first tank

-final mixing tank to add polyelectrolyte

-a clarifier with motorized rake and platforms, each equipped with duty-standby underflow

pumps

-in-pipe CO2 dosing of effluent, on passage to the polishing ponds.

• Preliminary assessment of required footprint indicates that all options can fit within the designated

expansion area

• Assessment of all dosing chemical storage capacity versus proposed upgrades was carried out,

indicating that lime storage would need to be doubled. No other current chemical storage tanks

require upgrade based on projected use

• The river discharge infrastructure also needs upsizing to accommodate the higher outflow rates.

This will duplicate the existing discharge pumping and pipework system.

A general arrangement of the proposed water treatment plant upgrade is illustrated in Figure 17-8.

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![logo_19a.jpg](logo_19a.jpg)

**Figure 17-8: General Arrangement of Water Treatment Plant Upgrade**

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**18PROJECT INFRASTRUCTURE**

**18.1Existing Mine Site Surface Infrastructure**

MUG is an active mine with much of the infrastructure required for its ongoing operation already in place.

New facilities will be required at the Willows portal for WUG. The location of the existing infrastructure is

shown in Figure 18-1.

![logo_20a.jpg](logo_20a.jpg)

**Figure 18-1: Waihi Existing Infrastructure**

Existing facilities comprise:

• Two separate tailings storage facilities (TSF1A and TSF2)

• Numerous silt and collection ponds

• Stockpile facilities

• Mine access roads

• Water treatment facilities

• Underground administration, workshop, and change house

• MOP surface conveying and loadout facilities

• Surface explosives magazines

• Process plant

• Cement batch plant adjacent to the existing polishing pond stockpile.

<sup>5</sup> Note that TSF 2 currently discharges directly to the Ohinemuri River and its tributaries via a pump pontoon system

without water treatment. Water quality meets conditions and has been satisfactory since 2007. Some collection ponds

are permitted to directly overflow into the Ohinemuri River subject to water quality being met.

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**18.2Tailings Storage Facility**

**18.2.1Existing Tailings Storage Facilities**

Waihi has two tailings storage facilities (TSFs) known as TSF2 and TSF1A. Both are located southeast of

the process plant and MOP as shown in Figure 18-1. The TSF's are formed by downstream constructed

embankments that abut elevated ground to the east of TSF2 and north of TSF1A. TSF 2 ceased

operation in 2001, and TSF1A is the current active TSF. TSF2 has a planned finished crest elevation of

159.5 mRL and the planned finished crest of 182 mRL for TSF1A. The embankments have both been

constructed from overburden material obtained from mining MOP. TSF2 was constructed first and

provided tailings storage from 1989 to 2000. TSF1A has since provided tailings storage to date. TSF1A

and TSF2 were originally permitted under a former mining licence and now operate under the provisions

of the RMA, TSF1A has a Building Consent allowing it to be constructed to 182 mRL, while TSF2 has a

Building Consent allowing it to be raised to 160.7 mRL (approved internally by OceanaGold to 159 mRL).

The TSFs are designed as a zero-discharge facility during its use<sup>5</sup>. In addition to the anticipated tailings

storage and operating pool requirements, the facility is designed to always contain the probable maximum

precipitation storm event and still maintain an additional one metre of freeboard.

**18.2.2Planned Tailings Storage Facility 3 (TSF3)**

TSF3 provides 6.3 Mm<sup>3</sup> of tailings storage capacity for WUG (Table 18-1). TSF3 will be constructed in

accordance with the recommendations and guidelines of the New Zealand Society on Large Dams

(NZSOLD) 'New Zealand Dam Safety Guidelines' (NZDSG) along with the International Commission on

Large Dams (ICOLD) and the Global Industry Standard on Tailings Management (GISTM) standard and

guideline. TSF3 is designed and when operated will be classed as a High Potential Impact Classification

(PIC) dam.

The TSF3 design considers:

• Downstream construction techniques

• Availability of different rock types to meet construction, stability and closure requirements

• Compliance with the Building Act, NZSOLD Dam Safety Guidelines, ICOLD and GISTM

• Geotechnical conditions

• The need to restrict seepage from the tailings

• Surface water diversion works to divert clean run-off to collection ponds.

The footprint of the TSF3 will require approximately 60 Ha of topsoil and subsoil to be progressively

stripped. Areas of compressible soils will be removed from the footprint of both the TSF3 impoundment

area and the embankment footprint. This material will be replaced with suitable structural fill material

sourced locally. A water collection pond is to be constructed in the lowest area of the site and lined with a

geomembrane over its full height with an overflow spillway into the Ruahorehore Stream.

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TSF3 will also include an uphill diversion drain to divert clean run-off from higher ground, perimeter drains

collect surface water run-off from the embankment and to direct it to a collection pond, and a perimeter

road to provide access for operation and maintenance. Run-off collected in the collection pond will be

pumped to the existing WTP. The clean water diversion/ stream diversion drains, and the collection pond /

silt pond are shown in Figure 18-2.

The embankment would be raised in two stages to provide the required storage. The proposed

construction would commence with a starter embankment raised to 135 mRL. Followed by a single lift to

142 mRL. All construction material will be sourced locally from existing stockpiles, within the

impoundment and embankment footprint and excavation of the three borrow areas within the Waihi site

boundary.

![logo_21a.jpg](logo_21a.jpg)

**Figure 18-2: Plan View of TSF3 to 142 mRL**

For the prefeasibility study an insitu tailings dry density of 1.15 t/m<sup>3</sup> is estimated.

**Table 18-1: Tailings Storage Plan**

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| Area | Tailings Storage | Tailings Storage | Tailings Storage | Embankment Fill required | Embankment Fill required | Embankment Fill required |
| Area | Storage <br>Mm<sup>3</sup><br>| Cumulative <br>storage <br>Mm3<br>| Cumulative <br>storage Mt<br>| Fill required <br>Mm3<br>| Cumulative <br>fill Mm3<br>| Cumulative <br>fill Mt<br>|
| TSF1A (182mRL) | 2.36 | 2.36 | 2.71 | 0.98 | 0.98 | 1.96 |
| TSF2 (159.5mRL) | 1.58 | 3.94 | 4.53 | 0.46 | 1.44 | 2.88 |
| TSF3 (142mRL) | 3.12 | 7.06 | 8.12 | 3.31 | 4.75 | 9.5 |

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Construction of the tailings facilities has been scheduled to ensure the TSF's meet the minimum

freeboard conditions and provides adequate tailings capacity throughout the LoM Figure 18-3 below.

![logo_22a.jpg](logo_22a.jpg)

**Figure 18-3: Tailings Storage and TSF Construction Chart**

The deposition of tailings into the TSF will be via high-density polyethylene tailings pipeline located

around the perimeter of embankment crest. Deposition will occur from multiple spigots inserted along the

tailing's distribution line. The deposition locations will be moved progressively along the distribution line,

as required, to maintain a beach with a slightly graded deposition of tailings towards the decant pond that

is located in the southeast corner of the facility. Water from the decant pond will be recycled back to the

mill for makeup water and will be reclaimed by utilising either vertical turbine pumps mounted on a floating

barge above the decant pond or skid mounted pumps to be located on the ramp within the southern end

of the decant pond.

**18.3Waste Rock Storage and Usage**

**18.3.1MUG**

Waste rock is required to backfill MUG and selected historical workings. Waste rock sufficient for the

remaining raises on the TSF1A and 2 is located close to the TSF's in the northern, central and eastern

stockpile areas.

All waste rock produced from the underground mine is classified as potentially acid forming and is

returned to the underground as stope backfill.

Some stockpiling of waste rock from the underground will be required to enable waste production to be

scheduled in accordance with backfill requirements. The stockpile area is already established near the

Favona portal and will be used for the temporary storage of waste rock. A surge stockpile is available at

the polishing pond stockpile up to 1 Mt capacity.

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There is a 1.5 Mt deficit of waste rock for backfilling the MUG voids and 1.7 Mt deficit of waste rock for

closure. The additional waste rock is planned to be sourced from the existing polishing pond stockpile and

from waste sourced from within the existing MOP.

**18.3.2WUG**

Approximately 3.2 Mt of waste rock will be generated during the development of the WUG tunnels and

shafts network. 0.8 Mt is hauled internally to provide backfill during production leaving 2.4 Mt that will

require to be hauled by truck for temporary storage at either the Waste Rock Stack (WRS), located at the

Willows or at the polishing pond stockpile near the Processing Plant to Willows access tunnel. Following a

multiple technical discipline assessment, a design for the WRS with a capacity of approximately 1.6 Mt

was selected for WUG and the design further developed. The WRS is situated in a valley formed by an

unnamed northeast flowing tributary of Mataura Stream.

The WRS is situated in a relatively steep gully to the north of the surface facilities area (SFA) and

although feasible to build a facility in this location there will be challenges due to the steep slopes.

Bottom-up construction techniques will be used to place material in compacted layers allowing for

stripping of topsoil and weaker materials within the footprint, and establishment of drainage control from a

flat bench surface as each layer is placed.

Based on the test pit data, topsoil depth varies but averages a depth of 0.3 m. On the northern side of the

WRS, where the natural slope angle is unfavourable to stability, weak materials will require removal to an

estimated depth of 1.0 m prior to fill material placement.

The development plan is to access and place the first WRS layers from the lower access road, formed

along the existing farm track, using smaller 30 tonne class trucks until enough bench width is developed.

The track requires upgrading during the initial development phase to a width of 5.5 m, including a lined

side drainage channel and engineered bunded edge. Once material is placed up to approximately the

205 mRL, the remaining lifts are placed from the main portal access ramp. A dual lane haul road, formed

in the WRS to access upper benches, is advanced with each rock layer placed up to the final planned

bench height at 265 mRL.

Tunnel development waste is placed in the WRS over the first five years and then reclaimed as backfill

material for the underground is planned to start in approximately year 10 with complete removal of the

WRS by year 13.

WRS water management elements include a network of diversion and stormwater collection drains,

culverts, and collection ponds. Drainage elements are incorporated within the WRS design to direct

contaminated water runoff and seepage flows for ultimate pumped transfer to the Waihi water treatment

plant. Willows also includes a diversion and stormwater drainage around other surface facilities and

sewerage disposal facilities.

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**18.4Site Wide Water Management**

A schematic of the site wide water management system is shown in Figure 18-4.

![sitewidewatermanagementa.jpg](sitewidewatermanagementa.jpg)

**Figure 18-4: Site Wide Water Management**

Waihi requires approximately 1.75 ML of water to process a nominal 1 MT of ore annually. Most of this

water is sourced from water contained within TSF1A.

The high rainfall in the area means there is a net surplus of water on site, with water from mine

dewatering, the tailings impoundments, and collection ponds being directed to a water treatment plant

(WTP) prior to discharge to the Ohinemuri River. TSF2 is a retired tailings impoundment and the decant

water overflows directly to the Ohinemuri River. The volume of water treated in 2023 was 6.6 Mm<sup>3</sup> and

water discharged from site was 5.6 Mm<sup>3</sup>.

The current water management system is designed to capture and treat all water impacted by mining

activity; and divert clean water where practicable. While some water is re-used as process water there is

always a net gain of water on-site due to the high rainfall experienced in Waihi. The basic rules applied to

site water management that have been effective in 35 years of operation to date include:

• natural water is diverted away from areas disturbed by mining activities wherever practicable in

order to reduce the volumes of water affected by the mining activities

• all water from areas disturbed by mining activities is directed to appropriate collection and

treatment facilities prior to discharge off-site

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• where practicable, OceanaGold endeavours to reduce the volumes of water requiring treatment.

An extensive program of water quality monitoring is key to checking what water sources do

require treatment

• disturbed areas are progressively rehabilitated at the earliest practicable time to minimise silt

losses and improve runoff water quality.

The volume of water that can be discharged from the WTP on any given day is limited to an allowable

discharge, which forms part of a suite of resource consents and is related to both the flow in the river and

the treatment regime in operation.

The site WTP operators manage the system such that sufficient freeboard is maintained in collection

ponds and the active TSF to provide buffer storage over periods where the allowable discharge is less

than the volume of water requiring treatment.

**18.5Site Wide Water Balance**

Hydrology data for the WNP was uploaded to the site water balance model (WBM) to (i) assess how

water volumes change over the life of the mine; and (ii) check that proposed infrastructure for

conveyance, storage and treatment will be adequate. This was carried out using the GoldSim software

package which is designed to run Monte Carlo simulations for probabilistic analysis of dynamic systems.

The WBM has been in use since 2012 and as a result there is confidence it represents the quantities of

water generated from the different water sources that require treatment for both current and future

operations. Additional inputs into the model are considered conservative and therefore the predictions

outlined (in terms of both water volume and quality) are considered a conservative estimate based on the

WNP projections.

The water balance model, encompassing the Waihi operations and proposed WUG Project have includes

the following assumptions and considerations:

• Mine dewatering rates are a critical driver of the site water balance

• TSF deposition schedule is also important, with optimal scheduling reducing the need to

treat water from multiple TSFs at any one time

• The existing WTP has insufficient capacity when Waihi North comes on-stream, with a

need to double capacity when dewatering of WUG commences

• Under the current consent conditions (Regime E), there is a risk of insufficient discharge

capacity during summer months, but excess flows can be temporarily stored underground

or on the TSF(s)

• Water balance modelling also included a review of the impact of climate change. This is

currently considered as a minor risk given the dominant impact of mine dewatering on the

site water balance, including the likely recharge.

Based on the water balance analysis completed, it is predicted that the WNP can be implemented using

the existing and upgraded WTP functionality and within the current consented discharge and receiving

environment conditions subject to renewal of those consents for an appropriate term. The capacity of the

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current WTP facilities will require upgrading throughout the WNP's lifetime to cope with the expected

volume of water requiring treatment.

A contaminant mass balance has been conducted in parallel with the WBM. The purpose of this analysis

is to identify where variations in volume and composition of waters received by the WTP could result in

discharge consent breaches. Water quality predictions for the LoM are compliant with discharge and

receiving environment consent conditions. The utilisation of the reverse osmosis (RO) plant to further

reduce concentrations of elevated trace elements is a contingency that could be utilized if predicted

discharge concentrations are higher than that predicted.

In summary, the results presented are considered conservative and the modelling undertaken supports

the viability of the WNP in terms of both water balance and water quality.

**18.6Water Supply**

Process water is sourced from the TSF, via a pump on a pontoon collecting decant water, which is

conveyed to the mill via a pipeline. Water to supply the buildings, as well as for the fire suppression

distribution system will be provided by the town water supply.

Mine water is supplied from the WTP. Used water and sewage are handled by a septic tank system.

**18.7Power and Electrical**

The current Waihi operations site power is supplied from the Waihi town substation via dual 11 kV

powerlines that feed into the main site 11 kV switchroom/switchgear. Normally the maximum site load is

limited to 11.2 MW but during public holidays the site is restricted to 6.2 MW during the morning and

afternoon peak periods and the process plant is usually shutdown during these times. The current load for

surface and underground is between 9.1 MW and 10.6 MW but the process plant is not fully loaded due to

low feed tonnages from the underground. Project power demands average and peak are shown below in

Table 18-2.

**Table 18-2: Waihi Power Demands**

---

| | | |
|:---|:---|:---|
| Activity | Peak Power<br>(MW)<br>| Average Power<br>(MW)<br>|
| Ball and SAG mill | 3 | 2.7 |
| Other processing and water treatment | 0.9 | 0.9 |
| MUG | 7.3 | 7.0 |
| OP crushing and conveying (not currently in <br>operation)<br>| 2.5 | 2.5 |
| Total Power Draw | 14.1 | 13.1 |

---

The power capacity required for the WNP, which includes future upgrades could range between 19.2 MW

and 22 MW. To cater for the additional power capacity, a new 33 kV powerline (buried cables) is planned

to be installed from the Transpower Waikino grid exit point (GXP) in Hauraki District Council (HDC) Road

Reserve to a new 33 kV/11 kV substation at the Baxter Road Waihi operations (~12 km).

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The powerline will be installed and owned by PowerCo but fully funded by OceanaGold. The 33 kV power

supply will be brought to the Willows via an underground cable located in the services trench, teeing off

the new 33 kV / 11 kV substation. On site at Willows, another 33 kV / 11 kV substation will be established

to provide 11 kV distribution to the surface workshop, office/change house, the site lighting network and

other infrastructure requiring power. An 11 kV supply will also be installed to the underground where

11 kV / 1 kV skid substations will be provided to supply power to fixed and mobile equipment. The

substation is incorporated within a preliminary design and located in the southeast corner of the surface

facilities area (SFA).

**18.8Willows Facilities (for WUG)**

The Willows, adjacent to the Coromandel Forest Park was purchased by OceanaGold in 2021, following

approval from the Government's Overseas Investment Office. This area will form the initial access to

WUG and servicing the development of the mine. The PFS level design is shown in Figure 18-5. The area

will require the following infrastructure in close proximity to the Willows portal:

• Waste rock stack to accommodate development waste rock, all of which will be returned

underground as backfill

• Mobile maintenance workshop

• Explosives storage magazine

• Water and containment ponds and associated pumping stations

• Small general warehouse

• Services trench to process plant for water treatment, potable water, initial mine water and

electrical supply

• Sealed road from the Willows Road to the mine plant area to minimise dust nuisance

• An upgrade of the existing SH 25 and Willows Road intersection

• Noise bunding

• Electricity supply and sub stations

• Mine offices, crib room and ablution facilities

• Car parking

• Access road to portal

• Portal façade excavation.

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![willowsinfrastructureandbua.jpg](willowsinfrastructureandbua.jpg)

**Figure 18-5: Willows Infrastructure and Buildings**

The SFA comprises a 2 Ha earthworks formation that facilitates the location of mine support

infrastructure. The SFA is located 0.3 km east of the WUG mine portal and 4 km north northeast of the

township of Waihi.

Ground water and surface runoff will be pumped from Willows to the existing Waihi water treatment plant

by 450 mm nominal diameter pipe located within the service trench. Sizing to be confirmed during the

detailed design phase.

Potable water will be pumped within the service trench to the SFA from the existing Waihi operations.

Water will be delivered to tanks which will provide up to 24 hours potable water storage capacity for the

site.

A membrane bioreactor package treatment plant with disinfection will be provided to treat effluent from

SFA facilities. A storage tank will be required upstream and downstream of the sewage treatment plant.

Treated water will be discharged via a disposal field located within the Willows area.

Fuel is supplied directly to the mine, by local venders who contract supply from Tauranga, 60 km south of

Waihi.

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**19MARKET STUDIES AND CONTRACTS**

**19.1General**

Waihi Gold Mine has been in commercial operation since 1988 and has contracts and purchase

arrangements in place for doré refining and other goods and services required for the operation. The

market for gold doré is well established. Market predictions and discussions on gold price are beyond the

scope of this document although sensitivities around gold price have been produced in the financial

analysis section.

**19.2Bullion Production and Sales**

Gold dore is produced and sold to a single refinery under a contract. Dore is stored on site and transport

is arranged with the refinery as required in accordance with company and refinery procedures. The

refining contract specifies limits for deleterious elements, material supplied exceeding those limits can be

refused however this has not occurred to date.

A contract is in place ABC Refinery in Sydney, New South Wales through until Q1 2025. Refining costs

are not material, with refined gold sold on arms-length terms at market prices prevailing at the time of

sale. Waihi currently has no forward sales, gold loans, offtake or similar type hedging or derivative

agreements in place.

**19.3Contracts and Forward Sales Contracts**

OceanaGold has agreements at typical industry benchmark terms for metal payables and refining

charges for doré produced from the Waihi operations. Gold and silver bearing doré is shipped to an

Australian refinery for further processing under a toll refining agreement.

Contracts are in place covering underground mining, transportation and refining of bullion, and the

purchase and delivery of fuel, electricity supply, explosives, and other commodities. These agreements

conform to industry norms.

Waihi currently has no forward sales, hedge, gold loans, offtake, or similar type agreements.

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**20ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL** 

**ORCOMMUNITY IMPACT**

**20.1Mineral Rights and land access**

All naturally occurring gold and silver minerals in New Zealand are owned by the Crown. Rights to

prospect, explore or mine for these minerals are granted by permits issued under the CMA. Exploration

permits provide a permit holder the exclusive rights to explore for the specified minerals in an area.

Mining permits grant the holder exclusive rights to mine for the specified minerals.

Martha Underground (MUG), Martha Open Pit Phase 4 (MOP4), Gladstone Open Pit (GOP), the

processing plant, existing tailings facilities and associated infrastructure are located in and around the

township of Waihi, within the existing MP 41808 and, with very limited exceptions, on land which

OceanaGold owns or over which OceanaGold holds the land access rights it requires for the WNP.

The Wharekirauponga Underground Mine (WUG) is located approximately 10 km to the north of Waihi

and is held under the Wharekirauponga Mining Permit 60541 (MP 60541). The mine, decline corridor,

surface boxcut portal at Willows and associated tunnel and infrastructure connecting WUG to the

processing plant are located on land owned variously by the Crown and administered by DOC as a

conservation/forest park or as marginal strip, land (including "paper" road) owned by HDC, and land

owned by OceanaGold.

Approvals are in place, or approvals processes are underway or planned to secure land access rights

over DOC and HDC land, to provide for surface exploration, environmental management and monitoring

activities, ventilation rise structures and parts of the Services Trench connecting the Willows surface

facilities area to the existing Waihi operations.

An access arrangement between DOC and OceanaGold has been granted to allow for exploration

activities (including surface drilling) to take place within MP 60541 (Wharekirauponga). An area of council-

owned unformed road reserve, also located within the forest park, is also subject to an existing access

arrangement authorising surface exploration activities, field studies and the location of ventilation stacks

to service a future underground mine (subject to conditions). Known environmental liabilities are managed

through stipulated conditions in the access arrangements and Regional and District Council Consents

including conditions that protect the conservation (biodiversity, heritage and amenity) values of the land.

**20.2Land Access Status**

WUG and associated exploration, geotechnical drilling, environmental fieldwork and monitoring, mitigation

and biodiversity management activities, including proposed pest and predator control within the

conservation park, will require landowner access to be granted by DOC, HDC, and also Thames

Coromandel District Council (TCDC) for biodiversity net gain activities. Access is partially secured under

existing permissions.

Access for the balance of the WNP from Willows to the Waihi operations is mostly secured as

OceanaGold is landowner for the majority of the project footprint but will need to arrange road and river

reserve land access to route services and for other operational and mitigation purposes (such as riparian

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planting within council and government-owned river reserve as part of proposed ecological mitigation

measures).

**20.3Required Permits and Status**

The Waihi operation holds the permits, water rights, certificates, licences, and agreements required to

conduct its current operations and to extract the Martha Mineral Reserve.

The WNP, including WUG, the access tunnels and associated surface infrastructure site and services

trench, required biodiversity mitigation plantings and other measures, TSF3, rock storage, quarrying of

rock required for construction purposes, process plant and water treatment plant upgrades, and increased

exploration activity will require various regulatory approvals and permits for the WNP to proceed.

**20.4Permitting Process and Schedule**

The Fast-track Approvals Bill was formally introduced into parliament on 7 March 2024. It has completed

the process of parliamentary sub-committee review and is expected to be enacted by parliament and

become operational by the end quarter one in 2025. The government has announced its intention to

name WNP within a range of projects, to be listed in the legislation, for which fast-track approval

processes will become available once the proposed legislation becomes operational.

The key assumptions in terms of the permitting process and schedule include:

• the Fast-track Approvals Bill will be passed and become operational by March 2025

• the WNP Fast-track Assessment of Environmental Effects (AEE) will be submitted in March 2025

• Fast-track approvals in a form sufficient to commence construction (with or without appeals) will

be granted by November 2025.

Willows bulk civils, water treatment plant and Service trench construction in late 2025 enables the decline

to commence in late 2026. It has been assumed that construction would start in parallel to any appeals

process in the absence of a court order staying the works.

**20.5Environmental Studies**

As part of existing consenting processes OceanaGold has commissioned independent experts to provide

a range of specialist environmental technical reports on the actual and potential effects on the

environment of allowing the activities associated with developing and operating the WNP. These effects

include:

• Biodiversity

• Water

• Landscape and Visual

• Transport

• Amenity

• Air Quality

• Rehabilitation and Closure.

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In summary, the technical assessments conclude that the WNP's effects are all able to be managed

through the application of the effects management hierarchy, to produce environmental, social and

cultural outcomes that are appropriate within the context of regulatory requirements, having regard to the

scale and location of the WNP activities. The WNP will manage the majority of its potential adverse effects

through avoidance and mitigation and it is also able to appropriately address the residual unavoidable

adverse effects of mining and related activities, including through the use of offsetting and compensation

for residual effects on terrestrial and aquatic biodiversity and habitat values, such that residual effects are

minor. With the targeting of a biodiversity net gain, it also incorporates measures proposed for the sole

purpose of providing benefits to the environment in recognition of the conservation purpose of the land

beneath which the WNP proposes to mine.

Some of the potential or actual effects and proposed management measures identified in the technical

assessments are outlined below.

**<u>Streams and wetlands (Wharekirauponga)</u>**

Engineering studies and technical modelling identify a limited range of sub-catchments, where the design

and operation of the underground mine will need to adaptively manage risks (which are low according to

recent models) with potential minor to moderate (before mitigation) impacts on natural values of streams

and spring-fed wetlands. The classification of larger streams and tributaries as "natural state" in the

Regional Plan makes this a key area of focus for OceanaGold.

**<u>Biodiversity</u>**

A key element of the WNP will be managing its effect on biodiversity values. In short, OceanaGold has

sought to design the WNP such that overall, it will have a biodiversity net gain in the region.

Central to achieving that outcome has been the inclusion of:

• Designing WUG to substantially remain at depth underground, thereby avoiding direct

impacts on Indigenous biodiversity within the Coromandel Forest Park

• Measures to ensure all non-trivial adverse effects (including potential effects) on terrestrial

and aquatic ecology are managed following a strict avoid, reduce [impact], remedy,

mitigate, offset hierarchy, such that a no net loss, and preferably a net gain outcome is

achieved. These management measures have been carefully designed to align with

regulatory requirements

• An $8.4 million predator control and ecological enhancement project, focused within an

18,870 ha area of the southern Coromandel Forest Park will aim to achieve long-term

(inter-generational) positive ecological outcomes for the area.

**<u>Freshwater</u>**

Water management is currently undertaken in an integrated and effective manner at OceanaGold's

existing Waihi facilities, and the same concept will be extended to include the WNP elements. In

assessing that the current water management approach remains suitable for extension to incorporate

water associated with the WNP elements, two important matters have been considered:

• Confirming the existing water quality limits that apply to the discharge from the water

treatment plant and the Ohinemuri River receiving environment (after mixing) remain

appropriate to ensure the discharge's effects on instream values are acceptable

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• Confirming that the water treatment plant will be able to manage all affected mine water

from the WNP and existing mine activities in a manner that will meet those discharge

requirements.

**<u>Landscape Effects</u>**

Landscape effects associated with the WNP overall are not considered to be significant. Primarily this is

due to the underground nature of WUG and the sympathetic siting of surface elements in response to

sensitive views. For most people living in and around Waihi, the WNP will remain visually well contained,

resulting in no substantial change or adverse landscape effects in the context of existing mining activity.

Landscape mitigation will ensure the WNP remains well integrated within its local landscape setting. The

mitigation will facilitate positive landscape, natural character and ecological outcomes in the long-term

including greater connectivity between inherent values within the Coromandel Forest Park across the

wider surrounding rural landscape.

**<u>The Transport Network</u>**

The WNP contains a number of geographically discrete but interlinked components, and because of that,

effects on the transport network were a key consideration when it was being designed. A key output of

this was OceanaGold's decision to include the Processing Plant to Willows access tunnel as a part of the

WNP. It provides a means of transporting material between WUG and Waihi without having to use the

road network. The effects of development traffic on the local roads and their points of access to the

arterial state highway network have been examined and recommendations have been made to mitigate

any potential adverse effects. With the implementation of those measures the potential adverse

transportation-related effects of vehicular access and traffic movement associated with the WNP, during

construction and over the longer term, will be avoided or mitigated.

**<u>Amenity Values</u>**

OceanaGold (and its predecessors) have been operating in and around Waihi for over 30 years and

understands the importance of managing the effects of activities on the amenity values of people in the

local community. For this reason, proposed conditions have been informed by appropriate expert

assessment and based on the application of recognized standards for achieving good practice in order to

protect a reasonable degree of amenity. They include controls on dust and other airborne emissions, and

limits on the noise, vibration and overpressure received by neighbours which align with best practice

guideline documents. In many cases these limits align or are more stringent than those which apply to

OceanaGold's existing activities in this area and which have been proven effective in protecting amenity.

The visual effects associated with the WNP overall are not considered to be significant. For most people

living in and around Waihi, the WNP will remain visually well contained, resulting in no substantial change

or adverse visual effects in the context of existing mining activity.

**<u>Air Quality</u>**

The proposed activities are very similar in nature to those associated with OceanaGold's existing mining

operations and similar measures for avoiding, remedying, or mitigating air quality effects will be

implemented.

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To manage the potential effects of proposed activities on air quality, a range of management measures

are proposed, including:

• Keeping exposed surface areas to a minimum and revegetate exposed areas as soon as possible

• Using water sprays to keep surfaces damp

• Limiting speeds on haul roads and minimising haul distances

• Sealing access roads

• A real-time monitoring program of total suspended particulate in key areas with actions, should a

trigger level be exceeded.

These methods adequately avoid and mitigate effects on air quality, and the risk that discharges to air

from the proposed activities will result in noxious, dangerous, offensive or objectionable effects is low.

**<u>Rehabilitation and Closure</u>**

A comprehensive and integrated rehabilitation and closure concept is proposed which ties in with the

existing rehabilitation and closure obligations that apply to OceanaGold's existing mining activities. The

details of the proposed rehabilitation and closure plan have been informed by the various technical

assessments. It requires OceanaGold to rehabilitate and close all mine areas such that in the long term:

• The Mine site, and any structures on it, will remain in a stable, self- sustaining, rehabilitated

state

• Removal of infrastructure not compatible with post mining land use at Willows and

rehabilitate impacted areas

• The soils on the site are such that it is highly unlikely that there will be a risk to human

health considering the post closure use of that land

• Any water discharging from the mine site, and any groundwater under the mine site, will be

of a quality such that it will not adversely affect aquatic life, or other users of the water

resource.

On closure it is proposed to transfer areas requiring ongoing monitoring and management such as TSF3

and the Northern Rock to the existing Martha Trust to be managed in perpetuity in the same manner as

the existing TSFs and open pit.

**20.6Stakeholder Engagement**

WNP commenced community engagement in 2020 and formal engagement with iwi and regulators began

in 2017. OGC has well established positive working relationships with key stakeholders and this has

provided a solid platform for understanding and respecting diverse viewpoints. A Stakeholder

Engagement Plan, which includes stakeholder identification and analysis, is in place and being

implemented for the proposed Project, this plan has been iteratively updated and implemented as the

Project has progressed, and this will continue to be the case.

Key methods of engagement that have been undertaken to-date include:

• Community Engagement Line – OceanaGold Waihi operates a free call Community Engagement

Line, that is available seven days a week

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• Community Group Presentations - - OceanaGold has presented on the proposed Project to over

20 local community groups and organisations. During these presentations a high-level

explanation of the proposed project was provided, and stakeholders had the opportunity to ask

questions or seek clarity on any aspect of the proposal

• 'Expert Days' - During these events the external consultants preparing the relevant technical

reports for the Project are available at the Company's Project Information Office to speak directly

with interested Stakeholders

• Local Communications Collateral - OceanaGold 'Update', the 'Mining Matters', and OceanaGold

Waihi Facebook Page

• Meetings and Individual Consultation

• Open Days - Targeting the broader Waihi Community, providing an opportunity for the general

public to obtain information and share views and opinions regarding the project. Open day

events have included 'Underground Simulator'

• Project Tours - These tours allowed stakeholders to get close to the site of proposed operations,

as well as develop an understanding of how OceanaGold Waihi currently operates

• Project Information Office - It is important to OceanaGold that reliable information about what the

Company is proposing and what it means for stakeholders is readily available directly from the

Company. Since July 2020 OceanaGold has had a Project Information Office open in the main

street of the Waihi Township

• Waihi Community Forum - act as a conduit between the Community, Council and OceanaGold

• Street Events: Small neighbourhood events with groups of residents identified as being close

proximity residents

• Surveys: Online and 'Maptionnaire' Surveys of people that live or work in Waihi, as well as local

suppliers and providers

• Interviews and Focus Groups: With Community, facilities and service representatives, regulatory

authorities, housing and accommodation entities, education, training and labour organisations

• Cultural Values Training of the OGC workforce, and the Completion of Cultural Impacts

Assessments by Tangata Whenua.

**20.7Social and Cultural Impacts**

The assessment of the social and cultural impacts is an important requirement of the permitting process

and a requirement of the Company's External Affairs and Social Performance (EA and SP) Standard. An

independent Social Impact Assessment (SIA) was undertaken in 2022 for the WNP and is being updated

in 2024 to reflect the current project scope and potential social impacts. The SIA follows the International

Association of Impact Assessment's guidance for preparing an SIA.

The WNP SIA (2022) indicates positive outcomes related to:

• Job security and sustained livelihoods

• Reduced local unemployment

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• Increased business activity and indirect employment opportunities.

The assessment identified the following effects that were assessed as having moderate to high negative

significance:

• Increased demand for accommodation, potentially impacting housing availability and affordability

• Change in sense of place for residents around the Willows area (location of the SFA for the WUG)

• Reduced amenity as a result of increased traffic movements along the Willows area.

Mitigation measures have been identified in the SIA for the effective management of the potential

negative impacts.

The Company recognises the special relationship that iwi have with land and water, and that this

relationship is important to spiritual and cultural wellbeing. The Company has had a consultation program

in place with iwi for many years covering the operating mine, the mineral exploration program and new

projects, and this is ongoing. Through this consultation, nine iwi have expressed to OceanaGold that they

have interests in the proposed project areas.

Engagement with these groups is ongoing, providing iwi the opportunity to express their unique

relationship with the affected area, and to identify any potential impacts on their cultural values, and

discuss the socio-economic opportunities the WNP provides.

Of the nine iwi the Company has engaged with, five groups have agreed to provide a Cultural Impact

Assessment for the WNP. The remaining four iwi groups have either chosen not to complete an

assessment, to defer to another iwi group they have recognized as having authority over specific matters,

or to not engage with the Company further.

**20.8Rehabilitation and Bonds** 

Rehabilitation proposals and concept plans were developed well before the commencement of

construction for open pit mining in 1987, and those plans are revised annually. In preparing these plans,

the advice and skill of a broad range of experts, including soil scientists, hydrologists, engineers, aquatic

biology, and water quality specialists has been sought. Where possible, OceanaGold progressively

rehabilitates areas of disturbed land.

The Company posts both cash and bank bonds for various purposes. The most significant of these, which

are held by the Hauraki District Council and Waikato Regional Council, cover the costs of closure works.

The purpose of the rehabilitation bond is to provide the Councils with unencumbered access to a source

of funds to close and rehabilitate the current mine site in the unlikely event that OceanaGold fails to meet

its closure obligations. The quantum of this bond is assessed annually, calculated on the basis of the cost

to close the site at the end of each 12-month bond period.

Each year, a Rehabilitation and Closure Plan is submitted to the Councils to describe the proposed

method of rehabilitation and closure of the site. The overall objective of this plan is to ensure rehabilitation

and closure of the site in such a manner that in the long-term the site, and any structures on it, will remain

stable; and any water discharging from the site, and any groundwater under the site, will be of a quality

such that it will not adversely affect aquatic life, or other users of the water resource.

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The current rehabilitation bond in place is $39.1 million and is expected to rise to $45.4 for the 2024 to

2025 period. The current capitalisation bond sits at $6.3 M.

Both bonds will need to be reviewed should consents be granted for new projects, to provide for the full

closure costs and the post closure site management costs that include the new project components. That

review would need to be completed after the grant of consent so that the revised bond quanta can take

account of the closure obligations in the new conditions, and before works starts on the new projects.

**21CAPITAL AND OPERATING COSTS**

All costs, unit costs and prices in Section 21 are in United States dollars unless otherwise noted.

**21.1Capital Expenditure Estimates**

A summary of the total capital expenditure is provided in Table 22-5. The capital expenditure items have

been separated into sustaining and non-sustaining (growth) categories as per guidance from

OceanaGold. The life of mine capital cost is shown in Table 21-1.

**Table 21-1: Life of Mine Capital Costs ($000's)**

---

| | | | |
|:---|:---|:---|:---|
| Summary Capital Expenditure <br>Schedule<br>| Growth <br>Estimate <br>$000's<br>| Sustaining <br>Estimate <br>$000's<br>| Total Estimate <br>$000's<br>|
| WUG | 357944 | 62942 | 420887 |
| MUG | 0 | 102075 | 102075 |
| Processing | 92815 | 8395 | 101210 |
| TSF's | 44424 | 80498 | 124922 |
| Other Capital | 60623 | 16032 | 76655 |
| Rehabilitation | 0 | 71648 | 71648 |
| **Total** | **555807** | **341590** | **897397** |

---

**21.1.1Basis for Capital Expenditure Estimates**

The base date of the WNP Capital Cost estimate is 30 June 2024. All values are in United States dollars

($), based on foreign currency exchange rate of $0.61: NZ$. Contingencies vary according to the level of

accuracy of design and estimate, and the average WUG contingency is 16 % and is considered

appropriate. The breakdown of the WUG contingency is shown in Table 21-2.

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**Table 21-2. WUG Contingency Breakdown**

---

| | | |
|:---|:---|:---|
| **Item** | **Area** | **Rate** |
| 1 | Contingency General | 20% |
| 2 | Contingency Mobile Plant | 20% |
| 3 | Contingency Capitalized UG development  | 20% |
| 4 | Infrastructure – Underground | 20% |
| 5 | Infrastructure – Surface | 20% |
| 6 | Process plant | 20% |
| 7 | Water Treatment Plant (WTP) | 15% |
| 8 | TSF3 | 20% |
| 9 | Quarry/MOP4 Capitalized Prestrip | 10% |
| 10 | General and Administration | 10% |
| 11 | Rehabilitation | 10% |

---

**<u>Underground Mines</u>**

All major mining equipment is supplied under operating lease arrangements. Projected capital costs for

underground mining are summarized for MUG and WUG in Table 21-3. The underground capital estimate

includes capitalized development, mine infrastructure and equipment not sourced under capital leasing

arrangements.

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**Table 21-3: Underground Capital Cost Summary (Growth and Sustaining)**

---

| | | |
|:---|:---|:---|
| Item | Units | LoM Total |
| WUG | WUG | WUG |
| Capital Development (Growth) | $000's | 203747 |
| Capital Development (Sustaining) | $000's | 14949 |
| UG Capital Equipment Purchases <br>(Growth)<br>| $000's | 88316 |
| UG Capital Infrastructure (Growth) | $000's | 12259 |
| Willows Infrastructure (Growth) | $000's | 50392 |
| WUG Project Management (Growth) | $000's | 26994 |
| WUG Studies (Growth) | $000's | 16665 |
| Resource Drilling (Growth) | $000's | 4896 |
| Polishing Pond Portal Works (Growth) | $000's | 2670 |
| **Sub-total** | **$000's** | **420887** |
| MUG | MUG | MUG |
| Capital Development (Sustaining) | $000's | 65346 |
| UG Capital Purchases (Growth) | $000's | 34327 |
| Resource Drilling (Growth) | $000's | 2402 |
| **Sub-total** | **$000's** | **102075** |
| **Total** | $000's | **522962** |

---

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**<u>Process Plant</u>**

Process plant capital over the remaining LoM totalling $101.2 million is shown in Table 21-4 and is

principally related to:

• Upgrade of the crushing and grinding circuit

• Debottlenecking and minor pumping upgrades within the plant to maintain milling rates

• Other sustaining capital spend to mitigate wear and tear

• Water treatment plant upgrade

**Table 21-4: Processing Capital Cost Summary**

---

| | | |
|:---|:---|:---|
| Item | Units | LoM Total |
| Process (Growth) | $000's | 47919 |
| Process (Sustaining) | $000's | 8395 |
| Water Treatment (Growth) | $000's | 44896 |
| Water Treatments (Sustaining) | $000's | 0 |
| **Total** | **$000's** | **101210** |

---

**<u>Infrastructure -Tailings</u>** 

Infrastructure capital associated with tailings is estimated to be $124.9 million as summarized in Table

21-5 for the LoM. Infrastructure capital has been estimated internally by OceanaGold and provided by

experienced contractors and external consultants. The major capital items are tailings storage facility

expansion and construction, containment ponds, diversion drains, tailings pipelines, and expansion of the

existing water management facilities.

**Table 21-5: Tailings Storage Capital Cost Summary**

---

| | | |
|:---|:---|:---|
| Item | Units | LoM Total |
| TSF1A and 2 (Sustaining) | $000's | 10766 |
| TSF3 Construction (Growth) | $000's | 34717 |
| TSF3 Construction (Sustaining) | $000's | 23259 |
| TSF3 Borrow (Growth) | $000's | 9708 |
| TSF3 Borrow (Sustaining) | $000's | 46472 |
| **Total** | **$000's** | **124922** |

---

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**<u>Other Capital</u>**

Other capital required for the LoM plan is as shown in Table 21-6. Key costs relate to permitting, consent

compliance (fencing, riparian planting, pest control, biodiversity programs and social, iwi engagement),

new power line and substation upgrade and site rehabilitation works.

**Table 21-6: Other Capital Cost Summary** 

---

| | | |
|:---|:---|:---|
| Item | Units | LoM Total |
| G&A (Sustaining) | $000's | 2339 |
| Permitting (Growth) | $000's | 10042 |
| Consent compliance (Growth) | $000's | 22224 |
| Consent compliance (Sustaining) | $000's | 13693 |
| Power Line Upgrade and Substation <br>(Growth)<br>| $000's | 28357 |
| Rehabilitation (Sustaining) | $000's | 71648 |
| **Total** | **$000's** | **148303** |

---

**21.2Operating Cost Estimates**

The total operating cost unit rate of $141.8 /t processed is summarized in Table 21-7. Carbon costs for a

fully equipped diesel mine have been included in the operating cost estimate based on recent New

Zealand guidance. Carbon costs commence in 2026 and progressively increase through the life of mine

calculated on the equivalent tonne of CO2 produced.

**Table 21-7: LoM Operating Cost Summary**

---

| | | |
|:---|:---|:---|
| Description | **$000's** | $/t Mined |
| UG Mining – MUG  | 488812 | 110.8 |
| UG Mining – WUG  | 264410 | 65.2 |
| **Subtotal Mining**  | **753223** | 89.0 |
| Description | $000's | $/t Ore Processed |
| Processing | 222717 | 26.3 |
| G&A Costs  | 191026 | 22.6 |
| Refining / Freight Costs | 5584 | 0.7 |
| Other - Carbon Costs and stockpile movements | 28232 | 3.3 |
| **Total Operating Costs** | **1200783** | **141.8** |

---

**21.2.1Basis of Operating Costs**

The operating cost estimates throughout this section has a base or effective date of June 30, 2024. All

values are in United States dollars ($), based on foreign currency exchange rate of $0.61: NZ$. No

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contingency has been applied to operating cost estimates for mining, processing, or G&A. A notional

carbon cost for a diesel equipped mine has been included in the operating cost estimate based on the

New Zealand Climate Change Commission research report recommendations.

**21.2.2Underground Mining**

Projected operating costs for underground mining have been developed from the LoM production

schedule. The average cost of underground mining is $88.9 /t and the cost by activity for MUG is

presented in Table 21-8 and for WUG is presented in Table 21-9.

The difference in unit costs between MUG and WUG mines can be largely attributed to the higher annual

production rate at WUG, and the backfilling of historical stoping areas with cemented fill, remnant mining

practices and extensive working areas at MUG.

**Table 21-8: MUG Cost Summary**

---

| | | |
|:---|:---|:---|
| Description | $000's | $/t Mined |
| Labour | 180592 | 40.95 |
| Fuel | 13507 | 3.06 |
| Power | 50883 | 11.54 |
| Equipment Operating | 45111 | 10.23 |
| Equipment Maintenance | 75935 | 17.22 |
| Explosives | 27159 | 6.16 |
| Ground Support | 42181 | 9.56 |
| Grout/Shotcrete | 11598 | 2.63 |
| Services | 10462 | 2.37 |
| Contracts | 7205 | 1.63 |
| Finance Lease Interest | 12251 | 2.78 |
| Supply rockfill to UG | 11929 | 2.70 |
| **Total** | **488812** | **110.84** |

---

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**Table 21-9: WUG Cost Summary**

---

| | | |
|:---|:---|:---|
| Description | $000's | $/t Mined |
| Labour | 87160 | 21.48 |
| Fuel | 17585 | 4.33 |
| Power | 23047 | 5.68 |
| Equipment Operating | 70853 | 17.46 |
| Explosives | 3925 | 0.97 |
| Ground Support | 17233 | 4.25 |
| Grout/Shotcrete | 16085 | 3.96 |
| Services | 4648 | 1.15 |
| Other | 10064 | 2.48 |
| Contracts | 11038 | 2.72 |
| Finance Lease Interest | 1966 | 0.48 |
| Surface Loader - Willows Stockpile | 806 | 0.20 |
| **Total** | **264410** | **65.17**  |

---

Note: preproduction finance lease interest included in underground capital equipment purchases.

**21.2.3Process Plant**

The power cost component of the estimate is based on current power consumption for each area of the

plant with allowance for increased loads from planned equipment upgrades. The current unit energy cost

rates in the existing power supply agreement with the power supplier to the current operation (Genesis

Energy) were used.

Labour costs were developed based on the current staffing plan for the plant reflecting the four-panel

operations roster and maintenance support roles with a total head count of 52 people, using the current

labour rate schedules.

The reagent and grinding media consumption estimates are based on forecasts used in the current Waihi

LoM plan, adjusted for metallurgical testwork forecasts.

Crusher and mill liner replacement costs are based on vendor pricing for current supply of components

and a long-term reline schedule for the LoM based on life predicted on tonnage treated developed over

the last several years of operation.

Maintenance costs are based on forecast consumable rates for each area of the plant from operating

experience since startup. Contractor costs are based on expected usage based on recent experience to

support shutdown and rebuild activities.

Miscellaneous costs cover assay laboratory charges assigned to the process plant and other minor ad-

hoc expenses such as software license and lease fees, technical consultancy services, development test

work and advisors fees, etc.

The breakdown of the processing operating cost estimate is summarized in Table 21-10.

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**Table 21-10: Processing Cost Summary**

---

| | | |
|:---|:---|:---|
| Description | $000's | $/t Milled |
| Processing Labour | 42986 | 5.08 |
| Maintenance Labour | 19531 | 2.31 |
| Variable Costs | 41592 | 4.91 |
| Water Treatment Costs | 17985 | 2.12 |
| Assaying | 7596 | 0.90 |
| Mill Loader | 6126 | 0.72 |
| Fixed Costs - Processing | 6794 | 0.80 |
| Driver Costs - Power | 49852 | 5.89 |
| Driver Costs - Maintenance | 12499 | 1.48 |
| Fixed costs - Maintenance | 17756 | 2.10 |
| **Total Processing Costs** | **222717** | **26.30** |

---

**21.2.4Selling and Refining**

Sales refining charges are charges incurred in the sale and transport of material to the refiner and are

listed below. These total $5.6 million over the LoM or $0.66 /t processed.

Gold

• 99.90 % payable Au

• $1.28 /troy oz Au treatment and shipment charge.

Silver

• 99.0 % payable Ag

• $1.28 /troy oz Au treatment and shipment charge.

**21.2.5General and Administration**

The G&A operating cost is time based and was estimated by OceanaGold at a total LoM of $191 M or an

equivalent of $22.6 /t of mill feed processed. The G&A operating cost is time based and was estimated by

OceanaGold at a total LoM of $191 M or an equivalent of $22.6 /t of mill feed processed. These are

based on the current site budget estimates adjusted for future growth as outlined in Table 21-11.

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**Table 21-11: General and Administration Operating Costs**

---

| | | |
|:---|:---|:---|
| General and Administration Operating Cost | $000's | $/t Milled |
| Administration Costs | 80561 | 9.51 |
| Miscellaneous Departmental Costs | 36392 | 4.30 |
| Labour | 74073 | 8.75 |
| **Total General and Administration Costs** | **191026** | **22.56** |

---

**22ECONOMIC ANALYSIS**

All costs, unit costs revenues, prices and financial indices in Section 22 are in United States dollars

unless otherwise noted. Economic analysis is undertaken in real terms, i.e. constant 2024 dollars. No

inflation or escalation included.

**22.1Principal Assumptions and Input Parameters**

The indicative economic results summarized in this section are based upon work performed by

OceanaGold in 2024. The metrics reported in this volume are based on the annual cash flow model

results. The metrics are on both a pre-tax and after-tax basis, no Project financing inputs and are in Q2,

2024 U.S. constant dollars. Non-site costs have been excluded from this analysis.

Key criteria used in the analysis are discussed in detail throughout this section. Principal Project

assumptions used are summarized in Table 22-1.

**Table 22-1: Basic Model Parameters**

---

| | |
|:---|:---|
| Description | Value |
| Technical Economic Model (TEM) Time Zero Start Date | 30<sup>th</sup> June 2024 |
| MUG Life | 9 years |
| WUG Life | 6 years |
| Mill Operations | 15 years |
| Discount Rate | 5.0% |
| Exchange Rate $: NZ$ | 0.61 |

---

All costs incurred prior to July 2024 are considered sunk with respect to this analysis. The selected

Project discount rate is 5 %, gold price $1,750 /oz and foreign exchange rate of $0.61 / NZ$ as directed

by OceanaGold. A sensitivity analysis of the gold price is discussed later in this section. All costs and

revenues are denominated in US dollars.

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**22.2Cashflow Forecasts and Annual Production Forecasts**

**22.2.1Mine Production**

Figure 22-1 and Table 22-2 shows LoM production by year. A more detailed production schedule is shown

in section 16.4. Note figures and tables show H2 only for 2024 with full year production expected to be

48-52 koz.

![annualmineproductiona.jpg](annualmineproductiona.jpg)

**Figure 22-1: Annual Mine Production**

**Table 22-2: Annual Mine Production**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | 2024 <br>(H2)<br>| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 |
| MUG | Ore Tonnes <br>(000's)<br>| 275 | 973 | 929 | 878 | 831 | 614 | 516 | 536 | 360 | 365 | - | - | - | - | - |
| MUG | Grade Au (g/t) | 3.0 | 3.4 | 3.5 | 3.6 | 3.7 | 3.8 | 4.0 | 3.8 | 5.2 | 4.0 | - | - | - | - | - |
| MUG | Contained <br>Gold (koz.)<br>| 26 | 107 | 104 | 102 | 99 | 76 | 66 | 65 | 60 | 47 | - | - | - | - | - |
| WUG | Ore Tonnes <br>(000's)<br>| - | - | - | - | - | - | - | 3 | 139 | 620 | 798 | 799 | 795 | 662 | 240 |
| WUG | Grade Au (g/t) | - | - | - | - | - | - | - | 5.5 | 11.4 | 10.1 | 9.6 | 10.7 | 8.2 | 7.8 | 7.4 |
| WUG | Contained <br>Gold (koz.)<br>| - | - | - | - | - | - | - | 1 | 51 | 201 | 245 | 276 | 209 | 165 | 57 |

---

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**22.2.2Mill Production**

A summary of the estimated process plant production is shown in Figure 22-3. Differences in mined ore

and ounces compared to processed ore and ounces are due to stockpile strategies and management. A

more detailed production schedule is shown in section 16.4. Note figures and tables show H2 only for

2024 with full year production expected to be 48-52 koz.

![annualprocessplantproductia.jpg](annualprocessplantproductia.jpg)

**Figure 22-2: Annual Process Plant Production**

**Table 22-3: Annual Process Plant Production**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2024<br>(H2)<br>| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 |
| MUG<br>(koz)<br>| 25 | 47 | 52 | 57 | 57 | 57 | 56 | 56 | 56 | 22 | - | - | 1 | 17 | 5 |
| WUG<br>(koz)<br>| - | - | - | - | - | - | - | - | 45 | 182 | 222 | 253 | 187 | 148 | 52 |

---

**22.2.3Revenue**

Gold pricing assumptions used in the economic analysis include a constant LoM gold price of $1,750 /troy

oz and a LoM silver price of $20 /troy oz. Doré refining/freight costs are modelled as follows:

• 99.90 % payable Au

• $1.28 /troy oz Au treatment and shipment charge.

Silver is also included in the current Mineral Resource or Reserve estimates.

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The silver by-product credit in the TEM is calculated by using a constant silver price of $20 /troy oz and

an average recovery of 60 %. The additional silver related doré refining costs are as follows:

• 99.0 % payable Ag

• $1.28 /troy oz Au treatment and shipment charge.

The silver by-product credit of $55 million over LoM represents 1.9 % of revenue over LoM.

Metallurgical recovery varies as a function of gold and arsenic grades and by lode but averages 93.7 %

for MUG and 90.4 % for WUG.

**22.2.4Operating and Capital Costs**

No contingency was applied to the operating costs within the economic model. The total operating cost

unit rate of $142 /t processed is summarized in Table 22-4.

**Table 22-4: LoM Operating Cost Summary**

---

| | | |
|:---|:---|:---|
| Description | **$000's** | $/t Mined |
| UG Mining – MUG  | 488812 | 110.8 |
| UG Mining – WUG  | 264410 | 65.2 |
| **Subtotal Mining**  | **753223** | **89.0** |
| Description | $000's | $/t Ore Processed |
| Processing | 222717 | **26.3** |
| G&A Costs  | 191026 | **22.6** |
| Refining / Freight Costs | 5584 | **0.7** |
| Other - Carbon Costs and stockpile movements | 28232 | **3.3** |
| **Total Operating Costs** | **1200783** | **141.8** |

---

Total LoM capital costs totalling $897 million including rehabilitation costs are summarized in Table 22-5.

The capital expenditure items have been separated into sustaining and non-sustaining categories per

guidance from OceanaGold. Non-Sustaining (Growth) capital is primarily related to the development of

WUG and associated infrastructure and totals $556 million over the LoM. Sustaining capital includes $72

million rehabilitation costs.

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**Table 22-5: Life of Mine Capital Costs ($000's)**

---

| | | | |
|:---|:---|:---|:---|
| Summary Capital Expenditure Schedule | Growth Estimate <br>$000's<br>| Sustaining Estimate <br>$000's<br>| Total Estimate <br>$000's<br>|
| WUG | 357944  | 62942  | 420887  |
| MUG | 0  | 102075  | 102075  |
| Processing | 92815  | 8395  | 101210  |
| TSF's | 44424  | 80498  | 124922  |
| Other Capital | 60623  | 16032  | 76655  |
| Rehabilitation (non-sustaining) | 0  | 71648  | 71648  |
| **Total** | **555807**  | **341590**  | **897397**  |

---

The assumptions used for working capital for this estimate are as follows:

• Accounts Receivable (A/R): 3-day delay

• Accounts Payable (A/P): 20-day delay

• Zero opening balance for A/P and A/R.

Annual adjustments to working capital levels are made in the TEM with all working capital recaptured by

the end of the mine life resulting in a LoM net free cash flow (FCF) impact of $0.

**22.2.5Economic Results**

The TEM metrics are prepared on an annual after-tax basis, the results of which are summarized in Table

22-6. A full LoM annual cash flow forecast is presented in. Table 22-12. The results indicate that at a flat

$1,750 /oz gold price and a 5 % discount rate, an after-tax NPV of $138 million is returned.

OceanaGold has provided an alternative price profile which consists of a flat $2,400 /oz gold price over

the life of the operation. At this price and a 5 % discount rate, and after-tax NPV of $621 million is

returned.

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**Table 22-6: Indicative Economic Results**

---

| | | |
|:---|:---|:---|
| Description | Reserve Case <br>Price<br>| Alternative Price |
| **Market Prices** | **Market Prices** | **Market Prices** |
| Gold ($/oz) | 1750 | 2400 |
| Payable Gold (koz) | 1593 | 1593 |
| **Revenue ($000's)** | **Revenue ($000's)** | **Revenue ($000's)** |
| Gross Gold Revenue | 2788394 | 3824083 |
| Silver By-Product Credit (@$20 / oz Ag) | 54598 | 54598 |
| Total Gross Revenue | 2842992 | 3878682 |
| **Direct Operating Costs ($000's)** | **Direct Operating Costs ($000's)** | **Direct Operating Costs ($000's)** |
| Mining | 753223 | 753223 |
| Processing | 222717 | 222717 |
| Site G&A | 191026 | 191026 |
| Selling/Refining | 5584 | 5584 |
| Other - Carbon Costs and stockpile movements | 28232 | 28232 |
| **Total Direct Operating Costs** | **1200783** | **1200783** |
| **Non-Operating Costs ($000's)** | **Non-Operating Costs ($000's)** | **Non-Operating Costs ($000's)** |
| Royalties payable to Government | 58213 | 98343 |
| Other Royalties | 38582 | 52742 |
| **Total Non-Direct Operating Costs** | **96795** | **151085** |
| **Operating Cash Flow** | **1545414** | **2526815** |
| **Taxes ($000's)** | **Taxes ($000's)** | **Taxes ($000's)** |
| Income Tax | 217309 | 482089 |
| **Capital ($000's)** | **Capital ($000's)** | **Capital ($000's)** |
| Sustaining Capital | 341590 | 341590 |
| Non-Sustaining Capital | 555807 | 555807 |
| **Total Capital** | **897397** | **897397** |
| **Metrics ($000's)** | **Metrics ($000's)** | **Metrics ($000's)** |
| Pre-Tax Free Cash Flow  | 648017 | 1629418 |
| After-Tax Free Cash Flow  | 430709 | 1147329 |
| Pre-Tax NPV @ 5%  | 258543 | 902338 |
| After-Tax NPV @ 5%  | 137726 | 620707 |
| IRR | 9.2% | 24.0% |

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Figure 22-3 and Figure 22-4 presents annual cash flow metrics vs. recovered gold production for both

pricing scenario's.

![projectafter-taxmetricssumc.jpg](projectafter-taxmetricssumc.jpg)

**Figure 22-3: Project After-Tax Metrics Summary at $1,750 /oz Au**

![projectafter-taxmetricssumb.jpg](projectafter-taxmetricssumb.jpg)

**Figure 22-4: Project After-Tax Metrics Summary at $2,400 /oz Au**

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Table 22-7 shows the build-up of a AISC of $994 /oz Au, net of a $20 /oz silver by-product credit, over the

life of mine. Total payable gold sales is 1,593 koz as of 30<sup>th</sup> June 2024.

**Table 22-7: LoM AISC Contribution**

---

| | | |
|:---|:---|:---|
| Description | $000's | $/oz |
| Mining | 753223 | 473 |
| Processing | 222717 | 140 |
| Site G&A | 191026 | 120 |
| Selling/Refining/Freight | 5584 | 4 |
| Carbon Costs / Other Costs | 28232 | 18 |
| **Direct Cash Costs Before By-Product Credit** | **1200783** | **754** |
| Silver By-Product Credit | 54598 | 34 |
| **Direct Cash Costs After By-Product Credit** | **1146184** | **719** |
| Royalties | 96795  | 61 |
| **Non-Operating Cash Costs** | **96795** | **61** |
| Sustaining Capex | 341590 | 214 |
| **Total AISC** | **1584570** | **994** |

---

Figure 22-5 shows the annual AISC trend over the life of mine. The improvement in AISC is due to the

commencement of WUG and is primarily due to the improvement in grade. Over the WUG production life

(2033-2038) the AISC is $634 /oz.

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![annualaiscandtotalcashcosta.jpg](annualaiscandtotalcashcosta.jpg)

**Figure 22-5: Annual AISC and Total Cash Cost Curve Profile**

**Table 22-8: Annual AISC Curve Profile**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** | **NI 43-101 All In Sustaining and Cash Cost Profile** |
| | 2024 | 2025 | 2026 | 2024 | 2025 | 2026 | 2024 | 2025 | 2026 | 2024 | 2025 | 2026 | 2024 | 2025 | 2026 |
| Payable Au | 25 | 47 | 52 | 57 | 57 | 57 | 56 | 56 | 101 | 204 | 223 | 253 | 188 | 165 | 57 |
| RoM <br>AISC $/oz<br>| 2484 | 2570 | 2224 | 1868 | 1711 | 1537 | 1471 | 1348 | 685 | 757 | 654 | 494 | 605 | 572 | 1010 |

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**22.3Taxes, Royalties and Other Interests**

The main taxation assumptions utilized within the model are as follows:

• MUG and WUG royalties are payable to the NZ government at the greater of a 1 % royalty on net

sales revenue from gold and silver or 5 % of accounting profits

• In addition, <u>parts</u> of the Wharekirauponga Mining Permit, MP 60541, are subject to an additional

2 % of sales royalty payable to Osisko (acquired from Geoinformatics)

• The New Zealand corporate income tax (CIT) rate is 28 %. There are no state or municipal

income taxes in New Zealand

• Existing Net Operating Loss (NOL) pools are not considered.

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The TEM was created on a project level basis and no fractional ownership, if applicable, was considered

in the result. Local authorities levy tax known as 'rates' on land within their territorial boundaries. Rates

are levied on properties based on the properties' rateable value and included in the G&A costs.

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**22.4Sensitivity Analysis**

**22.4.1Operational Sensitivity**

After-tax NPV sensitivity analyses for key operational parameters are shown in Figure 22-6 and is

nominally most sensitive to revenue. Sensitivities to capital and operating costs are similar but slightly

more susceptible to variations in operating costs.

![npvsensitivityanalysisa.jpg](npvsensitivityanalysisa.jpg)

**Figure 22-6: NPV Sensitivity Analysis**

**22.4.2Gold Price Sensitivity**

Additional gold price sensitivity analyses are shown with after-tax cumulative cashflow at various constant

gold prices of $1,100, $1,500, $2,000 and $2,400. Figure 22-7 and Table 22-9 show the gold price

sensitivity analysis by year and compare with the Reserve case at $1,750 /oz Au.

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![goldpricesensitivityanalysa.jpg](goldpricesensitivityanalysa.jpg)

**Figure 22-7: Gold Price Sensitivity Analysis**

**Table 22-9: Gold Price Sensitivity analysis**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 2024<br>(H2)<br>| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 | 2041 |
| Gold <br>$1100<br>| -39 | -153 | -316 | -416 | -492 | -567 | -647 | -729 | -804 | -727 | -620 | -456 | -355 | -261 | -258 | -283 | -309 | -315 |
| Gold <br>$1500<br>| -29 | -125 | -267 | -344 | -398 | -451 | -509 | -569 | -605 | -452 | -262 | -17 | 105 | 232 | 233 | 208 | 182 | 176 |
| Gold <br>$1750<br>| -23 | -107 | -237 | -300 | -340 | -379 | -422 | -469 | -481 | -281 | -62 | 202 | 351 | 504 | 509 | 484 | 458 | 452 |
| Gold <br>$2000<br>| -17 | -91 | -208 | -257 | -283 | -308 | -338 | -370 | -359 | -123 | 113 | 420 | 597 | 777 | 784 | 760 | 733 | 727 |
| Gold <br>$2400<br>| -7 | -66 | -166 | -197 | -205 | -211 | -223 | -235 | -194 | 94 | 392 | 770 | 990 | 1212 | 1225 | 1200 | 1174 | 1168 |

---

Note: For brevity rehabilitation years 2042 to 2048 are not shown in the Table or Chart. At gold price $1,100, $1,500,

$1,750, $2,000 and $2,400 /oz the final cumulative cashflow estimate is -$336M, $155M, $431M, $706M and

$1,147M respectively at completion of rehabilitation works.

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The after tax NPV5 % and IRR for the gold price sensitivity cases are shown in Table 22-10.

**Table 22-10: Gold Price**

---

| | | |
|:---|:---|:---|
|  | **NI 43-101 Sensitivity to Gold price** | **NI 43-101 Sensitivity to Gold price** |
| | **After tax NPV 5 % ($ M)** | **IRR (%)** |
| Gold $1,100 | -387 | N/A |
| Gold $1,500 | -52 | N/A |
| Gold $1,750 | 138 | 9.2% |
| Gold $2,000 | 326 | 14.8% |
| Gold $2,400 | 621 | 24.0% |

---

**22.5OceanaGold Pricing Model Result**

**22.5.1Cash Flow Analysis**

Key economic results are as presented in Table 22-11, using 1 July 2024 as the reference

commencement date and the cash flow summary is presented in Table 22-12 and Table 22-13.

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**Table 22-11: Key Economic Metrics**

---

| | | |
|:---|:---|:---|
| Financial Metric | Reserve Case Price | Alternative Case Price |
| Gold Price | 1750 | 2400 |
| Exchange Rate | 0.61 | 0.61 |
| Before-Tax | Before-Tax |  |
| NPV5%  | 259 | 902 |
| Internal Rate of Return | 12 | 29 |
| LoM Cumulative Free <br>Cash Flow<br>| 648 | 1629 |
| After-Tax | After-Tax |  |
| NPV5%  | 138 | 621 |
| Internal Rate of Return | 9 | 24 |
| LoM Cumulative Free <br>Cash Flow<br>| 431 | 1147 |
| Payback Period | 11.2 | 9.7 |
| Cash Costs C1 | 719 | 719 |
| AISC | 994 | 1026 |

---

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**Table 22-12: Cash Flow Summary Mineral Reserves (Reserve Case Price)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | TOTAL | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 |
| Payable (koz) | 1593 | 25 | 47 | 52 | 56 | 56 | 56 | 56 | 56 | 101 | 204 | 222 | 253 | 187 | 165 | 57 | - |
| **Revenue** | **$000's** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Gold Revenue | 2788394 | 43316 | 82467 | 91272 | 98852 | 98804 | 98847 | 97400 | 98159 | 176164 | 356133 | 389181 | 442370 | 327844 | 288516 | 99072 | - |
| Silver By-Product Credit  | 54598 | 1478 | 2906 | 3615 | 2681 | 2568 | 2698 | 2421 | 1797 | 6614 | 5768 | 5355 | 5781 | 4619 | 4475 | 1822 | - |
| Total Gross Revenue | 2842992 | 44794 | 85373 | 94886 | 101532 | 101371 | 101546 | 99820 | 99956 | 182778 | 361900 | 394535 | 448151 | 332463 | 292991 | 100894 | - |
| **Operating Costs** | **$000's** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mining | 753223 | 29651 | 67089 | 62695 | 60709 | 54783 | 51940 | 49717 | 43998 | 39399 | 80886 | 56317 | 47397 | 45711 | 38706 | 24224 | - |
| Processing | 222717 | 7426 | 13462 | 13840 | 14094 | 14075 | 13998 | 14353 | 14844 | 15065 | 18023 | 17688 | 17719 | 17735 | 17677 | 12719 | - |
| Site G&A | 191026 | 6197 | 13277 | 13277 | 13277 | 13277 | 13277 | 13277 | 13277 | 13277 | 13102 | 13102 | 13102 | 13102 | 13102 | 13102 | - |
| Selling/Refining | 5584 | 128 | 249 | 301 | 246 | 239 | 247 | 228 | 188 | 558 | 635 | 633 | 699 | 540 | 502 | 191 | - |
| Other - Carbon Costs and <br>stockpile movements<br>| 28232 | - | - | 778 | 1091 | 1224 | 1391 | 1551 | 2022 | 2255 | 3541 | 3464 | 3225 | 3332 | 2707 | 1651 | - |
| Total Direct Operating Costs | 1200783 | 43402 | 94076 | 90892 | 89418 | 83598 | 80853 | 79126 | 74329 | 70554 | 116187 | 91204 | 82141 | 80421 | 72694 | 51887 | - |
| Royalties payable to Government | 58213 | 447 | 851 | 946 | 1013 | 1011 | 1013 | 996 | 998 | 3250 | 8585 | 10348 | 12837 | 7910 | 7001 | 1007 | - |
| Other Royalties | 38582 | - | - | - | - | - | - | - | 17 | 1598 | 6444 | 7871 | 8943 | 6619 | 5248 | 1842 | - |
| Total Non-Direct Operating Costs | 96795 | 447 | 851 | 946 | 1013 | 1011 | 1013 | 996 | 1015 | 4848 | 15029 | 18219 | 21780 | 14529 | 12249 | 2849 | - |
| Operating Cash Flow | 1545414 | 946 | 9555 | 3049 | 11101 | 16762 | 19679 | 19698 | 24612 | 107376 | 245307 | 284992 | 344122 | 237157 | 197130 | 43038 | - |
| Income Tax | 217309 | - | 22 | - | - | - | - | - | - | - | - | 22647 | 52847 | 65789 | 40227 | 35776 | - |
| **Capital** | **$000's** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sustaining Capital | 341590 | 19197 | 29251 | 27969 | 17927 | 14723 | 7786 | 4342 | 2214 | 332 | 28974 | 41819 | 27068 | 23342 | 14179 | 4402 | 24923 |
| Non-Sustaining<br>Capital<br>| 555807 | 6793 | 47974 | 103933 | 56466 | 41542 | 50589 | 59011 | 68337 | 118353 | 2808 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Capital | 897397 | 25990 | 77225 | 131902 | 74392 | 56265 | 58374 | 63353 | 70551 | 118684 | 31782 | 41819 | 27068 | 23342 | 14179 | 4402 | 24923 |
| **Metrics** | **$000's** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pre-Tax Free Cash Flow | 648017 | -23046 | -84337 | -129108 | -63424 | -39831 | -38837 | -43735 | -46201 | -12219 | 199933 | 241655 | 316221 | 215032 | 193777 | 40205 | -24923 |
| **After-Tax Free Cash Flow** | **430709** | **-23046** | **-84359** | **-129108** | **-63424** | **-39831** | **-38837** | **-43735** | **-46201** | **-12219** | **199933** | **219009** | **263374** | **149243** | **153550** | **4428** | **-24923** |

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Rehabilitation years from 2040 to 2048 inclusive are not shown in Table but reflected in Totals.

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**Table 22-13. Cash Flow Summary Mineral Reserves (Alternative Case Price)**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | TOTAL | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 |
| Payable (koz) | 1593 | 25 | 47 | 52 | 56 | 56 | 56 | 56 | 56 | 101 | 204 | 222 | 253 | 187 | 165 | 57 |  |
| **Revenue** | **US$000's** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Gold Revenue | 3824083 | 59404 | 113097 | 125172 | 135568 | 135502 | 135562 | 133577 | 134618 | 241596 | 488410 | 533733 | 606678 | 449615 | 395679 | 135870 |  |
| Silver By-Product<br>Credit <br>| 54598 | 1478 | 2906 | 3615 | 2681 | 2568 | 2698 | 2421 | 1797 | 6614 | 5768 | 5355 | 5781 | 4619 | 4475 | 1822 |  |
| Total Gross Revenue | 3878682 | 60883 | 116003 | 128787 | 138249 | 138070 | 138260 | 135997 | 136415 | 248211 | 494178 | 539088 | 612460 | 454234 | 400154 | 137693 |  |
| **Operating Costs** | **$000's** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mining | 753223 | 29651 | 67089 | 62695 | 60709 | 54783 | 51940 | 49717 | 43998 | 39399 | 80886 | 56317 | 47397 | 45711 | 38706 | 24224 | - |
| Processing | 222717 | 7426 | 13462 | 13840 | 14094 | 14075 | 13998 | 14353 | 14844 | 15065 | 18023 | 17688 | 17719 | 17735 | 17677 | 12719 | - |
| Site G&A | 191026 | 6197 | 13277 | 13277 | 13277 | 13277 | 13277 | 13277 | 13277 | 13277 | 13102 | 13102 | 13102 | 13102 | 13102 | 13102 | - |
| Selling/Refining | 5584 | 128 | 249 | 301 | 246 | 239 | 247 | 228 | 188 | 558 | 635 | 633 | 699 | 540 | 502 | 191 | - |
| Other - Carbon Costs and <br>stockpile movements<br>| 28232 | - | - | 778 | 1091 | 1224 | 1391 | 1551 | 2022 | 2255 | 3541 | 3464 | 3225 | 3332 | 2707 | 1651 | - |
| Total Direct Operating Costs | 1200783 | 43402 | 94076 | 90892 | 89418 | 83598 | 80853 | 79126 | 74329 | 70554 | 116187 | 91204 | 82141 | 80421 | 72694 | 51887 | - |
| Royalties payable to Government | 98343 | 831 | 1158 | 1285 | 1380 | 1378 | 1380 | 1358 | 1492 | 6522 | 15199 | 17576 | 21053 | 13998 | 12359 | 1375 |  |
| Other Royalties | 52742 | - | - | - | - | - | - | - | 23 | 2185 | 8808 | 10760 | 12227 | 9047 | 7174 | 2516 |  |
| Total Non-Direct Operating Costs | 151085 | 831 | 1158 | 1285 | 1380 | 1378 | 1380 | 1358 | 1515 | 8707 | 24008 | 28336 | 33280 | 23045 | 19534 | 3891 |  |
| Operating Cash Flow | 2526815 | 16650 | 20769 | 36611 | 47450 | 53093 | 56027 | 55513 | 60571 | 168950 | 368607 | 419429 | 496931 | 350411 | 297008 | 78795 |  |
| Income Tax | 482089 | - | 4420 | 3971 | 4542 | 3929 | 4033 | 3483 | 2559 | 7928 | 34085 | 78394 | 90489 | 108576 | 71938 | 63742 |  |
| **Capital** | **$000's** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sustaining Capital | 341590 | 19197 | 29251 | 27969 | 17927 | 14723 | 7786 | 4342 | 2214 | 332 | 28974 | 41819 | 27068 | 23342 | 14179 | 4402 | 24923 |
| Non-Sustaining<br>Capital<br>| 555807 | 6793 | 47974 | 103933 | 56466 | 41542 | 50589 | 59011 | 68337 | 118353 | 2808 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Capital | 897397 | 25990 | 77225 | 131902 | 74392 | 56265 | 58374 | 63353 | 70551 | 118684 | 31782 | 41819 | 27068 | 23342 | 14179 | 4402 | 24923 |
| **Metrics** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pre-Tax Free Cash Flow | 1629418 | -7473 | -54133 | -95573 | -27098 | -3498 | -2490 | -7915 | -10244 | 49118 | 322681 | 375991 | 468868 | 328638 | 293773 | 76842 | -24923 |
| **After-Tax Free Cash Flow** | **1147329** | **-7473** | **-58552** | **-99544** | **-31640** | **-7428** | **-6523** | **-11398** | **-12803** | **41190** | **288596** | **297597** | **378379** | **220062** | **221834** | **13099** | **-24923** |

---

Rehabilitation years from 2040 to 2048 inclusive are not shown in Table but reflected in Totals.

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**23ADJACENT PROPERTIES**

There are no adjacent properties that are relevant to this report.

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**24OTHER RELEVANT DATA AND INFORMATION**

New Zealand has an established framework that is well regulated and monitored by a range of

regulatory bodies. OceanaGold has dedicated programs and personnel involved in monitoring

consent compliance and works closely with authorities to promptly address additional requests for

information. Risks associated with review and renewal of operating consents is, upon that basis,

regarded as manageable within the ordinary course of business.

OceanaGold holds a suite of land ownership, surface access rights and resource consents authorising

existing operations within the MP 41808 area and a range of the activities proposed for the WNP

within the MP 41808 and MP 60541 areas. Processes to secure the remaining land access rights,

permits, consents and approvals are underway or planned, including through the government's

proposed Fast-track Approvals Bill in which the WNP is a listed project.

No additional information or explanation is necessary to make this Technical Report understandable

and not misleading.

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**25INTERPRETATION AND CONCLUSIONS**

Following review of the data available on the Waihi District Study, the QPs have reached the following

interpretations and conclusions.

**25.1Geology and Mineralization**

The Martha, Gladstone and Wharekirauponga deposits are located within the Coromandel Peninsula

which hosts over fifty gold and silver deposits that make up the Hauraki Goldfield. The peninsula is

built up of Miocene to Quaternary volcanic rocks, the Coromandel Volcanic Zone (CVZ) overlying a

Mesozoic basement. It is bound to the west by the Hauraki Rift, a large graben filled with Quaternary

and Tertiary sediments, and to the south by volcanics deposited by the presently active Taupo

Volcanic Zone (TVZ).

The geological understanding of the setting, lithologies, and structural and alteration controls on

mineralization is sufficient to support estimation of Mineral Resources and Mineral Reserves. The

geological knowledge of the area is also considered sufficiently acceptable to reliably inform mine

planning. The mineralization style and setting are well understood and can support declaration of

Mineral Resources and Mineral Reserves. The deposit displays classic features that are typical of

volcanic-hosted epithermal Au deposits. The QP considers the model and interpreted deposit genesis

to be appropriate to support exploration activities.

**25.2Resource Estimation**

The drillhole database and Resource estimation methodology are appropriate for the purposes of

estimating the open pit and underground Mineral Resources. OceanaGold has completed industry

standard Resource definition drilling at the MOP, GOP, MUG and WUG deposits to support the current

Mineral Resource estimations. Regular internal peer reviews and, where appropriate, independent

external reviews, of the geological and estimation processes are undertaken. The results of the

drilling, sampling, analytical testing, core logging and geologic interpretation provide good support for

an industry standard Resource estimation. A summary of the Resource estimates is shown in Table

14-22.

OceanaGold is not aware of any environmental, permitting, legal, socio-economic, marketing, political,

or other factors that might materially affect the Mineral Resource estimates. The QPs acknowledge

that the consenting timeline is a risk, however, are satisfied with the Company's risk mitigation plans.

**25.3Status of Exploration, Development and Operations**

Exploration activities since 1986 comprised surface reconnaissance exploration, geological and

structural mapping, geochemical sampling, airborne, ground, and downhole geophysical surveys,

surface and underground drilling, engineering studies and mine development.

The exploration programs completed to date are appropriate to the style of the deposit and prospects.

The research work supports the genetic interpretation of the Waihi vein deposits.

The majority of surface drilling was by triple tube wireline diamond methods. Surface holes are

collared using large-diameter PQ core, both as a means of improving core recovery and to provide

greater opportunity to case off and reduce diameter when drilling through broken ground and historic

stopes. Drill hole diameter is usually reduced to HQ at the base of the post mineral stratigraphy. RC

drilling is mostly confined to the immediate pit vicinity, or isolated first pass exploration drill holes.

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The quantity and quality of the lithological, geotechnical, collar and downhole survey data collected in

the exploration, delineation, underground, and grade control drill programs are sufficient to support

Mineral Resource and Mineral Reserve estimation. Sampling methods are acceptable, meet industry-

standard practice, and are acceptable for Mineral Resource and Mineral Reserve estimation and mine

planning purposes.

Approximately 370 km of diamond core has been drilled within the Martha and Gladstone areas since

1980 (as of June 2024) and WUG has had ~64 km of diamond drilling since 1980 (as of June 2024).

Additionally, 86 km has been drilled in approximately 4,500 reverse circulation grade control holes

during the open pit operation. Recent diamond drilling has largely focused on the Wharekirauponga,

Martha and Gladstone deposits. The exploration programs completed to date are appropriate to the

style of the deposit and prospects.

**25.4Geotechnical, Hydrology, Mining and Reserves**

**25.4.1Geotechnical**

At Wharekirauponga, a geotechnical field characterisation program has been undertaken to assess

the expected rock quality. This program included logging core, laboratory strength testing, in situ

stress measurements and oriented core logging of jointing. The results of this program have provided

adequate quantity and quality data for prefeasibility-level design of the underground workings.

A geotechnical assessment of the orebody shape and ground conditions has determined that a

combination of modified Avoca and longhole open stoping mining are appropriate mining methods.

Stopes have been sized to maintain stability once mucked empty. For the bulk stopes, a primary/

secondary extraction sequence with tight backfilling allows optimization of ore recovery while

maintaining ground stability. Primary stopes will be backfilled with cemented rockfill, while secondary

stopes will be backfilled with cemented and uncemented waste rock.

The WUG Mine geotechnical risks are assessed to be hydrology and hydrogeological conditions for

development, LoM crown stability for production, and excessive overlying cover and poor rock

conditions for ventilation rises requiring pre-conditioning or consolidation. Control measures include

footwall infrastructure drilling, structural geology assessments and numerical modelling to optimise

current empirical assessments and LoM crown stability.

The Willows geotechnical investigations have included the waste rock stack (WRS) foundation and

slope stability, contact and seepage water control measures, portal slope stability, portal box cut and

WRS toe interaction, underground tunnel and infrastructure stability and Ventilation Shaft 1 site

selection, depth of cover and stability. Initial geotechnical investigations at Willows portal, tunnel WRS

and Ventilation Shaft 1 have encountered varying weak weathered to strong fresh andesite generally

overlain by ash tuff materials. Studies have confirmed that there are no deep-seated instability risks.

The TSF3 geotechnical considerations include quality and methods of extraction for borrow sources,

staging of borrow quarrying and starter and embankment development, foundation engineering,

seepage and PAF encapsulation. Significant work has been progressed to identify suitable competent

material required to build TSF3 in a cost-effective manner.

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**25.4.2Hydrogeology and Hydrology**

A wide range of specialist technical studies have been undertaken to date, looking at effects on the

environment and water ingress potential from dewatering of WUG. This included hydrology and

hydrogeological data collection, numerical groundwater modelling and uncertainty analysis. The

geology is characterized by low-permeability, low-storage Andesite or Rhyolite with structurally

controlled storage and flux/transmissivity. The technical studies undertaken have assessed minor

impact on surface bodies and ecology from mining activities at WUG.

**25.4.3Mining**

Mineral Resources and Mineral Reserves have been estimated using core drill data, performed to

industry best practices, and conform to the requirements of CIM Definition Standards on Mineral

Resources and Reserves (2014). The Mineral Reserves are acceptable to support mine planning.

Reviews of the environmental, permitting, legal, title, taxation, socio-economic, and marketing factors

and constraints support the declaration of Mineral Reserves using the set of assumptions outlined.

Resource and Reserve estimates have been based on assumptions, which are considered

appropriate, for commodity prices, metallurgical recovery, changes to the geotechnical and

hydrogeological parameters used for stope and open pit mine design, dilution, and changes to capital

and operating costs. Tonnage and grades presented in the Mineral Reserve include dilution and

recovery and are benchmarked to the existing MUG operation as well as other similar operations.

MUG is an operating mine. Productivities have been adjusted based on existing productivities

achieved and also taking into account any future scheduled activities.

WUG productivities were developed from a combination of existing MUG benchmarking, first

principles and benchmarking against similar projects where applicable. Equipment used in this study

is standard equipment used worldwide with only standard package/automation features.

The UG production schedule was completed using Deswik® scheduling software and is based on

mining operations occurring 365 days/year, seven days/week, with two 12-hr shifts each day. A

production rate of approximately 2,200 t/d was targeted for WUG with ramp-up to full production as

quickly as possible. Resource levelling was used for ore tonnage and lateral development.

A workable ventilation plan was developed to support the mining fleet that satisfied the NZ Mining

Regulations for both MUG and WUG.

MUG support infrastructure is largely in place. No infrastructure is in place for WUG.

**25.4.4Mineral Reserves**

Measured Mineral Resources were converted to Proven Mineral Reserves, and Indicated Mineral

Resources were converted to Probable Mineral Reserves by applying appropriate modifying factors.

MUG mining Reserves of 4.4 Mt (diluted) with an average grade of 3.8 g/t Au and WUG Reserves of

are 4.1 Mt (diluted) with an average grade of 9.2 g/t Au presented in Table 15-4.

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**25.5Mineral Processing, and Water Treatment**

**25.5.1Mineral Processing** 

Metallurgical test work and associated analytical procedures are appropriate to the mineralization

type, appropriate to establish the optimal processing routes, and were performed using samples that

are typical of the mineralization styles found.

Samples selected for testing were representative of the various types and styles of mineralization.

Samples were selected from a range of depths within the deposit. Sufficient samples were taken so

that tests were performed on sufficient sample mass. As mining progresses deeper and/or new mining

zones are identified, additional variability tests will be undertaken as required.

Mill process recovery factors are based on production data or from ore composite test work and are

considered appropriate to support Mineral Resource and Mineral Reserve estimation, and mine

planning.

Metallurgical testwork on WUG supports ongoing use of the existing process flowsheet with plant

expansions to enable higher throughput rates. These expansions will be timed to align with the

development of new orebodies. Key elements of the expansions include installation of a jaw crusher,

replacement of the ball mill with a 1.8 MW tower mill; refurbishment of the adsorption circuit; and new

pumps and pipework for delivery of tailings to TSF3. This will increase throughput capacity from 0.66

to 0.8 million tonnes per annum of underground ore.

**25.5.2Water Treatment**

It is estimated that WUG, including the tunnels will generate 12,000 m<sup>3</sup>/d of water, dependent on the

number of structures intersected and permeability of rock. It is estimated that the Willows Waste Rock

Stack generate up to 20,000 m<sup>3</sup>/d, and MUG 15,000 m<sup>3</sup> per day, with a combined total less than the

Regime E high river flow discharge limit. The design capacity of the expanded WTP is double that of

the existing infrastructure – 1,800 m<sup>3</sup>/hr for metals removal and 500 m<sup>3</sup>/hr for cyanide destruction and

metals removal.

**25.6Project Infrastructure**

MUG uses the existing process facilities, tailings storage, water treatment facilities and other site

infrastructure. Power is supplied through the local utility, provided from the national grid and supplied

to the Company's substation. Sufficient tailings storage facilities have been planned for the MUG,

involving lifts on existing TSF's.

New surface facilities and infrastructure at Willows will be required for WUG, including:

• Waste rock stack

• Boxcut portal façade excavation

• Access road to portal

• Bulk earthworks and drainage

• Collection/Silt ponds and associated pumping requirements

• Surface Facilities Area, including workshop, warehouse, bathhouse, substations, offices,

parking, fuel and explosives storage, washbays

• An upgrade of the existing SH 25 and Willows Road intersection.

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A services trench between the Processing Plant and Willows (approximately 5 km) for water

treatment, potable water, mine dewatering, electrical supply and communications (fibre optic cables)

A new tailings storage facility, TSF3, is to be constructed adjacent to existing tailings facilities at

Baxter Road for the Waihi Operations, featuring downstream construction and associated stockpiles,

containment ponds and diversion drains.

The capacity of the water treatment plant (WTP) will be doubled to allow treatment of mine dewatering

from WUG and decant water off TSF3.

A high voltage (HV) power upgrade will also be required from the Transpower Waikino grid exit point

(GXP) in Hauraki District Council (HDC) Road Reserve to a new 33 kV / 11 kV substation at the

Baxter Road Waihi operations.

**25.7Mineral Tenure, Surface Rights, Royalties, Environment, Social and** 

**Permits**

**25.7.1Mineral Tenure and permitting**

MUG falls within MP 41808, with a duration out to March 21<sup>st</sup>, 2044. WUG falls within MP 60541, with

a duration out to August 4<sup>th</sup>, 2060. Both permits are in good standing.

OceanaGold holds a suite of land ownership, surface access rights and resource consents authorising

existing operations within the MP 41808 area and a range of the activities proposed for the WNP

within the MP 41808 and MP 60541 areas. Processes to secure the remaining land access rights,

permits, consents and approvals are underway or planned, including through the government's

proposed Fast-track Approvals Bill in which the WNP is a listed project.

**25.7.2Martha**

All permits are in place for MUG and Martha Phase 4 pit. Mining tenure held by OceanaGold in the

areas for which Mineral Resources and Mineral Reserves are estimated is valid.

OceanaGold holds sufficient surface rights to support mining operations over the planned life of mine

that was developed based on the Mineral Reserves. Permits held by OceanaGold are sufficient to

ensure that mining activities are conducted within the regulatory framework required by New Zealand

law.

OceanaGold has sufficiently addressed the environmental impact of the operation, and subsequent

closure and remediation requirements that Mineral Resources and Mineral Reserves can be declared,

and that the mine plan is appropriate and achievable. Closure provisions are appropriately

considered. Monitoring programs are in place.

The existing infrastructure, availability of staff, the existing power, water, and communications

facilities, the methods whereby goods are transported to the mine, and any planned modifications or

supporting studies are sufficiently well-established, or the requirements to establish such, are well

understood by OceanaGold, and can support the declaration of Mineral Resources and Mineral

Reserves and the current mine plan.

The mine currently holds the appropriate social licenses to operate. OceanaGold has developed a

community's relations plan to identify and ensure an understanding of the needs of the surrounding

communities and to determine appropriate programs for filling those needs. The Company monitors

socio-economic trends, community perceptions and mining impacts.

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**25.7.3WUG**

Permits are required to enable the WNP to proceed. Applications for resource consents were lodged

in June 2022 and the Company has subsequently undertaken additional field studies and analysis in

order to satisfy requests for further information from the Council regulators largely related to

groundwater, surface water, wetland, and ecology. The Company's expectation is that the process of

gaining consents and approvals for WNP will move to come under the proposed Fast-track Approvals

Bill following its passage into law and becoming operational (scheduled for the first quarter of 2025)

and that permits would be obtained under this legislation, in a form allowing works to commence,

before the end of 2025.

**25.8Economic Analysis**

The Mineral Reserves case is presented using underground Mineral Resources. Mineral Reserves

are declared for the first time at WUG.

• Total capital costs are $897 M, including $556 M growth capital. Total operating costs,

including mining, processing, and G&A, are $1,201 M, or $141.8 per tonne of ore including

carbon costs. Carbon costs have been estimated at $27 million. All-In Sustaining Cost (AISC)

averages $994 /oz, with life of mine cash cost $717 /oz.

• The cumulative undiscounted free cash flow after tax been calculated at $431 M. The average

free cash flow is $30 M per year with the highest year for free cash flow in 2035 at $263

million.

• For $1,750 /oz gold price and 5 % discount rate, pre-tax NPV is $259 M and after-tax NPV is

$138 M. Pre-tax IRR is 12 % and after-tax IRR is 9 %.

Structured risk assessments have shown that the key project risks lie in:

• defining the geological Resource and grade estimation

• project staffing

• geotechnical and hydrogeological conditions in the WUG access tunnel, and ventilation shaft

• geotechnical conditions associated with waste storage facilities

• higher than expected dewatering volumes and rates at WUG

• capital cost overruns

• consent conditions and delays to finalising consents.

Mitigation plans have been developed to address or control these risks.

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**26RECOMMENDATIONS**

**26.1Recommended Work Programs**

**26.1.1Geology, Mineralization and Resource Estimation**

A broad development and drilling strategy is recommended to extend WUG Resources in a south-

westward direction from Drill Site 9. Infill drilling in the northern and central area of WUG will be a

target in 2025 and 2026, to convert Inferred Au Resources to Indicated. This includes 5,000 m of

planned and budgeted conversion drilling in 2025.

The key activities include:

• Identify opportunities through access agreements or the Fast track consenting program to

provide additional exploration drilling sites at WUG

• Analysis of the Q4 2024 geophysical survey along the alignment of the main WUG access

incline to identify potentially faulted or water bearing structures and weathering horizons to

assist in mine design

• Conduct suitable sterilisation of any selected decline route where appropriate or, otherwise

demonstrate that any incidental ore discovery along the route will not be sterilized.

A rolling front of pre-production infill drilling at approximately 15 m x 15 m spacing will be maintained

from underground development to improve confidence in tonnage and grade estimates supporting the

mine plan. Future capital development and resource infill drilling will further improve the geological

interpretation.

• Study grade control strategy including data spacing studies and investigating the potential for

underground, reverse circulation, grade control drilling

• Identify whether close spaced, short, ore-drive parallel diamond drilling is the preferred option

for grade control drilling.

OceanaGold will continue to expand resources adjacent to underground Reserves in the Waihi district

through core drilling aligned with LoM plans. Systematic target generation and rationalisation

supported by mapping, drilling, geochemistry, and geophysics is expected to yield new discoveries

during the next five years, particularly for underground deposits.

**26.1.2Mine Planning, Reserves and Geotechnical Investigations**

Key recommendations relating to the mine planning include completing:

• Extensional and infill drilling to further optimise capital infrastructure requirements

• Continue geotechnical investigations for WUG including data collection for crown pillar area,

footwall development and EG Vein areas, investigative drillholes for each ventilation shaft and

numerical modelling for both crown and pillar stability

• Material balance analysis for TSF construction options

• Willows waste rock stack design and construction methodologies provided by EGL

• Willows Portal boxcut and tunnel will be provided by PSM

• Ventilation Shaft 1 on Willows to be undertaken by PSM

• Mine equipment fleet and material handling optioneering

• Staged ventilation modelling and optimisation.

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**26.1.3Metallurgy and Processing**

The process plant flowsheet is effectively fixed and established on site. Ongoing future ores testwork

programs should continue to inform forecasting assumptions and identify (and address) potential risks

to production targets.

Infill drilling presents the opportunity to continue test work on available core samples to confirm

hardness and recovery estimates for any new Reserves that are defined. This should occur as

material becomes available to de-risk the use of existing throughput and recovery models.

**26.1.4Project Infrastructure**

Detailed design and execution works is planned for the services trench to join the Processing Plant to

Willows, the water treatment plant upgrade, and bulk earthworks for Willows. Geotechnical

investigations will continue to enable portal boxcut and waste rock stack detailed design, and the first

1.5 km of decline to Ventilation Shaft No.1.

A geotechnical borehole investigation will be conducted around the ridges to the east of the proposed

TSF3 and borrow pits to identify suitable materials for construction of the embankment and extent of

earthworks required.

Additional infrastructure design works includes:

• undertake drilling with man portable drill rig that does not require vegetation clearance to

identify near surface conditions favourable for construction of the ventilation shafts within the

Coromandel Forest Park

• confirming the methodology for construction of ventilation shafts with specialist contractors

• confirming the suitability of the proposed plant upgrade as metallurgical testwork and mine

schedule plans are updated

• completion of detailed design for the 33 kV buried powerline upgrade from Waikino and the

Baxter Road and Willows substations.

**26.1.5Environmental Study**

Continue collection of baseline data and refinement of an integrated hydrogeological and hydrological

model(s).

**26.1.6Permitting and Consenting**

As part of the proposed fast-track consent application, develop staged / separate groups of the WNP's

activities within the application to prioritise the processing of approvals for works relating to activities

that would be undertaken in the next two years, over the processing of those activities that will be

required later in the works program of the WNP. Specifically, exploration and geotechnical

investigations, Willows infrastructure, the services trench, and the Processing Plant to Willows access

tunnel.

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**26.2Recommended Work Program Costs**

The estimated costs for the next stage of Feasibility are shown in Table 26-1.

**Table 26-1: Recommended Work Program Costs**

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| | | |
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| **Area** | **Scope**  | **Cost ($ M)** |
| Geology and <br>Mineralization<br>| Geophysical survey, external reviews, drilling. | 3.4 |
| Mine Planning | Geotechnical drilling, Material balance study, FS Design <br>work.<br>| 1.9 |
| Tailings <br>Infrastructure<br>| Geotechnical drilling of eastern ridges, embankment, and <br>liner design. <br>| 0.2 |
| WUG supporting <br>surface <br>infrastructure<br>| Geotechnical drilling of portal and waste stack, detailed <br>design of waste stack and box cut / initial tunnel ground <br>support.<br>Detailed design of services trench.<br>| 3.0 |
| Power Supply | Complete license to occupy road reserve, early <br>commitment to long lead items including substation <br>transformer supply. <br>| 0.3 |
| Water Treatment | Geotechnical investigations for plant foundations.<br>Detailed design of WTP Upgrade and discharge.<br>| 1.1 |
| Mineral <br>Processing and <br>Metallurgical <br>Testing<br>| Test work to confirm metallurgical assumptions on ore <br>hardness and recovery for future ore sources. This will <br>support future Feasibility Studies and resource growth.<br>| 0.5 |
| Permitting | Legal support, consenting assessments and environment <br>and social performance. <br>| 3.9 |
| **Total $** |  | **14.2** |

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**27REFERENCES**

A. 2013 QEMSCAN Analysis of Samples from the Waihi District, New Zealand: Correnso.

Unpublished report. Universidad Catolica del Norte, Antofagasta, Chile.

Allwood, K. Geomodelling Limited 2024. Waihi MUG Resource Estimation Review. Unpublished

Memo to OceanaGold.

Barker, S., Hood, S., Hughes, R., Richards, S. 2019. The Lithogeochemical signatures of

hydrothermal alteration in the Waihi epithermal District, New Zealand. New Zealand Journal of

Geology and Geophysics, Vol 62, Issue 4.

Biggalow, J. 2015. Review of multielement geochemistry of Waihi drill data. Unpublished Internal

Review. Newmont.

Coote, A. 2011 Petrological Studies of Diamond Core from WKP029 and WKP030, of the WKP South

Project, Coromandel, New Zealand. Unpublished Report to Newmont Waihi Gold

De Veth, A. AMC Limited 2022. Report Waihi North – Mining Pre-Feasibility Study (GOP Block Model

Review Final Report). Unpublished Memo to OceanaGold.

De Veth, A. AMC Limited 2022. Report Waihi North – Mining Pre-Feasibility Study (MOP Block Model

Review Final Report). Unpublished Memo to OceanaGold.

GWS Limited 2012. Proposed Underground Mining Extensions – Waihi. Assessment of Groundwater

Inflows and Throughflows. Prepared for Newmont Waihi Gold.

Inglis R. 2013. Heterogeneity Study. Unpublished Internal Report, Newmont Waihi Gold.

Kirk, A. 2012. Geochemistry of Ore, Tailings and Waste Rock Assessment by URS New Zealand for

the Correnso Underground Mine (Newmont Waihi Gold).

Mauk J. 2009. Petrographic Examination of Samples from the Reptile North and Number Nine Veins,

Waihi. Unpublished Report to Newmont Waihi Gold.

Mauk, J.L., Hall, C.M., Barra, F., and Chesley, J.T., 2011, Punctuated evolution of a large epithermal

province: The Hauraki goldfield, New Zealand. Economic Geology, v. 106, p. 921–943.

McArthur, F. 2019 WKP SG Data Memo. Unpublished Internal Report. OceanaGold.

Meyer, N 2024 Dry Bulk Density Testing WKP, Unpublished Internal Report, OceanaGold.

Meyer, N. 2024 Dry Bulk Density Testing MOP5, Unpublished Internal Report, OceanaGold.

Rhys, DA. 2009 Observations, and exploration recommendations at Newmont exploration properties

Hauraki Goldfield. Unpublished Memo to Newmont Waihi Gold.

Rhys, DA. 2010 WKP prospect: review of exploration results with recommendations. Unpublished

Memo to Newmont Waihi Gold.

Rhys, DA. 2011 Observations of selected drill core from the WKP prospect (with WKP-30 information

added). Unpublished Memo to Newmont Waihi Gold.

Rhys, DA. 2011. Review of the Structural Setting of the Correnso Vein System, Waihi, New Zealand.

Unpublished Report to Newmont Waihi Gold.

Rhys, DA. 2017. Waihi District geology: continuing contributions to understanding structural setting

and zonation as applied to exploration and mining. Unpublished Memo to OceanaGold.

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Rhys, DA. 2020. Review of the core logging template for the Martha Underground Project.

Unpublished correspondence to OceanaGold.

Rhys, DA. 2020. Review of the structural controls of the WKP prospect. Unpublished Memo to

OceanaGold.

Richards, SD. 2019. Review of the WKP vein model using orientation data. Unpublished internal

validation.

Richards, SD. 2023. Review of the WKP vein model. Unpublished internal review.

Ross, KV. and Rhys, DA. 2011. Petrographic Study of Representative Samples from the Correnso

Vein System, Waihi District, New Zealand. Unpublished Report to Newmont Waihi Gold.

Simpson, M. 2012 SWIR report for drill holes WKP-24, WKP-27, and WKP-30, Wharekirauponga,

Southern Hauraki Goldfield. Unpublished Report to Newmont Waihi Gold.

Van de Ven, M. and Sterk R. RSC Limited 2020. Data Quality Review: Waihi Martha Underground

Project. Unpublished Memo to OceanaGold.

Van de Ven, M. and Sterk R. RSC Limited 2024. Draft Independent Technical Review of Mineral

Resources, Waihi North Project, NZ. Unpublished Memo to OceanaGold.

Vigour-Brown, W. 2019 Martha Underground SG Memo, Unpublished Internal Report. OceanaGold.

White, T. 2012 Correnso Dry Bulk Density Study. Unpublished Internal Report, Newmont Waihi Gold.

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**28GLOSSARY**

The Mineral Resources and Mineral Reserves have been classified according to CIM (CIM, 2014).

Accordingly, the Resources have been classified as Measured, Indicated, or Inferred, the Reserves

have been classified as Proven, and Probable based on the Measured and Indicated Resources as

defined below.

**28.1Mineral Resources**

A **Mineral Resource** is a concentration or occurrence of solid material of economic interest in or on

the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for

eventual economic extraction. The location, quantity, grade or quality, continuity and other geological

characteristics of a Mineral Resource are known, estimated or interpreted from specific geological

evidence and knowledge, including sampling.

An **Inferred Mineral Resource** is that part of a Mineral Resource for which quantity and grade or

quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is

sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral

Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and

must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred

Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An **Indicated Mineral Resource** is that part of a Mineral Resource for which quantity, grade or quality,

densities, shape and physical characteristics are estimated with sufficient confidence to allow the

application of Modifying Factors in sufficient detail to support mine planning and evaluation of the

economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable

exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity

between points of observation. An Indicated Mineral Resource has a lower level of confidence than

that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral

Reserve.

A **Measured Mineral Resource** is that part of a Mineral Resource for which quantity, grade or quality,

densities, shape, and physical characteristics are estimated with confidence sufficient to allow the

application of Modifying Factors to support detailed mine planning and final evaluation of the

economic viability of the deposit. Geological evidence is derived from detailed and reliable

exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity

between points of observation. A Measured Mineral Resource has a higher level of confidence than

that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be

converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

**28.2Mineral Reserves**

A **Mineral Reserve** is the economically mineable part of a Measured and/or Indicated Mineral

Resource. It includes diluting materials and allowances for losses, which may occur when the material

is mined or extracted and is defined by studies at Pre-feasibility or Feasibility level as appropriate that

include application of Modifying Factors. Such studies demonstrate that, at the time of reporting,

extraction could reasonably be justified.

The reference point at which Mineral Reserves are defined, usually the point where the ore is

delivered to the processing plant, must be stated. It is important that, in all situations where the

reference point is different, such as for a saleable product, a clarifying statement is included to ensure

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that the reader is fully informed as to what is being reported. The public disclosure of a Mineral

Reserve must be demonstrated by a Pre-feasibility Study or Feasibility Study.

A **Probable Mineral Reserve** is the economically mineable part of an Indicated Mineral Resource,

and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors

applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

A **Proven Mineral Reserve** is the economically mineable part of a Measured Mineral Resource. A

Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors.

**28.3Definition of Terms**

The following general mining terms may be used in this report.

**Table 28-1: Definition of Terms**

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| | |
|:---|:---|
| **Term** | **Definition**  |
| Assay | The chemical analysis of mineral samples to determine the metal content. |
| Capital Expenditure | All other expenditures not classified as operating costs. |
| Composite | Combining more than one sample result to give an average result over a larger <br>distance. <br>|
| Concentrate | A metal-rich product resulting from a mineral enrichment process such as <br>gravity concentration or flotation, in which most of the desired mineral has <br>been separated from the waste material in the ore. <br>|
| Crushing | Initial process of reducing ore particle size to render it more amenable for <br>further processing. <br>|
| Cut-off Grade (CoG) | The grade of mineralized rock, which determines as to whether or not it is <br>economic to recover its gold content by further concentration. <br>|
| Dilution | Waste, which is unavoidably mined with ore.  |
| Dip | Angle of inclination of a geological feature/rock from the horizontal.  |
| Fault | The surface of a fracture along which movement has occurred.  |
| Footwall | The underlying side of an orebody or stope.  |
| Gangue | Non-valuable components of the ore.  |
| Grade | The measure of concentration of gold within mineralized rock.  |
| Hanging wall | The overlying side of an orebody or slope.  |
| Haulage | A horizontal underground excavation which is used to transport mined ore.  |
| Hydrocyclone | A process whereby material is graded according to size by exploiting <br>centrifugal forces of particulate materials. <br>|
| Igneous | Primary crystalline rock formed by the solidification of magma.  |
| Kriging | An interpolation method of assigning values from samples to blocks that <br>minimizes the estimation error. <br>|
| Level | Horizontal tunnel the primary purpose is the transportation of personnel and <br>materials. <br>|
| Lithological | Geological description pertaining to different rock types.  |
| LoM Plans | Life-of-Mine plans.  |
| Material Properties | Mine properties.  |

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| **Term** | **Definition** |
| Milling | A general term used to describe the process in which the ore is crushed and <br>ground and subjected to physical or chemical treatment to extract the valuable <br>metals to a concentrate or finished product. <br>|
| Mineral/Mining Lease | A lease area for which mineral rights are held.  |
| Mining Assets | The Material Properties and Significant Exploration Properties.  |
| Ongoing Capital | Capital estimates of a routine nature, which is necessary for sustaining <br>operations. <br>|
| Ore Reserve | See Mineral Reserve.  |
| Paper Road | Unformed legal road that is undeveloped or partly formed but provides public <br>access to a particular area or feature. <br>|
| Pillar | Rock left behind to help support the excavations in an underground mine.  |
| RoM | Run-of-Mine.  |
| Sedimentary | Pertaining to rocks formed by the accumulation of sediments, formed by the <br>erosion of other rocks. <br>|
| Shaft | An opening cut downwards from the surface for transporting personnel, <br>equipment, supplies, ore and waste. <br>|
| Sill | A thin, tabular, horizontal to sub-horizontal body of igneous rock formed by the <br>injection of magma into planar zones of weakness. <br>|
| Smelting | A high temperature pyrometallurgical operation conducted in a furnace, in <br>which the valuable metal is collected to a molten matte or doré phase and <br>separated from the gangue components that accumulate in a less dense <br>molten slag phase. <br>|

| Stratigraphy | The study of stratified rocks in terms of time and space.  |
| Strike | Direction of line formed by the intersection of strata surfaces with the <br>horizontal plane, always perpendicular to the dip direction. <br>|
| Sulphide | A sulphur bearing mineral.  |
| Tailings | Finely ground waste rock from which valuable minerals or metals have been <br>extracted. <br>|
| Thickening | The process of concentrating solid particles in suspension.  |
| Total Expenditure | All expenditures including those of an operating and capital nature.  |
| Variogram | A statistical representation of the characteristics (usually grade).  |
| Waihi District | Includes Martha Underground (MUG), Martha Open Pit (MOP), Gladstone <br>Open Pit (GOP) and Wharekirauponga Underground (WUG).<br>|

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**28.4Abbreviations**

The following abbreviations may be used in this report.

**Table 28-2: Abbreviations**

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|:---|:---|
| Abbreviation | Definition  |
| AAS | Atomic absorption spectroscopy |
| AECOM | AECOM Pty Ltd |

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| Abbreviation | Definition  |
| AEP | Amenity Effects Program |
| Ag | silver |
| AMC | AMC Consultants |
| Analabs | Analabs Propriety Limited |
| ANCOLD | Means the Australian National Committee on Large Dams Inc., which is an <br>Australian based non-government, non-profit association of professional <br>practitioners and corporations with a profession interest in dams. ANCOLD is a <br>member of the International Commission on Large Dams (ICOLD) and <br>publishes international recognized guidelines for the sustainable development <br>and management of dams and water resources.<br>|
| ATV | Acoustic Televiewer |
| Au | gold |
| AuEq | gold equivalent |
| bcm | bank cubic metre(s) |
| BFA | bench face angles |
| Block model | is a computer-based representation of a deposit in which geological zones are <br>defined and filled with block which are assigned estimated values of grade and <br>other attributes. The purpose of the block model is to associate grades with the <br>volume model. <br>|
| BQ | is a reference to the ~ 60 mm diameter drill rods used to recover diamond drill <br>core.<br>|
| Bulk density  | is the dry in-situ tonnage factor used to convert volumes to tonnage.  |
| CIL | carbon in leach |
| CIM | the Canadian Institute of Mining, Metallurgy and Petroleum |
| CIM Standards | are the CIM Definitions Standards for Mineral Resources and Mineral <br>Reserves adopted by the CIM Council on 27<sup>th</sup> December 2010, for the <br>reporting of Mineral Resource, Mineral Reserve and Mining Studies used in <br>Canada. The Mineral Resource, Mineral Reserve and Mining Study definitions <br>are incorporated, by reference, into the NI 43-101, and from the basis for the <br>reporting of Reserves and Resources in the Technical Report. With triple listing <br>on the TSX, ASX and NZX. OceanaGold also reports in accordance with the <br>JORC Code and where necessary reconciles its reporting to ensure <br>compliance with both the CIM Standards and the JORC Code. <br>|
| CIP | carbon in pulp |
| CMA | Crown Minerals Act 1991 |
| cm | centimetre(s) |
| CRM | Certified Reference Material |
| CSR | corporate social responsibility |
| Cu | copper |
| cut-off grade | is the lowest grade value that is included in a Mineral Resource Statement, <br>being the lowest grade, or quality of mineralized material that has reasonable <br>prospect for eventual economic extraction. <br>|
| CVZ | Coromandel Volcanic Zone |
| DH | drill hole |

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| Abbreviation | Definition  |
| diamond drilling or DD | is a rotary drilling technique using diamond set or impregnated bits, to cut a <br>solid, continuous core sample of the rock.<br>|
| DOC | Department of Conservation |
| E | East |
| EDA | Exploration Data Analysis |
| EG | East Graben |
| EIS | Environmental Impact Assessment |
| ELB | Eastern Layback |
| EOM | end of month |
| EOY | end of year |
| EPCM | Engineering, Procurement and Construction Management |
| ESE | East Southeast |
| SEIA | Environmental and Social Impact Assessment |
| FAR | fresh air rise |
| Fe | iron |
| FTE | full-time employee(s) |
| FUFG | flotation and ultra-fine grind |
| FX | Foreign Exchange |
| g | gram(s) |
| G&A | general and administration |
| GHD | GHD Limited |
| GOP | Gladstone Open Pit |
| g/t | grams per metric tonne |
| GWS | GWS Limited Consulting |
| Ha | hectare(s) |
| HDC | Hauraki District Council |
| HDPE | high density polyethylene |
| Hg | mercury |
| HQ | is a reference to the ~ 96 mm diameter of drill rods used to recover diamond <br>drill core<br>|
| HR | hydraulic radii |
| ID2 | Inverse Distance weighting to the second power method |
| ID3 | Inverse Distance weighting to the third power method |
| IRA | inter-ramp angles |
| JK | JKTech Pty Ltd |
| kg | kilogram(s) |
| km | kilometre(s) |

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| Abbreviation | Definition  |
| km<sup>2</sup> | square kilometres(s). |
| koz | thousand troy ounces. |
| kt | thousand metric tonnes. |
| kV | kilovolts. |
| kWh | kilowatt hour(s) |
| kWh/t | kilowatt-hours per tonne |
| LG | Lerch Grossman |
| LHD | load haul dump machines |
| LHOS | long hole open stoping |
| LINZ | Land Information New Zealand |
| LoM | Life of mine |
| µm | micron or micrometre |
| m | metre(s) |
| M | million(s) |
| m<sup>3</sup> | cubic metre(s) |
| m<sup>3/</sup>h | cubic metres per hour |
| m/s | metres per second |
| Ma | million years |
| MEO | Mt Eden Old Cadastral grid |
| Metso | Metso Technology PTSI Pty Ltd |
| Mineralization  | the concentration of minerals in a body of rock |
| MLR | Multiple Linear Regression |
| mm | millimetre(s) |
| MOP | Martha Open Pit |
| MOP4 | Martha Open Pit Phase 4 |
| MOP5 | Martha Open Pit Phase 5 |
| Moz | million troy ounces |
| MP | Mining Permit |
| m RL | Reduced Level from mien datum |
| MSO | Mineable Stope Optimiser software |
| Mt | million metric tonnes |
| Mtpa | million tonnes per annum |
| MUG | Martha Underground |
| multiple indicator kriging | is a grade estimation technique |
| MW | megawatt(s) |
| N | North |

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| Abbreviation | Definition  |
| NAF | non-acid forming rock |
| NAPP | negative acid producing potential |
| NATA | National Association of Testing Authorities, the body which accredits <br>laboratories and inspection bodies within Australia. <br>|
| NE | Northeast |
| NI 43-101 | National Instrument 43-101 – Standards of Disclosure for Mineral Projects of <br>the Canadian Securities Administrators. <br>|
| NNE | North northeast |
| NPV | net present value |
| NQ | is a reference to the ~ 76 mm diameter drill rods used to recover diamond drill <br>core. <br>|
| NRS | Northern Rock Stack |
| NSR | net smelter return  |
| NW | Northwest |
| NZMG | New Zealand Map Grid |
| NZPAM | New Zealand Petroleum and Minerals |
| NZ$ | New Zealand Dollar |
| NZ$M | New Zealand Dollar Millions |
| NZTM | New Zealand Transverse Mercator |
| OceanaGold | means OceanaGold Corporation and/or any of its subsidiaries. |
| OCEANAGOLD or OGC | means OceanaGold Corporation |
| OEM | Original Equipment Manufacturer |
| OHPL | Overhead Power Line |
| ordinary kriging or OK | is a grade estimation technique |
| Outotec | Outotec Pty Ltd |
| oz | troy ounce (31.103477 grams) |
| PAF | potentially acid forming rock |
| Pb | lead |
| PEA | Preliminary Economic Assessment |
| PMP | Probable Maximum Precipitation storm event |
| polygonal method | is a grade estimation technique |
| ppb | parts per billion |
| ppm | parts per million |
| PPS | Polishing Ponds Stockpile |
| PQ | is a diamond tube size equivalent to 85 mm inside diameter |
| PFS | Preliminary Feasibility Study as defined under the CIM Standards  |
| PSM  | PSM Consultants Pty Ltd |

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| Abbreviation | Definition  |
| pXRF | portable X-ray fluorescence |
| Q1 | Quarter beginning 1 January and ending 31 March |
| Q2 | Quarter beginning 1 April and ending 30 June |
| Q3 | Quarter beginning 1 July and ending 30 September |
| Q4 | Quarter beginning 1 October and ending 31 December |
| QA/QC | quality assurance / quality control |
| Qualified Person or QP | as defined under the CIM Standards means and individual who is an engineer <br>or geoscientist with at least five years of experience in mineral exploration, <br>mine development or operation, or mineral project assessment, or any <br>combination of these; has experience relevant to the subject matter of the <br>mineral project and the Technical Report; and is a member or licensee in good <br>standing of a professional association. <br>|
| PLI | Point Load Index |
| RAB | rotary air blast |
| RAR | return air rise |
| RC | Reverse Circulation drilling |
| RMA | Resource Management Act 1991 |
| RMI | Rick Management Intercontinental Pty Ltd |
| ROM | Run-of-mine |
| RPS | Waikato Regional Policy Statement |
| RQD | Rock Quality Designation index of rock quality |
| S | South |
| SABC | SAG mill / Ball mill / pebble crusher |
| SAG | semi-autogenous grinding mill |
| SCSR | self-contained self-rescuer |
| SE | Southeast |
| SEDAR | System for Electronic Document Analysis and Retrieval (www.sedar.com) |
| SG | specific gravity |
| SGS | SGS Laboratory Waihi |
| SIA | Social Impact Assessment |
| SIMP | Social Impact Management Plan |
| SMU | selective mining unit |
| SRK | SRK Consulting Pty Ltd |
| SSC | Southern Stability Cut |
| STDEV | standard deviation |
| SW | Southwest |
| t | metric tonne (1,000 kilograms) |
| TCDC | Thames Coromandel District Council |

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| Definition  |
| Technical economic model |
| Waihi District |
| tonnes per cubic metre |
| tonnes per annum |
| tonnes per day |
| tonnes per month |
| Tailings Storage Facility |
| total suspended particulate |
| total suspended solids |
| Toronto Stock Exchange |
| Taupo Volcanic Zone |
| Uniaxial Compressive Strength |
| $United States dollars |
| United States Dollar Millions |
| Universal Transverse Mercator |
| Uniaxial Tensile Strength |
| West |
| Wharekirauponga |
| Waihi North Project |
| Waikato Regional Council |
| waste rock dump |
| Wharekirauponga Underground mine |
| weight |
| water treatment plant |
| x-ray fluorescence |
| zinc |
| three-dimensional |
| at |
| percent |
| degrees Celsius |

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APPENDICES

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APPENDIX A – CERTIFICATES OF QUALIFIED

PERSONS

**CERTIFICATE OF QUALIFIED PERSON**

I, David James Townsend, Assoc Deg (Surveying), GDip (Mining), MAusIMM CP(Min), do hereby certify

that:

1. I am the Manager of Mining at the Waihi Operation of OceanaGold Corporation ("**OceanaGold**"),

Suite 1020, 400 Burrard Street, Vancouver, British Columbia V6C 3A6.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report Waihi District Pre-

feasibility Study, New Zealand" dated December 11, 2024 with an effective date of June 30, 2024

(the "**Technical Report**").

3. I graduated with an Associate Degree in Spatial Science (Surveying) from the University of

Southern Queensland and a Graduate Diploma in Mining from the University of Ballarat. I am a

Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. I have

23 years of experience in technical, operational and management roles in underground epithermal

gold mines.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**Nl 43- 101**")

and certify that by reason of my education, affiliation with a professional/technical association, (as

defined in Nl 43-101) and past relevant work experience, I fulfill the requirements of a "qualified

person" for the purposes of Nl 43-101.

5. I last visited the Waihi Operations in December 2024.

6. I have been employed at the Waihi Operation by OceanaGold Corporation since 2015, and with

previous companies since 2006.

7. I am responsible for the preparation of Sections 1.6 - 1.7, 1.13, 15.1, 15.3, 16.1 - 16.2, 16.4, 25.4,

and 26 of the Technical Report that relate to the Martha Underground Mine (MUG).

8. I am not independent of the issuer applying all the tests in Section 1.5 of Nl 43-101 as I have been

a full-time employee of OceanaGold since 2015.

9. Prior to my employment with OceanaGold,I was employedatthe property with previous

companies.

10. I have read Nl 43-101 and Form 43-101F1and the sectionsofthe Technical Report I am

responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the

sections of the Technical Report I am responsible for contain all scientific and technical information

that is required to be disclosed to make the Technical Report not misleading.

**Dated: December 11, 2024**

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| *(Signed) "David Townsend"*  | *"Stamped"*  |
| **David James Townsend, Assoc Deg (Surveying), GDip (Mining), MausIMM CP(Min)** | **David James Townsend, Assoc Deg (Surveying), GDip (Mining), MausIMM CP(Min)** |

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**CERTIFICATE OF QUALIFIED PERSON**

I, Leroy Crawford-Flett, BCA/BSc (Management/Geology), MPM, MAusIMM CP (Geo), do hereby certify

that:

1. I am the Exploration and Geology Manager of OceanaGold Corporation ("**OceanaGold**"), Suite

1020, 400 Burrard Street, Vancouver, British Columbia V6C 3A6.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report Waihi District Pre-

feasibility Study, New Zealand" dated December 11, 2024 with an effective date of June 30, 2024

(the "**Technical Report**").

3. I have worked as an Exploration and Geology manager since 2024 and as a Geologist since

completion of a degree in Bachelor of Commerce and Administration in Management and a

Bachelor of Science in Geology from Victoria University, Wellington in 2009. I completed a Master

of Project Management specializing in Risk Management from Sydney University in 2015. I am a

Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy

(AusIMM) CP (Geo). I have 15 years of relevant experience in mine geology, resource development

and exploration roles in open pit and underground gold mines, including 9 years of experience in

interpretation, estimation, and evaluation of epithermal gold deposits.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**NI 43- 101**")

and certify that by reason of my education, affiliation with a professional/technical association, (as

defined in Nl 43-101) and past relevant work experience, I fulfill the requirements of a "qualified

person" for the purposes of Nl 43-101.

5. I last visited the Waihi Operations in December 2024.

6. I have been employed by OceanaGold or its subsidiaries since 2015 in a variety of roles.

7. I am responsible for the preparation of Sections 1.1 - 1.3, 1.5, 1.13, 2 – 4, 6 – 12, 14, 23 -24, 25.1 -

25.3, and 26 of the Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of Nl 43-101 as I have been

a full-time employee of OceanaGold since 2015.

9. I have had prior involvement with the property that is the subject of the Technical Report. The

nature of my prior involvement has been production geology and resource development since 2011.

10. I have read Nl 43-101 and Form 43-101F1 and the sections of the Technical Report I am

responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the

sections of the Technical Report I am responsible for contain all scientific and technical information

that is required to be disclosed to make the Technical Report not misleading.

**Dated: December 11, 2024**

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|:---|:---|
| *(Signed) "Leroy Crawford-Flett"*  | *"Stamped"* |
| **Leroy Crawford-Flett, BCA/BSc (Management/Geology), MPM, MAusIMM CP (Geo)** | **Leroy Crawford-Flett, BCA/BSc (Management/Geology), MPM, MAusIMM CP (Geo)** |

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**CERTIFICATE OF QUALIFIED PERSON**

I, Kirsty Hollis, BEng (Mineral Processing), MBA, FAusIMM CP (Met), do hereby certify that:

1. I am the Principal Metallurgist of OceanaGold Corporation ("**OceanaGold**"), Suite 1020, 400

Burrard Street, Vancouver, British Columbia V6C 3A6.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report Waihi District Pre-

Feasibility Study, New Zealand" dated December 11, 2024 with an effective date of June 30, 2024

(the "**Technical Report**").

3. I graduated with a Bachelor of Engineering in Mineral Processing from the University of Auckland in

1989. I am a Fellow and Chartered Professional of the Australasian Institute of Mining and

Metallurgy. I have worked as a metallurgist for a total of 36 years since my graduation from

university. My relevant experience includes flotation and leaching of gold ores, base metal flotation,

ultra-fine grinding, waste-water treatment, process plant design, project evaluation, studies and

plant commissioning.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**Nl 43- 101**")

and certify that by reason of my education, affiliation with a professional/technical association, (as

defined in Nl 43-101) and past relevant work experience, I fulfill the requirements of a "qualified

person" for the purposes of Nl 43-101.

5. I last visited the Waihi Operations in December 2024.

6. I have been employed by OceanaGold or its subsidiaries since 2020.

7. I am responsible for the preparation of Sections 1.4, 1.8, 1.13, 2, 13, 17, 18.4, 18.5, 25.5, 25.6, and

26 of the Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of Nl 43-101 as I have been

a full-time employee of OceanaGold since 2020.

9. Prior to my employment with OceanaGold, I had previous involvement with the property that is the

subject of the Technical Report. This was as a site employee in the roles of Senior Metallurgist and

Process Manager, from 2000 to 2011. The operation was owned by Newmont Corporation at the

time.

10. I have read Nl 43-101 and Form 43-101F1 and the sections of the Technical Report I am

responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the

sections of the Technical Report I am responsible for contain all scientific and technical information

that is required to be disclosed to make the Technical Report not misleading.

**Dated: December 11, 2024**

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|:---|:---|
| *(Signed) "Kirsty Hollis"*  | *"Stamped"*  |
| **Kirsty Hollis, BEng (Mineral Processing), MBA, FAusIMM CP (Met)** | **Kirsty Hollis, BEng (Mineral Processing), MBA, FAusIMM CP (Met)** |

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**CERTIFICATE OF QUALIFIED PERSON**

I, Euan Leslie, BEng Mining (Hons), BCom Economics, MAusIMM CP (Min), do hereby certify that:

1. I am the Group Mining Engineer of OceanaGold Corporation ("**OceanaGold**"), Suite 1020, 400

Burrard Street, Vancouver, British Columbia V6C 3A6.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report Waihi District Pre-

feasibility Study, New Zealand" dated December 11, 2024 with an effective date of June 30, 2024

(the "**Technical Report**").

3. I have worked as a Mining Engineer since my completion of a Bachelor of Engineering and a

Bachelor of Commerce from Curtin University, Western Australian School of Mines (WASM) in

2009. I am a member and Chartered Professional of the Australasian Institute of Mining and

Metallurgy (AusIMM) CP (Min). My relevant experience for the purpose of this technical report is

mining engineering which has covered exposure as an operator, shift supervisor, underground

manager and technical services manager including within hard rock operations involving longhole

open stoping, avoca with both paste and cemented rock backfill mining methods.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**Nl 43- 101**")

and certify that by reason of my education, affiliation with a professional/technical association, (as

defined in Nl 43-101) and past relevant work experience, I fulfill the requirements of a "qualified

person" for the purposes of Nl 43-101.

5. I last visited the Waihi Operations in December 2024.

6. I have been employed by OceanaGold or its subsidiaries since 2021 in a variety of roles.

7. I am responsible for the preparation of Sections 1.6, 1.7, 1.13, 2 – 3, 15.2, 15.3, 16.3, 16.4, 25.4,

and 26 of the Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of Nl 43-101 as I have been

a full-time employee of OceanaGold since 2021.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the

subject of the Technical Report.

10. I have read Nl 43-101 and Form 43-101F1 and the sections of the Technical Report I am

responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the

sections of the Technical Report I am responsible for contain all scientific and technical information

that is required to be disclosed to make the Technical Report not misleading.

**Dated: December 11, 2024**

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| *(Signed) "Euan Leslie"*  | *"Stamped"*  |
| **Euan Leslie, BEng Mining (Hons), BCom Economics, MAusIMM CP (Min)** | **Euan Leslie, BEng Mining (Hons), BCom Economics, MAusIMM CP (Min)** |

---

**CERTIFICATE OF QUALIFIED PERSON**

I, Trevor Maton, ARSM, BSc. (Eng) Mining (Hons), MSc. Economics MAusIMM CP (Min), do hereby

certify that:

1. I am the Study Director of OceanaGold Corporation ("**OceanaGold**"), Suite 1020, 400 Burrard

Street, Vancouver, British Columbia, V6C 3A6.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report Waihi District Pre-

feasibility Study, New Zealand" dated December 11, 2024, with an effective date of June 30, 2024

(the "**Technical Report**").

3. I have worked as a Study Director since 2010. I graduated with a degree in BSc Eng (Hons) Mining

Engineering from the University of London in 1981 and Associateship of the Royal School of Mines

from Imperial College in 1982. I graduated with a MSc. in Mineral Economics from Curtin

University, Western Australia in 2002. I have also held first class mine managers certificates of

competence in metalliferous mining from Queensland, Australia, and New Zealand. I am a member

and Chartered Professional of the AusIMM. I have worked as a miner, shift supervisor, foreman,

mining engineer, consulting engineer, mining manager, study director for a total of 39 years, in

open pit and underground mining operations throughout Australia, New Zealand, England, South

America, Africa and the USA. Commodities include gold, silver, bauxite, coal, fluorspar, copper,

lead, and zinc.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**Nl 43- 101**")

and certify that by reason of my education, affiliation with a professional/technical association, (as

defined in Nl 43-101) and past relevant work experience, I fulfill the requirements of a "qualified

person" for the purposes of Nl 43-101.

5. I last visited the Waihi Operations in December 2024.

6. I have been employed by OceanaGold or its subsidiaries since 2016 as Study Director.

7. I am responsible for the preparation of Sections 1.9 – 1.13, 2, 3, 5, 18 – 22, 24, 25.6 - 25.8 and 26

of the Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of Nl 43-101 as I have been

a full-time employee of OceanaGold since 2016.

9. I have had prior involvement with the property that is the subject of the Technical Report. The

nature of my prior involvement has been geotechnical engineering, mine planning, environmental

studies, and mine design with the project since 2003.

10. I have read Nl 43-101 and Form 43-101F1 and the sections of the Technical Report I am

responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the

sections of the Technical Report I am responsible for contain all scientific and technical information

that is required to be disclosed to make the Technical Report not misleading.

**Dated: December 11, 2024**

---

| | |
|:---|:---|
| *(Signed) "Trevor Maton"*  | *"Stamped"* |
| **Trevor Maton, ARSM, BSc. (Eng) Mining (Hons), MSc. Economics, MAusIMM CP (Min)** | **Trevor Maton, ARSM, BSc. (Eng) Mining (Hons), MSc. Economics, MAusIMM CP (Min)** |

---

## Exhibit 99.61

**Exhibit 99.61**

![logo.jpg](logo.jpg)

NI 43-101 Technical Report

Haile Gold Mine

Lancaster County, South Carolina

Effective Date: Dece**mber 31, 2025**

**Report Date: March 27, 2026**

**Report Prepared by:**

**OCEANA**GOLD

Suite 1020, 400 Burrard Street

Vancouver, BC V6C 3A6

Canada

**Signed by Qualified Persons:** 

David Carr, Beng Metallurgical (Hons), MAusIMM (CP), (OceanaGold Head of Metallurgy)

Gregory Hollett, BEng (Mining Engineering), P.Eng (EGBC), (OceanaGold Head of Mine Engineering)

Brianna Drury, BSc Mining Engineering, RM-SME (OceanaGold Underground Engineering Superintendent)

Jonathan Moore, BSc Geology (Hons), MAusIMM (CP), (OceanaGold Head of Resource Development)

Douglas Corley, BSc Geology (Hons), MAIG (RPGeo), (OceanaGold Principal Geologist, Resource Development)

Larry Standridge, PE, MSE Geotechnical, (Call & Nicholas Principal Engineer, Geotechnical Engineer)

Robert Cook, PE, RM-SME, (Call & Nicholas Principal II Geological Engineer)

Jay Newton Janney-Moore, PE, RM-SME (NewFields Senior Project Manager I)

William Lucas Kingston, MSc, PG, RM-SME, Hydrogeology & Groundwater Management, (NewFields Senior Hydrogeologist)

Brooke J. Miller, MSc., CPG (SRK Principal Consultant, Geology)

![coverlogoa.jpg](coverlogoa.jpg)<br>

------

NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Cautionary Note Regarding Forward-Looking Statements**

This report contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to: future financial and operating performance; cash flow forecasts; projected capital, operating and exploration expenditures; targeted cost reductions; mine life and production rates; potential mineralization and metal or mineral recoveries; information pertaining to potential improvements to financial and operating performance and mine life at the Haile Gold Mine; future metals prices; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserves and Mineral Resources estimates; costs of production; costs and timing of the development of new deposits; costs and timing of future exploration and drilling programs; timing of filing of updated technical information; requirements for additional capital; governmental regulation of mining operations and exploration operations; timing and receipt of approvals; consents and permits under applicable legislation; environmental risks; title disputes or claims; and the timing and possible outcome of current and pending litigation and regulatory matters. All statements in this report that address events or developments that OceanaGold Corporation ("OceanaGold") expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause OceanaGold's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: the risk of not achieving OceanaGold's production estimates, forecasts or Guidance; inaccuracy of Mineral Reserves, Mineral Resources and operating and capital cost estimates; the actual results of current and future production, development and/or exploration activities; possible variations of ore grade, metallurgy or recovery rates; changes in mine plans, project parameters or assumptions as plans continue to be refined; delays in, or inability to complete, development or construction or expansion activities or to re-commence or sustain operations as planned; failures or underperformance of plant, equipment, infrastructure or processes; geotechnical risks or events, including open pit wall stability, crown pillar failure, land subsidence and tailings dam failures; challenges associated with effective water management; environmental, health and safety and climate-related risks; risks related to community acceptance, stakeholder engagement and social licence to operate; competition for mineral properties and other growth opportunities; legal and regulatory challenges to current and future permits, certifications, approvals or licences; adverse judicial, regulatory or governmental decisions; delays in, or inability to obtain, financing or governmental approvals on acceptable terms; changes in laws, regulations, taxation regimes, regulated accounting standards or their interpretation or application; the risks associated with operating in foreign jurisdictions, including political instability, changes in policy or law, civil unrest or conflict; fluctuations in the prices of gold, copper and silver; general business, economic and market conditions (including changes in global, national or regional financial, credit, currency or

Released: March 27, 2026 Page 2 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

securities markets); changes or developments in global, national or regional political and social conditions; fluctuations in foreign exchange rates, including the value of the U.S. dollar relative to the Canadian dollar, the New Zealand dollar or the Philippine peso; inflationary pressure; labour availability, retention and turnover; accidents, labour disputes and other operational risks of the mining industry; limitations of insurance coverage or uninsured risks; the conclusions of economic evaluations, studies and models; and those other factors identified and described in more detail in the section entitled "Risk Factors" contained in OceanaGold's most recent Annual Information Form and OceanaGold's other filings with Canadian securities regulators, which are available under OceanaGold's profile on SEDAR+ at sedarplus.com and on OceanaGold's website at oceanagold.com. The list is not exhaustive of the factors that may affect OceanaGold's forward-looking statements.

OceanaGold's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to our ability to carry on current and future operations, including: exploration and development activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; our ability to meet or achieve guidance, estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary approvals, permits or certifications; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

OceanaGold's forward-looking statements are based on the opinions and estimates of OceanaGold management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. OceanaGold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities OceanaGold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

Released: March 27, 2026 Page 3 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table of Contents**

---

| | | | |
|:---|:---|:---|:---|
| 1 | Summary | Summary | 19 |
|  | 1.1 | Property Description, Location, Access and Ownership | 19 |
|  | 1.2 | History | 19 |
|  | 1.3 | Geological Setting, Mineralization and Deposit Types | 20 |
|  | 1.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;Geology | 20 |
|  | 1.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;Mineralization and Deposit Types | 20 |
|  | 1.4 | Mineral Permits and Regulatory Matters | 21 |
|  | 1.5 | Exploration | 22 |
|  | 1.6 | Drilling | 22 |
|  | 1.7 | Sampling, Analysis and Data Verification | 22 |
|  | 1.8 | Mineral Processing and Metallurgical Testing | 23 |
|  | 1.9 | Mineral Resources Estimate | 24 |
|  | 1.9.1 | &nbsp;&nbsp;&nbsp;&nbsp;Combined Open Pit and Underground Resource Estimate | 25 |
|  | 1.10 | Mineral Reserve Estimate | 27 |
|  | 1.10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Pit Mineral Reserves Estimate | 27 |
|  | 1.10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground Mineral Reserves Estimate | 28 |
|  | 1.10.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Combined Open Pit and Underground Reserves Estimate | 30 |
|  | 1.11 | Mining Methods | 32 |
|  | 1.11.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Pit Mining Methods | 32 |
|  | 1.11.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground Mining Methods | 34 |
|  | 1.11.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Combined OP and UG Production Schedule | 34 |
|  | 1.12 | Processing and Recovery Methods | 36 |
|  | 1.13 | Infrastructure | 37 |
|  | 1.14 | Environment Studies and Permitting | 38 |
|  | 1.15 | Capital and Operating Costs | 38 |
|  | 1.16 | Economic Analysis | 40 |
|  | 1.17 | Conclusions and Recommendations | 41 |
|  | 1.17.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conclusions | 41 |
|  | 1.17.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recommendations | 42 |

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| | | | |
|:---|:---|:---|:---|
| 2 | Introduction | Introduction | 43 |
|  | 2.1 | Sources of Information and Data | 43 |
|  | 2.2 | Qualifications of Consultants | 43 |
|  | 2.3 | Site Visits and Scope of Personal Inspection | 44 |
|  | 2.4 | Units of Measure | 45 |
|  | 2.5 | Effective Date | 45 |
| 3 | Reliance on Other Experts | Reliance on Other Experts | 46 |
| 4 | Property Description and Location | Property Description and Location | 47 |
|  | 4.1 | Property Location | 47 |
|  | 4.2 | Ownership | 49 |
| 5 | Accessibility, Climate, Local Resources, Infrastructure and Physiography | Accessibility, Climate, Local Resources, Infrastructure and Physiography | 50 |
|  | 5.1 | Accessibility | 50 |
|  | 5.2 | Climate | 50 |
|  | 5.3 | Local Resources and Infrastructure | 50 |
|  | 5.4 | Physiography | 50 |
|  | 5.5 | Infrastructure Availability and Sources | 51 |
| 6 | History | History | 52 |
| 7 | Geological Setting and Mineralization | Geological Setting and Mineralization | 54 |
|  | 7.1 | Regional Geology | 54 |
|  | 7.2 | Local Geology | 56 |
|  | 7.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Lithology | 56 |
|  | 7.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;Structure | 61 |
|  | 7.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;Mineralization and Alteration | 63 |
| 8 | Deposit Types | Deposit Types | 65 |
|  | 8.1 | Haile Genetic Model | 65 |
|  | 8.2 | Haile Geological Model | 66 |
| 9 | Exploration | Exploration | 67 |
|  | 9.1 | Pre-Romarco | 67 |
|  | 9.2 | Romarco | 67 |
|  | 9.3 | OceanaGold | 67 |
|  | 9.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;Geologic Mapping and Surface Sampling | 68 |

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| | | | |
|:---|:---|:---|:---|
| | 9.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;Geophysics | 68 |
| 10 | &nbsp;&nbsp;&nbsp;Drilling | &nbsp;&nbsp;&nbsp;Drilling | 70 |
|  | 10.1 | Type and Extent | 70 |
|  | 10.2 | Sample Collection | 71 |
|  | 10.3 | Collar Locations and Downhole Surveys | 72 |
| 11 | &nbsp;&nbsp;&nbsp;Sample Preparation, Analyses and Security | &nbsp;&nbsp;&nbsp;Sample Preparation, Analyses and Security | 74 |
|  | 11.1 | Sample Preparation for Analysis | 74 |
|  | 11.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Off-Site Sample Preparation | 75 |
|  | 11.2 | Sample Analysis | 76 |
|  | 11.3 | Check Assays | 76 |
|  | 11.4 | Quality Assurance/Quality Control Procedures | 76 |
|  | 11.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certified Reference Material | 76 |
|  | 11.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blanks | 77 |
|  | 11.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duplicates | 77 |
|  | 11.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actions and Results | 77 |
|  | 11.5 | Opinion on Adequacy (Security, Sample Preparation, Analysis) | 77 |
| 12 | &nbsp;&nbsp;&nbsp;Data Verification | &nbsp;&nbsp;&nbsp;Data Verification | 79 |
|  | 12.1 | Data Validation of Pre-Romarco Holes | 79 |
|  | 12.2 | Verification of Romarco and OceanaGold Data | 79 |
|  | 12.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romarco Data Verification | 80 |
|  | 12.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horseshoe Data Verification 2016 | 80 |
|  | 12.3 | Haile QA/QC ALS July 2017- December 2025 | 81 |
|  | 12.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 2017 to December 2025 CRM Performance | 81 |
|  | 12.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contamination Monitoring | 85 |
|  | 12.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Data Adequacy | 85 |
| 13 | &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | &nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 86 |
|  | 13.1 | Testing and Procedures | 87 |
|  | 13.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comminution | 87 |
|  | 13.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Throughput Estimate Assumptions | 93 |
|  | 13.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flotation and Cyanidation | 94 |
|  | 13.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sample Representativeness | 105 |

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| | | | |
|:---|:---|:---|:---|
| | 13.2 | Palomino Deposit | 106 |
| | 13.3 | Ledbetter Underground Deposit | 112 |
| | 13.4 | Recovery Estimate Assumptions | 120 |
| 14 | &nbsp;&nbsp;&nbsp;Mineral Resource Estimates | &nbsp;&nbsp;&nbsp;Mineral Resource Estimates | 122 |
|  | 14.1 | Drillhole Database | 122 |
|  | 14.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data Cut-Off Date – Mineral Resource Models | 123 |
|  | 14.2 | Geologic Model Concepts | 123 |
|  | 14.3 | Lithology | 124 |
|  | 14.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicification | 125 |
|  | 14.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pyrite | 125 |
|  | 14.4 | Domaining | 125 |
|  | 14.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | 125 |
|  | 14.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver | 126 |
|  | 14.5 | Compositing | 127 |
|  | 14.6 | Top-Capping | 128 |
|  | 14.7 | Bulk Density | 128 |
|  | 14.8 | Mineral Resource – Open Pit | 128 |
|  | 14.8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Model | 130 |
|  | 14.8.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimation Methodology | 131 |
|  | 14.8.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Pit Geometallurgical Model | 131 |
|  | 14.9 | Mineral Resource - Horseshoe Underground | 132 |
|  | 14.9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Model | 133 |
|  | 14.9.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimation Methodology | 134 |
|  | 14.10 | Mineral Resource - Palomino Underground | 134 |
|  | 14.10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Model | 135 |
|  | 14.10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimation Methodology | 136 |
|  | 14.11 | Mineral Resource – Ledbetter Underground | 137 |
|  | 14.11.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block Model | 139 |
|  | 14.11.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimation Methodology | 140 |
|  | 14.11.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ledbetter Underground Geometallurgical Model | 140 |
|  | 14.12 | Open Pit and Underground Resource Classification | 141 |

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| | | | |
|:---|:---|:---|:---|
| | 14.13 | Open Pit and Underground Model Validation | 141 |
| | 14.13.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Pit and Underground Model Reconciliation | 145 |
| | 14.13.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Pit and Underground Model Reviews | 146 |
| | 14.13.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Pit and Underground Combined Mineral Resource Statement | 148 |
| | 14.14 | Relevant Factors | 149 |
| 15 | &nbsp;&nbsp;&nbsp;Mineral Reserve Estimates | &nbsp;&nbsp;&nbsp;Mineral Reserve Estimates | 150 |
|  | 15.1 | Open Pit Mineral Reserve Estimate | 150 |
|  | 15.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | 150 |
|  | 15.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion Assumptions, Parameters and Methods | 150 |
|  | 15.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve Estimate | 151 |
|  | 15.2 | Underground Mineral Reserve Estimate | 153 |
|  | 15.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | 153 |
|  | 15.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion Assumptions, Parameters and Methods | 154 |
|  | 15.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve Estimate | 155 |
|  | 15.3 | Open Pit and Underground Combined Reserves Statement | 156 |
| 16 | &nbsp;&nbsp;&nbsp;Mining Methods | &nbsp;&nbsp;&nbsp;Mining Methods | 158 |
|  | 16.1 | Open Pit Mining Methods | 158 |
|  | 16.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current or Proposed Mining Methods | 158 |
|  | 16.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geotechnical | 159 |
|  | 16.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimization | 165 |
|  | 16.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ledbetter Open pit vs Underground Study | 169 |
|  | 16.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Design | 171 |
|  | 16.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overburden/Geochemical | 172 |
|  | 16.1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Production Schedule | 177 |
|  | 16.1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining Fleet and Requirements | 182 |
|  | 16.1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Pit Mine Dewatering | 183 |
|  | 16.2 | Underground Mining Methods | 184 |
|  | 16.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cut-off Grade Calculations | 184 |
|  | 16.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground Geotechnical | 185 |
|  | 16.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Design | 199 |
|  | 16.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geochemical Classification | 201 |

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| | | | |
|:---|:---|:---|:---|
| | 16.2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining Operations | 202 |
| | 16.2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOM Production Schedule | 204 |
| | 16.2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine Equipment | 207 |
| | 16.2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydrogeology and Mine Dewatering | 207 |
| | 16.3 | Combined Production Schedule | 208 |
| 17 | &nbsp;&nbsp;&nbsp;Recovery Methods | &nbsp;&nbsp;&nbsp;Recovery Methods | 210 |
|  | 17.1 | Processing Methods | 210 |
|  | 17.2 | Processing Flowsheet | 213 |
|  | 17.3 | Operational Results | 213 |
|  | 17.4 | Processing Schedule and Unit Costs | 217 |
|  | 17.5 | Contact Water Treatment Plant | 219 |
|  | 17.6 | Concentrate Leach Circuit Upgrade | 219 |
| 18 | &nbsp;&nbsp;&nbsp;Project Infrastructure | &nbsp;&nbsp;&nbsp;Project Infrastructure | 221 |
|  | 18.1 | Tailing Storage Facility | 221 |
|  | 18.2 | Overburden Storage | 224 |
|  | 18.3 | Potential Acid Generating (PAG) Overburden Storage Areas | 224 |
|  | 18.4 | Site Wide Water Management | 226 |
|  | 18.5 | Site Wide Water Balance | 228 |
|  | 18.6 | Water Supply | 229 |
|  | 18.7 | Surface roads and Bridges | 229 |
|  | 18.8 | Underground Surface Infrastructure | 229 |
|  | 18.9 | Power Supply | 231 |
| 19 | &nbsp;&nbsp;&nbsp;Market Studies and Contracts | &nbsp;&nbsp;&nbsp;Market Studies and Contracts | 232 |
| 20 | &nbsp;&nbsp;&nbsp;Environmental Studies, Permitting, and Social or Community Impact | &nbsp;&nbsp;&nbsp;Environmental Studies, Permitting, and Social or Community Impact | 234 |
|  | 20.1 | Required Permits and Status | 237 |
|  | 20.2 | Environmental Studies | 237 |
|  | 20.3 | Environmental Bond | 237 |
| 21 | &nbsp;&nbsp;&nbsp;Capital and Operating Costs | &nbsp;&nbsp;&nbsp;Capital and Operating Costs | 238 |
|  | 21.1 | Capital Expenditure Estimates | 238 |
|  | 21.2 | Operating Cost Estimates | 238 |

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| | | | |
|:---|:---|:---|:---|
| 22 | &nbsp;&nbsp;&nbsp;Economic Analysis | &nbsp;&nbsp;&nbsp;Economic Analysis | 240 |
|  | 22.1 | Principal Assumptions and Input Parameters | 240 |
|  | 22.2 | Taxes, Royalties and Other Interests | 241 |
|  | 22.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation | 241 |
|  | 22.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalties | 241 |
|  | 22.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing Costs | 242 |
|  | 22.3 | Pricing Model Results – Reserves Case | 242 |
|  | 22.4 | Sensitivity Analysis | 244 |
|  | 22.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operational Sensitivity | 244 |
|  | 22.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold Price Sensitivity | 244 |
|  | 22.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount Rate Sensitivity | 245 |
|  | 22.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative Pricing Model Result | 246 |
| 23 | &nbsp;&nbsp;&nbsp;Adjacent Properties | &nbsp;&nbsp;&nbsp;Adjacent Properties | 247 |
|  | 23.1 | Ridgeway Mine | 248 |
|  | 23.2 | Brewer Mine | 248 |
|  | 23.3 | Barite Hill Mine | 249 |
| 24 | &nbsp;&nbsp;&nbsp;Other Relevant Data and Information | &nbsp;&nbsp;&nbsp;Other Relevant Data and Information | 250 |
| 25 | &nbsp;&nbsp;&nbsp;Interpretation and Conclusions | &nbsp;&nbsp;&nbsp;Interpretation and Conclusions | 251 |
|  | 25.1 | Geology and Mineralization | 251 |
|  | 25.2 | Resource Estimation | 251 |
|  | 25.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Pit | 251 |
|  | 25.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground | 252 |
|  | 25.3 | Status of Exploration, Development and Operations | 252 |
|  | 25.4 | Mining Reserves | 252 |
|  | 25.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Pit | 253 |
|  | 25.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underground | 253 |
|  | 25.5 | Mineral Processing and Metallurgical Testing | 254 |
|  | 25.6 | Recovery Methods | 254 |
|  | 25.7 | Project Infrastructure | 255 |
|  | 25.8 | Environmental Studies and Permitting | 255 |
|  | 25.9 | Economic Analysis | 255 |

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|:---|:---|:---|:---|
| 26 | &nbsp;&nbsp;&nbsp;Recommendations | &nbsp;&nbsp;&nbsp;Recommendations | 257 |
|  | 26.1 | Recommended Work Programs | 257 |
|  | 26.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration | 257 |
|  | 26.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resource Estimation | 257 |
|  | 26.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Status of Exploration; Development and Operations | 257 |
|  | 26.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining and Reserves | 258 |
|  | 26.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical Testing | 258 |
|  | 26.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Infrastructure | 258 |
|  | 26.1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Study Results | 259 |
|  | 26.1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Analysis | 259 |
|  | 26.2 | Recommended Work Program Costs | 259 |
| 27 | &nbsp;&nbsp;&nbsp;References | &nbsp;&nbsp;&nbsp;References | 261 |
| 28 | &nbsp;&nbsp;&nbsp;Glossary | &nbsp;&nbsp;&nbsp;Glossary | 266 |
|  | 28.1 | Mineral Resources | 266 |
|  | 28.2 | Mineral Reserves | 266 |
|  | 28.3 | Definition of Terms | 267 |
|  | 28.4 | Abbreviations | 269 |

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Tables

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| | | |
|:---|:---|:---|
| Table 1-1:  | Haile Open Pit and Underground Resource Statement as of December 31, 2025 | 26 |
| Table 1-2:  | Haile Open Pit Mineral Reserves Estimate as of December 31, 2025 | 28 |
| Table 1-3:  | Haile Underground Reserves Estimate as of December 31, 2025 | 30 |
| Table 1-4:  | OP and UG Reserve Statement for Haile Gold Mine as of December 31, 2025 | 31 |
| Table 1-5:  | Major Equipment Required to Achieve the Mine Schedule | 33 |
| Table 1-6:  | Haile Underground Annual Production | 34 |
| Table 1-7:  | Combined OP and UG Mining Production and Processing Schedule | 35 |
| Table 1-8:  | Total Capital Expenditure Summary (US$000's) | 39 |
| Table 1-9:  | LoM Operating Cost Summary | 39 |
| Table 1-10:  | LoM Indirect Costs Summary | 40 |
| Table 1-11:  | Indicative Economic Results | 41 |

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|:---|:---|:---|
| Table 2-1:  | Site Visit Participants | 45 |
| Table 7-1:  | Geological Summary of Major Gold Deposits of SE USA | 56 |
| Table 10-1:  | Haile Drilling Campaigns by Year, Owner and Lab | 71 |
| Table 13-1:  | Bond Ball Mill Work Indices for Haile Samples | 87 |
| Table 13-2:  | Bond Rod and Ball Mill Work Indices for Haile Composite | 88 |
| Table 13-3:  | Rod and Ball Mill Work Indices for Ledbetter Extension Samples | 88 |
| Table 13-4:  | Rod and Ball Mill Work and Abrasion Indices for Horseshoe Samples | 88 |
| Table 13-5:  | ALS Comminution Tests on Horseshoe Samples | 89 |
| Table 13-6:  | ALS Comminution Tests on Mill Zone Pit Samples | 89 |
| Table 13-7:  | ALS Comminution Test Results for 2018 Infill Sample Program | 90 |
| Table 13-8:  | SGS Comminution Test Results for 2022 Variability Program | 91 |
| Table 13-9:  | Geopyora Competency Test Results | 93 |
| Table 13-10:  | RDi Whole-Ore Leach Test Results | 95 |
| Table 13-11:  | Flotation Test Results – Averages by Grind | 95 |
| Table 13-12:  | Flotation Test Results Average by Grade and Grind | 96 |
| Table 13-13:  | Flotation Tailing Leach Test Results Average by Grade and Grind | 97 |
| Table 13-14:  | Leaching Tests Conducted on the Flotation Concentrates and Flotation Tailings .100 Table 13-15: Gold Recovery by Ore Zone and Ore Grade | 99 |
| Table 13-16:  | CIL Test Results for Fine Ground Flotation Concentrate | 101 |
| Table 13-17:  | Tests Results for Composites from Mill Zone and Snake Areas | 102 |
| Table 13-18:  | Test Results for Horseshoe Samples | 103 |
| Table 13-19  | Test Results for Horseshoe Samples | 104 |
| Table 13-20:  | Palomino Metallurgical Composite Plan | 106 |
| Table 13-21:  | Palomino Competency Testing Results | 107 |
| Table 13-22:  | Geochemical Analysis of Palomino Composites | 109 |
| Table 13-23:  | Palomino Leach Test Results | 111 |
| Table 13-24:  | Ledbetter Underground Lobe 1 Sample Distribution | 113 |
| Table 13-25:  | Ledbetter Underground Prefeasibility Program Sample Source Summary | 114 |
| Table 13-26:  | Geochemical Analysis of Ledbetter Underground Composites | 115 |
| Table 13-27:  | Ledbetter Underground First Round Recovery Results | 116 |
| Table 13-28:  | Ledbetter Underground Second Round Recovery Results | 117 |

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|:---|:---|:---|
| Table 13-29:  | Ledbetter Underground Third Round Recovery Results | 118 |
| Table 14-1:  | Data Cut-Off Dates for Resource Models | 123 |
| Table 14-2:  | Hard Boundaries Au Domain Thresholds | 125 |
| Table 14-3:  | Assigned Lithological Bulk Density Values | 128 |
| Table 14-4:  | Haile Open Pit Indicator Gold Class Thresholds and Means | 130 |
| Table 14-5:  | HA0725OLM_V6 Block Model Dimensions | 131 |
| Table 14-6:  | Horseshoe UG 3m composite Statistics Comparison by Domain | 133 |
| Table 14-7:  | Block Model Dimensions and Origin | 133 |
| Table 14-8:  | Palomino UG Basic Statistics for 3 m Composites by Domain | 135 |
| Table 14-9:  | Palomino Block Model Dimensions and Origin | 136 |
| Table 14-10:  | Ledbetter UG Basic Statistics for 3 m Au Composites by Domain | 139 |
| Table 14-11:  | Ledbetter UG Basic Statistics for 3 m Ag Composites (Based Only on Actual Ag Data) by Ag Domains | 139 |
| Table 14-12:  | Ledbetter UG Basic Statistics for 3 m Ag Composites (Based on Actual and Simulated Ag Data) by Ag Domains | 139 |
| Table 14-13:  | Block Model Dimensions and Origin Setup | 140 |
| Table 14-14:  | Haile Open Pit and Underground Resource classification Criteria | 141 |
| Table 14-15:  | Open Pit Resource Model Reconciliation | 146 |
| Table 14-16:  | Underground Resource Model Reconciliation | 146 |
| Table 14-17:  | Haile Open Pit and Underground Resource Statement as of December 31, 2025 .145 Table 15-1: Pit Optimization Parameters | 148 |
| Table 15-2:  | Haile Open Pit Mineral Reserves Estimate as of December 31, 2025 | 152 |
| Table 15-3:  | Dilution ELOS Assumptions | 154 |
| Table 15-4:  | Mine Design Dilution Factors | 155 |
| Table 15-5:  | Haile Underground Reserves Estimate as of December 31, 2025 | 156 |
| Table 15-6:  | Combined Reserve Statement for OceanaGold's Haile Gold Mine as of December 31, 2025 | 157 |
| Table 16-1:  | ISA Recommendations for Near Surface Materials | 162 |
| Table 16-2:  | Mill Zone ISA Recommendations for Metasediments and Diabase Dikes | 162 |
| Table 16-3:  | Mill Zone ISA Recommendations for Metavolcanics | 163 |
| Table 16-4:  | ISA Recommendations for Metasediments and Diabase Dikes – Snake, Haile, and Ledbetter Pits | 163 |
| Table 16-5:  | ISA Recommendations for Metavolcanics – Snake, Haile, and Ledbetter Pits | 164 |

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| Table 16-6:  | Summary of Rock Mass Properties | 164 |
| Table 16-7:  | Pit Optimization Parameters | 166 |
| Table 16-8:  | Optimization Results for Selected Shell on US$44 Gold Price Increments | 168 |
| Table 16-9:  | Overburden Classification at Haile | 175 |
| Table 16-10:  | Cut-off Grade Calculation | 177 |
| Table 16-11:  | Tonnage and Grade Multipliers for Application of Mining Dilution and Ore Recovery | 178 |
| Table 16-12:  | Phase Inventory (1/1/2026 to End of Mine Life) | 179 |
| Table 16-13:  | Open Pit Production Summary | 180 |
| Table 16-14:  | LoM Yearly Bench Sinking Rates (10 m bench equivalents) | 181 |
| Table 16-15:  | Factors in Estimation of Potential Operating Hours for a Typical Year | 182 |
| Table 16-16:  | Major Equipment Required to Achieve the Mine Schedule | 183 |
| Table 16-17:  | Underground Cut-off Grade Calculation | 184 |
| Table 16-18:  | Drillhole Data Used in Underground Geotechnical Block Models | 185 |
| Table 16-19:  | In Situ Stress Measurement Summary | 188 |
| Table 16-20:  | Summary of the Laboratory Testing | 188 |
| Table 16-21:  | Summary of Strength Properties (mi and *σci*) | 192 |
| Table 16-22:  | Summary of Permanent Support Categories for Palomino and Ledbetter | 198 |
| Table 16-23:  | Summary of Production Support Categories for Palomino and Ledbetter | 199 |
| Table 16-24:  | Underground Stope Design Dimensions | 199 |
| Table 16-25:  | Underground Production Summary | 205 |
| Table 16-26:  | Horseshoe Underground Production Summary | 206 |
| Table 16-27:  | Palomino Underground Production Summary | 206 |
| Table 16-28:  | Ledbetter Underground Production Summary | 206 |
| Table 16-29:  | Mobile Equipment Fleet | 207 |
| Table 16-30:  | Combined Open Pit and Underground Mining Schedule and Processing Schedule | 209 |
| Table 17-1:  | Key Consumable Consumption Rates | 218 |
| Table 19-1:  | Key Contracts and Status Requirements | 233 |
| Table 20-1:  | Mine Permits | 236 |
| Table 21-1:  | Total Capital Expenditure Summary (US$000's) | 238 |
| Table 21-2:  | LoM Operating Cost Summary | 239 |

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| Table 21-3:  | LoM Indirect Costs Summary | 239 |
| Table 22-1:  | Basic Model Parameters | 240 |
| Table 22-2:  | Haile Tax Deductions (US$000's) | 241 |
| Table 22-3:  | Financial Performance Summary (Reserve Case) | 243 |
| Table 22-4:  | Indicative Economic Results at Alternative Price Profile | 247 |
| Table 26-1:  | Summary of Costs for Recommended Work | 260 |
| Table 28-1:  | Definition of Terms | 267 |
| Table 28-2:  | Abbreviations | 269 |

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Figures

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| | | |
|:---|:---|:---|
| Figure 1-1: | Final Pit Design and Site Layout | 32 |
| Figure 1-2: | LoM Production Schedule | 33 |
| Figure 1-3: | Combined OP and UG Ore Production Schedule | 36 |
| Figure 1-4: | Annual Processing Schedule | 37 |
| Figure 4-1: | General Location Map of the Haile Gold Mine | 47 |
| Figure 4-2: | Site Map of the Haile Gold Mine | 48 |
| Figure 4-3: | Land Tenure Map | 49 |
| Figure 7-1: | Time Distribution of Major Geological Events in the Carolinas | 55 |
| Figure 7-2: | District Geology of North-Central South Carolina (UTM NAD83 Z17N) | 58 |
| Figure 7-3: | Geologic Map of the Haile Area with Gold Zones (UTM NAD83 Z17N) | 59 |
| Figure 7-4: | Haile Stratigraphic Column | 60 |
| Figure 7-5: | High Strain Fabrics in Core Samples | 62 |
| Figure 12-1: | Horseshoe AuFA_grav KML vs. ALS 0-53 g/t (n=253) | 81 |
| Figure 12-2: | July 2017- December 2025 CRM Analyses vs. Expected Value | 82 |
| Figure 12-3: | July 2017 to December 2025 CRM Analyses vs. Expected Value <4 g/t | 82 |
| Figure 12-4: | July 2017- December 2022 CRMs: OxF125 (Au=0.806), OxG124 (Au=0.918), and OxH122 (Au=1.247) | 83 |
| Figure 12-5: | January 2024 - December 2025 CRMs: OXE150 (Au=0.658), OXI177 (Au=1.811), OXI121 (Au=1.834), and OXJ176 (Au=2.385) | 84 |
| Figure 12-6: | October 2019 to December 2025 CRMs: SC127 (Au=0.225) and SF85 (Au=0.848) | 84 |

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|:---|:---|:---|
| Figure 12-7: | October 2017 to December 2025 CRMs: HiSilK2 (Au=3.474) and HiSilP3 (Au=12.240) | 85 |
| Figure 13-1: | Updated Modeled vs. Measured SAG Specific Energy Values | 92 |
| Figure 13-2: | Overall Percent Recovery vs. Head Grade | 105 |
| Figure 13-3: | Haile Global Recovery Database Results by Source | 112 |
| Figure 13-4: | Relationship Between Gold Deportment and Concentrate Leach Recovery at 24 hours | 119 |
| Figure 13-5: | Overall Gold Recovery Estimation from Gold Telluride Deportment at Varying Concentrate Leach Residence Times | 120 |
| Figure 14-1: | Schematic Cross-Section Looking NE – Showing Relationship of UG deposits to MS/MV contact (Blue line) and Regional Foliation (Orange Line) | 124 |
| Figure 14-2: | Ledbetter UG deposit log-scale scatter plot of Ag (Original / Simulated) vs Au | 127 |
| Figure 14-3: | Haile Open Pit | 129 |
| Figure 14-4: | Plan View showing Horseshoe (Red) Relative to Open Pit Areas | 132 |
| Figure 14-5: | Long-Section Looking NNW, showing Palomino Mineralization, Horseshoe, HEX and, Entire Haile Drilling Intercept Dataset Shown (colored by Au g/t) | 134 |
| Figure 14-6: | Ledbetter UG Lithology Slice View, along Strike of Mineralization (striking NW), looking NE | 137 |
| Figure 14-7: | Looking South – Ledbetter UG deposit, relative to the final Ledbetter open pit | 138 |
| Figure 14-8 | Swath Plot Open Pit (Domain 1) Block Model Grade (vol weighted) vs. 2.5 m Top Capped Composite (Declustered Weighting) | 142 |
| Figure 14-9 | Swath Plot Horseshoe UG (Domain 1) Block Model Grade (vol weighted) vs. 3 m Top Capped Composite (length Weighted) | 143 |
| Figure 14-10 | Swath Plot Ledbetter UG (Lobe 1) Block Model Grade (vol weighted) vs. 3 m Top Capped Composite | 144 |
| Figure 14-11 | Swath Plots Palomino UG (Easting only) Domain 1 Block Model Grade (vol. weighted) vs. 3 m Top Capped Composite (Length and declustered weighting) | 145 |
| Figure 15-1: | General Site Layout and Location of the UG Reserve Area (in blue) | 153 |
| Figure 16-1: | Haile Open Pit Naming Convention | 158 |
| Figure 16-2: | Pit Optimization Results by Gold Price | 167 |
| Figure 16-3: | Cross-Section, Ledbetter optimization shell showing revenue factor step change and resource model block >0.5 g/t Au | 169 |
| Figure 16-4: | Cross-Section, Footprint of Ledbetter Phase 4 Open Pit vs Ledbetter Underground | 170 |
| Figure 16-5: | Incremental Value – Relative valuation of Ledbetter Phase 4 OP vs UG | 171 |

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|:---|:---|:---|
| Figure 16-6: | LoM Ultimate Pit Design | 172 |
| Figure 16-7: | Final Pit Design and Ultimate Overburden Storage Site Plan | 176 |
| Figure 16-8: | Open Pit Annual Production Schedule | 180 |
| Figure 16-9: | OP Mined Material Type Annual Schedule | 181 |
| Figure 16-10: | Rock Quality Distributions within the HUG, PUG, and LUG MSO Shapes | 186 |
| Figure 16-11: | Horseshoe, Palomino, and Ledbetter UG Stereonets | 187 |
| Figure 16-12: | HUG, PUG, and LUG Rock Qualities by Rock Type | 189 |
| Figure 16-13: | Generalized Geotechnical Cross Section – Horseshoe (Looking NE) | 190 |
| Figure 16-14: | Generalized Geotechnical Cross Section – Palomino (Looking NE) | 191 |
| Figure 16-15. | Generalized Geotechnical Cross Section - Ledbetter (Looking NE) | 192 |
| Figure 16-16: | Stability Graph Results – Horseshoe | 194 |
| Figure 16-17: | Stability Graph Results – Palomino | 195 |
| Figure 16-18: | Stability Graph Results – Ledbetter | 195 |
| Figure 16-19: | Long Hole Stoping Method Schematic | 200 |
| Figure 16-20:  | Typical Stoping Sequence | 200 |
| Figure 16-21: | Typical Secondary Stope Line Backfill | 201 |
| Figure 16-22: | Typical Level Ventilation Overview | 203 |
| Figure 16-23: | Underground Life of Mine Ventilation Model | 204 |
| Figure 16-24: | Annual Underground Ore Production Schedule | 205 |
| Figure 16-25: | Annual Open Pit and Underground Production | 208 |
| Figure 17-1: | Haile Process Flow Sheet | 213 |
| Figure 17-2: | Mill Throughput Performance Since Startup | 214 |
| Figure 17-3: | SAG Mill Utilization Since Startup | 215 |
| Figure 17-4: | Flotation Circuit Recovery | 216 |
| Figure 17-5: | Gold Recovery Performance 2021-2025 | 217 |
| Figure 17-6: | Process and Gold Production Schedule | 217 |
| Figure 17-7 | Proposed new Concentrate Leach CIP circuit location | 220 |
| Figure 18-1: | Tailing Storage Facility Layout | 222 |
| Figure 18-2: | Tailing Storage Facility Typical Section | 223 |
| Figure 18-3: | West PAG Overburden Storage Area | 225 |
| Figure 18-4: | As Built Fresh Water Storage Dam | 227 |

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| Figure 18-5: | Underground Surface Infrastructure Detail | 230 |
| Figure 18-6: | Proposed Ledbetter Underground Surface Infrastructure | 230 |
| Figure 22-1: | Project After-Tax Metrics Summary | 242 |
| Figure 22-2: | Operational Sensitivity Analysis | 244 |
| Figure 22-3: | Gold Price Sensitivity Analysis | 245 |
| Figure 22-4: | Discount Rate Sensitivity Analysis | 246 |

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Appendices

Appendix A: Certificates of Qualified Persons 246

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1Summary

OceanaGold Corporation (OceanaGold) has prepared this National Instrument 43-101 (NI 43-101) Technical Report (Technical Report) on the Haile Gold Mine (Haile or Project) to support disclosures in OceanaGold's Annual Information Form for the year (Y) ended December 31, 2025.

This report includes both open pit (OP) and underground (UG) mining components and a single economic analysis based on Mineral Reserves. Underground mining components include previously reported Horseshoe Underground (HUG) and Palomino Underground (PUG). This report also includes technical data from a Feasibility Study (FS) to support the initial Mineral Reserve for the Ledbetter Underground (LUG), first reported in the OceanaGold Mineral Reserve Statement for End of Year 2025.

1.1Property Description, Location, Access and Ownership

The Haile Gold Mine is located 5 kilometres (km) northeast of Kershaw in southern Lancaster County, South Carolina. It is 30 km southeast of Lancaster, the county seat, and 80 km northeast of Columbia, the state capital of South Carolina. As of December 31, 2025, Haile Gold Mine Inc. (HGM) owns a total of 10,978 acres in South Carolina. Of this total, 5,469 acres are within the mine permit boundary.

The Haile property is accessible by U.S. Highway 601, with the main access via Snowy Owl Road.

The Haile Gold Mine, (HGM), is 100% (percent) owned and operated by OceanaGold through its wholly owned subsidiary. HGM owns or controls all land associated with Haile and within the mining permit boundary. Its interest in the properties includes surface, water and mineral rights with no associated royalties, and is free of all claims and access restrictions.

1.2History

Haile is situated in the Carolina Terrane, which was the location of the first gold (Au) rush in the U.S. in the early 1800's. Gold was first discovered in 1827 near Haile in the gravels of Ledbetter Creek (now the Haile Gold Mine Creek (HGMC)), which led to placer mining and prospecting until 1829.

In 1882, a sixty-five-stamp mill was constructed and operated continuously until 1908. From mid-1937 to 1942, larger scale mining was undertaken on site by the Haile Gold Mines Company and was shut down in 1942 because of World War II. By this time, the Haile Gold Mine had produced over US$6.4 million worth of gold (in 1940 U.S. dollars).

Between 1981 and 1985, Piedmont Land and Exploration Company (later Piedmont Mining Company (Piedmont)) explored the historic Haile Gold Mine and surrounding properties. Piedmont mined the Haile deposits from 1985 to 1992, producing 85,000 ounces (oz) of gold from open pit heap leach operations that processed oxide and transitional ores.

In May 1992, Amax Gold Inc. (Amax) and Piedmont entered into a joint venture agreement and established the Haile Mining Company (HMC). At the end of the Amax / HMC program in 1994, a gold reserve estimate was prepared, but due to unfavourable economic conditions at the time, Amax did not proceed with mining.

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Kinross Gold Corporation (Kinross) acquired Amax in 1998, assumed Amax's portion of the HMC joint venture and later purchased Piedmont's interest. Kinross decided not to reopen the mine.

Romarco Minerals, Inc. (Romarco or RMI) acquired the Haile property from Kinross in October 2007. It completed a confirmation drilling program and began infill and exploration drilling programs during its ownership.

OceanaGold acquired Haile through the acquisition of Romarco in 2015 and commenced commercial production in early 2017.

1.3Geological Setting, Mineralization and Deposit Types

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1Geology

Haile is the largest operating gold mine in the eastern U.S. It is situated within the northeast-trending Carolina Terrane, also known as the Carolina Slate Belt, which hosts the past-producing Ridgeway, Brewer, and Barite Hill gold mines in South Carolina. Mineralization at Haile is currently interpreted as a structurally modified, low-sulfidation, disseminated gold deposit. The Haile property consists of eleven gold deposits within a 4 km x 1 km area. The deposits occur within a variably deformed ENE-trending structural zone at or near the contact between metamorphosed Neoproterozoic volcanic and sedimentary rocks. The deposits are hosted in metamorphosed laminated siltstones and volcanic rocks of the Upper Persimmon Fork Formation and are dissected by barren NNW striking diabase dikes. Deformation includes brittle and ductile styles with ENE trending foliation, faults, brecciation, and isoclinal folds. Sedimentary rocks are folded within an ENE trending anticlinorium with a steep SE limb and a gentle NW limb. Foliation dips to NW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2Mineralization and Deposit Types

The age of gold mineralization is assumed at ~ (approximately) 549 Ma (mega-annum), based on closely associated molybdenite dated using Rhenium-Osmium (Re-Os) isotopes (Mobley et al., 2014), which postdates peak volcanism. Pressure shadows around pyrite grains, stretched pyrite and pyrrhotite grains, and flattened hydrothermal breccia (brecciated rocks) clasts indicate that some deformation has occurred subsequent to sulphide mineralization whereas the bulk geometry and orientation of the deposits is difficult to reconcile with pre-folding emplacement. The Re-Os date coincides with a major tectonostratigraphic change from intermediate volcanism and tuffaceous to epiclastic sedimentation to basinal turbiditic sedimentation. Quartz-sericite-pyrite (QSP) alteration is overprinted by regional greenschist facies metamorphism with carbonate-chlorite-pyrite alteration.

Haile gold mineralization occurs as an en-echelon 4 km long x 1 km wide cluster of northeast-striking moderately to steeply dipping ore lenses. Ore body geometry, depth, size, grade, mineralogy and alteration vary between deposits and is strongly controlled by post-mineral shearing and rotation. Some of the deposits coalesce, especially in the central part of the district around the large Ledbetter deposit. Ore lenses are typically 50 to 300 metres (m) long, 20 to 100 metres wide, and 5 to 30 m thick. Gold mineralization is mostly hosted by laminated siltstone and intermediate volcanics of the upper Persimmon Fork Formation and is overlain by volcanic rocks. Mineralization is typically within 100 m of the main sediment volcanic contact. Haile is currently interpreted as a tectonically modified, low-sulfidation, disseminated gold deposit.

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1.4Mineral Permits and Regulatory Matters

Haile is subject to the Haile Mine Operating Permit, SCDES 401 Water Quality Certification, National Pollutant Discharge Elimination System (NPDES) permit, Title V Air Quality permit, and the permit under Section 404 of the Clean Water Act (404 Permit). The current permits for Haile expire in December 2039.

HGM owns or controls all land associated with Haile and within the mining permit boundary. Its interest in the properties includes surface, water and mineral rights with no associated royalties, and is free of all claims and access restrictions.

Haile is relatively unique in that mining occurs wholly on private land owned by HGM and does not impact federal or public (United States Department of the Interior Bureau of Land Management (USBLM) or United States Forest Service (USFS)) lands that would be subject to modifications from these surface management agencies.

In May 2018, HGM applied to the United States Army Corps of Engineers (USACE) to initiate the National Environmental Policy Act (NEPA) process and launch a Supplemental Environment Impact Statement (SEIS). The USACE has jurisdictional responsibility for all waters of the U.S. and works cooperatively with the U.S. Environmental Protection Agency (EPA) and South Carolina Department of Environmental Services (formerly the South Carolina Department of Health and Environmental Control) (SCDES) for modifications that have impacts to wetlands, groundwater and surface water conditions, and air emissions. HGM submitted a Project Description, Alternatives Analysis, and additional technical reports in support of this application. These technical reports covered a wide range of matters, including impact assessments to the wetlands, air, land, vegetation, groundwater, surface water, flora and fauna, cultural heritage sites, socioeconomic conditions, and reclamation plans.

To adjust current and supplemental mine plans, a modified application of the 404 Permit under the Clean Water Act of 1972 was submitted in the Q4 2020. The final SEIS was published in August 2022. The Supplemental Environmental Impact Statement Record of Decision (SEIS ROD) and modified 404 Permit were received in December 2022. Various permitting approvals and certifications were also required from SCDES, including modification of the Haile Mine Operating Permit, which was received in December 2022, and 401 Water Quality Certification which was received in November 2022. Other federal and state agencies included in the review process during the SEIS included EPA, United States Fish and Wildlife Service, South Carolina Department of Natural Resources, South Carolina State Historic Preservation Office, South Carolina Department of Transportation and Catawba Indian Nation. The NEPA process also allows non-government or civil society groups (NGOs) and other interested parties an opportunity for review and comment on the anticipated impacts.

Since December 2022, SCDES has approved two additional modifications to the Haile Mine Operating Permit. An expansion of the Horseshoe Underground operation was approved on February 21, 2024, and the Palomino Underground operation was approved on March 15, 2024. The permit modification for the method of mining change for Ledbetter Phase 4 to an underground is classed as a minor modification and is expected to be completed in 2027 before mining takes place in 2028.

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1.5Exploration

Geologic mapping and surface sampling are key tools for exploration at Haile despite the fact that mapping is challenged by poor bedrock exposure due to extensive saprolitic weathering, Coastal Plains Sands (CPS) cover, and dense vegetation.

Historical mapping has been scanned and loaded into three-dimensional (3D) software for structural interpretation, exploration planning, and geologic modeling. The use of the structural dataset in conjunction with the drilling dataset has provided the foundation for a 3D digital geologic model. Over 5,000 surface samples have been compiled based on location, sample type (rock chip, saprolite (Sap), soil, stream sediment), rock type, alteration, and assay to further the geological knowledge. However, quality analysis / quality control (QA/QC) data were generally lacking for these surface samples, and most were assayed only for gold.

In 2016, HGM conducted proprietary inversion modeling to depths of 1,500 m using airborne magnetic and electromagnetic (EM) data. In 2023, HGM engaged a third party to reprocess previous surface induced polarization (IP) / resistivity data and to perform additional downhole IP surveys.

1.6Drilling

Resource definition drilling at Haile by Romarco and subsequently OceanaGold has significantly increased the resources since 2007. Reserve growth has resulted from continued drilling, project development, and higher gold prices. Initial Mineral Reserves for Horseshoe and Palomino undergrounds were declared in 2017 and 2023, respectively. This Technical Report includes an initial Mineral Reserve for Ledbetter Underground which replaces Ledbetter Phase 04 open pit.

The Haile database includes 3,754 holes in the Haile district which are securely stored in an acQuire database. Drillhole collar locations, downhole surveys, geological logs, geotechnical logs, density values and assays have been verified and used to build 3D geological models and are used for grade and tonnage interpolations. Geologic interpretation is based on structure, lithology, and alteration as logged in the drillholes. Robust geological models enable better prediction of the nature and behaviour of the disseminated style of gold mineralization at Haile. Resource drilling at Haile has predominantly been conducted by core and RC drilling, with drillhole spacing typically ranging from 25 to 40 m. Hole depths have ranged from 50 to 700 m. Sample interval lengths average 1.5 m and can vary based on geological logging. QA/QC results were validated from assay labs and showed excellent precision and accuracy relative to certified reference materials (CRMs).

1.7Sampling, Analysis and Data Verification

Drill core is cleaned, measured, and photographed at HGM's on-site core shed. Geotechnical and geologic logging are completed on the whole core. All logging and sampling handling is conducted by HGM personnel. Data collecting during core logging includes structure, rock type, alteration, mineralogy, Rock Quality Designation (RQD), core recovery, hardness, and joint condition. Standardized templates are used for logging consistency. HGM's geologists routinely review core together and compare notes to ensure accuracy and continuous improvement.

Density samples are collected every ten metres and use the water immersion method to measure specific gravity. Competent core at Haile does not require plastic or wax coatings for density measurements. Sample collection, preparation, and analysis are according to industry standards.

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Core is primarily prepared and assayed at the independent ALS Limited (ALS) laboratory in Tucson, Arizona and Reno, Nevada, U.S., both of which are ISO-9001 certified and 17025 accredited. At times, samples have been prepared and assayed by HGM's Kershaw Mineral Lab (KML) facility in Kershaw, South Carolina and the independent Alfred H. Knight (AHK) Geochem preparation facility in Spartanburg, South Carolina.

Certified Standards are routinely inserted at a rate of one in 20 samples (5%). Standards used are purchased from and certified by Rocklabs. Blanks are routinely inserted at a rate of one in 20 samples (5%). Such blanks include commercially available marble, sand, and quartz pebble.

Core, pulp, and reverse circulation (RC) samples are stored securely. Sample transport is by HGM personnel between secure facilities and by approved couriers to external labs. No significant risks have been identified for sample contamination or sample exchange.

All Haile drillhole data (assays, logs, surveys) are stored in a secure acQuire database which is managed by HGM's senior database geologist. Assay data are imported by HGM's exploration and geology personnel and checked by HGM's senior database geologist. Strict data importing and verification protocols are followed to avoid, for example, overlapping or missing intervals, mismatched hole depths in different fields, duplicate hole IDs, or sample numbers and invalid logging codes.

1.8Mineral Processing and Metallurgical Testing

Samples of ore have been collected by HGM for metallurgical testing since 2010, which indicates that the ore will respond to flotation and direct agitated cyanide leaching technology to extract gold.

Laboratory testing on ore composite samples demonstrated that the mineralization was readily amenable to flotation and cyanide leaching process treatment. A conventional flotation and cyanide leaching flow sheet was subsequently used as the basis of process design.

Comminution testwork on mineralized samples was performed by the independent Resource Development, Inc. (RDi), ALS Global, and Société Générale de Surveillance (SGS) laboratories. Tests included Bond work indices (Wi), SAG Mill Comminution (SMC), and JK Drop Weight impact testing. The results of the test work were used for additional power modeling to predict circuit throughputs with a modified SAG–Ball Mill-Pebble Crusher (SABC) grinding circuit that was subsequently commissioned in 2018. Testwork on core samples of the remaining open pit reserve indicate an increase in competency and hardness at depth to levels similar to that observed in the Horseshoe, Palomino, and Ledbetter UG deposit testwork.

The relative low variability of test work indicates that the different mineralized zones are similar in terms of ore grindability, mineral composition, and flotation and cyanide leaching response. Overall gold recovery will be in the range of 65% to 92% dependent primarily on head grade to the mill and less related to which zone the ore is mined from.

The data developed in the test programs has been used to establish a relationship between overall gold recovery and head grade. Operating experience and metallurgical development programs have indicated this relationship is valid over the life-of-mine (LoM).

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Testing of core samples from the Horseshoe and Palomino deposits has been undertaken using the same laboratory flowsheet that correlates well with plant performance. Overall results suggest these deposits will respond well to processing in the existing process plant without modification.

Testwork undertaken on the Ledbetter UG Resource has indicated that the Intrusive Breccia domain has a significantly different deportment of gold which is present in a number of telluride minerals rather than native gold inclusions. The testwork program has indicated an increase in leach residence time from the current 36 hours to 96 hours can significantly offset the impact of the telluride leach kinetics and return acceptable leach recoveries compared to the performance of metasediment (MS) hosted ore domains. Detailed design for the plant modification will be completed in 2026 and construction and commissioning completed in early 2028 with the capital costs incorporated into the LoM capital costs used in the economic analysis.

1.9Mineral Resources Estimate

The Mineral Resources and their classification have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves: Definitions and Guidelines, May 10, 2014 (CIM, 2014). Mineral Resources, which are inclusive of Mineral Reserves, are reported in accordance with NI 43-101 – Standards of Disclosure for Mineral Projects. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration; however, there is no certainty that Mineral Resources that are not Mineral Reserves will be converted into Mineral Reserves.

OceanaGold has a comprehensive Resource governance process in place, including model validation, peer review, external review, and model to mine to mill reconciliation. OceanaGold continues to develop and improve these processes.

The Resource estimates are based on drilling up to October 2025, interpreted lithologies, and geologic controls. Assays for gold supporting Resource drilling are comprehensive. However, the collection of silver, carbon, and sulfur (S) assay data has largely been retrospective and is significantly sparser than for gold. Sulfur and carbon data are primarily used for the prediction of overburden classification types. Sulfur grades are also used for mill feed sulfur estimates. Silver grade estimates are provided for metallurgical considerations (carbon stripping and electro-winning) as well as for revenue estimation, albeit silver is a minor contributor to revenue. Gold estimation was constrained within implicitly modeled grade shells. Model block estimates for post mineralization dikes were assigned zero gold grades post estimation. Metasediment / metavolcanic (MV) contacts were not used to constrain gold estimation. These approaches are supported by relationships between mineralization, bedding, and dikes observed in open pit grade control sample data. In situ dry densities are based upon lithologically grouped immersion determinations from core samples.

For the open pit estimate, grades were estimated into 10 m E x 10 m N x 5 m RL (reduced level) blocks using 2.5 m composites within the implicit grade domain. Grade estimation was completed in Vulcan<sup>TM</sup> software, using Multiple Indicator Kriging (MIK) to produce E-Type estimates for gold. Top caps of 50 g/t (grams per tonne) Au were used to temper mean grades for the top indicator class threshold.

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Ordinary Kriging (OK) was used for silver, sulfur and carbon estimates, given the sparser data coverage.

For the underground estimates gold grades were estimated with Vulcan<sup>TM</sup> modeling software into parent 10 m E x 10 m N x 10 m RL blocks (all sub-blocked for better volumetric determination) using OK with 3 m domained composites.

The reported open pit and underground Mineral Resources are classified as Indicated and Inferred Mineral Resources, based primarily on drillhole spacing but also considering kriging variance, slope regression, and geological complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.1Combined Open Pit and Underground Resource Estimate

Table 1-1 presents the combined open pit, stockpiles, and underground Resource statement for the Haile Property.

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**Table 1-1: Haile Open Pit and Underground Resource Statement as of December 31, 2025**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Gold** | Measured | Measured | Measured | Indicated | Indicated | Indicated | Measured & Indicated | Measured & Indicated | Measured & Indicated | Inferred | Inferred | Inferred |
| &nbsp;&nbsp;**Gold** | Tonnes<br>(Mt) | Au <br>(g/t) | Contained <br>Ozs (Moz) | Tonnes<br>(Mt) | Au<br> (g/t) | Contained Oz<br> (Moz) | Tonnes<br>(Mt) | Au<br> (g/t) | Contained Oz<br> (Moz) | Tonnes<br>(Mt) | Au<br> (g/t) | Contained Ozs<br> (Moz) |
| &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** |
| &nbsp;&nbsp;Horseshoe Underground | 1.98  | 5.11  | 0.33  | 2.76  | 5.11  | 0.45  | 4.74  | 5.11  | 0.78  | 0.5  | 2.7  | 0.0  |
| &nbsp;&nbsp;Palomino Underground | -  | -  | -  | 4.19  | 3.38  | 0.45  | 4.19  | 3.38  | 0.45  | 0.8  | 2.5  | 0.1  |
| &nbsp;&nbsp;Ledbetter Underground | -  | -  | -  | 4.07  | 4.12  | 0.54  | 4.07  | 4.12  | 0.54  | 1.2  | 2.9  | 0.1  |
| &nbsp;&nbsp;Open Pits | 2.58  | 1.21  | 0.10  | 16.1  | 1.64  | 0.85  | 18.7  | 1.58  | 0.95  | 0.6  | 0.9  | 0.0  |
| &nbsp;&nbsp;**Haile Total** | **4.56**  | **2.91**  | **0.43**  | **27.1**  | **2.63**  | **2.30**  | **31.7**  | **2.67**  | **2.72**  | **3.1**  | **2.4**  | **0.2**  |
| &nbsp;&nbsp;**Silver** | Measured | Measured | Measured | Indicated | Indicated | Indicated | Measured & Indicated | Measured & Indicated | Measured & Indicated | Inferred | Inferred | Inferred |
| &nbsp;&nbsp;**Silver** | Tonnes<br>(Mt) | Ag <br>(g/t) | Contained <br>Ozs (Moz) | Tonnes<br>(Mt) | Ag <br>(g/t) | Contained <br>Ozs (Moz) | Tonnes<br>(Mt) | Ag <br>(g/t) | Contained <br>Ozs (Moz) | Tonnes (Mt) | Ag <br>(g/t) | Contained Ozs <br>(Moz) |
| &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** |
| &nbsp;&nbsp;Horseshoe Underground | 1.98  | 1.9  | 0.1  | 2.8  | 2.1  | 0.2  | 4.7  | 2.0  | 0.3  | 0.5  | 1.0  | 0.0  |
| &nbsp;&nbsp;Palomino Underground | -  | -  | -  | 4.2  | 2.8  | 0.4  | 4.2  | 2.8  | 0.4  | 0.8  | 2.1  | 0.1  |
| &nbsp;&nbsp;Ledbetter Underground | -  | -  | -  | 4.1  | 12  | 1.6  | 4.1  | 12  | 1.6  | 1.2  | 7.5  | 0.3  |
| &nbsp;&nbsp;Open Pits | 2.58  | 2.2  | 0.2  | 16 .1 | 2.5  | 1.3  | 18.7  | 2.5  | 1.5  | 0.6  | 2.4  | 0.0  |
| &nbsp;&nbsp;**Haile Total** | **4.56**  | **2.0**  | **0.3**  | **27.1**  | **4.0**  | **3.5**  | **31.7**  | **3.7**  | **3.8**  | **3.1**  | **4.0**  | **0.4**  |

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Source: OceanaGold, 2025

• Mineral Resources are reported inclusive of Mineral Reserves and are reported on an in situ basis. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

• All Mineral Resources are based on metal prices of US$(United States Dollar) 2,450/oz gold, US$4.50/lb copper and US$28.50/oz silver.

• It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

• Open Pit Mineral Resources reported within the Mineral Reserve design pit.

• Open Pit primary cut-off grade (CoG) is 0.50 g/t Au, while oxide CoG is 0.60 g/t Au.

• Underground Mineral Resources are reported within volumes guided by conceptual stope designs which are based upon economic assumptions above and exclude dilution.

• Horseshoe, Ledbetter, and Palomino Underground Mineral Resources at 1.70 g/t Au cut-off.

• All figures are rounded to reflect the relative accuracy and confidence of the estimates and totals may not add correctly.

• The Mineral Resources for the open pits and Horseshoe Underground were estimated under the supervision of Jonathan Moore, MAusIMM CP(Geo) of OceanaGold, a Qualified Person. The Mineral Resources for Palomino Underground and Ledbetter Underground were estimated under the supervision of Douglas Corley, MAIG RPGeo, a QP.

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1.10Mineral Reserve Estimate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.1Open Pit Mineral Reserves Estimate

Dilution and ore recovery have been applied to the resource block model to account for a portion of mineralized material expected to be mined by face shovel excavators. The resource block model was then used for open pit optimization without further modification, as the block size in the model matched the selective mining unit (SMU) size of 10 m x 10 m x 5 m considered appropriate for the backhoe excavator loading units operating at Haile.

The open pit Mineral Reserves are reported within a pit design based on open pit optimization results (Lerchs-Grossmann algorithm) with a gold price of US$2,200/oz Au and silver price of US$25/oz Ag. Subsequent to pit optimization, inferred material within the final pit design was assigned as waste and given a zero-gold grade. The overall pit slopes (inter-ramp angle slopes) used for the design are based on operational level geotechnical studies and range from 30° to 45° (degrees). This includes a 5° allowance for ramps and geotechnical catch benches.

The open pit area referred to as Ledbetter Phase 4 has been removed from the open pit Mineral Reserve and added to the underground Mineral Reserve based on a trade-off study completed in 2025, which showed that project economics were improved by mining the deposit by underground methods, as well as other improvements including a smoother production profile, reduced waste and tailings storage requirements, and lower total carbon emissions.

Measured Mineral Resources were converted to Proven Mineral Reserves and Indicated Mineral Resources were converted to Probable Mineral Reserves by applying the appropriate modifying factors, as described herein, to potential mining pit shapes created during the mine design process.

The open pit mine design process results in open pit mining Mineral Reserves, including existing stockpiles, of 18.6 million tonnes (Mt) with an average grade of 1.57 g/t Au. The Mineral Reserve statement, as of December 31, 2025, for the Haile Open Pit is presented in Table 1-2.

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**Table 1-2: Haile Open Pit Mineral Reserves Estimate as of December 31, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Gold** | Proven <sup>(1)</sup> | Proven <sup>(1)</sup> | Proven <sup>(1)</sup> | Probable | Probable | Probable | Proven & Probable | Proven & Probable | Proven & Probable |
| &nbsp;&nbsp;**Gold** | Tonnes<br>(Mt) | Au<br>(g/t) | Contained Ozs <br>(Moz) | Tonnes<br>(Mt) | Au<br>(g/t) | Contained Ozs <br>(Moz) | Tonnes<br>(Mt) | Au<br>(g/t) | Contained Ozs <br>(Moz) |
| &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** |
| &nbsp;&nbsp;Open Pits | 2.47  | 1.23  | 0.10  | 16.1  | 1.62  | 0.84  | 18.6  | 1.57  | 0.94  |
| &nbsp;&nbsp;**Haile OP Total** | **2.47**  | **1.23**  | **0.10**  | **16.1**  | **1.62**  | **0.84**  | **18.6**  | **1.57**  | **0.94**  |
| &nbsp;&nbsp;**Silver** | Proven <sup>(1)</sup> | Proven <sup>(1)</sup> | Proven <sup>(1)</sup> | Probable | Probable | Probable | Proven & Probable | Proven & Probable | Proven & Probable |
| &nbsp;&nbsp;**Silver** | Tonnes<br>(Mt) | Ag<br>(g/t) | Contained Oz <br>(Moz) | Tonnes<br>(Mt) | Ag<br>(g/t) | Contained Oz <br>(Moz) | Tonnes<br>(Mt) | Ag<br>(g/t) | Contained Oz <br>(Moz) |
| &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** |
| &nbsp;&nbsp;Open Pits | 2.47  | 2.1  | 0.2  | 16.1  | 2.3  | 1.2  | 18.6  | 2.2  | 1.3  |
| &nbsp;&nbsp;**Haile OP Total** | **2.47**  | **2.1**  | **0.2**  | **16.1**  | **2.3**  | **1.2**  | **18.6**  | **2.2**  | **1.3**  |

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Source: OceanaGold, 2025

<sup>(1)</sup> Includes 0.8 Mt of stockpile material grading 1.0 g/t Au and 1.0 g/t Ag

• Mineral Reserves are based on a US$2,200/oz Au gold price and US$25/oz Ag silver price.

• Open pit Mineral Reserves are stated using a 0.5 g/t Au cut-off for primary and 0.6 g/t Au cut-off for oxide material.

• Open pit Mineral Reserves include variable dilution and mining recovery that has been applied in the mine schedule to the upper benches of each pit stage to account for assumed mining by face shovel excavator in these areas.

• Metallurgical recoveries for gold are based on a recovery curve for primary material of (1-(0.2152\*Au grade^-0.3696)). with +2.5% uplift applied to material > 1.7 g/t Au. Recovery for oxide material is applied at 67%.

• Metallurgical recovery for silver is applied at 70%.

• Mineral Reserves are converted from resources through the process of pit optimization, pit design, production schedule and supported by a positive cash flow model.

• All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.

• The open pit Mineral Reserves were estimated under the supervision of Gregory Hollett of OceanaGold, a Qualified Person.

Technical risks to the Mineral Reserve have been reviewed and there are two relevant risk areas that have been identified.

A geotechnical risk associated with the south wall of Ledbetter Phase 3 is currently under evaluation and management due to a localized area of instability. Management plans are in the process of being developed for remediation of this area, which will potentially impact the short-term mine schedule and costs. However, this will have relatively minor impact on the long-term mine plan. Therefore, this is not considered to be a material risk to the Mineral Reserve.

The depleted Mill Zone open pit is currently being used for excess water storage. This has the potential to slow or limit access to the Haile Phase 2 open pit, due to the planned mining of the saddle between Haile Phase 1 and Mill Zone. Management plans are in place to remove the water in Mill Zone prior to the planned schedule for mining Haile Phase 2 and is therefore not considered to be a material risk to the Mineral Reserve.

OceanaGold knows of no existing environmental, permitting, legal, socio-economic, marketing, political, or other factors that might materially affect the open pit Mineral Reserve estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.2Underground Mineral Reserves Estimate

The current underground Mineral Reserves consist of three deposits: HUG; LUG; and PUG. These deposits are separated by ~1 km of development and encompass mineralization that extends down at depth and outside the pit extents.

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Based on the orientation, depth, and geotechnical characteristics of the mineralization, a transverse sublevel open-stoping method (long hole) with ramp access is used for all deposits. The stopes are 15 to 20 m wide at HUG and 15 m wide for LUG and PUG and stope lengths vary based on mineralization grade and geotechnical considerations. A spacing of 25 m between levels is used. Cemented rock fill (CRF), Unconsolidated Rock Fill (URF), and a mixture of the two is planned to be used to backfill the stopes. The CRF has sufficient strength to allow for mining adjacent to backfilled stopes.

The underground mine design process resulted in combined underground mining Mineral Reserves of 7.9 Mt (diluted) with an average grade of 3.56 g/t Au for Horseshoe, Ledbetter, and Palomino. The Mineral Reserve statement, as of December 31, 2025, for the combined underground mines are presented in Table 1-3.

This estimate is based on a mine design cut-off of 1.86 g/t Au. The numbers include a 94% to 100% mining recovery based on type of opening (e.g., stope, development) to the designed wireframes in addition to a 2% to 10% unplanned dilution where the additional material uses a value of zero for the grade of both Au and Ag.

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**Table 1-3: Haile Underground Reserves Estimate as of December 31, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Gold** | Proven  | Proven  | Proven  | Probable | Probable | Probable | Proven & Probable | Proven & Probable | Proven & Probable |
| &nbsp;&nbsp;**Gold** | Tonnes<br>(Mt) | Au <br>(g/t) | Contained Ozs (Moz) | Tonnes<br>(Mt) | Au<br> (g/t) | Contained Ozs (Moz) | Tonnes<br>(Mt) | Au<br> (g/t) | Contained Ozs (Moz) |
| &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** |
| &nbsp;&nbsp;Horseshoe Underground | 1.52  | 4.39  | 0.21  | 2.63  | 4.24  | 0.36  | 4.14  | 4.29  | 0.57  |
| &nbsp;&nbsp;Palomino Underground | -  | -  | -  | 3.62  | 2.96  | 0.34  | 3.62  | 2.96  | 0.34  |
| &nbsp;&nbsp;Ledbetter Underground | -  | -  | -  | 4.00  | 3.39  | 0.44  | 4.00  | 3.39  | 0.44  |
| &nbsp;&nbsp;**Haile UG Total** | **1.52**  | **4.39**  | **0.21**  | **10.2**  | **3.45**  | **1.14**  | **11.8**  | **3.57**  | **1.35**  |
| &nbsp;&nbsp;**Silver** | Proven | Proven | Proven | Probable | Probable | Probable | Proven & Probable | Proven & Probable | Proven & Probable |
| &nbsp;&nbsp;**Silver** | Tonnes<br>(Mt) | Ag <br>(g/t) | Contained Ozs (Moz) | Tonnes<br>(Mt) | Ag <br>(g/t) | Contained Ozs (Moz) | Tonnes<br>(Mt) | Ag <br>(g/t) | Contained Ozs (Moz) |
| &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** | &nbsp;&nbsp;**Haile** |
| &nbsp;&nbsp;Horseshoe Underground | 1.52  | 1.5  | 0.1  | 2.6  | 1.8  | 0.2  | 4.1  | 1.7  | 0.2  |
| &nbsp;&nbsp;Palomino Underground | -  | -  | -  | 3.6  | 2.7  | 0.3  | 3.6  | 2.7  | 0.3  |
| &nbsp;&nbsp;Ledbetter Underground | -  | -  | -  | 4.0  | 11  | 1.3  | 4.0  | 11  | 1.3  |
| &nbsp;&nbsp;**Haile UG Total** | **1.52**  | **1.5**  | **0.1**  | **10.2**  | **5.5**  | **1.8**  | **11.8**  | **5.0**  | **1.9**  |

---

Source: OceanaGold, 2025

• Mineral Reserves are based on a gold price of US$2,200/oz.

• Metallurgical recoveries for gold for Horseshoe and Palomino are based on a recovery curve for primary material of (1-(0.2152\*Au grade^-0.3696)). with +2.5% uplift applied to material > 1.7 g/t Au.

• Metallurgical recoveries for Ledbetter Underground are based on a geometallurgical model that correlates recovery with gold mineralogical association.

• The Mineral Reserve estimate is based on a mine design using an elevated cut-off grade of 1.86 Au g/t, with adjacent lower grade stopes included in the design. Incremental material is included in the Mineral Reserves based on an incremental stope cut-off grade of 1.74 g/t Au and an incremental development cut-off grade of 0.59 g/t Au.

• Mining recovery ranges from 94% to 100% depending on activity type. Sill levels use a 75% recovery. Mining dilution is applied using zero grade. The dilution ranges from 2% to 10% unplanned dilution where the additional material uses a value of zero for the grade of both Au and Ag.

• All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.

• Mineral Reserves have been stated on the basis of a mine design, mine plan, and cash-flow model.

• The Mineral Reserves were estimated under the supervision of by Brianna Drury of OceanaGold, a Qualified Person.

OceanaGold knows of no existing environmental, permitting, legal, socio-economic, marketing, political, or other factors that might materially affect the underground Mineral Reserve estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.3Combined Open Pit and Underground Reserves Estimate

Table 1-4 presents the combined open pit and underground Mineral Reserves statement for Haile.

Released: March 27, 2026 Page 30 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 1-4: OP and UG Reserve Statement for Haile Gold Mine as of December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Gold** | **Tonnes <br>(Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Underground | 1.52  | 4.39  | 0.21  | 10.2  | 3.45  | 1.14  | 11.8  | 3.57  | 1.35  |
| &nbsp;&nbsp;Open Pits | 2.47  | 1.23  | 0.1  | 16.1  | 1.62  | 0.84  | 18.6  | 1.57  | 0.94  |
| **Haile Total** | **3.99**  | **2.43**  | **0.31**  | **26.3**  | **2.33**  | **1.98**  | **30.3**  | **2.35**  | **2.29**  |
| **Silver** | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Silver** | **Tonnes <br>(Mt)** | **Ag<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag<br>(g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Underground | 1.52  | 1.5  | 0.1  | 10.2  | 5.5  | 1.8  | 11.8  | 5.0  | 1.9  |
| &nbsp;&nbsp;Open Pits | 2.47  | 2.1  | 0.2  | 16.1  | 2.3  | 1.2  | 18.6  | 2.2  | 1.3  |
| **Haile Total** | **3.99**  | **1.9**  | **0.2**  | **26.3**  | **3.5**  | **3.0**  | **30.3**  | **3.3**  | **3.2**  |

---

Source: OceanaGold

<sup>(1)</sup> Includes 0.8 Mt of stockpile material grading 1.0 g/t Au and 1.0 g/t Ag

• Mineral Reserves are based on a gold price of US$2,200/oz Au and silver price of US$25/oz Ag.

• Metallurgical recoveries are based on a recovery curve for primary material of (1-(0.2152\*Au grade^-0.3696)) with +0.025% uplift applied to material > 1.7 g/t Au. Recovery for oxide material is applied at 67%. .

• Metallurgical recoveries for Ledbetter Underground are based on a geometallurgical model that correlates recovery with gold mineralogical association.

• Overall metallurgical recovery for gold equates to 82.7%.

• Metallurgical recovery for silver is applied at 70%.

• Open pit Mineral Reserves are stated using a 0.5 g/t Au cut-off for primary and 0.6 g/t Au cut-off for oxide material. Open pit Mineral Reserves include variable dilution and mining recovery that has been applied in the mine schedule to the upper benches of each pit stage to account for assumed mining by face shovel excavator in these areas.

• Underground Mineral Reserves are based on a mine design using an elevated cut-off grade of 1.86 Au g/t, with adjacent lower grade stopes included in the design. Incremental material is included in the Mineral Reserves based on an incremental stope cut-off grade of 1.74 g/t Au and an incremental development CoG of 0.59 g/t Au. Mining recovery ranges from 94% to 100% depending on activity type. Sill levels use a 75% recovery. Mining dilution is applied using zero grade. The dilution ranges from 2% to 10% depending on activity type.

• All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.

• Mineral Reserves have been stated on the basis of a mine design, mine plan, and supported by a positive cash-flow model.

• The open pit Mineral Reserves were estimated under the supervision of Gregory Hollett of OceanaGold, a QP. The underground Mineral Reserves were estimated under the supervision of by Brianna Drury of OceanaGold, a QP.

An underground vs. open pit trade-off study has been completed specifically targeting the mineralization within, and in close proximity to, Ledbetter Phase 4. Results of this study showed that changing the mining method for Ledbetter Phase 4 from an open pit to an underground is economically preferable and delivers increased overall project value. This change is reflected in the overall Mineral Reserves.

Released: March 27, 2026 Page 31 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

1.11Mining Methods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.1Open Pit Mining Methods

The open pit at Haile is currently being mined using conventional truck and excavator methods.

The open pit that forms the basis of open pit Mineral Reserves and the Life of Mine, (LoM), production schedule is approximately 2.5 km from east to west, 1.25 km north to south with a maximum depth of 300 m. The design consists of multiple pushbacks with ramp locations targeting saddle points between the pit bottoms and also acting as catch benches for geotechnical purposes. Each bench has at least one ramp for scheduling. Generally, the number of benches mined within a pit phase within a given year fall below the target bench sinking rate of one 10 m bench per month.

Overburden and waste material are classified using blasthole sulfur and carbon assays that inform the routing and placement of materials. "Red" potentially acid generating (PAG) material is sent to geomembrane-lined facilities where the material is placed in lifts and compacted by haulage trucks. "Yellow" PAG can be stored in a lined facility or below a prescribed water table level within pits. "Yellow" material in-pit will be mixed with lime during placement in the pit void. "Green" non-PAG material can be placed in unlined facilities or used for construction. Figure 1-1 illustrates the site layout and final pit design.

![figure1-1finalpitdesignanda.jpg](figure1-1finalpitdesignanda.jpg)

Source: OceanaGold, 2025

• Current Phases (Blue), in-pit waste storage (yellow) and Final LOM Ex-Pit Facilities – PAG cell (red) and green waste OSA (green)

**Figure 1-1: Final Pit Design and Site Layout**

Open pit ore production rates are targeted to balance processing rates with underground production and stockpile balance. Processed tonnes average approximately 2.9 million metric

Released: March 27, 2026 Page 32 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

tonnes per year (Mt/yr) over LoM. Total open pit fleet material movement, including rehandle, peaks at 38 Mt/yr in 2027 before reducing through to the end of the open pit mine life as underground production becomes the primary feed source for the processing plant. The mine production schedule (Mined + Rehandle) is summarized in the note section in Figure 1-2.

![opmininga.jpg](opmininga.jpg)

Source: OceanaGold, 2025

• Rehandle includes open pit ore (stockpile to ROM), open pit waste (temporary in-pit to final destination), Underground ore, and waste (portal to final destination)

**Figure 1-2: LoM Production Schedule**

The open pit loading and hauling equipment fleet consists of hydraulic excavators (Komatsu PC3000 and PC4000 models) and rigid frame haul trucks (Komatsu 730E). Blasthole drilling and wall control drilling is performed with a fleet of Sandvik DR410i and Sandvik Leopard DI650i drills.

Typical ancillary equipment, including small hydraulic excavators, track dozers, wheel dozers, motor graders, water trucks, and small rigid dump trucks (Caterpillar (Cat) 785) for rehandle support the mining operation. Table 1-5 shows the major equipment required annually to achieve the mine schedule.

**Table 1-5: Major Equipment Required to Achieve the Mine Schedule**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Machine Type** | **2026**  | **2027**  | **2028**  | **2029**  | **2030**  | **2031**  | **2032**  | **2033**  |
| PC4000 Excavator | 2  | 2  | 2  | 1  | 1  | 1  | 1  | 1  |
| PC3000 Excavator | 1  | 1  | 1  | 1  | 1  | 1  | 1  | 1  |
| Cat 6020B Excavator | 1  | 1  | 1  | 1  | 1  | 1  | 1  | 1  |
| Komatsu 730E Trucks | 19  | 19  | 17  | 11  | 8  | 8  | 7  | 5  |
| Sandvik Leopard DI650i | 7  | 7  | 6  | 6  | 6  | 6  | 6  | 2  |
| Sandvik DR410i Drill | 4  | 3  | 1  |  |  |  |  |  |

---

Source: OceanaGold, 2025

Released: March 27, 2026 Page 33 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.2Underground Mining Methods

Underground mining at Haile is currently being performed via the transverse sublevel open stoping (long hole) method. The Haile underground consists of three deposits that are extensions of the open pit and are named, respectively, Horseshoe, Ledbetter, and Palomino Underground. Access to the three mines will be via portals within the open pits, with Horseshoe via Snake Pit already established, and future Ledbetter via Ledbetter Pit. Palomino will be accessible via a twin decline from Horseshoe and a single decline from Ledbetter Underground.

Stopes are planned to be backfilled with cemented rockfill, unconsolidated rockfill, or a mixture of the two.

The LoM plan uses internal company standards and historic mining rates for the site to establish the schedule and sequence of mining. The latest LoM schedule has underground mining planned to finish in 2035, producing on average 1,600 thousand tonnes (kt) total tonnes per year with two peak years in 2030 and 2031 at just under 2,000 kt total tonnes when all three undergrounds are in full production. Reference Table 1-6 for Haile Underground Annual Production.

All material, both ore and waste, from the underground is hauled out via underground 50 tonne articulated trucks to a surface stockpile where it is then rehandled to its destination via the open pit haulage fleet.

**Table 1-6: Haile Underground Annual Production**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Ore Tonnes** <br> **(kt)** | **Au**<br> **(g/t)** | **Waste Tonnes** <br>**(kt)** | **Total Tonnes** <br>**(kt)** |
| 2026 | 734  | 4.37  | 466  | **1199**  |
| 2027 | 714  | 4.18  | 462  | **1176**  |
| 2028 | 1046  | 3.30  | 545  | **1591**  |
| 2029 | 1156  | 4.29  | 447  | **1603**  |
| 2030 | 1444  | 3.54  | 517  | **1961**  |
| 2031 | 1583  | 3.31  | 377  | **1960**  |
| 2032 | 1476  | 3.45  | 69  | **1545**  |
| 2033 | 1500  | 3.60  | 126  | **1626**  |
| 2034 | 1403  | 3.33  | 133  | **1536**  |
| 2035 | 703  | 2.70  | 9  | **713**  |
| **LOM Total** | **11757**  | **3.57**  | **3152**  | **14909**  |

---

Source: OceanaGold, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.3Combined OP and UG Production Schedule

Table 1-7 shows the combined annual open pit and underground ore production and processing schedule, with the ore mined production profile shown in Figure 1-3.

Released: March 27, 2026 Page 34 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br> 

**Table 1-7: Combined OP and UG Mining Production and Processing Schedule**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Description** | **Unit** | **2026**  | **2027**  | **2028**  | **2029**  | **2030**  | **2031**  | **2032**  | **2033**  | **2034**  | **2035**  | **2036**  | **LoM Total** |
| **Underground Mining** | **Ore** | **Mt** | 0.73  | 0.71  | 1.05  | 1.16  | 1.44  | 1.58  | 1.48  | 1.50  | 1.40  | 0.70  | -  | **11.8**  |
| **Underground Mining** | **Au Grade** | **g/t** | 4.37  | 4.18  | 3.30  | 4.29  | 3.54  | 3.31  | 3.45  | 3.60  | 3.33  | 2.70  | -  | **3.57**  |
| **Underground Mining** | **Contained Au** | **Moz** | 0.10  | 0.10  | 0.11  | 0.16  | 0.16  | 0.17  | 0.16  | 0.17  | 0.15  | 0.06  | -  | **1.35**  |
| **Underground Mining** | **Ag Grade** | **g/t** | 1.6  | 1.4  | 1.5  | 1.9  | 4.4  | 4.9  | 7.6  | 8.3  | 6.8  | 7.6  | -  | **5.0**  |
| **Underground Mining** | **Contained Ag** | **Moz** | 0.04  | 0.03  | 0.05  | 0.07  | 0.20  | 0.25  | 0.36  | 0.40  | 0.31  | 0.17  | -  | **1.9**  |
| **Open-pit Mining**<sup>(1)</sup> | **Ore** | **Mt** | 4.38  | 4.79  | 1.59  | 1.03  | 1.37  | 2.32  | 1.18  | 1.10  | -  | -  | -  | **17.8**  |
| **Open-pit Mining**<sup>(1)</sup> | **Au Grade** | **g/t** | 2.01  | 1.91  | 1.06  | 1.16  | 1.16  | 1.38  | 1.30  | 1.06  | -  | -  | -  | **1.59**  |
| **Open-pit Mining**<sup>(1)</sup> | **Contained Au** | **Moz** | 0.28  | 0.29  | 0.05  | 0.04  | 0.05  | 0.10  | 0.05  | 0.04  | -  | -  | -  | **0.91**  |
| **Open-pit Mining**<sup>(1)</sup> | **Ag Grade** | **g/t** | 2.0  | 2.7  | 1.9  | 2.3  | 2.0  | 2.1  | 2.1  | 3.4  | -  | -  | -  | **2.3**  |
| **Open-pit Mining**<sup>(1)</sup> | **Contained Ag** | **Moz** | 0.28  | 0.42  | 0.10  | 0.08  | 0.09  | 0.16  | 0.08  | 0.12  | -  | -  | -  | **1.3**  |
| **Open-pit Mining**<sup>(1)</sup> | **Strip Ratio** | **w t:o t** | 5.7  | 5.0  | 12.0  | 5.4  | 2.9  | 2.4  | 4.5  | 2.3  | -  | -  | -  | **5.1**  |
| **Open-pit Mining**<sup>(1)</sup> | **Waste** | **Mt** | 25.1  | 23.8  | 19.2  | 5.6  | 3.9  | 5.6  | 5.3  | 2.6  | -  | -  | -  | **91.0**  |
| **Total Mining** | **Ore** | **Mt** | 5.11  | 5.50  | 2.64  | 2.19  | 2.81  | 3.90  | 2.66  | 2.60  | 1.40  | 0.70  | -  | **29.5**  |
| **Total Mining** | **Au Grade** | **g/t** | 2.35  | 2.20  | 1.95  | 2.82  | 2.38  | 2.16  | 2.50  | 2.52  | 3.33  | 2.70  | -  | **2.38**  |
| **Total Mining** | **Contained Au** | **Moz** | 0.39  | 0.39  | 0.17  | 0.20  | 0.22  | 0.27  | 0.21  | 0.21  | 0.15  | 0.06  | -  | **2.26**  |
| **Total Mining** | **Ag Grade** | **g/t** | 1.9  | 2.5  | 1.7  | 2.1  | 3.2  | 3.2  | 5.1  | 6.2  | 6.8  | 7.6  | -  | **3.4**  |
| **Total Mining** | **Contained Ag** | **Moz** | 0.32  | 0.45  | 0.15  | 0.15  | 0.29  | 0.41  | 0.44  | 0.52  | 0.31  | 0.17  | -  | **3.2**  |
| **Mill Feed** | **Ore Feed (Mt)** | **Mt** | 2.91  | 2.90  | 2.83  | 2.86  | 2.96  | 2.95  | 2.78  | 2.72  | 2.83  | 2.70  | 1.91  | **30.3**  |
| **Mill Feed** | **Ore Feed Au (g/t)** | **g/t** | 3.04  | 2.86  | 2.67  | 2.53  | 2.45  | 2.67  | 2.52  | 2.46  | 2.11  | 1.25  | 0.61  | **2.35**  |
| **Mill Feed** | **Ore Feed Ag (g/t)** | **g/t** | 2.1  | 2.3  | 2.0  | 2.1  | 3.2  | 3.7  | 5.1  | 5.7  | 4.4  | 3.6  | 2.0  | **3.3**  |
| **Mill Feed** | **Gold Recovery** | **% Au** | 87.8  | 86.7  | 85.5  | 86.4  | 86.6  | 83.8  | 77.4  | 77.3  | 75.7  | 74.6  | 69.2  | **82.7**  |
| **Mill Feed** | **Silver Recovery** | **% Ag** | 70  | 70  | 70  | 70  | 70  | 70  | 70  | 70  | 70  | 70  | 70  | **70**  |
| **Mill Feed** | **Gold (Au) Produced** | **Moz** | 0.25  | 0.23  | 0.21  | 0.20  | 0.20  | 0.21  | 0.17  | 0.17  | 0.15  | 0.08  | 0.03  | **1.90**  |
| **Mill Feed** | **Silver (Ag) Produced** | **Moz** | 0.14  | 0.15  | 0.13  | 0.13  | 0.21  | 0.24  | 0.32  | 0.35  | 0.28  | 0.22  | 0.09  | **2.26**  |

---

Source: OceanaGold, 2025

 <sup>(1)</sup> Does not include stockpile material

Released: March 27, 2026 Page 35 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

![anualopen-pita.jpg](anualopen-pita.jpg)

Source: OceanaGold, 2025

**Figure 1-3: Combined OP and UG Ore Production Schedule**

1.12Processing and Recovery Methods

The processing plant continues to utilize the conventional flowsheet developed comprising:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Primary Jaw Crushing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conventional SABC grinding circuit incorporating flash flotation on the cyclone underflow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rougher flotation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two stage concentrate regrind with a tower mill followed by an Isamill

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carbon-in-leach (CIL) leaching of reground concentrate and flotation tailings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carbon stripping, electrowinning and smelting of bullion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cyanide destruction

Additional equipment was installed in some areas of the plant between 2018 and 2020 to achieve the expanded capacity above the original design of 2.35 Mt/yr with annual rates up to 3.5 Mt achieved and to ensure required concentrate regrind performance to maximize gold recovery at higher throughput rates. The production plan sees annual milling rates between 2.8 and 3.0 Mt/yr being processed with approximately 40% from underground operations and 60% from open pit. Upside potential exists from plant utilization improvement initiatives currently being pursued.

The existing flowsheet has proved to be very successful in recovery of gold from the ore with rates 2.5% above the original feasibility study model at head grades above 1.7 g/t gold. With the presence of gold hosted in tellurides in part of the Ledbetter Underground Resource, a modification to the leach circuit is proceeding to increase residence time to overcome slower leach kinetics in this material.

The annual processing schedule is shown in Table 1-7 and Figure 1-4.

Released: March 27, 2026 Page 36 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

![anualprocessingschedulea.jpg](anualprocessingschedulea.jpg)

Source: OceanaGold, 2025

**Figure 1-4: Annual Processing Schedule**

Contact water treatment capacity has been expanded on site to account for increased PAG storage and open pit catchment area. The expanded plant has been augmented with the addition of a reverse osmosis stage to ensure compliance with discharge permits across a wider range of contact water hardness. Additional capital costs have been incorporated into the LoM plan to further enhance water treatment capacity.

1.13Infrastructure

Power is available in the area via an existing 44 kilovolt (kV) transmission grid with Duke Energy and a 69 kV transmission grid with Lynches River Electric Cooperative. All incoming power demand for the site is met by the local grid and supplied by Lynches River Electric Cooperative. The total power demand for the site (including underground operations) is estimated to be 23 Mega Volt-Ampere (MVA). The HGM owns and maintains the transmission infrastructure within the operation.

The permitted Duckwood Tailings Storage Facility (TSF) will be progressively expanded, to a total capacity of 63 Mt, to store plant tailings by raising the crest height using downstream construction methods. The existing permitted PAG facility is currently being expanded to store additional PAG material.

The underground infrastructure required to support underground mining includes extension of the ventilation, dewatering, power lines, air, and water supplies. The surface facilities that support the underground mining include a run-of-mine (RoM) stockpile area for underground ore, a batch plant, maintenance shop and warehouse, offices, laydown storage areas, and will host the future metal removal plant. The current facilities utilized for Horseshoe will support Palomino with nominal upgrades required. Mining of Palomino Underground requires an upgrade and extension of a high voltage power line along with a ventilation shaft to the 800 level. Ledbetter Underground is planned

Released: March 27, 2026 Page 37 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

to have its own surface facilities consisting of RoM stockpile area with metal removal plant, maintenance shop and warehouse, laydown storage areas, offices and a batch plant.

All other infrastructure that is required for the LoM plan is in place.

1.14Environment Studies and Permitting

In late 2022, HGM received all of the major permits required to begin construction and operation of the mine including: Clean Water Act 404 Dredge and Fill Permit, Mine Operation Permit, 401 Water Quality Certification, TSF Dam Permit, North Fork Dam Permit, Air Permit (to construct), and various NPDES Permits (wastewater treatment and storm water).

In Q1 2024, South Carolina Department of Health and Environmental Control approved mine operating permit modifications for additional Horseshoe underground levels and Palomino. This minor modification took less than three months to complete. The permit modification for the method of mining change for Ledbetter Phase 4 to an underground is classed as a minor modification and is expected to be completed in 2027 before mining takes place in 2028.

1.15Capital and Operating Costs

**<u>Capital Cost</u>**

The total LoM capital is US$1,113 million as summarized in Table 1-8.

LoM Sustaining capital is US$574 million, the majority of which includes open pit capitalized pre-strip, underground operating capital development, underground project expansion (PUG & LUG), Process Plant Concentrate Leach Circuit Upgrade project and Contact Water Treatment Plant (CWTP). The remaining balance covers surface infrastructure, open pit mine equipment replacements and Social Performance projects.

LoM non-sustaining capital is US$539 million. Major projects in non-sustaining capital include the development of the PUG and LUG mines, process plant upgrades to support processing of LUG ore, plus estimated reclamation costs at closure.

Capital expenditures have been estimated referencing same or similar works at Haile, quotations from suppliers, and estimates provided by consultants with appropriate expertise.

Capital expenditure estimation is consistent with proposed development programs and ongoing requirements and has been undertaken to an appropriate level of estimation accuracy. Actual expenditures are likely to vary over the LoM due to inflation, modifications, upgrades, introduction of new technology and other unforeseen factors.

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**Table 1-8: Total Capital Expenditure Summary (US$000's)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Non-Sustaining Capex** | **Sustaining Capex** | **Total** |
| OP Capitalized Pre-Strip |  | 147541 | 147541 |
| OP Mining Property, Plant, & Equipment (PP&E) |  | 103320 | 103320 |
| UG Mining PP&E |  | 66296 | 66296 |
| UG Mine Development Capitalized | 57372 | 98363 | 155735 |
| UG PUG – Development Phase | 135538 |  | 135538 |
| UG LUG – Development Phase | 152929 |  | 152929 |
| Processing | 67107 | 66143 | 133250 |
| Infrastructure<sup>(1)</sup> | 126 | 92515 | 92641 |
| External Affairs and Social Performance (EA&SP) | 2000 |  | 2000 |
| **Total Net Capex** | **415072** | **574178** | **989250** |
| Reclamation/Closure <sup>(2)</sup> | 123465 | - | 123465 |
| **Total LoM Net Capex** | **538537** | **574178** | **1112715** |

---

Source: OceanaGold, 2025

<sup>1</sup>General site infrastructure. Additional infrastructure costs are captured within specific project totals i.e. PUG & LUG Development Phases and Processing

<sup>2</sup> Captured as Capex in Cashflow

**<u>Operating Cost</u>**

The total LoM operating cost (excluding capitalized operating cost) is US$2,455 million. Operating costs have been estimated based on historical performance at Haile, supplier quotations, estimates from consultants with appropriate expertise and otherwise estimated internally by appropriately credentialled HGM staff.

Total LoM unit rate operating cost of US$80.93/ore tonne processed is summarized in Table 1-9.

**Table 1-9: LoM Operating Cost Summary**

---

| | | |
|:---|:---|:---|
| **Description** | **US$000's** | **US$/t Mined** |
| OP Mining ($/t rock mined (ore and waste)) - All Material | 727076 | 6.68 |
| OP Mining ($/t rock mined (ore and waste)) - (excl. capitalized cost) | 579535 | 5.33 |
| UG Mining ($/t rock mined (ore and waste)) – All Material | 913855 | 61.29 |
| UG Mining ($/t rock mined (ore and waste)) - (excl. capitalized cost) | 758120 | 50.85 |
| **US$000's** | **US$000's** | **US$/t Ore Processed** |
| **Subtotal Mining (Operational Material Only)** | 1337655  | 44.11 |
| Processing | 706105 | 23.28 |
| G&A Cost | 402627 | 13.28 |
| Refining/Freight Costs | 8209 | 0.27 |
| **Total Operating Costs** | **$2454596**  | **$80.93** |

---

Source: OceanaGold, 2026

There are cost items excluded from the operating cost, as detailed in Table 1-10, which OceanaGold does not consider to be direct operating costs, but is considered under the Indirect

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costs for the operation and these costs are included in the economic analysis. These include payments related to leasing arrangements of the open pit and underground mobile equipment fleets and other social commitments.

**Table 1-10: LoM Indirect Costs Summary**

---

| | | |
|:---|:---|:---|
| **Description** | **US$000's** | **US$/tonne Ore Processed** |
| Reclamation Trust Agreement - Remaining Contributions | 10080 | 0.33 |
| Reclamation Trust Agreement - Release | -20000 | -0.66 |
| Community Contributions | 9200 | 0.3 |
| Interest Expense - Capital Leases | 3562 | 0.12 |
| Principal Payment - Capital Leases: Sustaining | 25877 | 0.85 |
| Principal Payment - Capital Leases: Non-Sustaining | 13086 | 0.43 |
| **Total Non-Operating Costs** | **41805** | **1.38** |

---

Source: OceanaGold, 2025

1.16Economic Analysis

The Project consists of operating surface and underground mines with a mill. The milling facility is fed by the open pit mine directly and then through stockpiles in later years. The mill feed is supplemented with ore from underground mines at a 1.6 Mt/yr max annual capacity operation.

Haile is expected to produce 1.9 million ounces (Moz) of payable gold over a 11-year mine life at an average rate of 172 koz Au per year during full production years with a LoM all-in sustaining cost (AISC) of US$1,592/oz Au.

The Project is expected to incur sustaining capital in the amount of US$574 million over the modeled life and a non-sustaining capital spend, including rehabilitation costs, of US$539 million for total capital expenditure of US$1,113 million.

The project cash flow using the Mineral Reserve price of US$2,200/oz Au flat over the LoM and a 5% discount rate results in a pre-tax net present value (NPV) of US$462 million and after-tax NPV of US$414 million. As a result of significant depreciation and depletion, the operation is expected to incur limited income tax liability ($51 million) at the Mineral Reserve price. Existing loss carry-forwards have not been included in the economic model. Inclusion of these items may further reduce the income tax liability of the operation.

An alternative price profile more reflective of current market conditions (refer to section 22.4.2) which consists of a flat US$4,000/oz Au price and US$45.00/oz Ag price over the life of the operation was also evaluated. At these prices and a 5% discount rate, the project is estimated to produce pre-tax and after-tax NPV values of US$3,266 million and US$2,583 million, respectively. In this scenario, income tax liabilities of around $814 million would arise and are included in the above analysis.

As summary of the model results for both the reserve case and the alternative price case is presented in Table 1-11.

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**Table 1-11: Indicative Economic Results**

---

| | | |
|:---|:---|:---|
| **Scenario** | **Reserve Case Price** | **Alternative Price** |
| **Description** | **US$000's** | **US$000's** |
| **Market Prices** | **Market Prices** | **Market Prices** |
| Gold (US$/oz) | 2200 | 4000 |
| Silver (US$/oz | 25 | 45 |
| Payable Gold (Moz) | 1.9 | 1.9 |
| **Revenue** | **Revenue** | **Revenue** |
| Gross Gold Revenue | 4169596  | 7581084  |
| Silver By-Product Credit  | 55899  | 100618  |
| **Total Gross Revenue** | **4225495**  | **7681702**  |
| **Operating Costs** | **Operating Costs** | **Operating Costs** |
| **Total Operating Costs** | **(2496401)** | **(2496401)** |
| Operating Margin (EBITDA) | 1729094  | 5185301 |
| **Taxes** | **Taxes** | **Taxes** |
| Income Tax  | (50932) | (814474) |
| Operating Cash Flow | 1678163 | 4370827 |
| **Capital** | **Capital** | **Capital** |
| **Total Capital** | **(1112715)** | **(1112715)** |
| **Metrics** | **Metrics** | **Metrics** |
| Pre-Tax Free Cash Flow | 616379  | 4072586  |
| After-Tax Free Cash Flow | 565447  | 3258112  |
| Pre-Tax NPV at 5% | 461753  | 3265974  |
| After-Tax NPV at 5% | 414307  | 2583459  |

---

Source: OceanaGold, 2026

Because the Project is operational and is valued on a total project basis and not by an incremental analysis, an initial rate of return (IRR) value is not relevant in this analysis. In terms of sensitivity, the Project is most sensitive to gold grade and price, followed by operating costs and capital costs.

1.17Conclusions and Recommendations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17.1Conclusions

The following conclusions have been drawn from this Technical Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Mineral Resources and Mineral Reserves have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Standard Definitions for Mineral Resources and Mineral Reserves dated May 10, 2014, (CIM definitions) and provide a reasonable basis for medium to long term planning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trade-off study for the Ledbetter Phase 4 open pit versus underground has been finalized and the mining method change resulting in improved economics for the site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks to the open pit plan include geotechnical highwall stability and water management. These are not considered material risks to the Mineral Reserve; however, might present risk to schedule and costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future ores testing programs on new sources has confirmed the ability to recovery gold at current rates from the Horseshoe and Palomino sources and has highlighted the change in gold deportment in a portion of the Ledbetter Underground that would lead to lower recoveries without extending leach residence time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mill throughput rates required in the production plan have been influenced from ore hardness testing and are at rates that have been achieved in recent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold recovery from the current process flowsheet has proved effective in achieving rates at or above that predicted from the original feasibility study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Horseshoe Underground is ramped up to full production, and the Palomino Underground is starting initial decline development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exploration drilling continues to investigate near-mine targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All permits are up to date, with only a minor modification required for Ledbetter Underground.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Project is cashflow positive at Mineral Reserve Gold Price of US$2,200/oz Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17.2Recommendations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued regional and near mine exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued infill drilling programs for both open pit and underground deposits with focus on risk mitigation and conversion drilling to Measured and Indicated Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High focus on quality mining and schedule discipline to increase underground mining horizons allowing for de-risking and flexibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The collection of additional metallurgical samples from drilling core to confirm recovery estimates for both Palomino and Ledbetter Underground deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to develop geometallurgical models for open pit, underground and stockpiles to predict throughput and recovery rates for mine planning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to develop and implement mitigation plans for geotechnical anomaly in the South Wall of the Ledbetter open pit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to develop and implement management plans for the water currently stored in Mill Zone to mitigate the risk to mining in the Haile open pit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued focus on active water treatment to achieve at a minimum a neutral water balance year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progress the concentrate leach circuit upgrade through detailed design and construction prior to Ledbetter Underground ore production arriving at the plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete underground haulage study to further de-risk though identification of bottlenecks to LoM Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete study of utilization of paste versus CRF for backfilling of the underground stopes.

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2Introduction

This report has been prepared to support disclosures in OceanaGold's Annual Information Form for the year ended December 31, 2025.

This report provides updated information on the Haile Gold Mine, including an updated Mineral Resources and Mineral Reserves estimate.

References in this report to OceanaGold include OceanaGold Corporation and its wholly owned subsidiary, HGM.

This report uses Mineral Reserve and Mineral Resource classification terms that comply with reporting standards in Canada and the Mineral Reserve and Mineral Resource estimates are made in accordance with the CIM Council – Definition Standards for Mineral Resources & Mineral Reserves adopted by the CIM Council on May 19, 2014, which were adopted by the Canadian Securities Administrators' NI 43-101 – Standards of Disclosure for Mineral Projects.

This report includes scientific and technical data from a feasibility study to support the initial Mineral Reserves estimate for Ledbetter Underground included herein.

2.1Sources of Information and Data

Reports and documents listed in Section 27 of this report were used to support preparation of the report. Additional information was provided by HGM Staff as requested. Supplemental information was also provided to the QPs by third party consultants retained by OceanaGold in their areas of expertise.

2.2Qualifications of Consultants

The following individuals, by virtue of their education, experience and professional association, are considered QPs as defined in the NI 43-101 standard and are members in good standing of appropriate professional institutions. QP certificates of authors are provided in Appendix A. The QPs are responsible for specific sections as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• David Carr, BEng Metallurgical (Hons), MAusIMM (CP) (OceanaGold Head of Metallurgy) is the QP responsible for mineral processing, all of Sections 13, 17, Section 18.9, and the process plant capital and operating costs of section 21, and portions of Sections 1, 25 and 26 summarized therefrom, of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gregory Hollett, BEng (Mining Engineering), MBA, P.Eng (EGBC), (OceanaGold Head of Mine Engineering) is the QP responsible for environmental and open pit Mineral Reserves, Sections 2, 3, the open pit portions of Section 15 and 16.3, Section 16 opening statements, Sections 16.1, 16.1.1, 16.1.3, 16.1.4, 16.1.5, 16.1.7, 16.1.8, 18.7, 19, 20, the open pit operating costs portion of section 21, the other/G&A portions of the operating costs in section 21, 22, 24, 27, 28, and portions of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brianna Drury, BSc Mining Engineering, RM-SME (OceanaGold Underground Engineering Superintendent), is the QP responsible for underground Mineral Reserves, the underground portions of Section 15 and 16.3, Sections 16.2, 16.2.1, 16.2.3, 16.2.5, 16.2.6, 16.2.7, 18.8, the capital costs portion of Section 21 with the exception of processing capital, the

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underground mining operating costs portion of Section 21, and portion of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jonathan Moore, BSc Geology (Hons), MAusIMM (CP), (OceanaGold Group Manager, Resource Development), is the QP responsible for the open pit and Horseshoe underground Mineral Resources, Sections 4 through 12, the open pit and Horseshoe underground portions of section 14, 23, and portions of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Douglas Corley, BSc Geology (Hons), MAIG (RPGeo), (OceanaGold Principal Geologist, Resource Development), is the QP responsible for the Ledbetter and Palomino underground Mineral Resources, the Palomino and Ledbetter underground portions of Section 14 and portions of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Larry Standridge, PE, MSE Geotechnical, (Call & Nicholas Principal II Geotechnical Engineer) is the QP responsible for open pit geotechnical work, Section 16.1.2 and portions of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Robert Cook, PE, RM-SME, (Call & Nicholas Principal II Geological Engineer), is the QP responsible for underground geotechnical information, Section 16.2.2 and portions of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jay Newton Janney-Moore, PE, RM-SME, (NewFields Senior Project Manager I), is the QP responsible for tailing and overburden storage, Sections 18.1, 18.2, 18.3, 18.4, 18.5, and portions of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• William Lucas Kingston, MSc, P.G., RM-SME, Hydrogeology and Groundwater Management, (NewFields Senior Hydrogeologist) is the QP responsible for hydrogeology, Sections 16.1.9, 16.2.8, 18.6, and portions of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brooke J. Miller, MSc, C.P.G. (SRK Principal Consultant, Geology), is the QP responsible for geochemistry, Section 16.1.6 and 16.2.4 and portions of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

2.3Site Visits and Scope of Personal Inspection

Site visits conducted by QPs are summarized in Table 2-1.

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**Table 2-1: Site Visit Participants**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Personnel** | **Company** | **Expertise** | **Date(s) of Visit** | **Details of Inspection** |
| &nbsp;&nbsp;Robert Cook | &nbsp;&nbsp;Call & Nicholas | &nbsp;&nbsp;Geotechnical | November 29-30, 2017<br>July 27-28, 2021<br>January 16-19, 2023<br>January 22- 24, 2024<br>July 15-16, 2025<br>January 13-15, 2026 | &nbsp;&nbsp;Inspect open pit and underground mining conditions. |
| &nbsp;&nbsp;Larry Standridge | &nbsp;&nbsp;Call & Nicholas | &nbsp;&nbsp;Geotechnical | November 29-30, 2017<br>October 10-11, 2018<br>January 14-16, 2020<br>May 18-20, 2021<br>January 24, 2024<br>January 20-21, 2026 | &nbsp;&nbsp;General site inspection with a focus on pit slope conditions. |
| &nbsp;&nbsp;David Carr | &nbsp;&nbsp;OceanaGold | &nbsp;&nbsp;Metallurgy | &nbsp;&nbsp;Various visits in 2017, 2018, 2019, 2020, 2022, February 17-March 22, 2025, June 16-August 8, 2025 | &nbsp;&nbsp;Plant Commissioning support and plant investigations. Plant Commissioning and ramp-up of operations, investigations, benchmarking and study support. |
| &nbsp;&nbsp;Gregory Hollett  | &nbsp;&nbsp;OceanaGold | &nbsp;&nbsp;Open pit mining and Mineral Reserves | Various visits in 2018-2023.<br>July 8-19, 2024<br>November 11-14, 2024<br>November 10-14, 2025 | &nbsp;&nbsp;General site inspection, open pit inspection, mine planning and reporting reviews.  |
| Jay Newton Janney-Moore | &nbsp;&nbsp;NewFields | &nbsp;&nbsp;Geotechnical/<br>Infrastructure | Sept. 24-26, 2019<br>Aug 31-Sept 2, 2021<br>Oct 18, 2022<br>Sept. 26-27, 2023<br>Oct. 21-31, 2024<br>Oct 29-30, 2025 | &nbsp;&nbsp;Inspection of the Duckwood TSF, PAG OSA, and geomembrane lined ponds. ITRB meeting |
| &nbsp;&nbsp;Brooke J. Miller  | &nbsp;&nbsp;SRK | &nbsp;&nbsp;Geochemistry | &nbsp;&nbsp;November 2023 | &nbsp;&nbsp;Visited Overburden Storage Areas and open pit mine, tour of surface facilities on site.  |
| William Lucas Kingston | &nbsp;&nbsp;NewFields | &nbsp;&nbsp;Hydrogeology and Groundwater Management | December 4-5, 2019<br>August 31 - September 2, 2021 | &nbsp;&nbsp;General site inspection, including dewatering system. |
| &nbsp;&nbsp;Douglas Corley | &nbsp;&nbsp;OceanaGold | &nbsp;&nbsp;Geology/Resources | &nbsp;&nbsp;10 June to 3 July 2024 | &nbsp;&nbsp; Resources. Drill core, open pit and underground visits. |
| &nbsp;&nbsp;Jonathan Moore | &nbsp;&nbsp;OceanaGold | &nbsp;&nbsp;Geology/Resources | &nbsp;&nbsp;Annually since 2015. Most recently, November 20 to December 8, 2025 | &nbsp;&nbsp;Review of Resource and Reconciliation. Drill core, open pit and underground visits. |

---

• Brianna Drury is based in South Carolina and is on-site regularly.

2.4Units of Measure

The Metric System for weights and units has been used throughout this report unless otherwise noted. Tonnes are reported in metric tonnes of 1,000 kilogram (kg). Gold is reported in grams (G) and troy ounces (Koz), where applicable (1 Troy ounce = 31.1035 grams). All currency is in U.S. dollars (US$) unless otherwise stated.

2.5Effective Date

The effective date of this report is December 31, 2025.

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3Reliance on Other Experts

The QPs opinions contained herein are based on information provided by OceanaGold throughout the course of the investigations. The QPs have relied upon OceanaGold and the work of other consultants in various project areas in support of this Technical Report.

The QPs have used their experience to determine if the information from previous reports was suitable for inclusion in this Technical Report and adjusted information that required amending. This report includes scientific and technical information, which required subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, the Consultants do not consider them to be material.

For reporting of environmental and other matters in Section 20, the QP has relied upon the internal memo:

"Taxation and Related Assumptions", dated March 23, 2026, by OceanaGold's Environmental EA&SP Manager (Haile)

For reporting of tax calculations and related matters in Section 22, the QP has relied upon the internal memo:

"Haile tax, depreciation, royalty, and related matters", dated December 31, 2025, by OceanaGold's Commercial Manager (Haile)

The QPs have relied upon OceanaGold for information regarding the surface land ownership / agreements as well as the mineral titles and their validity. Land titles and mineral rights for the Project have not been independently reviewed by the QP, who has have relied on OceanaGold legal counsel and a titles and mineral rights due diligence report from the time of OceanaGold's acquisition of HGM by Womble Carlyle Sandridge & Rice dated July 24, 2015.

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4Property Description and Location

4.1Property Location

The Haile gold mine is located 5 km northeast of Kershaw in southern Lancaster County, South Carolina, United States of America (USA), in the north-central part of the state, as shown in <br>Figure 4-1. Haile is 27 km southeast of Lancaster, the county seat, and is 80 km northeast of Columbia, the state capital. The geographic centre of the mine is at 34° 34' 46" N latitude and 80° 32' 37" W longitude. Mineralized zones at Haile lie within an area extending from UTM NAD83 zone 17N coordinates 540000E to 544000E and 3825500N to 3827500N. Figure 4-2 shows a site map of the Haile Gold Mine.

![propertylocationa.jpg](propertylocationa.jpg)

Source: State-Maps.org and Google Maps, 2014

**Figure 4-1: General Location Map of the Haile Gold Mine**

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![page-0049a.jpg](page-0049a.jpg)

Source: OceanaGold, 2023

**Figure 4-2: Site Map of the Haile Gold Mine**

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4.2Ownership

HGM is a wholly owned subsidiary of OceanaGold. References in this document to OceanaGold refer to the parent company together with its subsidiaries, including HGM. As of December 31, 2025, HGM owns a total of 10,978 acres in South Carolina. Of this total, 5,469 acres are within the mine permit boundary. Figure 4-3 shows the Land Tenure map as of December 31, 2025, with Fee Simple (OceanaGold owned) and leased properties, almost entirely in Lancaster County.

![ownershipa.jpg](ownershipa.jpg)

Source: OceanaGold, 2025

**Figure 4-3: Land Tenure Map**

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5Accessibility, Climate, Local Resources, Infrastructure and Physiography

5.1Accessibility

The Haile property is easily accessible on paved roads and highways from U.S. Highway 601 to the mine entrance on Snowy Owl Road, located 5 km northeast of Kershaw, South Carolina. The major international airport at Charlotte, North Carolina, is an 80-minute (min) drive from the mine property.

5.2Climate

The Haile area of South Carolina has a subtropical climate. Summers are hot and humid with maximum daytime temperatures averaging 31°C to 33°C (degrees Celsius). Winters are mild and temperatures range from -1°C to 14°C. Average annual precipitation is 1,220 millimetres (mm) while annual evaporation is estimated at 760 mm (US Climate Data). Rain is abundant throughout the year with January, March, and July being the wettest months. Snowfall is insignificant and averages less than 80 mm per year. South Carolina averages 50 days of thunderstorm activity and 14 tornadoes per year. The mine operating season is year-round.

5.3Local Resources and Infrastructure

Local resources (labor force, manufacturing, supplies, housing, utilities, emergency services, etc.) and infrastructure are in place and are widely utilized at Haile. Numerous small communities exist around the Haile mine with populations ranging from 700 to 10,000 people. Power is available in the area via an existing 44 kV transmission grid with Duke Energy and a 69 kV transmission grid with Lynches River. The Haile Gold Mine utilizes both grids. Surrounding nearby land use is dominantly for agriculture and timber.

5.4Physiography

The Haile Gold Mine and its surroundings occur within the Sand Hills sub-province of the Piedmont physiographic province of the Southeastern United States. This province trends from southwest to northeast and is bound by the Coastal Plain to the southeast and the southern Appalachian Mountains to the northwest. Gentle topography and rolling hills, dense networks of stream drainages, and white sand to red brown saprolitic soils characterize the province. The mine elevation ranges from 120 to 170 m above mean sea level (amsl). Topography is dissected by the perennial, southwest-flowing Haile Gold Mine Creek and by its intermittent tributaries. HGMC enters the southeast-flowing Little Lynches River 1.6 km southwest of the mine site. Gradients within the drainages are gentle to moderate (9% to 13%) and slopes above the drainages are gentle to nearly flat (less than 1%). The property is heavily wooded by pine and hardwood forests.

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5.5Infrastructure Availability and Sources

There are large industrial centres near the mine property. Equipment and sources of logistical and professional expertise can be obtained from the major cities of Charlotte, N.C., and Columbia, S.C., which are both within one hour travel of the mine. Multiple contractors provide skilled workers for the Project and there is adequate labor available for operation of the mine.

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6History

Gold was discovered in 1827 by Colonel Benjamin Haile, Jr. in gravels of Ledbetter Creek (now HGMC). This led to placer mining and prospecting until 1829, when lode deposits at the Haile-Bumalo pit site were found. Surface pit and underground work continued at the Haile-Bumalo site for many years. In 1837, a five-stamp mill was built (Newton et al., 1940). Gold production and pyrite-sulfur mining for gunpowder continued through the Civil War from 1861 to 1865. General Sherman's Union troops invaded the area and burned down the operations near the war's end.

In 1882 a sixty-five-stamp mill was constructed by E.G. Spilsbury and operated continuously until a fatal boiler explosion killed the mine manager in 1908. During that time, Adolph Thies developed the Thies barrel chlorination extraction process and improved gold recovery from Haile sulfide ores (Pardee and Park, 1948). During the 26-year operation period, mining grew to include the Blauvelt, Bequelin, New Bequelin, and Chase Hill areas. From 1907 to 1913, an attempt to operate a cyanide plant to extract gold from mine tailings was unsuccessful. Pyrite used to produce sulfuric acid was mined at Haile from 1914 to 1918 (Newton et al., 1940).

From mid-1937 to 1942, larger scale mining was undertaken by the Haile Gold Mine Company. The property then consisted of owned or leased ground totaling about 1,335 hectares (Ha) (Newton et al., 1940). Most of the main pits were mined to the 46 m level with some underground operations at Haile-Bumalo reaching the 106 m level (Pardee and Park, 1948). The Red Hill Deposit was discovered by crude induced polarization techniques next to the Friday pyrite diggings (Newton et al., 1940). This fairly large operation was shut down by presidential decree in 1942 because of World War II. By this time, Haile had produced over US$6.4 million worth of gold (in 1940 US$) (Newton et al., 1940).

Starting in 1951, the Mineral Mining Company (Kershaw, South Carolina) mined mineralite from sericite-rich pits around Haile. This industrial product is a mixture of sericite, kaolinite, quartz, and feldspar and is used in manufacturing insulators and as a paint base. Mineralite mining ended<br>in 1991.

In 1966, Earl Jones conducted exploration work in the area and eventually interested Cyprus Exploration Company (Cyprus) in the Project. Cyprus worked Haile from 1973 to 1977. Numerous companies explored the Haile regional area in the 1970's and 1980's, including Amselco, Amax, Nicor, Callaghan Mining, Westmont, Asarco, Newmont, Superior Oil, Corona, Cominco, American Copper and Nickel, Kennecott, and Hemlo.

The 1980's heralded the first successful modern exploration and production at Haile. Piedmont Land and Exploration Company (later Piedmont Mining Company) explored Haile and surrounding properties from 1981 to 1985. Piedmont drilled 67 core holes and 1,215 RC holes on the property and greatly expanded the footprint of the Haile deposits. Piedmont mined the Haile deposits from 1985 to 1992 and produced 85,000 oz of gold from open pit heap leach operations in oxide and transitional ores. New areas mined by Piedmont included the Gault Pit (next to Blauvelt), the 601 pits (by the US 601 highway), and the Champion Pit. Piedmont expanded the Chase Hill and Red Hill pits and combined the Haile-Bumalo zone into one pit. Piedmont also discovered the large Snake sulfide gold resource and mined its small oxide cap. Piedmont extracted gold ores from a mineralized trend 1.6 km long, from east to west. Historical gold production at Haile is estimated at 360,000 Oz (Speer and Madry, 1993, Maddry and Kilbey, 1995).

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In June 1991, Amax signed an agreement to evaluate Haile to determine if it should enter a joint venture. During the evaluation period, core drilling stepped north of the Haile-Bumalo area and discovered the new sulfide resource of Mill Zone under the old 1940's mill. Amax and Piedmont entered into a joint venture agreement and established the HMC in May 1992.

From 1992 to 1994, HMC completed a program of exploration and development drilling, property evaluation, Mineral Resource estimation, and technical report preparation. During this period, the large Ledbetter resource zone was discovered under a mine haul road. At the end of the HMC program in 1994, the gold reserve was stated as 780,000 oz of contained gold within 7.9 Mt at an average gold grade of 3.05 g/t. A QP has not done sufficient work to classify the historical estimate as Mineral Resources or Mineral Reserves. HGM is not treating the historical estimate as Mineral Reserves. Because of unfavorable economic conditions at the time, Amax did not proceed with mining and began a reclamation program to mitigate acid rock drainage (ARD) conditions at the site.

Kinross acquired Amax in 1998, assuming Amax's portion of the Haile joint venture and later purchased Piedmont's interest. Because Haile was a low priority compared to larger and more profitable projects, Kinross decided not to reopen the mine and continued the reclamation and closure program. Reclamation and closure proceeded through to 2007 when Haile operations commenced again under Romarco Minerals Inc.

Romarco acquired Haile from Kinross in October 2007 and began a confirmation drilling program in late 2007. Romarco completed the confirmation drill program in early 2008 and began infill and exploration drilling focused around the Ledbetter resource. Drilling accelerated in early 2009 with a major RC infill drilling program that continued through 2012. Condemnation drilling by Romarco for mine facilities commenced in September 2009. Drilling east of the Snake deposit discovered the high-grade Horseshoe deposit in 2010 and required the planned TSF to be relocated 3 to 4 km northwest of the mine. Geotechnical drilling was initiated in September 2009 for pit slope designs. The final hole at Ledbetter discovered a deeper northwest extension in 2010 that was named Mustang. Drilling between the Red Hill and Horseshoe areas had identified large zones of lower grade material that led to the late 2011 discovery of the deep Palomino prospect. Due to low gold prices and mine permitting, Haile exploration drilling was suspended during 2013 and 2014.

Romarco submitted a FS for Haile in February 2011. Drillhole data available as of November 17, 2011, were used in the March 2012 Mineral Resource estimate. Romarco completed a large portion of detailed engineering and permitting for the Project in 2011 and 2012. In November 2014, an updated FS was completed after receiving the necessary permits. In April 2015, construction of the Project began by Romarco and mining commenced in the Mill Zone pit.

OceanaGold acquired Romarco Minerals Inc. in October 2015 and became owner and operator of Haile. Project construction during 2015 and 2016 included a new CIL flotation process plant, power upgrades, a lined PAG overburden storage area (OSA), and a TSF. The first gold pour at the new process plant was in January 2017.

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7Geological Setting and Mineralization

7.1Regional Geology

Gold endowment in the southern Appalachian piedmont is predominantly from the Carolina Slate Belt (CSB), also known as the Carolina Terrane (Hibbard et al., 2010). The 700 km long belt is characterized by a strong northeast structural grain (stratigraphy, faults, foliation, and fold axes) extending from Alabama to Virginia that is up to 140 km wide in North Carolina. Volcanic arcs formed adjacent to the African continent and were accreted to the North American craton during the Late Proterozoic to Silurian (Hibbard et al., 2010).

The CSB is a northeast-trending, late Proterozoic to early Cambrian belt of intermediate to felsic volcanic flows and pyroclastic rocks mixed with fine-grained epiclastic and turbiditic sediments. At Haile, sedimentary rocks were deposited under calm, subaqueous anoxic slope conditions as evidenced by laminated, laterally extensive siltstones and subordinate turbidite flows. Volcanic and sedimentary facies are interfingered in the Haile region and are cut by post-metamorphic mafic dikes.

The CSB has a prominent flexure in central South Carolina near Haile. Structural trends southwest of this area are east–northeasterly, whereas trends northeast of the flexure are mostly northeasterly (Hibbard et al., 2002). The CSB was intruded by dominantly granite plutons approximately 595 to 520 Ma and by post-metamorphic Carboniferous granite plutons approximately 300 Ma (Fullagar and Butler, 1979). Hydrothermal activity prior to regional metamorphism is indicated by folded and recrystallized quartz veins and by pressure shadows with fringes of chlorite and quartz on pyrite. At least four tectono-thermal periods are recorded in the Carolina Terrane (Hibbard et al., 2002), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Late Neoproterozoic to Early Cambrian Virgilina events (578 to 535 Ma): folding, foliation, and faulting with granite plutonism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Late Ordovician to Silurian Cherokee orogeny (457 to 425 Ma): greenschist facies metamorphism accompanied by a steep, generally northwest-dipping slaty cleavage that is axial planar to regional-scale folds that are commonly overturned to the southeast

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Devonian events of the Gold Hill-Silver Hill dextral shear zone (393 to 381 Ma) reactivation of Cherokee structures that juxtaposes the Carolina and Charlotte Terranes (west over east reverse motion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Late Paleozoic Alleghanian events (333 to 260 Ma): ductile, often mylonitic (e.g., Hyco and Modoc shears) (Hibbard et al., 1998) reactivation of older structures. Deformation is generally constrained to areas immediately proximal to such structures and focused along the southeast margin of the CSB.

See Figure 7-1 as a geologic timeline of major events shaping Haile's geology.

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![page-0056a.jpg](page-0056a.jpg)

Source: OceanaGold, 2021

**Figure 7-1: Time Distribution of Major Geological Events in the Carolinas**

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The largest known gold deposits in the southeastern United States are in the north-central portion of South Carolina. They are oriented SW-NE and occur at or near the contact between metamorphosed volcanic and sedimentary rocks of Neoproterozoic to Early Cambrian age. In descending order, the largest deposits are Haile, Ridgeway, and Brewer (Foley and Ayuso, 2012) as shown in Table 7-1. Haile is classified as a structurally modified low sulfidation, sediment-hosted, disseminated, gold deposit with proximal quartz-sericite-pyrite alteration and distal carbonate-chlorite alteration. Ridgeway is geologically similar to Haile in that it is predominantly sediment-hosted and lies proximal to a major volcanic-sedimentary transition. East-west to ENE structural controls and local folding characterize the Haile and Ridgeway deposits. By contrast, Brewer is a high sulfidation, pyrite-enargite-chalcopyrite-topaz-rich, volcanic-hosted, breccia pipe characterized by advanced argillic alteration (pyrophyllite-andalusite).

**Table 7-1: Geological Summary of Major Gold Deposits of SE USA**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit** | **Type** | **Host Rocks** | **Alteration** | **Au Age**<br>**(Ma)** |
| Haile | Sediment / volcanic-hosted | Persimmon Fork | quartz-pyrite-sericite | 549 |
| Haile | Low Sulfidation | Persimmon Fork | quartz-pyrite-sericite | 549 |
| Ridgeway | Sediment / volcanic-hosted | Persimmon Fork | quartz-pyrite-sericite | 553 |
| Ridgeway | Low Sulfidation | Persimmon Fork | quartz-pyrite-sericite | 553 |
| Brewer | Breccia Pipe | Persimmon Fork | pyrite-enargite-chalcopyrite | 550 |
| Brewer | High Sulfidation | Persimmon Fork | pyrite-enargite-chalcopyrite | 550 |

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Source: OceanaGold and Foley and Ayuso, 2012

7.2Local Geology

Haile geological history includes several major events, as listed below from oldest to youngest. Regional and local geologic maps are presented in Figure 7-2 and Figure 7-3. A schematic stratigraphic column is presented in Figure 7-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1Lithology

The following rock units are described in chronostratigraphic order from oldest to youngest. Haile stratigraphy is described from mapping and core drilling over a thickness of about 1 km.

**<u>Neoproterozoic Rocks</u>**

About 555 to 551 Ma (Hibbard et al., 2002) igneous and interbedded epiclastic rocks were deposited that form the approximately 3 km thick Persimmon Fork Formation. This comprises laminated siltstone with minor sandstone and conglomerate overlain and interfingered with lapilli and ash flow tuffs. Tuffaceous rocks mostly occur in north-central areas of the Haile district at Ledbetter and Snake. They have irregular, hackly joints in contrast to the harder, well-jointed dacites. Grey laminated, pyritic siltstones are the dominant host rocks the middle and lower portions of the mine stratigraphy.

This is conformably overlain by the Richtex Formation siltstones along the southeast edge of Haile. The Richtex consists of ENE-striking, 40° to 60° SE-dipping, thin-bedded siltstone and mudstone with sandstone. The lower portion of the Richtex Formation contains mafic tuff and amygdaloidal

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basalt flows near Ridgeway (Secor and Wagener, 1968). Thickness near Haile is unknown but the Richtex is greater than 3 km thick near Ridgeway.

**<u>Paleozoic Rocks</u>**

<u>Lamprophyre Dikes</u>

Lamprophyre dikes intrude rocks of the Persimmon Fork and Richtex Formations. These dark green fine-grained dikes contain biotite, hornblende and plagioclase with chlorite and calcite and display spherulitic textures. The near-vertical to moderately dipping dikes commonly strike NE-SW or E-W and range in thickness from 1 cm to 2 m. Lamprophyre volume at Haile is estimated at about 1%. Lamprophyres are not foliated or pyritic and were likely emplaced during the waning stages of the Alleghanian Orogeny. Dates (40Ar/39Ar) in biotite yielded Pennsylvanian ages at approximately 311 Ma, coincident with the Dutchman Creek Gabbro (Fullagar and Butler, 1979).

<u>Granites</u>

The northeast-elongated Liberty Hill and Pageland plutons are exposed 8 km west and 5 km north respectively of the Haile mine. These fresh, medium-grained granites have less than 5% biotite and hornblende and are weakly foliated. The large (30 km x 20 km) Liberty Hill granite is dated at 293 ± 15 Ma. The Pageland granite (25 km x 10 km) is dated at 296 ± 5 Ma (Fullagar and Butler, 1979). Granite has not been observed in drillholes at Haile. Metamorphic aureoles around the plutons are less than 0.5 km wide and do not impact rocks at Haile.

**<u>Mesozoic Rocks</u>**

<u>Diabase Dikes</u>

Diabase dikes mapped at Haile are dark gray, dense, medium-grained, sub-ophitic and magnetic in character. These dikes cut all other units except the CPS. Dominant minerals are plagioclase and pyroxene with minor olivine. The diabase dikes margins are often chilled and / or spherulitic. The dikes strike NW with near-vertical dips and range in thickness from 1 to 30 m. Diabase dikes at Haile occur as both discrete dikes and as swarms (at Mill Zone and Horseshoe) tens of metres wide with a spacing of 300 to 400 m. Diabase dikes have horsetail, anastomosing, and sigmoidal geometries. The dikes weather to dark brown, earthy colors with chlorite and serpentine commonly observed along fractures. Dike emplacement post dates gold mineralization and occurred during the Late Triassic to Early Jurassic and accounts for about 5% by volume of rocks at Haile and often truncate ore zones.

<u>Saprolite</u>

Most of South Carolina is covered by Saprolite; a thick, structureless, unconsolidated, kaolin-rich, red orange to white residuum derived from intense acidic bedrock weathering in sub-tropical climates. Saprolite thickness ranges from 10 to 40 m at Haile and is thickest in metavolcanic rocks and along faults. Saprolite is rarely mineralized at Haile.

<u>Coastal Plain Sand</u>

The Cretaceous Middendorf Formation (Nystrom et al., 1991) is a south-eastward-thickening apron of unconsolidated sand. Its northwest limit conceals much of the Haile property and unconformably overlies the Richtex Formation in the southeast of Haile. The sands postdate gold mineralization and is the youngest unit in the region. The sands are up to 30 m thick at Haile and hundreds of metres thick south of Haile. The basal portion contains 10 to 60 cm thick layers of red

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brown ferricrete and quartz pebbles in a sandy matrix. The middle unit is white to red sand with a kaolinite matrix with frequent cross bedding. The upper unit is a clean tan to white quartz sand.

![districtgeologyofnorth-cena.jpg](districtgeologyofnorth-cena.jpg)

Source: OceanaGold, 2021

**Figure 7-2: District Geology of North-Central South Carolina (UTM NAD83 Z17N)**

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![geologicmapofthehaileareaa.jpg](geologicmapofthehaileareaa.jpg)

Source: OceanaGold, 2021

**Figure 7-3: Geologic Map of the Haile Area with Gold Zones (UTM NAD83 Z17N)**

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![page-0061a.jpg](page-0061a.jpg)

Source: OceanaGold, 2021

**Figure 7-4: Haile Stratigraphic Column**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2Structure

The structural history of Haile is complex and is affected by four deformational / hydrothermal episodes, as summarized in Section 7.1 and depicted in Figure 7-1. The timing of mineralization in relation to major orogenic events is also unclear but has traditionally been interpreted as pre-deformation. Recent structural analysis incorporating pit mapping data and high resolution blasthole sampling suggests syn- or post-deformational mineralization and investigations are ongoing. Consequently, the relative timing of the D1 and D2 events listed below is currently unclear.

Four deformation events are observed at Haile; the D1 and D2 events provide the dominant geometric constraints on the Haile ore deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• D1 is defined by syn-mineral hydrothermal flooding and replacement of sedimentary rocks by silica and pyrite with Au, Ag, As, and Mo precipitation. Mineralization was focused at the volcanic-sedimentary contact with the overlying volcanics acting as a cap and at the base of sedimentary rocks as veins, breccias, and wall rock flooding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• D2 regional metamorphism and deformation is characterized by folding, shearing, pervasive foliation, quartz veins and greenschist facies mineral assemblage. This is the dominant event that overprints the Haile region. Pervasive foliation strikes east-northeast and dips 40 to 600 northwest and increases in intensity along the volcanic-sedimentary contact and weaker laminated siltstones. Rocks were folded into an asymmetric anticlinorium with a steep southeast limb and moderate northwest limb.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• D3 is manifest as minor brittle reactivation of foliation along NW-dipping normal faults and displaces some ore zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• D4 is defined by diabase dike intrusions and minor dextral faults that step down the district geology from west to east.

Figure 7-5 highlights the intense ductile and brittle strain fabrics that overprint and deform ore zones at Haile. The top photo shows a pressure solution cleavage (S1) imposed on folded bedding (S0) flanked by a shear zone of completely transposed bedding. The lower photo shows axial planar cleavage (S1) in folded and bedded (S0) siltstone with folded pyrite lenses. At the ore deposit scale, the pyrite lenses are similar to irregular ore zone shapes. Compositional layering subparallel to the foliation is generally transposed bedding and represents S1 and S2 fabrics (Hayward, 1992). The S1 foliation is formed by both pressure solution parallel to axial planes of folds and ductile shear strain (Tosdal, 2020).

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![highstrainfabricsa.jpg](highstrainfabricsa.jpg)

Source: OceanaGold, 2021

**Figure 7-5: High Strain Fabrics in Core Samples**

Many contacts between volcanic and sedimentary rocks have undergone grain size reduction and thus represent high strain zones recording ductile slip. Greenschist facies metamorphism produced significant volume loss due to dehydration reactions at temperatures of 250°C to 300°C and developed pressure solution cleavage. Primary feldspars and biotite have been converted to sericite and chlorite.

The Haile gold deposits are exposed within a metasediment (MS) window flanked and overlain by MV. The ENE-trending window is about 4 km long x 0.5 to 1 km wide (Figure 7-3). Sedimentary rocks are folded within an ENE-trending anticlinorium with a steep SE limb and a moderate NW limb. The MV / MS contact is conformable with bedding. High strain fabrics overprint all MV and MS units in the mine area. The ENE-striking MV / MS contact dips 60 to 80 SE along the southeast margin of the district and generally constrains gold mineralization at Red Hill East, Palomino, Deep Snake, and Horseshoe. The MV / MS contact dips 30 to 50 NW in north-central portions of district and caps gold mineralization at Ledbetter, Upper Snake, Mill Zone, and Red Hill West.

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The district is dissected by several ENE-striking, 30° to 60° NW-dipping dip- and oblique-slip shears that appear to both focus gold mineralization and displace mineralized zones. The Mill Zone orebody is faulted into two segments with about 100 m of normal displacement. Brittle deformation is characterized by anastomosing fault zones with discrete thin slip planes, commonly filled with ribbon quartz or gouge. Fold axes observed in drilling and mapping mostly occur in the southeast portion of the district in the Red Hill, Palomino, and Snake deposits. Portions of the Ledbetter deposit contain chaotic folds with variable orientations. Fold axes strike N40° E to N70° E and plunge gently east.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3Mineralization and Alteration

Gold mineralization at Haile is hosted by laminated siltstone and felsic volcanics in the Upper Persimmon Fork Formation. Within the laminated siltstone, gold is found at two primary horizons. The primary ore zone is located at upper siltstone / dacite contact where it is capped by less permeable coherent dacite flows. A secondary ore zone is found at the basal siltstone / felsic volcanics contact. The primary mineralization is typically within 100 m of the dacite-siltstone contacts.

The mineralization is disseminated in silicified, pyritic rocks with local K-feldspar and molybdenite and occurs as en echelon clusters of moderately to steeply dipping ore lenses within a 4 km x 1 km area. Eleven named gold deposits are recognized at Haile. From west to east, these deposits include Champion, Small, Mill Zone, Haile, Ledbetter, Red Hill, Palomino, Snake, Horseshoe, Pisces, and Clydesdale that often show 'pearls on a string' alignment. Ledbetter is by far the largest orebody (approximately 1 Moz) and includes the shallow Chase and Ledbetter UG deposits. Orebody geometry, depth, size, grade, mineralogy, and alteration are variable. The orientation of gold mineralization generally parallels the regional NW moderate dipping foliation but is primarily concentrated along the metavolcanic metasediment contact with local concentrations deeper in the stratigraphy at the base of metasediment. Orebody geometry is partly controlled by the variable orientation of volcanic sediment contacts and the location of barren dacite sills. Ore lenses are typically 50 to 300 m long, 20 to 100 m wide, and 5 to 30 m thick. Ore zones are separated by barren siltstone, dacite sills, and diabase dikes. The MV / MS contact and gold mineralization gradually deepen from west to east across the Haile district. The MV / MS contact at Champion has been partly removed by erosion in the west portion of the district while is over 500 m deep at the Horseshoe deposit, 4 km east of Champion. Depth and position of the contact are further complicated by faulting and folding. Drilling in southeast areas around Palomino has encountered gold mineralization up to 1 km deep.

Small, mineralized zones at Ledbetter, Red Hill, Mill Zone, and Snake are hosted in the overlying dacite along fault zones within 15 m of the MV / MS contact. Gold grades in mineralized dacite are typically lower than in the underlying rocks while sericite alteration is more intense in the dacite. Hydrothermal brecciation is common in portions of the Ledbetter, Horseshoe, Small, and Champion deposits where milled, silicified siltstone clasts occur in a fine-grained quartz-pyrite matrix intruded by fingers of quartz feldspar porphyry with quartz stockwork veinlets. The secondary mineralization zone shares many characteristics with the upper zone and includes some classic epithermal features such as banded veining, colloform / crustiform quartz adularia veins with local quartz after bladed calcite, indicative of boiling. Gold grades can be elevated (circa 18 g/t) within these veins but quickly drops off to more typical Haile grades in disseminated mineralization within the surrounding wall rock.

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Mineral zonation grades outward from quartz-pyrite ± K-feldspar + gold (QS) / QSP ± gold / sericite + pyrite ± pyrrhotite / chlorite-calcite ± epidote (propylitic). QS and QSP mineralized zones are tens of metres thick. Sericite envelopes range in thickness from tens to hundreds of metres and are controlled by protolith, permeability, and weathering. Within the mineralized zones, quartz is dominant (60% to 80%), pyrite is moderate (1% to 10%), and sericite is variable at 5% to 40%. Semi-massive pyrite zones are locally observed over thicknesses of 0.5 to 5 m, especially in the Mill Zone, Red Hill and Haile pits.

Early pervasive, replacement-style sulfidation and silicification is overprinted locally by hydrothermal brecciation, quartz stockwork veining, and cm-scale quartz-pyrite veining. These secondary features generally define the high-grade zones within an ore body. Pyritized and sericitized envelopes extend beyond the silicified ore zones, are elongated parallel to foliation, and broadly define the 0.1 g/t Au shell. Pyrite grain size is typically less than 20 microns (µm) in ore zones. A late phase of barren, coarse, cubic, undeformed pyrite that formed during regional greenschist metamorphism is present outside of mineralized zones. Pyrite cubes in chloritic metamorphosed rocks are 0.5 to 1 mm in size but can be as large as 1 to 2 cm. Pyrrhotite commonly occurs in 5 to 25 m thick halos around and on the edges of ore zones but is sometimes present within the deeper, underground deposits. Its ductile nature produces length; width ratios more than 5:1 in foliated rocks. Pyrrhotite formation is interpreted to be coeval with early, fine-grained pyrite precipitation.

Gold spatially correlates with silver, arsenic, molybdenum, and tellurium. Base metals are rare at Haile. Thin section petrography and scanning electron microscopy show that the gold occurs as native gold, gold-pyrite, gold-pyrite-pyrrhotite clusters in fine-grained silicified zones, and in Au tellurides. Gold tellurides are more common deeper in the system at the Clydesdale and Ledbetter Underground zones. Smeared molybdenite occurs primarily on foliation surfaces and as fine-grained aggregates in silicified zones. Molybdenite at Haile has been dated by Re-Os isotopes at 553.8 ± 9 Ma (Stein et al., 1997), which is coeval with the zircon crystallization age of 553 ± 2 Ma reported by Ayuso et al. (2005). This age correlation indicates that molybdenite mineralization was concurrent with Persimmon Fork volcanism. Seven Re-Os molybdenite ages from Haile (Mobley et al., 2014) yielded ages ranging from 529 to 564 Ma. Four of these samples produced an average age date of 548.7 ± 2 Ma (Mobley et al., 2014).

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8Deposit Types

Hundreds of gold occurrences in the southeast USA are located along a 700 km long SW-NE trend that extends from Alabama to Virginia (McCauley and Butler, 1966, Butler and Secor, 1991). Most of these deposits are small prospects worked and explored along narrow quartz veins. The larger gold deposits are located at or near the contact between volcanic and sedimentary rocks, including the Haile, Brewer, Barite Hill, and Ridgeway mines. Brewer is unique in the region and is classified as a high-sulfidation epithermal gold system with volcanic and breccia-hosted gold accompanied by quartz, pyrite, topaz, enargite, and chalcopyrite. Gold mineralization at Barite Hill contains the assemblage of pyrite-chalcopyrite-galena-sphalerite and is characteristic of a submarine, high-sulfidation volcanogenic massive sulfide deposit. Haile and Ridgeway are similar in that gold mineralization is hosted by silicified, sheared and foliated siltstone.

8.1Haile Genetic Model

The origin of the Carolina slate belt gold deposits is controversial. Contributing theories include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Worthington and Kiff (1970) concluded that a genetic link must exist between ore genesis and volcanism in the Carolina Terrane due to the intimate association with volcanic host rocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spence et al. (1980) found a genetic link between gold mineralization hosted within siliceous and pyritic zones and intense alumina alteration which produced kaolinite and sericite-rich zones stratigraphically above mineralized zones and interpreted these as analogous to features observed in modern hot springs based on geochemical signatures, stratiform nature, stratigraphic position, and geochronology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Feiss et al. (1993) built on the model of Spence et al. (1980) by proposing that hot spring type mineralization must have occurred under extension in a back-arc setting based on oxygen isotope data, which they interpreted to mark a shift from a subaerial to submarine environment. Feiss et al. classified Haile as a syngenetic hot spring system formed as the volcano-sedimentary pile accumulated with subsequent metamorphic overprints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maddry and Speer (1993) proposed an exhalative model for mineralization at Haile whereby gold deposition resulted from hydrothermal fluids venting to the seafloor to produce stratabound ore bodies in marine volcaniclastic rocks. They interpreted intense alumina alteration noted by Spence et al. (1980) to be the effects of saprolitic weathering in warm, humid climates. Strong ductile deformation and structural dismemberment, mineral paragenesis, and mineral textures suggest ore deposition within shear zones or fold axes and that the fluid source was from metamorphic devolatilization reactions and pressure solutions related to Precambrian collisional events (e.g., Tomkinson, 1988; Hayward, 1992). Hayward (1992) emphasized the importance of folds in controlling the location of ore formation in anticlinal fold hinges. Hayward also noted that alteration zones at Haile are generally discordant to bedding and commonly display symmetrical patterns around ore bodies. Tomkinson (1988) proposed that Haile was an orogenic deposit based on textural and structural connections between gold mineralization and shear zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bierlein & Crowe (2000) discussed evidence for epigenetic (i.e., orogenic) vs. syngenetic gold mineralization for CSB gold deposits and concluded the evidence strongly favored syngenetic mineralization with local gold remobilization.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hardy (1989) and Worthington (1993) interpreted the features observed by Hayward (1992) and Tomkinson (1988) as evidence for the remobilization of pre-existing mineralized horizons, causing gold enrichment along structurally controlled pathways during deformation which postdated the primary phase of mineralization at Haile. Hardy also concluded that fluids deposited silica, K-feldspar, pyrite, and gold in breccia zones. Gillon et al. (1995) proposed a model at Ridgeway that invoked early gold mineralization and remobilization during Neoproterozoic deformation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foley et al. (2001) observed multiple generations of pyrite in Haile ores and concluded that disseminated pyrite and gold mineralization were contemporaneous with host volcanic rocks and volcaniclastic sediments.

Pressure shadows around pyrite grains, stretched pyrite and pyrrhotite grains, and flattened hydrothermal breccia clasts indicate that there has been deformation subsequent to sulfide mineralization. These observations are consistent with either pre- or syn-tectonic gold mineralization. Mineralized zones were subsequently foliated and sheared accompanied by regional greenschist facies metamorphism. Similar timing for gold mineralization and peak magmatism in the Haile and Ridgeway areas suggests that the hydrothermal systems that produced these deposits were related to magmatism. The geological understanding of the Haile deposit is increasing as exploration and mining continue. Haile is currently interpreted as a low sulfidation, disseminated, sediment-hosted, gold system with some local epithermal veining based on tectonic setting, low sulfide content, host rock lithology, and geochemistry.

8.2Haile Geological Model

The Haile geological model was constructed using Seequent's Leapfrog Geo software (Leapfrog). The model box is approximately 4 km EW x 2 km NS x 800 m deep. The geological understanding of the Haile mineralization continues to evolve and is documented by mapping and drilling. Low grade mineralization is typically continuous, albeit exhibits local complexity, and concentration into economic mineralization pods. The 3D geological interpretations provide a good basis for 3D modeling and gold estimation. The Haile geological models are updated as needed with ongoing drilling.

The model consists of 3D solids for the following five geological units: dacitic metavolcanics, rhyodacitic metavolcanics, metasediments, basement undifferentiated rocks, and dikes. Surfaces that represent faults and shears, the base of CPS, base of surface clay alteration, base of saprolite, and the base of surface oxidation have also been modeled. Consistency of the geologic model has been improved by relogging of several hundred core holes and incorporation of Portable X-ray Fluorescence (pXRF) and other geochemical data.

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9Exploration

9.1Pre-Romarco

Modern exploration, development, and mining activity on the Haile property began with mapping in 1970 (Worthington and Kiff, 1970). Between 1973 and 1977, Cyprus conducted an extensive exploration program consisting of surface geophysical surveys, trenching, geologic mapping, auger drilling, core drilling, air-track drilling, and metallurgical testing. Cyprus calculated the Haile Mineral Resources at 186,000 oz (5,785 kg) of gold with an average grade of 2.13 g/t. Resources reported in this section do not conform to the standards of NI 43-101 and are included only as part of the historic record.

Between 1981 and 1985, Piedmont explored the historic Haile Mine and surrounding properties with core and RC drilling, surface geophysics, soil sampling, trenching, and rock-chip sampling. Piedmont's total drilling was 69,647 m, much of which was for mine development. Piedmont mined several deposits on the Haile property from 1985 to 1992, producing about 86,000 oz (2,675 kg) of gold.

In 1991, Amax performed an extensive exploration program on the Haile property under an exploration option with Piedmont. In 1992, Amax and Piedmont formed Haile Mine Venture (HMV) as a joint venture, and from 1992 to 1994 HMC (the operating company) completed a program of exploration / development drilling using core and RC drilling, mineral resource estimation, and technical report preparation. The Ledbetter deposit was discovered, and the Mill and Snake areas were expanded.

Kinross acquired Amax in 1998, assumed Amax's portion of the HMC joint venture, and later purchased Piedmont's interest. Kinross performed no exploration activities on the property and limited their operations to a highly successful reclamation program from 1998 to 2007.

9.2Romarco

Romarco completed the Haile property acquisition in October 2007. By February 2008 Romarco had reviewed the quality of historical drilling and assay data and turned their effort to exploration and resource expansion drilling. During its ownership, Romarco significantly expanded the resource and reserve of the property. This report documents the results of the drill program achieved to date with Romarco assay data available through November 17, 2011 (i.e., data cut-off for previous Independent Mining Consultants, Inc (IMC) 15 Mineral Resource estimate), and subsequently by OceanaGold, as described below.

9.3OceanaGold

OceanaGold purchased Romarco in October 2015 and continued the drilling programs to expand and derisk resources and reserves at Haile. Both brownfields exploration and mine development drilling is ongoing, with particular focus on underground growth opportunities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.1Geologic Mapping and Surface Sampling

Numerous workers have performed geologic mapping and surface sampling in and around the Haile Mine area. Mapping is challenged by poor bedrock exposure due to extensive saprolitic weathering, CPS cover, and dense vegetation. Outcrop is estimated at only 1% to 2% in the Haile area. Detailed mapping is generally restricted to mining excavations. The United States Geological Survey (USGS) published a geologic map for the Kershaw quadrangle in 1980 (Bell, 1980). More detailed mapping was conducted at Haile by Spence, Kiff, and Maye, who constructed a detailed geologic map for the mine site in 1975. Subsequent detailed geologic mapping was done by Taylor (1985) and Cochrane (1986). Ph. D. dissertations by Tomkinson (1985) and by Hayward (1991) included detailed geologic mapping in open pits. Geologic mapping by OceanaGold geologists at the Mill Zone pit resumed with mining in 2016.

Historical mapping has been scanned and loaded into the Vulcan<sup>TM</sup> software for structural interpretation, exploration planning, and geologic modeling. The use of the structural dataset in conjunction with the drilling dataset has provided the foundation for a 3D digital geologic model. This model continues to be used successfully to expand the Mineral Resources and Mineral Reserves at the Haile property. Surface samples have been compiled into an Access database and evaluated by OceanaGold. Over 5,000 samples have been compiled based on location, sample type (rock chip, saprolite, soil, stream sediment), rock type, alteration and assay. QA/QC data are generally lacking for these surface samples, and most were assayed only for gold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.2Geophysics

Numerous geophysical surveys have been conducted at Haile since the 1970's. The following geophysical methods have been applied at Haile:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gravity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Airborne and Ground Magnetics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Airborne Electromagnetics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ground-based Induced Polarization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ground-based Electrical Resistivity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Self-Potential

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Down-hole Induced Polarization

Numerous IP / Resistivity surveys have been conducted at Haile, including surveys by Piedmont in 1975 and 1989, by Romarco in 2015 at Champion, Mill Zone, Ledbetter, and Horseshoe, and by OceanaGold in 2016 adjacent to Haile. Geophysical surveys conducted by Piedmont in the late 1980's include ground magnetics and dipole-dipole IP / resistivity methods that led to discovery of the Snake deposit (Larson and Worthington, 1989). The ground magnetic data were acquired in a patchwork fashion and were not corrected for diurnal changes. The dipole-dipole IP / resistivity data were reprocessed by OceanaGold in 2016 (Weis, 2016).

In 2023, OceanaGold contracted Zonge International Geophysical Services and Equipment to reprocess previous surface IP / resistivity data and to perform additional downhole IP surveys. Downhole IP / resistivity was able to successfully identify known mineralization in a test hole, but five additional holes did not reveal any priority targets. Re-processed surface IP / resistivity data yielded new potential target areas.

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Regional gravity survey and aeromagnetic data have been downloaded from the South Carolina data repository (Daniels, 2005). These were supplemented by more detailed gravity stations in 2009 and 2010 by Romarco along roads in the Haile area and as transects over Haile deposits.

Airborne EM and magnetic surveys were flown by Aeroquest for Romarco in 2010 over the Haile-Brewer area on 50 m and 100 m spaced flight lines with a bearing of 150° to 330°. The magnetic data can map the diabase dikes and granite plutons but do not differentiate the older units. Proprietary 3D inversion modeling was conducted by OceanaGold in 2016 to depths of 1,500 m using airborne magnetic and EM data.

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10 Drilling

During 2016, the Romarco Minerals drilling database was translated to OceanaGold's standard acQuire database platform. Where available, original source assay and survey data were used for the acQuire translation and database validation. There was a further internal database review in late 2018 / early 2019. No material errors were identified.

10.1Type and Extent

Drilling at the Haile property commenced in the 1970's and has continued intermittently to the present by several companies. The database used for this latest Mineral Resource estimate was extracted from the acQuire database on October 29, 2025. It contains 4,057 drillholes including 1,614 core holes for 432,249 m (representing 50% of the metres drilled), 209 hybrid (RC with diamond tail) holes for 124,333 m (14%), and 2,184 RC holes for 311,031 m (36%). Some of the historical drilling (i.e., shallow exploration auger or air track drilling) was judged insufficiently reliable and was excluded from the Mineral Resource estimation database. RC and core drilling by Romarco continued from 2008 to 2012 and then resumed in 2015 after a two-year hiatus due to permitting and lower gold prices. Drilling at Haile since early 2015 has almost been entirely core drilling, besides targeted RC grade control campaigns. Drill campaigns by company and year are summarized in Table 10-1.

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**Table 10-1: Haile Drilling Campaigns by Year, Owner and Lab**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Start Hole**<br>**ID** | **End Hole**<br>**ID** | **Hole**<br>**Type** | **Start Yr.** | **End Yr.** | **Owner** | **Lab** |
| DDH0001 | DDH0031 | core | 1975 | 1977 | Cyprus | CMS, Cyprus, Union |
| WW0600 | WW0673 | RC | 1975 | 1990 | Piedmont | NE Geochemical  |
| DDH0032 | DDH0098 | core | 1985 | 1990 | Piedmont | Piedmont, NE Geochemical |
| NDH0001 | NDH0037 | core | 1985 | 1988 | Nicor | Cone Geochemical |
| RC0001 | RC0031 | RC | 1985 | 1986 | Piedmont | Union |
| RC0032 | RC0183 | RC | 1986 | 1987 | Piedmont | NE Geochemical |
| NRH0001 | NRH0054 | RC | 1987 | 1988 | Nicor | Cone Geochemical |
| RC0184 | RC1230 | RC | 1987 | 1990 | Piedmont | Bondar Clegg, NE Geochemical |
| RC1231 | RC1303 | RC | 1990 | 1992 | Piedmont | Bondar Clegg |
| DDH0099 | DDH0288 | core | 1991 |  | AMAX | Bondar Clegg |
| RC1304 | RC1501 | RC | 1992 | 1994 | AMAX | Bondar Clegg |
| DDH0289 | DDH0341 | core | 2008 | Aug-15 | Romarco | Inspectorate |
| DDH0342 | DDH0431 | core | 2008 | 2009 | Romarco | Alaska |
| RC1502 | RC1527 | RC | 2008 | 2009 | Romarco | Inspectorate |
| DDH0432 | DDH511 | core | 2009 | Sep-11 | Romarco | KML |
| RC1528 | RC2083 | RC | Jan-10 | Jan-11 | Romarco | Alaska |
| RCT0001 | RCT0157 | RC/core | Apr-10 | Jan-11 | Romarco | Alaska |
| RC2084 | RC2122 | RC | Jan-11 | Sep-11 | Romarco | Acme, Chemex, KML |
| RCT0158 | RCT0178 | RC/core | Jan-11 | Sep-11 | Romarco | Acme |
| DDH512 | DDH596 | core | Oct-11 | Jun-17 | OceanaGold | KML |
| RC2123 | RC2205 | RC | Oct-11 | Jun-15 | Romarco | KML |
| RCT0179 | RCT0211 | RC/core | Oct-11 | Dec-12 | Romarco | KML |
| DDH0597 | DDH1305 | core | Jul-17 | ongoing | OceanaGold | ALS |
| RC2219 | RC2396 | RC | Feb-20 | ongoing | OceanaGold | ALS, SGS |
| UGD0001 | UGD0121 | core | 2023 | ongoing | OceanaGold | ALS, SGS |
| UGC0004 | UGC0194 | core | 2023 | ongoing | OceanaGold | SGS |

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Source: OceanaGold, 2025

10.2Sample Collection

Both RC and Diamond Drilling (DDH, UGD, UGC) have been used for the Resource estimates at Haile. This section describes the sampling procedures applied to both data collection techniques. Historical drilling prior to Romarco (pre-2007) accounts for approximately 16% of the data. The sample procedures applied to the historic drilling (i.e., drilling prior to Romarco) at Haile are not well documented. Having said this, approximately ten years of mining have tested the veracity of the Resource estimates, which are based on this data. No material flaws have been identified.

The techniques described in this section reflect the procedures applied by Romarco and OceanaGold during the period 2007 to October 29, 2025.

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**<u>Reverse Circulation Drilling</u>**

The RC drilling at Haile typically used 16 cm drill bits. RC drills are equipped with a cyclone and a rotary splitter. Most RC drilling at Haile was under wet conditions. Water injection was typically 15 to 19 litres per minute (L/min) above the water table and decreases to 4 L/min when groundwater is encountered. Sample sizes were between 3 to 7 kg (20 and 30 lbs) with a minimum requirement of 3 kg (15 lbs). The standard size reflected a 15% to 20% split of the total drilled volume. Drill intervals were generally 1.5 m (5 ft) intervals and were collected in bags, to which flocculant was added to settle fine particles. Sampling during advancement of each twenty-foot (6.1 m) rod was a continuous process. Chip samples were collected from the waste discharge and stored in plastic chip trays for geologic logging. The wet samples were bagged, drained, and allowed to settle (aided by flocculent). Sample bags were collected at the end of each shift and transferred to the Haile sample storage area for initial drying.

**<u>Diamond Drilling</u>**

Diamond core drilling is by wireline methods and generally utilizes HQ and NQ size core with <br>63.5 mm and 48.3 mm diameters, respectively. Drill rods are 10 ft (3.1 m) or 5 ft (1.5 m) long. Core is transferred from the core barrels into plastic core boxes at the drill rig by the driller.

Each core box can hold up to 10 ft (3.1 m) of core stored in five rows, each 2 ft (0.6 m) long. Core is gently broken by hammer as required to completely fill the boxes and marked on core as a mechanical break. Hole numbers and drill depths are marked on the outside of the core boxes and interval marker blocks are labeled and placed in the core box. Boxed whole core is covered with plastic lids and is transported to the core shed for logging and sampling by HGM staff or contractors.

**<u>Sample Recovery</u>**

Reverse Circulation: No primary RC sample weights were recorded for RC drilling, so RC recoveries cannot be directly calculated. However, 34,000 rotary split RC subsamples were weighed by Romarco. Splitter ratio settings ranged from 8% to 17%, based on back calculating the range of likely total sample weights. RC recoveries appear to have been largely acceptable.

Diamond Core: Core recoveries average 92% and are rarely less than 90%. There is no observed grade relationship between core recovery and grade. Core recovery in saprolite ranges from 10% to 50%. Minimal ore has been identified in saprolite.

10.3Collar Locations and Downhole Surveys

Drillhole numbers are assigned and maintained by company geologists via an Excel tracking spreadsheet that records location, depth, azimuth, dip, start, and end dates. Historical drillhole collar surveys by Piedmont and Cyprus were surveyed by theodolite and recorded on paper. Drill set ups in the field were by traditional Brunton compass methods to establish azimuths within 2<sup>°</sup> accuracy. Since February 2019, the Reflex Aziliner tool or Stockholm Precision Tools POLESTAR have been used for drillhole set ups within 0.3<sup>°</sup> accuracy.

Haile drillhole collars from 2007 to October 2017 were surveyed by Romarco and OceanaGold surveyors using digital GPS methods.

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Collar surveys are named by hole number, downloaded as .csv files, and saved on a network drive. Collar coordinates are verified against planned coordinates by the geologist overseeing the drilling and then imported into the acQuire database.

Historical drillholes prior to Romarco in 2007 were not surveyed for downhole deviation. The majority of these holes intersected mineralization less than 75 m down hole, so the locational uncertainty is unlikely to be large.

Since 2007, all surface angle holes have been surveyed using the Reflex Sprint-IQ and EZ-Gyro survey tools. Multishot surveys are recorded down hole for azimuth and dip every 6.1 m (20 ft). Upon verification, the data are saved to a local drive and imported into the acQuire database.

Survey data are also stored digitally in the acQuire database. As part of a company-wide metrification process, OceanaGold transformed all surface and drillhole data from the South Carolina NAD27 coordinate system to the UTM NAD83 zone 17N system in November 2016. Coordinate transfer was verified by both geologists and engineers; no issues were identified. Additionally, collar coordinate elevations have been adjusted by +1000 metres to avoid negative reduced level values.

All underground holes are surveyed using Stockholm Precision Tool's GYROMASTER or Boart Longyear's TRUCORE. Survey data is downloaded from the tool and verified by HGM staff, stored on a local network, and uploaded to the acQuire database.

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11Sample Preparation, Analyses and Security

11.1Sample Preparation for Analysis

**<u>Reverse Circulation Drilling</u>**

The RC sample bags were transferred by HGM staff to the sample handling facility where they are prepared for shipment to a lab. RC samples were prepared at either the KML in Kershaw, South Carolina, the AHK preparation facility in Spartanburg, South Carolina, or the ALS preparation facility in Tucson, Arizona.

Lithological chip samples are retained in chip trays, labeled with the drillhole number and depth intervals in permanent marker.

The RC sample bags from the truck were transferred to the Haile sample handling facility where they are prepared for shipment to a lab. RC samples were prepared at either the KML in Kershaw, South Carolina, the AHK preparation facility in Spartanburg, South Carolina, or the ALS preparation facility in Tucson, Arizona.

Samples follow one of two paths:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some samples are weighed, and sample number tags added to the bags. The samples are poured through a Jones splitter to reduce the size to roughly 2.7 kg (6 lbs) for shipment to the sample lab. Coarse rejects are kept in their original sample bags and stored on site on pallets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alternatively, samples are staged at Haile and placed in containers for direct shipment to KML, AHK, or ALS.

**<u>Diamond Drilling</u>**

At the exploration office, the core is cleaned, measured, and photographed. Geotechnical and geologic logging are completed on the whole core. All logging and sampling handling are conducted by HGM staff. Data collecting during core logging include structure, rock type, alteration, mineralogy, RQD, core recovery, hardness and joint condition. Alteration is logged as relative intensity and includes weak, moderate and strong categories. Standardized templates are used for all logging with drop down menus. Geologists routinely review core together and compare notes to ensure accuracy and consistency. Density samples are collected every 12 m (40 ft) and use the water immersion method to measure specific gravity. Competent core at Haile does not require plastic or wax coatings for density measurements. Pre 2017, paper logs were entered into an Excel spreadsheet and then imported into the acQuire database by the admin assistant. Logs are periodically checked by geologists for accuracy and completeness. Tablet-based geology logging in Excel was initiated in 2017 and enables logs to be directly uploaded into acQuire. Logging is conducted in the Imperial system using feet due to the 10 foot drill rods. Data are converted to metric units as part of being imported into the acQuire database. The logging geologist assigns the sample intervals and sample numbers prior to core sawing. Sample ID tags are placed in the core boxes. Sample lengths are typically 5 ft (1.5 m) and can range in length from 1 ft (0.3 m) to 10 ft (3.1 m). Geologic sample breaks may be selected by the geologists based on contacts or structural boundaries. 'No sample' intervals are marked by orange flagging tape in surficial fill or rubble zones and in massive barren diabase dikes exceeding 50 ft (15 m) in thickness. Most core is sawed in half along the core axis using circular masonry blades and then placed into sample bags labelled with

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the sample ID. An exception is underground grade control core (UGC) holes which are sampled without splitting. Paper ID tags are also placed into the bags. Saprolite zones are manually cut with a putty knife. The saw or knife are cleaned between each sample. The cooling water for the saw is not recycled and is discharged into a permitted pond.

Core samples are delivered to the sample preparation facilities. Core is prepared primarily at the ALS facility in Tucson, Arizona but has also been prepared at the company-owned KML facility in Kershaw, South Carolina and the AHK preparation facility in Spartanburg, South Carolina. Since 2018, KML has been operated and managed by SGS Testing Laboratory Services (SGS).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1Off-Site Sample Preparation

**<u>AHK, Spartanburg, South Carolina (ISO/IEC 17025 accredited)</u>**

Once the samples arrive at AHK in Spartanburg, South Carolina the following procedures were applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dry samples at 65°C (150°F (degrees Fahrenheit))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jaw crush samples to 80% passing 2 mm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Split sample with a riffle splitter to prepare the sample for pulverizing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pulverize a 250 g sample to 90% passing 150-mesh (0.106 mm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ship about 125 g of sample pulp for assay

Sample pulps were shipped to the AHK Laboratory in Fairbanks, Alaska for analysis.

**<u>KML, Kershaw, South Carolina (ISO/IEC 17025 accredited)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dry samples at 93°C (200°F)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jaw crush samples to 70% passing 10-mesh (2 mm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Split sample with a riffle splitter to prepare the sample for pulverizing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pulverize a 450 g sample (± 50 g) to 85% passing 140-mesh (0.106 mm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 225 g of pulp sample is sent for fire assay (FA)

Sample pulps from KML were either analyzed at KML or shipped to the AHK Laboratory in Fairbanks, Alaska for analysis.

**<u>ALS, Tucson, Arizona (ISO/IEC 17025 accredited)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dry samples, if excessively wet, at up to 120°C (248°F)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jaw crush samples to 70% passing 10-mesh (2 mm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Split sample with a Boyd rotary splitter to prepare the sample for pulverizing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pulverize a 250 g sample to 85% passing 75 microns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 225 g of pulp sample is sent for fire assay

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fire assay performed on a 30 g sample with an Atomic Absorption Spectroscopy finish

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For samples over 10 g/t Au, fire assay is performed on an additional 30 g sample with a gravimetric finish

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11.2Sample Analysis

Generally, all Mineral Resource samples are processed at ALS and grade control samples are processed at KML. But in some instances, this may be switched due the Laboratory capacity or time constraints.

The procedures currently applied at ALS for assay are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fire assay 30 g of pulp sample for gold, with Atomic Absorption finish

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the gold assay results greater than or equal to 3 g/t Au, an additional 30 g of pulp sample is cyanide leached for gold using Atomic Absorption finish. Where it equals or exceeds 10 g/t an additional 30 g of pulp sample is fire assayed for gold using gravimetric finish

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-element ICP analysis is performed as requested, normally testing specific areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carbon and sulfur determinations are performed as requested, normally testing areas

ALS is ISO 9001 certified and ISO/IEC 17025 accredited. Coarse rejects and returned samples are stored at Haile under the control of HGM staff.

The procedures currently applied at KML for assays are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inventory the samples and create worksheets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insert quality control samples at prescribed rates (see Section 11.4)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fire assay 30 g of pulp sample for gold, with Atomic Absorption finish

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the gold assay result is greater than or equal to 3 g/t Au, an additional 30 g of pulp sample is fire assayed for gold using gravimetric finish, and 0.5 g of pulp sample is analyzed for silver using a four-acid digestion with Atomic Absorption finish

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-element ICP analysis is performed as requested, such as testing specific areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carbon and sulfur determinations are performed as requested, such as testing waste mining areas.

KML is ISO/IEC 17025:2005 accredited for gold and silver assays through the Standards Council of Canada.

11.3Check Assays

Early in the Romarco drill program, samples were sent to the Inspectorate Lab in Reno, Nevada for preparation and assay. Inspectorate is an ISO 9001 certified laboratory. Check assays were sent to ALS-Chemex in Reno, Nevada. Beginning in late 2024, crush duplicates have been assayed for UG Grade Control drilling at KML and to date there has been good correlation with the original assay.

11.4Quality Assurance / Quality Control Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.1Certified Reference Material

CRM is routinely inserted at a rate of one in twenty samples (5%) per industry guidelines. CRMs used by Romarco were purchased from and certified by Rocklabs. OceanaGold currently uses CRMs from Rocklabs and OREAS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.2Blanks

Blanks are routinely inserted at a rate of one in twenty samples (5%). Blanks used by Romarco and OceanaGold include commercially available marble, sand, quartz pebble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.3Duplicates

Starting in late 2024, crush duplicates have been assayed for UG grade control samples. Good comparisons have been reported against the original samples (within 20% variance of original sample).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.4Actions and Results

QA/QC data and graphs are generated from the acQuire database. CRMs returning values outside of 20% variance from the expected value are re-assayed for failed batches. Blanks returning values greater than 0.05 parts per million (ppm) are also re-assayed. Reruns have been acceptable, and those values were imported into and accepted in the acQuire database.

**<u>Security Measures</u>**

RC coarse rejects and returned samples are stored and secured at Haile where they are under the control of HGM staff. Pulps, RC chips, and coarse rejects are stored at the exploration office. Boxed core is palletized and stored in a grass lot on the east side of the mine property. Pallets are covered by tarps and aluminum tags with hole IDs attached to each pallet.

11.5Opinion on Adequacy (Security, Sample Preparation, Analysis)

Historical holes drilled before 2007 comprise 15% of total drill metres and were not documented to the same standard as current OceanaGold practices. However, there is no evidence of material problems with the pre-2007 drilling, sampling and analyses. Furthermore, over ten years of mining has tested the veracity of the Mineral Resource estimates which are based on this data. No material flaws have been identified.

Sample collection, preparation, and analysis are according to industry standards. All labs used by Romarco and OceanaGold are certified to ISO-9001 standard or 17025 accredited for gold and silver through the Standards Council of Canada. The primary external lab used for check assays at ALS Reno is both ISO-9001 certified and 17025 accredited.

Core, pulp, and RC sample storage are considered secure. Sample transport is by HGM staff between secure facilities and by approved couriers to external labs. No significant risks have been identified for sample contamination or sample exchange. No samples have been reported as missing or tampered during transportation upon receipt at the lab.

All Haile drillhole data (assays, logs, surveys) are stored in the secure acQuire database, which is managed by the Principal Database Geologist in New Zealand. The database geologist has no direct reporting relationships to the Haile geologists or to the Director of Exploration. The acQuire database is an industry certified database. Database changes are tracked and verified. Strict data importing and verification protocols must be followed to avoid, for example, overlapping or missing intervals, mismatched hole depths in different fields, duplicate hole IDs or sample numbers, and invalid logging codes.

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In the opinion of the QP, the sample security, preparation and analyses are adequate for the purposes of Mineral Resource estimation.

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12 Data Verification

Verification of drilling, sampling and analyses is discussed as Pre-Romarco, Romarco and OceanaGold data groups in the sections below.

12.1Data Validation of Pre-Romarco Holes

Data validation was conducted by OceanaGold geologists in 2019 for pre-Romarco (pre-2008) RC and core holes. A total of 1,775 holes representing 54% of the resource database were validated using Au best values stored in the acQuire database. This includes drillholes RC0001-1501 (n=1403), DDH0001-0288 (n=288), NDH0001-0037 and NRH0001-0054 (n=84) drilled between 1975 and 1994. The data were compiled, sorted, filed from source data using original logs and assay certificates from dozens of binders and hard copy files for each drillhole. Differences between assays, depths, dips, azimuths, downhole surveys and collar coordinates were recorded and evaluated in spreadsheets. All paper files and logs are securely stored in exploration office at Haile.

No major or systematic errors were identified and there is no material impact to Reserves or Resources based on validation of pre-2008 drillhole data (Jory, 2019). Legacy drillhole data from 1975 to 1994 stored in acQuire are regarded as reliable and accurate. Romarco and OceanaGold data are also reliable and accurate. Minor data corrections were made for some legacy gold assays, collar coordinates, hole depths, and interval depths. Data validation showed that 0.77% of DDH holes and 5.4% of RC holes required corrections based on differences >0.007 ppm Au between acQuire Au best values and assay certificates or assay sheets. Many of the RC holes had negligible errors <1% of the acQuire assay vs. original assay. Most of the suspect holes are from the early Cyprus and Piedmont drill campaigns. Amax holes are of high confidence and include certified assays by Bondar Clegg with fire and gravimetric assays.

As a precautionary measure, extra diamond core drilling targeted within open pit designs has been completed in areas with large numbers of legacy (pre-Romarco) RC holes, including Snake, Red Hill and Haile. The Mill Zone, Ledbetter, Horseshoe and Small pits are largely drilled with core holes and have no RC grade bias risk. Extra diamond core drilling at Ledbetter UG resulted in the removal of legacy (pre-Romarco) RC holes for the Mineral Resource estimate.

12.2Verification of Romarco and OceanaGold Data

There are 24,794 CRM samples recorded in the OceanaGold acQuire database. There are an additional 20,148 blank samples. The number of CRM samples submitted by year varies and largely reflects the drilling activity in that year. The performance of these CRMs revealed no material problems with laboratory performance. Blanks and CRMs are inserted at industry normal frequencies of 1 in 20 samples.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1Romarco Data Verification

In addition to the checks done by OceanaGold during database translation and the 2018 / 2019 review, the following checks have been made by IMC for drilling completed by Romarco (2008 to 2014).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A comparison of certificates of assay from the laboratory vs. the Romarco computerized data base to check the reliability of data entry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statistical analysis of the CRMs that were inserted by Romarco for analysis by the assay lab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statistical analysis of the blank samples that were inserted by Romarco for analysis by the assay lab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statistical analysis of the check samples that were submitted by Romarco to a third-party laboratory

The QP has reviewed the checks and believes that the data are of acceptable quality for the purposes of Mineral Resource estimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2Horseshoe Data Verification 2016

In 2016, OceanaGold undertook a program of database verification for drilling at the Horseshoe Underground deposit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assay Verification – 5% check of assay values

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collar Verification – 100% check of collar locations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Downhole Survey Verification – 100% check on downhole surveys

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CRM and Blank QA/QC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KML vs. ALS Horseshoe assay comparison

The review identified no material flaws. The Horseshoe data is considered of acceptable quality for the purposes of Mineral Resource estimation. The KML vs. ALS check assay comparison study for Horseshoe concluded that "statistical variance from these studies for AuAA vs. AuFA comparisons (n=512) between KML and ALS Tucson indicate that the KML lab is 5% to 10% low, or conversely that the ALS lab is 5% to 10% high. KML adjusted their AA dilution process in late October 2016 to achieve better fit with expected values". The KML assay data were validated and used in the Mineral Resource model.

All Horseshoe drilling was core using OceanaGold LF90 drills and company drillers. Sample preparation and assays were conducted by OceanaGold's KML at Haile. Check assays on sample pulps were performed by ALS in Tucson, AZ. No significant errors were identified by the study as seen in Figure 12-1.

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![horseshoea.jpg](horseshoea.jpg)

Source: OceanaGold, 2021

**Figure 12-1: Horseshoe AuFA_grav KML vs. ALS 0-53 g/t (n=253)**

12.3Haile QA / QC ALS July 2017- December 2025

During the period July 2017 to December 2025, nearly all exploration and Resource definition samples were submitted to ALS laboratories. Samples were prepared at the Tucson, Arizona lab and certified assays were done in Reno, Nevada or Vancouver, British Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.1July 2017 to December 2025 CRM Performance

ALS Reno laboratory accuracy was monitored by insertion of commercially CRMs into the sample stream. A total of 32 different CRMs sourced from Rocklabs and OREAS were submitted in sample batches for a total of 3,722 CRM analyses during the eight and a half-year period. Twenty nine of the 32 CRMs had more than 30 insertions into the sample stream. CRMs include oxide, sulfide, and high silica standards. Figure 12-2 shows CRM values plotted against the expected values. Figure 12-3 shows a zoomed in view of the most commonly inserted CRMs. No obvious bias was observed within the CRM expected vs. actual data. Relative standard deviation of all CRMs was good, averaging 4.3% of expected values over the period. Results confirm excellent precision and accuracy of assays provided by ALS Reno for Haile Mineral Resource calculations that are within industry guidelines. Results from blanks showed no contamination of samples used for Mineral Resource calculations.

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![december 2025crmanalysesvsea.jpg](december 2025crmanalysesvsea.jpg)

Source: OceanaGold, 2025

**Figure 12-2: July 2017- December 2025 CRM Analyses vs. Expected Value**

![december 2025crmanalysesvsea.jpg](december 2025crmanalysesvsea.jpg)

Source: OceanaGold, 2025

**Figure 12-3: July 2017 to December 2025 CRM Analyses vs. Expected Value <4 g/t** 

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Standard control charts were plotted for commonly used CRMs. Examples of oxide (OxF125, OxG124, OxH122, OxE150, OxI177, OxI121, and OxI176), sulfide (SF85 and SC127), and high silica (HiSilK2 and HiSilP3) CRMs are shown in Figure 12-4 through Figure 12-7. No obvious trends in the process mean are apparent in the longer run CRM results. CRM OxF125 and OxG124 showed a consistent slight under call, compared to the CRM reported mean, but within two standard deviations (SD) of the reported CRM mean (see Figure 12-4). CRM SF85 showed a slight under call, compared to the CRM reported mean from Feb 2020 to Oct 2020, and preformed better after October 2020 (see Figure 12-6)

If a CRM returned a value greater than 20% above or below the expected value, and no sample swap was evident, all intervals within the failed batch and the nearest passing CRM or Blank were rerun.

![december 2022a.jpg](december 2022a.jpg)

Source: OceanaGold, 2025

**Figure 12-4: July 2017- December 2022 CRMs: OxF125 (Au=0.806), OxG124 (Au=0.918), and OxH122 (Au=1.247)**

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![january 2024a.jpg](january 2024a.jpg)

Source: OceanaGold, 2025

**Figure 12-5: January 2024 - December 2025 CRMs: OXE150 (Au=0.658), OXI177 (Au=1.811), OXI121 (Au=1.834), and OXJ176 (Au=2.385)**

![october 2019todecember2025a.jpg](october 2019todecember2025a.jpg)

Source: OceanaGold, 2025

**Figure 12-6: October 2019 to December 2025 CRMs: SC127 (Au=0.225) and SF85 (Au=0.848)**

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![a2017todecember2025a.jpg](a2017todecember2025a.jpg)

Source: OceanaGold, 2025

**Figure 12-7: October 2017 to December 2025 CRMs: HiSilK2 (Au=3.474) and HiSilP3 (Au=12.240)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.2Contamination Monitoring

Contamination is monitored by insertion of blank materials. From July 2017 to December 2025, a total of 3,526 blank samples of four different materials were inserted: Marble, Sand, Gravel, and Quartz Pebble. Lab detection limit (LDL) is 0.005 ppm Au and control limit used is 10 times the LDL (i.e., 0.050 ppm Au). Haile's trigger threshold for a blank is 0.05ppm, only 11 out of the 3,526 were significantly above this threshold and were not proceeded by high grade samples. No action was taken. Overall, there is no indication of significant contamination during sample preparation.

The QP has reviewed the July 2017 to current data and believes it to be of acceptable quality for the purposes of Mineral Resource estimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.3Statement of Data Adequacy

The QP believes that the data reviewed above, including drilling prior to 2007 and subsequent drilling by Romarco and OceanaGold, is adequate for the purposes of Resource estimation.

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13 Mineral Processing and Metallurgical Testing

Sample preparation and characterization, grinding studies, gravity concentration tests, whole ore leach tests, flotation tests and leaching of flotation tailings, and flotation concentrate tests were completed to determine the metallurgical response of the ore.

Samples of ore were collected by HGM for metallurgical testing. A series of metallurgical testing programs have been completed by independent commercial metallurgical laboratories. The test work indicated that the ore responds well to flotation and direct agitated cyanide leaching technology to extract gold. The results of the test programs are available in the following reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phillips Enterprises, LLC (Phillips) 17 September 2008, Progress Report #2 Process and Metallurgical Testing on Haile Gold Mine Ore Project No. 082003i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pocock Industrial Inc. (Pocock) Salt Lake City, Utah, May 2009, Flocculant Screening, Gravity Sedimentation, Pulp Rheology, Vacuum Filtration and Pressure Filtration Studies Conducted for Romarco Minerals Haile Gold Project

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resource Development Inc. (RDi), Wheat Ridge, Colorado, September 16, 2009, Romarco Minerals, Inc. Haile Gold Project, Metallurgical Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metso Minerals Industries Inc. (Metso), York, Pennsylvania, December 7, 2009, Test Plant Report No. 20000134-135

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resource Development Inc. (RDi), Wheat Ridge, Colorado, March 31, 2010, Romarco Minerals, Inc. Work Index Data for Haile Composite Sample

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resource Development Inc. (RDi), Wheat Ridge, Colorado, March 31, 2010, Romarco Minerals, Inc. Metallurgical Testing of Ledbetter Extension Samples

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resource Development Inc. (RDi), Wheat Ridge, Colorado, May 27, 2010, Romarco Minerals, Inc. Flash Flotation, Cyanide Destruction & Leaching of Concentrate and Tailing for Haile Composites

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resource Development Inc. (RDi), Wheat Ridge, Colorado, September 27, 2010, Romarco Minerals, Inc. Optimization of Leaching of Flotation Concentrate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resource Development Inc. (RDi), Wheat Ridge, Colorado, August 2010, Metallurgical Testing of Horseshoe Zone Samples

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metso Minerals Industries, Inc. (Metso), York, Pennsylvania, February 2011, Stirred Media Detritor and Jar Mill Grindability Test on Bulk Flotation Concentrate T11-04

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KML Metallurgical Services, (KML), Kershaw, South Carolina, December 27, 2012, HGM Years 1 – 3 Silver Characterization Project Test Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resource Development Inc. (RDi), Wheat Ridge, Colorado, June 6, 2011, Production of Flotation Concentrate and Confirmation Testing of Flowsheet

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• G&T Metallurgical Services Ltd (G&T), Kamloops, Canada November 24, 2011, Flotation & Cyanidation Testing on Samples from the Horseshoe Deposit, Haile Gold Mine KM3076;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gekko Global Cyanide Detox Group (Gekko), Ballarat, Australia, July 18, 2016, OceanaGold Haile Gold Mine Cyanide Detox Test Work DTXSC021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ALS Metallurgy Kamloops, BC, Canada, December 2016, Comminution Testing on Samples from the Haile Gold Mine KM 5180

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ALS Metallurgy Kamloops, BC, Canada, Comminution and Thickening Testing for Haile Gold Mine KM 5293

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The metallurgical test results were used to develop process design criteria and the flow sheet for processing the ore in the existing plant and the basis for progressive upgrades since commissioning.

In addition to the testwork undertaken in developing the plant flowsheet and design-criteria, ongoing future ores testwork has been undertaken to support additional Reserves utilizing the same laboratory flowsheet to allow direct comparison with historical testwork.

The following sections contain some information in short tons (st) and others in metric tonnes (t).

13.1Testing and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1Comminution

Comminution test work on mineralized samples was performed by RDi (using Phillips Enterprises, LLC) and by ALS Kamloops.

Bond ball mill work index (BMWi) values were determined by RDi for various Haile samples. Bond impact and abrasion tests were also completed. The BMWi results for selected composites from this work are presented in Table 13-1.

**Table 13-1: Bond Ball Mill Work Indices for Haile Samples**

---

| | | |
|:---|:---|:---|
| **Composite Number** | **Area** | **BMWi at 100-mesh**<br>**(kWh/st)** |
| 1 | Mill Zone  | 8.42  |
| 2 | Mill Zone  | 8.07  |
| 3 | Mill Zone  | 7.95  |
| 4 | Mill Zone  | 8.03  |
| 5 | Mill Zone  | 7.88  |
| 6 | Haile  | 8.55  |
| 7 | Haile | 9.78  |
| 8 | Ledbetter | 7.49  |
| 26 | Snake | 10.34  |
| 27 | Snake | 10.39  |
| 31 | Snake | 5.13  |

---

Source: OceanaGold, 2025

Further testing, including Bond rod mill index testing as completed on Mill Zone, Haile, Ledbetter, and Red Hill ore zone samples. The Bond ball mill work index for each composite was also determined at both 100- and 200-mesh for these samples.

The results for selected composites from this work are presented in Table 13-2.

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**Table 13-2: Bond Rod and Ball Mill Work Indices for Haile Composite**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Composite Number** | **Sample** <br>**Description** | **Rod Mill Wi** <br>**(kWh/st)** | **Ball Mill Wi at 100-mesh**<br>**(kWh/st)** | **Ball Mill Wi at 200-mesh**<br>**(kWh/st)** |
| 2 | Mill Zone-Average Grade | 11.08  | 8.21  | 7.78  |
| 6 | Mill Zone-High Grade | 11.30  | 8.21  | 8.17  |
| 8 | Haile-Average Grade | 12.49  | 9.47  | 8.92  |
| 20 | Ledbetter-Average Grade  | 12.18  | 8.95  | 8.42  |
| 24 | Ledbetter-High Grade | 12.56  | 9.47  | 9.03  |
| 34 | Red Hill-Average Grade | -  | 8.73  | 9.47  |
| 54 | Red Hill-Low Grade | -  | 8.83  | 9.50  |

---

Source: OceanaGold, 2025

RDi also performed comminution tests on samples from the Ledbetter Extension zone. The Bond rod and ball mill indices and an abrasion index for an ore composite (83) was determined. The results of this work are presented in Table 13-3.

**Table 13-3: Rod and Ball Mill Work Indices for Ledbetter Extension Samples**

---

| | |
|:---|:---|
| **Abrasion Index** | **Value**<br>**(kWh/st)** |
| Rod Mill Work Index | 12.71  |
| Ball Mill Work Index at 100-mesh | 10.21  |
| Ball Mill Work Index at 200-mesh | 9.81  |

---

Source: OceanaGold, 2025

RDi also performed comminution studies on samples from Horseshoe. The Bond rod, ball mill, and abrasion indices for four different composites were determined. The samples were relatively abrasive and moderately hard. The results are presented in Table 13-4.

**Table 13-4: Rod and Ball Mill Work and Abrasion Indices for Horseshoe Samples**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Composite<br>Number** | **Sample Description**<br>**(Hole ID / intercepts / lithology)** | **RM Wi**<br>**(kWh/st)** | **BMWi at 200-mesh**<br>**(kWh/st)** | **Abrasion**<br>**Index** |
| 83 | RCT-03 / 1412 to 1460 ft / Silicified Metasediment (Ms) | - | 12.29 | 0.2167 |
| 84 | RCT-04 / 1460 to 1510 ft / Silicified Metasediment | - | 11.29 | 0.2691 |
| 85 | RCT-04 / 1510 to 1585 ft / Silicified Breccia | 14.93 | 12.95 | 0.3786 |
| 86 | RCT-04 / 1585 to 1655 ft / Silicified Breccia | 13.56 | 13.77 | 0.8330 |

---

Source: OceanaGold, 2025

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ALS performed comminution tests on samples from Horseshoe and Ledbetter. The A x b parameter from the SMC test, SAG Circuit Specific Energy (SCSE) and Bond ball mill indices for composites were determined. The results of this work are presented in Table 13-5.

**Table 13-5: ALS Comminution Tests on Horseshoe Samples**

---

| | | | |
|:---|:---|:---|:---|
| **Composite Number** | **A x b** | **SCSE**<br>**(kWh/st)** | **BMWi at 200-mesh**<br>**(kWh/st)** |
| Horseshoe 1 | 28.9  | 11.4  | 13.5  |
| Horseshoe 2 | 29.9  | 11.3  | 13.6  |
| Horseshoe 3 | 30.7  | 11.2  | 9.3  |
| Horseshoe 4 | 29.4  | 11.6  | 10.9  |
| Horseshoe 5 | 28.0  | 11.6  | 14.4  |
| Horseshoe 6 | 27.1  | 12.4  | 10.6  |
| Ledbetter 1 | 27.3  | 12.0  | 11.6  |
| Ledbetter 2 | 25.6  | 12.2  | 13.5  |
| Ledbetter 3 | 27.8  | 11.9  | 11.8  |
| Ledbetter 4 | 30.8  | 11.3  | 8.9  |

---

Source: OceanaGold, 2025

ALS performed JK Drop Weight and Bond ball mill index tests on samples from mineralized material exposed in Mill Zone Pit. The results of this work are presented in Table 13-6.

**Table 13-6: ALS Comminution Tests on Mill Zone Pit Samples**

---

| | | | |
|:---|:---|:---|:---|
| **Composite Number** | **A x b** | **SCSE**<br>**(kWh/st)** | **BMWi at 200-mesh**<br>**(kWh/st)** |
| 1a | 93.6  | 7.15  | 9.4  |
| 1b | 93.6  | 7.15  | 9.1  |
| 2a | 52.8  | 8.85  | 6.8  |
| 2b | 52.8  | 8.85  | 6.6  |

---

Source: OceanaGold, 2025

The comminution circuit design developed for the expansion project incorporated the additional competency test work and power modeling for the overall circuit was developed with the assistance of external consultants. A series of plant grinding circuit surveys were completed in 2017 and 2018 to validate the predictions of the modeling work. The survey data indicated the Haile Semi-Autogenous Grinding (SAG) specific energy requirement was significantly lower than that predicted from the SMC test results on all surveys. Additional modeling work developed a Haile site specific model for SAG specific energy as a function of the drop weight index (DWI) from the SMC test and Bond ball mill work index.

Updated throughput modeling, using the site-specific model, indicated an increase in throughput averaging 70 tonnes per hour (t/h) higher than the original work. Based on the outcome of the power

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modeling work, the confidence of achieving 3.5 to 4.0 Mt/yr throughput rates for the majority of the ore sources was sufficient to proceed with the installation of the pebble crushing circuit but not to proceed with the detailed design of the secondary crushing circuit.

ALS performed SMC, Bond rod mill and Bond ball mill index tests on a further 17 composite samples taken from the Ledbettter, Snake, Haile, and Red Hill pits from infill drilling in 2018. These allowed additional variability analysis on expected ore competency across these pits based on the power modeling work that represented mill feed from 2019 to 2024. The results of the program are summarized in Table 13-7 and indicate similar values to the previous programs.

**Table 13-7: ALS Comminution Test Results for 2018 Infill Sample Program**

---

| | | | |
|:---|:---|:---|:---|
| **Sample ID (DDH/Deposit)** | **A x b** | **SCSE**<br>**(kWh/tonne)** | **BMWi at 200-Mesh**<br>**(kWh/tonne)** |
| 672A Ledbetter | 25.4 | 12.6 | 11.0 |
| 693A Snake | 39.8 | 10.1 | 8.6 |
| 698A Snake West | 27.9 | 11.8 | 11.3 |
| 726A Snake West | 24.8 | 10.6 | 10.9 |
| 726B Snake West | 28.9 | 11.7 | 8.9 |
| 746A Snake | 40.5 | 10.0 | 9.8 |
| 746B Snake | 31.0 | 11.3 | 11.6 |
| 746C Snake | 36.2 | 10.5 | 10.0 |
| 752A Ledbetter | 28.3 | 11.9 | 9.9 |
| 752B Ledbetter  | 33.0 | 10.9 | 10.2 |
| 773A Ledbetter | 28.9 | 11.8 | 10.1 |
| 802A Haile | 31.7 | 11.2 | 8.8 |
| 802C Haile | 35.7 | 10.5 | 10.1 |
| 802C Haile | 31.1 | 11.2 | 9.4 |
| 802D Haile | 38.4 | 10.1 | 9.1 |
| 803A Red Hill | 31.8 | 11.2 | 10.5 |
| 806A Red Hill | 46.6 | 9.4 | 7.5 |

---

Source: OceanaGold, 2025

In 2022 SGS Burnaby was sent 30 core composite samples from ore zones from the Haile, Ledbetter, and Mill Zone pits as part of a competency variability program to quantify variability expectations in the LoM plan from these pit stages. SMC, Bond rod mill, and Bond ball mill index tests were conducted on these samples providing a larger data set confirming the increased hardness expected in the Ledbetter pit compared to the upper areas of the Haile pit and Mill Zone pits. The results of the program are summarized in Table 13-8 and has increased the data set of competency data to allow development of hardness proxy measurements for the block model.

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**Table 13-8: SGS Comminution Test Results for 2022 Variability Program**

---

| | | | |
|:---|:---|:---|:---|
| **Sample ID (DDH/Deposit)** | **A x b** | **SCSE**<br>**(kWh/tonne)** | **BMWi at 200-Mesh**<br>**(kWh/tonne)** |
| MET-MZ-88 | 128.5 | 6.31 | 4.7 |
| MET-MZ-89 | 37.1 | 10.47 | 8.9 |
| MET-MZ-90 | 59.0 | 8.34 | 4.9 |
| MET-MZ-91 | 94.8 | 6.97 | 5.3 |
| MET-HL-92 | 49.8 | 8.99 | 9.1 |
| MET-HL-93 | 39.7 | 9.92 | 9.7 |
| MET-HL-94 | 58.5 | 8.34 | 7.5 |
| MET-HL-95 | 45.1 | 9.33 | 8.3 |
| MET-HL-96 | 37.0 | 10.23 | 8.7 |
| MET-HL-97 | 40.0 | 9.91 | 8.6 |
| MET-HL-98 | 39.2 | 10.20 | 8.7 |
| MET-HL-99 | 44.8 | 9.45 | 9.2 |
| MET-HL-100 | 40.8 | 9.92 | 9.4 |
| MET-LB-101 | 30.3 | 11.28 | 11.9 |
| MET-LB-102 | 44.3 | 9.45 | 9.7 |
| MET-LB-103 | 30.0 | 11.49 | 11.1 |
| MET-LB-104 | 39.9 | 9.96 | 10.0 |
| MET-LB-105 | 34.6 | 10.61 | 11.4 |
| MET-LB-106 | 38.0 | 10.33 | 9.3 |
| MET-LB-107 | 31.8 | 10.98 | 10.2 |
| MET-MZ-108 | 32.9 | 10.98 | 11.5 |
| MET-LB-109 | 41.8 | 9.79 | 10.8 |
| MET-LB-110 | 37.8 | 10.26 | 9.4 |
| MET-LB-111 | 30.8 | 11.77 | 9.6 |
| MET-LB-112 | 47.9 | 9.22 | 10.3 |
| MET-LB-113 | 37.0 | 10.26 | 8.9 |
| MET-MZ-114 | 46.8 | 9.40 | 6.9 |
| MET-MZ-115 | 48.4 | 9.37 | 9.0 |
| MET-MZ-116 | 38.3 | 10.17 | 7.9 |
| MET-MZ-117 | 53.7 | 8.80 | 8.7 |

---

Source: OceanaGold, 2025

In 2022 as part of a program of blast optimization trials to evaluate the impact on mill throughput a series of full grinding surveys were undertaken to validate the previously developed site-specific comminution model to allow conversion of competency parameters into throughput rates for the current circuit. Four additional surveys were completed and provided to Ausenco to balance and model fit with the additional points displayed below in Figure 13-1 with a good correlation between the measured and predicted SAG specific energy.

Released: March 27, 2026 Page 91 of 275

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![updatedmodeledvsmeasuredsaa.jpg](updatedmodeledvsmeasuredsaa.jpg)

Source: OceanaGold, 2025

**Figure 13-1: Updated Modeled vs. Measured SAG Specific Energy Values**

In May 2024 ore from the Ledbetter Phase 2A pit became the predominate feed source for the mill, with Horseshoe underground joining the blend later in the year. Increases in drill bit wear and a drop in penetration rates indicated an increase in ore competency along with poorer blast fragmentation. Milling rates were impacted in the mill with throughput rates dropping to 360 to 420 t/h on a 100% basis leading to investigating alternative blasting patterns and use of a mobile jaw crusher to test partial secondary crushing a portion of the mill feed to -75 mm to determine the impact on throughput.

As a result of the noticeable impact on mill throughput and to address ongoing throughput planning a Geomet program was undertaken submitting a series of 5 m core samples from the remaining three deeper sourced open pits for competency testing. These samples were submitted to SGS Lakefield using the Geopyora method to determine the DWi and Bond ball mill work index to increase the number of data points in the future pit phases for modeling. A summary of the results is presented below in Table 13-9 with the Bond BWi noticeably higher than results of larger composites from higher up in the pit phase previously tested.

Released: March 27, 2026 Page 92 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-9: Geopyora Competency Test Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pit Phase** | **Sample** <br>**Count** | **DWi** | **DWi** | **BMWi at 150 micron (kWh/tonne)** | **BMWi at 150 micron (kWh/tonne)** |
| **Pit Phase** | **Sample** <br>**Count** | **Range** | **Mean** | **Range** | **Mean** |
| Ledbetter Phase 3 | 51 | 6.7 - 13.2 | 9.9 | 13.9 - 22.4 | 16.7 |
| Snake Phase 3 | 12 | 8.1 - 11.0 | 9.8 | 14.9 - 17.8 | 16.4 |
| Haile Phase 2 | 9 | 6.7 - 10.9 | 9.6 | 15.3 - 17.9 | 16.5 |

---

Source: OceanaGold, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2Throughput Estimate Assumptions

The following approach was used to generate a throughput estimate for the block model to allow mine schedules to incorporate mill throughput estimation during the planning process. The existing DWi and BBWi data was supplemented with recent Geopyora DWi and BBWi core measurements for the three main remaining open pit ore sources. This data was used to calculate SAG circuit specific energy for each data point using the previously derived regression and mill throughput estimates assuming a 3100 kW available mill power draw. The throughput estimates were then assigned to the block model. With this information added to the block model, open pit schedules were then used to predict mill throughput for each period from the mine schedule.

For underground ore sources from Horseshoe and Palomino, deposits based on a similar approach from core testing results the 85<sup>th</sup> percentile of the hardest ore was used to determine a throughput rate equivalent to 3.2 Mt/yr on a 100% mill feed basis. Applying this approach to the Ledbetter Underground deposit a throughput rate equivalent to 2.8 Mt/yr was calculated.

For the current LoM plan this approach to modeling throughput was used rather than the previously used rates for open pit and underground and has led to a planned throughput rate in the range of 2.7 to 3.0 Mt/yr over the remaining project life. Whilst lower than previous methods used it reflects actual plant achieved rates and more up to date information on the remaining open pit Reserves, along with a change in mill feed blend from deeper competent underground sources from 25% of mill feed to over 50% from 2030 to 2034 with three deposits contributing over the LoM to open pit sourced ore.

It should be noted that the mill survey data used to generate the site-specific comminution model was based on ore source from the Snake Phase 2 and Ledbetter Phase 1 open pits with coarse fragmentation than that experienced with the underground produced ore and may tend to under estimate throughput expected in the long term. Secondary crushing trials in late 2024 with 20% of mill feed pre-crushed to -75 mm indicated a modest throughput increase of 15 to 20 tph on Ledbetter Phase 2A feed, and short trials with -50 mm material was more beneficial.

There is scope to conduct further work on partial secondary crushing trials to evaluate the <br>cost / benefit of increasing mill throughput above the current LoM with mobile crushing equipment on site and the current forecast is now considered a conservative estimate compared to that used in scheduling in previous years.

Additional short interval core samples are being sought from both open pit and underground sources to increase the data set available to improve the confidence in the block model prediction.

Released: March 27, 2026 Page 93 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3Flotation and Cyanidation

The Philips test work described in the September 2008 report was performed on composite ore samples of average grade material from the Haile and Mill Zone pit areas.

The testing was conducted to substantiate metal recoveries from sulfide flotation and cyanide leaching of flotation tailings and investigate oxidation methods for enhancing gold extraction from sulfide concentrate. Additional work was executed on tailings samples to assess thickening and filtration response, neutralization requirements, and provide material for environmental and tailing disposal engineering studies by others.

The work confirmed the sulfides carry the majority of the metal values in Haile deposits and this allows their concentration into a smaller fraction for processing. Previous operations at the site recognized this and sulfide concentration was practiced. However, the sulfides do not easily release the metal values and limited extraction was experienced by simple cyanidation. The sulfides contained in the ore composites tested by Phillips showed the same characteristics.

Flotation tests on the Haile composite indicated 66% of the gold was separated into a concentrate that represented 6.7% of the flotation feed mass. Tests on the Mill Zone composite indicated 89% of the gold was separated into a flotation concentrate that represented 13.6% of the feed. The Mill Zone composite test had a finer flotation feed particle size distribution and extended residence time which may explain the difference in recovery.

Leach tests on flotation tail indicated 82% (leach stage) extraction for gold for both composites. Leach tests on a blend of Haile and Mill Zone flotation concentrate revealed gold extraction of only 67% of the gold with the as-floated particle size. Applying a test procedure entailing a regrind in cyanide solution to 80% passing 15 µm, followed by an agitated cyanidation step, raised extraction to 80%.

The subsequent phase of work from 2009 was carried out by RDi on samples from the five areas within the Haile mineralized zone; Mill Zone, Haile, Red Hill, Ledbetter, and Snake. These discrete areas were provisionally derived from initial distinct open pits, but later design work and optimization may make the designation merely a legacy naming convention.

The methodology of compositing samples was to prepare composites from each hole's intervals based on their assays as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Less than 0.5 g/t Au was considered waste

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Less than 1 g/t but greater than 0.5 g/t Au were combined as low-grade composites

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Between 1 g/t Au and 4 g/t Au were combined as average grade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over 4 g/t Au were combined as high-grade

Almost all the samples assayed over 0.3% sulfur and sulfide sulfur accounted for over 95% of the total sulfur (ST).

RDi performed gravity concentration testing using a laboratory centrifugal concentrator with cleaner gravity concentration using a shaking Gemini table. The results indicate that the cleaner stage recovered about 20% of the feed gold but into a concentrate with a mass pull of 1% to 2% of the feed, assaying 11 to 75 g/t Au. The concentrate grade was too low-grade to treat separately and there appears to be no coarse gold in the deposit, thus a gravity circuit was not considered to be applicable.

Released: March 27, 2026 Page 94 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

RDi performed whole-ore cyanide leach tests to examine the effect of ore grind size and leach time on gold recovery. The test work indicated that direct leaching gold extraction from the samples was generally poor and variable, ranging from 40% to 79%.

Most of the gold that leached was in the initial six hours of leach time and extraction generally increased with increasing fineness of grind. The refractoriness of the gold is partially due to size dependence but predominantly due to gold association with sulfides. A summary of the test work is presented in Table 13-10.

**Table 13-10: RDi Whole-Ore Leach Test Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Composite Number** | **Grind Size**<br>**(P80, mesh)** | **% Gold Extraction, Leach Time** | **% Gold Extraction, Leach Time** | **% Gold Extraction, Leach Time** | **NaCN Consumption**<br>**at 48 hr. (lbs/st)** |
| **Composite Number** | **Grind Size**<br>**(P80, mesh)** | **6 hr.** | **24 hr.** | **48 hr.** | **NaCN Consumption**<br>**at 48 hr. (lbs/st)** |
| Mill Zone Average | 100 | 57.0 | 65.0 | 64.7 | 0.50 |
| Mill Zone Average | 200 | 64.7 | 65.7 | 65.9 | 0.42 |
| Mill Zone Average | 325 | 68.0 | 69.2 | 68.4 | 0.84 |
| Haile Average | 200 | 67.5 | 71.3 | 71.5 | 0.52 |
| Haile Average | 325 | 69.0 | 73.7 | 75.3 | 0.96 |
| Ledbetter Average | 200 | 72.2 | 75.60 | 75.8 | 0.24 |
| Ledbetter Average | 325 | 70.4 | 80.3 | 79.1 | 1.40 |

---

Source: OceanaGold, 2022

RDi performed flotation test work to investigate the recovery of gold and silver to a sulfide mineral concentrate. The tests indicated that a reagent suite of potassium amyl xanthate (PAX), AERO 404 (or equivalent), and methyl isobutyl carbinol (MIBC) frother, along with a laboratory flotation time of six minutes and a grind size of 200-mesh or finer will result in the highest gold recovery values.

A summary of the RDi flotation test work is presented in Table 13-11 and Table 13-12.

**Table 13-11: Flotation Test Results – Averages by Grind**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sample Description** | **Primary Grind**<br>**(P80, mesh)** | **Flotation Concentrate**<br>**6-minute Flotation Time Recovery %** | **Flotation Concentrate**<br>**6-minute Flotation Time Recovery %** | **Flotation Concentrate**<br>**6-minute Flotation Time Recovery %** | **Concentrate Grade<br>(oz/st)** | **Concentrate Grade<br>(oz/st)** |
| **Sample Description** | **Primary Grind**<br>**(P80, mesh)** | **% wt** | **Au** | **Ag** | **Au** | **Ag** |
| Mill Zone Average | 100 | 18.2 | 92.7 | 50.9 | 0.516 | 0.341 |
| Mill Zone Average | 200 | 14.2 | 91.7 | 58.7 | 0.630 | 0.679 |
| Mill Zone Average | 325 | 12.6 | 90.8 | 61.6 | 0.779 | 0.846 |
| Red Hill Average | 200 | 16.8 | 82.6 | 75.2 | 0.493 | 1.420 |
| Red Hill Average | 325 | 15.6 | 82.3 | 73.1 | 0.557 | 1.053 |
| Ledbetter Average | 200 | 10.3 | 91.8 | 57.7 | 1.234 | 0.749 |
| Ledbetter Average | 325 | 10.5 | 88.6 | 42.8 | 1.301 | 0.674 |
| Haile Average | 200 | 12.8 | 86.7 | 59.9 | 0.519 | 0.752 |
| Haile Average | 325 | 11.3 | 86.4 | 65.6 | 0.618 | 0.834 |
| Snake Average | 200 | 15.4 | 90.2 | 50.4 | 0.665 | 0.475 |
| Snake Average | 325 | 15.0 | 91.6 | 49.0 | 0.636 | 0.446 |

---

Source: OceanaGold, 2022

Released: March 27, 2026 Page 95 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-12: Flotation Test Results Average by Grade and Grind**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sample Description** | **Primary Grind**<br>**(P80, mesh)** | **Flotation Concentrate**<br>**6-minute Flotation Time Recovery %** | **Flotation Concentrate**<br>**6-minute Flotation Time Recovery %** | **Flotation Concentrate**<br>**6-minute Flotation Time Recovery %** | **Concentrate Grade**<br>**(oz/st)** | **Concentrate Grade**<br>**(oz/st)** |
| **Sample Description** | **Primary Grind**<br>**(P80, mesh)** | **% wt** | **Au** | **Ag** | **Au** | **Ag** |
| Mill Zone Average-Grade | 200 | 13.5 | 93.4 | 77.1 | 0.674 | 1.012 |
| Mill Zone Average-Grade | 325 | 12.9 | 90.7 | 70.8 | 0.697 | 0.992 |
| Mill Zone High-Grade | 200 | 13.3 | 92.1 | 83.5 | 1.374 | 1.274 |
| Mill Zone High-Grade | 325 | 12.7 | 94.8 | 60.4 | 1.461 | 1.015 |
| Red Hill Average-Grade | 200 | 16.6 | 76.6 | 83.1 | 0.338 | 1.409 |
| Red Hill Average-Grade | 325 | 15.2 | 82.1 | 77.8 | 0.347 | 0.662 |
| Red Hill High-Grade | 200 | 20.0 | 93.9 | 94.3 | 1.569 | 3.228 |
| Red Hill High-Grade | 325 | 18.2 | 93.2 | 80.5 | 1.496 | 2.633 |
| Ledbetter Average-Grade | 200 | 12.2 | 90.7 | 68.9 | 0.703 | 0.624 |
| Ledbetter Average-Grade | 325 | 14.1 | 89.5 | 44.2 | 0.563 | 0.271 |
| Ledbetter High-Grade | 200 | 8.0 | 95.7 | 57.5 | 3.071 | 1.534 |
| Ledbetter High-Grade | 325 | 7.9 | 87.5 | 53.3 | 2.033 | 1.175 |
| Haile Average-Grade | 200 | 12.2 | 84.9 | 65.1 | 0.365 | 0.726 |
| Haile Average-Grade | 325 | 11.2 | 86.5 | 64.0 | 0.402 | 0.682 |
| Haile High-Grade | 200 | 14.8 | 91.8 | 86.0 | 1.595 | 1.858 |
| Haile High-Grade | 325 | 12.5 | 87.6 | 67.3 | 1.423 | 1.371 |
| Snake Average-Grade | 200 | 16.4 | 96.1 | 53.5 | 0.472 | 0.432 |
| Snake Average-Grade | 325 | 17.1 | 89.1 | 38.4 | 0.382 | 0.350 |
| Snake High-Grade | 200 | 19.0 | 96.2 | 69.9 | 1.575 | 0.962 |
| Snake High-Grade | 325 | 17.1 | 95.3 | 65.6 | 1.560 | 0.688 |

---

Source: OceanaGold, 2022

RDi performed flotation tailing cyanide leach tests to investigate the extraction of gold from the flotation tailing. The test results indicate that gold can be extracted from the flotation tails. A summary of the test work is presented in Table 13-13.

Released: March 27, 2026 Page 96 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-13: Flotation Tailing Leach Test Results Average by Grade and Grind**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sample Description** | **Primary**<br>**Grind**<br>**(P80, mesh)** | **Gold Extraction**<br>**Leach Time – 24 hr.**<br>**(%)** | **NaCN Consumption**<br>**(lbs/st)** | **Lime Addition Ca(OH)2**<br>**(lbs/st)** |
| Mill Zone Average-Grade | 200 | 52.9 | 0.14 | 3.08 |
| Mill Zone Average-Grade | 325 | 63.0 | 0.50 | 3.08 |
| Mill Zone High-Grade | 200 | 71.7 | 0.16 | 3.08 |
| Mill Zone High-Grade | 325 | 71.9 | 0.44 | 3.08 |
| Red Hill Average-Grade | 200 | 68.5 | 0.74 | 13.19 |
| Red Hill Average-Grade | 325 | 67.5 | 1.22 | 12.83 |
| Red Hill High-Grade | 200 | 74.1 | 2.56 | 15.76 |
| Red Hill High-Grade | 325 | 81.1 | 1.40 | 15.30 |
| Ledbetter Average-Grade | 200 | 68.6 | 0.44 | 6.35 |
| Ledbetter Average-Grade | 325 | 70.7 | 0.24 | 5.65 |
| Ledbetter High-Grade | 200 | 72.0 | 0.20 | n.r. |
| Ledbetter High-Grade | 325 | 76.5 | 0.16 | n.r. |
| Haile Average-Grade | 200 | 62.7 | 0.16 | 13.68 |
| Haile Average-Grade | 325 | 62.2 | 0.26 | 13.70 |
| Haile High-Grade | 200 | 75.6 | 0.22 | 6.71 |
| Haile High-Grade | 325 | 77.1 | 0.18 | 6.31 |
| Snake Average-Grade | 200 | 62.38 | 0.02 | 8.53 |
| Snake Average-Grade | 325 | 66.34 | 0.16 | 8.45 |
| Snake High-Grade | 200 | 70.00 | 0.20 | 6.39 |
| Snake High-Grade | 325 | 70.90 | 0.24 | 6.29 |

---

Source: OceanaGold, 2022

Larger scale flotation test results achieved 91% gold recovery into a concentrate representing 8.8% weight of the flotation feed in 13.5 minutes of flotation time. Subsequent leach tests of flotation tail gave results that indicated 50% gold extraction in 16 hours of leaching.

Regrind test work on concentrate samples generated was performed by Metso Minerals Industries, Inc. (Metso 2009) to predict specific energy requirements for concentrate regrind.

RDi performed flotation test work on 23 drill core composite samples from the Ledbetter Extension zone. The methodology for compositing samples by grade was the same as used earlier.

Gold recovery by flotation averaged 86% for the 100-mesh grind samples, averaged 87% for the 150- mesh grind samples, and ranged from 81% to 95% but averaged 89% for the 200-mesh grind samples.

The flotation tailing samples were leached for 24 hours at 40% solids and gold extractions averaged 66% for 100-mesh grind samples, from 52% to 85% and averaged 68% for 150-mesh grind samples, and from 44% to 87% and averaged 69% for 200-mesh grind samples.

In 2010, RDi performed additional metallurgical testing on duplicate ore samples from the earlier testing. Additional composite samples were made to evaluate carbon loading, cyanide destruction, flash flotation, conventional flotation time, and leaching of concentrate and tailing samples.

Released: March 27, 2026 Page 97 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

A procedure was developed and used to evaluate "flash flotation". Flash flotation was shown to recover 62% to 66% of the gold in two minutes of flotation time. Conventional flotation improves the total flotation gold recovery to about 80% and leaching of flotation tailing extracts 76% to 80% of the gold from the flotation tailing sample.

Fifteen samples were selected for the generation of flotation concentrate in one cubic foot flotation cell tests. The fifteen samples were low, average and high grade from different ore zones (Red Hill, Snake, Ledbetter, and Mill Zone).

Five samples were selected for the generation of flotation concentrate in small-scale laboratory flotation cell tests. The five samples were identified as average grade material from the different ore zones.

The flotation tests were followed by leaching tests conducted on the flotation concentrates and flotation tailings. The results of these tests are presented in Table 13-14.

Released: March 27, 2026 Page 98 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-14: Leaching Tests Conducted on the Flotation Concentrates and Flotation Tailings**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test No.** | **Zone** | **Grade** | **Comp. No.** | **Flotation** | **Flotation** | **Flotation** | **Conc. Leaching** | **Conc. Leaching** | **Conc. Leaching** | **Tails Leaching** | **Tails Leaching** | **Tails Leaching** | **Total Recovery Au**<br>**(%)** |
| **Test No.** | **Zone** | **Grade** | **Comp. No.** | **Head Grade Au (oz/st)** | **Head Grade Au (oz/st)** | **Au**<br>**Recovery (%)** | **Head Grade Au (oz/st)** | **Head Grade Au (oz/st)** | **Au Extraction**<br>**(%)**  | **Head Grade Au (oz/st)** | **Head Grade Au (oz/st)** | **Au Extraction**<br>**(%)** | **Total Recovery Au**<br>**(%)** |
| **Test No.** | **Zone** | **Grade** | **Comp. No.** | **Assay** | **Calc** | **Au**<br>**Recovery (%)** | **Assay** | **Calc** | **Au Extraction**<br>**(%)**  | **Assay** | **Calc** | **Au Extraction**<br>**(%)** | **Total Recovery Au**<br>**(%)** |
| 1/2 | RH | L | 49 | 0.027 | 0.033 | 91.5 | 0.172 | 0.140 | 62.7 | 0.003 | 0.005 | 83.8 | 64.5 |
| 7/8 | H | L | 47 | 0.010 | 0.011 | 64.7 | 0.093 | 0.190 | 82.6 | 0.004 | 0.006 | 85.9 | 83.8 |
| 17/18 | S | L | 51 | 0.015 | 0.015 | 84.0 | 0.230 | 0.245 | 79.8 | 0.003 | 0.003 | 66.0 | 77.6 |
| 19/20 | L | L | 43 | 0.021 | 0.020 | 86.7 | 0.248 | 0.207 | 71.9 | 0.003 | 0.005 | 61.3 | 70.5 |
| 25/26 | MZ | L | H290 | 0.024 | 0.035 | 95.4 | 0.152 | 0.190 | 77.4 | 0.002 | 0.004 | 72.5 | 77.2 |
| 15/16 | RH | A | 34 | 0.080 | 0.095 | 92.0 | 0.589 | 0.513 | 83.3 | 0.009 | 0.010 | 67.2 | 82.0 |
| 11/12 | H | A | 8 | 0.085 | 0.064 | 85.5 | 0.455 | 0.467 | 74.8 | 0.010 | 0.012 | 60.3 | 72.7 |
| 9/10 | S | A | 39 | 0.056 | 0.052 | 89.6 | 0.735 | 0.583 | 64.2 | 0.006 | 0.006 | 77.7 | 65.8 |
| 3/4 | L | A | 23 | 0.059 | 0.073 | 89.6 | 1.009 | 0.752 | 80.4 | 0.008 | 0.013 | 71.8 | 79.5 |
| 13/14 | MZ | A | 2 | 0.057 | 0.059 | 92.6 | 0.423 | 0.382 | 69.3 | 0.005 | 0.006 | 69.2 | 69.3 |
| C34 | RH | A | - | 0.073 | 0.072 | 86.0 | - | 0.370 | 80.0 | 0.012 | 0.012 | 80.2 | 80.0 |
| C28 | H | A | - | 0.086 | 0.085 | 68.1 | - | 0.580 | 59.7 | 0.030 | 0.029 | 79.6 | 66.0 |
| C31 | S | A | - | 0.051 | 0.056 | 93.7 | - | 0.166 | 58.5 | 0.005 | 0.005 | 45.1 | 57.7 |
| C61 | L | A | - | 0.048 | 0.047 | 86.1 | - | 0.341 | 80.7 | 0.007 | 0.008 | 81.4 | 80.4 |
| C5 | MZ | A | - | 0.073 | 0.078 | 92.2 | - | 0.292 | 69.5 | 0.008 | 0.008 | 67.0 | 69.3 |
| 27 | RH | H | 35 | - | 0.429 | 94.1 | 2.601 | 2.094 | 73.6 | 0.030 | 0.038 | 77.5 | 73.8 |
| 28 | H | H | 9 | 0.180 | 0.194 | 90.5 | 1.394 | 1.321 | 88.5 | 0.021 | 0.024 | 64.5 | 86.2 |
| 5/6 | S | H | 53 | 0.304 | 0.312 | 95.2 | 2.365 | 1.875 | 75.2 | 0.017 | 0.020 | 68.3 | 74.9 |
| 23/24 | L | H | 71 | 0.240 | 0.274 | 94.7 | 2.622 | 2.222 | 74.0 | 0.015 | 0.034 | 81.5 | 74.4 |
| 21/22 | MZ | H | 12/3 | 0.168 | 0.199 | 96.0 | 1.563 | 1.155 | 79.7 | 0.009 | 0.020 | 73.3 | 79.4 |

---

Source: OceanaGold, 2025

Released: March 27, 2026 Page 99 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

The overall extraction, sorted by sampled zones, is presented in Table 13-15.

**Table 13-15: Gold Recovery by Ore Zone and Ore Grade**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ore Zone** | **Au Extraction – Combined %** | **Au Extraction – Combined %** | **Au Extraction – Combined %** | **Au Extraction – Combined %** | **Average Au** <br>**Extraction (%)** |
| **Ore Zone** | **Low Grade** | **Average Grade** | **Average Grade** | **High Grade** | **Average Au** <br>**Extraction (%)** |
| Red Hill | 64.5 | 82.0 | 80.0 | 73.8 | 75.1 |
| Haile | 83.8 | 72.7 | 66.0 | 86.2 | 77.2 |
| Snake | 77.6 | 65.6 | 57.5 | 74.9 | 68.9 |
| Ledbetter | 70.5 | 79.5 | 80.8 | 74.4 | 76.3 |
| Mill Zone | 77.2 | 69.3 | 69.3 | 79.4 | 73.0 |
| Average | 74.7 | 72.3 | 72.3 | 77.8 | 74.3 |

---

Source: OceanaGold, 2022

RDi performed additional leach tests on flotation concentrates to ascertain if better results could be obtained. The results of performing leach tests on larger concentrate samples (i.e., twice the size used in previous tests) demonstrated a significant improvement in gold and silver extraction. Concentrate samples were ground to a size distribution of 80% passing 15 to 18 µm. The slurry was then pre-aerated for four hours and lead nitrate was added for the final three hours of pre-aeration and then leached for 48 hours with carbon present. A summary of the larger scale leach test results is presented in Table 13-16.

Released: March 27, 2026 Page 100 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-16: CIL Test Results for Fine Ground Flotation Concentrate**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test No.** | **Pit** | **Grade** | **Composite**<br>**Number** | **Grind Size**<br>**(P80, μm)** | **48 hr. Leach Time**<br>**% Extraction** | **48 hr. Leach Time**<br>**% Extraction** | **NaCN**<br>**Consumption**<br>**(lbs/st)** |
| **Test No.** | **Pit** | **Grade** | **Composite**<br>**Number** | **Grind Size**<br>**(P80, μm)** | **Au** | **Ag** | **NaCN**<br>**Consumption**<br>**(lbs/st)** |
| 37 | Red Hill | L | 49 | 17 | 80.9 | 71.1 | 2.00 |
| 36 | Haile | L | 47 | 14 | 77.2 | 49.5 | 4.99 |
| 38 | Snake | L | 51 | 16 | 81.0 | 94.4 | 10.83 |
| 35 | Ledbetter | L | 43 | 16 | 88.3 | 91.9 | 5.09 |
| 21 | Mill Zone | L | Hole 290 | - | 79.8 | 91.0 | 5.59 |
| 26 | Mill Zone | L | Hole 290 | - | 85.0 | 82.3 | 4.75 |
| 33 | Red Hill | A | 34 | 16 | 85.8 | 77.2 | 4.60 |
| 31 | Haile | A | 28 | 18 | 95.6 | 97.4 | 4.36 |
| 22 | Haile | A | 8 | - | 81.6 | 93.2 | 3.62 |
| 32 | Snake | A | 31 | 18 | 58.8 | 18.2 | 4.26 |
| 24 | Snake | A | 39 | - | 84.7 | 96.4 | 5.25 |
| 40 | Ledbetter Ext | A | 61 | 14 | 89.8 | 98.3 | 1.96 |
| 27 | Mill Zone | A | 2 | 16 | 81.5 | 96.2 | 4.77 |
| 28 | Mill Zone | A | 5 | 17 | 79.2 | 50.0 | 4.72 |
| 41 | Ledbetter Ext | A | 73 | 16 | 83.7 | 93.4 | 3.30 |
| 23 | Ledbetter | A | 23 | - | 88.3 | 79.9 | 4.72 |
| 34 | Red Hill | H | 35 | 16 | 92.6 | 95.9 | 3.66 |
| 29 | Haile | H | 9 | 20 | 93.7 | 97.7 | 3.46 |
| 39 | Snake | H | 53 | 16 | 83.4 | 97.4 | 5.03 |
| 30 | Mill Zone | H | 12/3 | 19 | 88.7 | 95.9 | 4.00 |
| 25 | Ledbetter Ext | H | 71 | - | 94.9 | 95.6 | 12.3 |

---

Source: OceanaGold, 2025

KML was commissioned in 2012 to perform additional flotation and leach tests on 29 composites from Mill Zone and Snake areas. The samples selected were chosen to represent the initial three years of the operation's mine schedule anticipated at the time.

Each composite was subjected to bulk flotation. The flotation concentrate was reground to a P80 of approximately 13 µm and leached for 48 hours. The flotation tailing was also leached for 48 hours. The overall gold recoveries ranged from 71.6% to 91% and overall silver recoveries ranged from 32.9% to 81.9%. A summary of the results is presented in Table 13-17.

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**Table 13-17: Tests Results for Composites from Mill Zone and Snake Areas**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Composite** | **Au Head Grade <br>(oz/st)** | **Au Recovery <br>(%)** | **Ag Head Grade <br>(oz/st)** | **Ag Recovery <br>(%)** |
| 1 | 0.224 | 90.6 | 0.07 | 75.8 |
| 2 | 0.028 | 74.7 | 0.05 | 74.2 |
| 3 | 0.127 | 89.8 | 0.06 | 73.1 |
| 4 | 0.101 | 82.6 | 0.05 | 73.8 |
| 5 | 0.128 | 88.6 | 0.06 | 81.4 |
| 6 | 0.037 | 71.6 | 0.04 | 68.4 |
| 7 | 0.320 | 90.7 | 0.08 | 77.7 |
| 8 | 0.071 | 83.7 | 0.06 | 77.5 |
| 9 | 0.077 | 87.9 | 0.13 | 81.1 |
| 10 | 0.142 | 88.7 | 0.17 | 81.9 |
| 12 | 0.038 | 77.5 | 0.05 | 64.5 |
| 13 | 0.064 | 81.3 | 0.06 | 78.5 |
| 14 | 0.047 | 84.0 | 0.11 | 80.6 |
| 15 | 0.079 | 85.1 | 0.11 | 75.0 |
| 16 | 0.114 | 82.6 | 0.15 | 75.3 |
| 17 | 0.056 | 82.9 | 0.06 | 78.7 |
| 18 | 0.054 | 76.0 | 0.09 | 75.5 |
| 19 | 0.061 | 77.7 | 0.03 | 70.7 |
| 20 | 0.036 | 75.8 | 0.04 | 76.7 |
| 21 | 0.065 | 76.6 | 0.08 | 71.8 |
| 22 | 0.148 | 87.5 | 0.12 | 71.6 |
| 23 | 0.245 | 91.0 | 0.10 | 74.4 |
| 24 | 0.055 | 86.5 | 0.03 | 52.8 |
| 25 | 0.029 | 87.6 | 0.02 | 43.6 |
| 26 | 0.013 | 76.3 | 0.02 | 62.3 |
| 27 | 0.010 | 80.8 | 0.01 | 58.0 |
| 28 | 0.016 | 76.8 | 0.02 | 35.5 |
| 29 | 0.027 | 80.9 | 0.01 | 32.9 |
| 30 | 0.107 | 88.8 | 0.04 | 46.0 |

---

Source: OceanaGold, 2022

RDi undertook additional test work on the composite samples from the Horseshoe Zone to determine the response to the process flowsheet selected. Visible gold was reported in some core intercepts used for Horseshoe test work. Test work included comminution (described above) and flotation and leaching of concentrate and flotation tailing.

The flotation process utilizing a simple reagent suite (PAX, AP404 and MIBC) developed for the deposit in earlier studies recovered 85% to 90% of the gold into the concentrate for most of the composites. Cyanide leaching consistently extracted about 70% of the gold in the flotation tailings. The composite concentrate samples were reground and subjected to a preparation step and a CIL

Released: March 27, 2026 Page 102 of 275

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test, which showed gold and silver extractions of over 90% for most composites. Lower recoveries were achieved for the low-grade composite 83. A summary of the test results is presented in Table 13-18.

**Table 13-18: Test Results for Horseshoe Samples**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite**<br>**Number** | **Assay**<br>**Head**<br>**Au (g/t)** | **Primary**<br>**Grind Size**<br>**(P80, mesh)** | **Flotation**<br>**Recovery**<br>**(%)** | **Flotation**<br>**Recovery**<br>**(%)** | **Tailing Leach**<br>**(%) Extraction** | **Tailing Leach**<br>**(%) Extraction** | **Concentrate**<br>**Leach**<br>**Extraction (%)** | **Concentrate**<br>**Leach**<br>**Extraction (%)** | **Overall**<br>**Extraction (%)** | **Overall**<br>**Extraction (%)** |
| **Composite**<br>**Number** | **Assay**<br>**Head**<br>**Au (g/t)** | **Primary**<br>**Grind Size**<br>**(P80, mesh)** | **Au** | **Ag** | **Au** | **Ag** | **Au** | **Ag** | **Au** | **Ag** |
| 83 | 1.8 | 100 | 86.5 | 63.0 | 70.2 | 3.7 | 69.3 | 64.9 | 69.4 | 42.3 |
| 83 | 1.8 | 150 | 89.0 | 57.1 | 70.4 | 9.6 | 69.3 | 64.9 | 69.4 | 41.2 |
| 83 | 1.8 | 200 | 87.6 | 54.1 | 73.9 | 5.5 | 69.3 | 64.9 | 69.9 | 37.6 |
| 84 | 9.1 | 100 | 88.4 | 74.4 | 69.4 | 5.3 | 96.2 | 94.6 | 93.1 | 71.7 |
| 84 | 9.1 | 150 | 90.2 | 77.3 | 71.3 | 22.0 | 96.2 | 94.6 | 93.8 | 78.1 |
| 84 | 9.1 | 200 | 90.1 | 77.7 | 71.0 | 7.1 | 96.2 | 94.6 | 93.7 | 75.1 |
| 85 | 10.4 | 100 | 83.3 | 70.7 | 66.5 | 39.4 | 96.0 | 91.9 | 91.1 | 76.5 |
| 85 | 10.4 | 150 | 89.2 | 81.4 | 71.7 | 19.1 | 96.0 | 91.9 | 93.4 | 78.4 |
| 85 | 10.4 | 200 | 87.4 | 80.7 | 76.3 | 37.5 | 96.0 | 91.9 | 93.5 | 81.4 |
| 86 | 12.1 | 100 | 86.4 | 74.5 | 67.2 | 8.9 | 94.9 | 92.1 | 91.1 | 70.9 |
| 86 | 12.1 | 150 | 85.8 | 73.8 | 72.5 | 45.8 | 94.9 | 92.1 | 91.7 | 80.0 |
| 86 | 12.1 | 200 | 90.4 | 75.2 | 76.6 | 40.7 | 94.9 | 92.1 | 93.1 | 79.4 |
| 87 | 10.6 | 100 | 69.7 | 57.7 | 59.5 | 53.4 | 95.2 | 95.0 | 84.4 | 77.4 |
| 87 | 10.6 | 150 | 77.8 | 64.8 | 66.1 | 54.1 | 95.2 | 95.0 | 88.7 | 80.6 |
| 87 | 10.6 | 200 | 75.9 | 69.0 | 70.8 | 54.1 | 95.2 | 95.0 | 89.3 | 82.3 |

---

Source: OceanaGold, 2022

In late 2011, G&T Metallurgical Services was selected to perform the metallurgical test program on additional Horseshoe samples. The metallurgical test program involved testing of twelve variability samples to evaluate recoveries by flotation and cyanidation of concentrate and flotation tails.

The Horseshoe samples responded very well to the Haile flowsheet. A summary of the test results compiled by HGM staff is provided in Table 13-19.

Released: March 27, 2026 Page 103 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-19 Test Results for Horseshoe Samples**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite**<br>**Number** | **Gold**<br>**Head**<br>**Grade (oz/st)** | **Flotation**<br>**P80**<br>**(μm)** | **Kinetic**<br>**Flotation**<br>**Recovery (%)** | **Bulk**<br>**Flotation**<br>**Recovery**<br>**(%)** | **Regrind**<br>**P80**<br>**(μm)** | **Concentrate**<br>**Leach**<br>**Extraction**<br>**(%)** | **Tailings**<br>**Leach**<br>**Extraction**<br>**(%)** | **Overall**<br>**Gold**<br>**Recovery**<br>**(%)** |
| 1 | 0.199 | 81 | 93.9 | 86.5 | 15 | 90.4 | 81.1 | 89.2 |
| 2 | 0.339 | 70 | 92.5 | 90.7 | 13 | 99.5 | 67.3 | 96.6 |
| 3 | 0.043 | 78 | 96.5 | 94.0 | 14 | 86.1 | 87.6 | 89.8 |
| 4 | 0.060 | 73 | 93.3 | 97.0 | 16 | 98.5 | 74.1 | 86.1 |
| 5 | 0.076 | 81 | 90.2 | 83.4 | 10 | 94.9 | 85.5 | 94.4 |
| 6 | 0.168 | 84 | 88.4 | 86.0 | 11 | 93.0 | 90.2 | 94.9 |
| 7 | 0.082 | 82 | 85.2 | 88.0 | 15 | 94.9 | 75.6 | 93.8 |
| 8 | 0.094 | 66 | 89.0 | 84.4 | 12 | 98.6 | 83.3 | 92.6 |
| 9 | 0.057 | 69 | 86.2 | 89.2 | 11 | 97.1 | 81.7 | 96.0 |
| 10 | 0.121 | 75 | 75.1 | 77.6 | 15 | 90.3 | 82.1 | 90.6 |
| 11 | 0.349 | 88 | 86.2 | 87.5 | 14 | 97.4 | 88.4 | 95.8 |
| 12 | 0.129 | 77 | 85.3 | 83.6 | 10 | 97.4 | 84.2 | 96.1 |

---

Source: OceanaGold, 2022

Laboratory testing on ore composite samples demonstrated that the mineralization was readily amenable to flotation and cyanide leaching process treatment. A conventional flotation and cyanide leaching flow sheet can be used as the basis of process design. The relative low variability of flotation test work indicates that the mineralized zones are relatively similar in terms of mineral composition, and flotation and cyanide leaching response.

The samples tested responded favorably at a moderately-fine feed size range of 80% passing 200-mesh (74 µm). Therefore, a primary grind size of 80% passing 200-mesh was recommended for process circuit design development. Operational experience and minerology may allow this criterion to be relaxed, reducing comminution requirements and increasing plant capacity.

The flotation testing indicated that gold can be recovered in a flotation concentrate that will also contain the majority of the silver in the ore. The tailing from the flotation circuit can then be processed by cyanide leaching to recover gold onto activated carbon.

The test work indicated that the circuit should include regrinding of the flotation concentrate before slurry pre-aeration, and a leach time of 24 hours. A regrind circuit product size of 80% passing 15 µm is an appropriate target for regrind circuit design

Leaching of the flotation concentrate can extract 82% to 91% of the gold and 80% to 96% of the silver. Leaching of the flotation tailing can extract 45% to 86% of the gold in the flotation tailings. It appears that overall gold recovery will be in the range of 65% to 92% dependent primarily on head grade to the mill and less dependent on from which zone the ore is mined.

The unit operations that determine the amount of gold extraction are flotation, flotation concentrate regrind and leaching, and flotation tailing leaching.

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

The data developed in the test programs has been used to establish a relationship between overall gold recovery and head grade as shown in the graph in Figure 13-2. The algorithm for the "best-fit" line that describes the head grade to recovery relationship is used to estimate gold recovery from a predicted mill head grade for example, at a mill head grade of 2.3 g/t, the recovery equation graph predicts a gold recovery of 84.2%. The results of grade and recovery data analysis are shown in Figure 13-2.

![overallpercentrecoveryvshea.jpg](overallpercentrecoveryvshea.jpg)

Source: OceanaGold, 2022

**Figure 13-2: Overall Percent Recovery vs. Head Grade**

Overall, the results from Horseshoe tests were in line with or exceeded the recovery model. The cyanide destruction test results indicated that the sulfur dioxide (SO2)/air cyanide destruction process destroys weak acid dissociable (WAD) cyanide very effectively, as well as free cyanide. Operations to date have achieved target levels of cyanide removal from the TSF and reagent usage is being optimized to further reduce costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.4Sample Representativeness

Samples were collected from a range of locations across the main area of the Resources that is planned to be fed to the processing plant over the LoM. The minimal variability of test work indicates that the different mineralized zones are relatively similar in terms of chemical and mineral compositions, and flotation and cyanide leaching response. Given the uniform geological setting and mineralization, this is not surprising.

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It is evident from the comminution testing that ore competency is increased in the deeper resources (e.g., Horseshoe underground). This is confirmed by the trend of increased Bond Ball Milling Work indices for samples sourced from lower levels.

13.2Palomino Deposit

The Palomino deposit is currently under development at Haile. It is expected to be similar in nature to the other deposits at Haile that have been encountered to date. Gold is present both in silicates and as fine inclusions within pyrite requiring a fine grind to achieve economic liberation. Within the Palomino deposit two key lithologies have been identified as carrying the majority of the gold values, classified as Rhyodacite and Siltstone, the latter the equivalent of the metasediment domain previously used to describe the highly-silicified mineralization hosting much of the gold mineralization. Metavolcanics occur but are lesser in abundance.

Based on the geological and lithological model, a bingo chart was constructed for the deposit based on the total Measured, Indicated and Inferred Resource (MI&I) available at the conclusion of the scoping study encompassing the largest expected mineral inventory and allowing for any further conversion drilling success to be accommodated as part of the Prefeasibility Study program. The bingo chart considered nine bins based on the three core lithologies and the following three grade bins:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.4 to 1.7 g/t Au to cover development ore below CoG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.7 to 3 g/t Au for medium-grade ore

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• >3 g/t Au for high-grade ore

From the bingo chart the distribution of composite samples targeted for testing was reviewed and discussed with the exploration team to locate mineralized intercepts targeting a single lithology and grade bin. The distribution of composites required is shown below in Table 13-20 with a total of 22 composites required. Intercepts of individual drillholes were then identified from the infill drilling program to match the lithology and target grade bin across the deposit.

**Table 13-20: Palomino Metallurgical Composite Plan**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ore Class** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** |
| **Ore Class** | **LG Au <br>(1.3-1.7)** | **MG Au <br>(1.7-3)** | **HG Au <br>(>3)** | **Total** | **LG Au (1.3-1.7)** | **MG Au (1.7-3)** | **HG Au (>3)** | **Total** |
| Rhyodacite | 245145 | 1617891 | 1126338 | **299374** | 1 | 5 | 4 | **10** |
| Siltstone | 715763 | 2031615 | 877742 | **3625120** | 2 | 6 | 3 | **11** |
| Metavolcanics | 6792 | 201108 | 88763 | **296663** | 0 | 1 | 0 | **1** |
| **Total**  | **971700** | **3850614** | **2092843** | **6915157** | **3** | **12** | **7** | **22** |

---

Source: OceanaGold, 2025

From the 22 composites, six were selected from quarter core to allow for competency and ore hardness characterization with the remaining composites sourced from coarse crushed rejects from the initial exploration core submitted for assay to preserve core for future testing. The samples were shipped to SGS Burnaby to conduct the test program designed to characterize the hardness of future Palomino ores and to estimate overall gold and silver recoveries by replicating the existing process flowsheet in the laboratory.

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The program consisted of two phases. Ore competency testing was carried out on six composites (three Rhyodacite and three Siltstone) sourced from intact quarter core incorporating SMC Testing for competency and Bond ball mill work index and Abrasion index for a measure of hardness.

The second phase on all 21 composites involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stage crushing and homogenization to -10 mesh followed by head assay analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Batch flotation testing to produce a bulk concentrate on standard flotation conditions provided by OceanaGold based on prior programs to assess flotation response for sulfur and gold recovery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fine grinding of the flotation concentrates to a P80 of 13 µm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cyanide leach tests on both flotation tailings and reground flotation concentrate streams to assess gold recovery in the leach circuit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mass balance of results to estimate overall gold and silver recovery for each composite

Subsequent to the Prefeasibility study, a program was developed to support the internal Feasibility Study with an updated bingo chart from the updated Resource model focusing on the Measured and Indicated Resources. An additional 13 samples were identified for testing based on the targeted conditions to support the Feasibility Study criteria along with three additional samples to bracket around two samples in the original program that showed lower recovery than expected to quantify potential affected volumes.

The comminution testing results from both programs are summarized in Table 13-21 and are comparable to that observed in the Haile and Mill zone pits rather than the harder deep deposits in Horseshoe and Ledbetter Phase 3 and 4 open pit designs that are representative of the current grinding circuit performance.

**Table 13-21: Palomino Competency Testing Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample ID**<br>**(DDH/Deposit)** | **Domain** | **A x b** | **ta** | **RM Wi at 14-Mesh**<br>**(kWh/tonne)** | **BMWi at 200-Mesh**<br>**(kWh/tonne)** |
| MET_PAL_119 | Rhyodacite | 51.9 | 0.49 | 12.3 | 9.3 |
| MET_PAL_124 | Rhyodacite | 42.6 | 0.38 | 12.0 | 11.2 |
| MET_PAL_127 | Rhyodacite | 42.7 | 0.39 | 12.0 | 10.1 |
| MET_PAL_137 | Siltstone | 46.4 | 0.43 | 13.1 | 10.1 |
| MET_PAL_138 | Siltstone | 47.2 | 0.44 | 12.4 | 9.7 |
| MET_PAL_139 | Siltstone | 40.6 | 0.39 | 13.7 | 11.3 |
| MET_PAL_158 | Rhyodacite | 48.1 | 0.45 | 10.8 | 9.4 |
| MET_PAL_160 | Rhyodacite | 36.8 | 0.35 | 13.0 | 11.3 |
| MET_PAL_161 | Rhyodacite | 49.7 | 0.46 | 12.0 | 10.0 |
| MET_PAL_163 | Rhyodacite | 41.9 | 0.39 | 11.3 | 11.7 |
| MET_PAL_165 | Rhyodacite | 42.6 | 0.38 | 11.5 | 11.7 |
| MET_PAL_167 | Rhyodacite | 47.4 | 0.44 | 12.1 | 11.2 |
| MET_PAL_169 | Rhyodacite | 41.5 | 0.37 | 11.1 | 10.9 |
| MET_PAL_171 | Siltstone | 33.5 | 0.31 | 13.7 | 9.1 |
| MET_PAL_172 | Siltstone | 44.8 | 0.41 | 12.8 | 9.6 |
| MET_PAL_173 | Siltstone | 32.8 | 0.30 | 12.2 | 9.1 |

---

Source: OceanaGold, 2025

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All samples were subjected to a suite of chemical analysis as per Table 13-22. The gold grades of the composites ranged from 1.39 to 11.1 g/t, with an average gold grade of 4.1 g/t. Silver grades varied from 0.7 to 14.0 g/t, with an average of 4.3 g/t with gold to silver ratios similar to other areas of the Haile deposit.

The total sulfur grade ranged from 0.3% to 13.1%, with an average of 4.1%; sulfur was present mainly as sulfide (S<sup>2-</sup>) with a low sulfate (SO4) content. This indicates low sample oxidation which gives confidence that laboratory test results will mirror plant performance.

All other analytes were at low levels and not considered to be a risk for processing. Tellurium was included in the 2024 program due to its addition to the standard geochemical suite from the presence of visible tellurides in the Ledbetter Underground drilling program. Mineralogical analysis of these samples by Tescan Automated Mineral Analysis (TIMA) indicated the tellurium present in the form of Hessite.

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-22: Geochemical Analysis of Palomino Composites**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite** | **Au <br>(g/t)** | **Ag <br>(g/t)** | **Cu <br>(%)** | **Fe <br>(%)** | **As <br>(%)** | **Hg <br>(g/t)** | **S <br>(%)** | **S2 <br>(%)** | **TIC<br> (%)** | **TOC <br>(%)** | **Te <br>(g/t)** |
| MET_PAL_119 | 5.90 | 1.0 | < 0.01 | 1.8 | 0.0 | < 0.3 | 1.2 | 1.1 | < 0.05 | 0.2 |  |
| MET_PAL_120 | 1.83 | 4.0 | < 0.01 | 11.3 | 0.0 | < 0.3 | 11.4 | 11.3 | 0.1 | < 0.05 |  |
| MET_PAL_121 | 2.66 | 5.0 | < 0.01 | 3.7 | 0.0 | < 0.3 | 3.3 | 3.2 | 0.0 | < 0.05 |  |
| MET_PAL_122 | 5.36 | 11.0 | 0.0 | 11.7 | 0.0 | < 0.3 | 10.7 | 10.4 | 0.1 | < 0.05 |  |
| MET_PAL_123 | 11.11 | 13.5 | < 0.01 | 5.2 | 0.0 | < 0.3 | 3.2 | 3.1 | 0.1 | < 0.05 |  |
| MET_PAL_124 | 2.16 | 3.2 | < 0.01 | 6.5 | 0.0 | < 0.3 | 6.2 | 5.8 | < 0.05 | 0.1 |  |
| MET_PAL_125 | 2.21 | 3.5 | < 0.01 | 3.8 | 0.0 | < 0.3 | 3.5 | 3.3 | 0.1 | < 0.05 |  |
| MET_PAL_126 | 3.00 | 6.0 | < 0.01 | 12.3 | 0.0 | < 0.3 | 13.1 | 12.9 | 0.0 | < 0.05 |  |
| MET_PAL_127 | 2.86 | 3.0 | < 0.01 | 5.8 | 0.0 | < 0.3 | 4.9 | 4.4 | < 0.05 | 0.4 |  |
| MET_PAL_128 | 4.71 | 3.0 | < 0.01 | 7.4 | 0.0 | < 0.3 | 6.1 | 5.9 | 0.1 | < 0.05 |  |
| MET_PAL_129 | 5.27 | 3.0 | < 0.01 | 7.2 | 0.0 | < 0.3 | 6.2 | 5.9 | 0.1 | < 0.05 |  |
| MET_PAL_130 | 1.39 | 4.5 | < 0.01 | 2.6 | 0.0 | < 0.3 | 1.6 | 1.5 | 0.1 | < 0.05 |  |
| MET_PAL_131 | 2.06 | 4.0 | < 0.01 | 4.4 | 0.0 | < 0.3 | 3.9 | 3.9 | 0.2 | < 0.05 |  |
| MET_PAL_132 | 2.31 | 5.0 | < 0.01 | 9.1 | 0.0 | < 0.3 | 10.0 | 9.8 | 0.1 | < 0.05 |  |
| MET_PAL_133 | 1.65 | 3.0 | < 0.01 | 6.7 | 0.0 | < 0.3 | 5.5 | 5.3 | 0.2 | < 0.05 |  |
| MET_PAL_134 | 2.68 | <2 | < 0.01 | 1.8 | 0.0 | < 0.3 | 0.3 | 0.3 | 0.1 | < 0.05 |  |
| MET_PAL_135 | 2.88 | 12.5 | < 0.01 | 4.3 | 0.0 | < 0.3 | 3.7 | 3.5 | 0.1 | < 0.05 |  |
| MET_PAL_136 | 1.65 | 4.0 | < 0.01 | 3.4 | 0.0 | < 0.3 | 3.2 | 3.1 | 0.2 | < 0.05 |  |
| MET_PAL_137 | 2.22 | 1.5 | < 0.01 | 3.1 | 0.0 | < 0.3 | 1.2 | 1.1 | < 0.05 | 0.5 |  |
| MET_PAL_138 | 6.80 | 4.3 | < 0.01 | 3.2 | 0.0 | < 0.3 | 2.4 | 2.1 | < 0.05 | 0.2 |  |
| MET_PAL_139 | 3.63 | 3.7 | < 0.01 | 2.2 | 0.0 | < 0.3 | 1.1 | 1.2 | < 0.05 | 0.2 |  |
| MET_PAL_158 | 1.65 | < 0.5 | < 0.01 | 3.3 | 0.0 | < 0.3 | 1.5 | 1.5 | < 0.05 | 0.2 | 1.0 |
| MET_PAL_159 | 2.39 | 0.8 | < 0.01 | 1.5 | 0.0 | < 0.3 | 0.7 | 0.6 | < 0.05 | 0.3 | 0.7 |
| MET_PAL_160 | 2.47 | 4.7 | < 0.01 | 3.6 | 0.0 | < 0.3 | 1.5 | 1.4 | < 0.05 | 0.5 | 4.2 |
| MET_PAL_161 | 2.00 | 0.8 | < 0.01 | 4.1 | 0.0 | < 0.3 | 3.3 | 3.2 | < 0.05 | 0.4 | 0.9 |
| MET_PAL_162 | 5.02 | 1.5 | < 0.01 | 2.3 | 0.0 | < 0.3 | 1.2 | 1.1 | < 0.05 | 0.4 | 1.1 |
| MET_PAL_163 | 4.28 | 3.2 | < 0.01 | 4.2 | 0.0 | < 0.3 | 3.7 | 3.7 | < 0.05 | 0.4 | 2.8 |
| MET_PAL_164 | 8.66 | 4.2 | < 0.01 | 4.2 | 0.0 | < 0.3 | 3.7 | 3.2 | < 0.05 | 0.3 | 3.5 |
| MET_PAL_165 | 7.64 | 9.5 | 0.0 | 8.3 | 0.0 | < 0.3 | 6.8 | 6.6 | < 0.05 | 0.2 | 8.2 |
| MET_PAL_166 | 7.76 | 8.7 | < 0.01 | 6.1 | 0.0 | < 0.3 | 5.7 | 5.0 | < 0.05 | 0.1 | 6.8 |
| MET_PAL_167 | 2.58 | 0.7 | < 0.01 | 2.5 | 0.0 | < 0.3 | 1.5 | 1.4 | < 0.05 | 0.1 | 0.7 |
| MET_PAL_168 | 3.87 | 1.7 | < 0.01 | 3.9 | 0.0 | < 0.3 | 1.9 | 1.7 | < 0.05 | 0.4 | 1.2 |
| MET_PAL_169 | 4.69 | 3.2 | 0.0 | 7.5 | 0.0 | < 0.3 | 6.2 | 5.9 | < 0.05 | 0.1 | 2.7 |
| MET_PAL_170 | 5.66 | 1.3 | < 0.01 | 1.3 | 0.0 | < 0.3 | 0.6 | 0.5 | < 0.05 | 0.3 | 0.9 |
| MET_PAL_171 | 5.21 | 3.3 | < 0.01 | 4.0 | 0.0 | < 0.3 | 2.7 | 2.6 | < 0.05 | 0.2 | 4.5 |
| MET_PAL_172 | 2.43 | 2.8 | < 0.01 | 3.6 | 0.0 | < 0.3 | 3.2 | 3.2 | < 0.05 | 0.2 | 4.5 |
| MET_PAL_173 | 10.8 | 4.2 | < 0.01 | 4.9 | 0.0 | < 0.3 | 4.2 | 4.1 | < 0.05 | 0.1 | 4.7 |

---

Source: OceanaGold, 2025

Released: March 27, 2026 Page 109 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

All of the composites responded well to flotation under the standard conditions for the bulk rougher test with 82.8% to 98.4% of the gold present reporting to the flotation concentrate across the two test programs. Mass pull was in line with the expectations from the given sulfur grade. With the expected strategy of Palomino representing 20% of mill feed, it is not expected to be an issue for the regrind circuit capacity.

The overall gold extractions from the flotation products (concentrates and tailings) corresponding to gold extractions by cyanidation from the head samples varied from 69.9% to 94.7%, with an average value of 84.5%. Full results are summarized in Table 13-23.

Released: March 27, 2026 Page 110 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-23: Palomino Leach Test Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Composite** | **Au Recovery** | **Float Con %** | **Float Tail %** | **Overall %** |
| MET_PAL_120 | 96 | 82.3 | 51 | 81.0 |
| MET_PAL_121 | 93.7 | 82.5 | 55.4 | 80.8 |
| MET_PAL_122 | 93 | 80.5 | 65.8 | 79.5 |
| MET_PAL_123 | 89 | 90.6 | 71.1 | 88.4 |
| MET_PAL_125 | 93.8 | 83.8 | 55.3 | 82.0 |
| MET_PAL_126 | 96.7 | 87.5 | 71.3 | 86.9 |
| MET_PAL_128 | 82.7 | 90.8 | 70 | 89.3 |
| MET_PAL_129 | 98.4 | 70.1 | 58.1 | 69.9 |
| MET_PAL_130 | 91.1 | 88 | 69.4 | 86.4 |
| MET_PAL_131 | 96.9 | 82.8 | 68.8 | 82.3 |
| MET_PAL_132 | 95.6 | 76.6 | 471 | 75.3 |
| MET_PAL_133 | 94.3 | 82.5 | 54.9 | 80.9 |
| MET_PAL_134 | 93.2 | 97.6 | 64.7 | 92.1 |
| MET_PAL_135 | 91.7 | 86.3 | 74.7 | 85.3 |
| MET_PAL_136 | 94.9 | 80.5 | 62.3 | 79.6 |
| MET_PAL_119 | 82.8 | 92.4 | 68.2 | 88.3 |
| MET_PAL_124 | 95.8 | 87.3 | 69 | 86.5 |
| MET_PAL_127 | 93.2 | 93.3 | 68.7 | 91.7 |
| MET_PAL_137 | 92.2 | 97 | 68.2 | 94.7 |
| MET_PAL_138 | 89.3 | 89.7 | 66.9 | 87.3 |
| MET_PAL_139 | 87.8 | 92.6 | 69.3 | 89.8 |
| MET_PAL_158 | 90.9 | 90.5 | 76.1 | 89.2 |
| MET_PAL_159 | 89.5 | 35.6 | 70.4 | 39.3 |
| MET_PAL_160 | 90.5 | 84.5 | 71.8 | 83.3 |
| MET_PAL_161 | 93.1 | 92.3 | 69.3 | 90.7 |
| MET_PAL_162 | 89.5 | 94.9 | 75.7 | 92.9 |
| MET_PAL_163 | 92.9 | 92.1 | 66.7 | 90.3 |
| MET_PAL_164 | 91.0 | 95.9 | 76.6 | 94.1 |
| MET_PAL_165 | 95.9 | 61.9 | 63.6 | 62.0 |
| MET_PAL_166 | 93.7 | 94.5 | 73.1 | 93.1 |
| MET_PAL_167 | 93.7 | 87.9 | 50.3 | 85.5 |
| MET_PAL_168 | 91.2 | 92.3 | 69.9 | 90.4 |
| MET_PAL_169 | 94.8 | 87.4 | 64.8 | 86.2 |
| MET_PAL_170 | 86.6 | 98.1 | 74.0 | 94.9 |
| MET_PAL_171 | 94.7 | 93.0 | 66.1 | 91.6 |
| MET_PAL_172 | 94.8 | 75.2 | 45.0 | 73.7 |
| MET_PAL_173 | 95.9 | 92.1 | 66.9 | 91.1 |

---

Source: OceanaGold, 2025

Released: March 27, 2026 Page 111 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

Three samples demonstrated low recoveries in comparison with the Haile recovery database as can be seen graphically in Figure 13-3 with the points identified by ore source. Two of these low recovery samples were from the siltstone geomet domain (MET_PAL_129 (RF8), MET_PAL_132 (RF11) and one was from the rhyodacite geomet domain (MET_PAL_122 (RF3)). The low recoveries are primarily due to poor leach performance of the flotation concentrate, and tails residues from each of these bottle roll tests were submitted for diagnostic leach test work. This test work indicated up to 60% of losses were accounted for through sulfide locked in pyrite suggesting a finer inclusion size of some of the gold in these samples.

Further review of MET_PAL_129 to identify the nearest composites and their performance was undertaken with this sample taken on the edge of the mineralized contact of the orebody. The three NN composites with a 25 to 30 m lateral distance tested in the Prefeasibility or Feasibility phase returned recoveries in the expected 80% to 86% range suggesting the effect observed to be quite localized.

![haileglobalrecoverydatabasa.jpg](haileglobalrecoverydatabasa.jpg)

Source: OceanaGold, 2025

**Figure 13-3: Haile Global Recovery Database Results by Source**

13.3Ledbetter Underground Deposit

In 2024, a Prefeasibility Study evaluated changing the mining method for the proposed fourth phase of the Ledbetter open pit to an underground mining method targeting the higher-grade mineralization and extending below the designed pit shell. As part of this study the resource model was used to generate sample number requirements and distribution allow testing of this deeper

Released: March 27, 2026 Page 112 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

material. As with the open pit Resources the Siltstone / Metasediment domain was the prevalent domain and in addition a new gold-bearing domain was identified labelled Intrusive Breccia.

The same parameters were used for sample selection as with the Palomino deposit given the similar mining method with three grade bins and for the Feasibility program the Measured, Indicated and Inferred material was used. A total of 18 composite samples were selected with 16 located in the primary Lobe 1 structure and two in the smaller Lobe 3 structure. The distribution of samples in Lobe 1 is shown in Table 13-24.

**Table 13-24: Ledbetter Underground Lobe 1 Sample Distribution**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ore Class** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** |
| **Ore Class** | **LG Au (1.3-1.7)** | **MG Au (1.7-3)** | **HG Au (>3)** | **Total** | **LG Au (1.3-1.7)** | **MG Au (1.7-3)** | **HG Au (>3)** | **Total** |
| Metasediment | 366203  | 850866  | 517860  | **1734929**  | 1  | 3  | 2  | **6**  |
| Basalt | 3349  | 9914  | 441  | **13704**  | 0  | 0  | 0  | **0**  |
| Intrusive Breccia | 669833  | 1488656  | 977069  | **3135558**  | 2  | 5  | 3  | **10**  |
| Basement | 43112  | 103093  | 20079  | **166284**  | 0  | 0  | 0  | **0**  |
| **Total (Panels 1 and 2)** | **1082497**  | **2452529**  | **1515449**  | **5050475**  | **3**  | **8**  | **5**  | **16**  |

---

Source: OceanaGold, 2025

A competency test program was conducted on 10 of the Ledbetter Underground samples as outlined for Palomino with SMC competency testing and Bond ball mill work index testing for these samples. It was expected that the material being the bottom of the previously proposed open pit would be competent based on previous open pit competency testing with the results summarized in Table 13-25 below.

The second phase on all 18 composites involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stage crushing and homogenization to -10 mesh followed by head assay analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Batch flotation testing to produce a bulk concentrate on standard flotation conditions provided by OceanaGold based on prior programs to assess flotation response for sulfur and gold recovery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fine grinding of the flotation concentrates to a P80 of 13 µm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cyanide leach tests on both flotation tailings and reground flotation concentrate streams to assess gold recovery in the leach circuit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mass balance of results to estimate overall gold and silver recovery for each composite

Released: March 27, 2026 Page 113 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-25: Ledbetter Underground Prefeasibility Program Sample Source Summary**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample ID**  | **Program** | **SMC Parameters** | **SMC Parameters** | **SMC Parameters** | **SMC Parameters** | **Milling Parameters** | **Milling Parameters** |
| **Sample ID**  | **Program** | **A x b** | **ta** | **DWi** | **SCSE** | **BRWi** | **BBWi** |
| MET_LUG_140 | Breccia | 30.5 | 0.29 | 9.01 | 11.39 | 13.7 | 12.5 |
| MET_LUG_143 | Breccia | 29.0 | 0.28 | 9.13 | 11.47 | 13.7 | 11.2 |
| MET_LUG_145 | Breccia | 33.1 | 0.32 | 8.23 | 10.82 | 13.3 | 11.4 |
| MET_LUG_147 | Breccia | 34.0 | 0.33 | 7.95 | 10.66 | 14.5 | 13.5 |
| MET_LUG_149 | Breccia | 37.0 | 0.35 | 7.35 | 10.25 | 13.7 | 13.3 |
| MET_LUG_150 | Siltstone | 29.8 | 0.27 | 9.39 | 11.72 | 13.8 | 11.2 |
| MET_LUG_152 | Siltstone | 44.2 | 0.40 | 6.49 | 9.8 | 12.8 | 10.2 |
| MET_LUG_154 | Siltstone | 34.3 | 0.32 | 7.92 | 10.71 | 16.5 | 14.5 |
| MET_LUG_156 | Breccia | 42.4 | 0.40 | 6.42 | 9.67 | 11.5 | 9.3 |
| MET_LUG_157 | Lobe 3 | 48.9 | 0.45 | 5.73 | 9.17 | 11.3 | 8.7 |

---

Source: OceanaGold, 2025

All samples were subjected to a suite of chemical analysis as shown in Table 13-26. Tellurium assays were obtained toward the end of the first phase of the metallurgical program and are reported below.

The gold grades of the composites ranged from 1.45 to 7.44 g/t, with an average gold grade of <br>3.18 g/t. Silver grades varied from 2.65 to 74.0 g/t, with an average of 14 g/t with gold to silver ratios significantly lower in the siltstone domain compared to other areas of the Haile deposit.

The total sulfur grade ranged from 0.9% to 4.4%, with an average of 2.2%; sulfur was present mainly as sulfide (S2-) with a low sulfate (SO4) content. This indicates low sample oxidation which gives confidence that laboratory test results will mirror plant performance.

All other analytes were at low levels and not considered to be a risk for processing. During the infill drilling program in 2024 for the Ledbetter Underground deposit visible tellurides were observed in fresh drill core that had not been logged in the historical records. Tellurium assays were obtained towards the end of the first phase of the metallurgical program and are reported below.

Released: March 27, 2026 Page 114 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-26: Geochemical Analysis of Ledbetter Underground Composites**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite** | **Au <br>(g/t)** | **Ag <br>(g/t)** | **Cu <br>(%)** | **Fe <br>(%)** | **As <br>(%)** | **Hg <br>(g/t)** | **S <br>(%)** | **S2 <br>(%)** | **TIC<br> (%)** | **TOC <br>(%)** | **Te <br>(g/t)** |
| MET_LUG_140 | 1.56 | 4.1 | < 0.01 | 2.4 | 0.0 | < 0.3 | 2.6 | 2.3 | 0.1 | < 0.05 | 17.8 |
| MET_LUG_141 | 1.69 | 5.0 | 0.0 | 1.8 | 0.0 | < 0.3 | 1.9 | 1.6 | 0.4 | < 0.05 | 18.1 |
| MET_LUG_142 | 2.25 | 9.0 | < 0.01 | 1.2 | 0.0 | < 0.3 | 1.3 | 1.1 | 0.1 | < 0.05 | 21.2 |
| MET_LUG_143 | 5.90 | 8.6 | < 0.01 | 1.5 | 0.0 | < 0.3 | 1.4 | 1.4 | 0.2 | < 0.05 | 24.3 |
| MET_LUG_144 | 1.96 | 6.6 | 0.0 | 1.4 | 0.0 | < 0.3 | 1.4 | 1.2 | 0.1 | < 0.05 | 15.6 |
| MET_LUG_145 | 1.97 | 2.7 | < 0.01 | 1.4 | 0.0 | < 0.3 | 1.4 | 1.4 | 0.2 | < 0.05 | 20.3 |
| MET_LUG_146 | 2.30 | 3.8 | < 0.01 | 1.9 | 0.0 | < 0.3 | 2.0 | 1.6 | 0.2 | < 0.05 | 24.5 |
| MET_LUG_147 | 2.75 | 3.5 | < 0.01 | 2.2 | 0.0 | < 0.3 | 2.4 | 1.7 | 0.1 | < 0.05 | 21.9 |
| MET_LUG_148 | 3.59 | 4.3 | 0.0 | 1.0 | 0.0 | < 0.3 | 1.0 | 0.9 | 0.1 | < 0.05 | 21.2 |
| MET_LUG_149 | 6.32 | 15.3 | < 0.01 | 2.1 | 0.0 | 0.4 | 2.2 | 2.0 | 0.1 | < 0.05 | 29.3 |
| MET_LUG_150 | 1.45 | 7.0 | < 0.01 | 4.0 | 0.0 | < 0.3 | 4.4 | 3.5 | 0.3 | < 0.05 | 18.6 |
| MET_LUG_151 | 2.15 | 11.3 | < 0.01 | 2.2 | 0.0 | < 0.3 | 2.9 | 2.7 | 0.2 | < 0.05 | 16.8 |
| MET_LUG_152 | 2.12 | 8.3 | < 0.01 | 4.0 | 0.0 | < 0.3 | 4.2 | 3.2 | 0.2 | < 0.05 | 23.0 |
| MET_LUG_153 | 1.75 | 10.9 | < 0.01 | 2.1 | 0.0 | < 0.3 | 2.2 | 2.0 | 0.3 | < 0.05 | 12.2 |
| MET_LUG_154 | 6.79 | 64.0 | < 0.01 | 2.0 | 0.0 | 0.5 | 1.7 | 1.4 | 0.3 | < 0.05 | 84.7 |
| MET_LUG_155 | 7.44 | 74.0 | < 0.01 | 2.2 | 0.0 | 0.3 | 2.3 | 1.8 | 0.6 | < 0.05 | 58.5 |
| MET_LUG_156 | 2.80 | 6.2 | < 0.01 | 1.4 | 0.0 | < 0.3 | 1.5 | 1.4 | 0.2 | < 0.05 | 19.6 |
| MET_LUG_157 | 2.57 | 8.2 | < 0.01 | 3.0 | 0.0 | < 0.3 | 3.0 | 2.5 | 0.1 | < 0.05 | 21.3 |

---

Source: OceanaGold, 2025

All the composites responded well to flotation under the standard conditions for the bulk rougher test with 74% to 88% of the gold present and 91% to 97% of the sulfur present reporting to the flotation concentrate. Mass pull was in line with the expectations from the given sulfur grade, and with the expected strategy of Ledbetter Underground representing 25% of mill feed it is not expected to be an issue for the regrind circuit capacity.

The overall gold extractions from the flotation products (concentrates and tailings) corresponding to gold extractions by cyanidation from the head samples varied from 39.3% to 94.9%, with an average value of 84.9% in the Siltstone samples but a significantly lower 61.4% in the Intrusive Breccia samples. It was observed that the 24-hour kinetic leach curves were significantly retarded with significant amount of leachable gold extracted from 8 to 24 hours whereas in other areas of the Haile deposit the majority of leachable gold is extracted in the first 8 hours. The summary of the overall recovery results is shown below in Table 13-27 below.

Released: March 27, 2026 Page 115 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 13-27: Ledbetter Underground First Round Recovery Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample ID** | **Domain** | **Flotation Recovery**<br>**Au %** | **Leach Recovery** | **Leach Recovery** | **Overall**<br>**Recovery**<br>**Au %** |
| **Sample ID** | **Domain** | **Flotation Recovery**<br>**Au %** | **Concentrate**<br>**Au %** | **Flotation Tailings**<br>**Au %** | **Overall**<br>**Recovery**<br>**Au %** |
| MET_LUG_140 | Intrusive Breccia | 88.0 | 85.0 | 43.0 | 80.0 |
| MET_LUG_141 | Intrusive Breccia | 81.6 | 91.4 | 79.2 | 89.2 |
| MET_LUG_142 | Intrusive Breccia | 78.6 | 76.5 | 69.5 | 75.0 |
| MET_LUG_143 | Intrusive Breccia | 87.1 | 48.8 | 48.9 | 48.8 |
| MET_LUG_144 | Intrusive Breccia | 73.7 | 70.5 | 55.3 | 66.5 |
| MET_LUG_145 | Intrusive Breccia | 80.6 | 45.0 | 33.2 | 42.7 |
| MET_LUG_146 | Intrusive Breccia | 75.5 | 55.5 | 48.2 | 53.7 |
| MET_LUG_147 | Intrusive Breccia | 80.7 | 39.6 | 38.3 | 39.3 |
| MET_LUG_148 | Intrusive Breccia | 80.9 | 53.7 | 46.8 | 52.3 |
| MET_LUG_149 | Intrusive Breccia | 84.7 | 61.1 | 48.7 | 59.2 |
| MET_LUG_150 | Siltstone | 81.5 | 76.7 | 66.1 | 74.8 |
| MET_LUG_151 | Siltstone | 85.8 | 84.6 | 82.9 | 84.4 |
| MET_LUG_152 | Siltstone | 85.1 | 79.5 | 61.3 | 76.8 |
| MET_LUG_153 | Siltstone | 82.6 | 89.9 | 81.2 | 88.4 |
| MET_LUG_154 | Siltstone | 86.6 | 92.4 | 75.8 | 90.2 |
| MET_LUG_155 | Siltstone | 87.8 | 95.8 | 88.7 | 94.9 |
| MET_LUG_156 | Pipe Breccia Lobe 3 | 78.1 | 68.0 | 53.1 | 64.7 |
| MET_LUG_157 | Pipe Breccia Lobe 3 | 80.1 | 68.4 | 51.5 | 65.0 |

---

Source: OceanaGold, 2025

From the remaining sample material of the Intrusive Breccia samples repeated flotation tests were used to produce additional concentrate to conduct extended kinetic leaches to 72 hours at both the standard 13 micron and a finer 8 micron grind size to investigate if inclusion size of gold had reduced or slower leaching phases were present. The results of these tests indicated minimal improvement from finer grinding with slow leaching of gold continuing to occur out to 72 hours with the rate fairly constant from 24 to 72 hours.

A second round of samples was collected from the 2024 infill program focussing on the lower area of the Intrusive Breccia domain where recovery was noticeably affected by lower concentrate leach recovery in the first round of testing. Smaller composites were targeted with material of a singular lithology (several sub-variants identified within the Intrusive Breccia domain) and geological structure to look to see if either of these models would correlate to the difference in recovery compared to the first three composites that demonstrated "normal" kinetic recovery response.

A total of 19 additional samples were submitted to SGS Burnaby in this program from crushed reject samples with head grades ranging from 1.88 to 88 g/t Au and 0.4% to 3.4% S. With the second round program the concentrate kinetic leach time was extended out to 96 hours, and the summary of the overall recovery results is shown below in Table 13-28. Overall recovery with concentrate leach time extended to 96 hours showed a significant improvement relative to 24 hours with overall recovery varying from 36.4% to 92.8% averaging 65.3% a significant improvement from an average of 46% at 24 hours.

Released: March 27, 2026 Page 116 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

Whilst no correlation was noted between the recovery and either the structural or lithological models volumetrically it allowed better definition of where the poorer performing material was located.

**Table 13-28: Ledbetter Underground Second Round Recovery Results**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample ID** | **Flotation Recovery**<br>**Au %** | <br>**Leach Recovery Tailings**<br>**Au %** | **24 Hrs** | **24 Hrs** | **72 Hrs** | **72 Hrs** | **96 Hrs** | **96 Hrs** |
| **Sample ID** | **Flotation Recovery**<br>**Au %** | <br>**Leach Recovery Tailings**<br>**Au %** | **Leach Recovery Con**<br>**Au %** | **Overall Recovery**<br>**Au %** | **Leach Recovery Con**<br>**Au %** | **Overall Recovery**<br>**Au %** | **Leach Recovery Con**<br>**Au %** | **Overall Recovery**<br>**Au %** |
| MET_LUG_231 | 85.2 | 46.4 | 30.2 | 32.6 | 48.4 | 48.1 | 55.6 | 54.3 |
| MET_LUG_232 | 78.0 | 46.2 | 31.0 | 34.4 | 60.7 | 57.5 | 65.2 | 61.0 |
| MET_LUG_233 | 76.2 | 31.7 | 42.1 | 39.6 | 66.4 | 58.2 | 72.6 | 62.9 |
| MET_LUG_234 | 82.7 | 23.8 | 28.8 | 27.9 | 33.6 | 31.9 | 39.0 | 36.4 |
| MET_LUG_235 | 82.4 | 33.5 | 39.5 | 38.5 | 63.7 | 58.4 | 69.7 | 63.3 |
| MET_LUG_236 | 78.5 | 34.3 | 37.1 | 36.5 | 66.0 | 59.2 | 75.4 | 66.5 |
| MET_LUG_237 | 69.6 | 55.7 | 48.9 | 51.0 | 72.0 | 67.1 | 79.9 | 72.5 |
| MET_LUG_238 | 88.0 | 53.7 | 43.5 | 44.7 | 66.3 | 64.8 | 70.6 | 68.5 |
| MET_LUG_239 | 90.5 | 48.8 | 46.6 | 46.8 | 60.6 | 59.5 | 65.2 | 63.6 |
| MET_LUG_240 | 90.7 | 32.1 | 31.1 | 31.1 | 55.2 | 53.0 | 64.6 | 61.5 |
| MET_LUG_241 | 87.6 | 70.2 | 65.4 | 66.0 | 80.0 | 78.8 | 83.5 | 81.9 |
| MET_LUG_242 | 82.7 | 54.2 | 64.3 | 62.6 | 76.1 | 72.4 | 81.4 | 76.7 |
| MET_LUG_243 | 76.8 | 50.6 | 64.3 | 61.1 | 76.1 | 70.2 | 81.4 | 74.2 |
| MET_LUG_244 | 82.0 | 81.0 | 85.4 | 84.6 | 94.3 | 91.9 | 95.4 | 92.8 |
| MET_LUG_245 | 83.8 | 77.3 | 92.7 | 90.2 | 95.5 | 92.5 | 95.4 | 92.4 |
| MET_LUG_246 | 82.2 | 33.8 | 42.6 | 41.0 | 58.8 | 54.3 | 67.0 | 61.1 |
| MET_LUG_247 | 73.9 | 34.2 | 35.4 | 35.1 | 57.6 | 51.5 | 65.8 | 57.6 |
| MET_LUG_248 | 66.6 | 24.1 | 19.7 | 21.1 | 39.3 | 34.2 | 48.8 | 40.5 |
| MET_LUG_249 | 74.2 | 30.5 | 29.6 | 29.8 | 54.9 | 48.6 | 61.7 | 53.6 |

---

Source: OceanaGold, 2025

A follow up third round of testing was undertaken in 2025 focusing on the upper half of the moderate-recovery material looking to better understand where the boundaries were and to better tie this with gold deportment. A total of 10 composites sourced from coarse crushed rejects were submitted to SGS Burnaby to repeat the extended concentrate kinetic leach test to 96 hours with head grades ranging from 1.67 to 16.7 g/t Au and 0.76% to 2.22% S. Recovery at 96 hours ranged from 62.3% to 96.44% and averaging 85.1% compared to an average of 72% at 24 hours with details provided in Table 13-29 below.

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**Table 13-29: Ledbetter Underground Third Round Recovery Results**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample ID** | **Flotation Recovery**<br>**Au %** | **Leach Recovery Tailings**<br>**Au %** | **24 Hrs** | **24 Hrs** | **72 Hrs** | **72 Hrs** | **96 Hrs** | **96 Hrs** |
| **Sample ID** | **Flotation Recovery**<br>**Au %** | **Leach Recovery Tailings**<br>**Au %** | **Leach Recovery Con**<br>**Au %** | **Overall Recovery**<br>**Au %** | **Leach Recovery Con**<br>**Au %** | **Overall Recovery**<br>**Au %** | **Leach Recovery Con**<br>**Au %** | **Overall Recovery**<br>**Au %** |
| MET_LUG_250 | 74.2 | 63.7 | 71.5 | 69.5 | 89.0 | 82.4 | 86.8 | 80.8 |
| MET_LUG_251 | 91.2 | 71.8 | 90.1 | 88.5 | 92.6 | 90.8 | 92.9 | 91.0 |
| MET_LUG_252 | 75.3 | 57.2 | 77.3 | 72.3 | 90.0 | 81.9 | 88.9 | 81.1 |
| MET_LUG_253 | 80.6 | 52.5 | 62.3 | 60.4 | 87.2 | 80.5 | 82.8 | 76.9 |
| MET_LUG_254 | 80.0 | 40.5 | 61.5 | 57.3 | 86.6 | 77.3 | 84.0 | 75.3 |
| MET_LUG_255 | 83.8 | 34.4 | 45.2 | 43.5 | 78.2 | 71.1 | 67.7 | 62.3 |
| MET_LUG_256 | 94.5 | 86.0 | 97.8 | 97.1 | 97.7 | 97.1 | 97.7 | 97.1 |
| MET_LUG_257 | 88.4 | 45.5 | 51.1 | 50.5 | 82.1 | 77.9 | 76.0 | 72.4 |
| MET_LUG_258 | 84.2 | 85.5 | 92.5 | 91.4 | 95.5 | 93.9 | 93.8 | 92.5 |
| MET_LUG_259 | 84.5 | 89.6 | 98.5 | 97.1 | 98.5 | 97.1 | 97.6 | 96.4 |

---

Source: OceanaGold, 2025

As part of the second and third phase test programs, samples of flotation concentrate were submitted for gold deportment analysis by Tescan Automated Mineral Analysis (TIMA) to check for the inclusion size of gold inclusions within pyrite. The results of this work indicated in the Intrusive Breccia domain the deportment of gold was significantly different to the Metasediment domain and samples from the Palomino deposit. Typically, at Haile in the Metasediment zones, gold in the concentrate is present as native gold inclusions within pyrite accounting for 80% to 95% of the total content. In the Intrusive Breccia domain less than 15% of the gold was present as native gold with the remainder present in a variety of telluride minerals dominated by muthmannite, calaverite, and petzite. Analysis of the data showed a strong positive correlation between the percentage of gold present as petzite at 6, 24 and 96 hours and a strong negative relationship with the percentage of gold present as muthmannite and calaverite. This is graphically presented below in Figure 13-4 and has provided an understanding of the key driver in variable gold recovery within this domain.

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![relationshipbetweengolddepa.jpg](relationshipbetweengolddepa.jpg)

Source: OceanaGold, 2025

**Figure 13-4: Relationship Between Gold Deportment and Concentrate Leach Recovery at 24 Hours**

Further regression analysis of the second and third round results allowed recovery estimation to be made both for concentrate leach recovery and overall recovery when knowing the deportment of gold in the key telluride minerals and leach rate at 24 and 48 hours. This is graphically presented below in Figure 13-5 showing what gold recovery is expected to be with a 24 hour or 96 hour concentrate leach residence time.

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![overallgoldrecoveryestimata.jpg](overallgoldrecoveryestimata.jpg)

Source: OceanaGold, 2025

**Figure 13-5: Overall Gold Recovery Estimation from Gold Telluride Deportment at Varying Concentrate Leach Residence Times**

From the testwork programs recovery estimates were used to develop a Leapfrog recovery model using a NN method for the Intrusive Breccia domain and this was then added to the Resource block model. This allows for the Deswik mine schedule to estimate mill recovery and expected gold produced for each stope to be used in the overall production schedule. For the Metasediment domain the current gold recovery model for the site is used.

As part of the Ledbetter Underground Study the testwork results were used to develop a design criteria to modify the current plant flowsheet to keep concentrate leaching separate from the flotation tails stream and to extend it to 96 hours to maximize gold recovery opportunity for the Intrusive Breccia domain hosted ore. An Engineering Feasibility study was conducted by Ausenco to divert the concentrate leach stream after the current pre-aeration and CIL #1 leach tank to a new train of four agitated leach tanks providing 96 hours of total leach residence time followed by a Kemix Carousel modular adsorption circuit running in parallel to the flotation tails stream utilizing the remaining seven CIL tanks. The capital cost estimate for the modification was used to compare to mine schedules assuming 24 hours and 96 hours to evaluate the improved economics that led to the decision of proceeding with the modification to the plant.

13.4Recovery Estimate Assumptions

The recovery estimate model developed in the Romarco Feasibility study based on the interpretation of test work results from a range of samples and test work campaigns and shown in Figure 13-2 as a function of gold grade. This was based on the original flowsheet incorporating sulfide flotation and open circuit regrind of concentrate in the SMD circuit to a target P80 of 13 µm.

The completion of the replacement of the regrind circuit in 2019 with a two stage Towermill / Isamill circuit operating in closed circuit has achieved the targeted regrinding product size. In addition, a

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number of plant modifications have been implemented to address mechanical issues in the CIL circuit and to convert the pre-aeration tank to a leach tank duty. The overall effect has been to achieve gold recoveries in excess of that predicted by the original Feasibility study model when feeding the plant predominantly fresh sulfide ore. The performance of the plant from 2020 to 2022 resulted in a 2.5% increase on the Feasibility model used during LoM planning process.

The operating strategy for ROM management is based on segregating significant quantities of oxidized ore and campaign milling when possible to minimize the impact on the flotation circuit performance on fresh ore. This is used to create maintenance windows for the regrind circuit without mill downtime.

Given the mill feed schedule over the LoM tracks the major sources the following criteria have been applied to estimate overall gold recovery for production forecasting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fresh sulfide ore delivered to the ROM above 1.7 g/t Au from open pit, Horseshoe, Palomino, and Ledbetter Metasediment domain UG utilize the feasibility recovery plus 2.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fresh sulfide ore delivered to the ROM below 1.7 g/t Au from open pit, Horseshoe, Palomino, and Ledbetter Metasediment domain UG utilize the feasibility recovery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oxide ore assumes a flatline 68% gold recovery based on direct leach flowsheet

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sulfide ore that is stockpiled and then rehandled to the ROM will attract a 5% recovery penalty compared to the freshly mined recovery assumption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fresh sulfide ore from the Ledbetter UG Intrusive Breccia domain utilizes the Leapfrog model developed from metallurgical testing based on a 96 hour concentrate leach residence time

A flatline assumption of 70% silver recovery continues to be used in metal production forecasting. Silver revenue accounts for less than 1.5% of overall total sales and as such the impact of changes to the silver recovery have a marginal impact on overall economic outcomes. The doré product from Haile is gold containing moderate amounts of silver. The doré bars are 95% pure with minimal or no deleterious elements.

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14 Mineral Resource Estimates

This section describes the Mineral Resource estimation methodology and summarizes the key assumptions adopted by OceanaGold. In the opinion of OceanaGold, the Mineral Resource estimates reported herein are a reasonable representation of the Mineral Resources at Haile. The Mineral Resources and their classification have been prepared in accordance with the CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines, May 10, 2014 (CIM, 2014). Mineral Resources, which are inclusive of Mineral Reserves, are reported in accordance with NI 43-101. There is no certainty that Mineral Resources that are not Mineral Reserves will be converted into Mineral Reserves.

The Haile open pit and Horseshoe underground Mineral Resource estimates were prepared under the supervision of Mr. Jonathan Moore, BSc (Hons) Geology, GradDip Physics, member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Mr. Moore is OceanaGold's Head of Resource Development, a QP as this term is defined pursuant to NI 43-101 for Mineral Resources. The effective date of the Mineral Resource statement is December 31, 2025.

The Palomino and Ledbetter underground Mineral Resource estimates were prepared under the supervision of Mr. Douglas Corley, BSc (Hons) Geology, Registered Professional Geoscientist with the Australian Institute of Geoscientists. Mr. Corley is OceanaGold's Principal Geologist, a QP as this term is defined pursuant to NI 43-101 for Mineral Resources. The effective date of the resource statement is December 31, 2025.

Due to different mining selectivity and CoG assumptions, separate block models were generated for the open pit and underground areas. The open pit Resource model is "HA0725OLM_v6". The lithological model for all deposits was provided by the OceanaGold Haile Exploration department. Implicit gold grade shell generation, grade estimation and block model construction were completed within Vulcan<sup>TM</sup> software. Resource reporting pit shells were generated using Vulcan<sup>TM</sup> software.

The Horseshoe, Palomino and Ledbetter underground models are "HA0925ULM_v2", "PA_1023_URR" and "LB1125URR" respectively. The implicit gold grade shells were generated in Leapfrog software whilst grade estimation and block model construction were completed in Vulcan<sup>TM</sup> software (except "LB1125URR", which was completed in Leapfrog Edge).

The following sections are grouped:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 14.1 to 14.7 (drillhole database, geological model, lithology, domaining, compositing, top capping and bulk density) apply for all open pit and underground estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 14.8 to 14.11 (estimation methodology and parameters) are specific to each individual estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sections 14.12 to 14.14 (resource classification, validation, reconciliation and resource reporting) apply for all open pit and underground estimates.

14.1Drillhole Database

During 2016, the Romarco Minerals drilling database was migrated to OceanaGold's standard acQuire database platform. Where available, original source assay and survey data were used for

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the acQuire translation and database validation. There was an additional internal database review in late 2018 / early 2019. No material errors were identified.

The assay coverage for gold includes all core and RC drilling. However, the collection of carbon (Open Pit Mineral Resource Model), sulfur and silver assay data has largely been retrospective and is significantly sparser than gold. Sulfur and carbon data are primarily used for the prediction of overburden classification types. Sulfur grades are also used for mill feed sulfur estimates. Silver grades are provided for metallurgical considerations (carbon stripping and electro-winning) as well as revenue estimation, albeit silver being a minor contribution relative to total revenue.

Historical drilling (i.e., prior to 2007) accounts for approximately 16% of the data, although much of the Resource associated with this data has been mined. The sample procedures applied to the historical drilling (i.e., drilling prior to Romarco) at Haile were not well documented. Pre-Romarco RC holes drilled by Piedmont were downgraded by 5%. (RC0039 – RC1303).

An analysis of rotary split sub-sample mass for Romarco RC holes (RC1502 to RC2216) was undertaken. Rotary splitter ratio settings ranged from 8% to 17%. Based on back calculating the range of likely total sample weights, RC recoveries appear to have been largely acceptable. As a precautionary measure, sample intervals with low estimated sample recoveries and >200 m sample depths, have had the gold grades factored in relation to sample recovery. The global impact on the Resource estimate is less than 1%. These factors will remain until verified and/or replaced by new drilling. Sensitivity analysis shows. Given this mitigation, the residual risk is low.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.1Data Cut-Off Date – Mineral Resource Models

The data cut-off dates used Mineral Resource Models at Haile are listed in Table 14-1.

**Table 14-1: Data Cut-Off Dates for Resource Models**

---

| | | |
|:---|:---|:---|
| **Area** | **Model Name** | **Data Cut-Off Dates** |
| Haile Open Pit | "HA0725OLM_v6" | July 21, 2025 |
| Horseshoe Underground | "HA0925ULM_v2" | September 29, 2025 |
| Palomino Underground | "PA_1023_URR" | October 11, 2023 |
| Ledbetter Underground | "LB1125URR" | October 29, 2025 |

---

Source: OceanaGold, 2025

For Palomino, no drilling has occurred since October 2023

14.2Geologic Model Concepts

A detailed 3D geological model, including weathering, has been constructed. This model, which has evolved over time, has been used to assign variable bulk densities to the various block models. Faults have also been modeled. However, other than post-mineralization dikes and post mineralization erosion / deposition interfaces, there are few geological features that represent hard mineralization boundaries.

Gold mineralization at the Haile Gold Mine is hosted within deformed greenschist facies MS and MV which define a large scale antiform that plunges at a low angle to the northeast. Mineralization occurs as discrete bodies, variously located on the limbs and hinge zone of this antiform. Diabase

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and Lamprophyre dykes, which exploited pre-existing sub-vertical, NW-SE striking fractures, cut across mineralization. The structures that host the dikes are post-date folding, do not demonstrate fault offset, yet seem in some cases to influence gold grade distribution.

The interplay between the contacts, bedding (S0), regional foliation (S2), and the fractures is important to understanding the current distribution of gold mineralization at Haile. The overarching relationship between these elements changes across the antiform; bedding and the MS-MV contact dip steeply to the SE on the southern limb (Horseshoe and Palomino) whereas dip moderately to the NW on the northern limb (Mill Zone, Haile, Red Hill, Ledbetter and Snake). Red Hill SE and Snake are located in hinge zones. Importantly, the S2 foliation dips consistently to the NW, intersecting bedding and contacts at a high angle on the southern limb. By contrast, the S2 foliation is typically sub-parallel to bedding and contacts on the northern limb (Figure 14-1).

![schematiccross-sectionlooka.jpg](schematiccross-sectionlooka.jpg)

Source: OceanaGold, 2025

**Figure 14-1: Schematic Cross-Section Looking NE – Showing Relationship of UG Deposits to MS / MV Contact (Blue line) and Regional Foliation (Orange Line)**

14.3Lithology

Lithologic codes used at Haile capture many geologic attributes including the primary rock type, presence of brecciation, silicification, lamination, and numerous variations on the general rock unit.

Most of the mineralization is hosted within the Metasediments and the lithological units are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• S - sand

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sap - saprolite

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MV - metavolcanics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DB - intrusive dikes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fill - back-fill from historical mining

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ml - laminated metasediments (MS)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ms - silicified metasediments (MS)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Basalt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intrusive Breccia

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Undifferentiated Basement Material

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1Silicification

The intensity of "silicification" increases from 0 (absent) to 3 (pervasive) and is logged visually by site geologists. The minor silicification (1) population has an average grade of about 0.5 g/t. The average grade of moderately silicified (2) rocks is 1.0 g/t and the very silicified (3) average grade increases to approximately 2.0 g/t. Whilst there is a broad gold to silicification relationship, it is not strong enough to guide gold estimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2Pyrite

Multiple morphologies of pyrite have been identified at Haile, ranging from fine to coarse cubic pyrite. Based on logging, it has been established that fine-grained pyrite is commonly associated with gold mineralization, however pyrite is not used to guide gold estimation.

14.4Domaining

Estimation domaining methodology used for the open pit and three underground Resource models, was similar. Grade-based implicit wireframes were generated using Leapfrog numerical modeling or Vulcan implicit grade function. The grade threshold used for each model depended on the deposit, element being estimated, nature of the grade boundaries, cut-off grade and geostatistics.

The implicit wireframes were implemented as hard boundaries for grade estimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.1Gold

A summary of Au value used for the hard boundary gold domains is summarized in Table 14-2.

**Table 14-2: Hard Boundaries Au Domain Thresholds**

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Model Name** | **Au (g/t) Threshold** | **Probability above <br>Threshold (%)** |
| Haile Open Pit | "HA0725OLM_v6" | 0.065 | 50 |
| Horseshoe Underground | "HA0925ULM_v2" | 1.0 | 25 |
| Palomino Underground | "PA_1023_URR" | 0.8 | 25 |
| Ledbetter Underground | "LB1125URR" | 0.7 | 25 |

---

Source: OceanaGold, 2025

There was some sub-domaining used in the Au estimation for the Open Pit and Palomino Mineral Resource models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open Pit: sub-divided into two domains based upon gold distribution and orientation, albeit the differences were not large between the two domains. The mineralized zones within

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domain 1 approximate a dip direction of 40 to 330. In domain 2, mineralized zones approximate a dip direction of 30 to 335.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Palomino: low grade (=<0.25 g/t Au) and high grade (>0.25 g/t Au) sub domains were identified within the 0.8 g/t Au domain and estimated using Indicator Kriging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.2Silver

Silver grade estimates are provided for metallurgical considerations (carbon stripping and electro-winning) as well as for revenue estimation; despite contributing only ~1.5% of total revenue. Silver content is not used as a gold-equivalent input for cut-off calculation nor to guide mine design decisions.

The selection of samples for silver assaying was undertaken retrospectively, based upon previously assayed gold grades, resulting in less than 10% coverage of that for gold. Sample selection for silver assaying tended to favor more strongly gold-mineralized intervals, leaving less intensely mineralized intervals, on the flanks of the mineralization under represented. To mitigate the impacts of the selection bias, bivariate simulation was implemented ("simulate missing data" program in GS3 proprietary software). This non-spatial stepwise simulation assigned silver grades to locations with gold assays, but no silver assays, based upon relationships between silver and gold in the assay database.

An example of the comparison of actual Ag data compared to the simulated Ag is shown at the Ledbetter UG deposit in Figure 14-2. It presents a log scale scatter plot of Ag vs. Au grades, both the original dataset and with the simulated data added. The two population distributions (actual Ag assays vs Ag values simulated from established Ag / Au relationship) compare well.

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![oceanagold32a.jpg](oceanagold32a.jpg)

Source: OceanaGold, 2025

Note: left: Original Ag Data / right: Simulated and Original Ag Data

**Figure 14-2: Ledbetter UG deposit log-scale scatter plot of Ag (Original / Simulated) vs Au** 

The same domaining and search orientations used for gold were used for silver, in all models except for Ledbetter UG ("LB1125URR").

The tenor of Ag mineralization is much higher in the Ledbetter UG area than elsewhere at Haile. An additional Ag domain was required to better estimate the Ag distribution. Nested within the lower grade domain, a higher-grade domain was generated from the intersection of the Intrusive Breccia and the low-grade domain.

There is a strong correlation between tellurium (Te) and Ag, so the Ag domain was used for the Te estimate also.

14.5Compositing

The Haile Open Cut Mineral Resource DH database was composited to 2.5 m downhole lengths with breaks at domain contacts. The merge function was used, where intervals are less than or equal to 1.25 m minimal and coverage 50% of residual are merged with the adjacent sample, resulting in lengths ranging from 1.25 to 3.75 m with a mean of 2.5 m. No compositing was used for total carbon and total sulfur due to discontinuous sampling.

For all UG Mineral Resources, the DH databases were composited to 3 m downhole lengths with breaks at domain contacts. The 3 m length was chosen to reflect mining selectivity and the parent block dimensions used. The merge function was used, where intervals less than or equal to 1.5 m minimal and coverage 50% of residual are merged with the adjacent sample, resulting in lengths ranging from 1.5 to 4.5 m with a mean of 3 m.

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14.6Top-Capping

Top-capping is reviewed on a deposit-by-deposit basis, with the purpose of managing the influence of outliers in highly skewed grade distributions. Actual top cap values are discussed in the respective sections.

14.7Bulk Density

Mineral Resource block model in situ dry bulk densities (BD) are based on lithology averages, as shown in Table 14-3. The BD was assigned for each lithology type (and oxidation state used for Open Pit Mineral Resource Model, all UG lithologies are fresh).

In situ density determinations have been carried out at regular intervals on drill core samples (approx. 10 to 20 cm billets), and over 46,000 measurements have been collected to date. The "Archimedes method" involved weighing the sample both in air and in water. The measurements were then averaged for each lithology. The BD is reported as tonnes per cubic metre (t/m<sup>3</sup>).

**Table 14-3: Assigned Lithological Bulk Density Values**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** | **BD Assignment Criteria (tonnes/m**<sup>3</sup>**)** |
| **Sand** | **Saprolite** | **PAG**<br>**Fill** | **Tails** | **Heap** | **Dike** | **Meta Volcanics** | **Meta Volcanics** | **Meta Sediments** | **Meta Sediments** | **Basalt** | **Intrusive Breccia** | **Basement** |
| 2.06  | 2.18  | 1.89  | 2.14  | 1.7  | 2.88  | **Oxidized** | **Fresh** | **Oxidized** | **Fresh** | 2.81  | 2.68  | 2.74  |
| 2.06  | 2.18  | 1.89  | 2.14  | 1.7  | 2.88  | 2.52  | 2.7  | 2.57  | 2.78  | 2.81  | 2.68  | 2.74  |

---

Source: OceanaGold, 2025

• That Sand, Saprolite, PAG fill, Tails, Heap and oxidized Meta-Volcanics / Meta-Sediments are only used in Haile Open Pit Mineral Resource models. UG Resource Models contain fresh material only.

14.8Mineral Resource – Open Pit

The Haile open pit Resource comprises Champion, Small, Haile, Red Hill, Ledbetter, and Snake deposits through various stages of mining. The location of the various deposits is shown in Figure 14-3 (red shapes are Open Pit deposits, blue shapes are UG deposits). These deposits are on the shallow-dipping limb to the northwest and extend from the surface to a depth of approximately 275 m.

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![oceanagold12.jpg](oceanagold12.jpg)

Source: OceanaGold, 2025

• Haile Open Pit deposits are shown in Red (UG deposits colored blue). Approximate Axial fold hinge trace of the Metasediment / Metavolcanic contact is shown in pink; deposits to the NW of the fold hinge are at shallow angle to the Mineralization Foliation and deposits to the SE of the fold hinge are at a steep angle to the Mineralization Foliation.

**Figure 14-3: Haile Open Pit** 

For the Open Pit Mineral Resource model, the 2.5 m composited gold grades were top capped to <br>50 g/t Au to temper mean grades above the top-class indicator threshold. Only nine and 15 composites required capping from domain 1 and 2 respectively.

Gold grade indicator thresholds were determined for each domain based on their histograms and cumulative distribution functions (CDF). Thresholds were set at 10th, 20th, 30th, 40th, 50th, 60th, 70th, 75th, 80th, 85th, 90th, 95th, 97.5th and 99th percentiles. Statistics for capped Au indicator class thresholds are summarized in Table 14-4.

Total sulfur was top capped to 33% for extreme values (one composite only). No top-cap was applied for total carbon.

Released: March 27, 2026 Page 129 of 275

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**Table 14-4: Haile Open Pit Indicator Gold Class Thresholds and Means**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary of Grade Thresholds and Mean Values for MIK** | **Summary of Grade Thresholds and Mean Values for MIK** | **Summary of Grade Thresholds and Mean Values for MIK** | **Summary of Grade Thresholds and Mean Values for MIK** | **Summary of Grade Thresholds and Mean Values for MIK** | **Summary of Grade Thresholds and Mean Values for MIK** | **Summary of Grade Thresholds and Mean Values for MIK** | **Summary of Grade Thresholds and Mean Values for MIK** | **Summary of Grade Thresholds and Mean Values for MIK** | **Summary of Grade Thresholds and Mean Values for MIK** |
| **Statistics Length Weighted Domain 1** | **Statistics Length Weighted Domain 1** | **Statistics Length Weighted Domain 1** | **Statistics Length Weighted Domain 1** | **Statistics Length Weighted Domain 1** | **Statistics Length Weighted Domain 2** | **Statistics Length Weighted Domain 2** | **Statistics Length Weighted Domain 2** | **Statistics Length Weighted Domain 2** | **Statistics Length Weighted Domain 2** |
| **Bin #** | **Class** | **Mean** | **Median** | **Count** | **Bin #** | **Class** | **Mean** | **Median** | **Count** |
| 1  | >=0.00, <0.05 | 0.03  | 0.03  | 2830  | 1  | >=0.00, <0.03 | 0.01  | 0.01  | 2444  |
| 2  | >=0.05, <0.07 | 0.06  | 0.06  | 2275  | 2  | >=0.03, <0.06 | 0.04  | 0.04  | 2422  |
| 3  | >=0.07, <0.10 | 0.09  | 0.09  | 3400  | 3  | >=0.06, <0.09 | 0.07  | 0.07  | 2646  |
| 4  | >=0.10, <0.13 | 0.12  | 0.12  | 3384  | 4  | >=0.09, <0.13 | 0.11  | 0.11  | 3115  |
| 5  | >=0.13, <0.18 | 0.15  | 0.15  | 3927  | 5  | >=0.13, <0.19 | 0.16  | 0.16  | 3317  |
| 6  | >=0.18, <0.25 | 0.21  | 0.21  | 3853  | 6  | >=0.19, <0.28 | 0.23  | 0.23  | 3479  |
| 7  | >=0.25, <0.37 | 0.30  | 0.30  | 4186  | 7  | >=0.28, <0.43 | 0.35  | 0.34  | 3693  |
| 8  | >=0.37, <0.46 | 0.41  | 0.41  | 1933  | 8  | >=0.43, <0.55 | 0.49  | 0.48  | 1968  |
| 9  | >=0.46, <0.59 | 0.52  | 0.52  | 1994  | 9  | >=0.55, <0.71 | 0.62  | 0.62  | 1774  |
| 10  | >=0.59, <0.79 | 0.68  | 0.68  | 1945  | 10  | >=0.71, <0.97 | 0.83  | 0.82  | 1925  |
| 11  | >=0.79, <1.17 | 0.96  | 0.96  | 1943  | 11  | >=0.97, <1.48 | 1.19  | 1.18  | 2049  |
| 12  | >=1.17, <2.07 | 1.55  | 1.51  | 2006  | 12  | >=1.48, <2.71 | 1.99  | 1.95  | 2125  |
| 13  | >=2.07, <3.05 | 2.49  | 2.46  | 781  | 13  | >=2.71, <4.16 | 3.33  | 3.27  | 929  |
| 14  | >=3.05, <6.00 | 4.13  | 3.98  | 759  | 14  | >=4.16, <9.20 | 5.92  | 5.62  | 1034  |
| 15  | >=6.00, <50 | 11.34  | 8.85  | 403  | 15  | >=9.20, <50 | 16.60  | 13.71  | 534  |

---

Source: OceanaGold, 2025

Gold estimation was completed using MIK, while carbon and sulfur were estimated using OK. Carbon and sulfur values are used for classification of overburden material.

For gold estimation, two domains were used:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Domain 1 (Mill Zone, Haile/Red Hill, Champion)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Domain 2 (Snake, Ledbetter)

Indicator variograms were produced for all grade thresholds in both domains. Variograms were generated in GS3 software and exported in Vulcan<sup>TM</sup> format.

Each domain area was estimated in three passes, with a larger subsequent search ellipse than the previous domain. Each of the main two open pit domain areas has unique search parameters based upon indicator variogram models for 14 different gold indicator thresholds.

Grade estimation was completed with Vulcan<sup>TM</sup> software, using MIK based on 2.5 m composites to produce grade estimates into a 10 m E x 10 m N x 5 m RL model blocks. Model block grade estimates for post-mineralization dikes were reset to zero gold grades after estimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8.1Block Model

The HA0725OLM_V6 Mineral Resource block model was constructed in Vulcan<sup>TM</sup> and the parameters are listed below in Table 14-5. The block model is based on a parent block size of 10 m x 10 m x 5 m in x, y, z respectively, without sub-blocking or rotation.

Released: March 27, 2026 Page 130 of 275

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**Table 14-5: HA0725OLM_V6 Block Model Dimensions**

---

| | | | |
|:---|:---|:---|:---|
| **Variable** | **X** | **Y** | **Z** |
| Minimum | 539,810 | 3,825,575 | 200 |
| Maximum | 544,510 | 3,827,725 | 1,200 |
| Block Size (Parent) | 10 | 10 | 5 |
| No. of Blocks (Parent) | 470 | 215 | 200 |

---

Source: OceanaGold, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8.2Estimation Methodology

Top caps of 50 g/t Au were applied to temper mean grades above the top class indicator threshold. Acceptable long term model to mill-adjusted mine reconciliation suggests this as a reasonable approach.

OK was used for silver, sulfur and carbon estimates.

The general workflow for model generation was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drillhole data extraction from acQuire database

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Data validation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exclusion of drillholes from early drilling campaigns with poor documentation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drillhole composite to 2.5 m for Au

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No composite (straight) for total carbon and total sulfur due discontinuous sampling

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duplicates removal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grade shell generation in Vulcan<sup>TM</sup> using Implicit modeling tool using 0.065 g/t Au threshold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Composite flagging including domain area and Au grade shell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Block model creation in Vulcan<sup>TM</sup> including lithology, domain area and grade shell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Run multi-pass MIK estimation for Au

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Set block grades to zero for blocks coded as post-mineralization dike

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Run OK estimation for Ag (using stepwise simulated Ag values for intervals with gold assays but no silver assay), total carbon and total sulfur

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deplete resource with historical open pit and underground workings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assign model bulk densities based on lithology

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Model classification

For Mineral Resource classification, see section 14.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8.3Open Pit Geometallurgical Model

An open pit geo-metallurgical model was first developed in 2023 based on historic rock hardness data (see Section 13.1). Model dimensions were the same as the open pit Mineral Resource model. BBWi and DWi were assigned to resource model blocks.

Between 2024 and 2025, additional samples were collected and analyzed for BBWi and DWi (See section 13.1.1), primarily from future Ledbetter pit phases. The Geometallurgical model was updated in 2025 with revised estimation parameters and provided the basis for the current mill throughput schedules. The model will continue to be developed as new input data is evaluated

Released: March 27, 2026 Page 131 of 275

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(such as Equotip<sup>1</sup> drill core readings and production drilling penetration rates) and the impacts of blast fragmentation and plant utilization on reconciliation / calibration are accommodated.

14.9Mineral Resource - Horseshoe Underground

The Horseshoe deposit is the highest grade and eastern-most known gold deposit in the Haile district (Figure 14-4). Mineralization extends over a vertical distance of 350 m, length of 200 m and width of 120 m, albeit with a complex geometry. The top of the deposit is about 120 m below.

![oceanagold36a.jpg](oceanagold36a.jpg)

Source: OceanaGold, 2025

**Figure 14-4: Plan View showing Horseshoe (Red) Relative to Open Pit Areas** 

The composite statistics for Au g/t and Ag g/t are shown in Table 14-6. A 90g/t Au top cap and 12.5g/t Ag top cap were applied. Sixteen gold and thirty silver composites are affected by top capping. Furthermore, domain 3 (dilution domain) composites for Au and Ag were severely capped to account the high-grade outliers.

<sup>1</sup> Equotip enables portable hardness testing. The hardness measurements are made by using the dynamic rebound testing method according to Leeb, the static Portable Rockwell hardness test and the Ultrasonic Contact Impedance (UCI) method

Released: March 27, 2026 Page 132 of 275

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**Table 14-6: Horseshoe UG 3 m Composite Statistics Comparison by Domain**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **DOMAIN** | **FUNCTIONS** | **Raw** | **Raw** | **3 m Composite** | **3 m Composite** | **Top Capping** | **Top Capping** |
| **DOMAIN** | **FUNCTIONS** | **Au** | **Ag** | **Au** | **Ag** | **Au** | **Ag** |
| 1 | No. of Samples | 12328 | 603 | 4817 | 2607 | 4817 | 2607 |
| 1 | Minimum | 0.003 | 0.005 | 0.003 | 0 | 0.003 | 0 |
| 1 | Maximum | 1080 | 83.0 | 275 | 71.0 | **90** | **12.5** |
| 1 | Range | 1079 | 83.0 | 275 | 71 | 89.997 | 12.5 |
| 1 | **Mean** | **5.47** | **2.26** | **4.69** | **1.97** | **4.54** | **1.82** |
| 1 | Standard Deviation | 17.4 | 3.69 | 11.1 | 3.34 | 9.24 | 2.19 |
| 1 | Variance | 596 | 13.6 | 124 | 11.1 | 85.3 | 4.79 |
| 1 | Coef. of Variance | 4.46 | 1.63 | 2.38 | 1.70 | 2.03 | 1.07 |
| 1 | Skewness | 23.5 | 7.89 | 9.32 | 8.13 | 5.51 | 2.35 |
| 1 | Median | 1.42 | 1.50 | 1.67 | 1.11 | 1.67 | 1.11 |
| 3 | No. of Samples | 10496 | 192 | 4911 | 1837 | 4911 | 1837 |
| 3 | Minimum | 0.003 | 0.005 | 0.002 | 0 | 0.002 | 0 |
| 3 | Maximum | 66.4 | 4.1 | 34.0 | 31.3 | **0.6** | **1.5** |
| 3 | Range | 66.3 | 4.11 | 33.7 | 31.3 | 0.598 | 1.5 |
| 3 | **Mean** | **0.20** | **0.43** | **0.19** | **0.40** | **0.13** | **0.31** |
| 3 | Standard Deviation | 0.897 | 0.48 | 0.64 | 1.48 | 0.19 | 0.33 |
| 3 | Variance | 0.80 | 0.23 | 0.414 | 2.18 | 0.04 | 0.11 |
| 3 | Coef. of Variance | 4.39 | 1.12 | 3.44 | 3.73 | 1.44 | 1.07 |
| 3 | Skewness | 42.4 | 3.27 | 32.3 | 18.6 | 1.59 | 2.35 |
| 3 | Median | 0.03 | 0.25 | 0.04 | 0.15 | 0.13 | 0.15 |

---

Source: OceanaGold, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9.1Block Model

The block model is rotated in Vulcan<sup>TM</sup> with a 60° bearing with 0° plunge and dip. The dimension, origin, and cell size are provided in Table 14-7.

**Table 14-7: Block Model Dimensions and Origin**

---

| | | | |
|:---|:---|:---|:---|
| **Variable** | **X** | **Y** | **Z** |
| Origin | 542,900 | 3,826,100 | 600 |
| Minimum | 0 | 0 | 0 |
| Maximum | 1,250 | 700 | 580 |
| Block Size (Parent) | 10 | 10 | 10 |
| Sub-block size | 2.5 | 2.5 | 2.5 |

---

Source: OceanaGold, 2025

Released: March 27, 2026 Page 133 of 275

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9.2Estimation Methodology

The general workflow for model generation was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drillhole data extraction from acQuire database

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Data validation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construct 1 g/t gold grade shell and 15 m offset dilution shell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Export updated grade shell and database from Leapfrog

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drillholes flagged using Au and S grade shell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Composite drillholes to 3 m within the grade shell for Au, Ag, and S

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Top capping analysis for Au, Ag, and S

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generate Vulcan block model within lithological wireframes, topography, and grade shells

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Run estimation for Au g/t, Ag g/t, and S % using OK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimation validations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assign model densities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use interpretated dike solids to zero Au and Ag values

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classification and reporting.

For Resource classification, see section 14.12.

14.10Mineral Resource - Palomino Underground

The Palomino deposit is located approximately 650 m southwest of Horseshoe, and 300 m below surface (Figure 14-5). The Palomino Resource estimate is based on the current drillhole database, interpreted lithologies, geologic controls, and current topographic data.

![oceanagold2.jpg](oceanagold2.jpg)

Source: OceanaGold, 2025

**Figure 14-5: Long-Section Looking NNW, showing Palomino Mineralization, Horseshoe, HEX and, Entire Haile Drilling Intercept Dataset Shown (colored by Au g/t)**

Released: March 27, 2026 Page 134 of 275

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Statistical analysis of the composite data for Au and Ag resulted in a capping value of 28 g/t Au and 15 g/t Ag for the 0.8 g/t Au threshold shell. Capping analysis for the dilution domain resulted in values of 4.5 g/t and 2.5 g/t for Au and Ag respectively. Table 14-8 summarizes the length-weighted statistics of 3 m composites within the 0.8 g/t Au threshold shell (pug 0p8=1) and dilution domain (expanded 10m around the mineralized domain).

**Table 14-8: Palomino UG Basic Statistics for 3 m Composites by Domain**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Variable** | **Domain** | **Count** | **Minimum** | **Maximum** | **Mean** | **Variance** | **CV** |
| AU_PPM | pug_0p8=1 | 2475  | 0.003  | 39.8  | 2.5  | 12.4  | 1.4  |
| AU_PPM | dilution | 1943  | 0.003  | 37.2  | 0.2  | 1  | 4.2  |
| AU_CAP | pug_0p8=1 | 2475  | 0.003  | 28  | 2.5  | 11.7  | 1.4  |
| AU_CAP | dilution | 1943  | 0.003  | 4.5  | 0.2  | 0.2  | 1.9  |
| AG_PPM | pug_0p8=1 | 599  | 0.029  | 22.2  | 2.5  | 8.8  | 1.2  |
| AG_PPM | dilution | 174  | 0.007  | 10.7  | 0.6  | 1.3  | 2  |
| AG_CAP | pug_0p8=1 | 599  | 0.029  | 15  | 2.4  | 7.7  | 1.1  |
| AG_CAP | dilution | 174  | 0.007  | 2.5  | 0.5  | 0.3  | 1.2  |

---

Source: OceanaGold, 2023

A probability kriging methodology was used to separate the higher grade (HG) and lower grade (LG) portions (grade and probability) for estimation into the parent block. The two estimates were then weight-averaged for whole block grade estimates. This was based on the probability (proportion) of the high- and low-grade domains within the block, where:

Block grade = ((Proportion HG x Grade HG) + (Proportion LG x Grade LG))

Statistics of the data within the sub-set HG and LG domains, are based on the 0.25 g/t Au indicator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.1Block Model

The block model is rotated to align with the primary 060° mineralization direction with the long axis. The block model parameters are listed in Table 14-9.

 **Table 14-9: Palomino Block Model Dimensions and Origin**

---

| | | | |
|:---|:---|:---|:---|
| **Variable** | **X** | **Y** | **Z** |
| **Rotation** | **060**<sup>o</sup> | **060**<sup>o</sup> | **060**<sup>o</sup> |
| Origin | 542500 | 3825800 | 250 |
| Length | 920 | 520 | 750 |
| Block Size (Parent) | 10 | 10 | 10 |
| Sub-block size | 2.5 | 2.5 | 2.5 |
| No. of Blocks (Parent) | 92 | 52 | 75 |

---

Source: OceanaGold, 2023

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.2Estimation Methodology

**<u>Gold</u>**

Post-mineralization dikes were assigned a zero grade.

The following methodology was used:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Build a variogram for the 0.25 g/t Au indicator for data within the 0.8 g/t Au threshold shell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Search orientation essentially parallel to the plane of gold continuity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimate LG indicator probability (LG ind prob)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate HG indicator probability (HG ind prob) where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HG ind prob = 1 – LG ind prob

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Build a variogram for the Au grade in the LG and HG domains

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimate Au grade for HG and LG Domain

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limit data to four samples per DH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No octant restriction applied

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Post estimation – calculate final block grade where:

Block grade = ((Proportion HG x Grade HG) + (Proportion LG x Grade LG))

**<u>Silver</u>**

Silver (Ag) grades for the 0.8 g/t Au threshold shell (Domain 1) were estimated into parent blocks built within Isatis-Neo modeling software using Ordinary Co-Kriging (COK) on 3 m composites to address the paucity of silver analyses. Only 773 silver composites were available compared to 4,418 composites for gold. The COK estimates leverage the spatial correlation between Au vs. Ag using a cross-variogram to estimate at locations where gold assays were present, but no Ag assays were available.

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14.11Mineral Resource – Ledbetter Underground

In contrast to elsewhere at Haile, Ledbetter is underlain by a series of diabase dikes and a basaltic unit (Figure 14-6). The highest-grade gold-silver-telluride mineralization is located predominantly within a unit mapped as the Intrusive Breccia, which hosts the majority of Lobe 1.

![oceanagold11a.jpg](oceanagold11a.jpg)

Source: OceanaGold, 2025

• Key Lithologies (labelled), Mineralization Foliation Trends (blue) and Mineralized Lobes (red) are shown

**Figure 14-6: Ledbetter UG Lithology Slice View, Along Strike of Mineralization (striking NW), Looking NE**

Released: March 27, 2026 Page 137 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

The Ledbetter underground deposit dimensions are approximately 450 m long x 200 m thick x 250 m wide, sitting below the Ledbetter Phase 3 open pit (see Figure 14-7), comprising three separate mineralized lobes, dipping approximately 40° to the northwest.

![oceanagold3.jpg](oceanagold3.jpg)

Source: OceanaGold, 2025

**Figure 14-7: Looking South – Ledbetter UG Deposit, Relative to the Final Ledbetter Open Pit**

Statistical analysis of the drillhole sample data has resulted in a capping value of 60 g/t Au, 8 g/t Au,10 g/t Au, and 1.5 g/t Au for the composites used in Lobe 1 to 3 and the dilution domain (expanded 10 m around lobes 1 to 3) respectively.

Table 14-10 summarizes the length weighted statistics of 3 m composites within the 0.7 g/t Au indicator shell (Lobe=1 to 3) and dilution domain.

Table 14-11 and Table 14-12 summarize the statistics of 3 m composites (of the two datasets, actual Ag data and the combined simulated Ag data) within the 1 g/t Ag indicator shell (agdom=1) and higher-grade domain (agdom=2). Statistical analysis of the combined sample data has resulted in a capping value of 55 g/t Ag and 115 g/t Ag for the composites used in agdom 1 and 2 respectively.

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**Table 14-10: Ledbetter UG Basic Statistics for 3 m Au Composites by Domain**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Variable** | **Domain** | **Count** | **Mean** | **Std Dev** | **CV** | **Variance** | **Minimum** | **Maximum** |
| Au g/t | Lobe 1 | 1798  | 4.15  | 21.5  | 5.19  | 463  | 0.01  | 547  |
| Au g/t | Lobe 2 | 66  | 3.63  | 15.8  | 4.34  | 249  | 0.09  | 127  |
| Au g/t | Lobe 3 | 211  | 3.63  | 13.3  | 3.66  | 176  | 0.01  | 173  |
| Au g/t | dilution | 2865  | 0.20  | 0.40  | 2.05  | 0.16  | 0.003  | 12.1  |
| Au CAP | Lobe 1 | 1798  | 3.11  | 7.19  | 2.31  | 51.6  | 0.01  | 60  |
| Au CAP | Lobe 2 | 66  | 1.76  | 1.50  | 0.85  | 2.25  | 0.09  | 8  |
| Au CAP | Lobe 3 | 211  | 2.09  | 2.36  | 1.13  | 5.59  | 0.01  | 10  |
| Au CAP | dilution | 2865  | 0.17  | 0.18  | 1.06  | 0.03  | 0.003  | 0.70  |

---

Source: OceanaGold, 2025

**Table 14-11: Ledbetter UG Basic Statistics for 3 m Ag Composites (Based Only on Actual Ag Data) by Ag Domains**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Variable**  | **Domain** | **Count** | **Mean** | **Std Dev** | **CV** | **Variance** | **Minimum** | **Maximum** |
| Ag g/t | agdom 1 | 312  | 5.90  | 10.4  | 1.76  | 108  | 0.182  | 102  |
| Ag g/t | agdom 2 | 393  | 20.1  | 98.6  | 4.90  | 9727  | 0.250  | 1386  |
| Ag CAP | agdom 1 | 312  | 5.59  | 8.15  | 1.46  | 66.5  | 0.18  | 55  |
| Ag CAP | agdom 2 | 393  | 10.5  | 22.4  | 2.15  | 502  | 0.25  | 115  |

---

Source: OceanaGold, 2025

**Table 14-12: Ledbetter UG Basic Statistics for 3 m Ag Composites (Based on Actual and Simulated Ag Data) by Ag Domains.**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Variable**  | **Domain** | **Count** | **Mean** | **Std Dev** | **CV** | **Variance** | **Minimum** | **Maximum** |
| Ag g/t | agdom 1 | 3654  | 4.2  | 9.2  | 2.19  | 84.6  | 0.02  | 102  |
| Ag g/t | agdom 2 | 2120  | 16.3  | 80.2  | 4.91  | 6432  | 0.07  | 1386  |
| Ag CAP | agdom 1 | 3654  | 3.96  | 7.3  | 1.84  | 53.3  | 0.02  | 55  |
| Ag CAP | agdom 2 | 2120  | 9.79  | 20.6  | 2.1  | 424  | 0.07  | 115  |

---

Source: OceanaGold, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11.1Block Model

The Mineral Resource block model was constructed in Leapfrog EDGE® software. Parent blocks dimensions are 10 m E x 10 m N x 10 m RL; the model was sub-blocked to 2.5 m E x 2.5 m N x 2.5 m RL for better volumetric determination. No rotation was applied to the Mineral Resource model. The block model parameters are summarized in Table 14-13.

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**Table 14-13: Block Model Dimensions and Origin Setup**

---

| | | | |
|:---|:---|:---|:---|
| **Variable** | **X** | **Y** | **Z** |
| **Rotation** | **0**<sup>o</sup> | **0**<sup>o</sup> | **0**<sup>o</sup> |
| Origin | 541700 | 3826500 | 1100 |
| Length | 1100 | 800 | 500 |
| Block Size (Parent) | 10 | 10 | 10 |
| Sub-block size | 2.5 | 2.5 | 2.5 |
| No. of Blocks (Parent) | 110 | 80 | 50 |

---

Source: OceanaGold, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11.2Estimation Methodology

Gold, silver, sulfur, and tellurium grades were estimated using OK on top capped 3 m composites.

The summary of methodology was used for the mineralized domains for Au, Ag, Te, and S as follows:

**For Au**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Build a variogram for the top capped Au grade in the mineralized and dilution shell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable orientation (VO) function used, based on mineralized foliation surfaces, for lobe=1 to 3. Search orientation matches variogram orientation for audom=3 (15 m dilution)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimate Au grade within mineralized / dilution shell (hard boundary) via OK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limit data to three samples per DH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quadrant restriction applied

**For Ag, S and Te** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Build a variogram for the top capped grade in the mineralized shells

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Search orientation matches variogram orientation, no VO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimate top-capped grade within mineralized shells (hard boundary) via OK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limit data to three samples per DH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quadrant restriction applied

For resource classification, see section 14.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11.3Ledbetter Underground Geometallurgical Model

The Ledbetter underground deposit has both high telluride and high silver content, distinguishing it from the other deposits (Horseshoe Underground, Palomino Underground, and Haile open pit). During 2024 and 2025, 47 samples were collected for metallurgical testing and revealed some locally depressed gold recoveries, which although not directly correlated with tellurium content, appear correlated specifically with muthmannite and calaverite telluride mineral species (see Section 13.3).

The test work looked at gold recoveries for 24 hour, 72 hour, and 96 hour leach residence times. Each incremental increase in leach residence time saw significant improvements in gold recovery. Using these test results, gold recoveries have been estimated using NN attribution into the

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Ledbetter Underground block model. Three recovery estimates have been included for each model block; gold recovery at 24 hour, 72 hour, and 96 hour leach residence times allowing cost benefit analysis for each leach residence scenario.

14.12Open Pit and Underground Resource Classification

Mineral Resources are classified as Indicated and Inferred in accordance with CIM guidelines. Classification of the Mineral Resources reflects the relative confidence of the grade estimates and the mineralization continuity. This classification is based primarily on the drillhole spacing, geological complexity, and in some cases, Kriging Neighborhood Analysis (KNA). No single factor controls the Mineral Resource classification. Rather, each factor influences the result. Summary of classification criteria used is shown in Table 14-14.

**Table 14-14: Haile Open Pit and Underground Resource Classification Criteria**

---

| | | |
|:---|:---|:---|
| **Type** | **Classification** | **Criteria** |
| OP | Measured | Blocks estimated within first pass. |
| OP | Measured | A minimum of 4 drillholes. |
| OP | Measured | Typically, 18 m x 18 m drill spacing but variable. |
| OP | Indicated | Blocks estimated within first pass and second pass. |
| OP | Indicated | A minimum of 2 drillholes. |
| OP | Indicated | Typically, 40 m x 40 m drill spacing but variable. |
| OP | Inferred | Blocks estimated within second and third pass. |
| OP | Inferred | A minimum of 2 drillholes. |
| OP | Inferred | Typically, 60 m x 60 m drill spacing but variable. |
| UG | Measured | The area is defined within 15 m x 15 m drill spacing. |
| UG | Indicated | The area is guided by approx. 35 m x 35 m drill spacing, tested by kriging properties such as kriging variance, slope of regression, etc.  |
| UG | Indicated | Measured blocks within Metavolcanics demoted to Indicated. |
| UG | Inferred | Indicated blocks within Metavolcanics demoted to Inferred. |
| UG | Inferred | Estimated blocks inside the implicit wireframes not meeting the Measured or Indicated criteria. Estimated blocks within the dilution wireframes were treated as unclassified (used to represent mining dilution). |

---

Source: OceanaGold, 2025

14.13Open Pit and Underground Model Validation

All open pit and underground models have undergone comprehensive validation including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample data validation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cross-sectional checks on composite file and block model coding from lithological wireframes, domain area, and grade shell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Visual checks of estimated block grades (gold, sulphur, carbon and silver) on sections, plan and in 3D to ensure good correlation with underlying composite data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Visual validation of resource classification

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swath plots X, Y, and Z comparing gold, sulphur, carbon and silver estimates with underlying composite grades

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Detailed comparisons to previous model at global and local scales (i.e., grade tonnage and curve, contained gold by benches)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review methodology and validation of the scripts used

Examples of gold swath comparison plots for the Open Pit, Horseshoe Underground, Ledbetter Underground and Palomino Underground Resource estimates are shown in Figure 14-8 to Figure 14-11 respectively**.**

![oceanagold4.jpg](oceanagold4.jpg)

Source: OceanaGold, 2025

• Green line – Block model / Red line – DH Composite

**Figure 14-8 Swath Plot Open Pit (Domain 1) Block Model Grade (vol weighted) vs. 2.5 m Top Capped Composite (Declustered Weighting)**

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![oceanagold22a.jpg](oceanagold22a.jpg)

Source: OceanaGold, 2025

• Dark Blue line – Block model / Light Blue line – DH Composites

**Figure 14-9 Swath Plot Horseshoe UG (Domain 1) Block Model Grade (vol weighted) vs. 3 m Top Capped Composite (length Weighted)**

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![oceanagolda.jpg](oceanagolda.jpg)

Source: OceanaGold, 2025

• Red line – Block model / Green line – DH Composites

**Figure 14-10 Swath Plot Ledbetter UG (Lobe 1) Block Model Grade (vol weighted) vs. 3 m Top Capped Composite**

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![oceanagold23.jpg](oceanagold23.jpg)

Source: OceanaGold, 2023

• Green line – OK Check Estimate Block Model / Black line – OK Final Indicator Kriged Block Model

**Figure 14-11 Swath Plots Palomino UG (Easting only) Domain 1 Block Model Grade (vol. weighted) vs. 3 m Top Capped Composite (Length and Declustered Weighting)**

No material flaws were identified. All Resource estimates completed after the reviews capture key recommendations where practical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13.1Open Pit and Underground Model Reconciliation

Table 14-15 summarizes the Haile open pit Resource model reconciliations from 2018 to 2025.

OceanaGold's corporate Resource model to mill reconciliation metrics are based upon Model-to-Mine Factors established by the late Harry Parker of AMEC. The associated "90/15" performance guidance for Indicated Resources was developed by Harry Parker and Christina Dohm in the 1990s. On this basis, annually, Indicated Resources are expected to be +/- 15% accuracy at a 90% confidence, that is, nine years out of ten the annual production profile must be within 15% variance of that predicted by the model.

A summary of the Haile combined open pit Resource models performance for Measured and Indicated Resources versus mill-reconciled production from 2018 to 2025 is presented in Table 14-15. Annual performance is variable but typically positive, averaging +11% tonnes, -3% grade for +8% contained gold. Although Inferred Resources are considered too low confidence to have performance metrics applied to them, their exclusion from reconciliation does introduce a positive reconciliation bias.

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**Table 14-15: Open Pit Resource Model Reconciliation**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Open Pit Resource Model** | **Open Pit Resource Model** | **Open Pit Resource Model** | **Mine (Mill-Reconciled)** | **Mine (Mill-Reconciled)** | **Mine (Mill-Reconciled)** | **Mine / Model Factor (%)** | **Mine / Model Factor (%)** | **Mine / Model Factor (%)** |
| **Year** | **Mt** | **Au g/t** | **Moz** | **Mt** | **Au g/t** | **Moz** | **Mt** | **Au g/t** | **Moz** |
| 2025 | 1.43  | 2.02  | 0.09  | 1.63  | 1.92  | 0.10  | 114  | 95  | 108  |
| 2024 | 2.31  | 2.23  | 0.17  | 2.48  | 2.27  | 0.18  | 107  | 102  | 109  |
| 2023 | 2.73  | 1.91  | 0.17  | 2.96  | 1.64  | 0.16  | 109  | 86  | 94  |
| 2022 | 3.39  | 1.59  | 0.17  | 4.13  | 1.75  | 0.23  | 122  | 110  | 134  |
| 2021 | 3.11  | 2.19  | 0.22  | 3.29  | 2.32  | 0.25  | 106  | 106  | 112  |
| 2020 | 2.57  | 2.08  | 0.17  | 3.33  | 1.59  | 0.17  | 130  | 76  | 99  |
| 2019 | 2.87  | 1.96  | 0.18  | 3.18  | 1.78  | 0.18  | 111  | 91  | 101  |
| 2018 | 2.85  | 1.67  | 0.15  | 2.57  | 1.93  | 0.16  | 90  | 116  | 104  |
|  **Total**  | **21.3**  | **1.94**  | **1.32**  | **23.6**  | **1.88**  | **1.43**  | **111**  | **97**  | **108**  |

---

Source: OceanaGold, 2025

• Reduced mining selectivity during 2020 led to increased mining dilution.

• 3D void model built using historical cross sections, led to under-estimating gold in 2022, adjacent to historical workings.

The project to-date cumulative milled tonnage from Horseshoe is 0.98 Mt with the model to mine reconciliation at approximately -5%, +8% and +3% for tonnes, grade and ounces respectively

(see Table 14-16).

**Table 14-16: Underground Resource Model Reconciliation**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Underground Resource Model** | **Underground Resource Model** | **Underground Resource Model** | **Mine (Mill-Reconciled)** | **Mine (Mill-Reconciled)** | **Mine (Mill-Reconciled)** | **Mine / Model Factor (%)** | **Mine / Model Factor (%)** | **Mine / Model Factor (%)** |
| **Year** | **Mt** | **Au g/t** | **Moz** | **Mt** | **Au g/t** | **Moz** | **Mt** | **Au g/t** | **Moz** |
| 2025 | 0.63  | 3.50  | 0.07  | 0.62  | 3.55  | 0.07  | 98  | 101  | 99  |
| 2024 | 0.41  | 5.05  | 0.07  | 0.36  | 5.97  | 0.07  | 90  | 118  | 106  |
|  **Total**  | **1.04**  | **4.11**  | **0.14**  | **0.98**  | **4.45**  | **0.14**  | **95**  | **108**  | **103**  |

---

Source: OceanaGold, 2025

Whilst annual reconciliation fluctuations are expected to continue, both the open pit and underground Resource estimates are believed to provide an acceptable basis for medium- to long-term mine planning purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13.2Open Pit and Underground Model Reviews

All open pit and underground Resource models are independently reviewed by OceanaGold's Resource Development Group, based in Brisbane.

OceanaGold ensure that in addition, independent external reviews are completed for milestone Resource model updates. The most recent independent external reviews were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Haile Open Pit Resource Model; July 2021 by Ginto Consulting Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Horseshoe Underground Resource Model; November 2021 by SD2 Pty Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Palomino Underground Resource Model; November 2023 by ERM International Group Ltd.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ledbetter Underground Resource Model; September 2024 by ERM International Group Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ledbetter Underground Geometallurgical Model; September 2025 by ERM International Group Ltd.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13.3Open Pit and Underground Combined Mineral Resource Statement

Table 14-17 presents the combined open pit, stockpiles, and underground Resource statement for the Haile Property.

**Table 14-17: Haile Open Pit and Underground Resource Statement as of December 31, 2025**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Gold** | **Tonnes<br>(Mt)** | **Au (g/t)** | **Contained**<br>**Ozs (Moz)** | **Tonnes<br>(Mt)** | **Au**<br>**(g/t)** | **Contained**<br>**Oz (Moz)** | **Tonnes (Mt)** | **Au**<br>**(g/t)** | **Contained**<br>**Oz (Moz)** | **Tonnes<br>(Mt)** | **Au**<br>**(g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Horseshoe Underground | 1.98  | 5.11  | 0.33  | 2.76  | 5.11  | 0.45  | 4.74  | 5.11  | 0.78  | 0.5  | 2.7  | 0.0  |
| &nbsp;&nbsp;Palomino Underground | . | . | . | 4.19  | 3.38  | 0.45  | 4.19  | 3.38  | 0.45  | 0.8  | 2.5  | 0.1  |
| &nbsp;&nbsp;Ledbetter Underground | . | . | . | 4.07  | 4.12  | 0.54  | 4.07  | 4.12  | 0.54  | 1.2  | 2.9  | 0.1  |
| &nbsp;&nbsp;Open Pits | 2.58  | 1.21  | 0.10  | 16.1  | 1.64  | 0.85  | 18.7  | 1.58  | 0.95  | 0.6  | 0.9  | 0.0  |
| **Haile Total** | **4.56**  | **2.91**  | **0.43**  | **27.1**  | **2.63**  | **2.30**  | **31.7**  | **2.67**  | **2.72**  | **3.1**  | **2.4**  | **0.2**  |
| **Silver** | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Silver** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained**<br>**Ozs (Moz)** | **Tonnes (Mt)** | **Ag**<br>**(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag**<br>**(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag**<br>**(g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Horseshoe Underground | 1.98  | 1.9  | 0.1  | 2.8  | 2.1  | 0.2  | 4.7  | 2.0  | 0.3  | 0.5  | 1.0  | 0.0  |
| &nbsp;&nbsp;Palomino Underground | . | . | . | 4.2  | 2.8  | 0.4  | 4.2  | 2.8  | 0.4  | 0.8  | 2.1  | 0.1  |
| &nbsp;&nbsp;Ledbetter Underground | . | . | . | 4.1  | 12  | 1.6  | 4.1  | 12  | 1.6  | 1.2  | 7.5  | 0.3  |
| &nbsp;&nbsp;Open Pits | 2.58  | 2.2  | 0.2  | 16 .1 | 2.5  | 1.3  | 18.7  | 2.5  | 1.5  | 0.6  | 2.4  | 0.0  |
| **Haile Total** | **4.56**  | **2.0**  | **0.3**  | **27.1**  | **4.0**  | **3.5**  | **31.7**  | **3.7**  | **3.8**  | **3.1**  | **4.0**  | **0.4**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Source: OceanaGold, 2025

• Mineral Resources are reported inclusive of Mineral Reserves and are reported on an in situ basis. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

• All Mineral Resources are based on metal prices of US$(United States Dollar) 2,450/oz gold, US$4.50/lb copper and US$28.50/oz silver.

• It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

• Open Pit Mineral Resources reported within the Mineral Reserve design pit.

• Open Pit primary cut-off grade (CoG) is 0.50 g/t Au, while oxide CoG is 0.60 g/t Au.

• Underground Mineral Resources are reported within volumes guided by conceptual stope designs which are based upon economic assumptions above and exclude dilution.

• Horseshoe, Ledbetter, and Palomino Underground Mineral Resources at 1.70 g/t Au cut-off.

• All figures are rounded to reflect the relative accuracy and confidence of the estimates and totals may not add correctly.

• The Mineral Resources for the open pits and Horseshoe Underground were estimated under the supervision of Jonathan Moore, MAusIMM CP(Geo) of OceanaGold, a Qualified Person. The Mineral Resources for Palomino Underground and Ledbetter Underground were estimated under the supervision of Douglas Corley, MAIG RPGeo, a QP.

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14.14Relevant Factors

OceanaGold knows of no existing environmental, permitting, legal, socio-economic, marketing, political, or other factors that might materially affect the Mineral Resource estimate.

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15 Mineral Reserve Estimates

Separate Mineral Reserve estimates were generated for the open pit and underground mines. A combined Mineral Reserve statement is provided in Section 15.3. The open pit and underground mining areas are located entirely on land owned by HGM. There are no royalties.

The open pit and underground work were completed using the site coordinate system. This is based on UTM NAD83 zone 17N with a plus 1,000 m adjustment to elevation.

15.1Open Pit Mineral Reserve Estimate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1Introduction

Open pit LoM plans and resulting open pit Mineral Reserves are determined based on a gold price of US$2,200/oz Au and silver price of US$25/Oz Ag. Reserves stated in this report are dated effective as of December 31, 2025.

The ore material is converted from Mineral Resource to Mineral Reserve based primarily on positive cash flow, pit optimization results, pit design, and geological classification of Measured and Indicated resources. The in situ value is derived from the estimated grade and certain modifying factors.

The open pit reserve consists of several pit areas. Mineralized material is hauled from the pits to an existing crusher / processing facility or stockpiles for later rehandling. Overburden is categorized, and truck hauled to the appropriate OSA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2Conversion Assumptions, Parameters and Methods

Dilution and ore recovery have been applied to the Resource block model to account for a portion of mineralized material that is expected to be mined by face shovel excavators. The Resource block model was then used for open pit optimization without further modification, as the block size in the model matched the SMU size of 10 m x 10 m x 5 m. This block size is currently considered appropriate for the backhoe excavator loading units operating at Haile, and the impact of applying further dilution due to the use of the shovel for the upper benches has limited further impact, with an effective global adjustment of less than 2% to dilution and mining recovery. The main impact of the dilution and mining recovery is in scheduling and is discussed further in Section 16.1.6.

The open pit Mineral Reserves are reported within a pit design based on open pit optimization results (Lerchs-Grossmann algorithm). The optimization included Measured, Indicated and Inferred Mineral Resource categories with a gold price of US$2,200/oz Au and silver price of US$25/oz Ag. Subsequent to pit optimization, inferred material (approximately 10% by volume) within the reserve pit was treated as waste and given a zero-gold grade. Whittle<sup>TM</sup> optimization parameters were derived by OceanaGold and are shown in Table 15-1. The overall pit slopes (inter-ramp angle slopes) used for the design are based on operational level geotechnical studies and range from 30° to 45°. This includes a 5° allowance for ramps and geotechnical catch benches.

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**Table 15-1: Pit Optimization Parameters**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| **Mining** | **Mining** | **Mining** |
| Base Mining Cost | US$/t mined | 3.83 |
| Drill and Blast<sup>(1)</sup> | US$/t mined | 1.16 |
| Sustaining CapEx | US$/t mined | 0.32 |
| Incremental Mining Cost | US$/t mined / 5 m bench | 0.02 |
| Pit Exit | m RL | 1140 |
| PAG Rehabilitation Cost | US$/t mined PAG waste | 0.65 |
| **Processing/Ore Costs** | **Processing/Ore Costs** | **Processing/Ore Costs** |
| Ore Mining Premium | US$/t ore | 0.37 |
| Processing Cost | US$/t ore | 21.41 |
| G&A Cost | US$/t ore | 10.73 |
| Ore Rehandle Cost | US$/t ore | 2.50 |
| TSF Expansion | US$/t ore | 1.84 |
| Gold Recovery - Primary <sup>(2)</sup> | % | (1-(0.2152\*Au grade^-0.3696)) |
| Gold Recovery – Oxide | % | 67% |
| Silver Recovery | % | 70% |
| **Economic Inputs** | **Economic Inputs** | **Economic Inputs** |
| Gold Price | US$/oz Au | 2200 |
| Silver Price | US$/oz Ag | 25 |
| Gold Refining & Selling Cost | US$/oz Au | 3 |
| Calculated Au Cut-off Grade | US$/t | 0.6 |
| Royalties | % | 0 |

---

Source: OceanaGold, 2025

<sup>(1)</sup> Drill and Blast costs applied by rock-type as required

<sup>(2)</sup> Recovery equation has further 2.5% uplift added to recovery of material > 1.7 g/t Au

A 3D mine design, based on the selected Whittle<sup>TM</sup> pit, was completed using Vulcan<sup>TM</sup> software and is the basis for the open pit Reserves. Some material that was identified in the open pit optimization as potentially economically viable by open pit mining (Ledbetter Phase 4) has been redesignated as Underground Mineral Reserve (Ledbetter Underground) resulting from an economic trade off study.

Details for the trade-off study, mine design, and subsequent scheduling are detailed in Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3Reserve Estimate

Mineral Reserves were classified using the 2014 CIM Definition standards. Measured Mineral Resources were converted to Proven Mineral Reserves, and Indicated Mineral Resources were converted to Probable Mineral Reserves by applying the appropriate modifying factors, as described herein, to mining pit shapes created during the mine design process.

The open pit mine design process results in open pit mining reserves of 18.6 Mt with an average gold grade of 1.57 g/t and silver grade of 2.2 g/t. The Mineral Reserve statement, as of December 31, 2025, for the Haile Open Pit is presented in Table 15-2.

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**Table 15-2: Haile Open Pit Mineral Reserves Estimate as of December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Gold** | **Tonnes (Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Open Pits | 2.47  | 1.23  | 0.10  | 16.1  | 1.62  | 0.84  | 18.6  | 1.57  | 0.94  |
| **Haile OP Total** | **2.47**  | **1.23**  | **0.10**  | **16.1**  | **1.62**  | **0.84**  | **18.6**  | **1.57**  | **0.94**  |
| **Silver** | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Silver** | **Tonnes (Mt)** | **Ag<br>(g/t)** | **Contained Oz (Moz)** | **Tonnes (Mt)** | **Ag<br>(g/t)** | **Contained Oz (Moz)** | **Tonnes (Mt)** | **Ag<br>(g/t)** | **Contained Oz (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Open Pits | 2.47  | 2.1  | 0.2  | 16.1  | 2.3  | 1.2  | 18.6  | 2.2  | 1.3  |
| **Haile OP Total** | **2.47**  | **2.1**  | **0.2**  | **16.1**  | **2.3**  | **1.2**  | **18.6**  | **2.2**  | **1.3**  |

---

Source: OceanaGold, 2025

<sup>(1)</sup> Includes 0.8 Mt of stockpile material grading 1.0 g/t Au and 1.0 g/t Ag

• Reserves are based on a US$2,200/oz Au gold price and US$25/oz Ag silver price.

• Open pit reserves are stated using a 0.5 g/t Au cut-off for primary and 0.6 g/t Au cut-off for oxide material.

• Open pit reserves include variable dilution and mining recovery that has been applied in the mine schedule to the upper benches of each pit stage to account for assumed mining by face shovel excavator in these areas.

• Metallurgical recoveries for gold are based on a recovery curve for primary material of (1-(0.2152\*Au grade^-0.3696)). with +2.5% uplift applied to material > 1.7 g/t Au. Recovery for oxide material is applied at 67%.

• Metallurgical recovery for silver is applied at 70%.

• Reserves are converted from resources through the process of pit optimization, pit design, production schedule and supported by a positive cash flow model.

• All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.

• The open pit Mineral Reserves were estimated under the supervision of Gregory Hollett of OceanaGold, a Qualified Person.

**<u>Relevant Factors</u>**

Technical risks to the Mineral Reserve have been reviewed and there are two relevant risk areas that have been identified.

A geotechnical risk associated with the south wall of Ledbetter Phase 3 is currently under evaluation and management due to a localized area of instability. Management plans are in the process of being developed for remediation of this area, which will potentially impact the short-term mine schedule and costs. However, this will have relatively minor impact on the long-term mine plan. Therefore, this is not considered to be a material risk to the Mineral Reserve.

The depleted Mill Zone open pit is currently being used for excess water storage. This has the potential to limit access to the Haile Phase 2 open pit, due to the planned mining of the saddle between Haile Phase 1 and Mill Zone. Management plans are in place to remove the water in Mill Zone prior to the planned schedule for mining Haile Phase 2 and is therefore not considered to be a material risk to the Mineral Reserve.

OceanaGold knows of no existing environmental, permitting, legal, socio-economic, marketing, political, or other factors that might materially affect the open pit Mineral Reserve estimate.

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15.2Underground Mineral Reserve Estimate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.1Introduction

Underground LoM plans and resulting underground Mineral Reserves are determined based on a gold price of US$2,200/oz Au and silver price of US$25/oz Ag. Reserves stated in this report are dated effective as of December 31, 2025.

The ore material is converted from Mineral Resource to Mineral Reserve based primarily on positive cash flow, stope shape optimization results, and geological classification of Measured and Indicated resources. The in situ value is derived from the estimated grade and certain modifying factors.

Mineral Resources extend below and outside of the existing open pit mine. A portion of these Mineral Resources will not be mined by the ultimate pit shell that is described in this report and therefore have been evaluated for potential underground mining. The Mineral Resource areas evaluated for underground mining are referred to as "Horseshoe", "Ledbetter", and "Palomino". Horseshoe is located to the northeast of the Snake Pit, Ledbetter is to the northwest of Ledbetter Pit and Palomino is to the southwest of Snake Pit, as shown in Figure 15-1.

![oceanagold26a.jpg](oceanagold26a.jpg)

Source: OceanaGold, 2025

**Figure 15-1: General Site Layout and Location of the UG Reserve Area (in blue)**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.2Conversion Assumptions, Parameters and Methods

Measured and Indicated Mineral Resources were converted to Proven and Probable Mineral Reserves by applying the appropriate modifying factors, as described herein, to potential mining block shapes created during the mine design process.

Based on the orientation, depth, and geotechnical characteristics of mineralization, a transverse sublevel open stoping method (long hole) with ramp access is used. The stopes will be 15 m and 20 m wide at HUG, 10 m and 15 m wide at LUG and 15 m wide at PUG. The stope strike length will vary based on mineralization grade and geotechnical considerations. A spacing of 25 m between levels is used. CRF and URF will be used to backfill the stopes. The CRF will have sufficient strength to allow for mining adjacent to backfilled stopes.

A detailed design was completed including re-mucks, passing bays, etc. All Mineral Reserve tonnages are expressed as "dry" tonnes (i.e., no moisture) and are based on the density values stored in the block model. Inferred Mineral Resources are not included in the mine plan. Any inferred material in mining shapes has been assigned zero grade for both Au and Ag and is treated as dilution. Mining dilution and recovery have been applied to the reserves using the methodologies described in the following sections.

**<u>Dilution</u>**

The mining dilution estimate is based on the equivalent linear overbreak / slough) (ELOS) methodology (Clark and Pakalnis, 1997). ELOS is an empirical design method that is used to estimate the amount of overbreak / slough that will occur in an underground opening based on rock quality and the hydraulic radius of the opening.

Dilution estimates were applied differently for primary and secondary stopes as follows.

For a typical primary stope, the sources of dilution are in the floor (CRF backfill) and in the front endwall of the stope (CRF backfill). Dilution from the sidewalls and the back endwall is not included, as this material is typically ore and is already accounted for within the volumes of adjacent secondary stopes. For a typical secondary stope, the sources of dilution are in the floor (CRF backfill), in the front endwall of the stope (CRF backfill), and in the sidewalls of the stope (CRF backfill). ELOS assumptions are shown in Table 15-3.

**Table 15-3: Dilution ELOS Assumptions** 

---

| | |
|:---|:---|
| **Type** | **ELOS Value <br>(m)** |
| Sidewalls (rock) | 0.50 |
| Sidewalls (backfill) | 0.25 |
| Endwalls (rock and backfill) | 0.15 |
| Bottom (backfill) | 0.05 |

---

Source: OceanaGold, 2025

The rock sidewall / endwall dilution material will contain low grade mineralization. However, a conservative approach was adopted by applying zero grade to all rock dilution. Zero grade for both Au and Ag was applied to CRF backfill dilution. The ELOS and additional dilution factor for the sill

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stopes results in the dilution factors shown in Table 15-4. These factors were conservatively applied uniformly across each stope type.

**Table 15-4: Mine Design Dilution Factors**

---

| | |
|:---|:---|
| **Stope Type** | **Dilution Applied (at Zero Grade)**<br>**(%)** |
| Primary Stopes | 10 |
| Secondary Stopes | 10 |

---

Source: OceanaGold, 2025

For all horizontal development, dilution of 15% was applied at zero grade both Au and Ag.

**<u>Recovery</u>**

A stope recovery factor of 94% was used. The following items were used to calculate this factor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material loss into backfill (floor) of 0.25 m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material loss to side and endwalls (under blast) of 0.15 m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material loss from leaving wing-shaped pillars in stope crowns (for stope stability and to enable tight-filling of stopes)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material loss to mucking along the sides and in blind corners of the stopes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional loss factor due to rockfalls, misdirected loads, and other geotechnical reasons

A development recovery factor of 100% was used for all horizontal development. Recoveries of the temporary sill levels have been reduced by 25%, to reflect room and pillar mining of the sill pillars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.3Reserve Estimate

Mineral Reserves were classified using the 2014 CIM Definition standards. Measured Mineral Resources were converted to Proven Mineral Reserves, and Indicated Mineral Resources were converted to Probable Mineral Reserves by applying the appropriate modifying factors, as described herein, to potential mining shapes created during the mine design process.

The overall underground mining reserves of 11.8 Mt (diluted) with an average grade of 3.57 g/t Au are presented in the Table 15-5.

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**Table 15-5: Haile Underground Reserves Estimate as of December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Gold** | **Tonnes (Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au <br>(g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Horseshoe Underground | 1.52  | 4.39  | 0.21  | 2.63  | 4.24  | 0.36  | 4.14  | 4.29  | 0.57  |
| &nbsp;&nbsp;Palomino Underground | -  | -  | -  | 3.62  | 2.96  | 0.34  | 3.62  | 2.96  | 0.34  |
| &nbsp;&nbsp;Ledbetter Underground | -  | -  | -  | 4.00  | 3.39  | 0.44  | 4.00  | 3.39  | 0.44  |
| **Haile UG Total** | **1.52**  | **4.39**  | **0.21**  | **10.2**  | **3.45**  | **1.14**  | **11.8**  | **3.57**  | **1.35**  |
| **Silver** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Silver** | **Tonnes (Mt)** | **Ag<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag<br>(g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Horseshoe Underground | 1.52  | 1.5  | 0.1  | 2.6  | 1.8  | 0.2  | 4.1  | 1.7  | 0.2  |
| &nbsp;&nbsp;Palomino Underground | -  | -  | -  | 3.6  | 2.7  | 0.3  | 3.6  | 2.7  | 0.3  |
| &nbsp;&nbsp;Ledbetter Underground | -  | -  | -  | 4.0  | 11  | 1.3  | 4.0  | 11  | 1.3  |
| **Haile UG Total** | **1.52**  | **1.5**  | **0.1**  | **10.2**  | **5.5**  | **1.8**  | **11.8**  | **5.0**  | **1.9**  |

---

Source: OceanaGold, 2025

• Reserves are based on a gold price of US$2,200/oz.

• Metallurgical recoveries for gold for Horseshoe and Palomino are based on a recovery curve for primary material of (1-(0.2152\*Au grade^-0.3696)). with +2.5% uplift applied to material > 1.7 g/t Au. Metallurgical recoveries for Ledbetter Underground are based on a geometallurgical model that correlates recovery with gold mineralogical association.

• The reserve estimate is based on a mine design using an elevated cut-off grade of 1.86 Au g/t, with adjacent lower grade stopes included in the design. Incremental material is included in the reserves based on an incremental stope cut-off grade of 1.74 g/t Au and an incremental development cut-off grade of 0.59 g/t Au.

• Mining recovery ranges from 94% to 100% depending on activity type. Sill levels use a 75% recovery. Mining dilution is applied using zero grade. The dilution ranges from 2% to 10% depending on activity type.

• All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.

• Mineral Reserves have been stated on the basis of a mine design, mine plan, and cash-flow model.

• The Mineral Reserves were estimated by Brianna Drury of OceanaGold, a Qualified Person.

**<u>Relevant Factors</u>**

OceanaGold knows of no existing environmental, permitting, legal, socio-economic, marketing, political, or other factors that might materially affect the open pit Mineral Reserve estimate.

15.3Open Pit and Underground Combined Reserves Statement

Table 15-6 presents the combined open pit and underground Mineral Reserves statement for Haile.

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**Table 15-6: Combined Reserve Statement for OceanaGold's Haile Gold Mine as of December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Gold** | **Tonnes <br>(Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au<br>(g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Underground | 1.52  | 4.39  | 0.21  | 10.2  | 3.45  | 1.14  | 11.8  | 3.57  | 1.35  |
| &nbsp;&nbsp;Open Pits | 2.47  | 1.23  | 0.1  | 16.1  | 1.62  | 0.84  | 18.6  | 1.57  | 0.94  |
| **Haile Total** | **3.99**  | **2.43**  | **0.31**  | **26.3**  | **2.33**  | **1.98**  | **30.3**  | **2.35**  | **2.29**  |
| **Silver** | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Proven** <sup>(1)</sup> | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Silver** | **Tonnes <br>(Mt)** | **Ag<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag<br>(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag<br>(g/t)** | **Contained Ozs (Moz)** |
| **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** | **Haile** |
| &nbsp;&nbsp;Underground | 1.52  | 1.5  | 0.1  | 10.2  | 5.5  | 1.8  | 11.8  | 5.0  | 1.9  |
| &nbsp;&nbsp;Open Pits | 2.47  | 2.1  | 0.2  | 16.1  | 2.3  | 1.2  | 18.6  | 2.2  | 1.3  |
| **Haile Total** | **3.99**  | **1.9**  | **0.2**  | **26.3**  | **3.5**  | **3.0**  | **30.3**  | **3.3**  | **3.2**  |

---

Source: OceanaGold

<sup>(1)</sup> Includes 0.8 Mt of stockpile material grading 1.0 g/t Au and 1.0 g/t Ag

• Mineral Reserves are based on a gold price of US$2,200/oz Au and silver price of US$25/oz Ag.

• Metallurgical recoveries are based on a recovery curve for primary material of (1-(0.2152\*Au grade^-0.3696)) with +0.025 uplift applied to material > 1.7 g/t Au. Recovery for oxide material is applied at 67%.

• Metallurgical recoveries for Ledbetter Underground are based on a geometallurgical model that correlates recovery with gold mineralogical association.

• Overall metallurgical recovery for gold equates to 82.7%

• Metallurgical recovery for silver is applied at 70%.

• Open pit reserves are stated using a 0.5 g/t Au cut-off for primary and 0.6 g/t Au cut-off for oxide material. Open pit reserves include variable dilution and mining recovery that has been applied in the mine schedule to the upper benches of each pit stage to account for assumed mining by face shovel excavator in these areas.

• Underground reserves are based on a mine design using an elevated cut-off grade of 1.86 Au g/t, with adjacent lower grade stopes included in the design. Incremental material is included in the reserves based on an incremental stope cut-off grade of 1.74 g/t Au and an incremental development cut-off grade of 0.59 g/t Au. Mining recovery ranges from 94% to 100% depending on activity type. Sill levels use a 75% recovery. Mining dilution is applied using zero grade. The dilution ranges from 2% to 10% depending on activity type.

• All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.

• Mineral Reserves have been stated on the basis of a mine design, mine plan, and supported by a positive cash-flow model.

• The open pit Mineral Reserves were estimated under the supervision of Gregory Hollett of OceanaGold, a Qualified Person. The underground Mineral Reserves were estimated by Brianna Drury of OceanaGold, a Qualified Person.

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16 Mining Methods

Both open pit and underground mining methods will be used at Haile. As such, the following sections describe the open-pit and underground mining methods separately. A combined open pit and underground production schedule is provided in Section 16.3.

16.1Open Pit Mining Methods

HGM staff completed the mine planning for the Haile open pit operations. The mine plans are valid from December 31, 2025, and are based on a projected end of year 2025 topographical surface dated December 5, 2025. The mine plan is intended to provide a practical approach to extracting the potential reserves from open pit operations and integrating both the Horseshoe, Palomino, and Ledbetter underground mines into the Haile life-of-mine plan.

The primary pit names referenced in the sections to follow are based on historical naming conventions when many of the smaller gold pits did not merge into the large Haile open pit described in this report. As such, phases have been named to replicate the historical pit areas. Figure 16-1 illustrates the pit area names of the remaining pit phases.

![oceanagold17.jpg](oceanagold17.jpg)

Source: OceanaGold, 2025

**Figure 16-1: Haile Open Pit Naming Convention**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1Current or Proposed Mining Methods

Haile is currently being mined using conventional truck-and-shovel open pit methods, which is planned to continue until the end of the open pit mine life.

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The material encountered at Haile is a combination of soft (CPS and Sap) and hard (MV and MS) rock units. CPS is loosely consolidated sand which can be mined without the need for drilling and blasting. CPS is unmineralized and classified as non-acid generation and does not require drilling for the purposes of ore control and overburden classification. Sap is drilled and sampled for overburden classification to meet the requirements in Haile's Overburden Management Plan (OMP) and only blasted when necessary.

Drilling and blasting are required in all hard rock. Drilling and blasting are performed on 10 m benches using multiple bit sizes (127 mm and 171 mm) depending on material type, hardness, and application. Blasthole depth is 10 m plus subdrill ranging from 0.8 m to 1.2 m.

The number of samples taken per blasthole is material-type dependent. Blastholes in waste are typically sampled once on a 10 m interval for Non-PAG / PAG definition. Blastholes in ore are typically sampled three times at 3.3 m sample intervals.

Flitch height is variable. Waste is typically mined on a 10 m flitch and ore is typically mined on a <br>3.3 m flitch. Ore is usually mined with hydraulic excavators, while the majority of waste is mined with hydraulic face shovels. Front-end loaders may be used in either application in back-up capacity. The haul truck fleet is primarily 175 tonne payload units with smaller 140 tonne payload units used for ancillary duties, rehandle, and backup production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2Geotechnical

The Interramp Slope Angle (ISA) recommendations presented in Table 16-1 through Table 16-5 are based on a slope stability study performed by Call & Nicholas, Inc. (2022) for Haile Gold Mine. The design acceptance criteria (DAC) for the ISA recommendations are a minimum Factor of Safety (FoS) of 1.20 for overall slopes, an 80% catch bench width reliability for 10 m high single benches, or a 90% catch bench width reliability for 20 m high double benches. Catch bench scale structural evaluations were performed using CNI's probabilistic bench-scale analytical method (Backbreak), while the FoS for overall slopes were based on two-dimensional (2D) limit equilibrium analyses. The ISA recommendations are the highest achievable angles that meet all DAC's.

Data used for the 2022 study included the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2021 LoM Pit design (LTP21A_13_CP_01_V03_TOPO.00t)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3D geology block model based on drilling and pit mapping (developed by HGM)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3D geotechnical rock type (GTRCK) block model developed by CNI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RQD Data from 967 drillholes (330,000 m)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3D RQD block model developed by CNI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Structure data from 52 cells mapped within the Mill Zone pit between the 1070 and 1125 mine levels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Structure data from 11 televiewer drillholes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Structure data from eight oriented core holes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A total of 20 small scale direct shear test performed on four different rock types

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 91 disc tension test performed on three different rock types

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20 uniaxial compression tests performed on three different rock types

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 44 triaxial compression tests performed on three different rock types

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Slope Angle Evaluation for the Haile Gold Mine (CNI 2018)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2021 Mill Zone Design Review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2017 pit slope study performed by BGC Engineering Inc. (BGC)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An interpreted 3D phreatic surface for the project area (weathered Water Levels_EOM_Feb2018_linear.dxf)

The GTRCK block model consists of twelve geomechanical groups, based on geology, RQD, and material properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coastal Plain Sands

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sericite

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Saprolite

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metasediments:

oRQD ≤ 30%

o30% < RQD ≤ 60%

o60% < RQD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metavolcanics:

oRQD ≤ 30%

o30% < RQD ≤ 60%

o60% < RQD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diabase dikes:

oRQD ≤ 30%

o30% < RQD ≤ 60%

o60% < RQD

Material properties used in this analysis were derived from a combination of laboratory testing, statistical regression, and RQD data, or were previously reported during earlier studies. Without additional laboratory testing available for the CPS and saprolite units, CNI used strength properties reported in the Haile Gold Mine Optimization Study – Open Pit Slope Designs report by BGC Engineering Inc. from July 2017. The material properties for the sericite unit (actually, a low plasticity silt), were derived from small scale direct shear test.

Linear rock mass (RM) properties were calculated for the metasediment, metavolcanic, and diabase rock types based on three RQD ranges: RQD ≤ 30%, 30% < RQD ≤ 60%, and 60% < RQD. The RQD ≤30% unit roughly correlates to the "Weathered" category from earlier studies, while the 30%

The shear strength of a rock mass is weakest along discontinuities. The orientation of discontinuities therefore defines the critical direction of any shear strength anisotropy. At Haile, this direction is parallel to foliation within the MS and MV and to a lesser extent, parallel to cross joint orientations. Anisotropic rock mass strengths were used for both the MS and MV rock types in the slope stability analysis. The rock mass properties are presented in Table 16-6.

The main geologic structures identified in the Project area are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regional northwest-dipping foliation, best developed in the metasedimentary rocks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Southeast (cross joints) and southwest-dipping joints

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sub-vertical or steeply dipping joints parallel to the north-northwest-striking diabase dikes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regional faults dipping northwest

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

For the probabilistic backbreak analysis, the property was separated into four geologic domains based on rock strength and structural orientation data. Due to spatial variations in the structure data, the Mill Zone Pit was separated from the other pits. These two spatial domains were each divided into two additional domains based on rock type. Within each of the four geologic domains, twelve design sectors were defined based on wall orientations and locations of ramps. All design sectors in each domain were evaluated for both single and double catch bench performance to identify the optimal bench design parameters that meet the reliability criteria. The backbreak analysis is based on the use of controlled blasting. If controlled blasting is not possible, the ISA design parameters will need to be adjusted.

Two-dimensional limit-equilibrium analyses were performed on 11 critical sections by CNI, three in the Mill Zone pit, five in the Ledbetter pit, two in the Snake pit, and one in the Haile pit. Rocscience's Slide<sup>©</sup> limit equilibrium software (LEQ) was utilized to calculate the lowest overall slip surface FoS for each analysis section.

FEFLOW (v. 7.4) was used to simulate pore pressure distributions for input into the eight limit-equilibrium cross sections analyzed in the Haile, Snake, and Ledbetter pits. To constrain the pore pressure distributions, the 2018 phreatic surface provided by Haile was used to establish boundary conditions for the FEFLOW analyses. For the Mill Zone pit, depressurization of the pit slopes was conservatively estimated by constructing a phreatic surface 10 m horizontally behind the pit slope face from the pit bottom up to the elevation of the regional phreatic surface. In some areas where the regional water level is high and significant slope heights of saprolite and CPS exist, additional depressurization is needed. The ISA recommendations require depressurizing the Sap and CPS portions of the pits to 25 m horizontally behind the pit slope for all areas where the Sap slope height is 50 m or less. Depressurization requirements increase to 40 m behind the pit slopes for Sap slope heights greater than 50 m and less than 110 m. If any future design options expose saprolite slope heights in excess of 110 m, additional depressurization will be required. Assuming all depressurization is achieved, all sections analyzed meet or exceed the minimum design criteria of FoS ≥1.2.

CNI recommends the following future work as HGM continues to optimize their mine plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Update overall stability analysis if future mine plans are significantly modified to verify changes in slope geometry, geology, and wall orientations still meet design criteria

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional cell mapping to expand the rock fabric database – this data is required to optimize the bench designs and determine if areas that do not achieve the design reliabilities are caused by structural conditions or by non-optimal blasting and excavation practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued geologic mapping is required to identify major fault structures that could impact the Haile Gold Mine design. A geologic model of the major fault structures should be continually updated for the Project area. Modifications to the design may be required if adverse fault structures are identified. Continue auditing constructed benches to determine if the design is being achieved satisfactorily – Lidar scans or aerial drone surveys of the excavated benches can be used to provide the data needed to perform the audit.

Slope parameter recommendations for the open pits are shown in Table 16-1 through Table 16-5.

Released: March 27, 2026 Page 161 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 16-1: ISA Recommendations for Near Surface Materials**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Material Type** | **ISA (°)** | **Height (m)** | **BFA (°)** | **CBW (m)** | **Maximum Slope Height (m)** | **Comment** |
| CPS and "Sericite" | 30  | 5  | 50  | 4.5  | 15  |  |
| Saprolite - 1 | 35  | 5  | 63  | 4.6  | 50  | Requires depressurization a minimum of 25 m behind face |
| Saprolite - 2 | 32  | 5  | 63  | 5.5  | 110  | Requires depressurization a minimum of 40 m behind face |

---

Source: Call & Nicholas Inc., 2022

**Table 16-2: Mill Zone ISA Recommendations for Metasediments and Diabase Dikes**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Range of Wall DDR**<br>**(°)** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** |
| **Range of Wall DDR**<br>**(°)** | **ISA**<br>**(°)** | **Height**<br>**(m)** | **BFA**<br>**(°)** | **CBW**<br>**(m)** | **ISA**<br>**(°)** | **Height**<br>**(m)** | **BFA**<br>**(°)** | **CBW**<br>**(m)** |
| 355 - 025 | 42 | 10 | 78 | 9 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |
| 025 - 055 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 055 - 085 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 085 - 115 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 115 - 145 | 46 | 10 | 78 | 7.5 | 48 | 20 | 78 | 13.8 |
| 145 - 175 | 45 | 10 | 78 | 7.9 | 48 | 20 | 78 | 13.8 |
| 175 - 205 | 46 | 10 | 78 | 7.5 | 50 | 20 | 78 | 12.5 |
| 205 - 235 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 235 - 265 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 265 - 295 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 295 - 325 | 40 | 10 | 78 | 9.8 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |
| 325 - 355 | 37 | 10 | 78 | 11.1 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |

---

Source: Call & Nicholas Inc., 2021

Released: March 27, 2026 Page 162 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 16-3: Mill Zone ISA Recommendations for Metavolcanics**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Range of Wall DDR**<br>**(°)** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** |
| **Range of Wall DDR**<br>**(°)** | **ISA**<br>**(°)** | **Height**<br>**(m)** | **BFA**<br>**(°)** | **CBW**<br>**(m)** | **ISA**<br>**(°)** | **Height**<br>**(m)** | **BFA**<br>**(°)** | **CBW**<br>**(m)** |
| 355 - 025 | 43 | 10 | 78 | 8.6 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |
| 025 - 055 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 055 - 085 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 085 - 115 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 115 - 145 | 47 | 10 | 78 | 7.2 | 48 | 20 | 78 | 13.8 |
| 145 - 175 | 46 | 10 | 78 | 7.5 | 48 | 20 | 78 | 13.8 |
| 175 - 205 | 46 | 10 | 78 | 7.5 | 50 | 20 | 78 | 12.5 |
| 205 - 235 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 235 - 265 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 265 - 295 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 295 - 325 | 40 | 10 | 78 | 9.8 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |
| 325 - 355 | 38 | 10 | 78 | 10.7 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |

---

Source: Call & Nicholas Inc., 2021

**Table 16-4: ISA Recommendations for Metasediments and Diabase Dikes – Snake, Haile, and Ledbetter Pits**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Range of Wall DDR**<br>**(°)** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** | **Metasediments / Diabase Dikes - Bench Design** |
| **Range of Wall DDR**<br>**(°)** | **ISA**<br>**(°)** | **Height**<br>**(m)** | **BFA**<br>**(°)** | **CBW**<br>**(m)** | **ISA**<br>**(°)** | **Height**<br>**(m)** | **BFA**<br>**(°)** | **CBW**<br>**(m)** |
| 345 - 015 | 42 | 10 | 78 | 9.0 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |
| 015 - 045 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 045 - 075 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 075 - 105 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 105 - 135 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 135 - 165 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 165 - 195 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 195 - 225 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 225 - 255 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 255 - 285 | 44 | 10 | 78 | 8.2 | 50 | 20 | 78 | 12.5 |
| 285 - 315 | 43 | 10 | 78 | 8.6 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |
| 315 - 345 | 37 | 10 | 78 | 11.1 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |

---

Source: Call & Nicholas Inc., 2022

Released: March 27, 2026 Page 163 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 16-5: ISA Recommendations for Metavolcanics – Snake, Haile, and Ledbetter Pits**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Range of Wall DDR**<br>**(°)** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** | **Metavolcanics - Bench Design** |
| **Range of Wall DDR**<br>**(°)** | **ISA**<br>**(°)** | **Height**<br>**(m)** | **BFA**<br>**(°)** | **CBW**<br>**(m)** | **ISA**<br>**(°)** | **Height**<br>**(m)** | **BFA**<br>**(°)** | **CBW**<br>**(m)** |
| 345 - 015 | 42 | 10 | 78 | 9.0 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |
| 015 - 045 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 045 - 075 | 49 | 10 | 78 | 6.6 | 50 | 20 | 78 | 12.5 |
| 075 - 105 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 105 - 135 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 135 - 165 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 165 - 195 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 195 - 225 | 48 | 10 | 78 | 6.9 | 50 | 20 | 78 | 12.5 |
| 225 - 255 | 47 | 10 | 78 | 7.2 | 50 | 20 | 78 | 12.5 |
| 255 - 285 | 45 | 10 | 78 | 7.9 | 50 | 20 | 78 | 12.5 |
| 285 - 315 | 44 | 10 | 78 | 8.2 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |
| 315 - 345 | 37 | 10 | 78 | 11.1 | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended | 20 m Bench Heights not Recommended |

---

Source: Call & Nicholas Inc., 2022

**Table 16-6: Summary of Rock Mass Properties**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rock Type** | **Strength Type** | **Density**<br>**(kN/m**<sup>3</sup>**)** | **Cohesion**<br>**(kPa)** | **Phi**<br>**(°)** |
| Meta Sediments | 10% RQD | 28.0 | 397.6 | 25.2 |
| Meta Sediments | 40% RQD | 28.0 | 859.7 | 27.5 |
| Meta Sediments | 70% RQD | 28.0 | 1867.9 | 30.9 |
| Meta Sediments | Foliation Anisotropy | 28.0 | 251.2 | 21.5 |
| Meta Sediments | Cross Joint Anisotropy | 28.0 | 489.5 | 22.0 |
| Meta Volcanics | 10% RQD | 25.8 | 465.4 | 28.6 |
| Meta Volcanics | 40% RQD | 25.8 | 1008.3 | 30.7 |
| Meta Volcanics | 70% RQD | 25.8 | 2192.7 | 33.7 |
| Meta Volcanics | Foliation Anisotropy | 25.8 | 291.7 | 25.4 |
| Meta Volcanics | Cross Joint Anisotropy | 25.8 | 571.6 | 25.8 |
| Diabase Dike | 10% RQD | 25.9 | 424.7 | 28.3 |
| Diabase Dike | 40% RQD | 25.9 | 913.6 | 31.3 |
| Diabase Dike | 70% RQD | 25.9 | 1980.9 | 35.8 |
| CPS | Rock-mass | 19.0 | 2.0 | 30 |
| Saprolite | Rock-mass | 22.0 | 20.0 | 32 |

---

Source: Call & Nicholas Inc., 2022

Released: March 27, 2026 Page 164 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.3Optimization

The geological model has a block size of 10 m x 10 m x 5 m. This block size is considered an appropriate selective mining unit for the backhoe excavator loading units and mining practices currently used for the majority of open pit ore mining at Haile. As part of the mining sequence, some ore is expected to be mined using face shovel loading units near the top of the orebody, during the transition from bulk waste mining to selective mining. Dilution and recovery factors have been applied to the upper zones of mineralization in the resource model prior to optimization in recognition of the different mining method applied. The factors and application method for dilution and recovery are detailed in Section 16.1.7.

The optimization used Measured, Indicated, and Inferred Mineral Resource categories with a gold price of US$2,200/oz Au and silver price of US$25/oz Ag. The optimization results using Inferred material are very similar (within 4%) and therefore considered immaterial. Starting topography for optimization work was a forecast end of period surface for December 31, 2025, produced in December 2025. There are no material differences between the forecast and actual December 31, 2025, surfaces.

Optimization work was completed in GEOVIA Whittle<sup>TM</sup> software, with input parameters summarized in Table 16-7.

Released: March 27, 2026 Page 165 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

**Table 16-7: Pit Optimization Parameters**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| **Mining** | **Mining** | **Mining** |
| Base Mining Cost | US$/t mined | 3.83 |
| Drill and Blast<sup>(1)</sup> | US$/t mined | 1.16 |
| Sustaining CapEx | US$/t mined | 0.32 |
| Incremental Mining Cost | US$/t mined / 5 m bench | 0.02 |
| Pit Exit | m RL | 1140 |
| PAG Rehabilitation Cost | US$/t mined PAG waste | 0.65 |
| **Processing/Ore Costs** | **Processing/Ore Costs** | **Processing/Ore Costs** |
| Ore Mining Premium | US$/t ore | 0.37 |
| Processing Cost | US$/t ore | 21.41 |
| G&A Cost | US$/t ore | 10.73 |
| Ore Rehandle Cost | US$/t ore | 2.5 |
| TSF Expansion | US$/t ore | 1.88 |
| Gold Recovery - Primary <sup>(2)</sup> | % | (1-(0.2152\*Au grade^-0.3696)) |
| Gold Recovery – Oxide | % | 67% |
| Silver Recovery | % | 70% |
| **Economic Inputs** | **Economic Inputs** | **Economic Inputs** |
| Gold Price | US$/oz Au | 2200 |
| Silver Price | US$/oz Ag | 25 |
| Gold Refining & Selling Cost | US$/oz Au | 3 |
| Calculated Au Cut-off Grade | US$/t | 0.6 |
| Royalties | % | 0 |

---

Source: OceanaGold, 2025

<sup>(1)</sup> Drill and Blast costs applied by rock-type as required

<sup>(2)</sup> Recovery equation has further 2.5% uplift added to recovery of material > 1.7 g/t Au

The base mining cost was applied to all blocks and an incremental cost was added to blocks below the elevation where the haulage ramp exits the pit. The incremental cost was not added to blocks above the pit exit. Drill and blast costs were then added based on material type.

Rehabilitation costs have been added to PAG blocks that will not be processed as this material will require permanent storage within the lined PAG facilities. The cost associated with permanent storage of processed blocks within the TSF is included in the processing cost. The determination of whether a block is processed and, by extension rehabilitation cost is paid, is made by Whittle<sup>TM</sup> during optimization.

Released: March 27, 2026 Page 166 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

The open pit Mineral Reserves are reported within a pit design guided by open pit optimization results as shown in Figure 16-2 and Table 16-8.

![oceanagold30.jpg](oceanagold30.jpg)

Source: OceanaGold, 2025

**Figure 16-2: Pit Optimization Results by Gold Price**

Ultimate pit shell selection is discussed in 16.1.4, summarising the results of the Ledbetter Phase 4 open pit vs underground trade-off study.

Released: March 27, 2026 Page 167 of 275

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| | |
|:---|:---|
| NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States | ![oceanagold8a.jpg](oceanagold8a.jpg) |
| | ![oceanagold8a.jpg](oceanagold8a.jpg) |

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**Table 16-8: Optimization Results for Selected Shell on US$44 Gold Price Increments**

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold Price**<br>**US$/oz Au** | **Rev Factor**<br>**#** | **Total**<br>**Mt** | **Waste**<br>**Mt** | **Strip Ratio**<br>**Wt:Ot** | **Ore** | **Ore** | **Ore** | **Contained Metal** | **Contained Metal** | **Recovered Metal** | **Recovered Metal** | **Recovery** | **Recovery** | **UCF**<br>**US$ million** | **Avg**<br>**Cash**<br>**Cost**<br>**US$/oz Au**<sup>(1)</sup> | **Mining Cost**<br>**US$/t** | **Process Cost**<br>**US$/t** | **Selling Cost**<br>**US$/oz Au** |
| **Gold Price**<br>**US$/oz Au** | **Rev Factor**<br>**#** | **Total**<br>**Mt** | **Waste**<br>**Mt** | **Strip Ratio**<br>**Wt:Ot** | **Mt** | **Au (g/t)** | **Ag (g/t)** | **Au Moz** | **Ag Moz** | **Au Moz** | **Ag Moz** | **Au %** | **Ag %** | **UCF**<br>**US$ million** | **Avg**<br>**Cash**<br>**Cost**<br>**US$/oz Au**<sup>(1)</sup> | **Mining Cost**<br>**US$/t** | **Process Cost**<br>**US$/t** | **Selling Cost**<br>**US$/oz Au** |
| 1540  | 0.7  | 27.9  | 20.1  | 2.6  | 7.7  | 2.39  | 2.4  | 596  | 601  | 514  | 421  | 86.3  | 70.0  | 700  | 858  | 5.34  | 36.85  | 3.00  |
| 1584  | 0.72  | 28.4  | 20.6  | 2.6  | 7.8  | 2.39  | 2.4  | 600  | 605  | 517  | 424  | 86.3  | 70.0  | 702  | 863  | 5.34  | 36.85  | 3.00  |
| 1628  | 0.74  | 29.8  | 21.7  | 2.7  | 8.1  | 2.36  | 2.4  | 613  | 631  | 528  | 441  | 86.2  | 70.0  | 709  | 878  | 5.32  | 36.85  | 3.00  |
| 1672  | 0.76  | 31.0  | 22.7  | 2.7  | 8.4  | 2.32  | 2.4  | 625  | 652  | 537  | 456  | 86.1  | 70.0  | 714  | 893  | 5.30  | 36.85  | 3.00  |
| 1716  | 0.78  | 31.9  | 23.4  | 2.8  | 8.5  | 2.31  | 2.4  | 631  | 665  | 543  | 466  | 86.0  | 70.0  | 717  | 902  | 5.30  | 36.85  | 3.00  |
| 1760  | 0.8  | 35.4  | 26.3  | 2.9  | 9.1  | 2.25  | 2.4  | 659  | 709  | 565  | 496  | 85.8  | 70.0  | 727  | 936  | 5.22  | 36.85  | 3.00  |
| 1804  | 0.82  | 36.6  | 27.2  | 2.9  | 9.3  | 2.23  | 2.4  | 669  | 727  | 574  | 509  | 85.7  | 70.0  | 730  | 949  | 5.21  | 36.85  | 3.00  |
| 1848  | 0.84  | 37.0  | 27.5  | 2.9  | 9.5  | 2.21  | 2.4  | 674  | 736  | 578  | 516  | 85.7  | 70.0  | 732  | 955  | 5.21  | 36.85  | 3.00  |
| 1892  | 0.86  | 38.5  | 28.8  | 3.0  | 9.7  | 2.20  | 2.4  | 683  | 750  | 585  | 525  | 85.6  | 70.0  | 734  | 967  | 5.18  | 36.85  | 3.00  |
| 1936  | 0.88  | 39.5  | 29.7  | 3.0  | 9.9  | 2.18  | 2.4  | 692  | 766  | 592  | 536  | 85.6  | 70.0  | 736  | 979  | 5.17  | 36.85  | 3.00  |
| 1980  | 0.9  | 41.1  | 30.9  | 3.0  | 10.2  | 2.15  | 2.4  | 704  | 789  | 602  | 552  | 85.5  | 70.0  | 738  | 996  | 5.17  | 36.85  | 3.00  |
| 2024  | 0.92  | 42.3  | 31.8  | 3.0  | 10.5  | 2.12  | 2.4  | 714  | 820  | 609  | 574  | 85.4  | 70.0  | 740  | 1009  | 5.16  | 36.85  | 3.00  |
| 2068  | 0.94  | 43.6  | 32.9  | 3.1  | 10.7  | 2.10  | 2.4  | 724  | 838  | 617  | 587  | 85.3  | 70.0  | 741  | 1023  | 5.15  | 36.85  | 3.00  |
| 2112  | 0.96  | 45.7  | 34.5  | 3.1  | 11.2  | 2.06  | 2.4  | 741  | 873  | 631  | 611  | 85.1  | 70.0  | 743  | 1047  | 5.14  | 36.85  | 3.00  |
| 2156  | 0.98  | 167.1  | 146.0  | 6.9  | 21.2  | 1.93  | 2.4  | 1311  | 1657  | 1113  | 1160  | 84.9  | 70.0  | 774  | 1531  | 5.16  | 36.85  | 3.00  |
| 2200  | 1  | 170.2  | 148.7  | 6.9  | 21.5  | 1.92  | 2.4  | 1326  | 1681  | 1126  | 1177  | 84.9  | 70.0  | 774  | 1539  | 5.16  | 36.85  | 3.00  |
| 2244  | 1.02  | 185.5  | 162.2  | 7.0  | 23.3  | 1.88  | 2.4  | 1406  | 1764  | 1192  | 1235  | 84.8  | 70.0  | 772  | 1578  | 5.14  | 36.85  | 3.00  |
| 2288  | 1.04  | 188.6  | 164.8  | 7.0  | 23.7  | 1.87  | 2.4  | 1424  | 1793  | 1206  | 1255  | 84.7  | 70.0  | 771  | 1587  | 5.14  | 36.85  | 3.00  |
| 2332  | 1.06  | 192.1  | 168.0  | 7.0  | 24.2  | 1.86  | 2.4  | 1442  | 1830  | 1222  | 1281  | 84.7  | 70.0  | 769  | 1597  | 5.14  | 36.85  | 3.00  |
| 2376  | 1.08  | 192.7  | 168.4  | 6.9  | 24.3  | 1.85  | 2.4  | 1446  | 1837  | 1225  | 1286  | 84.7  | 70.0  | 769  | 1599  | 5.14  | 36.85  | 3.00  |
| 2420  | 1.1  | 193.1  | 168.7  | 6.9  | 24.3  | 1.85  | 2.4  | 1449  | 1842  | 1226  | 1289  | 84.7  | 70.0  | 768  | 1600  | 5.14  | 36.85  | 3.00  |
| 2464  | 1.12  | 196.1  | 171.3  | 6.9  | 24.8  | 1.84  | 2.3  | 1465  | 1864  | 1239  | 1305  | 84.6  | 70.0  | 765  | 1609  | 5.14  | 36.85  | 3.00  |
| 2508  | 1.14  | 196.7  | 171.8  | 6.9  | 24.9  | 1.84  | 2.3  | 1468  | 1873  | 1242  | 1311  | 84.6  | 70.0  | 764  | 1611  | 5.14  | 36.85  | 3.00  |
| 2552  | 1.16  | 198.0  | 172.9  | 6.9  | 25.1  | 1.83  | 2.3  | 1476  | 1890  | 1248  | 1323  | 84.6  | 70.0  | 762  | 1616  | 5.14  | 36.85  | 3.00  |
| 2596  | 1.18  | 198.7  | 173.5  | 6.9  | 25.2  | 1.82  | 2.3  | 1480  | 1899  | 1251  | 1329  | 84.6  | 70.0  | 761  | 1619  | 5.14  | 36.85  | 3.00  |

---

Source: OceanaGold, 2025

<sup>(1)</sup> Silver as by-product credit

• Blue – Revenue Factor 1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.4Ledbetter Open pit vs Underground Study

The Ledbetter Phase 4 open pit was the largest planned pit phase for the Haile open pit operations with the highest strip ratio (~150 Mt at 9.4 Strip Ratio) (SRK, 2024). Much of the mineralization in Ledbetter Phase 4 presents at depth, resulting in a significant pre-strip prior to accessing sustainable ore production. This geometry also resulted in the optimization showing that Ledbetter Phase 4 is "all or nothing", with the optimization shells expanding to the entire Ledbetter Phase 4 limits within a single revenue factor step, as shown in Figure 16-3.

![oceanagold31.jpg](oceanagold31.jpg)

Source: OceanaGold, 2025

• Peach = Projected end of period surface (December 31, 2025)

• Red = US$2,112/oz optimization shell

• Green = US$2,156/oz optimization shell

**Figure 16-3: Cross-Section, Ledbetter Optimization Shell Showing Revenue Factor Step Change and Resource Model Block >0.5 g/t Au**

Another result of the geometry of the mineralization in the vicinity of Ledbetter Phase 4 is that it is amenable to underground mining, as is "Lobe Three" outside of Ledbetter Phase 4, as shown in <br>Figure 16-4. Given that most of the mineralization that makes up a potential underground operation is also within the designed pit phase, this makes the open pit vs. underground decision binary, one or the other, rather than a "when" to changeover as for orebodies that are more vertically continuous.

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![oceanagold5.jpg](oceanagold5.jpg)

Source: OceanaGold, 2025

**Figure 16-4: Cross-Section, Footprint of Ledbetter Phase 4 Open Pit vs Ledbetter Underground**

The evaluation of the trade-off study took the approach of evaluating the life-of-mine value of the Haile operation without Ledbetter Phase 4, with Ledbetter Phase 4 as an open pit, and with Ledbetter Phase 4 converted to an underground operation. The difference between the no-Ledbetter scenario and the two Ledbetter options represented the value of Ledbetter by open pit or underground mining.

The incremental values of the open pit and underground were compared over a range of gold prices. At the OGC Mineral Reserve gold price of US$2,200, the underground option is superior in terms of both undiscounted cashflow (UCF) and NPV. The open pit, having a larger metal inventory, is more sensitive to gold price. The crossover price where the open pit has a higher value than the underground was investigated, with the result that the underground returns superior value up to a gold price of approximately US$5,800/oz, as shown with underground value relative to open pit value in Figure 16-5. Note that although the open pit value exceeds the underground at gold prices greater than US$5,800, the relative difference remains small and other factors would also play into decisions making as discussed below.

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![oceanagold13a.jpg](oceanagold13a.jpg)

Source: OceanaGold, 2025

**Figure 16-5: Incremental Value – Relative Valuation of Ledbetter Phase 4 OP vs UG** 

As well as superior value, the underground option for Ledbetter Phase 4, now referred to as LUG, also has several other tangible benefits, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earlier access to sustainable ore production, allowing for a smoother life-of-mine production profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower capital expenditure, mainly in removing the open pit pre-stripping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Smaller OSA footprints. Since completion of the trade-off, changes in LoM scheduling means that another PAG storage cell will be required if Ledbetter Phase 4 were to revert to open pit mining. This cost has not been factored into the trade-off calculations, and would likely push the crossover price higher than US$5,800/oz.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Smaller overall water catchment area, reducing contact water generation and subsequent water treatment requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Smaller tailings storage facility requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower average carbon emissions, both in terms of absolute emissions and unit rate emissions per ounce of gold produced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.5Mine Design

**<u>Reserve Block Model</u>**

To derive the reserve block model, the resource block model is modified to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geotechnical variables for berm width, batter angle and bench height

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ore and waste classifications based on calculated cut-off grades and Measured, Indicated, and Inferred material

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-PAG / PAG determination (see Section 16.1.6)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining dilution and recovery

The Non-PAG / PAG determinations govern the routing of waste material to either lined PAG OSAs, in-pit backfill (yellow only) or unlined Non-PAG OSAs.

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**<u>Pit Design</u>**

OceanaGold used the optimization shells as a guide for practical phase and ultimate pit design, using the US$2,200/oz shell for most areas of the pit, and US$2,112/oz shell for the Ledbetter <br>Phase 3 (LUG/Phase 04 interface) pit wall as shown in Figure 16-3. The major design parameters used are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ramp grade = 10%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full ramp width = 32 m (3 times operating width for 730E)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single ramp width = 20 m for up to 60 m vertical or six benches

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum mining width = 40 m but targets between 150 m to 300 m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flat switchbacks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bench heights, berm widths and bench face angles in accordance with current site-specific design criteria

Figure 16-6 illustrates the final open pit design and associated ramp system. This design is functionally similar to the 2024 ultimate pit design, with Ledbetter Phase 4 removed. Ramp locations targeted saddle points between the various pit bottoms with ramps also acting as catch benches for geotechnical purposes. Each pit phase has at least one ramp for scheduling purposes.

![oceanagold1a.jpg](oceanagold1a.jpg)

Source: OceanaGold, 2025

**Figure 16-6: LoM Ultimate Pit Design**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.6Overburden/Geochemical

Overburden mined at Haile consists of cover soil, CPS, and bedrock with variable degrees of weathering and oxidation. Mined materials are grouped as soft (i.e., cover soil, CPS, and saprolite)

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and hard (i.e., bedrock comprised of metavolcanics and metasediments with variable oxidation) rock units. Cover soil is salvaged from the disturbance footprints prior to open pit mining or placement of mine waste, either as overburden or tailings, and stockpiled to be used to facilitate reclamation of the mine waste storage facilities. CPS is mined without drilling and blasting and classified as Green (Non-PAG) material without additional testing. Saprolite is mined without blasting where possible and is sampled and tested for overburden classification and management. Bedrock is drilled and blasted, and the cuttings from each blast hole in waste zones are sampled and tested for overburden classification. The current open pit mine plan is summarized in Table 16-12 and includes 91 Mt of overburden.

Oxidation in bedrock generally extends 20 to 60 m deep with no sulfide minerals. Unweathered rock below the base of oxidation contains sulfides with potential to generate sulfuric acid when exposed to air and water. The most common sulfide mineral at Haile is pyrite, FeS2, comprising 0.1% to 10% by volume. Minor pyrrhotite and molybdenite are also observed in drillholes and pit exposures. Schafer (2015) performed an extensive geochemical characterization program of existing and future mine development rock (i.e., overburden) to identify, manage and mitigate geochemical risks at Haile as part of the open pit plan (Schafer, 2019). The characterization program continued during operations and results are detailed in an updated document (Oceana Gold, 2024a). Characterization included static testing of 610 samples prior to 2014 and 46 more samples in 2020, and kinetic testing of nine samples of overburden and one tailings sample prior to 2014, and six additional samples of overburden in the 2016 to 2020 program.

The current OMP issued by Oceana Gold (2024b) supersedes the previous document (Schafer, 2015). The 2024 OMP has three geochemical categories of overburden based on total sulfur abundance (ST) and Net Neutralization Potential (NNP). The NNP is a measure of overall acid generation potential (AGP). calculated as the difference between the neutralization potential (NP) and AP. The geochemical categories of overburden are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Red PAG – Strongly acid generating:

oNNP < = -31.25 kg CaCO3/t, and any ST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yellow PAG – Moderately acid generating:

oST > 0.2 % and NNP between -31.25 and 0 kg CaCO3/t

oSubcategories Y3 and Y4 defined below

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Green Non-PAG – Non acid generating:

oST < = 0.2 % or NNP >= 0 kg CaCO3/t

The geochemical categories of overburden and their associated management approaches are summarized in Table 16-9. Overburden classification is based on the NNP and the sulfur abundance of the material. NNP is calculated from a suite of tests that comprise Acid Base Accounting (ABA), which is used to determine AGP and Acid Neutralization Potential (ANP). AGP depends on the abundance of pyrite and other acid-generating sulfur minerals, and ANP is controlled by minerals that neutralize acid, particularly calcite and other carbonates. Yellow overburden subcategories are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Y4: NNP < -6.25 and any sulfur abundance, highest risk of acid generation and metal leaching of the Yellow Overburden

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Y3: -6.25 < NNP < 0 and ST > 0.2 wt%, may develop acid but would release less sulfate and metals than Y4

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Kinetic testing using the Humidity Cell Test (HCT) method confirmed the applicability of the overburden classification scheme based on results of static tests. Kinetic testing results included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples classified as RED or Y4 overburden generally had acidic HCT leachate pH values less than four standard units (s.u.) over the duration of the test, between 130 and 240 weeks, as pyritic sulfur oxidized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Y3 HCT initially had weakly acidic pH that increased from 4 to 5 s.u. after 120 weeks of testing. Sulfate concentrations decreased as the test progressed due to the weathering of the relatively small amount of initial pyritic sulfur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples previously classified as Yellow 1 (Y1) and Yellow 2 (Y2) overburden had minimal reactivity in the HCT tests, with low sulfate concentrations and leachate pH values between about 4 and 6 s.u. These are classified as Green overburden in the current OMP (Oceana Gold 2024b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples classified as Green overburden were Non-PAG in static tests and most HCT leachate pH values were greater than 5 s.u., which is the approximate pH of the reagent. Leachates from these HCTs had low to non-detectable sulfate concentrations.

Supplemental testwork completed between 2020 and 2023 confirmed that Y1 and Y2 overburden materials are non-acid generating. This allowed Y1 and Y2 overburden to be reclassified to Green overburden and handled the same as Green overburden (Oceana Gold, 2024a).

Sulfur and carbon assays from blastholes are used to populate block models and assign overburden class for each blast pattern. The overburden materials are placed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Red PAG is sent to West PAG OSA. This is a geomembrane-lined facility and is currently in use. Material will be placed in lifts and compacted by haulage fleet traffic. For closure, the top of this facility will be covered with saprolite, followed by a height density polyethylene (HDPE) geomembrane liner and then a layer of growth media. The growth media will be seeded to establish vegetation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yellow PAG can be stored in West PAG OSA, or below a prescribed water table elevation within pits. Yellow PAG material will be mixed with lime at a rate of 1.8 kg (4 lb.) lime per 0.9 t (2,000 lb.) before placement in the pit void. Material will be placed in lifts and compacted by haulage fleet traffic. For closure, the top surface of these facilities will be covered with green Non-PAG material. Yellow PAG can be utilized in-pit for road construction. Green Non-PAG material will be stored in unlined facilities or backfilled into the pits. Material placed on unlined facilities will be placed in lifts and compacted by haulage fleet traffic. The reclaimed slopes will be seeded to establish vegetation.

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**Table 16-9: Overburden Classification at Haile**

---

| | | |
|:---|:---|:---|
| **Operational Testing Criterion** | **Characteristics** | **Proposed**<br>**Management** |
| **Red PAG - Strongly Acid Generating Overburden** | **Red PAG - Strongly Acid Generating Overburden** | **Red PAG - Strongly Acid Generating Overburden** |
| Found in Metasediment Unit. NNP < = -31.25 kg/t as CaCO3  | When oxidized, contact water will have low pH (< 3.0) and very high acidity, metals, and sulfate (>5,000 mg/L) | Stored in geomembrane encapsulated PAG cell, placed in lifts, compacted, and Saprolite-lined outside perimeter to reduce oxygen ingress  |
| **Yellow PAG - Moderately Acid Generating Overburden** | **Yellow PAG - Moderately Acid Generating Overburden** | **Yellow PAG - Moderately Acid Generating Overburden** |
| Found in Metasediment and Metavolcanic Bedrock Units and Saprolite. For bedrock, Total S > 0.2% and NNP between -31.25 and 0 kg/t as CaCO3. For Saprolite within 50 ft of bedrock contact, Total S > 0.2%  | If allowed to oxidize, contact water will have low pH (3.0 to 4.0 s.u.) and low to moderate metals (mostly Fe and Al) | Managed as above, may also be placed in lifts as subaqueous pit backfill, with4 lbs/t lime added and 5-ft saprolite cover |
| **Green Non-PAG - Non Acid Generating Overburden** | **Green Non-PAG - Non Acid Generating Overburden** | **Green Non-PAG - Non Acid Generating Overburden** |
| Found in Metasediment and Metavolcanic Bedrock Units, Saprolite and Coastal Plain Sands. For Bedrock, Total S < = 0.2% or NNP > = 0 kg/t as CaCO3. For Saprolite within 50 ft of bedrock contact, Total S < = 0.2%. All Saprolite more than 50 ft above bedrock and all Coastal Plain Sands is Green Non-PAG. | Contact water may have moderately acidic to alkaline pH (4.0 to 8.0), low sulfate (<1,000 mg/L) and metals non-detectable.  | Placed in unlined overburden piles. Runoff will not require treatment assuming it meets stormwater requirements as expected |

---

Source: Oceana Gold, 2024b, modified by SRK

The overburden storage is discussed in more detail in Section 18.2, with the final year site plan shown in Figure 16-7.

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![oceanagold15a.jpg](oceanagold15a.jpg)

Source: OceanaGold, 2025

• Blue = Planned pit phases, Yellow = Planned in-pit OSA, Green = Planned external OSA, Red = planned PAG OSA .

**Figure 16-7: Final Pit Design and Ultimate Overburden Storage Site Plan**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.7Mine Production Schedule

**<u>Cut-Off Grade</u>**

OceanaGold have used a stockpiling strategy with multiple CoGs to determine direct processing ore, stockpiled ore, and waste in the mine production schedule. The base assumptions for the calculation of break-even CoG during operations and at the end of mine life are detailed in Table 16-10. Primary and Oxide ores have different processing recovery responses, and separate CoG values have been applied. The breakeven CoG during normal operation is 0.7 g/t for Primary material and 0.8 g/t for Oxide material. However, a variable cut-over grade is used to delineate the best available ore for direct feed in a given period, while the end of mine life CoG is used for material sent to the stockpile, being 0.5 g/t Au for Primary and to 0.6 g/t Au for Oxide. The end of mine life marginal CoG has been used for reporting of Mineral Reserves.

**Table 16-10: Cut-off Grade Calculation**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Units** | **Operating BE CoG** | **Operating BE CoG** | **End of Mine Life CoG** | **End of** <br>**Mine Life**<br>**CoG** |
| **Material Type** | **Type** | **Primary** | **Oxide** | **Primary** | **Oxide** |
| Gold Price | US$/oz | 2200  | 2200  | 2200  | 2200  |
| Smelting & Refining | US$/oz | 3.00  | 3.00  | 3.00  | 3.00  |
| Au Recovery (at CoG)<sup>(1)</sup> | % | 75.5% | 68.0% | 71.9% | 68.0% |
| **Operating Costs** | **Units** | **Values** | **Values** | **Values** | **Values** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ore Premium (D&B) | US$/t ore | 0.37  | 0.37  | 0.37  | 0.37  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G&A | US$/t ore | 11.81  | 11.81  | 2.50  | 2.50  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tailings | US$/t ore | 1.88  | 1.88  | 1.88  | 1.88  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing | US$/t ore | 21.41  | 21.41  | 18.00  | 18.00  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG rehab | US$/pag t mined | 0.65  | 0.65  | 0.65  | 0.65  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rehandle Cost | US$/t ore | 2.50  | 2.50  | 2.50  | 2.50  |
| **Total PCAF (Whittle**<sup>TM</sup>**)** | **US$/t ore** | **37.97**  | **37.97**  | **25.25**  | **25.86**  |
| **Total Cost (with PAG)** | **US$/t ore** | **37.32**  | **37.32**  | **24.60**  | **24.60**  |
| Breakeven Cut-off Grade | g/t | 0.70  | 0.78  | 0.48  | 0.51  |
| Applied Cut-off Grade | g/t | Var. | Var. | 0.5  | 0.6  |

---

Source: OceanaGold, 2025

<sup>(1)</sup> Recovery at Primary CoG based on recovery formula: (1-(0.2152\*Au grade^-0.3696))

**<u>Dilution and Mining Recovery</u>**

Reserves are based on the Haile Resource block model that uses a 10 m x 10 m x 5 m block dimension.

Scheduling studies completed in 2021 highlighted that with the current equipment fleet at Haile, some mining of ore by face shovel excavators will be unavoidable. Subsequently, an SMU study

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was completed to estimate the impacts on mining dilution and ore recovery at bench heights suitable for mining by face shovel excavator.

The results of the SMU study indicated that different areas of the mineralized zone react with variable magnitude to different bench heights. These results are shown in Table 16-11. Note that the values in the table are multiplier adjustments to the 10 m x 10 m x 5 m block model tonnes and grade estimates that include diluting grades appropriate to 3.3 m benches.

**Table 16-11: Tonnage and Grade Multipliers for Application of Mining Dilution and Ore Recovery**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Multipliers** | **3.3 m Flitch** | **3.3 m Flitch** | **3.3 m Flitch** | **5 m Flitch** | **5 m Flitch** | **5 m Flitch** | **10 m Bench** | **10 m Bench** | **10 m Bench** |
| **Phase** | **tonnes** | **g/t** | **oz** | **tonnes** | **g/t** | **oz** | **tonnes** | **g/t** | **oz** |
| Snake: Phase 3 | 1.00  | 1.00  | 1.00  | 1.10  | 0.95  | 1.05  | 1.18  | 0.87  | 1.02  |
| Ledbetter: Phase 3 | 1.00  | 1.00  | 1.00  | 1.05  | 0.92  | 0.96  | 1.17  | 0.82  | 0.95  |
| Ledbetter: Phase 4 | 1.00  | 1.00  | 1.00  | 1.05  | 0.97  | 1.02  | 1.05  | 0.94  | 0.99  |
| Small: Phase 1 | 1.00  | 1.00  | 1.00  | 1.08  | 0.96  | 1.04  | 1.15  | 0.85  | 0.98  |
| Haile: Phase 2 | 1.00  | 1.00  | 1.00  | 1.09  | 0.88  | 0.96  | 1.17  | 0.84  | 0.98  |
| Champion: Phase 1 | 1.00  | 1.00  | 1.00  | 1.08  | 0.96  | 1.04  | 1.15  | 0.85  | 0.98  |

---

Source: OceanaGold, 2022

• Values are multipliers applied directly to tonnes and grade, with impact shown to contained gold ounces.

Given the variability between pit phases, a single approach to applying mining dilution and ore recovery is considered unsuitable. To account for these differences, tonnes and grade multipliers identified in Table 16-11 have been applied directly to the Resource block model within each pit phase, to the first 30% of ore mined in each phase. The selection of the first 30% of ore is based on previous scheduling exercises that identified the general crossover point between bulk mining with Face Shovels and selective mining with Backhoe Excavators. The global impact of this is a mining dilution factor increase of approximately 1.6%, and ore recovery reduction of less than 1%. While the adjustments have limited impact on the overall mine plan, it accounts for some variability on a period-by-period basis.

**<u>Phase Design Inventory</u>**

The remaining inventory in the ultimate pit design is broken into five mine phases for sequenced extraction in the mine production schedule. The design parameters for each phase are the same as those used for the final pit design including assumed ramp widths. Phase designs were constructed by splitting up the final pit into smaller and more manageable pieces, while still ensuring each bench within each phase has ramp access. The phases have been developed by balancing mining constraints with the extraction sequence suggested by pit optimization results presented previously.

Phases designs are imported to RPM Global OPMS mine scheduling software and inventories reported using the Reserve block model. Scheduling is completed using 10 m bench heights until 30% of the contained ounces for all large phases have been mined, then 5 m bench heights used for mining the remainder of each phase to match the Reserve block model. Small pit Phase 1 and Champion pit Phase 1 are scheduled on 5 m bench heights for the entire phase.

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Table 16-12 details the phase inventory that forms the basis of the production schedule.

**Table 16-12: Phase Inventory (1/1/2026 to End of Mine Life)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Phases** | **Ore (Proven+Probable)** | **Ore (Proven+Probable)** | **Ore (Proven+Probable)** | **Ore (Proven+Probable)** | **Ore (Proven+Probable)** | **Waste** | **Total** | **Total** |
| **Phases** | **Tonnes**<br>**(Mt)** | **Au**<br>**g/t** | **Ag**<br>**g/t** | **Contained Au**<br>**(koz)** | **Contained Ag**<br>**(koz)** | **Tonnes**<br>**(Mt)** | **SR** | **Tonnes**<br>**(Mt)** |
| Snake: Phase 3 | 4.0  | 1.42  | 1.8  | 183  | 229  | 39.9  | 9.9  | 43.9  |
| Ledbetter: Phase 3 | 8.1  | 2.10  | 2.4  | 549  | 622  | 25.2  | 3.1  | 33.4  |
| Small: Phase 1 | 0.9  | 0.82  | 2.5  | 24  | 73  | 2.8  | 3.0  | 3.7  |
| Haile: Phase 2 | 3.7  | 1.03  | 2.4  | 122  | 280  | 18.4  | 5.0  | 22.1  |
| Champion: Phase 1 | 1.0  | 0.99  | 3.4  | 31  | 107  | 4.7  | 4.8  | 5.7  |
| **Total** | **17.8**  | **1.59**  | **2.3**  | **910**  | **1311**  | **91.0**  | **5.1**  | **108.8**  |

---

Source: OceanaGold, 2025

• Totals do not include opening stockpiles

**<u>Production Schedule Targets</u>**

The production schedule has a start date of January 1, 2026, and is based on a projected end of period surface for December 31, 2025, produced in December 2025. There are no material differences between the forecast and actual December 31, 2025, surfaces. Scheduling is completed using RPM Global's OPMS scheduling software.

Production scheduling uses an activity-based approach using productivity rates for excavators and haulage cycle calculations for trucks, and targets maintaining a balance between ore supply to the processing plant, pre-stripping on subsequent phases, and stockpile size. Bench vertical advance rates are generally limited to two 5 m benches per month. However, mining is usually limited by total movement constraints rather than vertical advance.

**<u>Production Schedule Results</u>**

The results of the production schedule are detailed in Table 16-13. A more detailed breakdown of the production schedule is found in Table 16-30. Note that stockpile material is not included in this summary and therefore numbers here do not match the Reserve table and processing schedule (which do include stockpile material).

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**Table 16-13: Open Pit Production Summary**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Ore**<br>**(Mt)** | **Au Grade**<br>**(g/t)** | **Ag Grade**<br>**(g/t)** | **Waste**<br>**(Mt)** | **Total Mined**<br>**(kt)** |
| 2026 | 4.4  | 2.01  | 2.0  | 25.1  | 29.5  |
| 2027 | 4.8  | 1.91  | 2.7  | 23.8  | 28.6  |
| 2028 | 1.6  | 1.06  | 1.9  | 19.2  | 20.8  |
| 2029 | 1.0  | 1.16  | 2.3  | 5.6  | 6.6  |
| 2030 | 1.4  | 1.16  | 2.0  | 3.9  | 5.3  |
| 2031 | 2.3  | 1.38  | 2.1  | 5.6  | 7.9  |
| 2032 | 1.2  | 1.30  | 2.1  | 5.3  | 6.5  |
| 2033 | 1.1  | 1.06  | 3.4  | 2.6  | 3.7  |
| **Total** | **17.8**  | **1.59**  | **2.4**  | **91.0**  | **108.8**  |

---

Source: OceanaGold, 2025

Open pit production reduces from 2029 as underground ore sources make up a larger proportion of the processing plant feed stock. Excess low-grade open pit production is stockpiled for rehandling and processing at the end of mine life, once open pit mining is complete. The peak stockpile size is approximately 6 Mt. The stockpiling strategy allows for the stockpiling of low-grade material and selective processing of the highest available grade each period, contributing to a smoother gold production profile and improved project NPV.

Figure 16-8 illustrates the annual production schedule for ore and waste tonnes, including rehandle completed using the OP mining fleet. Open pit mining is complete in 2033, with a support fleet being maintained until 2036 for stockpile rehandle.

![oceanagold25.jpg](oceanagold25.jpg)

Source: OceanaGold, 2025

• Rehandle includes in-pit waste, open pit stockpile, underground ore from portal to ROM, and underground waste rehandle.

**Figure 16-8: Open Pit Annual Production Schedule**

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Figure 16-9 is broken down by material type; PAG (Red and Yellow) overburden, Non-PAG (Green) overburden, and ore tonnes. The proportion of Red/Yellow to Green overburden generally increases with depth, highlighted by the decreasing quantities of green overburden produced toward the end of the OP mine life. Total PAG waste mined has been significantly reduced by the removal of Ledbetter Phase 4.

![oceanagold14.jpg](oceanagold14.jpg)

Source: OceanaGold, 2025

**Figure 16-9: OP Mined Material Type Annual Schedule**

**<u>Bench Sinking Rate</u>**

Table 16-14 shows the benches mined from each pit/phase on an annual basis converted to 10 m equivalents. Sinking rates are considered reasonable in any given year.

**Table 16-14: LoM Yearly Bench Sinking Rates (10 m bench equivalents)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pit Phase** | **2026**  | **2027**  | **2028**  | **2029**  | **2030**  | **2031**  | **2032**  | **2033**  |
| Snake: Phase 3 | 3.6  | 7.0  | 4.8  | 1.0  | 1.3  | 2.1  | 3.2  | 2.0  |
| Ledbetter: Phase 3<sup>(1)</sup> | 10.8  | 6.2  | -  | -  | -  | -  | -  | -  |
| Small: Phase 1 | -  | 6.0  | -  | -  | -  | -  | -  | -  |
| Haile: Phase 2 | -  | 2.5  | 3.8  | 1.3  | 1.1  | 2.7  | 2.1  | -  |
| Champion: Phase 1 | -  | -  | -  | -  | -  | -  | 2.6  | 3.9  |

---

Source: OceanaGold, 2025

<sup>(1)</sup> Ledbetter Phase 3 sink rate in 2026 includes multiple partial benches leftover from December 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.8Mining Fleet and Requirements

The open pit loading and hauling equipment fleet consists of hydraulic excavators (Komatsu PC3000 and PC4000 models) and rigid frame haul trucks (Komatsu 730E). Blasthole drilling and wall control drilling is performed with a fleet of Sandvik DR410i and Sandvik Leopard DI650i drills. Typical ancillary equipment, including a backhoe (Cat 6020B), track dozers, wheel dozers, motor graders, water trucks, and rigid frame haul trucks for rehandle (Cat 785) support the mining operation.

The open-pit operates on a 24-hr, 365 days per year basis. Weather delays have been calculated and applied as a reduction in Utilization of Availability, which has a higher impact during summer months than winter. Table 16-15 shows the planned availabilities and use of availabilities for the loading and hauling equipment to estimate the potential operating hours per year. Note that actual hours per year are based on usage requirement and are typically lower than the planned maximum, particularly from 2028 when open pit total movement rates are reduced.

**Table 16-15: Factors in Estimation of Potential Operating Hours for a Typical Year**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **175 t Truck** | **PC3000 Backhoe** | **PC4000 Shovel** |
| Availability | 85.3% | 83.2% | 82.4% |
| Use of Availability | 82.8% | 81.9% | 81.1% |
| Operating Hours per Year | 6190 | 5970 | 5850 |

---

Source: OceanaGold, 2025

Overburden and ore are drilled with either 127 mm or 171 mm diameter holes. Productivity rates vary depending on drill type and rock type.

Five to seven passes of the primary digging units are typically required to load the matching trucks. Annual productivity rates have been estimated from equipment specifications, material characteristics, spot and loading times, truck presentation and primary digging unit propel factors, scheduled hours per year, mechanical availability and use of availability. For PC3000 excavators, the estimated productivity is 1,500 t/h. For PC4000 excavators, the estimated productivity is 2,400 t/h. A Cat 6020B backhoe excavator provides operational support and backup loading tool.

Truck number estimates are outputs from the mine schedule based on various source/destination combinations, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Green overburden (to Green OSA and TSF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Red PAG (to dedicated PAG cells)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yellow PAG (to dedicated PAG cells or in-pit dumps)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inferred (to relevant OSA or PAG cells)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ore (to ROM or to stockpile)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yellow PAG rehandle (from temporary in-pit dump to permanent in-pit dumps or PAG cells)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OP ore rehandle (Stockpile to ROM)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rehandle underground ore (to ROM)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rehandle underground waste (to PAG cells)

Table 16-16 shows the major mining equipment fleet required to achieve the mining schedule. The load-and-haul fleet is expected to be adequate for the LoM with no fleet replacement planned. Rebuilds are scheduled at appropriate intervals over the LoM timeframe. Drills and some ancillary

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equipment will require replacement, and this has been included in the CapEx schedule in <br>Section 21, noting that the large DR410i platform drills are phased out in favor of the more flexible boom drill fleet from mid-2028. A down the hole service will continue to be provided by an explosive's supplier.

Ancillary equipment to support the load and haul and drilling fleets includes small hydraulic excavators, tracked dozers, wheel dozers, motor graders, and water trucks. Front-end loaders (FELs) provide stockpile rehandle, extra loading capability, and project work. Other equipment includes lighting plants, sump pumps, fuel trucks, compactor and light vehicles.

**Table 16-16: Major Equipment Required to Achieve the Mine Schedule**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Machine Type** | **2026**  | **2027**  | **2028**  | **2029**  | **2030**  | **2031**  | **2032**  | **2033**  |
| PC4000 Excavator | 2  | 2  | 2  | 1  | 1  | 1  | 1  | 1  |
| PC3000 Excavator | 1  | 1  | 1  | 1  | 1  | 1  | 1  | 1  |
| Cat 6020B Excavator | 1  | 1  | 1  | 1  | 1  | 1  | 1  | 1  |
| Komatsu 730E Trucks | 19  | 19  | 17  | 11  | 8  | 8  | 7  | 5  |
| Sandvik DR410i Drill | 7  | 7  | 6  | 6  | 6  | 6  | 6  | 2  |
| Sandvik Leopard DI650i | 4  | 3  | 1  |  |  |  |  |  |

---

Source: OceanaGold, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.9Open Pit Mine Dewatering

During mining, groundwater flow directions in the CPS and bedrock hydrostratigraphic units generally reflect topography, except in the immediate vicinity of the pits where depressurization pumping has influenced flow direction and increased hydraulic gradients. Hydraulic testing results and geotechnical assessments suggest declining hydraulic conductivity (K) with depth and the division of bedrock into higher K (weathered, fractured unit) and underlying lower K (unweathered, more competent unit). The tests completed at Snake Pit area suggest that metavolcanic rocks are slightly more permeable than metasediments. Higher yielding water strikes in metavolcanics in Snake Pit depressurization borings seem to support slightly higher K in metavolcanics, at least in that area.

Based on monitoring of open pit mining operations data around Mill Zone and Snake Pit, weathered and fractured bedrock transmits the majority of the bedrock groundwater flux across the site. Although the underlying, unweathered/competent bedrock is of relatively low K, the unit can be expected to produce water, particularly as more saturated thickness is intercepted as mine development advances in accordance with the mine plan.

A numerical groundwater flow model exists for the Project. The model represents the identified hydrostratigraphic units as 11 model layers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Layers 1 - 2: CPS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Layers 3 - 4: Saprolite

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Layers 5 - 6: Weathered, fractured bedrock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Layers 7 - 11: Unweathered / competent bedrock with a gradational decrease in K with depth

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Previously, site stratigraphic data, meteorological data and groundwater pressure/level data from numerous monitoring wells and vibrating wire piezometers installed in each of the hydrostratigraphic units, and groundwater production data, were used to develop the conceptual groundwater model and calibrate the numerical model under both steady-state and transient conditions.

The existing numerical groundwater flow model was updated with current mine plans and used to predict dewatering rates required to facilitate safe and efficient open pit and underground mining. The calibrated model predicts that total annual dewatering rates from the open pits will range from approximately 400 to 600 gpm (25 to 38 L/sec) and average around 500 gpm (32 L/sec). The timing and volume of extracted groundwater from the open pits is expected to be manageable.

16.2Underground Mining Methods

The Haile underground consists of three deposits that are extensions of the open pit and are named respectfully Horseshoe, Ledbetter, and Palomino Underground (Figure 15-1). Access to the three mines is via portals within the open pits with: Horseshoe via Snake Pit and Ledbetter via Ledbetter. Palomino is accessible via a twin decline from Horseshoe and a single decline from Ledbetter.

The primary means of extraction method is transverse sublevel open stoping (long hole). Stopes dimensions vary from 10 m, 15m, and 20m widths with variable strike lengths dependent upon mineralization grade along with geological and geotechnical conditions. All material haulage out of the mines will be performed with underground articulated haul trucks with material passes placed in key zones in Horseshoe and Palomino. Backfilling of the stopes will consist of Cemented Rock Fill, Unconsolidated Rock Fill, and a mixture of the two (70% Cemented Rock Fill and 30% Unconsolidated Rock Fill). Figure 15-1 shows the location of the underground deposits in relation to each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.1Cut-off Grade Calculations

Current estimated operational unit costs per ore tonne and the calculated gold Cut-off Grade is shown in Table 16-17. The mines are designed using a gold cut-off grade of 1.86 g/t for all stopes. Reserves include incremental development ore at gold cut-off grade of 0.66 g/t.

**Table 16-17: Underground Cut-off Grade Calculation**

---

| | | | |
|:---|:---|:---|:---|
| **Parameter** | **Operating CoG** | **Marginal Development <br>CoG** | **Unit** |
| Mining cost <sup>(1)</sup> | 76.95 | - | US$/t |
| Process cost | 21.41 | 21.41 | US$/t |
| Tailings | 1.88 | 1.88 |  |
| G&A | 11.81 | 11.81 | US$/t |
| **Total Cost** | **$112.05** | **$35.10** | **US$/t** |
| Gold price | 2200.00 | 2200.00 | US$/oz |
| Average Au mill Recovery <sup>(2)</sup> | 85% | 75% |  |
| Smelting & Refining | 3.00 | 3.00 | US$/oz |
| **CoG** | **1.86** | **0.66** | **g/t** |

---

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Source: OceanaGold, 2025

<sup>(1)</sup> Includes backfill

<sup>(2)</sup> Average stated. Variable recovery is expected based on head grade based on the following equation: (1-(0.2152\*Au grade^-0.3696)) + 0.025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.2Underground Geotechnical

**<u>Rock Quality Data</u>**

While HGM regularly collects RQD on all drilled holes, detailed geotechnical data for rock-mass characterization and measurement of geologic fabric were collected in drilling campaigns in the following years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Golder, 2010

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SRK, 2016 and 2017 (2 campaigns)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CNI, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CNI, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CNI, 2025

The purpose of the geotechnical drilling campaigns was to provide data to be used in feasibility studies. All data from these campaigns were combined into a single database from which a geotechnical block model was developed by CNI (most recently updated in 2025). The geotechnical block model extends across most of the HGM property and includes all underground mining targets. A total of 1,502 core holes were used in the model which had both geological and geotechnical information. All drillholes were logged for rock quality designation (RQD) data, while a smaller subset of the core holes was logged for detailed geotechnical data, including parameters for the calculation of the Modified Rock Tunneling Quality Index Q' (Barton, Lien, and Lunde, 1974). Table 16-18 presents a summary of drillhole data within the targeted mining areas.

**Table 16-18: Drillhole Data Used in Underground Geotechnical Block Models**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Location** | **RQD** | **RQD** | **Q'** | **Q'** |
| **Location** | **DH #** | **Metres** | **DH #** | **Metres** |
| Horseshoe | 422 | 116,348.6 | 13 | 3,920.4 |
| Ledbetter | 483 | 124,000.1 | 22 | 5,763.4 |
| Palomino | 248 | 88,670.6 | 15 | 6,347.0 |
| Mill Zone | 179 | 32,580.6 | 5 | 839.9 |

---

Source: CNI, 2025

The geotechnical block model has been the basis for the review of the Horseshoe UG mine design and the geotechnical evaluation for the Palomino and Ledbetter UG mine feasibility studies. Distributions of the rock quality (Q) from the geotechnical block model are presented in Figure 16-10.

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![oceanagold9a.jpg](oceanagold9a.jpg)

Source: CNI, 2025

**Figure 16-10: Rock Quality Distributions within the HUG, PUG, and LUG MSO Shapes**

**<u>Oriented Core Data</u>**

Discontinuity orientation data from drillholes was collected using acoustic televiewer survey and the REFLEX ACT core orienting system. Drillholes logged for discontinuities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Horseshoe: 67 drillholes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Palomino: 76 drillholes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ledbetter: 120 drillholes

Lower hemisphere, equal areas Schmidt nets are presented for the underground mines in Figure 16-11. While the structural geology is similar at all deposits, Palomino is less intensely foliated and has a shallower orientation to the foliation compared to Horseshoe and Ledbetter. Furthermore, there is less steeply dipping structure at Palomino than at Horseshoe and Ledbetter.

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![oceanagold6a.jpg](oceanagold6a.jpg)

Source: CNI, 2025

**Figure 16-11: Horseshoe, Palomino, and Ledbetter UG Stereonets**

**<u>In Situ Stress Measurement</u>**

The 2017 field program led by SRK included in situ stress measurements which were conducted by Agapito Associates, Inc. (AAI) using a downhole overcoring technique developed by Sigra, Pty. (Sigra) of Brisbane, Australia. A summary of the in situ stress measurements is presented in Table 16-19. The major horizontal stress (Sigma 1) is more than twice the vertical stress (Sigma 3).

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**Table 16-19: In Situ Stress Measurement Summary**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Sigma 1** | **Sigma 2** | **Sigma 3** |
| Bearing/Plunge (Deg.) | 088/00 | 178/00 | 178/90 |
| Stress Gradient (MPa/m) | 0.0561 | 0.0376 | 0.0259 |

---

Source: OceanaGold, 2020

**<u>Rock Strength Laboratory Testing</u>**

A summary of rock strength laboratory testing is presented in Table 16-20.

**Table 16-20: Summary of the Laboratory Testing**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Laboratory** | **Rock Type** | **Uniaxial Compression Strength (UCS)** | **UCS (with E&v)** | **Triaxial Compression Strength** | **Disk Tension** | **Small Scale Direct Shear** | **Total** |
| 2009 | ATT | Metasediments | 1 | 1 | 4 |  | 2 | **13** |
| (Golder OP) | ATT | Dike | 1 | 1 | 4 | - | - | **13** |
| (Golder OP) | ATT | Metavolcanics | 2 | 1 | 4 | - | - | **13** |
| 2011 | ATT | Metasediments | 12 | - | - | - | - | **12** |
| (Golder UG) | ATT | Dike | 12 | - | - | - | - | **12** |
| (Golder UG) | ATT | Metavolcanics | 12 | - | - | - | - | **12** |
| 2016 | Agapito | Metasediments | 7 | 8 | 5 | 1 | 3 | **37** |
| (SRK UG) | Agapito | Dike | 1 | 1 | - | - | 1 | **37** |
| (SRK UG) | Agapito | Metavolcanics | 2 | 2 | 3 | 1 | 2 | **37** |
| \*2017 | Agapito | Metasediments | 11 | 9 | 10 | 10 | 6 | **125** |
| (SRK UG) | Agapito | Dike | 3 | 4 | - | 2 | 1 | **125** |
| (SRK UG) | Agapito | Metavolcanics | 21 | 16 | 15 | 9 | 8 | **125** |
| 2017 | CNI | Metasediments | - | - | - | - | 7 | **18** |
| (CNI) | CNI | Dike | - | - | - | - | 5 | **18** |
| (CNI) | CNI | Metavolcanics | - | - | - | - | 6 | **18** |
| 2020 | CNI | Metasediments | - | - | 13 | 23 | - | **113** |
| (CNI) | CNI | Dike | - | - | 15 | 30 | - | **113** |
| (CNI) | CNI | Metavolcanics | - | - | 16 | 16 | - | **113** |
| 2023 | CNI | Metasediments | 3 | 2 | 5 | 6 | 5 | **59** |
| (CNI) | CNI | Dike | - | - | - | - | - | **59** |
| (CNI) | CNI | Metavolcanics | 6 | - | 12 | 17 | 3 | **59** |
| 2025 | CNI | Metasediments | - | 2 | 3 | 5 | 1 | **33** |
| (CNI) | CNI | Dike | - | 2 | 3 | 5 | - | **33** |
| (CNI) | CNI | Metavolcanics | - | 2 | 3 | 5 | 2 | **33** |
| **Total** | **Total** | **Total** | **70** | **51** | **107** | **130** | **52** | **410** |

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 Source: SRK, 2017 & CNI, 2025

**<u>Rock-Mass Characterization</u>**

The properties have similar geology consisting of metasediments and metavolcanics (dacite, rhyodacite, intrusive breccia, basement volcanics) overlain by some volcanic tuff, coastal sands, and saprolite. At Horseshoe, mineralization is predominantly hosted within the metasediments, whereas the ore at Palomino and Ledbetter is hosted within both the metasediments and metavolcanics (rhyodacite and dacite; intrusive breccia at Ledbetter). As presented in Figure 16-12 and Figure 16-10, most of the rock quality is of fair rock quality using Barton's rock quality classification. In general, the metavolcanics are better rock quality compared to the metasediments, due to less intense foliation within the metavolcanics compared to the metasediments.

![oceanagold29.jpg](oceanagold29.jpg)

Source: CNI, 2025

**Figure 16-12: HUG, PUG, and LUG Rock Qualities by Rock Type**

**<u>Horseshoe Underground Geotechnical Domains</u>**

A northwest-southeast section view through the Horseshoe Mine is illustrated in Figure 16-13. The upper elevations contain thin layers of Coastal Sands and Saprolite underlain by the basement rocks of MS and MV where the metavolcanics consist of Dacite and Rhyodacite. The upper

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elevations (nominal 100 m thick) of the metavolcanics beneath the saprolite are more fractured and weathered than the deeper metavolcanics. The mineralized zone is mostly within the metasediments. Most of the capital infrastructure is within the metavolcanics.

![oceanagold10.jpg](oceanagold10.jpg)

Source: CNI, 2025

**Figure 16-13: Generalized Geotechnical Cross Section – Horseshoe (Looking NE)**

**<u>Palomino Underground Geotechnical Domains</u>**

A northwest-southeast section view through the Palomino Mine is illustrated in Figure 16-14. The upper elevations contain thin layers of Coastal Sands and Saprolite underlain by the basement rocks of MS and MV where the metavolcanics consist of Rhyodacite and Dacite. The upper elevations (nominal 100 m thick) of the metavolcanics beneath the saprolite are tuffaceous and more fractured and weathered than the deeper metavolcanics. The mineralized zone is predominantly in Rhyodacite. Most of the capital infrastructure is within the metavolcanics (Dacite).

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![oceanagold18a.jpg](oceanagold18a.jpg)

Source: CNI, 2025

**Figure 16-14: Generalized Geotechnical Cross Section – Palomino (Looking NE)**

**<u>Ledbetter Underground Geotechnical Domains</u>**

A northwest-southeast section view through the Ledbetter Mine is illustrated in Figure 16-15. The upper elevations contain thin layers of Coastal Sands and Saprolite underlain by the basement rocks of metasediments (MS) and metavolcanics (MV) where the metavolcanics consist of Intrusive Breccia and Dacite. The mineralized zone of Lobe 1 is predominantly in the Intrusive Breccia. Dikes trace throughout the area and bound the northern side of the Lobe 1 mineralization. Lobe 3 mineralization is within metasediments and divided between dikes. Most of the capital infrastructure is within the metasediments and basement volcanics.

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![oceanagold33.jpg](oceanagold33.jpg)

Source: CNI, 2025

**Figure 16-15. Generalized Geotechnical Cross Section - Ledbetter (Looking NE)**

**<u>Rock Strengths</u>**

Laboratory uniaxial compression strength test (UCS) results show that the strength of the metasediment rocks are medium-strong (UCS = 45 MPa), the metavolcanic rocks are very strong (UCS = 140 MPa), and the dike rocks are also very strong (UCS = 139 MPa). Intact strength properties are presented in Table 16-21.

**Table 16-21: Summary of Strength Properties (mi and σ*ci*)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geotechnical Unit** | **Density (kg/m**<sup>3</sup>**)** | **Intact Strength Properties** | **Intact Strength Properties** | **Intact Strength Properties** |
| **Geotechnical Unit** | **Density (kg/m**<sup>3</sup>**)** | **σci (MPa)** | **σt (MPa)** | **mi** |
| Metasediments | 2791  | 45.0  | 6.7  | 10.6  |
| Metavolcanics <br>(Dacite + Rhyodacite + Intrusive Breccia) | 2737  | 139.7  | 8.4  | 14.0  |
| Dike | 2786  | 138.6  | 11.7  | 10.2  |

---

Source: CNI, 2025

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**<u>Stope Design Parameters</u>**

Transverse longhole stope (LHS) mining has been selected as the mining method for all sites. The LHS method requires a top cut, which is used as a drilling platform, and a bottom cut, which is used as a mucking level. The pillar between the top cut and the bottom cut is excavated by initiating a small vertical opening (slot raise), and then by line blasts that progressively open a large excavation with four walls (two side walls and two end walls) and a back (roof). All ore is drawn from the bottom cut sublevel. Backfill is placed to fill the void space. Backfilled pillars can then be used as the sidewalls for subsequent secondary stopes. Stopes that have total strike lengths in excess of their stable length can be panelled such that consolidated backfill is placed once the stope is at its maximum stable length. Subsequent panels can be re-slotted against the poured backfill and stoping can re-commence until the entire strike length of the stope has been mined. Risks associated with subsidence are generally eliminated due to the placement of backfill in the completed stopes. The total open stope height is typically 25 metres, with the topcut drift above the open stope, resulting in a full exposure height of 30 metres (sill-to-back). Stope panel dimensions currently vary between the three projects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Horseshoe: 15 to 20 m wide x 18 to 25 m high (23 to 30 m high sill to back) x maximum 25 m long; stopes below the 925 level are reduced to 15 m wide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Palomino: 15 m wide x 25 m high (30 metres high sill to back).

oLengths vary by rock type and mining level

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ledbetter

oLobe 1: 15 metres wide x 25 metres high (30 metres high sill to back)

oLobe 3: 10 metres wide x 25 metres high (30 metres high sill to back)

oLengths vary by mining level

**<u>Stability Graph Method for Stope Dimensions</u>**

The Mathews Stability Graph Method (1980) was used to evaluate stope dimensions at all sites. This method is an empirical design tool based on case histories from hard rock mines which typically have good to very good quality rock.

The Stability Graph method accounts for key factors influencing open stope design, including rock-mass strength and structure, stresses surrounding the opening, and the shape and orientation of the stope. The analysis assumes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stress field orientations and magnitudes as summarized in Table 16-19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q' based on the 75% reliability values from modelled blocks within each mining sublevel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stopes oriented at 330 degrees azimuth alignment for Horseshoe and Palomino, and 317 degrees azimuth alignment at Ledbetter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flat stope backs and vertical stope walls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stope walls oriented approximately parallel to the primary joint orientation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stopes of 15 to 20 m width at Horseshoe, 15 m width at Palomino, and 10 to 15 m width at Ledbetter.

**<u>Mathews Stability Graph Results</u>**

Each mining sublevel was analyzed to predict maximum stable stope configurations by rock type. The stability charts updated by Hutchinson and Diederichs (1996) were utilized for all stope dimension evaluations. For non-supported surfaces such as end walls and side walls, it is

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recommended that the upper boundary of the transition zone between stable and caving cases be used for design (Hutchinson & Diederichs, 1996). For stope backs, the stability number was plotted to the stable with support line and assumes effective cable bolt support across the stope spans. Stopes were optimized for length for each 30-metre stope sublevel while maintaining constant stope widths. With effective support installed within stope backs, stability is controlled by sidewall dimensions. Results of the Mathews stability graph analyses for side and end walls by mining site are presented in Figure 16-16 through Figure 16-18.

![oceanagold28.jpg](oceanagold28.jpg)

Source: CNI, 2025

**Figure 16-16: Stability Graph Results – Horseshoe**

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![oceanagold35.jpg](oceanagold35.jpg)

Source: CNI, 2025

**Figure 16-17: Stability Graph Results – Palomino**

![oceanagold34.jpg](oceanagold34.jpg)

Source: CNI, 2025

**Figure 16-18: Stability Graph Results – Ledbetter**

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**<u>Longhole Stope Mining Sequencing</u>**

A staggered 1-3-5 sequence will be used. The sequence offers the advantage of allowing several primary stopes to be mined simultaneously, which increases productivity. To maintain pillar stability, both sides of a pillar cannot be mined simultaneously. Stopes should be staggered such that panels are backfilled before opening the nearest stope in section. By utilizing this sequence with a staggered leading panel, a 3x pillar width (of rock or backfill) is maintained between concurrently open stope panels. Furthermore, one full stope sublevel must be mined above a secondary pillar before recovering it. Stope top cut and bottom cut development cannot commence until the adjacent stopes are filled to the entire vertical extent.

**<u>Access Pillars and Sill Pillars</u>**

To minimize mining-induced damage to long-term access drifts (footwall drives), the setback distances used in the design for all properties include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Haulage setback of 18 metres to 24 metres from stopes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Main ramp setback of 64 metres to 70 metres from stopes

Sill pillars are planned at Horseshoe between the 825 and 850 Levels and between the 900 and 925 Levels to divide stoping blocks so that the uppermost stopes may be brought into production prior to completing development to the lower levels. Production development for Palomino and Ledbetter is currently sequenced so that sill pillars are not required.

**<u>Backfill</u>**

To achieve full recovery of the orebodies, all primary stopes must be backfilled with consolidated fill material. Stope panels will be backfilled with cemented rock backfill (CRF) which are trucked into nearby stockpiles and then moved via loader into open stopes to fill them to their original top cut sill elevation and then top cuts can be compact filled to achieve tight filling to the back.

The purpose of the CRF is to support and confine the sidewalls of primary stopes and allow subsequent stope panels to be re-slotted against CRF endwalls. Consequently, the CRF must remain stable at a full vertical stope height when adjacent secondary stopes are opened, or when re-slotting a stope panel. CRF strength estimates were calculated using the frictionless wedge model proposed by Mitchell et al. (1982). For a 30-metre total exposed wall height (from sill of bottom cut to back of top cut), 600 Kpa is required to achieve a 1.5 factor of safety.

**<u>Ground Support and Drift Stability</u>**

Ground support varies based on the permanence and exposure of each individual mine opening. In general, discrete support requirements have been established for permanent development and production mining headings.

<u>Horseshoe Mine Permanent Support (Decline and Footwall Drives)</u>

Permanent development at Horseshoe is mostly supported using galvanized Split Set (SS-46) friction stabilizers (1.8-metres in ribs; 2.4-metres in back) and #8 rebar (2.4-metres in back). Some areas of the mine do not currently have the rebar bolts installed to meet the standard and are more susceptible to corrosion. However, a plan is being developed to install the rebar bolts in all areas.

All bolting strategies achieve a safety factor exceeding 1.5 based on kinematic analyses. All advancing faces are supported with 1.8-metre friction bolts and mesh.

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A majority of all development has a rock quality, Q rating, greater than 2. Consequently, most development at Horseshoe will not require shotcrete with the exception of areas that have high exposure to equipment and personnel and warrants additional surface support.

<u>Horseshoe Mine Temporary Support (Production Headings and Ore Drives)</u>

The backs and sidewalls of ore drives and slot drives will be supported with SS-46 black friction bolts of 1.8-metre length in ribs and 2.4-metre length in backs, using a nominal 1.1-metre bolt spacing. These drives are not expected to have a service life greater than one year, and as a result do not require corrosion protection. Surface support includes shotcrete when poor rock quality is encountered and is prescribed by the geotechnical engineer.

Cable bolts are installed at all lateral development intersections, spans wider than 7.0 metres, and open stope backs (depending on the span and ground conditions). The ground support design includes single strand cables (7.3-metre length) installed in stope crowns at densities of 0.25 - 0.38 cables per metre squared. Plating is conducted as needed.

The 7.3-metre cable bolts are used for stope brows, or in lateral development with spans exceeding 7.0 metres (e.g., decline passing bays or 3-way intersections).

<u>Palomino Mine Permanent Support (Decline and Footwall Drives)</u>

The proposed ground support for Palomino and Ledbetter is presented in Table 16-22. Support requirements are based on both kinematic and empirical methods. All bolting layouts achieve a safety factor exceeding 2.0 based on kinematic analyses. All advancing faces are supported with <br>1.8 m friction bolts and mesh.

Nearly all development has a rock quality, Q rating, greater than 2. Consequently, most development at Palomino and Ledbetter will not require shotcrete.

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**Table 16-22: Summary of Permanent Support Categories for Palomino and Ledbetter**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Support Category** | **Q value** | **Estimated Rock Mass Rating (RMR) 76\GSI** | **Estimated** <br>**% of Development** | **Advance Length (m)** | **Support Type** |
| Category 1 | > 2.0 | > 50 | 91  | 4.0  | 2.4-metre #7 rebar on 1.2-metre x 1.2-metre spacing with welded mesh (10 cm / 6 Ga.) to within 1.5 metres of sill |
| Category 2 | 0.7 - 2.0 | 41 - 50 | 3  | 3.5  | 2.4-metre #7 rebar on 1.2-metre x 1.2-metre spacing with welded mesh (10 cm / 6 Ga.) and 5 cm of shotcrete to within 1.5 metres of sill |
| Category 3 | 0.07 - 0.7 | 20 - 40 | 3  | 2.5  | 10 cm of fiber reinforced shotcrete (FRS) and 2.4-metre #7 rebar on 1.2-metre x 1.2-metre spacing with welded mesh (10 cm / 6 Ga.) down to sill |
| Category 4 | < 0.07 | < 20 | 3  | 1.2  | 15 cm of FRS and 2.4-metre #7 rebar on 1.2-metre x 1.2-metre spacing with welded mesh (10 cm / 6 Ga.) down to sill with 6 count #7 rebar arch spaced each 2.4 metres and fully encased in shotcrete; forepoling (spiling) |

---

Source: CNI, 2025

<u>Palomino Mine Temporary Support (Production Headings and Ore Drives)</u>

Temporary ground support for stope crowns and production ore drives at Palomino is summarized in Table 16-23. These drives are not expected to have a service life greater than one year, and as a result, do not require corrosion protection and friction bolts are an acceptable alternative to rebar bolts. Surface support includes shotcrete when rock quality with Q less than 1.0 is encountered (Category 2).

Cable bolts are installed at all lateral development intersections, spans wider than 7.0 metres, and open stope backs (depending on the span and ground conditions). The ground support design includes single strand cables installed in stope crowns at a minimum density of 0.25 cables per metre squared. Plating will be conducted as needed.

Minimum 6.3 m length cable bolts are used for stope brows, or in lateral development with spans exceeding 7.0 metres (e.g., decline passing bays or 3-way intersections).

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**Table 16-23: Summary of Production Support Categories for Palomino and Ledbetter**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Primary / Secondary** | **Support Category** | **Q value** | **Estimated RMR76\GSI** | **Advance Length (m)** | **Support Type** |
| Primary Support | Category 1 | > 1.0 | > 44 | 4.0  | 2.4-metre #7 rebar or 12-ton-capacity inflatable friction bolts<sup>(1)</sup> on 1.2-metre x 1.2-metre spacing with welded mesh (10 cm / 6 Ga.) to within 1.5 metres of sill |
| Primary Support | Category 2 | 0.7 - 1.0 | < 44 | 2.5  | 2.4-metre #7 rebar<sup>(1)</sup> on 1.2-metre x 1.2-metre spacing with welded mesh (10 cm / 6 Ga.) and 5 cm of shotcrete to within 1.5 metres of sill |
| Secondary Support | 7.3- to 8.3-metre cable bolts (single strand) on 2.0-metre x 2.0-metre spacing in the backs (minimum 3 each per row); installed prior to stoping | 7.3- to 8.3-metre cable bolts (single strand) on 2.0-metre x 2.0-metre spacing in the backs (minimum 3 each per row); installed prior to stoping | 7.3- to 8.3-metre cable bolts (single strand) on 2.0-metre x 2.0-metre spacing in the backs (minimum 3 each per row); installed prior to stoping | 7.3- to 8.3-metre cable bolts (single strand) on 2.0-metre x 2.0-metre spacing in the backs (minimum 3 each per row); installed prior to stoping | 7.3- to 8.3-metre cable bolts (single strand) on 2.0-metre x 2.0-metre spacing in the backs (minimum 3 each per row); installed prior to stoping |

---

Source: CNI, 2025

<sup>(1)</sup> 12 Ton Capacity Friction Bolts are Acceptable Alternative to Rebar in Headings with less than 1 year service life

<u>Intersection Support</u>

Intersections will include cable bolt support (7.3-metre single strand cables) in addition to the primary support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.3Mine Design

Minable stope shapes are designed using Deswik Stope Optimizer in accordance with industry standards. Dimensions of the stopes for the mines are shown in Table 16-24.

**Table 16-24: Underground Stope Design Dimensions**

---

| | | | |
|:---|:---|:---|:---|
| **Deposit**  | **Width<br>(m)** | **Height<br>(m)** | **Strike<br>(m)**  |
| Horseshoe 925 RL & Above | 20  | 25  | 20-35 |
| Horseshoe 900 RL & Below | 15  | 25  | 20-35 |
| Palomino | 15  | 25  | 20-35 |
| Ledbetter | 15  | 25  | 20-35 |
| Ledbetter Lobe Three | 10  | 25  | 10  |

---

Source: OceanaGold, 2025

The underground mine design is performed by HGM staff using planning software and internal guidance based upon industry standards. Various site-specific information such as mining equipment sizes, ground support standards, and site historic performance is taken into consideration when generating mine designs. Specific details on typical design parameters are described in section 16.2 Underground Mining Methods.

Horseshoe consists of three portals located on the northern side of the Snake Open Pit, one of which is used for primary access and material haulage. Palomino will consist of a twin decline

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system from the 925 level in Horseshoe and a single decline from the 925 level in Ledbetter. Ledbetter will consist of a portal from the western side of the Ledbetter Open Pit.

Extraction sequence is as follows: Primary stopes are mined first in the sequence which are backfilled with Cemented Rock Fill. Secondary stopes lie between the primaries and are backfilled with mixture fill or unconsolidated rock fill depending upon the stope's location. Refer to Figure 16-19. Stope extraction is typically sequenced to be mined from bottom up as can be seen in Figure 16-20.

![oceanagold20a.jpg](oceanagold20a.jpg)

Source: OceanaGold, 2025

**Figure 16-19: Long Hole Stoping Method Schematic**

![oceanagold27a.jpg](oceanagold27a.jpg)

Source: OceanaGold, 2025

**Figure 16-20: Typical Stoping Sequence**

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Backfill consists of CRF, URF or a combination of the two. CRF is produced via a batch plant. The batch plant consists of an aggregate hopper, two cement silos, conveyor belt, and paddle mixer. Backfill is hauled from the surface batch plant to stockpile bays underground where it is then placed into the stopes via loading units. In late 2027 the Horseshoe backfill plant is planned to be upgraded, to increase capacity from 900 m³ to 1,400 m³ per day to accommodate backfilling at Horseshoe and Palomino. A second plant will be constructed for Ledbetter with a 1,400 m³ per day capacity.

Typical CRF mixture used underground is a low strength recipe that 5% cement binder. Sill level stopes are located only in the Horseshoe deposit on the 925 and 850 levels, which are levels that will have stopes directly below to be mined out later in the mine plan and will utilize a high strength CRF mix with 10% cement binder. Refer to Figure 16-29 for locations of the sill levels.

Unconsolidated Rock Fill is placed in the last stope of the secondary stope line. A combination of 70% Low Strength CRF by void volume containing 5% cement binder and 30% URF by void volume is used in all other secondary stope lines. Figure 16-21 is an illustration of a typical secondary stope line's backfill.

![oceanagold21.jpg](oceanagold21.jpg)

Source: OceanaGold, 2025

**Figure 16-21: Typical Secondary Stope Line Backfill**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.4Geochemical Classification

The current underground mine design includes 3.2 Mt of development rock and 11.7 Mt of ore. Development rock is approximately 21% of the total material to be mined in the underground mine plan. As underground development is advanced, metavolcanic material can be utilized as unconsolidated rock fill (URF). Metavolcanic material is a small proportion of URF and most URF material is sourced from Green Non-PAG material from the open pit. All development rock from underground mining that comes to surface is handled as Red PAG, due to the small quantity and the logistics of testing required to classify and route it according to the geochemical classification. During mining, the development rock from the underground mine is hauled to surface and stockpiled on a clay liner before open pit mining operations moves it to West PAG OSA.

Most of the development rock generated from underground mining will be for mine access and ventilation development. Access and ventilation workings in the current mine design will intersect the metavolcanics unit, which was extensively characterized by geochemical testing and is not believed to present a significantly greater risk for Acid Rock Drainage Metal Leaching than the same

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material in other areas of the Project. However, characterization is recommended to obtain confirmatory data on the geochemical properties of the new mining areas, to apply to geochemical modeling for water quality predictions.

CRF and URF are used as backfill material for the current underground mine design. CRF is produced at the batch plant on site with aggregate comprised of bedrock lithologies classified as Green (Non-PAG) overburden from open pit mining. The URF is also comprised of Green (Non-PAG) bedrock overburden. SRK completed geochemical characterization of CRF samples (SRK, 2017), but upon further review, found that the overburden materials collected for CRF testing were more representative of Red PAG rock than Green Non-PAG rock. Because the aggregate sourced for CRF is limited to Green Non-PAG rock, the characterization results are not representative of the CRF and are not presented in the geochemical characterization reports (Schafer, 2019 and Oceana Gold, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.5Mining Operations

Both waste and ore are trucked out of the underground utilizing 50 tonne articulated trucks and to respective stockpiling areas. Before ore is trucked to the mill, first pass tramp metal removal is performed currently by an excavator picking through the ore material removing large metal such as ground support, drilling consumables and other items. A metal removal plant is planned to begin construction in 2026 for the Horseshoe Surface Infrastructure with a second facility to be constructed for Ledbetter Underground to be constructed in 2028 and will then be used for tramp metal removal. After removing the metal, the ore is then rehandled by open pit haul trucks to the ROM pad. Waste material is rehandled by the open pit haul trucks to waste dump facilities.

Palomino's material during development will be hauled out of the twin decline and through Horseshoe's main portal until the ramp connection to Ledbetter is established, estimated to be completed in 2029. Once completed, underground articulated trucks will move material out via the ramp to Ledbetter and out of the Ledbetter portal.

Material from Ledbetter will be trucked to the surface via the decline to Ledbetter.

Howden's VentSim software is utilized to model ventilation scenarios and airflow requirements for all three underground deposits. Three portals are used for ventilation at Horseshoe, two as fresh air intakes and one for exhaust. Two primary fans on the exhaust side pull of air out of portal two. Fresh air is pulled down the main decline from portal one and fresh air drop raises (4 m x 6 m) via portal three to the 900 level. From there, air is drawn down the decline to the bottom of the mine. Delivery of air to the working headings is accomplished via auxiliary fans on the main decline that pickups up fresh air and routes it to the face via ventilation ducting. The air is then exhausted back along the footwall drives to the return air raises (4 m x 6 m) and out of Portal Two. Refer to Figure 16-22 for a typical overview of level ventilation and Figure 16-23 for the underground ventilation model.

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![oceanagold7.jpg](oceanagold7.jpg)

Source: OceanaGold, 2026

**Figure 16-22: Typical Level Ventilation Overview**

Ventilation for Palomino will have fresh air will be pulled from a fourth portal located near Horseshoe's two ventilation portals and the decline that connects to Horseshoe on the 925 level down the twin decline where it will be pushed along the decline to the level accesses. Auxiliary fans will be used to deliver air to the headings in a similar method to the one described above for Horseshoe. Air is exhausted thru a series of return air raises up or down to the 800 level where two primary fans will pull air out the ventilation shaft located to the south of Snake Open Pit.

Ledbetter's fresh air will be pulled from the Ledbetter Portal down the decline, and a vent raise to the surface with two primary fans). Delivery of air to the heading using auxiliary fans is accomplished via the method described for Horseshoe. Air is exhausted via a series of raises that connects to an exhaust raise to the surface.

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![oceanagold19a.jpg](oceanagold19a.jpg)

Source: Stantec, 2025

**Figure 16-23: Underground Life of Mine Ventilation Model**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.6LOM Production Schedule

The underground LoM schedule was generated using Deswik's scheduling software, as shown in Figure 16-24 and Table 16-25 is derived from OceanaGold's onsite documentation for LoM Planning rates based on historical data and first principles. The underground mine is expected to produce 11.8 million ore tonnes and 3.2 million waste tonnes. The HUG production profile extends out to 2031 and can be seen in Table 16-26. PUG begins development in 2026 and reaches first ore in 2028, seen in Table 16-27. LUG portal construction commences in 2028, with first development ore expected in 2029 and steady-state production expected in 2030 as reflected in Table 16-28.

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![image_105a.jpg](image_105a.jpg)

Source: OceanaGold, 2025

**Figure 16-24: Annual Underground Ore Production Schedule**

**Table 16-25: Underground Production Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Ore Tonnes<br>(Mt)** | **Au<br>(g/t)** | **Waste Tonnes<br>(Mt)** | **Total Tonnes<br>(Mt)** |
| 2026 | 0.73  | 4.37  | 0.47  | 1.20  |
| 2027 | 0.71  | 4.18  | 0.46  | 1.17  |
| 2028 | 1.05  | 3.30  | 0.55  | 1.60  |
| 2029 | 1.16  | 4.29  | 0.45  | 1.61  |
| 2030 | 1.44  | 3.54  | 0.52  | 1.96  |
| 2031 | 1.58  | 3.31  | 0.38  | 1.96  |
| 2032 | 1.48  | 3.45  | 0.07  | 1.55  |
| 2033 | 1.50  | 3.60  | 0.13  | 1.63  |
| 2034 | 1.40  | 3.33  | 0.13  | 1.54  |
| 2035 | 0.70  | 2.70  | 0.01  | 0.71  |
| **LOM Total** | **11.75**  | **3.57**  | **3.17**  | **14.93**  |

---

Source: OceanaGold, 2025

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**Table 16-26: Horseshoe Underground Production Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Ore Tonnes<br>(Mt)** | **Au<br>(g/t)** | **Waste Tonnes<br>(Mt)** | **Total Tonnes<br>(Mt)** |
| 2026 | 0.73  | 4.37  | 0.24  | 0.97  |
| 2027 | 0.71  | 4.18  | 0.19  | 0.90  |
| 2028 | 0.75  | 3.46  | 0.18  | 0.93  |
| 2029 | 0.75  | 5.02  | 0.02  | 0.77  |
| 2030 | 0.75  | 4.26  | 0.03  | 0.78  |
| 2031 | 0.45  | 4.55  | 0.00  | 0.45  |
| **LOM Total** | **4.14**  | **4.29**  | **0.66**  | **4.80**  |

---

Source: OceanaGold, 2025

**Table 16-27: Palomino Underground Production Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Ore Tonnes<br>(Mt)** | **Au<br>(g/t)** | **Waste Tonnes<br>(Mt)** | **Total Tonnes<br>(Mt)** |
| 2026 | 0.00  | 0.00  | 0.23  | 0.23  |
| 2027 | 0.00  | 0.00  | 0.27  | 0.27  |
| 2028 | 0.30  | 2.92  | 0.21  | 0.51  |
| 2029 | 0.36  | 3.01  | 0.23  | 0.59  |
| 2030 | 0.15  | 2.22  | 0.22  | 0.37  |
| 2031 | 0.55  | 2.77  | 0.17  | 0.72  |
| 2032 | 0.70  | 3.10  | 0.01  | 0.71  |
| 2033 | 0.72  | 2.99  | 0.01  | 0.73  |
| 2034 | 0.63  | 3.07  | 0.00  | 0.63  |
| 2035 | 0.20  | 3.02  | 0.00  | 0.20  |
| **LOM Total** | **3.61**  | **2.96**  | **1.35**  | **4.96**  |

---

Source: OceanaGold, 2025

**Table 16-28: Ledbetter Underground Production Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Ore Tonnes<br>(Mt)** | **Au<br>(g/t)** | **Waste Tonnes<br>(Mt)** | **Total Tonnes<br>(Mt)** |
| 2028 | 0.00  | 0.00  | 0.16  | 0.16  |
| 2029 | 0.05  | 2.43  | 0.20  | 0.25  |
| 2030 | 0.54  | 2.92  | 0.27  | 0.81  |
| 2031 | 0.58  | 2.84  | 0.21  | 0.79  |
| 2032 | 0.78  | 3.76  | 0.06  | 0.84  |
| 2033 | 0.78  | 4.17  | 0.12  | 0.90  |
| 2034 | 0.77  | 3.54  | 0.13  | 0.90  |
| 2035 | 0.50  | 2.57  | 0.01  | 0.51  |
| **LOM Total** | **4.00**  | **3.57**  | **1.16**  | **5.16**  |

---

Source: OceanaGold, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.7Mine Equipment

The mine mobile equipment requirements based on the underground production schedule are summarized in Table 16-29. Additional Ancillary equipment besides the listed production equipment will be required to achieve the production values specified above.

**Table 16-29: Mobile Equipment Fleet**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment** | **2026**  | **2027**  | **2028**  | **2029**  | **2030**  | **2031**  | **2032**  | **2033**  | **2034**  | **2035**  | **Max Units** |
| 9 Yard Loader | 7  | 8  | 10  | 10  | 11  | 11  | 8  | 8  | 8  | 5  | 11  |
| 50 tonne Truck | 8  | 9  | 14  | 15  | 15  | 15  | 11  | 11  | 9  | 3  | 15  |
| Development Drill | 4  | 4  | 6  | 6  | 6  | 5  | 2  | 2  | 1  | 1  | 6  |
| Production Drill | 2  | 3  | 3  | 4  | 4  | 4  | 3  | 3  | 3  | 2  | 4  |
| Cablebolter | 1  | 2  | 3  | 3  | 3  | 3  | 3  | 2  | 2  | 2  | 3  |
| Raisebore | 1  | 1  | 1  | 2  | 2  | 2  | 2  | 2  | 2  | 2  | 2  |

---

Source: OceanaGold, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.8Hydrogeology and Mine Dewatering

The hydrogeology of the Site is summarized in Section 16.1.9 The Horseshoe underground mine workings will extend to a depth of approximately 1,560 ft (475 m) below ground surface and will be accessed by a decline from Snake Pit. The planned Ledbetter underground mine workings will extend to a depth of approximately 820 ft (250 m) below ground surface and will be accessed by drift development from the Ledbetter main decline. The planned Palomino underground mine workings will extend to a depth of approximately 1,390 ft (424 m) below ground surface and will be accessed via a twin decline from Horseshoe and a single decline from Ledbetter. The planned underground mine developments will intersect the weathered, fractured bedrock and the underlying unweathered/competent bedrock hydrostratigraphic units. As described in Section 16.1.9, weathered, fractured bedrock will likely be the predominant source of groundwater inflows to the underground workings. Annual dewatering of the underground workings will be accomplished by capturing water entering the tunnels and pumping the water to the surface.

Dewatering rates from the combined Horseshoe, Ledbetter, and Palomino underground workings have been estimated using the groundwater numerical model (Section 16.1.9) and range from approximately 370 to 650 gpm (23 to 41 L/sec), with an average rate of 530 gpm (33 L/sec). Estimated dewatering rates from the Horseshoe underground workings from 2026 through 2035 range from approximately 270 to 300 gpm (15 to 26 L/sec), with an average rate of 280 gpm (18 L/sec). Estimated dewatering rates from the Palomino underground workings from 2026 through 2035 range from approximately 90 to 290 gpm (6 to 18 L/sec), with an average rate of 200 gpm (13 L/sec). Estimated dewatering rates from the Ledbetter underground workings from 2028 through 2035, range from approximately 50 to 90 gpm (3 to 6 L/sec), with an average rate of 70 gpm (4 L/sec). The timing and volume of extracted groundwater from the underground workings is expected to be manageable.

Released: March 27, 2026 Page 207 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

16.3Combined Production Schedule

Figure 16-25 and Table 16-30 show the combined open pit and underground production schedule annually.

![image_106a.jpg](image_106a.jpg)

Source: OceanaGold, 2025

**Figure 16-25: Annual Open Pit and Underground Production**

The schedule has been designed to balance open pit production rates, ore grade, and stockpile buildup against higher-grade underground production that is preferentially feed to the processing plant.

Released: March 27, 2026 Page 208 of 275

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| | |
|:---|:---|
| NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States | ![oceanagold8a.jpg](oceanagold8a.jpg) |
| | ![oceanagold8a.jpg](oceanagold8a.jpg) |

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**Table 16-30: Combined Open Pit and Underground Mining Schedule and Processing Schedule**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Description** | **Unit** | **2026**  | **2027**  | **2028**  | **2029**  | **2030**  | **2031**  | **2032**  | **2033**  | **2034**  | **2035**  | **2036**  | **LoM Total** |
| **Underground Mining** | **Ore** | **Mt** | 0.73  | 0.71  | 1.05  | 1.16  | 1.44  | 1.58  | 1.48  | 1.50  | 1.40  | 0.70  | -  | **11.8**  |
| **Underground Mining** | **Au Grade** | **g/t** | 4.37  | 4.18  | 3.30  | 4.29  | 3.54  | 3.31  | 3.45  | 3.60  | 3.33  | 2.70  | -  | **3.57**  |
| **Underground Mining** | **Contained Au** | **Moz** | 0.10  | 0.10  | 0.11  | 0.16  | 0.16  | 0.17  | 0.16  | 0.17  | 0.15  | 0.06  | -  | **1.35**  |
| **Underground Mining** | **Ag Grade** | **g/t** | 1.6  | 1.4  | 1.5  | 1.9  | 4.4  | 4.9  | 7.6  | 8.3  | 6.8  | 7.6  | -  | **5.0**  |
| **Underground Mining** | **Contained Ag** | **Moz** | 0.04  | 0.03  | 0.05  | 0.07  | 0.20  | 0.25  | 0.36  | 0.40  | 0.31  | 0.17  | -  | **1.9**  |
| **Open-pit Mining**<sup>(1)</sup> | **Ore** | **Mt** | 4.38  | 4.79  | 1.59  | 1.03  | 1.37  | 2.32  | 1.18  | 1.10  | -  | -  | -  | **17.8**  |
| **Open-pit Mining**<sup>(1)</sup> | **Au Grade** | **g/t** | 2.01  | 1.91  | 1.06  | 1.16  | 1.16  | 1.38  | 1.30  | 1.06  | -  | -  | -  | **1.59**  |
| **Open-pit Mining**<sup>(1)</sup> | **Contained Au** | **Moz** | 0.28  | 0.29  | 0.05  | 0.04  | 0.05  | 0.10  | 0.05  | 0.04  | -  | -  | -  | **0.91**  |
| **Open-pit Mining**<sup>(1)</sup> | **Ag Grade** | **g/t** | 2.0  | 2.7  | 1.9  | 2.3  | 2.0  | 2.1  | 2.1  | 3.4  | -  | -  | -  | **2.3**  |
| **Open-pit Mining**<sup>(1)</sup> | **Contained Ag** | **Moz** | 0.28  | 0.42  | 0.10  | 0.08  | 0.09  | 0.16  | 0.08  | 0.12  | -  | -  | -  | **1.3**  |
| **Open-pit Mining**<sup>(1)</sup> | **Strip Ratio** | **w t:o t** | 5.7  | 5.0  | 12.0  | 5.4  | 2.9  | 2.4  | 4.5  | 2.3  | -  | -  | -  | **5.1**  |
| **Open-pit Mining**<sup>(1)</sup> | **Waste** | **Mt** | 25.1  | 23.8  | 19.2  | 5.6  | 3.9  | 5.6  | 5.3  | 2.6  | -  | -  | -  | **91.0**  |
| **Total Mining** | **Ore** | **Mt** | 5.11  | 5.50  | 2.64  | 2.19  | 2.81  | 3.90  | 2.66  | 2.60  | 1.40  | 0.70  | -  | **29.5**  |
| **Total Mining** | **Au Grade** | **g/t** | 2.35  | 2.20  | 1.95  | 2.82  | 2.38  | 2.16  | 2.50  | 2.52  | 3.33  | 2.70  | -  | **2.38**  |
| **Total Mining** | **Contained Au** | **Moz** | 0.39  | 0.39  | 0.17  | 0.20  | 0.22  | 0.27  | 0.21  | 0.21  | 0.15  | 0.06  | -  | **2.26**  |
| **Total Mining** | **Ag Grade** | **g/t** | 1.9  | 2.5  | 1.7  | 2.1  | 3.2  | 3.2  | 5.1  | 6.2  | 6.8  | 7.6  | -  | **3.4**  |
| **Total Mining** | **Contained Ag** | **Moz** | 0.32  | 0.45  | 0.15  | 0.15  | 0.29  | 0.41  | 0.44  | 0.52  | 0.31  | 0.17  | -  | **3.2**  |
| **Mill Feed** | **Ore Feed (Mt)** | **Mt** | 2.91  | 2.90  | 2.83  | 2.86  | 2.96  | 2.95  | 2.78  | 2.72  | 2.83  | 2.70  | 1.91  | **30.3**  |
| **Mill Feed** | **Ore Feed Au (g/t)** | **g/t** | 3.04  | 2.86  | 2.67  | 2.53  | 2.45  | 2.67  | 2.52  | 2.46  | 2.11  | 1.25  | 0.61  | **2.35**  |
| **Mill Feed** | **Ore Feed Ag (g/t)** | **g/t** | 2.1  | 2.3  | 2.0  | 2.1  | 3.2  | 3.7  | 5.1  | 5.7  | 4.4  | 3.6  | 2.0  | **3.3**  |
| **Mill Feed** | **Gold Recovery** | **% Au** | 87.8  | 86.7  | 85.5  | 86.4  | 86.6  | 83.8  | 77.4  | 77.3  | 75.7  | 74.6  | 69.2  | **82.7**  |
| **Mill Feed** | **Silver Recovery** | **% Ag** | 70  | 70  | 70  | 70  | 70  | 70  | 70  | 70  | 70  | 70  | 70  | **70**  |
| **Mill Feed** | **Gold (Au) Produced** | **Moz** | 0.25  | 0.23  | 0.21  | 0.20  | 0.20  | 0.21  | 0.17  | 0.17  | 0.15  | 0.08  | 0.03  | **1.90**  |
| **Mill Feed** | **Silver (Ag) Produced** | **Moz** | 0.14  | 0.15  | 0.13  | 0.13  | 0.21  | 0.24  | 0.32  | 0.35  | 0.28  | 0.22  | 0.09  | **2.26**  |

---

Source: OceanaGold, 2025

<sup>(1)</sup> Does not include stockpile material

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

17 Recovery Methods

A conventional flotation and cyanide leaching flow sheet is used at HGM. The process commenced commercial operation in 2017 with a nameplate capacity of 2,300,000 t/yr, with a progressive debottlenecking process undertaken to upgrade the plant to be able to treat up to 3,800,000 t/yr dependent on ore competency.

In general, the response of the ore treated to the plant flowsheet has been within expectations with gold deportment and leach extractions observed to be in accordance with that predicted through the original feasibility program.

Leach recovery has been observed to be affected primarily by the concentrate regrind size achieved. Flotation recovery has been impacted from blending oxidized rehandled ore with fresh sulfide ore reducing the effective recovery of sulfides in the flotation circuit. Improved blend control and segregation of feed has led to improved control of flotation and overall recovery.

17.1Processing Methods

The flowsheet and unit operations did not change as part of the upgrades with the LoM target of a nominal 3 Mt/yr expected to be achieved with the expected ore competency and hardness in the plan.

Benchmarking surveys of the grinding circuit were completed in 2017/18 along with power modeling of the circuit. Several external consultants identified the Haile ore requires approximately 30% less energy than that predicted from power modeling and SMC test results. A site-specific comminution model was developed with a strong correlation between SMC test parameters and Bond ball mill work index with SAG specific energy requirements. The work provided confidence to proceed with installation of the pebble crusher in 2018 to improve ability to handle more competent ore expected at depth. Additional surveys were conducted during 2021 on ores regarded from core testing as being amongst the most competent treated at the time to validate the site-specific model.

Operating experience in 2024 in the deeper Ledbetter Phase 2A open pit blended with Horseshoe Underground ore was amongst the most competent material encountered and lead to a noticeable decrease in mill throughput from 460tph to 380tph. A more extensive geometallurgical test program was undertaken with approximately 72 individual 5m core intercepts sent for testing with the Geopyora method to provide a higher density of results for the Ledbetter Phase 3, Snake Phase 3 and Haile Phase 2 pits to model throughput expectations. The effect of this more detailed information, and an increase of more competent underground-sourced ore to 50% of mill feed and further testing of Ledbetter Underground ore sources has led to a reduced throughput expectation in the mill. With use of demonstrated planned utilization factors, mill scheduled rates used are 3 Mta of combined ore over the coming Life of Mine plan with scheduled mill utilization.

The key additions to the process plant since original commissioning included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade to apron feeder motors for the crusher and emergency feeder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Speed upgrade to the SAG feed conveyor to achieve 600 t/h rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pebble crushing installation on existing SAG mill scats recycle and grate redesign

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Installation of a Nippon Eirich ETM-1500 tower mill (1.2 million watts (MW)) and 10-inch cyclone pack

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Installation of an M10000 Isamill (3 MW) and six-inch cyclone pack

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Installation of a larger 14 m diameter high-rate pre-aeration thickener

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Replacement of the flotation tailings thickener feed well and rakes with an Outotec Vane Feedwell system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Replacement of the cyanide recovery tailings thickener feed well and rakes with an Outotec Vane Feedwell system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Installation of a second parallel interstage screen in each CIL tank and second carbon safety screen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Installation of a third cyanide destruction tank and upgrades to the agitators of the existing two tanks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Modifications to the strip circuit automation, barren tank management and cyanide strength to reduce cycle time to under 10 hours

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Motor upgrades to the flotation tailings and cyanide recovery thickener underflow pumps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade to the final tailings pumps in the plant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Installation of a tailings pump booster station at the tailings storage facility to accommodate the raising of the dam wall and discharge around the entire dam perimeter at higher tonnage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementation of the Andritz expert system to cover SAG mill, ball mill, cyclone, thickening and cyanide destruction circuits to maximize throughput

The process plant consists of the following major components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crushing and conveying

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Storage and stockpiling of ore and reclaim

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grinding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flotation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fine grinding of concentrate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carbon in leach (CIL) recovery of precious metal values from reground flotation concentrate and flotation tailings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acid washing and elution of precious metal values from CIL loaded carbon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Electrowinning and refining of precious metal value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Thermal regeneration of eluted carbon and recycle to CIL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CIL tailing thickening, cyanide recovery, detoxification and pumping of slurry to storage

The following section describes the plant operation currently in operation at Haile. A Run of Mine (ROM) area is provided for storage and re-handling of ore allowing blending to minimize variation of head grade (sulfur and gold) and rock type, into the crusher. Ore is rehandled into the crusher dump pocket by Front End Loader (FEL).

Ore is reclaimed by an apron feeder onto a vibrating grizzly that delivers scalped oversize to the primary jaw crusher to reduce the ore size from RoM to minus 100 mm. Crushed ore is conveyed for surge and storage of the recombined grizzly undersize fines and primary crushed ore in a coarse ore surge bin or diverted on to an open conical emergency stockpile for later reclaim by FEL into a reclaim bin.

Ore is reclaimed from either the surge or reclaim bins, separately or simultaneously, using apron feeders onto a SAG mill feed conveyor belt delivering into the SAG mill feed chute.

Ore is milled in the SAG–Ball Mill-Pebble Crusher (SABC) circuit. The SAG mill operates in closed circuit with a vibrating discharge screen and a pebble return circuit incorporating a surge bin and

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Sandvik CH-440 cone crusher. The ball mill operates in closed circuit with hydrocyclones to produce the desired grinding product size of 75 microns.

Selected flotation reagents are added in the grinding circuit. A portion of the ball mill circulating load is treated in a flash flotation cell with the concentrate going to the regrind circuit.

The grinding circuit product passes through a bank of bulk rougher flotation cells to recover the balance of the sulfide mineralization. Thereafter, the combined flash and rougher flotation concentrates are reground in a two-stage circuit utilizing an ETM-1500 tower mill in closed circuit with cyclones to a P80 under 40 microns and then followed by an M10000 Isamill in closed circuit with cyclones to a target P80 of 13 microns.

The reground concentrate slurry is dewatered in a high-rate thickener prior to transfer to a tank for the pre-aeration step followed by cyanide leaching in a CIL circuit to dissolve gold and silver and adsorb the precious metal values from the solution onto activated carbon.

The flotation tailings slurry is thickened to recycle process water to the grinding circuit. The thickened tails slurry is combined with the leached concentrate stream and processed in an extension of the carbon in leach circuit to recover any leachable gold and silver contained in the float tail.

The loaded carbon is removed via screens from the CIL circuit and after further treatment by acid washing to reduce calcium scaling, precious metals are stripped with hot caustic-cyanide solution. The gold and silver are recovered by electrowinning from this solution, and the stripped carbon is heated in a kiln under a reducing atmosphere for thermal reactivation of its adsorption capability before being returned to the CIL tanks for reuse. The precious metal sludge from the electrowinning cells is dried and blended with fluxes and smelted to produce gold-silver doré bars, which are the final product of the ore processing facility.

The tailing slurry exiting the CIL circuit is dewatered in a similar thickening stage to the flotation tailings for recovery of the cyanide solution and reduction of the volume of slurry needing to be treated by oxidation of the residual cyanide. The detoxified tailing slurry is pumped for long-term storage in a lined Tailings Storage Facility (TSF) and supernatant water in the pond is recycled for reuse back at the plant.

The plant has facilities for the storage, preparation, and distribution of reagents to be used in the process. Reagents include flotation reagents i.e., sodium isobutyl xanthate (SIBX) and frother, as well as sodium cyanide, caustic soda, flocculant, copper sulfate, ammonium bisulfite, hydrochloric acid, lime and anti-scalants. Small amounts of fresh and potable water make-up are required in the process, but the main water requirements are satisfied by internal recycle from the thickeners and tailings decant water returned from the TSF.

The contact water treatment plant (CWTP) treats contact water from the mine active pits, seepage from the PAG cells and surface water runoff from the active PAG cells. A two-stage process is utilized with pH raised to a target of 9.4 to precipitate out metals followed by clarification for solids removal, then the addition of a metals precipitant to precipitate out other heavy metals. This is followed by clarification, microfiltration, pH adjustment back to a 7 to 8 range and is then discharged to the environment. The WTP utilizes lime from the main plant ring main for pH control along with local mixing of flocculant, coagulants and metals precipitants as required.

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17.2Processing Flowsheet

The overall simplified process flow sheet for the plant is shown in Figure 17-1.

![image_113a.jpg](image_113a.jpg)

Source: OceanaGold, 2025

**Figure 17-1: Haile Process Flow Sheet**

17.3Operational Results

Mill throughput ramped up following plant commissioning with nameplate of 285 t/h achieved within approximately six months. Following identification of key bottlenecks and circuit modeling with external consultants, a pebble crusher was commissioned in July 2018 along with an upgrade to the flotation tailings thickener. Mill throughput was then progressively increased as downstream restrictions were addressed. Production history and annual throughput are shown below in Figure 17-2. Monthly milling rates achieved in the 2020-25 period have varied as a function of ore

Released: March 27, 2026 Page 213 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

competency and oxidized clay content in feed between 400 t/h and 479 t/h, while total milled tonnes have been driven by the rate and overall utilization achieved.

![image_114a.jpg](image_114a.jpg)

Source: OceanaGold, 2025

**Figure 17-2: Mill Throughput Performance Since Startup**

Mill throughput restrictions are tracked by operations and are characterized by cause. The main drivers of reduced throughput are upstream constraints in the crushing circuit during high rainfall events increasing ore moisture, crushing circuit utilization affected by tramp steel from underground sources, oversized rock management from the open pit, ore competency affecting SAG mill feed rate, pumping capacity constraints in the thickening/final tailings systems or equipment failure.

SAG mill utilization progressively improved since startup from 2017-2021 with unplanned downtime reducing as rectification of circuit design took place to address high wear issues in the plant. Overall mill utilization has been tracking in the 84% to 89% range since startup with significant impact in 2023-2025 from unplanned outages related to the SAG mill drive train, crushing circuit utilization and impacts from tramp steel in the underground ore stream.

A number of changes have been progressively instituted in 2024-2025 aimed at driving mill utilization above 90%:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant overhaul of the primary crusher apron feeder was completed in Q4 2025 to overcome effects of wear on the equipment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduction in the aperture of the primary ROM bin grizzly down to 26" to reduce the effect of blockages downstream and damage to equipment form oversize material

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Modification of the primary crusher discharge conveyor head chute to incorporate a tramp steel magnet to remove rock bolts etc. present in the underground ore source

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Replacement of both the flocculant mixing and storage polyethylene tanks with new units due to developing cracks in the sidewalls necessitating plant outages to repair

Released: March 27, 2026 Page 214 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

Engineering rectifications and condition monitoring programs are in place to better forecast failures to minimize future downtime. A 92% overall utilization is considered for the Life of Mine plan. Historical utilization data since start up is shown in Figure 17-3.

![image_115a.jpg](image_115a.jpg)

Source: OceanaGold, 2025

**Figure 17-3: SAG Mill Utilization Since Startup**

Flotation recovery of pyrite is largely affected by the proportion of oxide material in the plant feed or processing older stockpiled primary ore that has partially oxidized. Operating strategy is now aligned with planned campaigns of oxide material to allow maintenance windows for the regrind circuit whilst the plant is operating. In the mill feed schedule, the average sulfur feed grade is 0.4% with a maximum monthly grade of 2.1%. The average of the highest 12 periods in the mine plan is 1.7%. The design basis of the regrind circuit was based on a 5% sulfur feed grade at a 4 Mt/yr feed rate ensuring this circuit will not be a restriction in the future.

Flotation circuit performance is shown below in Figure 17-4 over the last 5 years with the feed grade tracking as expected within the plant design between 1.5% to 3.5% sulfide sulfur and recovery of sulfide sulfur to the flotation concentrate in the 70% to 90% range. Variations in recovery in 2024-25 period is driven primarily by periods of higher stockpile rehandle in the feed blend between pit cutbacks, Q1 2024 saw treatment of a large portion of stockpiled low-grade oxide/transitional ore that was at the time of being fed mis-classified as stockpiled fresh.

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![image_116a.jpg](image_116a.jpg)

Source: OceanaGold, 2025

**Figure 17-4: Flotation Circuit Recovery**

Overall gold recovery over the last 5 years has trended well with the site recovery model with the circuit largely unchanged following the conversion of the pre-aeration tank to a cyanide leach tank. For budgeting purposes, oxide/transitional material is assigned a gold recovery of 68% gold and for fresh ore the feasibility recovery model is used with an uplift of 2.5% above 1.7g/t gold feed grade. Fresh ore stockpiled is given a 5% recovery penalty from this basis. The leach recovery over the last 5 years is shown in Figure 17-5 along with the feasibility model recovery and plant head grade. Key factors affecting the leach recovery include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issues impacting the operation and utilization of the regeneration kiln have had a significant impact on carbon activity leading to low levels of solution loss. Changes to equipment in the circuit has increased utilization of this circuit with noticeable improvement since mid-2024 (tube replacement, installation of standby heat exchangers etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• January and February 2024 saw recovery loss following hydrocarbon contamination events in the CIL circuit causing significant degradation of activated carbon. With the total carbon inventory in excess of 200t turnover through stripping and regeneration took around 6 weeks with elevated solution loss reducing recovery by 10% to 15%, residue grades remained at normal levels.

Released: March 27, 2026 Page 216 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

![image_117a.jpg](image_117a.jpg)

Source: OceanaGold, 2025

**Figure 17-5: Gold Recovery Performance 2021 to 2025**

17.4Processing Schedule and Unit Costs

The processing schedule is shown in Table 16-30 and Figure 17-6.

![image_118a.jpg](image_118a.jpg)

Source: OceanaGold, 2025

**Figure 17-6: Process and Gold Production Schedule**

Forward budgeting is based on a zero-order buildup based on drivers of feed tonnage or operating time. Operating experience over the recent years has allowed benchmarking of key consumable rates going forward. Key consumable consumption rates are shown in Table 17-1, the production

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driver metric being mill feed tonnage or concentrate tonnage depending on the area of the circuit. Power usage models for the process plant are established to calculate electrical power demand. Long-term maintenance schedules are used to identify reline activities, major overhauls and expected contractor cost

**Table 17-1: Key Consumable Consumption Rates**

---

| | | |
|:---|:---|:---|
| **Consumable** | **Unit** | **Consumption Rate** |
| 2" Ball Mill Balls | kg/tonne ore | 0.512 |
| 5 SAG Balls | kg/tonne ore | 0.474 |
| .75" Tower Mill Balls | kg/tonne ore | 0.150 |
| 2.5 mm ISA Mill Media | kg/tonne ore | 0.035 |
| Carbon | kg/tonne ore | 0.048 |
| Promoter | kg/tonne ore | 0.010 |
| Frother | kg/tonne ore | 0.004 |
| SIBX | kg/tonne ore | 0.030 |
| CuSO4 | kg/tonne ore | 0.116 |
| Flocculant | kg/tonne ore | 0.441 |
| NaCN | kg/tonne ore | 0.664 |
| Lime | kg/tonne ore | 1.45 |
| Ammonium Bisulfate | kg/tonne ore | 1.55 |
| HCI | kg/oz Au Produced | 1.367 |
| Caustic | Kg/oz Au Produced | 1.704 |
| Natural Gas | M<sup>3</sup>/oz Au Produced | 2.661 |
| **Water Treatment Plant** | **Water Treatment Plant** | **Water Treatment Plant** |
| Sulfuric Acid | Kg/m<sup>3</sup> discharged | 0.019 |
| Flocculant | Kg/m<sup>3</sup> discharged | 0.005 |
| Citric Acid | Kg/m<sup>3</sup> discharged | 0.095 |
| Caustic Soda Solution | Kg/m<sup>3</sup> discharged | 0.051 |
| Hypochlorite | Kg/m<sup>3</sup> discharged | 0.09 |
| Ferric Chloride | Kg/m<sup>3</sup> discharged | 0.014 |
| TMT-15 | Kg/m<sup>3</sup> discharged | 0.006 |
| AF304 | Kg/m<sup>3</sup> discharged | 0.005 |
| NaMnO4 | Kg/m<sup>3</sup> discharged | 0.011 |
| Sodium Bisulfate | Kg/m<sup>3</sup> discharged | 0.010 |

---

Source: OceanaGold, 2025

At the current average forecast mill throughput rates of 2.8-3.0 Mt/yr, process costs are budgeted at an average of US$23.28/tonne of ore milled over the LoM, incorporating US$2.13/tonne related to water treatment operations.

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Some increased costs have been assumed/identified in the Life of Mine cost preparation round from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional maintenance repair costs around the crushing/conveying section from increased wear associated with higher ore hardness from deeper sourced ore

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased labor rates for HGM staff over the last 24 months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased costs for key reagents from inflationary pressures on suppliers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inflationary increases to the unit electricity cost

Unit costs have allowed for an increase in the contact water treatment plant capacity and the introduction of a reverse osmosis stage in the process in 2025 to ensure ongoing compliance. This has led to an approximate increase of 17% of the water treatment unit cost.

17.5Contact Water Treatment Plant

The Contact Water Treatment Plant operates on a continuous basis to treat contact water for discharge off site. Contact water from the mining areas (pit dewatering, PAG storage areas) is collected in a series of lined ponds and treated via a conventional single stage pH adjustment water treatment process using lime, oxidants and coagulants followed by microfiltration to remove dissolved metals and suspended solids. In 2022 the original two stage pH adjustment water treatment plant was expanded with two additional trains consisting of a first stage pH adjustment and multiflo clarifier followed by three parallel trains of microfiltration and then pH adjustment to increase capacity from a nominal 1,100 gpm to 2,640 gpm.

In 2025 the addition of a reverse osmosis stage was added to the flowsheet to reduce the hardness of the discharged water to assist in achieving compliance with the biotic Whole Effluent Toxicity (WET) test. Input flowrates to the water treatment plant remains similar, brine from the reverse osmosis circuit is pumped to the tailings dam. Recommissioning of the large Minetek evaporators on a causeway within the tailings dam is underway to allow control of the process water pool in the dam through evaporation of this additional water input.

17.6Concentrate Leach Circuit Upgrade

Based on the results of testwork conducted as part of the Ledbetter Underground Feasibility study Ausenco was retained to undertake an Engineering Feasibility Study to separate the concentrate and flotation tailings streams during leaching and to extend the residence time for concentrate to 96 hours. This will be achieved by construction of an additional leach/adsorption circuit to the north of the current refinery building incorporating 4 new 750m3 leach tanks followed by a Kemix Carousel adsorption circuit operating as a Carbon in Pulp (CIP) flowsheet. Use of CIP as the technology for the concentrate leach was driven by the higher feed grades and solution tenors in the concentrate stream and to provide higher gold loadings on carbon and lower solution tail grades than CIL would provide and minimizing the total carbon inventory in the plant overall.

The existing refinery will be upgraded with the installation of a second acid wash column to allow parallel washing of carbon from both the concentrate and flotation tailings circuit ahead of stripping in the current strip column and regeneration circuit. With higher carbon loadings from the use of the CIP circuit on concentrate, strip capacity of the current circuit is sufficient to support the gold production rate in the order of 200-220koz per year over the remaining Life of Mine plan from 2028.

Released: March 27, 2026 Page 219 of 275

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For the economic modeling for the Ledbetter Underground a capital cost estimate of USD45M was assumed offsetting the additional recovery of approximately 63koz of gold from the extended residence time.

Detailed design, construction and commissioning is estimated at 24 months, and it is planned to complete detailed engineering in late Q3 2026 with procurement and construction to continue through 2027 with the circuit fully commissioned by the end of Q1 2028 well ahead of mining of Ledbetter Underground ore commencing. The location and layout of the new equipment is shown in the below Figure 17-7 from the Navisworks model developed during the Feasibility design phase.

![image_119a.jpg](image_119a.jpg)

Source: OceanaGold, 2025

**Figure 17-7 Proposed New Concentrate Leach CIP Circuit Location**

Released: March 27, 2026 Page 220 of 275

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18 Project Infrastructure

18.1Tailing Storage Facility

Currently, the Duckwood TSF has been permitted to be constructed in six stages to a crest elevation of 204 m. As of December 31, 2025, Duckwood holds approximately 25.6 Mt of tailings and the facility has an ultimate capacity of the 63 Mt. The first three stages of the embankment construction have been completed to a crest elevation of 183 m, and the Stage 4 embankment raise is currently being constructed. Once completed in the 1st Quarter of 2026, the crest elevation will be at 192 m, and the facility will have an approximate capacity of 43 Mt. The ultimate Duckwood TSF layout is presented in Figure 18-1 and Figure 18-2 shows the typical embankment cross-section.

Stage V construction involves raising the embankment, and the following improvements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realign portions of the following local roads and highways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US Highway 601

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duckwood Road

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Old Jefferson Highway

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estridge Avenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pit a Tat Road

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crossbow Lane

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reconstruct all perimeter runoff collection channels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Relocate and construct a new channel for upper Camp Branch Creek

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remove existing stormwater sediment collection basin P2, infiltration basin P3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construct perimeter stormwater sediment collection basins: P1, P3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reshape the Existing TSF Growth Media Stockpile

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Relocate the Hilton Archaeological Site

The deposition of tailings into the TSF is via a HDPE pipeline located around the perimeter of the embankment crest. Deposition will occur from banks of spigots installed on tailings distribution line along the crestline and the supernatant pond will be maintained in the centre of the facility. Tailings deposition will strategically progress around the facility to maintain slightly sloped surface to drain process water and direct precipitation towards the decant pond that is in the centre of the facility. A causeway has been constructed from the eastern crest to the centre of the facility to facilitate reclaiming the decant pond. Water from the decant pond will be recycled back to the mill for make-up water.

The TSF is designed as a zero-discharge facility. This facility has been sized to accommodate the anticipated tailing storage and operating pool requirements, the Probable Maximum Precipitation (PMP) storm event, and an additional 4 ft of freeboard at all times.

Released: March 27, 2026 Page 221 of 275

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![image_124a.jpg](image_124a.jpg)

Source: OceanaGold, 2026

**Figure 18-1: Tailing Storage Facility Layout** 

Released: March 27, 2026 Page 222 of 275

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![image_127a.jpg](image_127a.jpg)

Source: OceanaGold, 2026

**Figure 18-2: Tailing Storage Facility Typical Section**

Released: March 27, 2026 Page 223 of 275

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18.2Overburden Storage

During the mine life from the present, eight different OSAs underground and pit backfill will be utilized for the storage of approximately 105 Mt of additional material generated from the open pit, waste rehandle, and underground development. The material generated from the development of the pits will be classified as either potentially acid generating (PAG) or Non-PAG overburden material. 53 Mt of PAG material will be stored in the West PAG OSA, or in mined out pits. The 52 Mt of non-PAG material will be used for TSF embankment construction, backfill in underground stopes, capping PAG material in the pit backfill or placed at the existing green OSA (Ramona and South). The OSAs will be developed according to the pit progression.

Grass lined sediment collection control channels will be constructed around the footprint of each OSA. Sediment control structures will be constructed at the outfall of the sediment control channels for each facility. Water retained within the ponds is routed through a low-level riser pipe to an adjacent drainage. All the OSAs will be developed with a final reclaimed overall 3(H):1(V) slope.

18.3Potential Acid Generating (PAG) Overburden Storage Areas

With the current mining permit, West PAG Overburden Storage Area (OSA), and pit backfill are the only remaining dedicated facilities with capacity for storing the PAG material. It is estimated that the current mine plan will generate an additional 53 Mt PAG material of which 37 Mt will need to be stored above ground in the lined West PAG OSA.

The West PAG OSA, presented in Figure 18-3, is currently being expanded into its final phases. The facility is lined with a composite lining system utilizing a low permeability soil layer overlain by a geomembrane. The geomembrane will be covered with a 600 mm drainage layer. A pipe network will be installed within the drainage layer to collect and transmit infiltration through the PAG material and direct flow into the contact water collection ponds.

The West PAG OSA has two new contact water collection ponds, 541 and 463 Ponds. The 541 Pond has a capacity of 130 million litres (ML), including an extra 37 ML for additional contact water storage for staging to the contact water treatment plant. The remaining 93 ML is sized to contain the predicted runoff from the 100 year/24-hour storm event on the first two phases. The south expansion will drain to the 463 Pond, which is sized to hold 100 ML which exceeds to the predicted runoff from the 100 year/24-hour storm event for the third phase. When complete, the perimeter runoff collection channels for the full West PAG build out will drain to either the 465 (existing), 541 (existing) or 463 Pond (currently under construction). The PAG solution and storm water collected in the 465 and 463 Ponds will be pumped to the 541 Pond, and from there to the existing 19 Ponds for treatment and release, or for use in the milling process.

The ultimate footprint of West PAG OSA will have an overall footprint of approximately 62 ha and the PAG material will be loaded with an overall slope of 3(H):1(V).

Released: March 27, 2026 Page 224 of 275

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![image_134a.jpg](image_134a.jpg)

Source: OceanaGold, 2026

**Figure 18-3: West PAG Overburden Storage Area**

Released: March 27, 2026 Page 225 of 275

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18.4Site Wide Water Management

The existing site wide water management plan will remain unchanged. Incoming water from Upper Haile Gold Mine Creek will be detained by the Fresh Water Storage Dam (FWSD) at the upper reaches of the watershed. The as-built dam is shown in Figure 18-4. Water from the FWSD is pumped around the pits using the existing pumps and pipelines installed with the embankment. The pumps are sized to maintain the water storage elevation below 143 m to allow for sufficient freeboard for the 100-year storm event within the upper Haile Gold Mine Creek watershed. Low flow pumps are included to maintain the minimum flow of 15.9 L/s in Haile Gold Mine Creek, per the mining permit. The FWSD has capacity to store approximately 590 ML of fresh water. Should the FWSD level reach elevation 148 m, an emergency spillway is sized to pass the ½ PMP event safely into the pits to allow ample time for evacuation.

Released: March 27, 2026 Page 226 of 275

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![image_141a.jpg](image_141a.jpg)

Source: OceanaGold, 2022

**Figure 18-4: As Built Fresh Water Storage Dam**

Released: March 27, 2026 Page 227 of 275

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18.5Site Wide Water Balance

A GoldSim site wide water balance model was developed to evaluate operations associated with the Mill, TSF, contact water treatment plant, freshwater storage dam (FWSD) and associated water management facilities. Analyses looked at multiple possible scenarios covering a range of potential occurrences. Results from the study provide a variety of potential outcomes allowing risk-based decision making. The balance includes all major facilities that are expected to add water to the system, facilities that store water, facilities that use water and facilities for water treatment / release.

Sources of water can be considered to fall into three different categories: process water, contact water and non-contact water. Contact water requires treatment before it can be released but can be used in the process. Process water includes water in the mill process or TSF which cannot be released; process water is recycled to minimize the amount of water required at the mine.

Process water comes from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free water in the TSF including direct precipitation on the TSF and runoff into the TSF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underdrain from the TSF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any fresh water in the Mill process stream

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Natural moisture in the processed ore after it enters the process circuit

Contact water comes from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Runoff and underdrain from PAG OSA and Low-Grade Ore Stockpile

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct precipitation and runoff accumulating in the active and inactive pits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crusher pad and coarse ore stockpile containment areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Water pumped from the underground workings

Contact water can be used in the process as make up water or be treated in the CWTP and discharged. Non-contact water includes water that does not require treatment (beyond sediment control, as required that can be released to the environment.

Sources of non-contact water include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Groundwater from pit depressurization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal water

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Runoff from Topsoil Stockpiles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Runoff from Non-PAG Overburden Storage Areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Runoff from Undisturbed Ground

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Runoff from TSF Outer Perimeter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Runoff from the Plant Site (process water is contained within the process)

The results of the site wide water balance analysis indicate that under the full range of meteorological conditions evaluated, there is expected to be adequate storage in the TSF to contain process and anticipated meteorological water falling within the TSF catchment. Municipal supplies and non-contact water generated on site are expected to be sufficient to meet water demands.

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18.6Water Supply

Fresh water required for dust suppression and the process plant will be supplied by the pit depressurization wells and meteoric water intercepted prior to running into the pits. WTP treated water may also be used to meet dust suppression water demands. Any excess water from the depressurization wells will be pumped to the FWSD and / or the FWST (Fresh Water Storage Tank) before releasing to the environment. Mill process water will be sourced from TSF reclaim pond and make-up water will be sourced from pit run-in and surface catchment at the FWSD. PAG OSAs can also be used as mill make up water if necessary. The underground operations water supply will be sourced from WTP treated water or from the fresh water sources located on site either ponds or the Fresh Water Detention Dam and then transported via an HDPE line to the underground facilities. A water storage tank will then provide clean water down the decline for underground mining equipment and water use at the underground yard. The site is connected to the town of Kershaw municipal water system for potable water supply.

18.7Surface Roads and Bridges

The existing Highway 601 overpass provides both a traffic crossing and a means of carrying the tailings delivery line across Highway 601 from the Process Plant. The existing overpass has been upgraded to allow fully loaded 175 tonne haul trucks to deliver random fill from the Mine to the TSF for the construction of TSF. TSF Stage 5 will require Highway 601 to be relocated pending final design of the TSF and road expansions.

18.8Underground Surface Infrastructure

Currently the Horseshoe Underground Surface Infrastructure contains facilities such as mobile and fixed maintenance workshops, backfill/shotcrete batch plant, water storage facilities, compressed air facilities, office facilities, Run of Mine Stockpile, aggregate crushing circuit for CRF, and water retention ponds. Future expansion of the batch plant to increase capacity and a metal removal plant is currently planned. A single lane haulage road from the surface infrastructure down to the portals with multiple pull overs for passing traffic is established and maintained. Figure 18-5 has an overview of the surface infrastructure for Horseshoe.

Palomino will utilize Horseshoe's current infrastructure with exception of a high voltage line run over to the future site of the main ventilation shaft. This site will also host an additional substation and a backup generator.

Ledbetter infrastructure is separated into two main areas - the in-pit area and surface area, reference Figure 18-6. The surface area will contain the offices, maintenance shop, warehouse, water storage, and main electrical infrastructure from the overhead power line. The in-pit area will contain the batch plant, crush/screen plant, metal removal plant, ore & waste dumps, laydowns, and sumps. Surface ventilation shafts and escapeway raises will intercept the surface at the 1020 m RL bench in the open pit.

Released: March 27, 2026 Page 229 of 275

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![image_144a.jpg](image_144a.jpg)

Source: OceanaGold, 2025

**Figure 18-5: Underground Surface Infrastructure Detail**

![image_145a.jpg](image_145a.jpg)

Source: OceanaGold, 2025

**Figure 18-6:Proposed Ledbetter Underground Surface Infrastructure**

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18.9Power Supply

All incoming power demand for the site is met by the local grid and supplied by Lynches River Electric Cooperative.

The total power demand for the site (including underground operations) is estimated to be 23 MVA. The study undertaken by Lynches River Electric Cooperative confirmed the availability of power to site with some upgrades to the existing 69 kV substation and transmission line. These minor upgrades including the installation of a second 69/24kV transformer have been completed as of December 31, 2025.

As part of the Ledbetter Underground Feasibility study the power demands from the execution of the earlier Ledbetter Phase 4 open pit as an underground operation were estimated and the site power system model updated to account for the change in load and the operation of concurrent underground operations. The investigation confirmed the Lynches River upgrade to the 69 kV supply to site and existing on-site distribution systems were suitable to support the changed LoM plan.

Released: March 27, 2026 Page 231 of 275

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19 Market Studies and Contracts

**<u>General</u>**

Haile Gold Mine has been operating continuously since 2016 and has current contracts and purchase arrangements in place for doré refining and other goods and services required for the operation.

**<u>Bullion Production and Sales</u>**

The market for gold doré is well established. Market predictions and discussions for gold are beyond the scope of this document. The impacts of gold price volatility on the mine plan and process operation are well understood.

A contract is in place with Metalor USA Refining Corporation (Metalor), located in North Attleboro, Massachusetts, for the refining of doré bullion. This company is a subsidiary of Metalor Technologies SA which is a well known and established precious metal refiner. Metalor Technologies SA is a subsidiary of Japan's Tanaka Kikinzoku Group and is headquartered in Marin, Switzerland.

The contract with an Effective Date of January 31, 2020, has an amendment extending the contract to January 31, 2027, subject to termination by either party. This contract also sets a range of prices and surcharges for refining the doré under terms and conditions which generally comply with industry norms. It is assumed that these contract terms will be renewed through the LoM operation without changes or will be negotiated with a new refiner, if necessary.

**<u>Gold Price Hedging and Forward Sales Contracts</u>**

Haile currently has no forward sales, gold price hedging, gold loans, offtake or similar type agreements. OceanaGold does from time to time enter into group wide pre-sales agreements. Currently, these represent a relatively minor component of total gold production. OceanaGold has four operating mines across which these can be spread. Key contracts and status are shown in Table 19-1.

Released: March 27, 2026 Page 232 of 275

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**Table 19-1: Key Contracts and Status Requirements** 

---

| | | | |
|:---|:---|:---|:---|
| **Vendor** | **Purpose** | **Address** | **End Date** <br>**of Contract** |
| Roberts Shell  | Diesel | Kershaw, South Carolina | Feb-26 |
| Sandvik | Parts | Smyrna, Georgia | Sep-26 |
| Blanchard Machinery | Parts | West Columbia, South Carolina | Jun-29 |
| Linder Industrial | Parts | Atlanta, Georgia | Jan-30 |
| Linkan Engineering  | RO Plant  | Elko, Nevada | Dec-26 |
| Lynches River | Electricity | Pageland, South Carolina | Dec-30 |
| McCarthy Tire Services | Tires | Wilkes-Barre, Pennsylvania | Dec-26 |
| Nelson Brothers LLC | Blasting Open Pit | Birmingham, Alabama | Jul-30 |
| Orica | Blasting Underground | Centennial, Colorado | Jul-30 |
| Covoro Corporation  | Cyanide | Memphis, Tennessee | Dec-27 |
| Magotteaux | Grinding Media | Franklin, Tennessee | Apr-27 |
| Moly-Cop | Grinding Media | Kansas City, Missouri | Apr-27 |

---

Source: OceanaGold, 2025

Released: March 27, 2026 Page 233 of 275

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20 Environmental Studies, Permitting, and Social or Community Impact

Haile's current mine plan is based on construction, mining operation, closure, and reclamation of eight open pits, with three of those pits being left as pit lakes (Champion, Small, and Ledbetter) and one as a partial pit lake (Snake). Due to the 2022 Supplemental Environmental Impact Statement NEPA process, Haile received the permits required for current operations.

On May 24, 2018, Haile applied to the US Army Corp of Engineers (USACE) to initiate the National Environmental Policy Act (NEPA) process and launch a Supplemental Environment Impact Statement (SEIS). USACE has jurisdictional responsibility for all waters of the United States and works cooperatively with US Environmental Protection Agency (USEPA), and South Carolina Department of Environmental Services (SCDES) for modifications such as this that have impacts to wetlands, groundwater and surface water conditions, and air emissions. Haile submitted a Project Description, Alternatives Analysis, and 127 additional technical reports in support of this application. These technical reports cover a wide range of topics including impact assessments to the wetlands, air, land, vegetation, groundwater, surface water, flora and fauna, cultural heritage sites, socioeconomic conditions, and reclamation plans.

To adjust mine plan expansions, a modified application of the 404 Permit under the Clean Water Act of 1972 (CWA) was submitted in Quarter 4 2020. The final SEIS was published on August 19, 2022. The record of decision and modified 404 permit was received on December 12, 2022. Various permitting approvals/certifications were also required from SCDES, including modification of Haile's Mine Operating Permit which was received on December 14, 2022, and 401 Water Quality certification which was received November 8, 2022. Other federal and state agencies included in the review process during the SEIS included: EPA, United States Fish and Wildlife Service (US FWS), SC DNR, South Carolina State Historic Preservation Office (SC SHPO), South Carolina Department of Transportation (SC DOT) and Catawba Indian Nation. NEPA process also allows NGOs and other interested parties an opportunity for review and comment on the anticipated impacts.

Since December 14, 2022, SCDES has approved two additional modifications to Haile's Mine Operating Permit. An expansion of the Horseshoe underground operation was approved on February 21, 2024, and the Palomino underground operation was approved on March 15, 2024.

Haile is unique in that mining occurs wholly on private land owned by Haile Gold Mine and does not impact federal/public (BLM or USFS) lands that would be subject to projected modifications from these surface management agencies.

This provides financial assurance to the State of South Carolina that funds will be available (in the event of default by Haile Gold Mine) to implement and complete the Reclamation Plan and for implementing, maintaining, repairing, or enhancing any aspect of reclamation, closure, and post closure activities. The financial assurance is in the form of surety bonds and an interest-bearing trust account.

Released: March 27, 2026 Page 234 of 275

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Table 20-1 is a summary of the current HGM permits as issued under the 2014 Environmental Impact Statement, 2022 Supplemental Environmental Impact Statement, and subsequent state permitting processes.

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**Table 20-1: Mine Permits**

---

| | | | |
|:---|:---|:---|:---|
| **Agency** | **Permit/**<br>**Authorization Number** | **Date**<br> **Received** | **Description** |
| US Army Corps of Engineers | 404 Permit – SAC-1992-24122-4IA | October 27, 2014 | Permit to affect wetlands and streams per the approved Mine Plan.  |
| US Army Corps of Engineers  | 404 Permit – SAC-1992-24122-4IA  | December 19, 2022 | Modified Permit to affect wetlands and streams per the approved Mine Plan. |
| U.S. Army Corps of Engineers | Permit 2004-1G-157 | October 16, 2007 | Permit to fill a portion of the old North Fork Creek |
| Mine Safety and Health Administration (MSHA) | MSHA ID: 38-00600 | February 5, 2010 | Operate mine within MSHA standards |
| &nbsp;&nbsp;&nbsp;Federal Communications Commission | Call Sign: WQJB814 | July 18, 2008 | Base station frequency, ten local frequencies |
| South Carolina Department of Environmental Services (SCDES), Bureau of Water | 401 Water Quality Certification | November 8, 2022 | Water Quality certification to construction and operate a gold mine on HGMC, Camp Branch Creek, unnamed tributaries and adjacent wetlands. |
| SCDES, Division of Mining and Solid Waste Management | Mining/Operating Permit<br>No. I-000601 | December 14, 2022 | Mine Operating Permit – Regulation of closure and reclamation. |
| SCDES, Bureau of Solid and Hazardous Waste Management | Permit No. SCD987596806 | April 4, 2022 | Conditionally exempt very small quantity generator |
| SCDES, Industrial Wastewater Permitting Section | WTR-Wastewater Construction Permit<br>Permit No. 19852-IW | January 30, 2015 | Permit to construct sewer lines |
| SCDES, Bureau of Water, Industrial, Agricultural, and Storm Water Permitting Division | Dams and Reservoirs Safety Permit 29-0007 (Issued October 7, 2013) | October 7, 2013 | Dam Safety Permit – Significant Hazard (Construction). Stability during earthquake-induced ground motion was evaluated by SCDHEC prior to issuance of the TSF construction permit. SCDES completed evaluation of the seismic stability study pursuant to the International Commission of Large Dam (ICOLD) design and performance standards.  |
| SCDES, National Pollutant Discharge Elimination System (NPDES) Program, Water Facilities Permitting Division SWPPP General permit | General Permit for Stormwater Discharges for Small and Large mining (Activities Permit) SCR100000 | July 1, 2022 | Discharge of stormwater in connection with construction of structures not covered under the Industrial General Permit – requires submittal of Storm Water Pollution Prevention Plan (SWPPP) and public notice prior to construction |
| SCDES, NPDES Program, Water Facilities Permitting Division | Wastewater discharges associated with mining activity Permit No. SC0040479 | June 1, 2022 | Discharge of wastewater in connection with mining activities |
| SCDES, Office of Environmental Quality, Bureau of Air Quality | Bureau of Air Quality, State Title V No. 1460-0070 | July 1, 2021 | Authorizes the operation of this facility and the equipment specified herein in accordance with valid construction permits, and the plans, specifications, and other information. |
| Lancaster County Council | Floodplain Development Permit June 27, 2013 | January 27, 2013 | Floodplain Administrator oversees and implements the provisions of the Flood Damage Prevention Ordinance. |
| South Carolina Department of Transportation, (SCDOT) | 177006 | January 14, 2015 | Encroachment Permit |

---

Source: OceanaGold, 2025

Released: March 27, 2026 Page 236 of 275

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20.1 Required Permits and Status

All required mining permits have been received. Minor modification will need to be completed for the change of mining method for Ledbetter Phase 4 from and open pit to an underground is expected to be completed in 2027 with estimated approval to take two to three months based on the minor modifications completed for Horseshoe and Palomino in 2024.

20.2 Environmental Studies

There are no current environmental studies required at this time.

20.3 Environmental Bond

As required by Haile's Mine Operating Permit, a progressive US$112 million (M) Bond plus a US$20 million Reclamation Trust Agreement is in place between HGM and SCDES. Currently, the US$112 million has been posted under the agreed upon schedule. The bond is increased periodically by SCDES to provide financial assurance to the State of South Carolina that funds will be available (in the event of default by HGM) to implement and complete the Reclamation Plan and for implementing, maintaining, repairing, or enhancing any aspect of reclamation, closure, and post closure activities. The financial assurance is in the form of surety bonds and an interest-bearing trust account.

Released: March 27, 2026 Page 237 of 275

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21Capital and Operating Costs

21.1Capital Expenditure Estimates

The Capital costs for LOM were developed considering the planned mine physicals and historical costings with current price trends and supporting studies.

Sustaining capital reflects the continuation of mining operations for items such as tailings storage facilities, PAG equipment replacement and or planned component replacement or additional identified equipment needs and processing infrastructure.

Non-Sustaining capital reflects the development phases of the underground deposits of PUG and LUG along with metallurgy upgrades that support the underground deposit in the process plant.

Capitalized open-pit pre-strip reflects the pit waste stripping costs and UG Mine Development reflects life of mine waste development of ventilation drives and raises, along with main declines.

A summary of the total capital expenditure is provided in Table 21-1.

**Table 21-1: Total Capital Expenditure Summary (US$000's)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Non-Sustaining Capex** | **Sustaining Capex** | **Total** |
| OP Capitalized Pre-Strip |  | 147541 | 147541 |
| OP Mining Property, Plant, & Equipment (PP&E) |  | 103320 | 103320 |
| UG Mining PP&E |  | 66296 | 66296 |
| UG Mine Development Capitalized | 57372 | 98363 | 155735 |
| UG PUG – Development Phase<sup>(1)</sup> | 135538 |  | 135538 |
| UG LUG – Development Phase<sup>(1)</sup> | 152929 |  | 152929 |
| Processing | 67107 | 66143 | 133250 |
| Infrastructure | 126 | 92515 | 92641 |
| External Affairs and Social Performance (EA&SP) | 2000 |  | 2000 |
| **Total Net Capex** | **415072** | **574178** | **989250** |
| Reclamation/Closure <sup>(2)</sup> | 123465 | - | 123465 |
| **Total LoM Net Capex** | **538537** | **574178** | **1112715** |

---

Source: OceanaGold, 2025

<sup>1</sup> Sustaining Capex captured under general UG Mine Development Capitalized

<sup>2</sup> Captured as Capex in Cashflow

21.2Operating Cost Estimates

The total LoM operating cost (excluding capitalized operating cost) is US$2,455 million. Operating costs have been estimated based on historical performance at Haile, supplier quotations, estimates from consultants with appropriate expertise and otherwise estimated internally by appropriately credentialled HGM staff.

The total LoM operating cost unit rate of US$80.93/t processed is summarized in Table 21-2.

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**Table 21-2: LoM Operating Cost Summary**

---

| | | |
|:---|:---|:---|
| **Description** | **US$000's** | **US$/t Mined** |
| OP Mining ($/t rock mined (ore and waste)) - All Material | 727076 | 6.68 |
| OP Mining ($/t rock mined (ore and waste)) - (excl. capitalized cost) | 579535 | 5.33 |
| UG Mining ($/t rock mined (ore and waste)) – All Material | 913855 | 61.29 |
| UG Mining ($/t rock mined (ore and waste)) - (excl. capitalized cost) | 758120 | 50.85 |
| **US$000's** | **US$000's** | **US$/t Ore Processed** |
| **Subtotal Mining (Operational Material Only)** | 1337655  | 44.11 |
| Processing | 706105 | 23.28 |
| G&A Cost | 402627 | 13.28 |
| Bullion Refining/Freight Costs | 8209 | 0.27 |
| **Total Operating Costs** | **$2454596**  | **$80.93** |

---

Source: OceanaGold, 2026

There are cost items excluded from the operating cost, as detailed in Table 21-3, which OceanaGold does not consider to be direct operating costs, but is considered under the Indirect costs for the operation and these costs are included in the economic analysis. There is a US$10.1 million commitment remaining to pay on the Reclamation Trust Agreement to get to the US$20 million obligation. The Reclamation Trust Agreement will be returned at the end of LOM, hence the reversal.

**Table 21-3: LoM Indirect Costs Summary**

---

| | | |
|:---|:---|:---|
| **Description** | **US$000's** | **US$/t<br> Ore Processed** |
| Reclamation Trust Agreement – Remaining Contributions | 10080 | 0.33 |
| Reclamation Trust Agreement - Release | -20000 | -0.66 |
| Community Contributions | 9200 | 0.30 |
| Interest Expense - Capital Leases | 3562 | 0.12 |
| Principal Payment - Capital Leases: Sustaining | 25877 | 0.85 |
| Principal Payment - Capital Leases: Non-Sustaining | 13086 | 0.43 |
| **Total Non-Operating Costs** | **41804** | **1.38** |

---

Source: OceanaGold, 2025

Released: March 27, 2026 Page 239 of 275

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22 Economic Analysis

All costs, prices, and financial indices in Section 22 are presented in United States Dollars unless otherwise noted. The metrics reported in this volume are based on the annual cash flow model results. The metrics are on both a pre-tax and after-tax basis, on a 100% equity basis with no Project financing inputs and are in Q4 2025 U.S. constant dollars.

22.1Principal Assumptions and Input Parameters

The indicative economic results summarized in this Section 22 are based upon work performed by OceanaGold in 2025 and 2026. Key criteria used in the analysis are discussed in detail throughout this section. Principal Project assumptions used are summarized in Table 22-1.

**Table 22-1: Basic Model Parameters**

---

| | |
|:---|:---|
| **Description** | **Value** |
| Time Zero Start Date | January 1, 2026 |
| OP Operations Start | January 1, 2026 |
| UG Operations Start | January 1, 2026 |
| OP Mine Life | 8 years |
| UG Mine Life | 10 years |
| Mill Operations | 11 years |
| Closure Period | 4 years |
| Gold Price ($/oz) | $2200 |
| Silver Price ($/oz) | $25 |
| Discount Rate | 5% |

---

Source: OceanaGold, 2025

All costs incurred prior to January 2026 are considered sunk with respect to this analysis. Note that because the Project is operating and is valued on a total project basis with prior capital treated as sunk, and not by an incremental analysis of the UG and mill expansions, an IRR value is not relevant in this analysis.

The selected Project discount rate is 5%. A sensitivity analysis of the discount rate is shown in Section 22.4.3. Foreign exchange impacts were deemed negligible as most, if not all, costs and revenues are denominated in US dollars.

Gold pricing assumptions used in the economic model include a constant LoM gold price of US$2,200/oz and a LoM silver price of US$25/oz consistent with the Mineral Reserves assumptions. Results for an Alternative Price Case with commodity prices reflecting current market conditions is summarized in Section 22.5.

Doré refining / freight costs are modeled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 99.996% payable Au

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1.70/ oz Au treatment and refining charge

Silver is included in the current Mineral Reserve estimates and Cashflow Forecasts.

Released: March 27, 2026 Page 240 of 275

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The silver by-product credit in the economic model is calculated using a constant silver price of US$25/ oz and an average recovery of 70%. The additional silver related doré refining costs are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 99.0% payable Ag

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1.10/ oz Ag treatment charge

Produced doré transportation charges are estimated and applied in the model at US$4,150 per weekly transport.

The assumptions used for working capital for this estimate are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts Receivable (A/R): 5-day delay

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts Payable (A/P): 30-day delay

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Zero opening balance for A/P and A/R

Annual adjustments to working capital levels are made in the economic model with all working capital recaptured by the end of the mine life resulting in a LoM net free cash flow (FCF) impact of US$0.

22.2Taxes, Royalties and Other Interests

22.2.1Taxation

As the Project is currently in operation, an estimate of depletion and depreciation deductions for the remainder of the mine life has been incorporated into the economic model. The main taxation assumptions utilized within the model are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Income Tax (CIT) rates are 21% for Federal and 5% for South Carolina

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Existing Net Operating Loss (NOL) pools are not considered

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal Depletion allowance is estimated for each period by applying a depletion rate of US$192/oz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Tax Depreciation allowance schedule has been included. The tax depreciation schedule provided yields US$1,805 million of depreciation from the whole year 2026 through LoM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The total tax deductions calculated for the operation from 2026 through the LoM are presented in Table 22-2.

**Table 22-2: Haile Tax Deductions (US$000's)**

---

| | |
|:---|:---|
| **Tax Deductions** | **LoM US$(000's)** |
| Depreciation | 1804759 |
| Depletion | 363753 |
| **Total Tax Deductions** | **$2168512** |

---

Source: OceanaGold, 2026

22.2.2Royalties

There are no third-party government or private royalties or government severance taxes due on the Project during LoM. The economic model was created on a project level basis and no fractional ownership, if applicable, was considered in the result.

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22.2.3Financing Costs

Financing costs, including principal and interest associated with finance leases, have been included in the economic analysis. Finance lease principal and interest payments have been treated as capital-equivalent expenditures to ensure consistent economic treatment between leased and purchased equipment and to maintain neutrality with respect to equipment acquisition methods.

22.3Pricing Model Results – Reserves Case

At OceanaGold Reserve prices ($2,200/oz gold price, $25/oz silver price) Haile delivers post-tax financial metrics of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $565 million undiscounted cashflow (UCF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $414 million net present value (NPV) at a 5% discount rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,592/oz All-In Sustaining Cost (AISC)

Annualised financial performance is summarised in Figure 22-1 and Table 22-3.

![oceanagold16a.jpg](oceanagold16a.jpg)

Source: OceanaGold, 2026

**Figure 22-1: Project After-Tax Metrics Summary**

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**Table 22-3: Financial Performance Summary (Reserve Case)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **Total** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037**<sup>(1)</sup> |
| **Market Prices** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gold | $/oz | **2200**  | 2200  | 2200  | 2200  | 2200  | 2200  | 2200  | 2200  | 2200  | 2200  | 2200  | 2200  | 2200  |
| Silver | $/oz | **25**  | 25  | 25  | 25  | 25  | 25  | 25  | 25  | 25  | 25  | 25  | 25  | 25  |
| **Produced Metal** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Produced Gold | koz | **1.90**  | 0.25  | 0.23  | 0.21  | 0.20  | 0.20  | 0.21  | 0.17  | 0.17  | 0.14  | 0.08  | 0.03  | -  |
| Produced Silver | koz | **2.24**  | 0.13  | 0.15  | 0.13  | 0.13  | 0.21  | 0.24  | 0.31  | 0.34  | 0.28  | 0.21  | 0.09  | -  |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Gold Revenue | $M | **4170**  | 549  | 508  | 457  | 440  | 444  | 471  | 382  | 367  | 318  | 175  | 57  | -  |
| Silver By-Product Credit | $M | **56**  | 3  | 4  | 3  | 3  | 5  | 6  | 8  | 9  | 7  | 5  | 2  | -  |
| **Total Gross Revenue (Gold Only)** | **$M** | **4170**  | **549**  | **508**  | **457**  | **440**  | **444**  | **471**  | **382**  | **367**  | **318**  | **175**  | **57**  | **-**  |
| **Operating Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mining | $M | **1338**  | 177  | 125  | 148  | 145  | 155  | 168  | 144  | 119  | 86  | 62  | 10  | -  |
| Processing | $M | **706**  | 72  | 69  | 67  | 67  | 67  | 66  | 65  | 62  | 63  | 57  | 53  | -  |
| General & Administration | $M | **403**  | 52  | 50  | 45  | 44  | 40  | 39  | 37  | 35  | 26  | 20  | 15  | -  |
| Selling Costs | $M | **8**  | 1  | 1  | 1  | 1  | 1  | 1  | 1  | 1  | 1  | 1  | 0  | -  |
| **Direct Operating Costs (inc. By-Product Credit)** | **$M** | **2399**  | **298**  | **240**  | **257**  | **254**  | **257**  | **268**  | **239**  | **208**  | **168**  | **134**  | **75**  | **-**  |
| Community and Bond Related Costs | $M | **(1)** | 3  | 3  | 3  | 3  | 2  | 2  | 1  | 1  | 1  | 1  | -  | (20) |
| Lease Payments & Interest | $M | **43**  | 14  | 13  | 11  | 4  | 1  | -  | -  | -  | -  | -  | -  | -  |
| **Non-Operating Costs** | **$M** | **42**  | **17**  | **16**  | **14**  | **6**  | **3**  | **2**  | **1**  | **1**  | **1**  | **1**  | **-**  | **(20)** |
| **Operating Cash Flow (Pre-Tax)** | **$M** | **1729**  | **234**  | **252**  | **186**  | **180**  | **183**  | **202**  | **143**  | **158**  | **149**  | **40**  | **(18)** | **20**  |
| Income Tax | $M | **51**  | 19  | 23  | 7  | -  | -  | -  | -  | -  | -  | -  | -  | 1  |
| Working Capital | $M | **0**  | (7) | (1) | 0  | 6  | (7) | 0  | 0  | 2  | 2  | 0  | 2  | 4  |
| Sustaining Capital | $M | **574**  | 138  | 138  | 97  | 70  | 55  | 32  | 25  | 9  | 6  | 2  | 1  | -  |
| Non-sustaining Capital | $M | **539**  | 81  | 149  | 88  | 76  | 14  | 5  | 3  | 21  | 14  | 32  | 12  | 43  |
| **After-Tax Net Cash Flow** | **$M** | **565**  | **3**  | **(57)** | **(7)** | **28**  | **121**  | **164**  | **115**  | **127**  | **127**  | **6**  | **(33)** | **(28)** |
| **After-Tax NPV @ 5%** | **$M** | **414**  | **3**  | **(53)** | **(6)** | **24**  | **97**  | **126**  | **83**  | **88**  | **84**  | **4**  | **(20)** | **(15)** |
| Stock Movement (Cash) | $M | **(17)** | 54  | 26  | 39  | 14  | 11  | 22  | 1  | (1) | (49) | (69) | (65) | -  |
| LoM All-In Sustaining Costs (AISC) | $M | **3018**  | 392  | 364  | 327  | 315  | 305  | 280  | 264  | 219  | 224  | 205  | 142  | (20) |
| **LoM AISC Metric** | **$/oz Au** | **1592**  | **1571**  | **1577**  | **1573**  | **1575**  | **1513**  | **1307**  | **1519**  | **1314**  | **1553**  | **2579**  | **5435**  | **-**  |

---

Item

Source: OceanaGold, 2026

(1) Closure and Rehabilitation Costs beyond 2037 are reflected in 2037 for presentation.

Released: March 27, 2026 Page 243 of 275

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Figure 22-1 presents annual cash flow metrics vs. recovered gold production and shows that the Project does not generate positive free cash flow in 2027 and 2028 due to the level of capital expenditure during that period, and then again from 2036 as the operation winds down due to lower tonnage and grade through the mill and closure and rehabilitation costs.

As a result of the tax deductions identified in Section 22.2, the operation, as modeled, is expected to pay approximately US$51 million in income tax over the life of the operation. As this project is being modeled on a simplified basis in isolation at fixed prices and costs, actual results may differ, including as a result of changes in legislation, operating performance, or corporate structuring amongst other factors.

22.4Sensitivity Analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.1Operational Sensitivity

After-tax sensitivity analyses for key operational parameters are shown in Figure 22-2. The Project is nominally most sensitive to revenue. The Project's sensitivities to capital and operating costs are similar but the Project is slightly more susceptible to variations in operating costs.

![image_164a.jpg](image_164a.jpg)

Source: OceanaGold, 2026

**Figure 22-2: Operational Sensitivity Analysis**

Released: March 27, 2026 Page 244 of 275

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NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States <u><br></u> <br>  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.2 Gold Price Sensitivity

Additional gold price sensitivity analyses are shown with after-tax Project NPV 5% at constant ±25% sensitivity prices of US$2,750/oz (+25%) and US$1,650/oz (-25%), and an alternative price deck that is more in line with the current price environment (Alternative Price Profile), which is a flat price deck at US$4,000/oz Au and US$45/oz Ag.

Figure 22-3 shows the gold price sensitivity analysis.

![image_165a.jpg](image_165a.jpg)

Source: OceanaGold, 2026

**Figure 22-3: Gold Price Sensitivity Analysis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4.3Discount Rate Sensitivity

A sensitivity analysis of discount rates presented in Figure 22-4shows that the Project as currently modeled would be NPV positive through a 20% discount rate.

Released: March 27, 2026 Page 245 of 275

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![image_166a.jpg](image_166a.jpg)

Source: OceanaGold, 2026

**Figure 22-4: Discount Rate Sensitivity Analysis**

22.4.4Alternative Pricing Model Result

For the Alternative Price Case Haile delivers post-tax financial metrics of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3,258 million undiscounted cashflow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2,583 million NPV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,569 /oz AISC.

The modeled indicative economic results are presented in Table 22-4 at the Alternative price profile.

Released: March 27, 2026 Page 246 of 275

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**Table 22-4: Indicative Economic Results at Alternative Price Profile**

---

| | |
|:---|:---|
| **Description** | **US$000's** |
| **Market Prices** | **Market Prices** |
| Gold (US$/oz) | 4000  |
| Payable Gold (Moz) | 1.9  |
| **Revenue** | **Revenue** |
| Gross Gold Revenue | 7581084  |
| Silver By-Product Credit (at ~ US$45 / oz Ag) | 100618  |
| **Total Gross Revenue** | **$7681702**  |
| **Operating Costs** | **Operating Costs** |
| OP Mining | (579535) |
| UG Mining | (758120) |
| Processing | (706105) |
| Site G&A | (402627) |
| Selling/Refining | (8209) |
| Non-Operating Costs  | (41804) |
| **Total Operating Costs** | **(2496401)** |
| Operating Margin (EBITDA) | 5185301  |
| **Taxes** | **Taxes** |
| Income Tax  | (814474) |
| Total Taxes | (814474) |
| Working Capital  | - |
| Operating Cash Flow | 4370827 |
| **Capital** | **Capital** |
| Sustaining Capital | (574178) |
| Non-Sustaining Capital | (538537) |
| **Total Capital** | **(1112715)** |
| **Metrics** | **Metrics** |
| Pre-Tax Free Cash Flow | 4072586  |
| After-Tax Free Cash Flow | 3258112  |
| Pre-Tax NPV at 5% | 3265974  |
| After-Tax NPV at 5% | 2583459  |

---

Source: OceanaGold, 2026

23Adjacent Properties

The Carolina terrane contains numerous historical gold mines and mining districts. Over 1,500 gold prospects have been documented. Most of these deposits were discovered in the 1800's. Significant gold deposits in South Carolina include the Haile, Ridgeway, Brewer, and Barite Hill Mines. Numerous quartz vein-hosted mines of the Gold Hill and Cid Mining Districts occur in neighboring North Carolina. Some gold deposits have similar geologic and mineralization features to Haile, and several are polymetallic with Cu, Ag, Pb and Zn.

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23.1Ridgeway Mine

The Ridgeway Mine is located 8 km east of Ridgeway, South Carolina and 40 km north of Columbia, South Carolina. Kennecott produced 1.5 Moz (46,655 kg) of gold from 1988 to 1999 from two open pits in low-grade oxide and sulfide ore from siliceous deposits in the Richtex Formation. The Ridgeway deposit has strong geological similarities to Haile (Gillon et al., 1995, 1998). The saprolite, volcanic and metasedimentary rocks are quartz-sericite-pyrite altered in mineralized areas. Post-mineral mafic and diabase dikes crosscut the deposit and are often accompanied by shearing and/or faulting. Gold grade is related to lithology, cleavage development, pyrite grain size and abundance, and silica content. Molybdenite is also associated with the mineralization.

The mine and mill had a production capacity of 13,608 tpd. Ore was milled to minus 200 mesh, then fed into a modified carbon-in-leach circuit. Carbon was stripped of gold, electroplated onto steel wool cathodes, and then transferred to electro-refining cells where gold was plated onto stainless steel plates. Mine closure and reclamation were successfully completed in the early 2000's.

23.2Brewer Mine

The Brewer gold mine is located 12 km northeast of Haile in Jefferson County. Brewer rocks include schist, volcanics, and granite overlain by 40 to 60 ft of saprolite and sand. Gold mineralization is associated with quartz-sericite-pyrite altered schist, strong silicification and brecciation, and >2% pyrite. Gold ore was produced from a breccia body of hydrothermal origin and a related smaller body of fault-controlled ore. Pyrite content is generally 2% to 5%, unevenly distributed as aggregates and individual crystals in quartz veins. Gold grades were reported in the 1.41 g/t to 4.06 g/t range with associated silver, copper, tin, and bismuth. Brewer is classified as a high sulfidation breccia pipe hosted in the Persimmon Fork volcanics and may have deep porphyry roots.

Like Haile and other mines in the region, the mine produced gold intermittently, first as a placer, then as a surface and underground mine, and finally as a low-grade, heap leach operation in the 1980s. In 1987, Westmont Mining estimated a non-NI 43-101 compliant reserve for Brewer of 4.6 Mt grading 1.4 g/t gold (188,000 oz) (Scheetz, et al. 1991). The reserve does not conform to NI 43-101 standards and is reported for historical purposes only. The most recent production was from 1987 to 1995 by Westmont Mining/Costain Ltd Group. Ore was mined using conventional truck and loader open pit methods and ore was processed using cyanide leaching.

Brewer has been managed by the EPA as an active Superfund site since 1999 due to Acid Rock Drainage (ARD). Westmont mined and heap leached 12 Mt of ore with dilute cyanide solutions from 1987 to 1995. Heavy rains in April 1990 broke the tails dam; over 10 Mt of cyanide solution flowed into Little Fork Creek and downstream into Lynches Creek. The tails dam was repaired in 1991 and mining continued until 1995 when reserves were mined out. Mine reclamation commenced in 1995 with SCDES guidance.

As of December 31, 2025, OceanaGold has entered into a joint venture agreement with Carolina Rush for further exploration of the Brewer Mine Deposit.

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23.3Barite Hill Mine

The Barite Hill Mine is located 4 km southwest of McCormick, South Carolina. It is within the Lincolnton-McCormick Mining District, which includes other small mines and prospects of gold, silver, copper, zinc, lead, kyanite, and manganese.

The Barite Hill deposit was mined from 1989 to 1994 by Nevada Goldfields, Inc. The mine produced 59,000 oz of gold (1.8 million grams) and 109,000 oz (3.4 million grams) of silver, mainly from oxidized ore in the 20-acre (8 ha) Main Pit and the 4-acre (1.6 ha) Rainsford Pit. The mine used conventional open pit mining methods and an on/off pad heap leach process.

In June 1999, Nevada Goldfields Inc. filed for Chapter 7 bankruptcy and abandoned the property. The property came under control of the South Carolina Department of Environmental Services (SCDEC) and the site became part of the EPA Superfund program. Reclamation and closure work began in October 2007.

The Barite Hill deposit is hosted by sericitized felsic metavolcanic and metasedimentary rock of the Persimmon Fork Formation. The deposit occurs along the contact between upper and lower pyroclastic units. Mafic to intermediate post-mineralization dikes and sills cross-cut NE-trending mineralized zones. Multiple Main Pit ore zones are associated with lenses of siliceous barite rock and pyrite-quartz altered breccias, some of which are offset by normal faulting. Rainsford Pit ore zones are associated with silicified rock and chert. The Barite Hill deposit is interpreted to be the result of a Kuroko-type submarine volcanogenic base-metal sulfide system followed by epithermal precious metal deposition (Clark, 1999).

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24 Other Relevant Data and Information

The QP knows of no other relevant data or information available at this time, other than what has been presented, to make the Technical Report understandable and not misleading.

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25 Interpretation and Conclusions

25.1Geology and Mineralization

Haile is situated within the northeast-trending Carolina Terrane, also known as the Carolina Slate Belt, which hosts the past-producing Ridgeway, Brewer and Barite Hill gold mines in South Carolina. Haile is the largest gold deposit in the eastern USA. The Haile district consists of nine gold deposits within a 3.5 km x 1 km area. The deposits occur within a variably deformed ENE-trending structural zone at or near the contact between metamorphosed Neoproterozoic volcanic and sedimentary rocks. The deposits are hosted in laminated siltstones and volcanic rocks of the Upper Persimmon Fork Formation and are dissected by barren NNW-striking diabase dikes. Deformation includes brittle and ductile styles with ENE-trending foliation, faults, brecciation, and isoclinal folds. Sedimentary rocks are folded within an ENE-trending anticlinorium with a steep SE limb and a gentle NW limb. The age of gold mineralization is assumed at ~549 Ma, based on closely associated molybdenite dated using Rhenium-Osmium (Re-Os) isotopes (Mobley et al., 2014), which postdates peak volcanism. The Re-Os date coincides with a major tectonostratigraphic change from intermediate volcanism and tuffaceous to epiclastic sedimentation to basinal turbiditic sedimentation. Quartz-sericite-pyrite alteration is overprinted by regional greenschist facies metamorphism with carbonate-chlorite-pyrite alteration. Pressure shadows around pyrite grains, stretched pyrite and pyrrhotite grains, and flattened hydrothermal breccia clasts indicate that some deformation has occurred subsequent to sulfide mineralization. However, the bulk geometry and orientation of the deposits, and association of mineralization with structures hosting late-stage dykes, imply emplacement subsequent to folding.

Haile is currently interpreted as a structurally controlled, low-sulfidation, disseminated gold deposit with local epithermal veining.

25.2Resource Estimation

The Mineral Resources, which include Mineral Reserves, have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Standard Definitions for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM definitions).

OceanaGold has a comprehensive Resource model governance process in places, including model validation, peer review, external review and production reconciliation. OceanaGold continue to develop and improve these processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.1Open Pit

The drillhole database and Resource estimation methodology are appropriate for the purposes of estimating the open pit gold Resources. In addition to QA/QC processes, this is supported by reasonable long term Resource model to mine-to-mill reconciliation performance. The local grade variability remains a challenge and open pit reconciliation analysis together with sensitivity modeling, suggest that the short to medium term reconciliation variance previously experienced will remain a feature of the Resource estimates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2Underground

The drillhole database and Resource estimation methodology are appropriate for the purposes of estimating the underground gold Resources. OceanaGold has completed industry standard Resource definition drilling at Horseshoe, Palomino and Ledbetter underground deposits to support the current Mineral Resource estimation. The work has been accompanied by an industry standard QA/QC program showing good quality analytical results. OceanaGold has conducted extensive core logging resulting in a high-quality geologic model. The results of the drilling, sampling, analytical testing, core logging and geologic interpretation provide good support for an industry standard Resource estimation.

25.3Status of Exploration, Development and Operations

Systematic target generation and rationalization supported by mapping, drilling, geochemistry, and geophysics will continue to guide exploration over the next five years, particularly in the search for underground deposits. Regional exploration is ongoing.

Reserve growth has been enabled by 3D geologic interpretation, higher gold prices, and deeper drilling of a previously underexplored gold system. This has been recently exemplified by continued growth of the Horseshoe underground reserve (0.52 Moz) in 2023 and announcement of an initial reserve at Palomino in 2024 (0.38 Moz).

In-house core drilling continues by OceanaGold focused on high-grade underground targets proximal to the sedimentary-volcanic contact and at the base of metasedimentary rocks. Underground development at the Horseshoe deposit in 2023 has provided access for underground drill stations, and as development continues, will extend access along the prospective 2 km long Horseshoe-Palomino trend.

25.4Mining Reserves

The Mineral Reserves have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Standard Definitions for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM definitions).

The Project confirms a positive cash flow using only Measured and Indicated resources for the conversion of Mineral Reserves using a US$2,200/oz gold price and US$25/oz silver price.

An open pit vs. underground trade-off study has been completed that shows the mineralization that formed the basis of the Ledbetter Phase 04 open pit phase produces a better economic outcome when mined by underground methods. Ledbetter Phase 04 has been removed from the open pit Mineral Reserve and added to the underground Mineral Reserve. This change is reflected in the operating schedule and economic assessment presented in this report.

The mine plan is based on a specific set of assumptions and therefore the results of this Technical Report are subject to various risks including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodity prices and foreign exchange assumptions (particularly relative movement of gold and oil prices)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unanticipated inflation of capital or operating costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant changes in equipment productivities

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geotechnical assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ore dilution or loss

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Throughput and recovery rate assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4.1Open Pit

Open pit mining is completed using conventional drill-and blast and load-and-haul methods with diesel-hydraulic excavators and diesel rigid-frame dump-trucks. The mine design supports the style and size of equipment selected for operations.

The mine operating and capital costs have been estimated from first principles and operational knowledge from current mine operations. The equipment is sized to meet minimum SMU requirements that support the dilution and mine recovery factors while providing bulk earthwork capability for the expected production rates.

As well as the general risks noted above, technical risks to the open pit Mineral Reserve have been reviewed and there are two specific relevant risk areas have been identified.

Beyond the usual geotechnical risk associated with open pit mining, the south wall of Ledbetter Phase 3 is currently under evaluation and management for an area of instability. The main risk from any required management is potentially to schedule and cost for remediating this area and continued mining beneath the area under management. This is not considered to be a material risk to the Mineral Reserve.

The depleted Mill Zone open pit is currently being used for excess water storage. This has the potential to limit access to the Haile Phase 2 open pit, due to the planned mining of the saddle between Haile Phase 1 and Mill Zone. Management plans are in place to remove the water in Mill Zone prior to the planned schedule for mining Haile Phase 2, and is therefore not considered to be a material risk to the Mineral Reserve.

OceanaGold knows of no existing environmental, permitting, legal, socio-economic, marketing, political, or other factors that might materially affect the Mineral Reserve estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4.2Underground

**<u>Geotechnical</u>**

Geotechnical field characterization programs have been undertaken to assess the expected rock quality at the underground targets. These programs included geotechnical core logging, laboratory strength testing, in situ stress measurements and oriented core logging of discontinuities. The results of these programs have provided adequate quantity and quality of data for feasibility-level designs of Horseshoe, Palomino, and Ledbetter.

Geotechnical assessments of the Horseshoe, Palomino, and Ledbetter orebody shapes and ground conditions have determined that longhole open stoping mining is an appropriate mining method. The design has been laid out using empirical design methods based on similar case histories. Stopes have been sized to maintain stability once mucked empty. A primary/secondary extraction sequence with tight backfilling allows optimization of ore recovery while maintaining ground stability. Primary stopes will be backfilled with cemented rockfill.

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**<u>Mining</u>**

Longhole stoping is seen as the appropriate mining method for the three underground deposit geometries. The large stope sizes minimize cost, and grades are not overly diluted. Mine planning work considered revenue for Au and a CoG of 1.86 g/t Au was used for design purposes. A 3D detailed mine design was completed.

Productivities were developed from first principles and using historical performance data. Input from mining contractors, blasting suppliers and equipment vendors was considered for key parameters such as drilling penetration rates, blasthole size and spacing, explosives loading time, bolt and mesh installation time, etc. The rates developed from first principles were adjusted based on benchmarking and the experience and judgment of OceanaGold. Equipment used is standard equipment used worldwide with standard package/automation features.

The UG production schedule was completed using Deswik scheduling software and is based on mining operations occurring 365 days/year, seven days/week, with two 12-hour shifts each day. A production rate of approximately 3,000 metric tonnes per day (t/d) was targeted with ramp-up to full production as quickly as possible. Resource levelling was used on a monthly basis for ore tonnage and lateral development.

25.5Mineral Processing and Metallurgical Testing

The Haile process plant has been in operation for approximately 9 years and has been progressively upgraded from its original nameplate capacity of 2.3 Mt/yr and planned to treat up to 3 Mt/yr through utilizing existing equipment. Recovery of gold from both concentrate and flotation tailings streams is in line with modeling from ore testwork and provides a robust estimate of gold recovery.

Ongoing future ore test programs are conducted on material in the LoM plan and on any new proposed resources. The laboratory flowsheet has been effective at predicting the recovery performance of the sulfide ore sources tested and treated in the plant.

No novel, experimental or unproven technologies are used for the Haile process plant.

25.6Recovery Methods

There has been no effective change to the existing plant recovery method for the plant following its expansion compared to the original circuit configuration. Ongoing metallurgical development will continue to target improvements in gold recovery and focusing on controlling unit costs and seek upside from improved mill utilization in the future.

The processing rates required to support the LoM plan are within the capability demonstrated by the process plant historically.

A planned upgrade to the concentrate leach circuit is moving into execution to increase residence time prior to the Ledbetter Underground ore reaching the plant to offset the effects of gold deportment in tellurides in part of the resource.

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25.7Project Infrastructure

**<u>Open Pit Infrastructure</u>**

A significant portion of the required open pit infrastructure is in place as part of the existing operation. The remaining requirements are overburden storage facilities and the costs for these are included as sustaining capital.

**<u>Tailings and Overburden Infrastructure</u>**

Duckwood TSF Stage 4 expected to be completed in the 1st Quarter of 2026and Stage 5 has begun. Stage 5 expansion will require several road relocations that will need to be coordinated with the State of South Carolina. The Underdrain Collection Pond and run-off collection channels will need to be relocated. The final phase of West PAG OSA is currently under construction.

**<u>Underground Support Infrastructure</u>**

A significant portion of the required underground infrastructure is in place as part of the existing operation for the Horseshoe deposit which will support the Palomino development except for extension of high voltage power lines and the sinking of a ventilation shaft to support necessary airflow requirements.

Ledbetter underground development will include the capital costs to support the construction of all necessary facilities to support mining as a stand-alone deposit.

25.8Environmental Studies and Permitting

There is a significant amount of existing background and environmental baseline data available for the Project. This data continues to be collected and reported to the regulators as part of operational controls.

In Q1 2024, South Carolina Department of Health and Environmental Control approved two modifications to Haile's Mine Operating Permit. An expansion of the Horseshoe underground operation was approved on February 21, 2024, and the Palomino underground operation was approved on March 15, 2024. A permit modification will be completed in 2027 for the change of mining method for Ledbetter Phase 4 from an Open Pit to and Underground.

Permits currently held by the HGM may be kept, modified, terminated, or replaced during the mining process.

25.9Economic Analysis

The Project consists of an operating surface and underground mine with a mill. The milling facility is mainly fed by the OP mine. The mill feed is supplemented with ore from a UG 1.6 Mt/yr max annual capacity operation.

The Project is expected to produce 1.9 Moz of payable gold over a 11-year life at an average rate of 172 koz Au per year during full production years with a LoM AISC of US$1,592/oz Au.

The Project is expected to incur sustaining capital in the amount of US$574 million over the modeled life and a non-sustaining capital spend, including rehabilitation costs, of US$539 million for total capital expenditure of US$1,113 million.

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Project metrics using a constant US$2,200/oz gold price include pre-tax and after-tax NPV 5% values of US$462 million and US$414 million, respectively. This result would change at higher metal prices. Because the Project is operational and is valued on a total project basis and not by an incremental analysis, an IRR value is not relevant in this analysis. In terms of sensitivity, the Project is, not surprisingly, most sensitive to gold grade and price followed by operating costs and capital costs.

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26 Recommendations

26.1Recommended Work Programs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.1Exploration

OceanaGold aims to continue to expand Resources and Reserves in the Haile district through core drilling aligned with LoM plans. OceanaGold are executing up to 35,000 m of drilling from surface and underground platforms to support this. Systematic target generation and rationalization driven by mapping, drilling, geochemistry, and geophysics will continue to guide exploration over the next five years, particularly in the search for underground deposits. OceanaGold has developed advanced lithogeochemistry models and structural frameworks that will be used to define the next generation of targets.

These 3D geologic models continue to be integrated with metallurgical data to facilitate and enhance geometallurgical modeling. OceanaGold continues to use portable XRF testing or other technologies to further refine the geology interpretation (in tandem with in-pit studies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.2Resource Estimation

**<u>Open Pit</u>**

OceanaGold continue to optimize the gold estimation methodology via reconciliation analysis and geological review. Also, the Company continues to focus on capturing geometallurgical characteristics in the resource block model.

Continued infill drilling programs for open pit resources with focus on risk mitigation and conversion drilling to Measured and Indicated Resources.

**<u>Underground</u>**

A rolling front of pre-production infill drilling at approximately 15 m x 15 m spacing will be maintained from underground development to provide additional confidence in the tonnes and grade to support a Measured Mineral Resource and refine the mine design. A small number of longitudinal holes will better define cross-cutting barren diabase dike swarms sub-parallel to existing drilling. Future capital development and resource infill drilling will further improve the geological interpretation.

Continue to collect additional metallurgical samples from drilling core to confirm recovery estimates for both Palomino and Ledbetter underground deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.3Status of Exploration; Development and Operations

OceanaGold continues to expand resources adjacent to open pit and underground reserves in the Haile district through core drilling aligned with LoM plans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.4Mining and Reserves

**<u>Open Pit</u>**

Key recommendations for open-pit mining include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to identify additional continuous improvement initiatives focusing on drill / blast practices, equipment performance, technician and operator training, and other cost reduction opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to develop and implement mitigation plans for geotechnical anomaly in the South Wall of the Ledbetter open-pit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to develop management plans for the water currently stored in Mill Zone to mitigate the risk to mining in the Haile open-pit.

These recommendations are being actioned internally by HGM and OceanaGold staff, with costs included in the operating costs shown in Section 21.

**<u>Underground</u>**

Completion of feasibility study for paste tailings usage is recommended as this geotechnical study is advanced. Additional geochemical material characterization is recommended. Although the base case design considers cemented rock fill material for backfilling stopes, the option for using paste fill is still under consideration. If the paste fill solution is chosen, the necessary underground infrastructure should be re-evaluated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.5Mineral Processing and Metallurgical Testing

Ongoing mineralogical and diagnostic leach work on monthly composites should continue to track gold deportment and losses as each ore source is processed to track variability and understand the impact of regrind size impact for each stage.

Infill drilling presents the opportunity to continue test work on available core samples to confirm recovery estimates for any new reserves that are defined. This should occur as material becomes available to de-risk the use of current budgeting models and to ensure any new sources are not affected by telluride minerology.

A structured geometallurgical program should continue to focus on understanding expected ore competency to allow for improved scheduling and blending to maximize throughput opportunities.

Modification of the current concentrate leach circuit to a separate CIP train should be completed prior to Ledbetter Underground ore production to ensure maximum gold recovery can be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.6Project Infrastructure

General site and open-pit infrastructure is either established or processes are established for further expansion. There are no further recommendations currently.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.7Environmental Study Results

Recommend establishing Best Management Practice Devices – 1) Erosion Prevention – slope surfaces, seeding, and erosion controls; 2) Sediment Control - check dams, sediment dams, sediment ponds, and silt fencing and 3) Additional biodiversity monitoring – benthic, avian, bat, turtle, and fish surveys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.8Economic Analysis

The current metal price environment is strong. If prices are forecast to remain elevated for long periods, the Project reserves and resources should be updated and optimized and evaluated with an economic model at a revised price deck reflective of the long-term price forecasts.

26.2Recommended Work Program Costs

Table 26-1 lists the estimated costs for the recommended work described in section 25. Note that these costs are not included in the cost schedules presented in Section 21.

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**Table 26-1: Summary of Costs for Recommended Work**

---

| | | | |
|:---|:---|:---|:---|
| **Discipline** | **Program Description** | **Cost <br>(US$)** | **No Further Work is Recommended**<br>**Reason:** |
| Exploration | OceanaGold exploration programs and development drilling | 8300000 |  |
| Resource Estimation | Open Pit and Underground Infill drilling programs |  | Included in Section 21 costs |
| Mining and Reserves – Open Pit Mining | Identify Continuous Improvement initiatives |  | Salaries Only |
| Mining and Reserves – Open Pit Mining | Ledbetter South Wall Mitigation | 5000000 |  |
| Mining and Reserves – Open Pit Mining | Mill Zone Water Management Plans |  | Included in Section 21 costs |
| Mining and Reserves – Underground Mining | Complete Paste Fill Feasibility Study | 1500000 |  |
| Mining and Reserves – Open Pit and Underground Mining | Improve geometallurgical models – Plant throughput and metallurgical recovery | 500000 |  |
| Mineral Processing and Metallurgical Testing | Regrind size impact study | 200000 |  |
| Mineral Processing and Metallurgical Testing | CIL circuit upgrades |  | Included in Section 21 costs |
| Environmental Studies | Construction of Best Management Practice Devices with new infrastructure |  | Included in Section 21 Costs |
| Environmental Studies | Additional biodiversity monitoring |  | Included in Section 21 Costs |
| Economic Analysis | Site-wide mine schedule optimization and economic evaluation |  | Salaries Only |
| **Total US$** |  | **15500000** |  |

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Source: OceanaGold 2025

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27 References

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Metso Minerals Industries Inc. (Metso), York, Pennsylvania, December 7, 2009, Test Plant Report No. 20000134-135

Metso Minerals Industries, Inc. (Metso), York, Pennsylvania, February 2011, Stirred Media Detritor and Jar Mill Grindability Test on Bulk Flotation Concentrate T11-04

Mitchell, RJ, Olsen, RS & Smith, JD 1982, 'Model studies on cemented tailings used in mine backfill', Canadian Geotechnical Journal, vol. 19, no. 1, pp. 14–28.

Mobley, R.M., Yogodzinski, G.M., Creaser, R.A., and Berry, J.M., 2014, Geologic History and Timing of Mineralization at the Haile Gold Mine, South Carolina: Economic Geology, v. 109, p. 1863-1881.

Newton, Edmund; Gregg, D.B.; Mosier, McHenry. (1940). "Operations at the Haile gold mine, Kershaw, SC" Information Circular: Volume 7111, U.S Department of the interior: Bureau of Mines.

Nystrom, P. G., Jr., Willoughby, R. H., and Price, L. K., 1991, Cretaceous and Tertiary stratigraphy of the upper Coastal Plain, South Carolina: in Horton, J. W., Jr., and Zullo, V. A. eds., The

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Geology of the Carolinas: Knoxville, Tennessee, The University of Tennessee Press, p. 221-240

Oceana Gold, 2024a, Haile Gold Mine Revised Overburden Classification Technical Support Document. Submitted to South Carolina Department of Health and Environmental Control, April 2024. 73 pp.

Oceana Gold, 2024b, Revised Haile Gold Mine Overburden Management Plan. Submitted to South Carolina Department of Health and Environmental Control, April 2024. 23 pp.

Pardee, J.T.; Park Jr., C.T. (1948) Gold deposits of the southern Piedmont: USGS Professional Paper 213.

Phillips Enterprises, LLC (Phillips) 17 September 2008, Progress Report #2 Process and Metallurgical Testing on Haile Gold Mine Ore Project No. 082003i

Pocock Industrial Inc. (Pocock) Salt Lake City, Utah, May 2009, Flocculant Screening, Gravity Sedimentation, Pulp Rheology, Vacuum Filtration and Pressure Filtration Studies Conducted for Romarco Minerals Haile Gold Project

Resource Development Inc. (RDi), Wheat Ridge, Colorado, September 16, 2009, Romarco Minerals, Inc. Haile Gold Project, Metallurgical Report

Resource Development Inc. (RDi), Wheat Ridge, Colorado, March 31, 2010, Romarco Minerals, Inc. Work Index Data for Haile Composite Sample

Resource Development Inc. (RDi), Wheat Ridge, Colorado, March 31, 2010, Romarco Minerals, Inc. Metallurgical Testing of Ledbetter Extension Samples

Resource Development Inc. (RDi), Wheat Ridge, Colorado, May 27, 2010, Romarco Minerals, Inc. Flash Flotation, Cyanide Destruction & Leaching of Concentrate and Tailing for Haile Composites

Resource Development Inc. (RDi), Wheat Ridge, Colorado, September 27, 2010, Romarco Minerals, Inc. Optimization of Leaching of Flotation Concentrate

Resource Development Inc. (RDi), Wheat Ridge, Colorado, August 2010, Metallurgical Testing of Horseshoe Zone Samples

Resource Development Inc. (RDi), Wheat Ridge, Colorado, June 6, 2011, Production of Flotation Concentrate and Confirmation Testing of Flowsheet

Schafer Limited LLC (2015). Revised Haile Gold Mine Overburden Management Plan. September 2015. 25 pp.

Schafer Limited LLC, 2019, Mine Expansion Plan Geochemistry Update – Haile Gold Mine. April 22, 2019.

Scheetz, J.W., Stonehouse, J. M., and Zwaschka, M. R., 1991, Geology of the Brewer Gold Mine in South Carolina: Mining Engineering, pp. 38-42

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Secor, D. T., Jr., and Wagener, H. D., 1968, Stratigraphy, structure and petrology of the Piedmont in Central South Carolina: Columbia, South Carolina: South Carolina Geological Survey, Geologic Notes, v. 12, p. 67-84.

Speer, W. E., and Maddry, J. W., 1993, Geology and recent discoveries at the Haile gold mine, Lancaster County, South Carolina: South Carolina Geology, v. 35, p. 9-26.

Spence, W. H., Maddry, J. W., Worthington, J. E., Jones, E. M., and Kiff, I. T., 1980, Origin of the gold mineralization at the Haile gold mine, Lancaster County, South Carolina: Mining Engineering, v. 32, p. 70-73.

SRK, (2017). Geochemical Summary Report Feasibility Study Haile Gold Mine Lancaster County, South Carolina, prepared for OceanaGold Corporation, by SRK Consulting (U.S.), Inc., D.Bird, June 2, 2017.

SRK, (2024). NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina, prepared for OceanaGold Corporation, by SRK Consulting (U.S.), Inc., D. Carr, D. Londono, J. Moore, B. Drury, L. Standridge, R. Cook, J.N. Janney-Moore, W.L. Kingston, M. Sullivan, B.M. Clarkson, March 28, 2024.

Stein, H. J., Markley, R. J., Morgan, J. W., Hannah, J. L., Zak, K., and Sundblad, K., 1997, Re-Os dating of shear-hosted Au deposits using molybdenite: in Papunen, H., ed., Mineral Deposits, Research and Explorations: Where Do They Meet? Proceedings of the Fourth Biennial SGA Meeting, Turku, Finland, 11-13 August 1997, p. 313-317.

Tomkinson, M. J. (1985) The geology, geochemistry and petrology of a number of gold deposits in the southern Appalachians. University of Southampton, Doctoral Thesis. Tomkinson, M. J., 1988, Gold mineralization in phyllonites at the Haile Mine, South Carolina: Economic Geology, v. 83, p. 1392-1400.

Tosdal, R.M., 2020, Haile structural geology evaluation, OceanaGold internal report.

Weis, T., 2016, Extended Haile geophysical interpretation: report for OceanaGold, December 2016, 143 p.

Womble Carlyle Sandridge & Rice, (2015). Titles and Mineral Rights Due Diligence Report, July 4, 2015.

Worthington, J. E., and Kiff, I.T., 1970, A suggested volcanogenic origin for certain gold deposits in the slate belt of the Carolina piedmont: Economic Geology, v. 65, p. 529-537.

US Climate Data. (n.d.). Climate Kershaw, South Carolina. https://www.usclimatedata.com/climate/kershaw/south-carolina/united-states/ussc0178US.

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28 Glossary

The Mineral Resources and Mineral Reserves have been classified according to CIM (CIM, 2014). Accordingly, the Resources have been classified as Measured, Indicated or Inferred, the Reserves have been classified as Proven, and Probable based on the Measured and Indicated Resources as defined below.

28.1Mineral Resources

A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration, however, there is no guarantee that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category.

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve. A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

28.2Mineral Reserves

A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.

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The reference point at which Mineral Reserves are defined—typically the location where the ore is delivered to the processing plant—must be clearly identified and specified in the report.

It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported. The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study.

A Probable Mineral Reserve is the economically mineable part of an Indicated Mineral Resource, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors.

28.3Definition of Terms

The following general mining terms may be used in this report.

**Table 28-1: Definition of Terms**

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| | |
|:---|:---|
| **Term** | **Definition**  |
| Assay | The chemical analysis of mineral samples to determine the metal content. |
| Capital Expenditure | All other expenditures not classified as operating costs. |
| Composite | Combining more than one sample result to give an average result over a larger distance.  |
| Concentrate | A metal-rich product resulting from a mineral enrichment process such as gravity concentration or flotation, in which most of the desired mineral has been separated from the waste material in the ore.  |
| Crushing | Initial process of reducing ore particle size to render it more amenable for further processing.  |
| Cut-off Grade <br>(CoG) | The grade of mineralized rock, which determines as to whether or not it is economic to recover its gold content by further concentration.  |
| Dilution | Waste, which is unavoidably mined with ore.  |
| Dip | Angle of inclination of a geological feature/rock from the horizontal.  |
| Fault | The surface of a fracture along which movement has occurred.  |
| Footwall | The underlying side of an orebody or stope.  |
| Grade | The measure of concentration of gold within mineralized rock.  |
| Hanging wall | The overlying side of an orebody or slope.  |
| Haulage | A horizontal underground excavation which is used to transport mined ore.  |
| Hydrocyclone | A process whereby material is graded according to size by exploiting centrifugal forces of particulate materials.  |
| Igneous | Primary crystalline rock formed by the solidification of magma.  |

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| | |
|:---|:---|
| **Term** | **Definition**  |
| Kriging | An interpolation method of assigning values from samples to blocks that minimizes the estimation error.  |
| Level | Horizontal tunnel the primary purpose is the transportation of personnel and materials.  |
| Lithological | Geological description pertaining to different rock types.  |
| LoM Plans | Life-of-Mine plans.  |
| Material Properties | Mine properties.  |
| Milling | A general term used to describe the process in which the ore is crushed and ground and subjected to physical or chemical treatment to extract the valuable metals to a concentrate or finished product.  |
| Mineral/Mining Lease | A lease area for which mineral rights are held.  |
| Mining Assets | The Material Properties and Significant Exploration Properties.  |
| Ongoing Capital | Capital estimates of a routine nature, which is necessary for sustaining operations.  |
| Overburden | Material that overlies a mineral deposit and must be removed prior to mining. At Haile, overburden is waste material mined from the open pits.  |
| Pillar | Rock left behind to help support the excavations in an underground mine.  |
| RoM | Run-of-Mine.  |
| Sedimentary | Pertaining to rocks formed by the accumulation of sediments, formed by the erosion of other rocks.  |
| Shaft | An opening cut downwards from the surface for transporting personnel, equipment, supplies, ore and waste.  |
| Sill | A thin, tabular, horizontal to sub-horizontal body of igneous rock formed by the injection of magma into planar zones of weakness.  |
| Smelting | A high temperature pyrometallurgical operation conducted in a furnace, in which the valuable metal is collected to a molten matte or doré phase and separated from the gangue components that accumulate in a less dense molten slag phase.  |

| Stratigraphy | The study of stratified rocks in terms of time and space.  |
| Strike | Direction of line formed by the intersection of strata surfaces with the horizontal plane, always perpendicular to the dip direction.  |
| Sulfide | A sulfur bearing mineral.  |
| Tailings | Finely ground waste rock from which valuable minerals or metals have been extracted.  |
| Thickening | The process of concentrating solid particles in suspension.  |
| Total Expenditure | All expenditures including those of an operating and capital nature.  |

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| | |
|:---|:---|
| **Term** | **Definition**  |
| Variogram | A statistical representation of the characteristics (usually grade).  |
| Waste | Rock that must be broken and disposed of to gain access to and excavate the ore. Costs of mining and processing exceed the value of recoverable metals. At Haile, waste refers to material produced from underground mine development. |

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28.4Abbreviations

The following abbreviations may be used in this report.

**Table 28-2: Abbreviations**

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| | |
|:---|:---|
| **Abbreviation** | **Unit or Term** |
| % | percent  |
| ~ | approximately  |
| ° | degree |
| °C  | temperature in degrees Celsius  |
| °F | temperature in degrees Fahrenheit  |
| 2D | two-dimensional  |
| 3D | three-dimensional  |
| ABA | Acid-Base Accounting  |
| AGP | acid generation potential  |
| AHK  | AHK Geochem |
| AISC | All-In Sustaining Cost  |
| AHK | Alfred H Knight  |
| ALS | ALS Limited  |
| ANP | Acid Neutralization Potential  |
| ARD | acid rock drainage  |
| Au | gold  |
| Amax | Amax Gold Inc.  |
| BD | bulk density |
| BLM | United States Department of the Interior Bureau of Land Management  |
| BMWi | Bond Ball Mill Work Index  |
| Breccia | brecciated rocks  |
| Cat | Caterpillar  |
| CDF | cumulative distribution functions  |
| CIL | Carbon-In-Leach  |

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| | |
|:---|:---|
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum  |
| CIT | Corporate Income Tax  |
| CoG | cut-off grade  |
| COK | Ordinary Co-kriging  |
| cm | centimetre |
| CPS | coastal plain sands  |
| CRF | cemented rock backfill  |
| CRM | Certified Reference Materials  |
| CSB | Carolina Slate Belt  |
| Cyprus | Cyprus Exploration Company  |
| CWTP | Contact Water Treatment Plant |
| DAC | design acceptance criteria  |
| DDH | diamond drilling  |
| DWi | drop weight index  |
| EA & SP | External Affairs and Social Performance |
| ELOS | equivalent linear overbreak/slough |
| EM | electromagnetic  |
| EPA | Environmental Protection Agency (US)  |
| FA | fire assay  |
| Fill | back-fill from historical mining |
| FoS | factor of safety  |
| FS | feasibility study  |
| g | gram  |
| g/t | grams per tonne  |
| gpm | gallons per minute |
| GTRCK | geotechnical rock type  |
| Ha | hectares  |
| Haile | Haile Gold Mine |
| HCT | Humidity Cell Test  |
| HDPE | high-density polyethylene  |
| HGM | Haile Gold Mine, Inc. |
| HGMC | Hail Gold Mine Creek  |
| HMC | Haile Mining Company  |
| HMV | Haile Mine Venture, joint venture between Amax and Piedmont |
| HUG | Horseshoe Underground  |
| IMC | Independent Mining Consultants, Inc.  |

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| | |
|:---|:---|
| IRR | initial rate of return  |
| ISA | Interramp Slope Angle  |
| ISO/IEC  | International Electrotechnical Commission |
| ISO-9001  | International Organization for Standardization |
| IP | induced polarization  |
| kg | kilogram  |
| Kinross | Kinross Gold Corporation  |
| km | Kilometre  |
| KML | Kershaw Mineral Lab  |
| KNA | Kriging Neighborhood Analysis  |
| koz | thousand troy ounce  |
| kt | thousand tonnes  |
| kV | kilovolt  |
| L/min | litres per minute  |
| LDL | lab detection limit  |
| Leapfrog | Seequent Leapfrog® Geo software  |
| LoM | life-of-mine  |
| LUG | Ledbetter Underground  |
| m | metre  |
| m<sup>3</sup> | cubic metre  |
| Ma | mega-annum (or Million years)  |
| MI | laminated metasediments |
| MIBC | methyl isobutyl carbinol |
| MIK | Multiple Indicator Kriging  |
| min | minute  |
| ML | million litres |
| mm | millimetre  |
| Moz | million troy ounces  |
| MS | Metasediments  |
| Ms | silicified metasediments |
| Mt | million tonnes  |
| Mt/yr | million tonnes per year |
| MV  | Metavolcanics  |
| MVA | Mega Volt-Ampere  |
| MW | megawatt (million watts) |
| NEPA | National Environmental Policy Act  |

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| | |
|:---|:---|
| NGO | Non-governmental organization  |
| NI 43-101 | Canadian National Instrument 43-101  |
| NN | nearest neighbor |
| NNP | net neutralization potential  |
| NP | Neutralization potential  |
| NPDES | National Pollutant Discharge Elimination System  |
| NPV | net present value  |
| OceanaGold | OceanaGold Corporation  |
| OK | Ordinary Kriging  |
| OMP | Overburden Management Plan  |
| OP | open pit  |
| OSA | overburden storage area  |
| ozs | troy ounces  |
| PAG | potential acid generating  |
| Piedmont  | Piedmont Mining Company  |
| PP & E | Property, Plant, and Equipment |
| Project | Haile Gold Mine |
| ppm | parts per million  |
| PUG | Palomino Underground  |
| QA/QC | Quality assurance/Quality control  |
| QP | Qualified Persons  |
| QSP | quartz-sericite-pyrite  |
| RC | reverse circulation  |
| RDi | Resource Development Inc.  |
| Re-Os | Rhenium-Osmium |
| RL | Reduced Level  |
| RM | rock mass |
| RMI | Romarco Minerals, Inc. |
| RMR | Rock Mass Rating  |
| RoM | run-of-mine  |
| RQD | rock quality designation  |
| RS | Linear rock mass  |
| S | sulfur  |
| SAG | Semi-Autogenous Grinding  |
| SABC | SAG ball mill pebble crusher  |
| Sap | Saprolite  |
| SCDES | South Carolina Department of Environmental Services  |

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| | |
|:---|:---|
| SCDOT | South Carolina Department of Transportation  |
| SCSE | SAG Circuit Specific Energy  |
| SCSHPO | South Carolina State Historic Preservation Office  |
| SEIS | Supplemental Environmental Impact Statement  |
| SEIS ROD | Supplemental Environmental Impact Statement Record of Decision |
| SGS | Société Générale de Surveillance  |
| SMC | SAG Mill Comminution  |
| SMU | selective mining unit  |
| SO2 | sulfur dioxide |
| SRK | SRK Consulting (U.S.), Inc. |
| st | short ton (2,000 pounds)  |
| ST | total sulfur  |
| SD | standard deviation  |
| s.u. | Standard units |
| t | metric tonne |
| t/d | tonnes per day |
| t/h | tonnes per hour  |
| t/yr | tonnes per year |
| TCS | triaxial compressive strength |
| TSF | tailings storage facility  |
| UCF | Undiscounted cashflow  |
| UCS | uniaxial compressive strength |
| UG | Underground  |
| UGC | Underground grade control core  |
| URF | Unconsolidated Rock Fill  |
| US$ | United States Dollar  |
| USA | United States of America  |
| USACE | United States Army Corps of Engineers  |
| USFS | United States Forest Service  |
| USFWS | United States Fish and Wildlife Service |
| USGS | United States Geological Survey  |
| VO | variable orientation  |
| WAD  | weak acid dissociable  |
| Wi | work indices  |
| Y | Year  |
| µm | microns  |

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**Appendices**

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**Appendix A: Certificates of Qualified Persons**

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**CERTIFICATE OF QUALIFIED PERSON**

I, **David Read Carr**, MAusIMM CP (Met), do hereby certify that:

1. I am the Head of Metallurgy of OceanaGold Corporation ("**OceanaGold**"), Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina" with an effective date of December 31, 2025 (the "**Technical Report**").

3. I graduated with a degree in Bachelor of Engineering in Metallurgical Engineering (Hons) from the University of South Australia in 1993. I am a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. I have worked as a metallurgist for a total of 33 years since my graduation from university. My relevant experience includes base metal flotation, flotation and leaching of gold ores, pressure oxidation of refractory sulphide ores, ultrafine grinding, process plant design, project evaluation and plant commissioning.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**Nl 43- 101**") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in Nl 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of Nl 43-101.

5. I have visited the site in numerous times from 2015 to 2025 with the most recent visit from June 16th for 55 days.

6. I have been employed by OceanaGold or its subsidiaries since **January 21, 2003**.

7. I am responsible for mineral processing, all of Sections 13 and 17, Section 18.10, the process plant capital and operating costs of section 21, and portions of Sections 1, 25 and 26 summarized therefrom, of this Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of Nl 43-101 as I have been a full time employee of OceanaGold since **January 21, 2003**.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read Nl 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

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| |
|:---|
| Dated: March 27, 2026. |
| "Signed and Sealed" |
| **David Read Carr, MAusIMM CP (Met)** |

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**OceanaGold Corporation**Suite 1020 – 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada T: 604-678-4123www.oceanagold.com<sub>1</sub>

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**CERTIFICATE OF QUALIFIED PERSON**

I, Gregory Hollett, BEng (Mining Engineering), P.Eng (EGBC), do hereby certify that:

1. I am the Head of Mine Engineering of OceanaGold Corporation ("OceanaGold"), Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina" with an effective date of December 31, 2025 (the "Technical Report").

3. I graduated with a degree in Mining Engineering from Curtin University in 2000. In addition, I obtained a Master of Business Administration from Torrens University Australia in 2017. I am a Professional Engineer (P.Eng) registered with Engineers and Geoscientists of British Columbia (EGBC, #157783). I have worked as a mining engineer for a total of 25 years since my graduation from university. My relevant experience includes open-pit operational management, mine design and implementation, short- and long-term scheduling, haulage analysis, equipment selection, and cost estimation.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("Nl 43- 101") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in Nl 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of Nl 43-101.

5. I have visited the site on November 11-14, 2025, and completed numerous other site visits during 2018-2024.

6. I have been employed by OceanaGold or its subsidiaries since 18 September 2018.

7. I am responsible for the preparation of Sections 2, 3, the open pit portions of Section 15 and 16.3, Section 16 opening statements, Sections 16.1, 16.1.1, 16.1.3, 16.1.4, 16.1.5, 16.1.7, 16.1.8, 18.7, 19, 20, the open pit operating costs portion of section 21, the other/G&A portions of the operating costs in section 21, 22, 24, 27, 28, and portions of Sections 1, 25, and 26 summarized therefrom of the Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of Nl 43-101 as I have been a full time employee of OceanaGold since 18 September 2018.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read Nl 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

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| |
|:---|
| Dated: March 27, 2026.  |
| "Signed and Sealed" |
| Gregory Hollett, BEng(Mining Engineering), P.Eng (EGBC) |

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**OceanaGold Corporation**

Suite 1020 – 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada

T: 604-678-4123

www.oceanagold.com

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 <u></u> <br> <u>NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States</u>

**CERTIFICATE OF QUALIFIED PERSON**

I, **Brianna Drury**, **Registered Member with the Society of Mining, Metallurgy & Exploration (SME RM #4151277),** do hereby certify that:

1. I am the **Engineering Superintendent UG** of OceanaGold Corporation ("**OceanaGold**"), 6911 Snowy Owl Road, Kershaw, South Carolina 29067.

2. This certificate applies to the technical report titled "**NI 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina**" with an effective date of **December 31, 2025** (the "**Technical Report**").

3. I hold a BSc in Mining Engineering as well as being a Registered Member with the Society of Mining, Metallurgy & Exploration (SME RM #4151277) with 16 years of experience in hard rock metals mining engineering; and

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**NI 43- 101**") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of NI 43-101.

5. I am currently based on site in South Carolina.

6. I am responsible for the preparation of **underground Mineral Reserves, the underground portions of Section 15 and 16.3, Sections 16.2, 16.2.1, 16.2.3, 16.2.5, 16.2.6, 16.2.7, 18.8, the capital costs portion of Section 21 with the exception of processing capital, the underground mining operating costs portion of Section 21, and portion of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.**

7. I am not independent of the issuer applying all the tests in Section 1.5 of NI 43-101 as I have been a full-time employee of OceanaGold since **August 31, 2020**.

8. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

9. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report. I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

10. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

**Dated: March 27, 2026**

---

| |
|:---|
| "Signed and Sealed" |
| **Brianna Drury, BSc Mining Engineering, SME-RM #415127** |

---

---

| | |
|:---|:---|
| **OceanaGold Corporation** | 1 |
| www.oceanagold.com | |

---

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 <u></u> <br> <u>NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States</u>

**CERTIFICATE OF QUALIFIED PERSON** 

I, Jonathan Moore, BSc (Hons) Geology, GradDip (Physics), MAusIMM CP, do hereby certify that:

1. I am the Head of Resource Development of OceanaGold Corporation ("OceanaGold"), Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina" with an effective date of December 31, 2025 (the "Technical Report").

3. I graduated with an honours degree in Geology from Otago University in 1985. In addition, I obtained a Graduate Diploma in Physics from Otago University in 1993. I am a member and Chartered Professional of the AusIMM (#227252) and have worked as a geologist for over 30 years since my graduation from university. My relevant experience includes open pit and underground resource and mine geology.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("Nl 43- 101") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in Nl 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of Nl 43-101.

5. I have visited the site on November 17-19, 2025 and November 24 to December 4, 2025, and have completed numerous site visits between 2015 - 2024.

6. I have been employed by OceanaGold or its subsidiaries since 6 May 1996.

7. I am responsible for the preparation of Sections 4 through 12, the open pit and Horseshoe underground portions of section 14 and 23, and portions of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of Nl 43-101 as I have been a full-time employee of OceanaGold since May 6, 1996.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read Nl 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated: March 27, 2026.

"Signed and Sealed"

Jonathan Moore, BSc (Hons) Geology, MAusIMM CP.

**OceanaGold Corporation** 

Suite 1020 – 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada

T: 604-678-4123

www.oceanagold.com

------

 <u></u> <br> <u>NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States</u>

**CERTIFICATE OF QUALIFIED PERSON**

I, Douglas Corley, MAIG RPGeo, do hereby certify that:

1. I am the Principal Geologist – Resource Development of OceanaGold Corporation ("OceanaGold"), Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina" with an effective date of December 31, 2025 (the "Technical Report").

3. I graduated with a degree in Science in Applied Geology (BSc), from the Queensland University of Technology in 1989. In addition, I obtained an Honors degree in Science in Geology (BSc Hons), from the James Cook University of North Queensland in 1991. I am Registered Professional Geoscientist with the Australian Institute of Geoscientists (member number 1505). I have worked as a geologist for over 35 years since my graduation from university. My relevant experience includes 18 years in open-cut and underground production mining environments and over 16 years in Mineral Resource estimation, for a variety of commodities in various jurisdictions across the world.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("NI 43- 101") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of NI 43-101.

5. I have visited the site on the 12 June 2024 and was at site until the 2 July 2024.

6. I have been employed by OceanaGold or its subsidiaries since 01 December 2020.

7. I am responsible for the preparation of the Palomino and Ledbetter underground portions of Section 14 and portions of Sections 1, 25, and 26 of the Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of NI 43-101 as I have been a full time employee of OceanaGold since 01 December 2020.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

---

| |
|:---|
| Dated: March 27, 2026. |
| "Signed and Sealed" |
| Douglas Corley, BSc (Hons) Geology, MAIG RPGeo |

---

**OceanaGold Corporation**Suite 1020 – 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada T: 604-678-4123www.oceanagold.com<sub>1</sub>

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 <u></u> <br> <u>NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States</u>

**CERTIFICATE OF QUALIFIED PERSON**

I, Larry Standridge, PE, MSE Mining, Geological, and Geophysical Engineering do hereby certify that:

1. I am a Principal Engineer, Geotechnical Engineer of Call and Nicholas, Inc., 2475 North Coyote drive, Tucson, AZ USA 85750.

2. This certificate applies to the technical report titled "Nl 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina" with an effective date of December 31, 2025 (the "Technical Report").

3. I graduated with a MS in Mining, Geological, and Geophysical Engineering from The University of Arizona in 2001. In addition, I have obtained a BA in Geology from The University of North Carolina in 1996. I am a registered Professional Engineer (Geological) in the State of Arizona (No. 64435). I have worked as an engineer for a total of 25 years since my graduation from university. My relevant experience includes 21 years of pit slope and waste dump design, prefeasibility and feasibility studies, field mapping, 3D modelling, stability analyses, debris flow analyses, and numerous other geotechnical activities in support of the mining industry

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, registration as a Professional Engineer in the state of Arizona (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of Nl43-101.

5. I visited the Haile property on November 29, 2017 for 2 days, October 10, 2018 for 2 days, January 14, 2020 for 3 days, May 18, 2021 for 3 days, January 24, 2024 for 1 day, and January 20, 2026 for 2 days.

6. I have been employed by Call & Nicholas, Inc. since November, 2005.

7. I am responsible for the preparation of Sections 16.1.2 and portions of Sections 1, 25, and 26 of the Technical Report.

8. I am independent of the issuer applying all of the tests in section 1.5 of NI 43-101.

9. I have had prior involvement with the property that is the subject of the Technical Report. The nature of my prior involvement is providing slope design recommendations for the open pits and waste dumps, develop mitigation options for several geotechnical hazards, and assisting with geotechnical data collection.

10. I have read Nl 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated: March 27, 2026

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| | |
|:---|:---|
| "Signed and Sealed"  | |
| **Larry Standridge, PE, MSE** | Expiration Date__________ |

---

---

| | |
|:---|:---|
| **OceanaGold Corporation** | 1 |
| www.oceanagold.com | |

---

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 <u></u> <br> <u>NI 43-101 Technical Report – Haile Gold Mine, South Carolina, United States</u>

**CERTIFICATE OF QUALIFIED PERSON**

I, Robert Cook, PE, RM-SME, do hereby certify that:

1. I am the Principal II Geological Engineer of Call & Nicholas, 2475 N Coyote Dr. Tucson, AZ USA.

2. This certificate applies to the technical report titled "Nl 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina" with an effective date of December 31, 2025 (the "Technical Report").

3. I graduated with a degree in Geological Engineering from University of Arizona in 2008. I am a Registered Member of the Society for Mining, Metallurgy, & Exploration (SME). I have worked as a Geological Engineer for a total of 17 years since my graduation from university. My relevant experience includes 5 years as an underground geological engineer for Newmont Mining Corporation in operations using the longhole open stoping (LHOS) method as well as consulting on LHOS projects for more than 11 years with Call & Nicholas.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("Nl 43- 101") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in Nl 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of Nl 43-101.

5. I have visited the site on January 13 through 15, 2026.

6. I have been employed by Call & Nicholas since June 2014.

7. I am responsible for the preparation of Sections 16.2.2 and portions of Sections 1, 25 and 26 of the Technical Report.

8. I am independent of the issuer applying all the tests in Section 1.5 of Nl 43-101.

9. I have not had prior involvement with the property that is the subject of the Technical Report.

10. I have read Nl 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with Nl 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated: March 27, 2026

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;"Signed and Sealed" |
| **Robert Cook, PE, RM-SME** |

---

---

| | |
|:---|:---|
| **OceanaGold Corporation** | 1 |
| www.oceanagold.com | |

---

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![a1.jpg](a1.jpg)

**CERTIFICATE OF QUALIFIED PERSON**

I, Jay Newton Janney-Moore, PE, RM-SME, do hereby certify that:

1. I am an Engineer of NewFields Mining & Technical Services LLC ("NewFields"), 9540 Maroon Circle, Suite 300, Englewood, Colorado 80112, USA.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina" with an Effective Date of December 31, 2025 (the "Technical Report").

3. I graduated with a degree in Bachelor of Science in Civil Engineering from University of Colorado Denver in 1998. I am a registered professional engineer in the State of South Carolina (No. 28306) and in the State of Colorado (No. 37571). I have worked as an engineer a total of 28 years since my graduation from university. My relevant includes designing heap leach pads, tailings storage facilities, surface water diversions, and other supporting infrastructure.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

5. I have visited the Haile Gold Mine property October 29, 2025 for 2 days.

6. I have been employed by NewFields since 2012.

7. Jay Newton Janney-Moore, PE, RM-SME, (NewFields Senior Project Manager I), is the QP responsible for tailing and overburden storage, Sections 18.1, 18.2, 18.3, 18.4, 18.5, and portions of Sections 1, 25 and 26 summarized therefrom, of this Technical Report.

8. I am independent of the issuer applying all of the tests in Section 1.5 of NI 43-101.

9. I have had prior involvement with the property that is the subject of the Technical Report. The nature of my prior involvement is the engineer of record for the Potentially Acid Overburden Storage Areas, Contact Water Ponds, Fresh Water Storage Dam, and Duckwood Tailings Storage Facility. I have also been a QP on reports titled "NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina" dated August 9, 2017, June 30, 2020, March 30, 2022 and March 28, 2024.

10. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with that instrument and form.

11. As of the aforementioned Effective Date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated this 27th Day of March, 2026.

---

| |
|:---|
| "Signed and Sealed" |
| Jay Newton Janney-Moore, P.E. |

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![a1.jpg](a1.jpg)

**CERTIFICATE OF QUALIFIED PERSON**

I, William Lucas Kingston, MSc, PG, RM-SME, do hereby certify that:

1. I am an Associate Hydrogeologist of NewFields Mining & Technical Services LLC ("NewFields"}, 9540 Maroon Circle, Suite 300, Englewood, Colorado 80112, USA.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina" with an Effective Date of December 31, 2025 (the "Technical Report").

3. I graduated with a degree in Geology rom Tulane University in 1984. In addition, I obtained a Master of Science degree in Hydrogeology and Hydrology from the University of Nevada - Reno in 1989. I am a professional geologist in the State of South Carolina (No. 2666), in the State of Wyoming (No. 3645), in the State of Utah (No. 13308445-2250), and in the State of California (No. 8679). I have worked as a Hydrogeologist for a total of 36 years since my graduation from university. My relevant experience includes water supply, pit dewatering, and mine water management studies that often include elements of data collection, development of conceptual groundwater flow models, and numerical predictive modeling.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

5. I visited the Haile Gold Mine property on December 4, 2019 for two days and August 31, 2021 for 3 days.

6. William Lucas Kingston, MSc, P.G., RM-SME, Hydrogeology and Groundwater Management, (NewFields Associate Hydrogeologist) is the QP responsible for hydrogeology, Sections 16.1.9, 16.2.8, 18.6 and portions of Sections 1, 25 and 26 summarized therefrom, of this Technical Report.

7. I am independent of the issuer applying all of the tests in Section 1.5 of NI 43-101.

8. I have had prior involvement with the property that is the subject of the Technical Report. The nature of my prior involvement is managing pit dewatering design, numerical groundwater modeling studies, and preparation of quarterly groundwater and surface water monitoring reports.

9. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with that instrument and form.

10. As of the aforementioned Effective Date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated this 27th Day of March, 2026.

---

| |
|:---|
| "Signed and Sealed" |
| William Lucas Kingston, MSc, PG. |

---

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| | |
|:---|:---|
| ![srk.jpg](srk.jpg) | SRK Consulting (U.S.), Inc. <br>Suite 400 <br>999 Seventeenth Street <br>Denver, CO 80202 <br>**T: 303.985.1333** <br>**F: 303.985.9947** <br>denver@srk.com <br>www.srk.com |

---

**CERTIFICATE OF QUALIFIED PERSON** 

I, Brooke J. Miller, MSc, C.P.G. do hereby certify that:

1. I am Principal Consultant (Geology) of SRK Consulting (U.S.), Inc., 5250 Neil Road, Suite 300, Reno, Nevada, USA, 89502.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina" with an Effective Date of December 31, 2025 (the "Technical Report").

3. I graduated with a degree in Bachelor of Arts degree in Geology from Lawrence University in 2002. In addition, I have obtained a Master of Science degree in Geological Sciences from The University of Oregon in 2004. I am a Certified Professional Geologist of the American Association of Professional Geologists. I have worked as a Geologist for a total of 21 years since my graduation from university. My relevant experience includes mining and exploration geology, geochemical characterization, and geologic modeling.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-101.

5. I visited the Haile property on November 14, 2023, for one day.

6. I am responsible for geochemistry Sections 16.1.6 and 16.2.4 and portions of Sections 1, 25, and 26 summarized therefrom, of this Technical Report.

7. I am independent of the issuer applying all of the tests in section 1.5 of NI 43-101.

8. I have had prior involvement with the property that is the subject of the Technical Report. The nature of my prior involvement is serving as QP on the report titled "NI 43-101 Technical Report, Haile Gold Mine, Lancaster County, South Carolina" dated March 28, 2024.

9. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with that instrument and form.

10. As of the aforementioned Effective Date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated this 27th Day of March, 2026.

"Signed"

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| | |
|:---|:---|
| | [Seal or Stamp] |
| Brooke J. Miller, CPG | |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Offices:** | **U.S. Offices:** | **Canadian Offices:** | **Canadian Offices:** | **Group Offices:** |
| Anchorage | 907.677.3520 | Saskatoon | 306.955.4778 | Africa |
| Clovis | 559.452.0182  | Sudbury | 705.682.3270 | Asia |
| Denver | 303.985.1333 | Toronto | 416.601.1445 | Australia |
| Elko | 775.753.4151 | Vancouver | 604.681.4196 | Europe |
| Reno | 775.828.6800 |  |  | North America |
| Tucson | 520.544.3688 |  |  | South America |

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## Exhibit 99.62

**Exhibit 99.62**

![logo1.jpg](logo1.jpg)

NI 43-101 Technical Report

Macraes Operation, Otago, New Zealand

Effective Date: Dece**mber 31, 2025**

**Report Date: March 27, 2026**

**Report Prepared by:**

**OCEANA**GOLD

Suite 1020, 400 Burrard Street

Vancouver, BC V6C 3A6

Canada

**Signed by Qualified Persons:** 

Matthew Grant PhD Applied Geology, MAIG, MAusIMM (OceanaGold Senior Geologist – Resource Development). Knowell Madambi, BSc Eng (Hons) Mining, MAusIMM CP (Min) (OceanaGold Manager - Technical Services & Projects). Euan Leslie BEng Mining, BCom Economics, MAusIMM CP (Min) (OceanaGold Group Mining Engineer). David Carr, BEng (Hons) Metallurgical, MAusIMM CP (Met) Metallurgy (OceanaGold Group Manager Metallurgy).

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Forward Looking Information

This report contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to: future financial and operating performance; cash flow forecasts; projected capital, operating and exploration expenditures; targeted cost reductions; mine life and production rates; potential mineralization and metal or mineral recoveries; information pertaining to potential improvements to financial and operating performance and mine life at the Macraes Operation; future metals prices; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserves and Mineral Resources estimates; costs of production; costs and timing of the development of new deposits; costs and timing of future exploration and drilling programs; timing of filing of updated technical information; requirements for additional capital; governmental regulation of mining operations and exploration operations; timing and receipt of approvals; consents and permits under applicable legislation; environmental risks; title disputes or claims; and the timing and possible outcome of current and pending litigation and regulatory matters. All statements in this report that address events or developments that OceanaGold Corporation ("OceanaGold") expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause OceanaGold's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: the risk of not achieving OceanaGold's production estimates, forecasts or Guidance; inaccuracy of Mineral Reserves, Mineral Resources and operating and capital cost estimates; the actual results of current and future production, development and/or exploration activities; possible variations of ore grade, metallurgy or recovery rates; changes in mine plans, project parameters or assumptions as plans continue to be refined; delays in, or inability to complete, development or construction or expansion activities or to re-commence or sustain operations as planned; failures or underperformance of plant, equipment, infrastructure or processes; geotechnical risks or events, including open pit wall stability, crown pillar failure, land subsidence and tailings dam failures; challenges associated with effective water management; environmental, health and safety and climate-related risks; risks related to community acceptance, stakeholder engagement and social licence to operate; competition for mineral properties and other growth opportunities; legal and regulatory challenges to current and future permits, certifications, approvals or licences; adverse judicial, regulatory or governmental decisions; delays in, or inability to obtain, financing or governmental approvals on acceptable terms; changes in laws, regulations, taxation regimes, regulated accounting standards or their interpretation or application; the risks associated with operating in foreign jurisdictions, including political instability, changes in policy or law, civil unrest or conflict; fluctuations in the prices of gold, copper and silver; general business, economic and market conditions (including changes in global, national or regional financial, credit, currency or

 Released: March 27, 2026 Page 2 of 213

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securities markets); changes or developments in global, national or regional political and social conditions; fluctuations in foreign exchange rates, including the value of the U.S. dollar relative to the Canadian dollar, the New Zealand dollar or the Philippine peso; inflationary pressure; labour availability, retention and turnover; accidents, labour disputes and other operational risks of the mining industry; limitations of insurance coverage or uninsured risks; the conclusions of economic evaluations, studies and models; and those other factors identified and described in more detail in the section entitled "Risk Factors" contained in OceanaGold's most recent Annual Information Form and OceanaGold's other filings with Canadian securities regulators, which are available under OceanaGold's profile on SEDAR+ at sedarplus.com and on OceanaGold's website at oceanagold.com. The list is not exhaustive of the factors that may affect OceanaGold's forward-looking statements.

OceanaGold's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to our ability to carry on current and future operations, including: exploration and development activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; our ability to meet or achieve guidance, estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary approvals, permits or certifications; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

OceanaGold's forward-looking statements are based on the opinions and estimates of OceanaGold management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. OceanaGold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities OceanaGold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

 Released: March 27, 2026 Page 3 of 213

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**Table of Contents**

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| | | |
|:---|:---|:---|
| 1 | Summary | 18 |
| 1.1 | Property Description and Ownership | 18 |
| 1.2 | History | 19 |
| 1.3 | Geology and Mineralization | 20 |
| 1.3.1 | Geology | 20 |
| 1.3.2 | Mineralization and Deposit Types | 21 |
| 1.4 | Mineral Permits and Regulatory Matters | 22 |
| 1.5 | Exploration | 22 |
| 1.6 | Drilling | 22 |
| 1.7 | Sampling, Analysis and Data Verification | 23 |
| 1.8 | Mineral Processing and Metallurgical Testing | 24 |
| 1.9 | Mineral Resource Estimate | 24 |
| 1.10 | Mineral Reserve Estimate | 25 |
| 1.11 | Mining Methods | 26 |
| 1.11.1 | Open Pit Mining Methods | 27 |
| 1.11.2 | Underground Mining Methods | 28 |
| 1.12 | Recovery Methods | 28 |
| 1.13 | Infrastructure | 28 |
| 1.14 | Environmental Studies and Permitting | 29 |
| 1.15 | Capital and Operating Costs | 29 |
| 1.16 | Economic Analysis | 31 |
| 1.17 | Conclusion and Recommendations | 33 |
| 1.17.1 | Conclusions | 33 |
| 1.17.2 | Recommendations | 33 |
| 2 | Introduction | 34 |
| 2.1 | Terms of Reference and Purpose | 34 |
| 2.2 | Purpose of the Report | 34 |
| 2.3 | Reporting Standards | 34 |
| 2.4 | Authors of the Report | 34 |
| 2.5 | Qualifications and Experience of Qualified Persons | 35 |
| 2.6 | Site Inspections | 35 |
| 2.7 | Sources of Information | 35 |
| 2.8 | Effective Date | 35 |

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| | | |
|:---|:---|:---|
| 2.9 | Units of Measure | 35 |
| 3 | Reliance on other Experts | 36 |
| 3.1 | General | 36 |
| 4 | Property Description and Location | 37 |
| 4.1 | Property Location | 37 |
| 4.2 | Ownership | 38 |
| 4.3 | Mineral Titles | 40 |
| 4.4 | Nature and Extent of Title | 40 |
| 4.5 | Location of Mineral Resources | 41 |
| 4.6 | Royalties, Agreements and Encumbrances | 42 |
| 4.7 | Environmental Permitting & Compliance | 42 |
| 4.7.1 | Overview | 42 |
| 4.7.2 | Access Arrangements | 45 |
| 4.7.3 | Compliance | 45 |
| 5 | Accessibility, Climate, Physiography, Local Resources, and Infrastructure | 47 |
| 5.1 | Accessibility | 47 |
| 5.2 | Physiography | 47 |
| 5.3 | Climate | 47 |
| 5.4 | Land Resources and Infrastructure | 48 |
| 5.4.1 | Sufficiency of Surface Rights | 48 |
| 5.4.2 | Power | 48 |
| 5.4.3 | Water | 48 |
| 5.4.4 | Communications | 48 |
| 5.4.5 | Mining Infrastructure | 48 |
| 5.4.6 | Labour | 48 |
| 6 | History | 49 |
| 6.1 | Historical Mining | 49 |
| 6.2 | Prior Ownership | 50 |
| 6.3 | Previous Work (Pre – 1990) | 50 |
| 6.3.1 | Geochemistry | 50 |
| 6.3.2 | Geophysics | 51 |
| 6.3.3 | Drilling | 52 |
| 6.4 | Historical Estimates | 52 |
| 6.5 | Previous Production | 52 |

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| | | |
|:---|:---|:---|
| 7 | Geological Setting and Mineralization | 53 |
| 7.1 | General | 53 |
| 7.2 | Regional Geology | 53 |
| 7.3 | Local Geology | 54 |
| 7.4 | Mineralization | 55 |
| 7.4.1 | Mineralization Zones | 55 |
| 7.4.2 | Mineralization Types | 58 |
| 7.5 | Deposit Geology | 59 |
| 8 | Deposit Types | 60 |
| 8.1 | General | 60 |
| 9 | Exploration | 62 |
| 9.1 | General | 62 |
| 9.2 | Geology | 62 |
| 9.2.1 | Geological Mapping | 62 |
| 9.3 | Geophysics | 62 |
| 9.4 | Geochemistry | 64 |
| 9.4.1 | Stream Sediment Sampling | 64 |
| 9.4.2 | Soil Sampling | 64 |
| 9.5 | Trenching | 67 |
| 9.6 | Remote Sensing | 67 |
| 9.7 | Aerial Photography | 67 |
| 9.8 | Exploration Statement | 67 |
| 10 | Drilling | 68 |
| 10.1 | Summary | 68 |
| 10.2 | Historical Drilling | 70 |
| 10.3 | OceanaGold Drilling | 71 |
| 10.4 | Surveys | 72 |
| 10.4.1 | Magnetic to Macraes Grid Conversion | 73 |
| 10.5 | Logging Procedures | 73 |
| 10.6 | Drilling Orientation | 75 |
| 10.7 | Sampling Methods and Approach | 75 |
| 10.7.1 | Introduction | 75 |
| 10.7.2 | RC Percussion Sampling | 75 |
| 10.7.3 | Diamond Core Sampling | 77 |
| 10.8 | Sample Quality | 77 |

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| | | |
|:---|:---|:---|
| 10.8.1 | Summary | 77 |
| 10.8.2 | Sample Recovery | 77 |
| 10.8.3 | RC Wet Sample Bias | 77 |
| 10.9 | Summary of Mineralized Widths | 78 |
| 11 | Sample Preparation, Analysis, and Security | 79 |
| 11.1 | Sample Preparation Statement | 79 |
| 11.2 | Sample Preparation, Assay and Analytical Procedures | 79 |
| 11.2.1 | Graysons/AMDEL Limited | 79 |
| 11.2.2 | SGS New Zealand Limited | 79 |
| 11.2.3 | ALS Minerals Laboratory, Australia | 80 |
| 11.2.4 | SGS Limited 2013 – April 2025 | 80 |
| 11.2.5 | SGS NZ Limited 2025 Onwards | 81 |
| 11.2.6 | Off-site Sample Preparation | 82 |
| 11.3 | Sample Analysis | 82 |
| 11.4 | Quality Assurance/Quality Control Procedures | 82 |
| 11.4.1 | Standards | 82 |
| 11.4.2 | Blanks | 82 |
| 11.4.3 | Duplicates | 83 |
| 11.4.4 | Core and Sample Storage | 83 |
| 11.4.5 | Actions | 83 |
| 11.5 | Opinion on Adequacy of Sample Preparation, Analysis and Security | 83 |
| 12 | Data Verification | 84 |
| 12.1 | Introduction | 84 |
| 12.2 | Drill Hole Database | 84 |
| 12.2.1 | Historical Data | 84 |
| 12.2.2 | Recent Data | 84 |
| 12.3 | Analysis of Assay Quality Control Data | 84 |
| 12.3.1 | Blanks | 85 |
| 12.3.2 | Standards | 87 |
| 12.3.3 | Duplicates – SGS Macraes | 88 |
| 12.4 | Summary | 90 |
| 13 | Mineral Processing and metallurgical testing | 92 |
| 13.1 | Ore Mineralogy | 92 |
| 13.2 | Throughput | 92 |
| 13.3 | Mass Pull | 92 |

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| | | |
|:---|:---|:---|
| 13.4 | Flotation Tails Gold Grade | 93 |
| 13.5 | CIL Recoveries | 93 |
| 13.6 | Flotation Recovery | 94 |
| 13.7 | Overall Recovery | 94 |
| 13.8 | Future Ore Testing Program | 95 |
| 13.9 | Golden Point Underground Testing | 96 |
| 13.10 | Innes Mills | 98 |
| 13.11 | Super Low Grade Testwork | 100 |
| 13.12 | Reconciling plant recovery to ore sources | 100 |
| 14 | Mineral Resource Estimates | 103 |
| 14.1 | Introduction | 103 |
| 14.2 | Qualified Persons Responsible for Resource Estimates | 103 |
| 14.3 | Open Pit Mineral Resource Estimates | 103 |
| 14.3.1 | Drillhole Database | 103 |
| 14.3.2 | Software Used | 103 |
| 14.3.3 | Geologic Model Methodology | 103 |
| 14.3.4 | Compositing and Assay Capping | 104 |
| 14.3.5 | Bulk Density | 104 |
| 14.3.6 | Variogram Analysis and Modelling | 106 |
| 14.3.7 | Block Model | 106 |
| 14.3.8 | Estimation Methodology | 106 |
| 14.3.9 | Model Validation | 107 |
| 14.3.10 | Resource Classification | 108 |
| 14.3.11 | Resource Estimate Tonnes and Grade | 109 |
| 14.3.12 | Nunns | 109 |
| 14.3.13 | Coronation North | 110 |
| 14.3.14 | Coronation | 111 |
| 14.3.15 | Deepdell | 112 |
| 14.3.16 | Round Hill/Golden Point Open Pit | 113 |
| 14.3.17 | Innes Mills | 114 |
| 14.3.18 | Ounce | 115 |
| 14.3.19 | Golden Bar | 117 |
| 14.3.20 | Taylors | 120 |
| 14.3.21 | Stoneburn Group | 121 |
| 14.4 | Underground Mineral Resource Estimate | 124 |

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| | | |
|:---|:---|:---|
| 14.4.1 | Drillhole Database | 124 |
| 14.4.2 | Software Used | 124 |
| 14.4.3 | Geologic Modelling | 124 |
| 14.4.4 | Assay Capping and Compositing | 124 |
| 14.4.5 | Density | 124 |
| 14.4.6 | Variogram Analysis and Modelling | 125 |
| 14.4.7 | Block Model | 125 |
| 14.4.8 | Estimation Methodology | 125 |
| 14.4.9 | Model Validation | 125 |
| 14.4.10 | Resource Classification | 125 |
| 14.4.11 | Golden Point Underground (GPUG) Resource Estimate | 125 |
| 14.5 | Resource Model to Mine Reconciliation | 127 |
| 14.6 | Open Pit and Underground Combined Mineral Resource Statement | 128 |
| 15 | Mineral Reserve Estimates | 130 |
| 15.1 | General | 130 |
| 15.2 | Open Pit Mineral Reserve Estimate | 130 |
| 15.2.1 | Conversion Assumptions, Parameters and Methods | 130 |
| 15.2.2 | Relevant Modifying Factors | 130 |
| 15.3 | Underground Mineral Reserve Estimate | 131 |
| 15.3.1 | Conversion Assumptions, Parameters and Methods | 131 |
| 15.4 | Macraes Combined Mineral Reserves Statement | 132 |
| 16 | Mining Methods | 134 |
| 16.1 | General | 134 |
| 16.2 | Open Pit Mining Methods | 134 |
| 16.2.1 | Current or Proposed Mining Methods | 134 |
| 16.2.2 | Parameters Relevant to Mine or Pit Designs and Plans | 134 |
| 16.2.3 | Pit Optimization | 135 |
| 16.2.4 | Design Criteria | 143 |
| 16.2.5 | Waste Rock Storage | 143 |
| 16.2.6 | Mine Production Schedule | 145 |
| 16.2.7 | Mining Fleet and Requirements | 150 |
| 16.2.8 | Mine Water | 152 |
| 16.3 | Golden Point Underground | 153 |
| 16.3.1 | Mining Methods | 153 |
| 16.3.2 | Mine Design Criteria | 153 |

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| | | |
|:---|:---|:---|
| 16.3.3 | Mine Production Schedule | 154 |
| 16.3.4 | Underground Mining Schedule Results | 155 |
| 16.3.5 | Mining Fleet and Requirements | 155 |
| 16.3.6 | Mine Ventilation Requirements | 157 |
| 16.3.7 | Mine Services | 157 |
| 16.4 | Combined Open Pit and Underground Production Schedule | 159 |
| 17 | Recovery Methods | 160 |
| 17.1 | Introduction | 160 |
| 17.2 | Plant Description | 160 |
| 17.3 | Plant Performance | 163 |
| 17.4 | Process Costs | 166 |
| 18 | Macraes Operation Infrastructure | 168 |
| 18.1 | Roads | 168 |
| 18.1.1 | Site Access Roads | 168 |
| 18.1.2 | Mine Haul Roads | 168 |
| 18.2 | Mine Services Facilities | 168 |
| 18.2.1 | Electrical Power | 168 |
| 18.2.2 | Open Pit Mine | 168 |
| 18.2.3 | Underground Mine | 169 |
| 18.2.4 | Assay Laboratory | 169 |
| 18.2.5 | Fuel Storage and Dispensing | 170 |
| 18.2.6 | Explosives | 170 |
| 18.2.7 | Communications | 170 |
| 18.3 | Tailings Storage | 170 |
| 18.3.1 | Design Criteria | 170 |
| 18.3.2 | Existing Facilities | 171 |
| 18.3.3 | Tailings Deposition Plan | 174 |
| 18.4 | Water | 175 |
| 18.4.1 | Surface Water Management | 175 |
| 18.4.2 | Underground Water Management | 175 |
| 18.4.3 | Process Plant Water Management | 175 |
| 19 | Market Studies and Contracts | 176 |
| 19.1 | General | 176 |
| 19.2 | Doré Production and Sales | 176 |
| 19.3 | Hedging and Forward Sames Contracts | 176 |

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| | | |
|:---|:---|:---|
| 19.4 | Contracts and Status | 176 |
| 19.4.1 | Open Pit Mining | 176 |
| 19.4.2 | Explosives | 177 |
| 19.4.3 | Diesel | 177 |
| 19.4.4 | Power Supply | 177 |
| 19.4.5 | Water Supply | 177 |
| 19.5 | Bonds | 177 |
| 19.6 | Comments on Market Studies and Contracts | 177 |
| 20 | Environmental Studies, Permitting, Social or Community Impact | 178 |
| 20.1 | General | 178 |
| 20.2 | Required Permits and Status | 178 |
| 20.3 | Environmental Study Results | 179 |
| 20.4 | Environmental and Social Issues | 179 |
| 20.4.1 | Land Use | 179 |
| 20.4.2 | Long Term Water Quality | 180 |
| 20.5 | Stakeholder and Iwi Engagement | 181 |
| 20.6 | Operating and Post Closure Requirements and Plans | 181 |
| 20.7 | Rehabilitation Measures during Operations | 182 |
| 20.8 | Mine Closure | 182 |
| 20.9 | Post-Performance or Reclamations Bonds | 182 |
| 20.10 | Closure Monitoring | 183 |
| 20.11 | Reclamation and Closure Cost Estimate | 183 |
| 21 | Capital and Operating Costs | 184 |
| 21.1 | Introduction | 184 |
| 21.2 | Capital Expenditure Estimates | 184 |
| 21.2.1 | Basis of Estimate | 184 |
| 21.2.2 | Labour Assumptions | 184 |
| 21.2.3 | Material Costs | 184 |
| 21.2.4 | Mine Capital Expenditures – Underground | 184 |
| 21.2.5 | Mine Capital Expenditures – Open Pit | 185 |
| 21.2.6 | Infrastructure Expenditures | 185 |
| 21.2.7 | Capital Expenditure Summary | 185 |
| 21.3 | Operating Cost Estimates | 186 |
| 21.3.1 | Basis of Estimate | 186 |
| 21.3.2 | Mining Operating Costs | 187 |

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| | | |
|:---|:---|:---|
| 21.3.3 | Processing Operating Costs | 187 |
| 21.3.4 | General and Administrative Operating Costs | 188 |
| 21.3.5 | Operating Cost Summary | 188 |
| 22 | Economic Analysis | 190 |
| 22.1 | Principal Assumptions and Input Parameters | 190 |
| 22.2 | Taxes, Royalties and Other Interests | 190 |
| 22.2.1 | Taxation | 190 |
| 22.2.2 | Royalties | 191 |
| 22.2.3 | Financing Costs | 191 |
| 22.3 | Pricing Model Results Reserve Case | 191 |
| 22.4 | Sensitivity Analysis | 194 |
| 22.4.1 | Operational Sensitivity | 194 |
| 22.4.2 | Gold Price Sensitivity | 194 |
| 22.4.3 | Pricing Model Results For Alternative Case | 195 |
| 23 | Adjacent Properties | 197 |
| 24 | Other Relevant Data and Information | 198 |
| 24.1 | Topography | 198 |
| 25 | Interpretation and Conclusion | 199 |
| 25.1 | Geology | 199 |
| 25.2 | Mining | 199 |
| 25.3 | Mineral Processing | 200 |
| 25.4 | Project Infrastructure | 201 |
| 25.5 | Environmental Studies, Permitting and Tenement Status | 201 |
| 25.6 | Production | 202 |
| 25.7 | Capital and Operating Costs | 202 |
| 26 | Recommendations | 203 |
| 26.1 | Recommended Work Programmes | 203 |
| 26.1.1 | Exploration & Resource Conversion | 203 |
| 26.1.2 | Mineral Processing and Metallurgical Testing | 203 |
| 26.1.3 | Mining and Reserves | 203 |
| 16.1.4 | Macraes Operation Infrastructure | 203 |
| 26.1.5 | Environmental Studies and Permitting | 203 |
| 27 | References | 204 |
| 28 | Glossary | 208 |
| 28.1 | Mineral Resources | 208 |

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28.2 Mineral Reserves 208

28.3 Definition of Terms 209

28.4 Abbreviations 210

Tables

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| | | |
|:---|:---|:---|
| Table 1-1 | Macraes Operation Mineral Resource statement as at December 31, 2025 | 25 |
| Table 1-2 | Macraes Mineral Reserve estimate as at December 31, 2025 | 26 |
| Table 1-3 | Combined open pit and underground ore processing schedule | 27 |
| Table 1-4 | LoM sustaining capital expenditure | 30 |
| Table 1-5 | LoM operating cost summary | 31 |
| Table 1-6: | Indicative Economic Results | 32 |
| Table 4-1 | Macraes Operation minerals permit | 40 |
| Table 4-2 | Macraes Operation Resource area boundaries | 42 |
| Table 9-1 | Geophysical surveys completed | 62 |
| Table 10-1 | Drilling summary by Resource area | 68 |
| Table 10-2 | Macraes exploration drilling summary | 71 |
| Table 10-3 | Magnetic to Macraes grid azimuth corrections | 73 |
| Table 10-4 | Summary of rock code descriptions | 74 |
| Table 11-1 | Graysons/AMDEL assay techniques | 79 |
| Table 11-2 | SGS (NZ) limited assay techniques 2009-2012 | 80 |
| Table 11-3 | ALS minerals laboratory assay techniques 2009-2012 | 80 |
| Table 11-4 | SGS (NZ) Limited assay techniques 2013 – April 2025 | 81 |
| Table 11-5 | SGS (NZ) limited assay technique from April 2025 onwards | 81 |
| Table 13-1 | Forecast recoveries used for production planning | 95 |
| Table 13-2 | Results of GPUG round 1 composites | 97 |
| Table 13-3 | Results of GPUG round 2 variability composites | 97 |
| Table 13-4 | Innes Mills 2022 composite summary results | 99 |
| Table 13-5 | Innes Mills 2025 test summary results | 100 |
| Table 13-6 | Gay Tan super low grade testwork results | 101 |
| Table 13-7 | Innes Mills super low grade testwork results | 101 |
| Table 13-8 | Super low grade plant trial results | 102 |

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| | | |
|:---|:---|:---|
| Table 14-1 | Density assumptions | 105 |
| Table 14-2 | Bulk density data by area | 106 |
| Table 14-3 | MIK Resource classification parameters | 108 |
| Table 14-4 | OK Resource classification parameters | 109 |
| Table 14-5 | Open Pit Resource estimate versus mill adjusted truck estimates at 0.3g/t cut-off | 127 |
| Table 14-6 | Underground Resource estimate versus mill adjusted trucked estimates | 128 |
| Table 14-7 | Combined OP and UG Resource estimate versus mill adjusted trucked estimates | 128 |
| Table 14-8 | Macraes Resource inventory as at December 31, 2025 | 129 |
| Table 15-1 | Stope modifying factors | 131 |
| Table 15-2 | Golden Point underground cut-off grade calculations | 132 |
| Table 15-3 | Macraes combined Mineral Reserve estimate as at December 31, 2025 | 133 |
| Table 16-1 | Resource models used in pit optimizations | 136 |
| Table 16-3 | Innes Mills optimization inputs | 137 |
| Table 16-4 | Innes Mills pit slopes used in optimizations | 137 |
| Table 16-5 | Innes Mills optimization results | 140 |
| Table 16-6 | Golden Bar optimization inputs | 140 |
| Table 16-7 | Golden Bar pit slopes used in optimizations | 140 |
| Table 16-8 | Golden Bar optimization results | 141 |
| Table 16-9 | Coronation optimization inputs | 141 |
| Table 16-10 | Coronation pit slopes used in optimizations | 141 |
| Table 16-11 | Coronation optimization results | 142 |
| Table 16-12 | Coronation North optimization inputs | 142 |
| Table 16-13 | Coronation North pit slopes used in optimizations | 142 |
| Table 16-14 | Coronation North optimization results | 143 |
| Table 16-15 | Generic pit design parameters | 143 |
| Table 16-16 | Waste rock storage | 145 |
| Table 16-17 | Key open pit schedule assumptions | 147 |
| Table 16-18 | Open pit mining quantities by year | 151 |
| Table 16-19 | Open pit drill and blast parameters | 152 |
| Table 16-20 | Major open pit equipment fleet by year | 152 |

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| | | |
|:---|:---|:---|
| Table 16-21 | Major open pit equipment fleet addition and replacement schedule | 155 |
| Table 16-22 | Key underground schedule assumptions | 155 |
| Table 16-23 | Schedule physicals | 156 |
| Table 16-24 | Underground drill and blast parameters | 157 |
| Table 16-25 | Major underground equipment fleet by year | 157 |
| Table 16-26 | Mine ventilation Requirements | 159 |
| Table 16-27 | Combined open pit and underground ore processing schedule | 166 |
| Table 17-1 | Consumable consumption rates | 167 |
| Table 17-2 | Life of Mine processing metrics | 170 |
| Table 18-1 | Explosives used on site | 172 |
| Table 18-2 | Macraes Tailings Storage Facilities | 174 |
| Table 18-3 | Future tailings storage options | 174 |
| Table 18-4 | Tailings deposition plan | 178 |
| Table 20-1 | Operational permits at Macraes Operation | 178 |
| Table 20-2 | Required permits and status | 186 |
| Table 21-1 | LoM sustaining capital expenditures | 188 |
| Table 21-2 | Operating cost summary | 190 |
| Table 22-1 | Financial Parameters | 192 |
| Table 22-2 | Financial Performance Summary (Reserve Case) | 193 |
| Table 22-3 | Indicative Economic Results at Alternative Price Profile | 196 |
| Table 28-1 | Definition of Terms | 209 |
| Table 28-2 | Abbreviations | 211 |

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Figures

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| | | |
|:---|:---|:---|
| Figure 1-1 | General location of the Macraes Operation | 19 |
| Figure 1-2 | Capital expenditure for LoM | 30 |
| Figure 1-3 | LoM direct operating costs | 31 |
| Figure 4-1 | Macraes Operation location map | 37 |
| Figure 4-2 | Macraes Operation aerial image from 2025 | 38 |
| Figure 4-3 | Macraes Operation farm holdings and mine area | 39 |

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| | | |
|:---|:---|:---|
| Figure 4-4 | Macraes Operation Resource locations | 41 |
| Figure 6-1 | Macraes historical deposits | 50 |
| Figure 7-1 | Regional geological setting | 54 |
| Figure 7-2 | Macraes geology map | 55 |
| Figure 7-3 | Grade distribution along the HMSZ | 57 |
| Figure 7-4 | Schematic sketch cross section through the HMSZ showing styles of mineralization | 59 |
| Figure 8-1 | Orogenic gold deposits of New Zealand | 61 |
| Figure 9-1 | Macraes interpreted and outcrop geology | 63 |
| Figure 9-2 | Macraes stream sediment sampling | 64 |
| Figure 9-3 | Macraes soil sampling locations | 66 |
| Figure 10-1 | Macraes drill hole locations | 69 |
| Figure 10-2 | Drill hole locations prior to 1990 | 70 |
| Figure 10-3 | Exploration Drill meters by year from surface and underground | 72 |
| Figure 12-1 | Blank samples submitted with Fire Assay submissions 2012-2025 (nine outliers excluded) | 86 |
| Figure 12-2 | Blank samples submitted with Photon Assay submission since March 2025 (No outliers excluded) | 86 |
| Figure 12-3 | Selection of six Fire Assay gold standards SGS Macraes Lab | 87 |
| Figure 12-4 | Selection of six Photon Assays gold standards SGS Macraes Lab | 88 |
| Figure 12-5 | Field duplicate and coarse crush duplicate Fire Assay pairs SGS Macraes | 89 |
| Figure 12-6 | Pulp duplicate and laboratory repeat Fire Assay pairs SGS Macraes | 90 |
| Figure 12-7 | Field duplicate & coarse crush duplicate Photon Assay pairs SGS Macraes | 91 |
| Figure 12-8 | Scatterplot of 100 duplicates of Fire Assay and Photon Assay completed during transition period in March 2025. Red dash line has slope of 1 | 93 |
| Figure 13-1 | Plant CIL recovery comparison between budget and actual CIL recovery from 2019-2025 | 94 |
| Figure 13-2 | Plant flotation recovery comparison between budget and actual flotation recovery | 110 |
| Figure 14-1 | Cross section through Coronation North showing original topography, geology and domaining Grade control grade shells >0.3g/t and >1.0g/t included | 111 |
| Figure 14-2 | Coronation cross section Looking North showing two mineralized lodes associated with the hangingwall shear | 116 |
| Figure 14-3 | Ounce and Golden Bar geology and deposits | 117 |
| Figure 14-4 | Ounce schematic cross section with 2017 Resource domain | 119 |

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| | | |
|:---|:---|:---|
| Figure 14-5 | Golden Bar schematic cross section 5575 m N | 121 |
| Figure 14-6 | Taylors schematic cross section line 1400 n M | 123 |
| Figure 14-7 | Stoneburn geology and Resource area | 126 |
| Figure 14-8 | Golden Point lode domains | 126 |
| Figure 16-1 | Pit expansion into the SP11 tailings storage facility | 139 |
| Figure 16-2 | Existing and proposed open pits and waste rock stacks | 144 |
| Figure 16-3 | Open pit mining areas | 146 |
| Figure 16-4 | Mined quantities by material type | 147 |
| Figure 16-5 | Movement by sources | 147 |
| Figure 16-6 | Ore milled by sources | 148 |
| Figure 16-7 | Innes Mills open pit stages | 149 |
| Figure 16-8 | Stockpile movements | 150 |
| Figure 16-9 | Panel layout | 154 |
| Figure 16-10 | Primary Ventilation Circuit | 158 |
| Figure 16-11 | Combined open pit and underground ore processing schedule | 159 |
| Figure 17-1 | Macraes process plant flowsheet | 161 |
| Figure 17-2 | Actual milled tonnages and combined mill throughput | 163 |
| Figure 17-3 | Actual overall circuit, flotation and CIL recoveries | 164 |
| Figure 17-4 | Mill throughput post pebble crushing installation | 165 |
| Figure 17-6 | Overall mill utilization and unit costs for 2016-2025 | 165 |
| Figure 18-1 | Existing and proposed tailings storage facilities | 173 |
| Figure 21-1 | LoM annual sustaining capital costs | 186 |
| Figure 21-2 | LoM direct operating costs | 189 |
| Figure 22-1 | Macraes Reserve Case Project Metrics | 192 |
| Figure 22-2 | Reserve Case Sensitivity Analysis | 194 |
| Figure 22-3 | Gold Price Sensitivity Analysis | 195 |

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1Summary

OceanaGold Corporation (OceanaGold) has prepared this National Instrument 43-101 (NI43-101) Technical Report (Technical Report) on the Macraes Operation (Macraes or the Project) as at December 31, 2025. This disclosure includes an increased Mineral Reserve estimate of 0.77 Moz and a Reserve mine life extension to 2032.

The Project is controlled by OceanaGold Corporation through its wholly owned subsidiary OceanaGold (New Zealand) Limited (OGNZL). OceanaGold Corporation is listed on the Toronto Stock Exchange under the code "OGC" and is the Issuer of this Technical Report.

The areas included in the Project mine plan comprise the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Innes Mills, Coronation, Coronation North and Golden Bar open pits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Golden Point Underground mine (GPUG);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Processing plant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tailings Storage Facilities.

OceanaGold continues to identify and evaluate potential additional ore sources through exploration work, drilling campaigns and studies to increase mining inventories and extend the mine life beyond the existing Reserve life.

1.1Property Description and Ownership

The Macraes Operation, located on the South Island of New Zealand, is the country's largest gold producing operation and includes both open pit and underground mining. Macraes is located approximately 60 kilometres north of Dunedin and 30 kilometres to the northwest of Palmerston in the Otago Region. The mining activities occur approximately two kilometres to five kilometres north and east of the Macraes township and is predominantly surrounded by farmland.

Access to the mine is by sealed roads from Dunedin, Oamaru, Middlemarch and Ranfurly. There is adequate access along sealed roads and farm tracks throughout the mine area. The general location of the Macraes Operation is shown in Figure 1-1.

The Macraes mining and exploration permits cover a contiguous area of 14,576 ha.

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![figure1-1generallocationof.jpg](figure1-1generallocationof.jpg)

**Figure 1-1&nbsp;&nbsp;&nbsp;&nbsp;General location of the Macraes Operation**

1.2History

The first records of mining in the Macraes area date to 1862 with alluvial mining at Murphy's Flat, with Macraes Flat, Deepdell and some parts of Horse Flat being worked soon after (Hamel, 1992).

Discovery of the modern Macraes Operation resulted from two geophysical surveys carried out using IP/resistivity in April 1985. During 1987, an orientation stream sediment sampling survey was

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conducted by BHP Gold Mines (New Zealand) Ltd ("BHPNZ") in the Round Hill area. Exploration activities conducted in the Macraes region prior to 1990 included approximately 56,000 metres of rotary air blast, RC and diamond drilling in 779 holes.

The current Macraes Operation began mining and processing gold bearing ore in 1990. The original permits comprising the Macraes Operation were owned by Golden Point Mining Limited, and by BHPNZ. In December 1989, the Macraes Mining Company Limited ("MMCL") obtained 100% ownership of these permits.

In December 1998, MMCL amalgamated with Macraes Mining Company Holdings Limited. This company subsequently changed its name to Gold and Resource Developments (NZ) Limited, and then to GRD Macraes Limited. In 2004, the name was changed to OceanaGold (New Zealand) Limited.

Macraes Operation is presently the largest gold producing operation in New Zealand. To December 31, 2025, over 5 million ounces of gold have been produced. The Project consists of large-scale open pit mining, underground mining and an adjacent process plant inclusive of an autoclave for pressure oxidation of the ore, details of which are provided below.

1.3Geology and Mineralization

1.3.1Geology

The Macraes Operation centres on a major, low-angle structure known as the Hyde-Macraes Shear Zone ("HMSZ"). This regionally continuous, late metamorphic deformation zone cuts greenschist facies metasedimentary rocks of the Otago Schist, a metamorphic belt that was formed by collisional amalgamation of the Caples and Torlesse terranes in the Early-Middle Jurassic.

The HMSZ is one of the largest Mesozoic structures mapped in the Otago Schist, traceable for at least 30 kilometres along strike in east Otago. Mining to date has occurred along a continuous strike length of six kilometres in numerous staged pits, three smaller discrete satellite pits five kilometres to six kilometres to the north, and at Golden Bar, a further six kilometres to the south. The HMSZ consists of variably altered, deformed and mineralized schist up to 150 metres thick, known as the intrashear schist. The thickest part of the shear zone consists of several mineralized zones stacked on metre-thick shears. These shears have ductile deformation textures overprinted by cataclasis. A shear known as the Hangingwall Shear ("HWS"), defines the upper limit of the intrashear schist. This shear, which can be up to 25 metres thick, is the most strongly mineralised structure at the Macraes Operation.

The Coronation and Coronation North deposits are located five kilometres to six kilometres to the northeast of the processing plant. Coronation consists of a 15 to 20 degrees dipping HWS that is between three metres and ten metres thick. Unlike deposits to the south, there is very little development of stockwork mineralization beneath the HWS. Located one kilometre to the north of Coronation is the Coronation North deposit, which was discovered in 2015. Coronation North differs from previously mined ore bodies along the HMSZ and comprises a high-grade zone of ENE plunging mineralization associated with a left-hand lateral bend in the strike of the HWS.

The Innes Mills open pit is centred on mining the HWS and subparallel stacked lenses beneath. In outcrop, the shears typically dip 15 to 20 degrees to the east and are approximately five metres

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thick. Within the open pit, gold mineralization comprises mineralized schist and cataclasite, shear-parallel quartz veins and arrays of sub-vertical quartz veins.

Erratic mineralization locally occurs between the base of the HWS and the Footwall Fault. At the resource drilling stage, this mineralization manifests as poorly developed clusters of elevated gold grades, which often appear discontinuous. During mining, however, these typically present as zones of quartz vein arrays and mineralized shears. The Footwall Fault lies between 80 metres and 120 metres below the HWS and is identified as a cataclastic zone up to ten metres thick. To date, no economic mineralization has been located below the Footwall Fault.

GPUG encompasses the down-dip continuation of the HWS mined in the Round Hill and Golden Point open pits. Current drilling has shown this to extend more than 700 metres beyond the limit of the open pit design. The thickest, most mineralized part is a series of stacked lodes proximal to the Golden Point open pit. Mineralization continues as a single higher-grade lode down-dip to the north-northeast. Mineralization is contained within the intrashear schist, which is generally 80 metres to 100 metres thick, with the higher gold grades confined to the upper part, which is dominated by cataclasite, lode schist and local stockwork pelite lithologies. Numerous drill holes have penetrated through the intrashear schist into the Footwall Psammite. Mineralization is consistent with the ore delineated in the Golden Point and Round Hill open pits, however down-dip of Golden Point this is constrained to a single lode. The highest gold grades are contained within the strongly developed and visually distinguishable zone within the upper hangingwall, characterized by quartz cataclasite, and mineralized schist. This typically forms a well mineralized, continuous zone up to five metres to ten metres thick, with a gold grade of approximately 3 g/t.

1.3.2Mineralization and Deposit Types

The Macraes deposit is an orogenic style gold deposit, with mineralization broadly synchronous with deformation, metamorphism and magmatism during a lithospheric-scale continental-margin orogeny. Most orogenic gold deposits like Macraes occur in greenschist facies rocks. Orogenic deposits typically formed on retrograde portions of pressure-temperature time paths during the last increments of crustal shortening and thus postdate regional metamorphism of the host rocks.

Mineralization within the HMSZ is hosted within lower greenschist facies pelitic to psammitic metasediments that are variably altered, deformed, and mineralized. This package of schist, known as the Intrashear Schist, is bounded above by the Hangingwall Shear, and below by the Footwall Fault, and can be up to 150 m thick. The thickest parts of the HMSZ comprise multiple, stacked shears and associated quartz vein arrays. The shears have ductile deformation textures overprinted by cataclasis (Craw et al., 1999). The Hangingwall shear, which is the most continuous and intensely mineralized structure, can be up to 25 m thick and is commonly darker coloured due to fine grained graphite and sheared sulfide minerals (McKeag et al., 1989).

There is a strong empirical correlation between gold, arsenic, scheelite, silicification and deformation intensity within the HMSZ. Gold-scheelite-pyrite-arsenopyrite mineralization is associated with replacement and fissure quartz veins within late metamorphic shearing. Shear-parallel quartz veins and cataclastic shears contain the highest gold and scheelite grades (Lee et al. 1989). Dore is typically comprised of 5% silver.

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The following four types of mineralization are recognised within the HMSZ at Macraes (Mitchell et al., 2006):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineralized schist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Black, sheared schist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shear-parallel quartz veins, ranging from 1 cm to 2 m; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stockworks (aka quartz vein arrays).

Gold is associated with pyrite and arsenopyrite in all the above styles of mineralization.

Tungsten as scheelite is found predominantly within mineralized quartz veins, although subordinate phases of disseminated scheelite within schist and remobilised stringer veins are also observed (Farmer, 2016).

1.4Mineral Permits and Regulatory Matters

Macraes Operation Mineral Reserves, plant site, tailings dams and waste rock stacks are located on land that is covered by mining permits, and which OceanaGold owns or has access to mine. All material permits and landholder agreements are in good standing.

The mineral permits are in good standing, and their duration is currently sufficient and can be extended, to allow future mining of the Resource within the permits as MP 41 064 expires in 2030 and MP 52 738 expires in 2045.

1.5Exploration

The Macraes area is a mature exploration province and much of the strike potential has been tested near surface. There remains potential for discovery both down dip of previously mined open cuts and underground operations and along strike to the north and south.

Detailed geological mapping, geophysical surveys (including seismic surveys, magnetic and electromagnetic surveys), geochemical surveys (including stream sediment sampling, soil sampling and trenching), remote sensing and aerial photography, have been completed along the strike of the HMSZ. Target areas with favourable characteristics for gold mineralization have been systematically tested with drilling.

1.6Drilling

As at December 31, 2024, over 1,105,000 metres in approximately 8,500 drill holes have been drilled from surface at the Macraes Operation. Full year 2024 exploration drilling totalled 9,389 metres. During 2024, resource definition drilling was ongoing to improve resource confidence at Coronation, Coronation North and GPUG.

Holes usually have been surveyed at 30 metre intervals to the end of the hole. RC holes and diamond core are generally logged and classified at one metre intervals with exceptions for lithology changes in diamond core holes. Drill hole information is stored in an electronic database.

Due to the long exploration and mining history of the Macraes Operation, the quality control database is incomplete for some of earlier drilling (1980s) making complete and thorough investigation impossible. Most of the Resources supported by early drilling have now been mined out and therefore no longer represent a significant risk to the project.

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1.7Sampling, Analysis and Data Verification

The sampling approach at the Macraes Operation consists of drill cuttings (RC percussion drilling) and half cut core samples (diamond drill core). The diamond drilling sampling has remained relatively constant over the life of the project, while the sampling of the percussion drilling has changed dependant on the drilling method.

Sampling of the RC percussion drilling is completed by trained employees who are supervised by technical staff. The sampling, splitting, tagging, bagging and storage of RC percussion drill holes is carried out in accordance with industry protocols and standards.

Drill core is logged and photographed, and the sections of core considered to be mineralized, or proximal to mineralized zones, are cut in half using a core saw and sampled by trained technicians and geologists, in accordance with sampling and QA protocols.

Sample recovery from RC percussion drilling and diamond drill core is routinely recorded in geological logs and recovery data are stored in a database. Sample preparation for analysis is carried out by independent laboratory staff (Amdel Limited ("Amdel") or SGS New Zealand Limited and is not conducted by any of our employees.

Between 2009 and mid-2011, all diamond core samples from surface exploration drilling, and most RC percussion drill samples were processed and analyzed by SGS laboratories in Ngakawau and Waihi. Samples were dried, crushed, split and then pulverized. One 50-gram pulp split was sent to SGS Waihi and analyzed for gold by Fire Assay. A second 50-gram subsample was retained in Ngakawau and used to make pressed powder pellets for XRF spectrometry analysis for arsenic and tungsten.

In mid-2011, SGS opened a new laboratory facility in Westport and took ownership of the laboratory services contract at the Macraes mine site. All the RC percussion chips and diamond core drill samples since 2011 were analyzed by SGS at the Macraes laboratory in New Zealand, using the process described above.

From 2010 until 2012, the independent ALS Laboratory Group Minerals laboratory in Brisbane, Australia was retained to analyze high value (deep) diamond drill holes from surface drills to test the down dip extent of the Frasers Underground (FRUG) mineralization and potential blind ore shoots. Half-core (NQ or HQ) samples were cut and sampled by our personnel and delivered to ALS Brisbane laboratory by freight companies. All sample preparation and analysis were completed by ALS employees. After crushing and pulverizing, all samples were analyzed by Fire Assay.

During 2013, selected sample pulps without existing tungsten analyses from Round Hill/Southern Pit and the Frasers 6 areas were retrieved from storage and analyzed for tungsten. The samples were retrieved and were initially analyzed in-house using our portable XRF ("pXRF") analyzer. Orientation studies were conducted, and sampling protocols were developed to ensure consistent presentation of the samples to the pXRF analyzer.

The QC database is incomplete for the Macraes Operation, in part due to the long exploration and mining history. Where available, the recovery and QA/QC data indicate the assay data are acceptable. The risk associated with the incomplete data is mitigated by the available mining and reconciliation data which supports the quality of the information. The data are suitable for the purposes of grade estimation. Potential biases associated with the sampling of wet RC percussion drilling have been addressed by replacing wet sampled RC percussion drill holes with their

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corresponding diamond or dry RC twins; or, in cases where no twin drill hole exists, globally determined wet sample bias correction factors have been used to factor gold grades for wet RC percussion drill hole samples.

1.8Mineral Processing and Metallurgical Testing

Over the last 35 years OceanaGold has developed considerable experience in development and operation of the complex ore processing technology required to optimise gold recovery from the Macraes refractory ores.

Emphasis is placed on efficiency, recoveries and cost control. The relatively high tonnage processed, the simple flotation reagent regime, and economies resulting from concentration of the gold into a flotation product comprising between 1.5% and 3% of the ore mass treated, reduce the operating cost. The low operating cost of the core sulfide process is due to low comminution costs (driven by the coarse grind, and relatively soft ore).

OceanaGold conducts a metallurgical ore testing program at the Macraes Operation using core from recently drilled areas to determine ore recovery parameters. The data produced from the test work feeds into the recovery models used in the life of mine plan. Test work checks ore amenability to the Macraes flowsheet of grinding/flotation and leaching.

1.9Mineral Resource Estimate

The estimation methodology used for the Mineral Resources depends on the mineralization style, drill hole spacing, population statistics and mining method of the various deposits across the Macraes Operation area.

The main open pit deposits use Large Panel Recoverable estimation via Multiple Indicator Kriging. Ordinary Kriging is used for underground estimates as well as for some satellite, non-producing open pits.

Resource classification considers drill hole spacing, geological confidence and, in some cases, the probability of the block grade being above cut-off grade.

OceanaGold's Mineral Resource estimation processes are well established and are maintained by a process of internal peer review, and independent external review. The estimates are supported by appropriate drilling data, with acceptable sampling and assaying quality. The estimates have been constrained within domains based upon appropriate geological and grade criteria.

For the five years trailing (2021 to 2025), the Measured and Indicated Resources have reconciled against the mill-adjusted mine averages of 125%, 96% and 119% for tonnes, grade and contained gold respectively. Inferred Resources are not considered in reconciliation performance metrics, due to their lower confidence. Nonetheless, inclusion of Inferred Resources would improve the reconciliation metrics to 111%, 100% and 111% for tonnes, grade and contained gold respectively.

While monthly, quarterly and annual reconciliation fluctuations are expected to continue, the Macraes open pit and underground Mineral Resource estimates are believed to provide an acceptable basis for medium- to long-term mine planning purposes.

Table 1-1 represents the Macraes Operation Mineral Resource Statement as at December 31, 2025, reported in accordance with the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects of June 2011 (the Instrument) and the classifications adopted by Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Council in December 2011.

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**Table 1-1&nbsp;&nbsp;&nbsp;&nbsp;Macraes Operation Mineral Resource statement as at December 31, 2025**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Measured**  | **Measured**  | **Measured**  | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Gold** | **Tonnes**<br>**(Mt)** | **Au**<br>**(g/t)** | **Contained**<br>**Ozs (Moz)** | **Tonnes**<br>**(Mt)** | **Au**<br>**(g/t)** | **Contained**<br>**Ozs (Moz)** | **Tonnes**<br>**(Mt)** | **Au**<br>**(g/t)** | **Contained**<br>**Ozs (Moz)** | **Tonnes**<br>**(Mt)** | **Au**<br>**(g/t)** | **Contained**<br>**Ozs (Moz)** |
| **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** |
| Nunns/NZGT | - | - | - | 0.27 | 0.81 | 0.01 | 0.27 | 0.81 | 0.01 | 0.8 | 0.9 | 0.0 |
| Coronation North | 0.14 | 1.23 | 0.01 | 3.06 | 0.63 | 0.06 | 3.19 | 0.66 | 0.07 | 1.0 | 0.4 | 0.0 |
| Coronation | 0.27 | 1.14 | 0.01 | 5.84 | 0.69 | 0.13 | 6.1 | 0.71 | 0.14 | 2.5 | 0.6 | 0.1 |
| Deepdell | 0.36 | 1.17 | 0.01 | 0.66 | 0.9 | 0.02 | 1.03 | 0.99 | 0.03 | 0.5 | 0.6 | 0.0 |
| Innes Mills | 1.91 | 1.32 | 0.08 | 24.3 | 0.64 | 0.50 | 26.2 | 0.69 | 0.58 | 7.5 | 0.5 | 0.1 |
| Ounce | - | - | - | - | - | - | - | - | - | 1.3 | 0.7 | 0.0 |
| Golden Bar | 0.19 | 1.31 | 0.01 | 1.34 | 0.94 | 0.04 | 1.52 | 0.98 | 0.05 | 4.7 | 1.1 | 0.2 |
| Stoneburn | - | - | - | - | - | - | - | - | - | 6.1 | 0.6 | 0.1 |
| Taylors | - | - | - | 0.29 | 0.81 | 0.01 | 0.29 | 0.81 | 0.01 | 0.3 | 0.7 | 0.01 |
| Stockpiles | 9.73 | 0.42 | 0.13 | - | - | 0.00 | 9.73 | 0.42 | 0.13 | - | - | - |
| Golden Point Underground | 0.08 | 3.02 | 0.01 | 6.37 | 2.28 | 0.47 | 6.45 | 2.29 | 0.47 | 2.4 | 1.8 | 0.1 |
| **Macraes Total** | **12.7** | **0.63** | **0.26** | **42.1** | **0.91** | **1.23** | **54.8** | **0.85** | **1.49** | **27** | **0.8** | **0.7** |

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All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding;

• Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability;

• All Resources are based on metal prices of USD2,450 /oz gold, NZD/USD exchange rate of 0.60;

• Open Pit Resources are constrained by optimised shells based upon economic assumptions above;

• Open Pits cut-off grades between 0.25 g/t Au and 0.30 g/t Au;

• Golden Point underground cut-off grade is 0.97 g/t Au;

• Underground Resources are reported within volumes guided by conceptual stope designs which are based upon economic assumptions above. Reported underground Resources exclude dilution; and

• Matthew Grant, Senior Geologist – Resource Development at Macraes is the Qualified Person for the Mineral Resource Estimates.

1.10Mineral Reserve Estimate

The Mineral Reserves reported by category are presented in Table 1-2. These Mineral Reserves are a subset of the Mineral Resources tabulated in Table 1-1.

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**Table 1-2&nbsp;&nbsp;&nbsp;&nbsp;Macraes Mineral Reserve estimate as at December 31, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Gold** | **Tonnes**<br>**(Mt)** | **Au**<br>**(g/t)** | **Contained**<br>**Ozs (Moz)** | **Tonnes**<br>**(Mt)** | **Au**<br>**(g/t)** | **Contained**<br>**Ozs (Moz)** | **Tonnes**<br>**(Mt)** | **Au**<br>**(g/t)** | **Contained**<br>**Ozs (Moz)** |
| **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** |
| Coronation | 0.22 | 1.23 | 0.01 | 4.9 | 0.66 | 0.10 | 5.12 | 0.69 | 0.11 |
| Coronation North | 0.11 | 1.12 | 0.00 | 3.34 | 0.58 | 0.06 | 3.46 | 0.6 | 0.07 |
| Innes Mills | 1.28 | 1.3 | 0.05 | 10.3 | 0.61 | 0.20 | 11.6 | 0.69 | 0.26 |
| Golden Bar | 0.14 | 1.25 | 0.01 | 1.15 | 0.94 | 0.03 | 1.29 | 0.97 | 0.04 |
| Stockpiles | 9.73 | 0.42 | 0.13 | - | - | 0.00 | 9.73 | 0.42 | 0.13 |
| ***Sub-total-Open Pit*** | ***11.5*** | ***0.55*** | ***0.20*** | ***19.70*** | ***0.64*** | ***0.40*** | ***31.20*** | ***0.61*** | ***0.61*** |
| Goden Point Underground | 0.04 | 2.01 | 0.00 | 2.57 | 1.9 | 0.16 | 2.62 | 1.90 | 0.16 |
| **Total Macraes** | **11.5** | **0.56** | **0.21** | **22.3** | **0.78** | **0.56** | **33.8** | **0.71** | **0.77** |

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All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding;

• Mineral Reserves are reported based on a cut-off grade based on metal price assumptions, exchange rates and mining, processing, general and administrative costs;

• Open pit reserves for Innes Mills, Coronation and Coronation North are stated using a 0.25 g/t Au cut-off and for Golden Bar using a 0.30 g/t Au cut-off;

• Underground reserves are stated using 1.08 g/t Au where ore drive development is required and 0.94 g/t Au where development is in place;

• Reserves are based on a USD2,200 /oz Au gold price; NZD/USD exchange rate of 0.60;

• The Macraes processing plant recovery varies based on ore source and feed grade – an average recovery of 77% is estimated.

• Open pit dilution and recovery estimates are built into the underlying Resource models and no further adjustments are made;

• Underground insitu recovery, mining recovery and dilution modifying factors have been applied resulting in an average underground mining recovery of 89% of the designed tonnage and 77% of the designed grade;

• Mineral Reserves have been estimated based on mine designs and plans consolidated into a Life of Mine Schedule;

• Knowell Madambi, Manager - Technical Services & Projects at Macraes is the Qualified Person for the Open Pit Mineral Reserve Estimate; and

• Euan Leslie, Group Mining Engineer based in Brisbane is the Qualified Person for the Underground Mineral Reserve Estimate.

1.11Mining Methods

OceanaGold has prepared Life of Mine production plans from Mineral Reserves for the period 2026-2032 at Macraes. This schedule sees new open pit cutbacks at Innes Mills, Coronation North, Coronation and Golden Bar and continuation of the Golden Point Underground from 2026 to 2029. The production rates forecast are consistent with recent performance. The mine production plans are considered reasonable for the purpose of long-term scheduling.

The Innes Mills Stages 7 and 8, and Gay Tan Stage 5 were mined by open pit methods in 2025, and supplied approximately 4.9 Mt of ore, while the Golden Point Underground (GPUG) mine supplied a further 0.9 Mt of ore. Stockpiles provided supplementary feed when required. The combined Macraes production for the twelve months ended December 31, 2025 was 147 koz.

Mining of Innes Mills Stage 7 and Gay Tan Stage 5 was completed in 2025. Mining of Innes Mills Stage 8 is expected to be completed in 2027. Innes Mills Stages 9, 10, 11 and 12 are an expansion on the main Innes Mills pit and mining is scheduled to start in IM 9 and 10 pit stages in mid-2026.

The current combined open pit, stockpile and underground Mineral Reserves of 0.77 Moz support a mine life at Macraes extending to 2032. The combined open pit and underground schedule from 31 December 2025 is shown in Table 1-3. As noted previously, Macraes is actively seeking to identify potential additional ore sources through drilling campaigns and studies to increase mining inventories and extend mine life beyond the existing reserve life.

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The open pit and underground operations are owner-operated by OceanaGold with a range of contractors supporting the mining operations. OceanaGold's performance at Macraes has demonstrated that the mining equipment and mining methods are suited to the required mining rates and deposit geometry. Open pit and underground mine design procedures are appropriate and have been conducted in accordance with established industry standards and with input from appropriately qualified geotechnical specialists, hydrological and hydrogeological specialists, and other subject matter experts and consultants.

The mining and ore processing schedules have factors applied to account for poor weather, public holidays, and use equipment availability and utilization, and mill throughput parameters in line with historical performance.

**Table 1-3&nbsp;&nbsp;&nbsp;&nbsp;Combined open pit and underground ore processing schedule**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Units**  | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **LoM**  |
| **Open Pit Schedule**  | **Open Pit Schedule**  | **Open Pit Schedule**  | **Open Pit Schedule**  | **Open Pit Schedule**  | **Open Pit Schedule**  | **Open Pit Schedule**  | **Open Pit Schedule**  | **Open Pit Schedule**  | **Open Pit Schedule**  |
| Total Ore Milled Quantity  | Mt  | 5.37  | 5.64  | 5.65  | 6.13  | 3.85  | 2.94  | 1.60  | 31.18  |
| Total Milled Gold Grade  | g/t Au  | 0.72  | 0.49  | 0.51  | 0.53  | 0.66  | 0.91  | 0.57  | 0.61  |
| Total Milled Contained Gold  | koz  | 124  | 88  | 93  | 104  | 82  | 86  | 29  | 607  |
| **Underground Schedule**  | **Underground Schedule**  | **Underground Schedule**  | **Underground Schedule**  | **Underground Schedule**  | **Underground Schedule**  | **Underground Schedule**  | **Underground Schedule**  | **Underground Schedule**  | **Underground Schedule**  |
| Total Ore Milled Quantity  | Mt  | 0.83  | 0.76  | 0.75  | 0.27  | -  | -  | -  | 2.62  |
| Total Milled Gold Grade  | g/t Au  | 2.02  | 1.87  | 1.88  | 1.68  | -  | -  | -  | 1.90  |
| Total Milled Contained Gold  | koz  | 54  | 46  | 45  | 15  | -  | -  | -  | 160  |
| **Combined Open Pit and Underground**  | **Combined Open Pit and Underground**  | **Combined Open Pit and Underground**  | **Combined Open Pit and Underground**  | **Combined Open Pit and Underground**  | **Combined Open Pit and Underground**  | **Combined Open Pit and Underground**  | **Combined Open Pit and Underground**  | **Combined Open Pit and Underground**  | **Combined Open Pit and Underground**  |
| Total Ore Milled Quantity  | Mt  | 6.21  | 6.40  | 6.40  | 6.40  | 3.85  | 2.94  | 1.60  | 33.80  |
| Total Milled Gold Grade  | g/t Au  | 0.89  | 0.65  | 0.67  | 0.58  | 0.66  | 0.91  | 0.57  | 0.71  |
| Total Milled Contained Gold  | koz  | 178  | 134  | 139  | 118  | 82  | 86  | 29  | 768  |
| Gold Recovery | % | 81.6 | 74.5 | 75.7 | 71.8 | 79.6 | 82.5 | 71.3 | 77.8 |
| Gold Production | koz | 145 | 100 | 105 | 85 | 65 | 77 | 21 | 598 |

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1.11.1Open Pit Mining Methods

The open pit mining operation utilises hydraulic excavators and diesel rigid dump trucks to extract both waste and ore, while an electric-hydraulic shovel is restricted to bulk waste. Blasting requires relatively light powder factors compared with some other operations due to the comparatively weak and fractured rock mass. Ore is blasted in 7.5 m high benches and excavated in three, nominally 2.5 m high, flitches. For backhoe excavators, waste is blasted in 15 m benches and excavated in four flitches, and for the electric shovel, waste is blasted and excavated in 10 m benches.

The open pit fleet is held to a consistent size from 2026 to 2032. The fleet includes three Hitachi EX3600 backhoe excavators, one Hitachi EX3600 electric shovel, and one Hitachi EX2500 excavator loading up to twenty-four Caterpillar 789C/D haul trucks. The open pit hauling fleet for the current plan is reduced to twenty-one trucks in 2031 and five trucks in 2032.

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1.11.2Underground Mining Methods

Macraes underground mining is completed by a combination of retreat uphole and reverse-fire open-stoping methods along the line of strike. The underground ore is dumped at an in-pit stockpile for periodic re-handling by the open pit fleet to the process plant's run of mine stockpile. Dilution and ore loss factors used in the mining schedule are supported by extensive operating experience.

The underground retreat uphole stope mining operation utilises electro-hydraulic development jumbos, diesel load-haul-dump units, diesel haul trucks and longhole drill rigs to extract both waste and ore. The uphole retreat stope voids are not backfilled, and the mine design utilises yielding pillars between adjacent extracted stopes to gradually deform over a timeframe that permits ore extraction.

The current underground fleet will be maintained from 2026 to 2028, reducing to one truck and two loaders in 2029.

1.12Recovery Methods

The Macraes Operation process plant comprises a crushing and grinding circuit that reduces ROM ore to a nominal particle size of 80% passing 120 µm to 140 µm at a treatment rate of approximately 6.4 Mtpa. The sulfide ore is then recovered through the flotation circuit to produce a concentrate, which is reground down to an 80% passing size of 15 µm. Grinding of the flotation concentrate is required to make it suitable for treatment in the pressure oxidation process.

Plant availability and utilization has been maintained at approximately 95% and 94%, respectively, which is at the high end of typical industry benchmarks for similar designed plants of the same age. Overall, recoveries shown in Table 1-3, are considered reasonable given the refractory, preg robbing nature and low feed grade of the ores. The processing plant has the capacity to treat up to 6.4 Mtpa and incorporates a SAG mill, flotation circuit, autoclave for pressure oxidation of the concentrate, CIL plant and smelting facilities.

In the pressure oxidation circuit, the sulfide ore in the concentrate is oxidized suitably for gold recovery in the CIL circuit. The CIL and elution processes recover the gold into a concentrated solution from where the precious metal is recovered through electrowinning, with final smelting of the electrowinning cathodes into gold doré.

1.13Infrastructure

OceanaGold continues to maintain required infrastructure at Macraes, including road access, power, water supplies and administration facilities. Surface infrastructure required to support the life of mine plan is in place or requires only minor modifications.

Tailings and waste rock disposal facilities are maintained and managed on an ongoing basis. Progressive rehabilitation is ongoing. There is enough tailings storage capacity in the current Frasers Tailing Storage Facility (FTSF) to store tailings for the remainder of the mine life. A raise of the FTSF to accommodate tailings to beyond 2032, for future growth opportunities, is being designed for the resource consent and permit application to be submitted in Q3 2026.

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1.14Environmental Studies and Permitting

Environmental management and mitigation measures are well maintained at Macraes and are managed to meet resource consent conditions and permit requirements (Rodger, 2026).

The Macraes Operation is fully consented for current operations, with actual and potential environmental effects regularly monitored and reported to the relevant agencies. The consents and permits are issued by the Otago Regional Council (ORC), the Dunedin City Council (DCC), Environment Canterbury (ECAN) and the Waitaki District Council (WDC).

The Macraes Operation Mineral Reserves, plant site, tailings dams and waste rock stacks are located on land that is covered by mining permits, and which OceanaGold owns or has access to mine. All material permits and landholder agreements are in good standing.

The mineral permits are in good standing, and their duration is currently sufficient and can be extended, to allow future mining of the Resource within the permits as MP 41 064 expires in 2030 and MP 52 738 expires in 2045.

The site environmental documentation is appropriate and follows Environment Management System (EMS) principles. It is also aligned with the OceanaGold Integrated Management System (IMS) which maintains an EMS structure in alignment with ISO4001. Documentation is reviewed and updated regularly.

Current mining operations have resource consents up to 2028 while the tailings storage facility has resource consents up to 2032. Resource consent applications are being finalised for lodging in Q3 2026 for the Innes Mills Stages 11 and 12 pits, Coronation Stages 6 and 7, Golden Bar Stages 2 and 3, Golden Point underground extension and Frasers Tailings Storage Facility Stage 3. OceanaGold has a reasonable expectation that these consents will be approved to allow for planned mining operations.

OceanaGold is in partnership with Otago Fish and Game, a semi-government organization, to manage a Trout Hatchery on the Macraes mine site.

Overall, no material environmental issues have been identified to limit the ongoing operation of the mine within the planned schedule.

1.15Capital and Operating Costs

Capital and operating costs are well-known from the 35 years of operations and have been appropriately applied to develop cut-off grades and inputs into economic analysis.

There is no material expansion planned for production rates at Macraes based on the reported Mineral Reserves. The production schedule is being implemented through to completion of the open pits and underground operations. Capital and operating costs were estimated in NZD and then converted to USD using an exchange rate of 0.58 USD:NZD.

Mining, Processing, and General and Administration (G&A) operating cost estimates for Macraes are considered reasonable and consistent with recent experience.

Capital cost estimation and forecasting are considered reasonable and consistent with proposed development programmes and ongoing requirements. Common to all mining operations, there is a

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risk of fluctuation in capital expenditures due to unforeseen problems, modifications, upgrades and introduction of new technology.

Total capital expenditures are provided by area in Table 1-4 and by year in Figure 1-2, and the total operating costs are provided by area in Table 1-5 and by year in Figure 1-3.

**Table 1-4&nbsp;&nbsp;&nbsp;&nbsp;LoM sustaining capital expenditure**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Capital Expenditure**  | **LoM Plan Total (NZD M)** | **LoM Plan Total (NZD M)** | **LoM Plan Total (NZD M)** | **LoM Plan Total (USD M)** | **LoM Plan Total (USD M)** | **LoM Plan Total (USD M)** |
| | **Open Pit** | **Underground** | **Total** | **Open Pit** | **Underground** | **Total** |
| Pre-strip | 420.6 |  | **420.6** | 243.9 |  | **243.9** |
| Tailings | 3.1 |  | **3.1** | 1.8 |  | **1.8** |
| Underground decline development |  | 53.9 | **53.9** |  | 31.2 | **31.2** |
| Processing facilities | 20.2 |  | **20.2** | 11.7 |  | **11.7** |
| Exploration capital | 3.9 |  | **3.9** | 2.3 |  | **2.3** |
| General capital | 108.5 | 11.6 | **120.1** | 62.9 | 6.7 | **69.7** |
| Asset sales | (63.8) |  | **(63.8)** | (37.0) |  | **(37.0)** |
| **Total capital expenditure** | **492.5** | **65.5** | **557.9** | **285.6** | **38.0** | **323.6** |
| **Lease payments & interest** | **78.9** | **40.6** | **119.6** | **45.8** | **23.6** | **69.4** |

---

• Notes: Exchange rate – USD:NZD 0.58

![figure1-2capitalexpenditur.jpg](figure1-2capitalexpenditur.jpg)

**Figure 1-2&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditure for LoM**

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**Table 1-5&nbsp;&nbsp;&nbsp;&nbsp;LoM operating cost summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Operating Expenditure**  | **NZD**  | **NZD**  | **USD**  | **USD**  |
| **Operating Expenditure**  | **LoM Total $M**  | **$/t**  | **LoM Total $M**  | **$/t**  |
| Open Pit Mining  | 502.3  | 2.96  | 291.3  | 1.72 |
| GPUG Underground Mining  | 212 .0 | 81.38  | 123.0 | 47.20 |
| Processing Costs  | 493.8  | 14.62  | 286.4 | 8.48 |
| General and Administration Costs  | 284.1  | 8.41  | 164.8 | 4.88 |
| **Total Direct Costs**  | **1492.2** | **-**  | **865.5** | **-**  |

---

• Exchange rate – USD:NZD 0.58

![figure1-3lomdirectoperatin.jpg](figure1-3lomdirectoperatin.jpg)

**Figure 1-3&nbsp;&nbsp;&nbsp;&nbsp;LoM direct operating costs**

1.16Economic Analysis

The Macraes Operation consists of an operating surface and underground mine with a mill. The milling facility is fed by both the open pit and underground mine with supplementary feed rehandled from stockpiles.

Macraes is expected to produce 0.6 Moz of payable gold over a 7-year mine life at an average rate of 85 koz Au per year during full production years with a LoM all-in sustaining cost (AISC) of US$2,237 /oz Au.

The Macraes Operation is expected to incur sustaining capital in the amount of US$393 million over the modelled life and a non-sustaining capital spend, including rehabilitation costs, of US$53 million for total capital expenditure of US$446 million.

The project cash flow using the Mineral Reserve price of US$2,200 /oz gold flat over the LoM and a 5% discount rate results in a pre-tax net present value (NPV) of US($7) million and after-tax NPV of US($19) million, with projected positive cashflow from operations estimated to be offset by closure

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costs. As a result of significant depreciation and depletion, the operation at $2,200 /oz Mineral Reserve gold price is expected to incur US$12 million in income tax liability at the Mineral Reserve price. Existing loss carry-forwards have not been included in the economic model. Inclusion of these items may further reduce the income tax liability of the operation.

OceanaGold provide<u>s</u> an alternative price profile more reflective of current market conditions (refer to section 22.4.2) which consists of a flat US$4,000 /oz gold price over the life of the operation. At these prices and a 5% discount rate, the project is estimated to produce pre-tax and after-tax NPV values of US$912 million and US$722 million, respectively. Income tax payments amount to US$212 million in this scenario (US$190 million in NPV terms).

As summary of the model results for both the reserve case and the OceanaGold price case is presented in Table 1-6.

**Table 1-6:&nbsp;&nbsp;&nbsp;&nbsp;Indicative Economic Results**

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| | | |
|:---|:---|:---|
| **Description** | **US$000's** | **US$000's** |
| **Scenario** | **Reserve Case Price** | **Alternative Price** |
| **Market Prices** | **Market Prices** | **Market Prices** |
| Gold (US$/oz) | 2200 | 4000 |
| Payable Gold (Moz) | 0.6 | 0.6 |
| **Revenue** | **Revenue** | **Revenue** |
| Gross Gold Revenue | 1315160 | 2391200 |
| **Operating Costs** | **Operating Costs** | **Operating Costs** |
| **Total Operating Costs** | **915969** | **944913** |
| Operating Margin (EBITDA) | 399191 | 1446287 |
| **Taxes** | **Taxes** | **Taxes** |
| Income Tax  | 12254 | 212497 |
| Operating Cash Flow | 386937 | 1233790 |
| **Capital** | **Capital** | **Capital** |
| Sustaining Capital | 392954 | 392954 |
| Closure and Rehabilitation | 53262 | 53262 |
| **Total Capital** | **446216** | **446216** |
| **Metrics** | **Metrics** | **Metrics** |
| Pre-Tax Free Cash Flow | (12594) | 1034502 |
| After-Tax Free Cash Flow | (24848) | 822005 |
| Pre-Tax NPV at 5% | (7036) | 912326 |
| After-Tax NPV at 5% | (18995) | 722205 |

---

Because the Macraes Operation is operational and is valued on a total project basis and not by an incremental analysis, an initial rate of return (IRR) value is not relevant in this analysis. In terms of sensitivity, the project is most sensitive to gold grade and price, followed by operating costs and capital costs.

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1.17Conclusion and Recommendations

1.17.1Conclusions

The following conclusions have been drawn from this Technical Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Mineral Resources and Mineral Reserves have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Standard Definitions for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM definitions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While the geological setting and mineralization styles are well-understood, additional drilling is likely to allow further expansion of the Mineral Resource based on current and forecast gold prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential for further extension to the LoM is being investigated through exploration drilling and feasibility studies, such as the Southern Pit Innes Mills (SPIM) Feasibility Study covering the area to the north of the existing Innes Mills pit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consenting (permitting) requirements are in place for current operations. Future LoM consenting requirements are planned to be submitted under New Zealand's Fast-Track process in Q3 of 2026. This submission is referred to as Macraes Phase 4 Fast Track (MP4Fast).

1.17.2Recommendations

The recommended work programme costs are included in the operating and capital costs for Macraes and are not listed separately.

Exploration programmes and budget are determined annually for the following year as part of the annual budgeting process.

Based on the conclusions of the Technical Report, recommended actions have been identified and split between requirements for the existing LoM plan and investigation of future potential expansion.

Recommendations for achieving the LoM plan include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete infill drilling at Innes Mills, Coronation, Coronation North, Golden Bar and GPUG as planned in 2026 for a total cost of around NZD4.0 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progress FTSF Stage 3 detailed design and submit permit applications in Q3 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete lodging of MP4Fast consent submission in Q3 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Keep the current permits and consents in good standing by continuing with the established monitoring and compliance practices.

Recommendations to investigate future potential expansion include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete Feasibility study of the SPIM Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain annual exploration investment to define Mineral Resources made available by an increasing gold price, replacing mining depletion and adding additional ore sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete test work on metal recoveries for any additional potential mineable inventory identified to allow risk mitigation and support conversion to Mineral Reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue assessment of potential mineable targets along strike;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to assess the tungsten extraction potential of any additional ore discoveries;

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2Introduction

2.1Terms of Reference and Purpose

This report has been prepared to support disclosures in OceanaGold's Annual Information Form for the year ended December 31, 2025.

This report provides updated information on the Macraes Operation, including an updated Mineral Resources and Mineral Reserves estimate.

References in this report to OceanaGold include OceanaGold Corporation and its wholly-owned subsidiary, OceanaGold (New Zealand) Limited.

This report uses Mineral Reserve and Mineral Resource classification terms that comply with reporting standards in Canada and the Mineral Reserve and Mineral Resource estimates are made in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Council – Definition Standards for Mineral Resources & Mineral Reserves adopted by the CIM Council on May 19, 2014, which were adopted by the Canadian Securities Administrators' National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).

2.2Purpose of the Report

This report was prepared as a National Instrument 43-101 (NI 43-101) Technical Report for OceanaGold by internal qualified persons employed by OceanaGold to provide updated technical information for Mineral Reserves and Mineral Resources for the Macraes Operation.

This report includes an economic analysis of open pit and underground mining and ore processing based on open pit and underground reserves.

This report updates the previous NI43-101 Technical Report on Macraes dated 27th March 2024 (Grant et al., 2024) which covers the period up to the end of 2023. References to this earlier document will be made throughout this report where appropriate for historical context, however all relevant information is contained within this report.

2.3Reporting Standards

This report has been prepared in accordance with Canadian National Instrument 43-101 for the 'Standards of Disclosure for Mineral Projects' of June 2011 (the Instrument) and the Mineral Resource and Mineral Reserve classifications adopted by CIM Council. This report complies with disclosure and reporting requirements set forth in the Instrument, Companion Policy 43-101CP, and Form 43-101F1.

2.4Authors of the Report

This technical report has been prepared by or under the supervision of the following authors, who are all employees of OceanaGold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matthew Grant, as Senior Geologist - Resource Development at Macraes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Knowell Madambi, as Manager - Technical Services & Projects at Macraes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Euan Leslie as Group Mining Engineer in Brisbane, Australia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• David Carr as Head of Metallurgy in Dunedin, New Zealand

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2.5Qualifications and Experience of Qualified Persons

The following serve as the qualified persons as defined in NI 43-101 for this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matthew Grant, PhD Applied Geology, MAIG, MAusIMM (OceanaGold Senior Geologist – Resource Development, Macraes) is the QP responsible for Sections 1, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14 and 24.1 of this Technical Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Knowell Madambi, BSc Eng (Hons) Mining MAusIMM CP(Min) (OceanaGold Manager - Technical Services & Projects, Macraes) is the QP responsible for Sections 1, 2, 3, 18, 19, 20, 21, 22, 23, 25, 26 and the open pit portions of Sections 15 and 16 of this Technical Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Euan Leslie BEng Mining, BCom Econ, MAusIMM CP (Min) (OceanaGold Group Mining Engineer) is the QP responsible for the underground portions for sections 15 and 16 of this Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• David Carr BEng (Hons) Metallurgical MAusIMM CP (Met), (OceanaGold Group Manager - Metallurgy) is the QP responsible for Sections 13, 17 and portions of Section 25 of this Technical Report.

2.6Site Inspections

Knowell Madambi and Matthew Grant are based at Macraes. Euan Leslie is based in Brisbane and last visited Macraes on the 14th September 2023 for data verification. David Carr is based in New Zealand and visits the Macraes mine site regularly most recently on 19<sup>th</sup> November 2025 to review the future ores program progress and planning.

2.7Sources of Information

Reports and documents listed in Section 27 of this report were used to support preparation of the report. Additional information was provided by OceanaGold personnel as requested. Supplemental information was also provided to the qualified persons by third-party consultants retained by OceanaGold in their areas of expertise.

2.8Effective Date

The effective date of this report is December 31, 2025.

2.9Units of Measure

The Metric System for weights and units has been used throughout this report unless otherwise noted. Tonnes are reported in metric tonnes of 1,000 kg. Gold is reported in grams and troy ounces, where applicable (1 Troy ounce = 31.1035 grams). Monetary units are in New Zealand dollars (**NZD**) unless otherwise stated.

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3Reliance on other Experts

3.1General

The Qualified Persons' opinions contained herein are based on information provided by OceanaGold throughout the course of the investigations. The Qualified Persons have relied upon OceanaGold and the work of other consultants in various project areas in support of this Technical Report.

The Qualified Persons have used their experience to determine if the information from previous reports was suitable for inclusion in this Technical Report and adjusted information that required amending. This report includes scientific and technical information, which required subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, the consultants do not consider them to be material.

For reporting of environmental, permitting, and social or community impact matters in Sections 4 and 20 of this Technical Report, the Qualified Persons have relied upon information provided by OceanaGold's Manager **-** Environment & Social Performance, Macraes, in a report dated January 26, 2026.

For ownership of land title and mineral titles in Section 4 of this Technical Report, the Qualified Persons have relied on ownership information provided by OceanaGold's Manager - Legal in a report dated February 20, 2026. The Qualified Persons have not independently reviewed property title or mineral rights for the Macraes Operation, as they consider it reasonable to rely on such report.

For applicable taxes, royalties and other government levies or interests applicable to revenue or income from the Macraes Operation in Section 22 of this Technical Report, the Qualified Persons have relied on information provided by OceanaGold's Superintendent – Management Accounting in a report dated February 19, 2026.

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4Property Description and Location

4.1Property Location

The Macraes Operation is located approximately 60 km north of Dunedin in eastern Otago and is located north and east of the small township of Macraes. The Project comprises two Mining Permits (MP's) granted by New Zealand Petroleum and Minerals (NZPAM) under the Crown Minerals Act (1991).

The current activity is mining from the Innes Mills and Coronation North Open Pits, and from underground at Golden Point (GPUG) all within MP41 064. The process plant, several waste rock stacks, and tailings impoundments are located within MP52 738.

The Project is located at, -45.36°S, 170.43°E (Latitude/Longitude – World Geodetic System 1984) or at 5,535,600 m N, 2,308,500 m E New Zealand Map Grid (New Zealand Geodetic Datum 1949) or at 4,973,945 m N, 1,398,635 m E New Zealand Transverse Mercator (New Zealand Geodetic Datum 2000).

A local grid (Mine Grid) has also been established for the Macraes Operation. This grid is rotated 45° west of true north, parallel with the local trend of the mineralized structures.

The Macraes Operation has a total area of 14,576.3 ha. The Macraes Operation location map and 2025 aerial image are shown in Figure 4-1 and Figure 4-2.

![figure4-1.jpg](figure4-1.jpg)

**Figure 4-1&nbsp;&nbsp;&nbsp;&nbsp;Macraes Operation location map**

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Macraes is predominantly surrounded by farmland grass and tussock used for high country grazing, as shown in Figure 4-2.

![figure4-2.jpg](figure4-2.jpg)

**Figure 4-2&nbsp;&nbsp;&nbsp;&nbsp;Macraes Operation aerial image from 2025**

4.2Ownership

Land in the immediate vicinity of the OceanaGold mining operations, and most of the land in permits MP52 738 and MP41 064, is owned by OceanaGold. Land not used for active mining activities is leased to local farmers. OceanaGold land ownership extends beyond those two permits as shown in Figure 4-3. Land outside the OceanaGold holdings is currently owned by a variety of landowners.

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In general, OceanaGold property boundaries follow existing cadastral boundaries. Where OceanaGold boundaries have departed from these, the boundaries have been surveyed by registered surveyors.

![figure4-3.jpg](figure4-3.jpg)

**Figure 4-3&nbsp;&nbsp;&nbsp;&nbsp;Macraes Operation farm holdings and mine area**

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4.3Mineral Titles

OceanaGold holds contiguous Mining Permits (MP) granted under the Crown Minerals Act 1991 to the north-west and south-east of Round Hill, covering approximately 27 km of strike along the mineralized Hyde Macraes Shear Zone (HMSZ) as shown in Figure 4-1 and detailed in Table 4-1.

The Crown Minerals Act 1991 allows for extensions of permit duration and the permit areas subject to compliance with the technical requirements of the Crown Minerals (Minerals other than Petroleum) Regulations 2007 and the Minerals Programme for Minerals (Excluding Petroleum) 2025. During 2026 OceanaGold intends to apply to extend the permit duration of MP41 064

**Table 4-1&nbsp;&nbsp;&nbsp;&nbsp;Macraes Operation minerals permit**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Permit No.** | **Licence** | **Location Name** | **Date Commenced** | **Term Length** | **Term Expires** | **Area (Hectares)** | **Interest in Permit** |
| MP 52 738 | OceanaGold | Round Hill | 31/10/2010 | 35 Year | 30/10/2045 | 395.40 | 100% |
| MP 41 064 | OceanaGold | Macraes Extension | 01/02/1994 | 36 Years | 31/01/2030 | 14171.5 | 100% |

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A previously held exploration permit EP60 589 Round Hill East over an area of 9.4 ha, expired on 13 July 2025, and at that time the area held under title reduced from 14,576.3 ha to 14,566.9 ha.

4.4Nature and Extent of Title

The granting of a mineral permit does not confer a right of access to land subject to the permit. A permit holder must arrange land access with the owner and occupier of the land before beginning any prospecting, exploration or mining for minerals on or in land (other than minimum impact activity as defined in the Crown Minerals Act 1991). Access arrangements are binding on successors in title provided they are registered against affected land titles where the term is longer than six months.

OceanaGold currently has no access agreements for land covered by mineral permits it does not own, and in the future may need to negotiate access agreements to the properties that cover the Nunns, Stoneburn and any extension to Golden Bar Resources, none of which are Mineral Reserves. OceanaGold has a set of principles that guide its approach to land access aimed at minimising impacts and delivering access agreements that are fair and reasonable.

Any activity carried out below the surface of any land subject to a permit will not be considered, for the purposes of the land access requirements of the Crown Minerals Act, to be prospecting, exploration or mining on or in the land and consequently will not require an access arrangement, if the activity will not or is not likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause any damage to the surface of the land or any loss or damage to the owner and/or occupier of the land;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have any prejudicial effect regarding the use and enjoyment of the land by the owner and/or occupier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have any prejudicial effect regarding any possible future use of the surface of the land.

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4.5Location of Mineral Resources

Mineralized zones at Macraes are located along the surface trace of the HMSZ, a major northwest-southeast trending structure (see Section 7.3). All previous mining production and current Resources are located along this zone. Figure 4-4 shows the location of reported Mineral Resources within OceanaGold's Macraes permits. Local grid coordinates for the limits of the Resource areas at Macraes are given in Table 4-2.

![figure4-4.jpg](figure4-4.jpg)

**Figure 4-4&nbsp;&nbsp;&nbsp;&nbsp;Macraes Operation Resource locations**

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**Table 4-2&nbsp;&nbsp;&nbsp;&nbsp;Macraes Operation Resource area boundaries**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Resource Area** | **Northing (Local Grid)** | **Northing (Local Grid)** | **Easting (Local Grid)** | **Easting (Local Grid)** |
| **Resource Area** | **From** | **To** | **From** | **To** |
| Nunns / NZGT | 23400 | 26000 | 68000 | 71000 |
| Coronation North | 20450 | 22000 | 69000 | 71000 |
| Coronation | 18750 | 20450 | 69400 | 71000 |
| Deepdell | 17200 | 17800 | 69600 | 70800 |
| Golden Point UG | 14750 | 16240 | 70000 | 71400 |
| Innes Mills | 12650 | 15000 | 68950 | 71000 |
| Ounce | 6200 | 7300 | 69400 | 70200 |
| Golden Bar | 5250 | 6350 | 70500 | 71350 |
| Stoneburn | -600 | 4000 | 69500 | 71900 |
| Taylors | 1175 | 1650 | 71850 | 72350 |

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4.6Royalties, Agreements and Encumbrances

MP52 738 is covered under a Royalty Agreement between OW Hopgood and OceanaGold, where OceanaGold pays Hopgood a royalty of 5% of revenue if recovered by open pit mining and 3% if recovered by underground mining on any gold, scheelite or other minerals recovered from the area which was formerly PL31 595 and ML32 3047.

Under the Crown Minerals Act 1991 which applies to MP41 064 and MP52 738 royalties are payable to the Crown annually in respect of all gold, silver and scheelite that are recovered from the land pursuant to the mining permits. Royalties are calculated based on net sales revenue or accounting profits whichever is the greater. Royalties are generally calculated and payable at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no royalty is payable if net sales revenue from the permit is less than NZD100,000 for an annual reporting period or averages less than NZD8,333 per month if the annual reporting period for the permit is less than 12 months. Where the permit is part of a production unit, the thresholds will apply to net sales revenues from all permits in the production unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a royalty of 1% Ad Valorem is payable if net sales revenue from a permit is between NZD100,000 and NZD1,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a royalty of either 1% Ad Valorem or 5% of the accounting profits, whichever is greater, if the net sales revenue from a permit is more than NZD1,000,000.

4.7Environmental Permitting & Compliance

4.7.1Overview

This report provides an overview of the principal environmental statutes that OceanaGold operates under to understand the extent of OceanaGold's environmental liabilities and how these liabilities arise.

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There are four principal agencies that oversee OceanaGold's mining activities together with several secondary agencies. The four principal agencies are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Otago Regional Council;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environment Canterbury;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Waitaki District Council; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dunedin City Council.

In order to undertake mining of Crown owned minerals (such as gold) there are five key types of permits required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access arrangements with the owner of the land;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a mining permit under the Crown Minerals Act 1991;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resource consents to use land, water, and air;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Building Consents for the construction of tailings or freshwater dams; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wildlife Authorities to handle and relocate wildlife away from areas to be mined.

As OceanaGold is a significant landholder in the district and the area covered under the mining permits covers most of the foreseeable mining target, the key ongoing approval processes are related to resource consents, building permits and wildlife authorities.

**Resource Consents Description**

The Resource Management Act 1991 (RMA) is currently the primary piece of legislation governing the use of land, water and air resources in New Zealand. The RMA process is summarized below.

Under the RMA process as it stands territorial authorities and regional councils have primary responsibility for administering the consenting regime. Their functions are defined within the RMA (Sections 30 and 31 RMA) but in simple terms, relevant to OceanaGold's activities, territorial authorities manage the effects of land use change and noise, whilst regional councils manage effects associated with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• water quality (surface, ground and coastal water);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking, damming, diversion of water;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discharges of contaminants into or onto land, air, or water, and discharges of water into water; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the bed of any water body, and the planting of any plant in, on, or under that land.

In managing the effects of activities on the matters above, both territorial authorities and regional councils seek to give effect to the purpose of the RMA (Section 5 RMA), which is "to promote the sustainable management of natural and physical resources". Sustainable management is defined by the RMA as the use, development, and protection of natural and physical resources in a way, or at a rate, which enable people and communities to provide for their social, economic, and cultural wellbeing and for their health and safety while:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sustaining the potential of natural and physical resources (excluding minerals) to meet the reasonably foreseeable needs of future generations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• safeguarding the life-supporting capacity of air, water, soil, and ecosystems; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoiding, remedying, or mitigating any adverse effects of activities on the environment.

Supporting the purpose of the RMA are several principles relating to managing the use, development, and protection of natural and physical resources, that OceanaGold "recognises and

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provides for" (Section 6 RMA), "has particular regard to" (Section 7 RMA), and "takes into account" (Section 8 RMA).

The term "effect" includes (Section 3 RMA):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any positive or adverse effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any temporary or permanent effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any past, present, or future effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any cumulative effect which arises over time or in combination with other effects – regardless of the scale, intensity, duration, or frequency of the effect, and includes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any potential effect of high probability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any potential effect of low probability which has a high potential impact.

The RMA places restrictions on the use of land (Section 9 RMA), the subdivision of land (Section 11 RMA), the use of the coastal marine area (Section 12 RMA), on certain uses of beds of lakes and rivers (Section 13 RMA), water (Section 14 RMA), and the discharge of contaminants into the environment (Section 15 RMA). Activities that 'use' land, water, and air cannot legally occur unless they are permitted by a rule in a district or regional plan or have a Resource Consent granted.

A Resource Consent is therefore permission from a territorial authority or regional council to undertake an activity that would otherwise contravene a statutory plan prepared under the RMA (or Sections 9,11,12,13,14 or 15 RMA).

Applications for resource consents are typically processed in one of three ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-notified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited notified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Publicly notified.

Non-notified applications (i.e. no general public submissions are allowed) may occur when the environmental effects of the activity to be consented are no more than minor and written approvals have been obtained from any party considered potentially affected by the application. Limited notified applications may occur where the environmental effects are no more than minor, and either written approvals are unable to be obtained, or when potentially affected parties are difficult to identify. Notified applications occur when the environmental effects of the activity to be consented may be minor or more than minor and provide an opportunity for any person in New Zealand to make a submission supporting or opposing the application.

Consents are granted subject to conditions such as the requirement for an environmental bond to be paid by the consent holder, conditions to avoid, remedy, or mitigate significant adverse effects on the environment and provide for the monitoring of these effects. Failure to meet the conditions of consent may lead to prosecution, payment of fines, and in severe circumstances the cancellation of the consent. The maximum penalties available under the RMA for an individual are imprisonment for a term not exceeding 18 months, or a fine not exceeding NZD1,000,000, and for a company a fine not exceeding NZD10,000,000. If the offence is a continuing one, an additional fine may be imposed not exceeding NZD10,000 for every day or part of a day during which the offence continues.

OceanaGold holds all required resource consents for the activities it currently undertakes. Compliance with the conditions of resource consents is discussed below.

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Although expectations over how effects from activities are assessed and the level of mitigation required for managing those effects have changed over time, OceanaGold has a robust understanding of the resource consenting process, engages competent specialists (many of whom have a long-standing relationship with the Macraes Operation) to undertake assessments, and has effective working relationships with the territorial and regional councils.

In December 2025 the Government introduced two new Bills to replace the RMA: the Planning Bill and the Natural Environment Bill. The Government aims to pass them into law in 2026. OceanaGold will submit on the proposed legislation and follow the enactment process closely. Once the legislation is passed OceanaGold's future resource consenting will be conducted under the new regime and/or the Fast-Track Approvals Act 2024 as appropriate.

In 2024 the Government enacted the Fast-track Approvals Act 2024 (FTAA) for consenting projects of regional or national significance. The FTAA enables a suite of approvals to be obtained in one process, including resource consents, access arrangements, concessions, wildlife authorities and archaeological authorities.

The Macraes Operation has a project listed in Schedule 2 of the FTAA – Macraes Phase 4 Fast Track (MP4Fast) - which will enable OceanaGold to apply under the FTAA to, in stages, expand the existing open pit and underground gold mining operations to enable output of approximately 130,000 ounces per annum to 2036. OceanaGold is preparing to utilise the new FTAA process to accelerate consenting processes by lodging an application for MP4Fast approvals in Q3 2026.

**Mining Permits/Crown Minerals Act 1991**

Mining permits for the Macraes Operation have been issued under the Crown Minerals Act 1991 (CMA) for currently consented Life of Mine mining requirements.

The allocation of rights to prospect, explore or mine for minerals owned by the Crown is carried out by the issuing of permits under the CMA. "Crown owned" minerals include all naturally occurring gold and silver and some coal and other metallic and non-metallic minerals and aggregates.

4.7.2Access Arrangements

Access Arrangements under the CMA are agreements sought with landowners to allow for surface access to allow exploration activities to be conducted. At the time of entering into an access arrangement under general terms and conditions, it is OceanaGold's practice to include an option to purchase, subject to obtaining Overseas Investment Office consent, should exploration results prove favourable.

OceanaGold currently owns approximately 13,540 ha of land covering and in the immediate vicinity of the Macraes Operation. The land is within tenements MP52 738 and MP41 064. The current exploration forecast suggests that in the future Oceana may need to negotiate access agreements to the privately owned properties that cover the Nunn's, Stoneburn and any extension to Golden Bar Resources.

4.7.3Compliance

Management of compliance by the regulating authorities is undertaken through several mechanisms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submission of and in some cases presentation of annual plans and reports for activities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance audits and inspections, undertaken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• self-reporting of incidents which result in or have the potential to result in non-compliance with consents and permits.

The primary agencies involved in the submission of annual plans are New Zealand Petroleum and Minerals (in the case of the Mineral Permits) and the territorial and regional authorities (Councils) in the case of resource consents.

Audits are conducted by the Councils either on an annual basis or on a consent- or topic-specific basis, and inspections are also annual and can be ad-hoc. In some cases, the Councils will work with other related government institutions such as the Department of Conservation, on topic-specific audits.

Progress against corrective actions identified in audits and inspection are tracked in the Corporate Database, InControl.

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5Accessibility, Climate, Physiography, Local Resources, and Infrastructure

5.1Accessibility

Access to the mine is by sealed highway from Dunedin, and then via sealed roads from Middlemarch and Palmerston. There is good access along mine roads and farm tracks throughout the project area.

The Macraes Operation is within short driving distance to several populated centres:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Macraes, approximately 6 km by road from the Macraes Operation process plant, consists of approximately 40 families (including surrounds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dunedin, a university city with a population of 130,000, is 90 km away by road;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oamaru with a population of 14,000 is 105 km by road; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Palmerston, with a population of 900, is 37 km by road (Stats NZ, 2024).

OceanaGold provides bus services from Oamaru and Dunedin with many pick-up points enroute. A domestic and international airport is in Dunedin, which also has an operating seaport. A national trunk railway line from Christchurch to Dunedin passes through Palmerston.

5.2Physiography

The project area is situated on an elevated (approximately 490 m above sea level) plateau drained by a trellis pattern of north-westerly and north-easterly trending streams. Parts of the plateau are deeply dissected. Elevations range from 200 m to 820 m above sea level.

Vegetation is comprised of a combination of improved pasture and tussock grassland, while streams and gullies are choked by matagouri, gorse, thistles and wild rose. The predominant land use is stock grazing, with small areas covered by pine plantations.

5.3Climate

Daily temperatures average 15 °C in summer and 5 °C in winter, with maximums ranging up to just over 30 °C in summer with winter minimums down to -7 °C. Snow regularly falls during the winter months but rarely enough to severely restrict access.

Rainfall averages 650 mm per year but can vary by about 80 mm per year depending on topography. There is little seasonal variation in rainfall, but monthly totals can be quite variable, and the area is susceptible to long dry periods. Droughts, which last two or three years, have been recorded in the east Otago region every 10 to 20 years.

Based on the aggregate of past experience, open pit planning assumes 650 hours of lost mining time per year due to rainfall, snow or fog. Underground mining and processing plant operations are unaffected by weather.

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5.4Land Resources and Infrastructure

5.4.1Sufficiency of Surface Rights

OceanaGold has all necessary rights and mining permits for current mining operations at the Macraes Operation. Planned mining extensions in Innes Mills, Coronation, Coronation North, Golden Bar and GPUG extension along with required tailings storage, require approval of additional resource consents. Application preparations are in progress for submission in Q3 2026.

Any future discoveries may require new consents.

5.4.2Power

Macraes is connected to the local power grid, which provides a reliable electrical power supply. The power line has adequate capacity to supply the mine at full operating limits.

5.4.3Water

Water is drawn from the Taieri River and pumped to the site. Through storage and active recycling, an adequate reservoir of process and potable water is maintained to enable continuous operation, even in times of drought conditions.

5.4.4Communications

Macraes is connected to the New Zealand ultrafast broadband fibre network, providing both voice and internet access. The mine site utilises a local area network for computer connections.

A multi-channel radio network is utilised for operations communication in the mine and process plant.

5.4.5Mining Infrastructure

The Macraes Operation area is sufficient to contain the current open pit and underground mines, process plant, haulage roads, tailings storage areas and waste rock storage areas. Furthermore, sufficient surface area is available within Macraes Operation area for the construction of any infrastructure necessary for the potential development and mining of other deposits under consideration.

5.4.6Labour

Mining, processing and support staff are drawn from the local region, with all living in the nearby towns or commuting from Dunedin. Recruitment of suitably skilled and experienced employees for all areas of the operation has been regularly achieved and maintained.

Contract support services are readily available from Palmerston, Oamaru, Waikouaiti and Dunedin.

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6History

6.1Historical Mining

The earliest alluvial mining in the district commenced at Murphy's Flat in 1862, with Macraes Flat, Deepdell and some parts of Horse Flat being worked soon after (Hamel, 1992). Murphy's Creek was the major early alluvial workings and there is evidence that all of its tributaries were being worked in the 1860's. The Murphy's Creek alluvial workings are reasonably well preserved and are of historic significance (Hamel, 1992).

Lode quartz mining commenced in the 1860's, but the scale of operations was very small. The Golden Point/Round Hill lode system was not discovered until 1889. Development of Golden Point commenced in 1889 and it became established as a significant scheelite and gold producer. From 1890 to 1933, it produced an estimated 13,000 ozs of gold and 800 tons of scheelite (Williamson, 1939). Other areas mined included Maritana, Golden Bell and Deepdell but quantities were small with a total reported of 8,463 tons of crushed ore for 1,630 ozs of gold and 50 tons scheelite (Williamson, 1939). Lodes were worked for either scheelite or gold depending on the price at the time. This was because the fine grinding required to liberate the gold resulted in poor recovery of scheelite.

Areas continued to be mined after 1939 as tungsten was in demand during the Second World War but gold prices were sharply reduced during this time. The scale of operations was small, and work was discontinuous. As a result, records of ore production are poor. Local miners suggest that less than 100 tonnes of scheelite was mined since 1939, but estimates are widely varied. It was a question of economics (due to preferential recoverability of gold or tungsten) not availability that controlled the scheelite industry at Macraes Flat.

The first lode worked in the Macraes field was probably the Duke of Edinburgh, described by Ulrich in 1875 (Williamson, 1939). He also mentions the Golden Bar Reef and the Moonlight Reef, at the head of Macraes Flat, but gives no details. In 1888, the Highlay Reef was discovered on the Mareburn, and the lode was traced to Golden Point, where it was opened out in 1889. Further prospecting soon resulted in the opening of other mines along the lode, some of them, however, being little more than surface workings.

The mines that have been worked, given in order eastward, are Mount Highlay, New Zealand Gold and Tungsten, Coronation, Golden Bell, Maritana, Deepdell, Golden Point, Round Hill, Innes, Mills, Griffins, Golden Ridge, Ounce and Golden Bar (Williamson, 1939).

Figure 6-1 shows historical mining areas in relation to modern open pit and underground mining zones.

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![figure6-1.jpg](figure6-1.jpg)

**Figure 6-1&nbsp;&nbsp;&nbsp;&nbsp;Macraes historical deposits**

6.2Prior Ownership

The original permits at Macraes were owned by Golden Point Mining Limited and BHP Gold Mines (New Zealand) Limited, owned by BHP Gold Mines Limited. During December 1989, Macraes Mining Company Limited (MMCL) obtained 100% ownership of these permits and mining commenced in 1990. On May 14, 1999, Macraes Mining Company Limited changed its name to Gold and Resource Developments (New Zealand) Limited and again to GRD Macraes Limited on June 30, 2000. Finally, on May 18, 2004, the name was changed to OceanaGold (New Zealand) Limited.

6.3Previous Work (Pre – 1990)

Details on the exploration activities conducted in the Macraes region prior to 1990 when MMCL acquired the Macraes permits are from Redden and Moore (2010). This included approximately 56,000 metres of RAB, RC and diamond drilling in 779 holes.

6.3.1Geochemistry

**Stream Sediment Sampling**

During 1987, an orientation stream sediment sampling survey was conducted by BHP Gold Mines (New Zealand) Limited (BHP), in the Round Hill Area. The results from a total of 64 samples taken showed total sediment fine fraction samples (-20# and -80#) gave the best results.

Although the bulk cyanide leach method returned lower detection level results, this method was adopted for use on a regional basis due to ease of sample collection.

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6.3.2Geophysics

Two geophysical surveys have been carried using induced polarisation (IP)/Resistivity; one by Homestake New Zealand Exploration Limited (HNZEL), in April 1985 and a second by BP Oil in 1986.

The objective of the HNZEL survey was to test the ability of IP to discriminate between ore grade Au-scheelite- sulfide mineralization at Round Hill (intersected by diamond drilling) from weakly mineralized parts of the lode shear system south of Round Hill employing dipole-dipole and gradient array IP surveys. The survey lines were orientated both grid east, across the line of lode, and grid north, parallel with the strike of the lode system but across the trend of the Round Hill shoot. A dipole spacing of 50 m was used.

Dipole-dipole traverses revealed chargeability responses more or less associated with outcrop of the main lode, however the anomaly was stronger than what would be expected from the sulfide content of the lode system (generally less than 1% total sulfide with maximum of 2-5% in sulfidic zones) and may be related to graphite associated with the shear system. A chargeable source near the centre of line 14,900 m N was associated with very weak mineralization intercepted in diamond drill hole (DDH) 5.

The surveys across the Round Hill Shoot failed to clearly discriminate between the shoot and weakly mineralized lode to the south. The gradient array surveys on these lines revealed anomalies in the vicinity of Ferguson's workings (Southern Pit – 14,200-14,400 m N) in which graphitic rocks are exposed. In summary, IP chargeability anomalies may define a shear system of the Macraes type, especially if sufficient graphite is present, but the variability of sulfide content within the lode system is too low to discriminate between high grade mineralized shoots and low grade or barren parts of the lode system (Robinson, 1986).

In 1986, BP Oil New Zealand Limited (Minerals Division), (BP Oil), carried out a total of 32-line km of dipole-dipole IP/Resistivity surveying at Nunn's-New Zealand Gold and Tungsten, Frasers (south of the alluvial flats along Macraes Road), Golden Ridge, Golden Bar and Frasers East (Coochey, 1986; Moore,1986). The bulk of this survey, 19-line km, was over Frasers and Golden Ridge. A comparative analysis of the IP survey results with subsequent drilling was not completed, however it appears that the results were similar to those of HNZEL.

On November 17, 1987, BP Oil undertook a down-hole geophysical survey on drill hole GRRC 14 (Moore,1987). BPB Instrument Limited carried out the demonstration log recording dip-meter analysis, density logs, focused electric and resistivity logs, neutron-neutron and gamma logs. Moore reported that the logs which provided the most information, and which correlated with the down-hole geology were resistivity, focused electric, density, and dip-meter analysis.

During 1987, the Ministry of Works and Development Central Laboratories used portable "OYO" equipment to log 13 holes on the eastern high wall side of the (then proposed) Round Hill pit (Brown,1988). BPB Instruments Limited also logged one of these holes which enabled a comparison between the two contractors. The surveys were reasonably successful with a similarity of results between the two contractors. The results of the survey became very useful allowing for the interpretation of structures required for slope stability analysis.

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6.3.3Drilling

During 1970, Helpet Mining Company Limited drilled 28 holes in the Macraes Flat area exploring for tungsten mineralization. Core recovery was poor, and mineralization was found to be sporadic and discontinuous. Kennecott Exploration (Australia) Pty Ltd also undertook exploration in the area in 1970-71, but their reconnaissance work did not include drilling.

In 1984, Homestake New Zealand Exploration Limited commenced exploration at Round Hill and by the end of 1986 had drilled over 5.5 km of strike on the Deepdell, Round Hill and Frasers systems at 100 m to 200 m drill hole spacings. This drilling defined the Round Hill shoot which was amenable to open cast mining (Lee et al, 1989).

Following HNZEL's success in the Macraes Flat region, BP Oil obtained licences to the north-west and south-east of Macraes along the HMSZ. Between 1986 and 1988, BP Oil carried out drilling at Nunns, Golden Ridge, Ounce, Golden Bar and Frasers East.

Drilling has continued at Round Hill and adjacent prospects since the purchase of HNZEL by BHP in 1987 and subsequently by MMCL in 1990.

6.4Historical Estimates

Prior to 2010 there were no relevant historical Resource estimates for the Macraes Operation compliant with NI 43-101 rules or CIM guidelines (Redden and Moore 2010). However, the mine had been in production for approximately 19 years to that date and Resource estimates for the deposits were routinely updated and refined over time.

Since 2010 all Resource estimates have been completed in accordance with CIM guidelines. The current Resource estimates (as of December 31, 2025) are presented in Section 14.

6.5Previous Production

Historical production from the Macraes Goldfield is poorly recorded. The Golden Point mine produced an estimated 13,000 ozs of gold and 800 tons of scheelite from 1890 to 1933 (Williamson, 1939).

Since the commencement of mining in 1990, the combined Macraes open pits and underground mines have produced over 5 Moz. Since 2000, annual gold production from Macraes has ranged between 125 koz and 210 koz.

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7Geological Setting and Mineralization

7.1General

The Macraes gold deposits lie in a major, low-angle (~15-20°) structure known as the Hyde Macraes Shear Zone (HMSZ). This regionally-continuous, late-metamorphic deformation zone cuts greenschist facies metasedimentary rocks of the Otago Schist. The Otago Schist is a moderately high-pressure metamorphic belt (Yardley, 1982) that formed by collisional amalgamation ("Rangitata" Orogeny) of the Caples and Torlesse terranes in the Early-Middle Jurassic (Coombs et al.,1976; Bishop et al., 1985; Little et al., 1999).

7.2Regional Geology

The Otago Region derives its characteristic landscape from extensive ranges of metamorphic rocks (collectively named the Otago Schist) which form a broad belt running from coastal Otago through to the Southern Alps where they are bounded and offset by the Alpine Fault (Figure 7-1). These basement rocks represent the deepest exhumed portion of a thick pile of sea-floor mudstones and sandstones that accumulated as an accretionary wedge above a long-lived convergent plate margin of the Gondwana supercontinent during the Late Paleozoic-Mesozoic (~300 to ~100 million years ago).

Thickening and compression of the accretionary wedge during ongoing plate convergence resulted in regional metamorphism of the deeply buried sediments and associated deformation and recrystallisation to schist from the Early to Middle Jurassic (Adams et al, 1985). Evidence of regional cooling from the Early Cretaceous is described as marking the onset of rapid erosional unroofing following crustal thickening and the start of uplift of the schist (Little et al, 1999). Extension in the brittle upper part of the crust is recorded by the local preservation of late Cretaceous fault-bounded and non-marine sedimentary units with abundant schist clasts (Mitchell et al, 2009). The extensional rifting culminated in the opening of the Tasman Sea around 85 million years ago which initiated separation of New Zealand continental crust from the Australian-Antarctic landmass. Cessation of tectonic activity following the separation allowed steady erosion of the rifted landmass to a terrain of low relief by the early Cenozoic. The resulting peneplain is preserved as the planar and gently rolling form of the present-day Central Otago ranges.

The quiescent tectonics through the Early to Middle Cenozoic produced a transgressive marine sequence of mudstones and limestones that form the cover rocks unconformably overlying schist well exposed around coastal Otago. Further inland, the deposition of fluvial and lacustrine sediments is locally preserved in fault basins. Sporadic intraplate volcanic activity occurred during this time; however, the bulk of local volcanic activity occurred during the Middle Miocene. Many monogenetic volcanic centres erupted in the Otago province, whereby flow deposits and tuffs capped the cover sediments and schist basement.

With the inception of the Australian/Pacific Plate boundary through the Late Miocene-Pliocene the tectonic regime radically changed to one of active compressional deformation and regional uplift. Across Otago this is accommodated by reverse faulting, including the reactivation of some existing Cretaceous faults (with an opposite sense of motion). Faulting has disrupted the schist, eroded most of the cover sequences and formed the present-day basin and range topography in Central Otago (Forsyth, 2001).

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Within the Otago Schist there are widespread examples of orogenic-style gold such as Macraes (Groves et al 1998, 2003) that formed throughout the post-metamorphic peak uplift history (Craw and Norris, 1991). A general model for ore formation within the Otago Schist describes metal-bearing fluids produced by dehydration reactions during prograde metamorphism channelled to structurally higher levels in the crust through large scale shear zones and faults (Craw and Norris, 1991; Pitcairn et al 2006). Mineralization occurs at sites where changes in temperature and pressure of migrating fluids, or the chemistry of the surrounding rocks allows precipitation of minerals such as quartz and sulfide minerals. Where mineralization conditions and fluid flow are sustained over time, then gold and or tungsten can accumulate as ore (McKeag and Craw, 1989; Allibone et al, 2018).

The estimated crustal depth of the Otago Schist orogenic gold deposits varies by deposit and ranges from ~12 km to less than 1 km (McKeag and Craw, 1989). Faulting during uplift of the schist and subsequent Cenozoic block faulting and erosion has juxtaposed different structural levels at the present-day surface. The depth of formation also broadly correlates with the mineralization age, with the deepest examples being the oldest (Mortensen et al, 2010).

![figure7-1.jpg](figure7-1.jpg)

**Figure 7-1&nbsp;&nbsp;&nbsp;&nbsp;Regional geological setting**

7.3Local Geology

The Macraes mining area is centred on the Hyde-Macraes Shear Zone (HMSZ), the largest known gold-bearing feature within the Otago Schist. Striking north-west and dipping shallowly (15-20°) towards the north-east, the shear zone can be traced 30 km along strike where schist is exposed at surface and only ends where it is covered by younger volcanic rocks in the north at Hyde and sedimentary rock cover in the south towards Palmerston.

The HMSZ consists of variably altered, deformed, and mineralized schist up to 150 m thick, known as the Intrashear Schist. The thickest part of the shear zone consists of several mineralized zones stacked on metre-thick shears. These shears have ductile deformation textures overprinted by cataclasis (Craw and Angus, 1999). The HMSZ is hosted in lower greenschist facies (chlorite zone)

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schist and has been juxtaposed against upper greenschist facies schist ("Footwall Psammite") along a normal fault, the Footwall Fault (Angus et a, 1997). The Footwall Fault is younger than the HMSZ and truncates mineralization at its base.

The upper boundary between mineralized HMSZ schist (Intrashear Schist) and unmineralized lower greenschist facies schist is commonly a well-defined structure, the Hangingwall Shear. This shear ranges up to 25 m thick and is typically black due to the presence of fine-grained graphite and sheared sulfide minerals (pyrite and arsenopyrite) (McKeag et al, 1989; Craw, 2002). The Hangingwall Shear can be traced through the mined pits in the main mining area.

![figure7-2.jpg](figure7-2.jpg)

**Figure 7-2&nbsp;&nbsp;&nbsp;&nbsp;Macraes geology map**

7.4Mineralization

7.4.1Mineralization Zones

The mineralization at Macraes is principally developed within the gently-dipping HMSZ, though anomalous grades are also recorded in narrow, steeply-dipping quartz veins locally occurring in the hanging wall schists, collectively known as the Eastern Lodes (Figure 7-2). Mining to date has occurred along a continuous strike length of 6 km in numerous staged open pits and two underground operations, four discrete satellite pits immediately to the north, and at Golden Bar, approximately 7 km to the south.

Within the shear zone, mineralization is generally constrained between the Hangingwall Shear and the Footwall Fault. Schists above the Hangingwall Shear and below the Footwall Fault are generally barren though there are exceptions to this rule, for example at Innes Mills and the Eastern Lodes. Economic mineralization is typically restricted to the upper part of the HMSZ. The Hangingwall Shear, which varies from 1 m to >30 m in thickness contains the most continuous and consistent

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mineralization. This zones locally underlain by extensive but low grade stockwork zones which may be developed over a width of up to 100 m.

Higher-grade zones of mineralization within the shear zone form tabular shoots that may have strike lengths of >300 m and extend up to 800 m down-dip (i.e. Frasers and Round Hill). In most cases these zones are observed to trend towards the north-east (Mine Grid), oblique to the shear zone dip direction. This orientation is interpreted to be due to the interaction of the HMSZ with folds within the host schist units, creating a preferred lineation direction for mineralization. The exception to this is at Coronation North where the mineralized shoot trends towards the south-east.

Mineralization distribution is broadly consistent along the HMSZ but shows considerable variability in grade, width, continuity and geometry at mine-scale. This variability is attributed to the local development of the HMSZ structure during mineralization and the influence of host rock lithology, particularly with respect to competency contrasts.

There is a strong empirical correlation between gold, arsenic, scheelite, silicification and strain intensity within the HMSZ. Gold-scheelite-pyrite-arsenopyrite mineralization is associated with

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replacement and fissure quartz veins within post-metamorphic shear zones. Shear parallel quartz veins and cataclastic shears contain the highest gold and scheelite grades (Lee et al. 1989).

![figure7-3.jpg](figure7-3.jpg)

**Figure 7-3&nbsp;&nbsp;&nbsp;&nbsp;Grade distribution along the HMSZ**

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7.4.2Mineralization Types

The following four types of mineralization occur within the HMSZ at Macraes (Mitchell et al., 2006):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineralized schist. This style of mineralization involved hydrothermal replacement of schist minerals with sulfides and microcrystalline quartz. Mineralization was accompanied by only minor deformation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Black sheared schist. This type of schist is pervaded by cm to mm scale anastomosing fine graphite and sulfide bearing micro shears. This type of mineralization is typically proximal to the Hangingwall Shear. Scheelite mineralization occurs in the silicified cataclastic shears;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shear-parallel quartz veins. These veins lie within and/or adjacent to the black sheared schist and have generally been deformed with the associated shears. The veins locally crosscut the foliation in the host schist at low to moderate angles. Veins are mainly massive quartz, with some internal lamination and localised brecciation. Sulfide minerals are scattered through the quartz, aligned along laminae and stylolitic seams. These veins range from 1 cm to > 2 m. Scheelite mineralization is associated with quartz veining in some areas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sheeted veins (laminated veins) locally known as 'stockwork veins'. These occur in the Intrashear Schist and consist of numerous steeply dipping veins. Stockwork veins are typically traceable for 1-5 m vertically with most filling fractures that are 5 – 10 cm thick but can be up to 1 m thick. These veins generally display evidence of incremental opening.

Gold is associated with pyrite and arsenopyrite in all the above styles of mineralization. Rarely free gold up to 300 μm occurs in quartz veins but mostly presents as 1-10 μm scale blebs hosted in and near sulfide grains (Angus, 1993).

Tungsten (as scheelite) is found predominantly within mineralized quartz veins, although a subordinate phase of disseminated scheelite and a mineralization phase are also observed (Farmer, 2016). The main phase of tungsten mineralization occurred early in the development of the deposit and typically occur in the same lode and vein structures as gold mineralization. However, tungsten mineralization is not genetically related to gold mineralization. MacKenzie (2015) recognised 5 types of scheelite. Types 1,3,4,5 are fine grained and disseminated varieties. Type 2 scheelite is the coarse grained to massive creamy coloured scheelite that was mined historically but is not currently recovered.

Within the Macraes open-pits, gold mineralization comprises a combination of Hangingwall, shear-parallel quartz veins ('concordant lodes'), and 'stockwork' veins.

Apart from Coronation, a large amount of irregular mineralization occurs between the base of the Hangingwall and the Footwall Fault. This is stockwork mineralization and generally appears in the drilling as clusters of elevated gold grades. Stockwork mineralization refers to mixtures of steeply-dipping narrow quartz veins and concordant lodes, which appear discontinuous at the Resource drilling scale. The Footwall Fault lies between 80 m and 120 m below the Hangingwall Shear and is easily identified in drill holes as a distinctive light-grey fault gouge between 5 and 30 cm thick. To date, no economic mineralization has been located below the Footwall Fault.

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A schematic sketch cross section through the HMSZ of the stratigraphy and mineralization is shown in Figure 7-4.

![figure7-4.jpg](figure7-4.jpg)

**Figure 7-4&nbsp;&nbsp;&nbsp;&nbsp;Schematic sketch cross section through the HMSZ showing styles of mineralization**

7.5Deposit Geology

At present mining occurs at Innes Mills and Coronation North open pits and from Golden Point Underground (GPUG).

Future mining expansion is planned at Innes Mills, Coronation North, Coronation, Golden Bar and GPUG.

Descriptions of individual deposit geology is included where appropriate in Section 14.

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8Deposit Types

8.1General

The Macraes deposit is an example of an orogenic style gold deposit. This style of deposit is recognised to be broadly synchronous with deformation, metamorphism, and magmatism during lithospheric-scale continental-margin orogeny (Groves et al., 1998). Most orogenic gold deposits like Macraes occur in greenschist facies metamorphic rocks. In New Zealand, favourable hosts for orogenic gold deposits of Paleozoic and Mesozoic age are found throughout the South Island (Figure 8-1).

Orogenic deposits are typically formed on retrograde portions of pressure- temperature time paths during the last increments of crustal shortening and thus postdate regional metamorphism of the host rocks (Powell et al., 1991 and references therein). Orogenic deposits can be subdivided into epizonal, mesozonal, and hypozonal based on pressure-temperature conditions of ore formation. The Macraes deposit falls into the mesozonal category with mineralization having occurred near to the brittle-ductile transition at about 300°C.

In orogenic deposits the association between gold and greenschist grade rocks is commonly thought to be related to: 1) the large fluid volume created during the amphibolite and/or greenschist transition and released into the greenschist zone; 2) the structurally favourable brittle-ductile zone that lies just above this transition; 3) fluid focusing and phase separation that are most likely to occur as fluids ascend into the greenschist pressure-temperature regime and/or gold solubility shows a sharp drop under greenschist facies temperatures (Phillips, 1991). Fluid

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migration along fault-fracture networks was likely to be driven by episodes of major pressure fluctuations during seismic events.

![figure8-1.jpg](figure8-1.jpg)

**Figure 8-1&nbsp;&nbsp;&nbsp;&nbsp;Orogenic gold deposits of New Zealand**

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9Exploration

9.1General

Exploration conducted in the Macraes region prior to 1990 when MMCL acquired the Macraes permits is summarized in Section 6.

Exploration by OceanaGold and its predecessor companies from 1990 to the end of 2009 is covered in Redden & Moore (2010) updated to end of 2023 in Grant et al. (2024).

9.2Geology

9.2.1Geological Mapping

Detailed geological mapping has been completed at various times along the strike of the HMSZ. The last major mapping exercise was in Macraes North in 2016 covering the gap between Coronation and Nunns but only interpreted rather than outcrop geology was plotted. Rock exposure and interpreted geology are shown in Figure 9-1.

9.3Geophysics

No new geophysical surveys have been completed since 2007 apart from re-processing of data from the 2007 electromagnetic survey completed by Fugro.

Between 1990 and 2009 the following surveys completed by OceanaGold, and its contractors is listed in Table 9-1.

**Table 9-1&nbsp;&nbsp;&nbsp;&nbsp;Geophysical surveys completed** 

---

| | | |
|:---|:---|:---|
| **Date** | **Survey Type** | **Contractor** |
| 1991 | Seismic | Works consultancy services |
| 1994 | Seismic | Institute of Geological & Earth sciences (IGNS) |
| 2004 | Seismic | Otago University |
| 1994 | Electromagnetic (LOTEM, CSAMT, TEM, HEM) | IGNS |
| 1995, 1997 | DIGHEM | Geoterrex Ltd |
| 2007 | Electromagnetic | Fugro |

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Results of these surveys are covered in detail in Redden & Moore (2010) and will not be repeated here.

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![figure9-1.jpg](figure9-1.jpg)

**Figure 9-1&nbsp;&nbsp;&nbsp;&nbsp;Macraes interpreted and outcrop geology**

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9.4Geochemistry

9.4.1Stream Sediment Sampling

Stream sediment sampling campaigns were undertaken in 1991 (Grieve, 1991), in 1994 (Bleakley, 1994) and during 1995. As of June 30, 1997, 803 BLEG (bulk leach extractable gold) stream sediment samples had been collected on the Macraes Operation area to complete first pass sampling and infill anomalous catchments. Additionally, 241 total sediment fine fraction (TSFF) stream sediment samples were also collected. The location of all stream sediment samples collected on the project is shown on Figure 9-2.

![figure9-2.jpg](figure9-2.jpg)

**Figure 9-2&nbsp;&nbsp;&nbsp;&nbsp;Macraes stream sediment sampling**

Bulk leach extractable gold (BLEG) samples consisted of approximately 2 kg to 3 kg (dry weight), of -2 mm sediment, collected from multiple points ranging from trap sites in active creek channels to over bank fines. Many samples were collected from creeks with low water flow and small active sediment content, which may limit the catchment area sampled. Sediment from these creeks consisted of organic-rich fine silts and clays trapped by vegetation. Recent orientation sampling from creeks draining known mineralization (i.e., the Frasers and Golden Ridge Prospects), produced assays from 78.7 ppb to 3,353 ppb gold and 40 ppm to 170 ppm arsenic.

9.4.2Soil Sampling

Soil sampling of B horizon soils using a hand or motorised hand auger has been carried out over a large part of the Macraes current and former permit areas. Samples are routinely analyzed for arsenic, with some samples also analyzed for gold, tungsten and antimony. Arsenic is interpreted as the most reliable path finder element.

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In total, approximately 18,000 soil samples have been collected across the Macraes current and former permit areas. The location of all soil samples collected on the project is shown as Figure 9-3.

For conventional sampling, a 2 kg un-sieved sample is collected from 0.25 m to 1 m depth using an auger at each station. Samples usually reached the soil/bedrock interface and consisted of B and C horizon material.

During 1997, two new soil geochemistry techniques were trialled. A two-phase orientation survey testing the Mobile Metal Ion (MMI) technique was conducted, with a total of 604 samples collected. The technique is based on the location of 'blind' mineralization through the detection of highly mobile ionic species, including gold, which is shed from mineralization at depth and moves up through the substrate to become weakly bound to soil particles. A very weak solute is used followed by ICP-MS analysis. The results of the orientation were inconclusive, and the programme was suspended.

From November 2008 to end 2012, all soil samples have been analyzed by ICP-MS at SGS Waihi for Au, As, Sb and W. This has included an extensive soil programme over the eastern parts of the Macraes North and Hyde exploration permits that successfully delineated extension of the Hangingwall Shear north of Coronation.

In 2015 a soils sampling programme by Hardie Resources on an adjacent permit crossed over into EP40 576, then held by OceanaGold. 19 samples were collected and analyzed by a portable XRF analyzer for a range of elements including arsenic but not gold.

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![figure9-3.jpg](figure9-3.jpg)

**Figure 9-3&nbsp;&nbsp;&nbsp;&nbsp;Macraes soil sampling locations**

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9.5Trenching

Approximately 17,000 linear metres of trenches have been excavated at Macraes, with approximately 5,300 trench rock samples collected.

Trenches are mapped and rock chip sampled, with samples typically analyzed for gold ± arsenic, ± tungsten ± antimony. In general, the soil profile is shallow in the Macraes area allowing trenching to be undertaken by light (12 tonne) excavators in most areas. Although stream beds and areas of extensive alluvial cover present some difficulties, trenching has proven to be an excellent exploration tool for geological mapping and geochemical sampling.

Trenches are mapped at 1:100 scale with horizontal channel samples collected over geological intervals from 0.5 m to 6 m. Samples were submitted to the AMDEL laboratory on site for gold, arsenic and tungsten analysis.

9.6Remote Sensing

In 1994, MMCL purchased a 10 m resolution, monochrome 1990 Spot image of the eastern Otago region.

Digital satellite imagery over the Macraes Operation was purchased from Digital Globe Limited in July 2005, March 2006, March 2007, January 2008 and June 2009. The Quickbird satellite imagery is in the visible spectrum, with a resolution of 5 m and was used for base maps and for rough plan view area calculations for overall disturbance and rehabilitation for Environmental reporting purposes.

9.7Aerial Photography

Colour aerial photography was flown by New Zealand Aerial Mapping Limited during January 1996. Photography was captured at a nominal scale of 1:30,000. 1:5,000 colour enlargements were produced as an aid to programme planning, geological mapping and interpretation.1:5,000 black and white orthophotographs have been rectified differentially to the Macraes local grid.

Updated colour aerial photography was flown over the Macraes area in March 2005 by Terralink International Limited. Images were supplied as 0.5 m resolution digital orthophotographs on the Macraes local grid.

Since 2012 updated colour aerial photography is flown over the Macraes every one to two years by Aerial Surveys Ltd. The most recent photography was in March 2025 with the images supplied at a 0.20 m resolution. These provide excellent documentation of the evolution of surface activities as a result of mining and exploration activities.

9.8Exploration Statement

Exploration surveys and investigations of the Macraes area detailed above have been carried out by OceanaGold, except where a contractor or consultant is named.

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10Drilling

10.1Summary

By the end of 2025 over 1.2 million metres from over 9,500 exploration and Resource infill holes had been drilled across the Macraes Goldfield since the 1980's, predominantly by Reverse Circulation percussion or Diamond drilling methods.

The Mineral Resource inventory is based on the results of 731,052 metres of exploration drilling in 5,828 holes, supplemented by 31,804 metres of drilling from 760 non-exploration holes, used in ten Resource estimate areas.

Four companies, BP Minerals, Homestake, BHP and OceanaGold have drilled the holes but only holes drilled by OceanaGold are used in the Resource estimates. The exceptions are the Stoneburn Resources which also used the earlier drilling.

The underground Resource estimate at GPUG also uses underground diamond drill holes completed for grade control and stope definition purposes.

A breakdown of drilling by Resource area as at the end of December 2025 are summarized in Table 10-1. Non-exploration holes are largely diamond drillholes for either geotechnical or underground grade control.

**Table 10-1&nbsp;&nbsp;&nbsp;&nbsp;Drilling summary by Resource area**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Resource Area** | **Exploration Holes used in current Resource** <br>**Estimates** | **Exploration Holes used in current Resource** <br>**Estimates** | **Non-Exploration holes** <br>**included in Current Resource Estimate** | **Non-Exploration holes** <br>**included in Current Resource Estimate** |
| **Resource Area** | **Holes** | **Meters Drilled** | **Holes** | **Meters Drilled** |
| Nunns | 84 | 5597 | - | - |
| Coronation North <sup>1</sup> | 639 | 70924 | 7 | 457 |
| Coronation <sup>1</sup> | 432 | 47402 | 25 | 596 |
| Deepdell <sup>2</sup> | 528 | 51166 | - | - |
| Golden Point Underground <sup>2,3</sup> | 1929 | 286760 | 413 | 21317 |
| Innes Mills <sup>3</sup> | 2175 | 276665 | 315 | 9434 |
| Golden Bar | 282 | 39921 | - | - |
| Ounce | 54 | 6530 | - | - |
| Taylors | 82 | 3479 | - | - |
| Stoneburn | 223 | 11747 | - | - |
| **Total** <sup>4</sup> | **5828** | **731052** | **760** | **31804** |

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• Coronation North and Coronation share 11 holes;

• Deepdell and Golden Point Underground share 2 holes;

• Golden Point Underground and Innes Mills share 612 holes; and

• Total of all holes used across multiple estimates.

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![figure10-1.jpg](figure10-1.jpg)

**Figure 10-1&nbsp;&nbsp;&nbsp;&nbsp;Macraes drill hole locations**

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10.2Historical Drilling

Limited information is available regarding the specific details of drilling prior to 1990. Drilling was principally completed on the near surface parts of Golden Point, Round Hill, Southern Pit, Innes Mills and Frasers (Figure 10-2). All Resources associated with this drilling have been mined. Consequently, as mentioned above these are not used in modelling.

![figure10-2.jpg](figure10-2.jpg)

**Figure 10-2&nbsp;&nbsp;&nbsp;&nbsp;Drill hole locations prior to 1990**

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10.3OceanaGold Drilling

Details of the drilling completed by OceanaGold post 1990 is shown in Table 10-2 and Figure 10-3. Historical drilling (pre-1990) completed by Homestake and BHP minerals has been included where available.

Over 8,750 exploration holes for a combined 1.17 million metres have been drilled between 1990 and 2025. Most metres (58%) were completed using Reverse Circulation (RC) Percussion drilling delineating open pit Resources. A third of the metres (35%) were completed by diamond coring from surface or a diamond tail including the percussion precollar and since 2007 exploration drilling of diamond core from underground platforms comprises nearly 7% of total metres. The remaining metres (<1%) include open hole percussion, aircore and sonic drilling methods from surface. The sonic and aircore drilling were sampling tailings material within embankments for tungsten content and geotechnical reasons and do not have samples used in Resource estimation.

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**Table 10-2&nbsp;&nbsp;&nbsp;&nbsp;Macraes exploration drilling summary**

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| | | | |
|:---|:---|:---|:---|
| **Year** | **Hole Type** | **No, Holes** | **No. Meters** |
| 1984 | DDH | 15 | 2163 |
| 1985 - 1989 | DDH | 75 | 9193 |
| 1985 - 1989 | OPH | 185 | 5156 |
| 1985 - 1989 | RC/DD | 29 | 4225 |
| 1985 - 1989 | RCH | 475 | 35342 |
| 1990 - 1994 | DDH | 56 | 4517 |
| 1990 - 1994 | OPH | 74 | 1712 |
| 1990 - 1994 | RC/DD | 9 | 1952 |
| 1990 - 1994 | RCH | 1186 | 110629 |
| 1995 - 1999 | DDH | 23 | 3175 |
| 1995 - 1999 | OPH | 18 | 589 |
| 1995 - 1999 | RC/DD | 199 | 49727 |
| 1995 - 1999 | RCH | 2273 | 317452 |
| 2000 - 2004 | DDH | 15 | 2350 |
| 2000 - 2004 | RC/DD | 206 | 78700 |
| 2000 - 2004 | RCH | 479 | 33595 |
| 2005 - 2009 | Aircore | 77 | 2638 |
| 2005 - 2009 | DDH | 48 | 18296 |
| 2005 - 2009 | RC/DD | 102 | 39641 |
| 2005 - 2009 | RCH | 107 | 6501 |
| 2005 - 2009 | UGDD | 39 | 3673 |
| 2010 - 2014 | DDH | 16 | 2450 |
| 2010 - 2014 | RC/DD | 65 | 22245 |
| 2010 - 2014 | RCH | 494 | 54452 |
| 2010 - 2014 | UGDD | 231 | 41941 |
| 2015 - 2019 | DDH | 137 | 30122 |
| 2015 - 2019 | OPH | 24 | 561 |
| 2015 - 2019 | RC/DD | 136 | 26180 |
| 2015 - 2019 | RCH | 1615 | 125006 |
| 2015 - 2019 | Sonic | 6 | 476 |
| 2015 - 2019 | UGDD | 228 | 21899 |

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| | | | |
|:---|:---|:---|:---|
| 2020 – 2023 | DDH | 293 | 86111 |
| 2020 – 2023 | RC/DD | 103 | 21360 |
| 2020 – 2023 | RCH | 306 | 23266 |
| 2020 – 2023 | UGDD | 79 | 8959 |
| 2025 -  | DDH | 85 | 21715 |
| 2025 -  | RC/DD | 11 | 2511 |
| 2025 -  | RCH | 43 | 7298 |

---

![figure10-3.jpg](figure10-3.jpg)

**Figure 10-3&nbsp;&nbsp;&nbsp;&nbsp;Exploration Drill meters by year from surface and underground**

10.4Surveys

Current practice is to survey drill hole collars locations using RTK GPS (GNSS since 2023 when base station equipment was upgraded). Current survey precision is ±15 mm horizontal, ±30 mm vertical.

Prior to March 1994, down-hole deviation surveys were not completed on any of the RC percussion or percussion drill holes. For holes drilled since March 1994, down-hole deviation surveys have been attempted on all RC percussion holes that exceeded 50 m in depth, using an Eastman single shot or multi- shot camera. Holes are generally surveyed at 50 m intervals to the end of the hole.

Surface diamond holes are routinely surveyed every 25 m to 50 m. Current surveys are completed with gyro tools. Survey information is routinely recorded in an acQuire geological database.

Underground diamond holes are routinely surveyed at 10 m then at every 15 m to the end of hole.

Air-core holes do not have down-hole surveys.

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10.4.1Magnetic to Macraes Grid Conversion

For downhole surveys using magnetic tools, azimuths were recorded then converted to the Macraes mine grid azimuths by adding a correction that included magnetic declination. Up until the end of 2011 this correction was assumed to be 67° (that is 67° is added to the magnetic reading to give the Macraes grid azimuth).

However, in September 2011 a check using a 105 m long underground probe hole along a development drive in the Frasers Underground found that this correction should have been 69.5° relative to the Macraes grid. This is due to the location of the magnetic North Pole drifting east by around 4.5 minutes per year at this location in NZ. It is uncertain when the original Macraes grid was set up but a reasonable assumption is that it was based on a topographical map from the early 1980s and this adequately explains the difference.

As a result of this study, the earlier drill hole azimuths were adjusted in the acQuire database at the end of 2011 as shown in Table 10-3.

**Table 10-3&nbsp;&nbsp;&nbsp;&nbsp;Magnetic to Macraes grid azimuth corrections**

---

| | | |
|:---|:---|:---|
| **Drill Hole Date Range** | **Correction Factor** | **Records Affected** |
| 1/1/2005 to 2011 | 70.5 | 4127 |
| 1/1/1995 – 31/12/2004 | 70 | 13408 |
| 1/1/1985 – 31/12/1994 | 69.5 | 3667 |
| Pre 1985 | 69 | 36 |

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Drill hole surveys from 2011 to 2015 had a correction factor of 70.5 ° applied.

Drill hole surveys from 2016 onwards have a correction factor of 71 ° applied.

Since 2024 downhole surveys for surface and UG holes are collected using gyro tools and so no correction is required.

10.5Logging Procedures

RC percussion and most air core programme drill holes are geologically logged at one-metre intervals, with each metre being classified into one of nineteen summary rock codes listed in Table 10-4. Rock code classification is based on a combination of textural and mineralogical properties.

Diamond drill core is photographed and then geologically logged using the same rock codes and additional detailed pre, post and syn-mineralization structures and mineralogy are recorded. The summary rock codes are plotted on cross sections and are used in combination with the assays to develop a geological interpretation which include three mineralized elements.

These elements are the a) Hangingwall Shear, b) concordant lodes and c) stockwork. The Hangingwall and concordant lodes consist of a combination of Cataclasite, Quartz Cataclasite, Silicified Breccia and Lode Schist. In general, the Hangingwall has greater proportion of Cataclasite lithologies logged than the concordant lodes, which typically consist of more Lode Schist lithologies. The stockwork mineralization is identified on cross sections by a combination of Stockwork and Quartz vein lithologies.

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Drill hole information is stored in an acQuire database. For holes prior to 1994 only collar, interval and assay information has been entered into the database, while for all holes from 1994 onward the database contains all logged information.

Aircore drilling holes on the tailings storage facilities are geologically logged using two codes only: 'C' records the schist boulders and gravel used to build mattresses, causeways and embankment lifts; 'T' is used to record tailings material of fine-medium grained sand. The distinction is easily recognised by field technicians, and the contacts are typically defined to within a decimetre by the drilling crew. The colour of the tailings material is usually a monotonous grey although thin (<2 m) horizons of yellow-brown oxidation staining are noted and can be correlated between holes.

**Table 10-4&nbsp;&nbsp;&nbsp;&nbsp;Summary of rock code descriptions**

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| | | |
|:---|:---|:---|
| | **Code** | **Description** |
| Cataclasite | ca | Quartz poor (<15%) dark grey/black fine grained cataclasite |
| Quartz cataclasite | qca | Quartz rich (15-50%) dark grey/black fie grained cataclasite |
| Silicified breccia | sb | >50% brecciated quartz. Generally associated with cataclasite |
| Quartz vein | qv | >50% banded or milky quartz veins with no associated brecciation or cataclasis |
| Lode schist | is | Weakly sheared schist with minor cataclasite/brecciated quartz |
| Stockwork | swpe or swpa | From trace to 50% banded or milky quartz veins with no associated brecciation or cataclasis and hosted by either pelitic (swpe) or psammitic (swpa) schist |
| Pelite | pe | Massive to laminated medium to dark grey mica-quartz-chlorite schist |
| Semi-pelite | spe | Inter-layered pelite and psammite, more than 50% pelitic layers > 1 cm thick |
| Semi-psammite | spa | Inter-layered psammite and pelite, more than 50% psammitic layers > 1 cm thick |
| Psammite | pa | Massive to light grey-green quartz-feldspar-mica-chlorite schist, 90% psammitic |
| Footwall psammite | fwpa | Light greenish-grey, often finely laminated quartz-feldspar-chlorite+/-biotite+/-garnet psammite, grain size typically 0.1-0.3 mm. Found beneath the Footwall Fault |
| Greenschist | gs | Light green/brown massive quartz-mica schist |
| Basalt | Ba | Massive, grey fine-grained volcanic rock of Miocene age |
| Basalt breccia | bab | As for basalt but brecciated |
| Lapilli tuff | tuff | Basaltic fragments 2-64 mm in diameter in fine matrix. Product of ashfall from basaltic eruptions. |
| Clay | cly | Clay of variable colour and origin. May form through weathering or deposition |
| Sandstone | ss | Sandstone of carriable origin and colour. May form through weathering or deposition |
| Alluvial | alv | Transported cover |
| Fault | flt | Light to medium grey gouge or pug, may be associated with mineralization  |

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10.6Drilling Orientation

Surface drill holes at Macraes are typically collared between vertical and -75º oriented towards the northwest (Mine Grid). Down-hole survey information indicates that within a shallow depth (~100 m) the holes can significantly deviate, generally aligning perpendicular to the schist foliation and to the HMSZ orientation. Exceptions to this trend may occur where the foliation orientation has been disrupted, or where the schists are cut by later fault zones.

Underground drill holes are restricted to whatever mine development is available at the time and are collared in a variety of orientations and inclinations, including up-hole directions.

10.7Sampling Methods and Approach

10.7.1Introduction

The diamond drilling sampling approach has remained relatively constant over the life of the project while the sampling of the percussion drilling has changed dependent on the drilling method. A discussion of the sampling methods applied is provided below.

Drilling has typically been conducted on a regularly spaced grid. Underground drill holes are drilled in a wide range of inclinations and directions, and true widths need to be assessed on an individual basis.

10.7.2RC Percussion Sampling

The percussion drilling methods have varied substantially over the life of the project. Early drilling was open-hole percussion where the drill cuttings are returned outside the drill rod and captured in a stuffing box on the drill collar prior to being sampled via a cyclone. This drilling method is historically of a lesser quality than face sampling RC due to down-hole sample contamination and loss of sample.

After the open-hole percussion programmes, RC percussion drilling was completed using a crossover sampling sub. This method of RC percussion drilling collects the drill cuttings via a sampling tool (the crossover sub) which was positioned in the drill string immediately above the RC hammer. The sample quality of this form of RC percussion drilling is superior to that of the open-hole percussion, however down-hole contamination is still more prevalent than samples collected with a face sampling RC hammer.

Programmes of RC percussion drilling since 1990 were completed with a face sampling RC hammer. This technology uses a dual-tube system to immediately transport samples through a series of holes in the centre of the hammer, preventing contamination from the borehole wall and ensuring high-quality, dry samples even below the water table. It is considered to provide the most representative sample.

Sampling of the RC percussion drilling is completed by trained OceanaGold employees and is supervised by OceanaGold technical staff. Definition of sampling intervals for RC percussion drilling has generally been based on 1 m intervals, over the full depth of the drill hole.

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Sampling of RC percussion drill holes up until 2009 was completed using the methods detailed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RC cuttings from the drill hole are blown into a trailer-mounted or rig-mounted cyclone, then pass through a tiered riffle splitter. At the completion of each metre, the overall sample is split into a smaller analytical "A" split and larger "B" split. Both samples are collected in uniquely numbered polythene bags;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the drilling sample is suspected mineralization as evidenced by the presence of sulfides or silicification, the full "A" split is sent for analysis. Similarly, where geology is less well constrained the "A" split samples is analyzed. The B split is taken to a storage area, to be kept for any further possible test work that may be required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the drilling sample is collected from rocks considered to be unmineralized (i.e. schist sequence overlying the HMSZ) then composite samples may be collected. In this case, either four or six sub-samples are collected from the "B" samples, transferred to a new bag, and submitted for analysis. Anomalous assay results from composite samples are verified by analysis of the original "A" splits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sample tickets were used in the sampling process with one half (identical halves) of each ticket placed in the sample bag; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Once the entire metre had been sampled and placed in the polythene bag, along with the sample ticket, the bag was closed and sealed. Certified standards and blanks were also regularly inserted into the sample sequence as part of the quality control protocols. Samples were transported directly to the on-site laboratory for preparation and subsequent analyses, along with a dispatch sheet. Bags were transported by OceanaGold personnel.

From 2010 onwards the following changes have been made to the sampling protocol:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The A split is collected in calico bags rather than polyethylene bags and the B split is left on site at the drill site. If not required, the B split bags are then emptied or buried on completion of the programme; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• composite sampling was largely abandoned.

Further changes were made in 2017 with the replacement of the SchrammT660H drill rigs by the KWL700 drill rig:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The B split is collected as a duplicate sample in a similar sized calico bag to the A split. Both samples are weighed. The B split samples are taken back to the core shed and stored in larger plastic bags in case later required for duplicate sampling; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where possible the remainder of each metre is captured in a large plastic bag and weighed before being discarded. This is to enable sample recoveries to be more accurately determined (previously visually estimated).

Prior to 1998, samples were collected from wet percussion drilling. The wet RC percussion drilling is further discussed later in the text. The sampling of wet percussion drilling has been discontinued since 1998.

The (OceanaGold) RC percussion drilling sampling protocols were assessed by external consultants in 2007 and were considered acceptable and consistent with industry standards.

An internal review was conducted by OceanaGold personnel in 2016 and some changes to the sample collection made which have since been implemented with the arrival of the KWL700 drill rig in 2017.

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Historical drilling completed by Homestake and BHP had defined sampling protocols, which included the logging of moisture content and some twin drilling. Where holes were not wet, a good correlation was observed. These historical drilling practices are acceptable to OceanaGold. All Resources associated with this drilling have been mined out.

Historical drilling completed by Homestake and BHP had defined sampling protocols, which included the logging of moisture content and some twin drilling. Where holes were not wet, a good correlation was observed. These historical drilling practices are acceptable to OceanaGold. All Resources associated with this drilling have been mined out.

10.7.3Diamond Core Sampling

After drill core has been geologically logged and photographed, the sections of core considered to be mineralized, or proximal to mineralized zones are cut in half using a core saw. The drill core was sampled in intervals from 0.3 up to 1.5 m by trained and supervised technicians and geologists. Each interval was sampled by taking the same half of each piece of core for that metre (i.e. leaving the half with the orientation line and / or metre marks in the tray) and placing them into the appropriate sample bag.

Underground diamond core is routinely sampled whole core in intervals from 0.3 up to 1.5 m.

Definition of sampling intervals for diamond drilling are based on geological intervals or 1 m intervals, within and beyond the margins of mineralized zones identified during logging. Higher grade intervals within a lower grade intersection are characterised by more abundant sulfide mineralization and generally can be detected visually during core logging. The 1 m sampling interval established by OceanaGold is sufficient to define these higher-grade intervals and sampling intervals can go as low as 0.3 m to honour geological boundaries.

Sample tickets were also used in the sampling process with one half (identical halves) of each ticket placed in the sample bag.

Samples were transported directly to the on-site laboratory for preparation and subsequent analyses, along with a dispatch sheet. Bags were transported by OceanaGold personnel. Certified standards and blanks are regularly inserted into the sample sequence as part of the quality control protocols.

The diamond drilling and sampling is consistent with industry standard practice.

10.8Sample Quality

10.8.1Summary

The sample quality for diamond drilling is high. Sample quality for RC percussion drilling is lower than for diamond drilling but generally sufficient to define the position and grade of mineralization. Where RC sample quality issues have caused a grade bias, this bias has been addressed (section 10.8.3).

10.8.2Sample Recovery

Sample recovery from RC percussion drilling and diamond drill core is routinely recorded in geological logs and recovery data are stored in an acQuire database. Recovery is generally high, diamond core recovery averages 95% and RC percussion recovery averages 88%, and there is no

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observed correlation between recovery and grade. From 2018, where possible, each metre of RC sample drilled has been weighted to give a better estimate of sample recovery.

10.8.3RC Wet Sample Bias

The potential for wet sampling bias for RC percussion drilling was first identified at Frasers in June 1997; some reverse circulation (RC) drill holes were sampled under wet drilling conditions leading to the potential for positive sampling bias and contamination leading to apparent upgrading of gold. Since that time, positive biases have also been identified at Golden Bar, Innes Mills and Round Hill.

Much of the legacy risk associated with wet RC sampling has been mitigated by replacement of wet RC drill holes by subsequent diamond twins. Where however, wet RC drill holes have not been replaced, the wet RC sample grades have been factored down. Factors were derived from comparative studies looking at wet RC samples paired with nearest neighbour dry RC or diamond samples.

This approach, which has been applied by OceanaGold for a number of pits, the relatively low proportions of remaining wet RC samples, and acceptable annual Resource estimate to mine reconciliations for areas mined with wet RC samples, mean that the residual risk to the Resource estimates is considered to be low.

10.9Summary of Mineralized Widths

Most mineralized intersections have been accounted for in the Resource estimates for the Macraes Operation (see Section 14).

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11Sample Preparation, Analysis, and Security

11.1Sample Preparation Statement

Core samples (either half-cut or whole diamond drill core) and drill cuttings (RC percussion drilling) samples from the OceanaGold drilling programmes at Macraes were collected from the source drill samples by employees of OceanaGold.

Subsequent sample preparation and assay was not conducted by any employee, officer, director or associate of OceanaGold except for tungsten analyses of pulps using a portable XRF analyzer as discussed in Section 11.3.

11.2Sample Preparation, Assay and Analytical Procedures

11.2.1Graysons/AMDEL Limited

From 1990 to 1998, RC percussion drill chips and diamond drill core samples from the OceanaGold drilling programmes at Macraes have typically undergone sample preparation and assay for Au, As and S by Graysons Laboratories (Table 11-1), initially at Palmerston and then at Macraes. Graysons was bought by AMDEL Limited (AMDEL) in 1998 who then ran the laboratory until 2009.

Sample preparation of geological samples by AMDEL routinely includes drying, crushing (to 4 mm), splitting (if required) to a maximum of 1 kg and pulverising to obtain an analytical sample of 250 g with >95% passing 75 µm.

**Table 11-1&nbsp;&nbsp;&nbsp;&nbsp;Graysons/AMDEL assay techniques**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **Sub-sample size (g)** | **Digest** | **Analysis** | **Detection Limit (ppm or %)** |
| Gold Arsenic Sulfur | 50 | Aqua Regia Perchloric/Mixed Acid N/A | Fire/AAS Leco | 0.01 |
| Gold Arsenic Sulfur | 0.2 – 1 | Aqua Regia Perchloric/Mixed Acid N/A | Fire/AAS Leco | 10 |
| Tungsten (WO3) | 0.25 – 0.5 | Sodium perchloride | ICP-OES | 100 |
| Tungsten (WO3) | 0.2 | Sodium perchloride | ICP-OES | 0.001% |

---

WO3 Analysis undertaken by OceanaGold for the air-core drilling between September 2008 and January 2009 had been performed by AMDEL in Auckland, New Zealand. Sample preparation was undertaken on site and pulps sent to the Auckland Laboratory for analysis. The analytical method for tungsten (reported as WO3) is preparation of a fusion bead from a 0.2 g sample followed by ICP-OES.

11.2.2SGS New Zealand Limited

From June 2009 until the end of 2012 most exploration samples were prepared and analyzed off site, with the remainder (mainly Frasers in-pit infill drilling) prepared and analyzed at the on-site AMDEL laboratory. Samples were prepared at the SGS New Zealand Limited (SGS) Laboratory at Ngakawau, Westport, and analyzed there for arsenic, tungsten (by pressed pellet XRF) and sulfur (Leco). Pulp splits were sent on to the SGS New Zealand Waihi Laboratory for gold analysis by Fire Assay (Table 11-2).

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Samples were dried, coarse crushed to a nominal -6 mm, riffle split and then pulverised in Cr steel grinding mills to -75 μm.

One 50 g pulp split was then sent to SGS Waihi for gold analysis by Fire Assay. A second 50 g sample was retained at Westport and used to make pressed powder pellets for x-ray fluorescence spectrometry (XRF) analyses for arsenic and tungsten. Pulp from core samples were also analyzed at Westport for total sulfur by furnace/ IR.

**Table 11-2&nbsp;&nbsp;&nbsp;&nbsp;SGS (NZ) limited assay techniques 2009-2012**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element** | **Method** | **Sub-sample size (g)** | **Digest** | **Analysis** | **Detection Limit (ppm or %)** |
| Gold | FAA515 | 50 | Aqua regia | Fire/AAS | 0.02 |
| Arsenic | XRF75W | 20 | N/A | XRF | 2 |
| Sulfur (total) | CSA06V | 0.5 | N/A | Leco/IR | 0.03% |
| Tungsten | XRF75W | 20 | N/A | XRF | 10 |

---

11.2.3ALS Minerals Laboratory, Australia

During 2009, three diamond drill holes were sent to ALS Laboratory Group Minerals Laboratory, Brisbane, Australia for sample preparation and analyses for gold (Fire Assay), sulfur (Leco) and arsenic and tungsten (pressed pellet XRF). Samples returning relatively high grades of tungsten (>1,000 ppm) or arsenic (>5,000 ppm) were re-analyzed by fused bead XRF (Table 11-3).

Drill core samples were first crushed to a nominal 70% passing -6 mm, then riffle split to a maximum weight of 3 kg and pulverised to 85% passing 75 μm. A 50 g sub-sample was analyzed for gold by Fire Assay. 20 g samples were taken for pressed powder XRF for tungsten and arsenic.

**Table 11-3&nbsp;&nbsp;&nbsp;&nbsp;ALS minerals laboratory assay techniques 2009-2012**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element** | **Method** | **Sub-sample size (g)** | **Digest** | **Analysis** | **Detection Limit (ppm or %)** |
| Gold | Au-AA26 | 50 | Aqua regia | Fire/AAS | 0.02 |
| Arsenic | MEXRF05 | 20 | N/A | XRF | 5 |
| Arsenic | ME-XRF15b | 20 | Acid | XRF | 0.01% |
| Sulfur (total) | S-IR08 | 1 | N/A | Leco/Lr | 0.01% |
| Tungsten | MEXRF05 | 20 | N/A | XRF | 10 |
| Tungsten | ME-XRG15b | 20 | Acid | XRF | 0.001% |

---

11.2.4SGS Limited 2013 – April 2025

SGS New Zealand Limited took over the Macraes on-site laboratory from AMDEL in June 2011 and from 2013 onwards all the exploration samples have been processed at this laboratory. Since March 2014 the laboratory has certified accreditation conforming to standard ISO/IEC 17025 for selected tests, including gold on solids by Fire Assay until April 2025.

Gold was usually the only element analyzed for but at times sulfur, arsenic, carbon and tungsten were required (Table 11-4). Samples requiring arsenic or tungsten analyses were sent to SGS

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Westport for pressed powder XRF after being prepared at Macraes. Any samples greater than 1,000 ppm tungsten were re-analyzed using the fused bead method.

The sample preparation process for both diamond and RC samples process is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples were dried at 150 °C, coarse crushed to a nominal –2 mm, split on a linear divider to 350 g and then pulverised with a Cr steel grinding head to 90% passing – 75 µm. From this 350 g a 50 g pulp was taken for Fire Assay and analyzed for gold using the atomic absorption method. From mid-2019 this was changed to a 30 g pulp to be consistent with grade control drill samples; and since 2023 the instrument finish had routinely been with a MPAES instead of AAS.

**Table 11-4&nbsp;&nbsp;&nbsp;&nbsp;SGS (NZ) Limited assay techniques 2013 – April 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element** | **Method** | **Sub-sample size** | **Digest** | **Analysis** | **Detection Limit (ppm)** |
| Gold | FAA505 | 50 | Aqua regia | Fire/AAS | 0.01 |
| Gold (from mid- | FAA303 | 30 | Aqua regia | Fire/AAS | 0.01 |
| 2019) |  |  |  |  |  |
| Arsenic | XRF75V | 20 | N/A | XRF | 2 |
| Sulfur (total) | CSA06V | 0.2 g | N/A | Leco/lR | 0.01% |
| Carbon (organic) | CSA03V | 0.25 g | acid | Leco/lR | 0.01% |
| Tungsten | XRF74V | 20 | N/A | XRF | 6 |
| Tungsten | XRF78S | 20 | acid | XRF | 80 |

---

11.2.5SGS NZ Limited 2025 Onwards

From 18 March 2025 SGS New Zealand Limited started running geology and routine plant samples from Macraes through the Chrysos Photon Assay instrument. Photon Assay results currently represent 2.0 – 2.2% of the sample data within three open pit Resource estimates (Coronation North, Coronation and Innes Mills) and 0.6% of the Golden Point Underground Resource estimate.

Gold on solids is analyzed by the Photon Assay technique. In August 2025 after a period of cross comparison of results from Fire Assay the Fire Assay equipment was decommissioned.

The sample preparation process for both diamond and RC samples process is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Samples are dried at 150 °C, coarse crushed to a nominal –2 mm, split on a linear divider to fill a Photon Assay jar with around 425 g of sample. Samples are then presented to the Chrysos instrument for analysis for gold content using a 2-cycle count.

**Table 11-5&nbsp;&nbsp;&nbsp;&nbsp;SGS (NZ) limited assay technique from April 2025 onwards**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element** | **Method** | **Sub-sample size** | **Digest** | **Analysis** | **Detection Limit (ppm)** |
| Gold | PAAU02 | 440 (approx.) | N/A | Photo Assays | 0.03 |

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11.2.6Off-site Sample Preparation

From June 2009 to end 2012 most exploration samples were sent off-site for sample preparation and analysis.

**SGS Westport and SGS Waihi**

The samples (RC and half drill core) were dispatched in calico bags to SGS Westport by OceanaGold personnel for sample preparation and arsenic, tungsten and total sulfur analysis. Once the samples have been submitted to the laboratory, SGS staff process the samples and have completed all aspects of the assaying independent of the OceanaGold personnel.

**ALS Minerals Laboratory, Brisbane**

The half drill core samples were dispatched in calico bags to ALS Minerals Laboratory, Brisbane by OceanaGold personnel for sample preparation and arsenic, tungsten and total sulfur analysis. Once the samples have been submitted to the laboratory, ALS staff process the samples and have completed all aspects of the assaying independent of the OceanaGold personnel.

11.3Sample Analysis

The laboratories used are all accredited and have internal quality control procedures to manage the quality of the data reported to the clients.

Analytical methods and detection limits are described in Section 11.2.

11.4Quality Assurance/Quality Control Procedures

11.4.1Standards

**Gold by Photon Assay**

Certified Standards are currently not independently submitted by OceanaGold with Photon Assay results. Instead, SGS self-certify by inserting its proprietary Standards with each batch during the sample preparation process by SGS.

SGS compile monthly QAQC reports with performance charts of all submitted Standards.

**Gold by Fire Assay**

Certified Standards are routinely inserted at a rate of one in twenty samples (5%). Standards used by OceanaGold are purchased from and certified by Rocklabs up to May 2018 and Geostats Pty Limited from June 2018 to April 2025 and include various grades. Most Standards are sulphidic.

11.4.2Blanks

Blanks are routinely inserted at a rate of around one in 40 samples. Blanks used by OceanaGold have included blanks supplied by Rocklabs, basalt blanks (from Tertiary basalt near Macraes) and Footwall schist samples from under the Footwall Fault which assayed <0.01 ppm Au.

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11.4.3Duplicates

Duplicate sampling is now routinely carried out as part of the drilling programmes and are designated field duplicates ("FD") in the datafiles. For RC drilling field duplicates are a second split of the sample interval. For diamond drill core a quarter core sample is taken from selected intervals of the remaining half core after the first pass sampling. In addition, coarse reject and pulp duplicate sampling and replicate sampling were also routinely carried by the laboratory for the Fire Assay method.

11.4.4Core and Sample Storage

All Fire Assay pulps were returned to OceanaGold and stored in one of three storage sheds at Macraes. However, many of the pulps from the pre-2010 drilling have been lost or destroyed over time.

Exploration drill core is stored in core boxes in either one of three storage sheds or outside in a yard on pallets with the boxes strapped. Not all the core is kept and the waste rock intervals above the Hangingwall shear have been discarded in many cases.

11.4.5Actions

Sample submissions are typically done by hole.

When results are received from the laboratory the Standards and blanks are checked against the expected values before the data are loaded into the acQuire database. If any Standards are found to be more than three standard deviations from the expected value, then that run of samples (typically 40 samples) around that Standard is re-assayed. If more than two standards in a submission are found to be more than three standard deviations out the entire submission batch is re-assayed.

Monthly meetings are held with the on-site laboratory to discuss results and address any problems with the data quality, sample quality and sample volume.

11.5Opinion on Adequacy of Sample Preparation, Analysis and Security

The adoption of the sample preparation and analytical methods is considered appropriate. Quality control data exist to allow review of the analytical performance of the assay laboratories for the recent drilling. The sampling methods, sample preparation procedures and analytical techniques are all considered appropriate. The production and reconciliation performance over the previous thirty five years is consistent with this view.

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12Data Verification

12.1Introduction

The Macraes Operation has a long history of exploration and mining. Data collection protocols and quality control procedure have varied substantially over this period. The analytical quality is monitored by the submission of certified Standards, blanks, laboratory duplicates and field duplicates. In addition to the quality control data, a substantial amount of reconciliation data are available and has been used as the final measure of data quality.

12.2Drill Hole Database

12.2.1Historical Data

Homestake and subsequently BHP data were stored digitally and transferred to Macraes Mining when BHP left the project. Original Au assay data were recorded in parts per million and grams per tonne format. Tungsten was recorded in parts per million or percentage WO3 format to three significant figures. This data were entered into the Macraes Mining Techbase Database with all tungsten data recorded as percentage WO3. The percentage values were rounded to two decimal places. Repeat analyses were combined and the average result recorded in Techbase.

Digital data and metadata for all drilling post 1994 were captured in the Techbase database.

In 2002 the acQuire geoscientific database was installed and Techbase assay data transferred to acQuire. Tungsten assays in acQuire are denoted as W but represent WO3 values (checks against historical digital files and original reports confirm this).

Further checking of the historical tungsten data were carried out in 2013 and again in 2019. Some errors were detected and corrected.

12.2.2Recent Data

The drill hole database is stored in acQuire geoscientific database software with the assay data directly loaded from digital data supplied by AMDEL up to 2010 and then by SGS from 2011 onwards. A review of the drill hole database and data flow processes was completed by external consultants in 2005, including random checks of the drill hole database against laboratory assay data during the site visit with no material errors identified. While no exhaustive review of the data has been completed, the mining and reconciliation data can be used as a check of the data robustness.

The surface drilling, underground and open pit grade control data are held in three separate databases within acQuire.

OceanaGold consider the drill hole database management is appropriate and the final database to be robust

12.3Analysis of Assay Quality Control Data

Redden and Moore (2010) included statistical analysis of the available exploration assay quality control data on drilling results up to 2009 in the onsite laboratory. These showed that although

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there was no systematic bias in Standard accuracy and total bias for each Standard was generally less than 5%, there was also, at that time, no reasonable monitoring and follow-up of exploration quality control results. The limited number of available field duplicates also showed relatively poor precision.

There was subsequently a period from 2010-2012 when the majority of exploration samples were analyzed offsite. Summary analysis of assay quality control data during this period is included in the annual technical reports on exploration.

From 2012, exploration samples have been analyzed by the onsite laboratory with monthly tracking of Standards, blanks and duplicates routinely carried out and results discussed in the monthly meetings with the laboratory so any issues can be addressed immediately.

An internal audit was completed in 2016 and some improvements made to the way assay quality control data is managed.

This section presents a summary statistical analysis for the quality control data submitted to the onsite SGS laboratory since 2012 up to the end of 2025. Results are presented for only those quality control samples associated with sample submissions accepted into the database, except the Photon Assay CRMs which represent all CRMs included in for all geology and metallurgical submission in 2025.

These relate quality control samples submitted with drill holes that comprise about half of all the drill holes used in the current Resource estimates. Quality control results for the remaining drill holes used in Resource estimates are summarized in Redden and Moore (2010).

12.3.1Blanks

Between 2012 and 2025 a total of 3,118 blank samples were included with drill samples. Overall, 92% blank samples were below the 0.05 g/t threshold (Figure 12-1).

Since Photo Assay has been used a total of 149 blank samples have been included with drill samples, with 95% below the 0.05g/t threshold (Figure 12-2).

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![figure12-1.jpg](figure12-1.jpg)

**Figure 12-1&nbsp;&nbsp;&nbsp;&nbsp;Blank samples submitted with Fire Assay submissions 2012-2025 (nine outliers excluded)**

![figure12-2.jpg](figure12-2.jpg)

**Figure 12-2&nbsp;&nbsp;&nbsp;&nbsp;Blank samples submitted with Photon Assay submission since March 2025 (No outliers excluded)**

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12.3.2Standards

Between 2012 and March 2025, 13,150 Fire Assay results were reported from 60 different gold certified reference material Standard pulps submitted along with drill samples. Standard grades ranged from a pulp blank up to 12.05 g/t Au.

Statistically, 96% of results were within 10% of the certified value, and 91% were within the +/- 2 SD.

Since March 2025, 6,269 Photon Assay results were reported from 10 different gold certified reference materials submitted by SGS within OceanaGold submissions. Standard grades ranged from 0.108 g/t up to 48.37 g/t.

93% of the results were within 10% of the certified values, and 95% were within +/- 2 SD.

The exact bias of most Standards was <4%. Two Standards returned exact bias >5% (maximum 6.01%) but these represent only 3 analyses.

Results for standards with a range of grades are shown in Figure 12-3 and Figure 12-4.

![figure12-3.jpg](figure12-3.jpg)

**Figure 12-3&nbsp;&nbsp;&nbsp;&nbsp;Selection of six Fire Assay gold standards SGS Macraes Lab**

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![figure12-4.jpg](figure12-4.jpg)

**Figure 12-4&nbsp;&nbsp;&nbsp;&nbsp;Selection of six Photon Assays gold standards SGS Macraes Lab**

12.3.3Duplicates – SGS Macraes

Between 2012 and March 2025, 6,667 field duplicates, 5,940 coarse crush duplicates, 4,480 pulp duplicates and 14,218 laboratory repeat pairs have been reported from Fire Assays drill samples by SGS Macraes.

Since March 2025, 34 field duplicates and 783 coarse crush duplicate pairs have been reported from Photon Assay drill samples by SGS Macraes.

Charts and summary statistics are presented in Figure 12-5 to Figure 12-7.

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![figure12-5.jpg](figure12-5.jpg)

**Figure 12-5&nbsp;&nbsp;&nbsp;&nbsp;Field duplicate and coarse crush duplicate Fire Assay pairs SGS Macraes**

![figure12-6.jpg](figure12-6.jpg)

**Figure 12-6&nbsp;&nbsp;&nbsp;&nbsp;Pulp duplicate and laboratory repeat Fire Assay pairs SGS Macraes**

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![figure12-7.jpg](figure12-7.jpg)

**Figure 12-7&nbsp;&nbsp;&nbsp;&nbsp;Field duplicate & coarse crush duplicate Photon Assay pairs SGS Macraes**

12.3.4Umpire Checks

In December 2025, 250 samples analysed by Photon Assay at Macraes were sent to SGS Waihi for umpire checks by Fire Assay. Results are expected in early 2026.

12.4Summary

Due to the long exploration and mining history of the project, the quality control database is incomplete for the Macraes Operation making complete and thorough investigation impossible. The risk associated with the incomplete quality control data set is offset by the available mining and reconciliation data which supports the quality of the data.

Notwithstanding the limitations in the data set, the available recovery and QAQC data indicate the assay data meet acceptable limits of accuracy and precision and is therefore suitable for the purposes of grade estimation. OceanaGold has taken steps to mitigate the risks associated with the RC drilling sampling under wet conditions. Whilst ultimately only removal of this data can remove the risk, the relatively low proportions of remaining wet RC samples and previous successful mining history provide the basis for OceanaGold considering the residual risk to the Resource estimates to be low.

The introduction and use of a portable handheld XRF analyzer for tungsten analysis in 2013 is well implemented and the assay is suitable for the purposes of grade estimation.

In 2025 Fire Assay for gold was retired and now all gold assays used at Macraes are by Photon Assay. The method was run in parallel during the transition and 100 duplicate checks on both methods have been completed (Figure 12-8).

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In addition to the assay data, the survey data (both collar and down-the-hole survey), are robust and present little risk.

It is the opinion of the QP (Matthew Grant) that the drill hole data used in the production of the Resource estimates reported in this report meet acceptable limits of accuracy and precision and that all reasonable steps and process have been undertaken to validate the drill hole data.

![figure12-8.jpg](figure12-8.jpg)

**Figure 12-8&nbsp;&nbsp;&nbsp;&nbsp;Scatterplot of 100 duplicates of Fire Assay and Photon Assay completed during transition period in March 2025. Red dash line has slope of 1**

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13Mineral Processing and metallurgical testing

13.1Ore Mineralogy

Gold is mostly present as particles <10 μm in sulfide grains or adjacent to grain boundaries, principally within pyrite and arsenopyrite. This gold is partially refractory with up to 20% not readily recoverable by standard cyanidation methods when re-ground to 15 μm. Up to 90% of the gold can be readily recovered to a sulfide flotation concentrate with the flotation losses associated with poorly-liberated sulfide particles or locked in silicate gangue. Pressure oxidation in an autoclave is used to break down the sulfide grain structure to make the contained gold particles amenable to cyanidation with leach recoveries on the autoclaved concentrate typically 95%.

The Macraes ore also contains a carbonaceous fraction. Coarse-grained ores tend to contain less organic carbon, while finer-grained ores contain higher levels of organic carbon. The carbonaceous material has a negative impact in the CIL circuit, adsorbing some of the dissolved gold from the CIL circuit liquor; this effect is not uncommon and is termed 'preg-robbing'. The carbonaceous material is typically recovered to the flotation concentrate, although its flotation kinetics are slower than those of the sulfide minerals, so that carbon recovery is generally lower than sulfide recovery. The soft carbonaceous material also tends to smear on the gangue components of the ore, imparting some degree of hydrophobicity increasing the recovery of non- sulfides in the flotation concentrate. Experience at Macraes and at other plants worldwide indicates that the autoclave pressure oxidation under normal oxidising conditions tends to further activate the carbonaceous material. Macraes has adopted technology developed by Newmont Limited of the US that allows passivation of the carbonaceous material by introducing limestone into the feed to the autoclave. This, along with the use of a fouling agent in the CIL circuit and judicious management of the activated carbon in the CIL circuit has provided an effective means of controlling and mitigating the preg-robbing effect.

In addition to information from future ores testing, models have been developed from process data over the life of the operation from treating previous pit stages utilising Matlab software to provide input to the Life of Mine plan for key parameters.

13.2Throughput

Throughput predicted for each month is based on mill utilization and historical data on similar mined material. The main SAG mill processes approximately 70% of the total feed at a maximum throughput rate of 550-570 tph processing soft to medium ore hardness material. ML-500 throughput is limited to 250 tph due to infrastructure design. The target grind size in the plant remains in the 130-140 μm P80 range.

13.3Mass Pull

Approximately 2.5% of total feed tonnes is recovered to the concentrate stream, the tailings tonnage is 97.5% of feed tonnes. The split proportion of contained gold is used to determine flotation recovery.

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The mass pull to the concentrate stream is calculated from a model based on feed sulfur grade, which is generated from daily process data of the active pit and underground ore sources and is utilised primarily for autoclave scheduling.

13.4Flotation Tails Gold Grade

The tails gold grade is calculated from a model based on recent plant performance of the active open pit and underground ore sources.

13.5CIL Recoveries

The average Macraes CIL recovery, 95.5%, is based on CIL performance and historical tail grades and the achievable oxidation in the autoclave. For low Total Organic Carbon (TOC) concentrate, oxidation extent is not significant but on higher TOC levels slightly lower oxidation extent targeting 96-97% minimised the impact of preg-robbing. Figure 13-1 demonstrates the actual plant CIL recovery achieved over the last seven years of plant operation against the budget model with under-performance in 2020 from the Covid-induced operating restrictions and 2022 when treating the Deepdell North pit at elevated blends above 50% of mill feed. With the more aggressive organic carbon in the Deepdell North pit, ore blend control was utilised with traditional operating strategies to minimise the effect for the remainder of the year. Whilst this pit source has been exhausted the strategy is now embedded for dealing with higher risk ore sources in the future.

Since 2023, improvements in the type and dosing of organic foulant in the autoclave discharge has proved effective at further mitigation of the preg-robbing nature of the organic carbon present in the ore leading to higher CIL recoveries.

![figure13-1.jpg](figure13-1.jpg)

**Figure 13-1&nbsp;&nbsp;&nbsp;&nbsp;Plant CIL recovery comparison between budget and actual CIL recovery from 2019-2025**

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13.6Flotation Recovery

Flotation recovery is calculated using the feed grade-recovery curve relationships based on recent plant performance and from plant operating data from treating adjacent pit stages. Figure 13-2 demonstrates the actual plant flotation recovery of gold over the last ten years compared to the budget forecast. Decreasing head grade over the last six years has not had a substantial impact on flotation recovery. Flotation recovery has tracked well with the budget models over this time frame with variability related to the performance of individual ore sources and variation in the gold to sulfur ratio and changes in pyrite association of the gold present.

![figure13-2.jpg](figure13-2.jpg)

**Figure 13-2&nbsp;&nbsp;&nbsp;&nbsp;Plant flotation recovery comparison between budget and actual flotation recovery**

13.7Overall Recovery

The flotation and CIL recoveries for the open pit and underground ore sources at Macraes are combined. Yearly forecast recoveries for Macraes open pit and underground mines are presented in Table 13-1 for the Life of Mine plan. Variation in overall recovery is driven by expected flotation circuit performance for different feed sources scheduled over this period.

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**Table 13-1&nbsp;&nbsp;&nbsp;&nbsp;Forecast recoveries used for production planning**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | **Flotation Recovery (%Au)** | **Cil Recovery (%Au)** | **Overall Recovery (%Au)** |
| &nbsp;&nbsp;2026 | 85.3 | 96.2 | 82.0 |
| &nbsp;&nbsp;2027 | 78.8 | 95.6 | 75.3 |
| &nbsp;&nbsp;2028 | 79.9 | 95.7 | 76.4 |
| &nbsp;&nbsp;2029 | 76.2 | 95.2 | 72.6 |
| &nbsp;&nbsp;2030 | 83.7 | 96.1 | 80.9 |
| &nbsp;&nbsp;2031 | 86.5 | 95.5 | 82.6 |
| &nbsp;&nbsp;2032 | 75.5 | 95.5 | 72.1 |

---

13.8Future Ore Testing Program

The purpose of metallurgical testing of the future ore samples is to determine metallurgical performance of new future planned ore sources such as mill throughputs, flotation recovery and CIL recovery, and to benchmark performance in the laboratory to other ore sources that have been processed through the plant to assist in validating the model inputs to planning. It also provides valuable information to understand any variations in ore hardness and address any potential process risk that may affect current process plant performance.

The future ore test programme is only performed on diamond core samples of existing and new ore sources. The future programme involves a series of tests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grind Determination Test. This test assesses the time taken in the laboratory rod mill to achieve a P80 of 106 μm for the flotation testwork from core samples stage crushed to -3.35 mm. This test work provides data on relative hardness in relationship to SAG and ball mill throughput;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kinetic flotation testing. This is a float test that produces four concentrates and one tail stream for assay. Concentrates are floated off over a one-, four-, eight- and 13-minute time period using the standard OceanaGold laboratory float procedure and reagent doses. This float test indicates the expected rougher-scavenger flotation performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Release analysis flotation testing. This is a two-staged cleaner float test that produces a primary, cleaner and re-cleaner concentrate as well as a primary, cleaner and re-cleaner tail. Three concentrates are floated off over 26 minutes for the primary float. The times are three-, eight- and 15-minutes time period. For the cleaner and re-cleaner, three concentrates are floated off over three-, eight- and 10-minutes time period. This test produces a grade recovery curve to determine the 'optimum' grade and recovery of the Macraes flotation plant. The test products are analyzed for Au, S, As, Fe and TOC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Standard bottle roll Preg-Robbing Factor (PRF) leach testing. This test assesses the preg-robbing characteristics and leach recovery of the ore prior to the pressure oxidation process. This is a leach of a concentrate produced using a bulk float test. The concentrate is then bead milled to a P80 of 15 μm for a standard PRF leach to be conducted. While the

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test cannot determine a CIL recovery, it highlights the impact of high PRF areas within the orebody for budget planning and forecasting.

13.9Golden Point Underground Testing

During 2019/20 as part of the Golden Point Underground Prefeasibility Study a series of ore composites were prepared from diamond drilling of the proposed Golden Point Underground (GPUG) Resource for metallurgical testing. Between 1998 and 2003, ore from the Golden Point open pit Resource was processed through the Macraes plant with flotation reported recoveries of 87-89% for gold. This period coincided with the installation of the Pressure Oxidation circuit leading to improved leach recoveries of 95%.

Four lithologically-based composites were prepared from geological interpretation of the predominant domains expected for the mining method planned. The overall estimate of mined mill feed by lithology type was estimated as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lode Schist 43%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quartz Cataclasite/Silicified Breccia/Quartz Vein 18%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Lithologies 39%.

These were subjected to grind determinations, kinetic flotation testing and the two stage release analysis tests described above to provide estimates of flotation recovery at a target 8% sulfur concentrate grade. The key conclusions of the test work on these samples were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grind determination showed the sampled material to be highly competent, although consistent with FRUG ore grindability, so should not cause a restriction when being treated through ML-500;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sampled material responded reasonably well to flotation, although kinetics were variable. Despite the observed variability between samples, it was possible to upgrade the concentrate to 8% sulfur while achieving relatively high recovery rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TOC concentrations indicate that PRF will be low which may result in higher CIL recovery. Nonetheless, leach testing is required to better understand the aggressiveness of the TOC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ROM recovery rate of 83.7% can be used as an approximation of expected performance, although given the limited data set, a significantly larger second stage programme is required to better define the ore source and improve confidence in recovery rates.

Table 13-2 summarizes the results of the testing programme. Estimated flotation recovery is used when targeting an 8% sulfur concentrate grade required for autoclave feed, and an estimated ROM recovery at a 95% CIL recovery was used based on the low TOC assays. The weighted recovery from this programme is based on a geological assessment of the proportion of each lithology.

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**Table 13-2&nbsp;&nbsp;&nbsp;&nbsp;Results of GPUG round 1 composites**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Composite** | **Grind time to 106um** | **Flotation Recovery @ 8% Sulfur** | **CIL Recovery %** | **ROM Recovery %** | **Resource Weighting %** |
| GPM004 | 6'46" | 89.2 | 95 | 84.7 | 43 |
| GPM005 | 5'06" | 83.3 | 95 | 79.1 | 19.5 |
| GPM006 | 8'28" | 91.9 | 95 | 87.3 | 18 |
| GPM008 | 6'32" | 87.0 | 95 | 82.7 | 19.5 |
| **Weighted Average** | **6'43"** | **-** | **-** | **83.7** | **-** |

---

A subsequent variability programme was undertaken with a further eight composites prepared from drill core representing stope intercept lengths commensurate with the expected extracted grades based upon assumed mining selectivity. Intercepts were selected across the GPUG deposit for this round of testing capturing a larger portion of the contained gold in the mine design and representing expected mill feed grades from stope extraction. The results of the second round of variability testing is outlined in Table 13-3.

**Table 13-3&nbsp;&nbsp;&nbsp;&nbsp;Results of GPUG round 2 variability composites**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Composite** | **Grind time to 106um** | **Flotation Recovery @ 8% Conc Grade** | **CIL Recovery %** | **ROM Recovery %** |
| GPM011 | 7'11" | 91.1 | 95.0 | 86.5 |
| GPM014 | 7'42" | 91.0 | 95.0 | 86.5 |
| GPM022 | 6'36" | 89.7 | 95.0 | 85.3 |
| GPM038 | 6'04" | 90.2 | 95.0 | 85.7 |
| GPM043 | 6'58" | 89.8 | 95.0 | 85.3 |
| GPM046 | 6'27" | 87.4 | 95.0 | 83.0 |
| GPM048 | 4'58" | 85.6 | 95.0 | 81.3 |
| GPM050 | 7'00" | 91.3 | 95.0 | 86.8 |
| **Average** | **6'37"** | **89.5** | **95.0** | **85.0** |

---

From this round of variability testing, the results continued to show similar grind times to the initial programme, in line with those for GPUG samples tested previously. Current practice of feeding GPUG ore to the ML-500 SAG mill up to 50% of its feed, similar to the historical approach with FRUG, has proved successful without any significant issues.

Flotation recovery from the release analysis test indicates an average of 89.5% over the 8 composites. Some variability was seen in flotation recovery as interpreted at the target 8% sulfur concentrate grade, in practice GPUG provides a maximum of 15% of the overall flotation feed, with the remainder being sourced from other open pit sources. At these blend ratios there appears no issue with being able to generate a target concentrate grade at high flotation recovery on the proposed Resource. Overall low TOC levels indicate that a low to moderate level of organic pre-

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robbing material is expected. Given the inclusion of the autoclave, current practice typically achieves a 95% leach recovery.

The overall recovery of 85.0% remains in line with both historical plant performance on previously mined Golden Point open pit material as well as results of the initial programme of testwork. The improved result from the second round of testing was not available at the time assumptions were finalised for cut-off grade determination. This value exceeds the 83.7% that has been assumed for the cut-off grade calculations, economic analysis and reserve calculations, and shows a robust assumption was used relative to laboratory testwork.

13.10Innes Mills

During 2021/2022 metallurgical testing on available diamond drill core samples was conducted to support additional cutbacks of the Innes Mill open pit for Stages 6 through to 8. Historically the Innes Mills pit was mined and processed through the process plant from 1998-2003 and responded well to the current flowsheet. Laboratory grind times were in the 4.5 to 5 minute range and regarded as soft to average for Macraes ore types.

The recovery performance of the 2022 programme is summarized below in Table 13-4 with head grades spanning the range from 0.51 to 3.43 g/t gold and with overall gold recoveries ranging from 68.4% to 84.5%. Two of the composites in the programmes did not make the target 8% concentrate grade and flagged that treating a 100% feed of Innes Mills material to the mill would be problematic. As the mill feed is generally a blend of open pit and underground ore this was not considered a significant risk operationally.

Head grades tested focused on primarily >0.5 g/t gold aligned with economic cut-off grade estimates at the time rather than higher head grades typical of the historical future ore test programmes circa 1996-2000 with lower flotation and overall recovery associated with the lower head grades. The TOC levels in the concentrate varied depending on location from <1.3% considered low risk for preg-robbing to in excess of 2.5% is expected to have a higher preg-robbing impact. For recovery predictions the lower post autoclave CIL assumption of 94.5% was used based on plant operating performance.

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**Table 13-4&nbsp;&nbsp;&nbsp;&nbsp;Innes Mills 2022 composite summary results**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite ID** | **Domain** | **Grade Bin** | **Head Grade** | **Head Grade** | **Flotation Recovery** | **Conc TOC %** | **CIL Recovery %** | **ROM Recovery %** |
| **Composite ID** | **Domain** | **Grade Bin** | **Au (g/t)** | **S (%)** | **@ 8% S (%Au)** | | | |
| MET_IM2022_001 | Stockwork | Low Grade | 0.57 | 0.27 | 80.2 | 0.60 | 95 | 74.9 |
| MET_IM2022_002 | Stockwork | Low Grade | 0.65 | 0.11 | - | - | - | - |
| MET_IM2022_003 | Stockwork/Lode | Low Grade | 0.83 | 0.21 | 74.9 | 1.10 | 94.5 | 68.4 |
| MET_IM2022_004 | Mainly Stockwork | Low Grade | 0.59 | 0.19 | 77 | 1.60 | 94.5 | 71.6 |
| MET_IM2022_005 | Stockwork | Super Low Grade | 0.51 | 0.21 | 82.2 | 2.10 | 64 | 73.2 |
| MET_IM2022_006 | Stockwork/Lode | Medium Grade | 0.81 | 1.36 | 85 | 0.96 | 95 | 80.3 |
| MET_IM2022_007 | Stockwork/lode | Hight Grade | 121 | 0.50 | 85.2 | 0.85 | 95 | 80.6 |
| MET_IM2022_008 | Stockwork | High Grade | 1.02 | 0.18 | 86.4 | 1.40 | 94.5 | 80.3 |
| MET_IM2022_009 | Stockwork/lode | High Grade | 1.63 | 0.26 | 79.3 | 1.10 | 94.5 | 84.5 |
| MET_IM2022_010 | Mixed lodes, QVS, Stockwork | High Grade | 1.53 | 0.25 | 80.6 | 1.10 | 94.5 | 74.5 |
| MET_IM2022_011 | Stockwork | Medium Grade | 1.35 | 0.46 | 86.8 | 1.52 | 94.5 | 82.0 |
| MET_IM2022_012 | Stockwork/Lode | Low Grade | 0.57 | 0.22 | 76.8 | 2.45 | 94.5 | 72.6 |
| MET_IM2022_013 | Lode | High Grade | 1.37 | 0.32 | 76.7 | 3.57 | 94.5 | 72.5 |
| MET_IM2022_014 | Dom 20 Lode | High Grade  | 3.43 | 0.39 | 85.9 | 2.67 | 94.5 | 81.2 |
| MET_IM2022_015 | Stockwork/Dom 20 | Medium Grage | 1.45 | 0.20 | 64 | - | 94.5 | 60.5 |
| MET_IM2022_016 | Dom 20 Lode | High Grade | 1.65 | 0.53 | 87.9 | 1.11 | 95 | 83.5 |
| MET_IM2022_017 | Dom 30 Lode  | High Grade | 1.30 | 0.24 | 83.5 | 1.94 | 94.5 | 78.9 |
| MET_IM2022_018 | Dome 30 Lode | Medium Grade | 0.96 | 0.26 | 86.7 | 1.95 | 94.5 | 81.9 |
| MET_IM2022_019 | Stockwork | Low Grade | 0.69 | 0.30 | 79.7 | 1.83 | 94.5 | 75.3 |
| MET_IM2022_020 | Stockwork | Super Low Grade | 0.61 | 0.33 | 87.9 | 1.495 | 94.5 | 83.1 |

---

During 2025 additional testing on Innes Mills core samples was undertaken to include the material scheduled though the Stage 10 pit cutback. A total of 6 composite samples were submitted to AMML in Australia to conduct the flotation test programme in addition to three core samples for ore hardness testing.

Key observations from the IM10 programme are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The competency of the three tested composites is low with competency (A\*b values) of 83-99 and Drop Weight Index (DWI) of 2.74-3.25 kWh/m<sup>3</sup> and represents mid-range for Macraes open pit ore and should not present a challenge to mill throughput rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rougher kinetics were relatively fast and in line with previous Innes Mills test work with generally 80-90% of gold recovered within the standard residence time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At a targeted 8% cleaner concentrate grade gold recovery ranged from 68 to 93 and averaging 86% and does not present any issues with generating a satisfactory concentrate for feeding the autoclave;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Head grades of organic carbon varied from 0.7% to 1.2% and in concentrate from 0.8 to 2.3% present a low risk to preg-robbing compared to previous testwork campaigns and hence a 95.5% CIL recovery has been used to estimate overall recovery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overall recovery for these samples, shown in Table 13-5 is in line with previous Innes Mills testwork and should not present significant challenges given the success of the plant with treating earlier pit stages.

**Table 13-5&nbsp;&nbsp;&nbsp;&nbsp;Innes Mills 2025 test summary results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite ID**  | **Domain**  | **Grade Bin**  | **Head Grade**  | **Head Grade**  | **Flotation Recovery**  | **CIL Recovery**  | **ROM Recovery**  |
| **Composite ID**  | **Domain**  | **Grade Bin**  | **Au (g/t)**  | **S (%)**  | **@ 8% S (%Au)**  | **%**  | **%**  |
| 2025_IM10_F01  | Hanging wall  | High Grade  | 2.91  | 0.69  | 92.9  | 95.5  | 88.7  |
| 2025_IM10_F02  | Concordant  | High Grade  | 5.97  | 1.75  | 93.2  | 95.5  | 89.0  |
| 2025_IM10_F03  | Stockwork  | Medium Grade  | 0.74  | 0.29  | 68.6  | 95.5  | 65.5  |
| 2025_IM10_F04  | Stockwork  | Medium Grade  | 0.78  | 0.26  | 84.8  | 95.5  | 80.9  |
| 2025_IM10_F05  | Stockwork  | Medium Grade  | 0.72  | 0.51  | 89.2  | 95.5  | 85.2  |
| 2025_IM10_F06  | Stockwork  | High Grade  | 1.29  | 0.27  | 90.9  | 95.5  | 86.8  |

---

13.11Super Low Grade Testwork

Additional test work was instigated to investigate the potential for overall recovery of lower (0.3-0.5 g/t Au) head grades. Diamond core intercepts were located for the lower head grade targets for both the Innes Mills pit cutbacks and for the Gay Tan pit (stockwork zone mineralization previously categorised as Frasers West pit).

Five composites were tested for the Gay Tan material and results are presented in Table 13-6 with flotation recoveries averaging 73% and overall recovery of 69%. The TOC levels for Gay Tan were elevated at over 2% organic carbon and triggers the use of the lower 94.5% CIL recovery assumption. The lowest grade 0.37 g/t Au sample still achieved a 61% overall recovery.

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**Table 13-6&nbsp;&nbsp;&nbsp;&nbsp;Gay Tan super low grade testwork results**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Composite ID** | **Head Grade** | **Head Grade** | **Flotation Recovery** | **Conc TOC %** | **CIL Recovery %** | **ROM Recovery %** |
| **Composite ID** | **Au (g/t)** | **S (%)** | **@ 8% S (%Au)** | | | |
| MET_GT2020_001 | 0.51 | 0.21 | 64.90 | 2.51 | 94.5 | 61.3 |
| MET_GT2020_002 | 0.50 | 0.18 | 83.80 | 2.65 | 94.5 | 79.2 |
| MET_GT2020_003 | 0.50 | 0.21 | 76.40 | 2.88 | 94.5 | 72.2 |
| MET_GT2020_004 | 0.66 | 0.21 | 71.90 | 2.13 | 94.5 | 67.9 |
| MET_GT2020_005 | 0.37 | 0.13 | 68.75 | 2.96 | 94.5 | 65.0 |
| **Average**  | **0.51** | **0.19** | **73.15** | **2.62** | **94.50** | **69.13** |

---

A total of seven composites were identified for the Innes Mills cutback targeting the low grade and super low-grade categories with grades below 0.5 g/t reported for two of these. Flotation recovery averaged 75.6% for gold at the target 8% sulfur grade and with TOC level generally moderate to high given the lower sulfur head grade around 0.2% sulfur. The overall recovery estimates averaged 71.4% ranging from 65.5% for the lowest head grade composite. The results are summarized in Table 13-7.

**Table 13-7&nbsp;&nbsp;&nbsp;&nbsp;Innes Mills super low grade testwork results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Composite ID** | **Grade Bin** | **Head Grade** | **Head Grade** | **Flotation Recovery** | **Conc TOC %** | **CIL Recovery %** | **ROM Recovery %** |
| **Composite ID** | **Grade Bin** | **Au (g/t)** | **S (%)** | **@ 8% S (%Au)** | | | |
| MET_IM2021_001 | Super Low Grade | 0.46 | 0.23 | 69.4 | 2.68 | 94.5 | 65.6 |
| MET_IM2021_002 | Super Low Grade | 0.53 | 0.18 | 75.9 | 3.03 | 94.5 | 71.7 |
| MET_IM2021_003 | Low Grade | 0.64 | 0.28 | 75.3 | 1.73 | 94.5 | 71.2 |
| MET_IM2021_004 | Super Low Grade | 0.43 | 0.18 | 76.9 | 2.51 | 94.5 | 72.7 |
| MET_IM2021_005 | Low Grade | 0.64 | 0.2 | 69.9 | 2.09 | 94.5 | 66.1 |
| MET_IM2021_006 | Super Low Grade | 0.72 | 0.2 | 77.2 | 2.95 | 94.5 | 7301 |
| MET_IM2021_007 | Low Grade | 0.77 | 0.31 | 84.6 | 1.59 | 94.5 | 79.9 |
| **Average** | **Average** | **0.60** | **0.22** | **75.6** | **2.37** | **94.5** | **71.4** |

---

Subsequent to this testwork a full-scale plant trial was conducted in March 2025 during the scheduled autoclave rebrick. Ore blocks were selectively mined from the pit targeting a lower 0.25 g/t cutoff grade and campaign milled over a seven-day period as the sole source from the plant allowing a better estimate of head grade. Over the five-day period from March 5th to 9th 888,418 tonnes were milled at t head grade of 0.32 g/t Au and reported a flotation recovery of 74.8%.

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Factoring a 96.7% CIL recovery based on plant practice in this pit stage would calculate a ROM recovery of 72.4% that was slightly better than core testing had achieved but on a noticeably lower head grade. It should be noted that the concentrate sulfur grade during the trial was elevated at 12% to accommodate concentrate storage requirements during the rebrick, plant experience is that at a lower normal 8.5% target grade flotation recovery would be expected to be 1-1.5% higher.

Overall, this trial has improved confidence that plant performance on lower grades of feed are still acceptable in the low- to mid-70% range for planning purposes with higher metal prices.

**Table 13-8&nbsp;&nbsp;&nbsp;&nbsp;Super low grade plant trial results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Key Metrics** | **5/03/2021** | **6/03/2022** | **7/03/2023** | **8/03/2024** | **9/03/2025** | **Summary** |
| Combined Milled Tonnes (t) | 18913 | 17762 | 18568 | 17708 | 15467 | **88418** |
| Calculated Feed Grade (g/t Au) | 0.32 | 0.36 | 0.26 | 0.32 | 0.34 | **0.32** |
| Calc Sulfur Grade (%S) | 0.13 | 0.17 | 0.12 | 0.16 | 0.17 | **0.15** |
| Flotation Con Grade Sulfur (%S) | 10.6 | 13.3 | 11.9 | 12.6 | 12.6 | **12.3** |
| Flot Con Grade Au (g/t Au) | 31.5 | 30.2 | 26.9 | 26.6 | 26.3 | **28.3** |
| Flotation Gold Recovery (%) | 72.1 | 79.3 | 70.5 | 74.7 | 76.6 | **74.8** |
| Assumed CIL Gold Recovery (%) | 96.7 | 96.7 | 96.7 | 96.7 | 96.7 | **96.7** |
| ROM Recovery (%) | 69.7 | 76.7 | 68.2 | 72.2 | 74.1 | **72.4** |
| Gold Production (oz) | 137 | 159 | 104 | 132 | 124 | **656** |

---

13.12Reconciling plant recovery to ore sources

Allocation of gold between Macraes open pit and underground mines can be challenging as the ore is mixed within the crushing process. Higher underground gold grades could reasonably be expected to return higher recoveries and produce concentrates with higher gold grades. However, in practice, measuring actual flotation recovery and concentrate grades produced individually by Macraes open pit and underground ores is not possible. Investigations to accurately measure and attribute gold recovered between Macraes open pit and FRUG ore streams in 2010 concluded that the split was not achievable due to insufficient supply of underground ore required to consistently process in the smaller SAG mill and maintain steady flotation circuit performance.

With the transition of underground operations to the GPUG deposit the previous practice for metal accounting of attributing the average plan recovery to both open pit and underground sources has been maintained along with the practice of head grade estimation to ore sources based on mass balance adjustment of grade control estimates to mill feed grade.

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14Mineral Resource Estimates

14.1Introduction

All Mineral Resource estimates are carried out at Macraes by, or under the supervision of, Matthew Grant, Senior Geologist - Resource Development. All estimates are peer reviewed by OceanaGold's Resource Development team or site geologists

This section summarizes the methodology used by OceanaGold to prepare and classify the Mineral Resource estimates. The open pit and underground Resource estimates are described separately.

14.2Qualified Persons Responsible for Resource Estimates

Matthew Grant, Senior Geologist - Resource Development is the Qualified Person responsible for all Macraes Operation Resource Estimates.

14.3Open Pit Mineral Resource Estimates

14.3.1Drillhole Database

Drill holes are extracted from the surface drilling acQuire database for each of the areas of Resource estimates as defined by the X, Y, Z coordinates.

Generally, only holes with DDH, DDW, RCD and RCH prefixes are used for Resource estimates. Occasionally select RCL prefixed holes are used. These prefixes are diamond core (DDH), diamond daughter (DDW), Reverse Circulation (RC), reverse circulation pre-collars with diamond tails (RCD), and Grade Control RC holes (RCL) drill holes respectively. Some holes with these prefixes may be excluded, usually where wet sampling may have led to downhole contamination or sampling bias. This will be discussed in the individual Resource estimate sections below.

14.3.2Software Used

Hexagon 'HxGN MinePlan 3D' (MinePlan) software and Leapfrog Geo is used for creating the geological models and their wireframe solids. All database drill hole extraction, compositing, and domain coding is completed in MinePlan.

GS3M software is used for geostatistical analysis and large panel recoverable Resource estimation for the majority of the open pit estimates. The block models created are then imported into MinePlan for final reporting.

14.3.3Geologic Model Methodology

3D estimations domains are created in both Leapfrog Geo and MinePlan using both grade and geology. Where practical, logged lithology and/or structures are used, otherwise grade is used to define the upper and lower surfaces for estimation domaining.

Most of the economic mineralization is confined to the Intrashear schist. The top of the Hangingwall shear usually defines the top of the Intrashear schist and the bottom is defined by the Footwall fault. Within the Intrashear schist there may be domains for the Hangingwall shear, one or

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more concordant lodes, and zones of quartz vein arrays with subsidiary shears. Domains will vary from area to area and are discussed for the individual areas below.

14.3.4Compositing and Assay Capping

**Compositing**

The raw assay data are composited to one metre lengths for Resource estimation.

**Outliers for Multiple Indicator Kriging (MIK)**

For Resources estimated by Multiple Indicator Kriging (MIK) top caps may be applied to mitigate potential outlier values. Top cap values applied to composites vary between each of the mining areas and are specified for each Resource estimate below. Typically, the top indicator mean is replaced with a value between the mean and median above the indicator threshold.

**Outliers for Ordinary Kriging (OK)** 

For Resources estimated by Ordinary Kriging (OK) top caps are always applied to composites, typically at around the 95 or 97.5 percentile. Top caps applied are specified for each Resource estimate below.

14.3.5Bulk Density

A bulk density of 2.50 t/m³ is assigned to oxide blocks and 2.65 t/m³ to sulfide (fresh) blocks. These are the accepted standard values for the Macraes Goldfield and have been applied to ensure consistency between Resource estimation, grade control and mine planning. They are slightly lower than the experimentally determined density but are thought to more accurately reflect the bulk density of the overall rock mass. The experimental measurements are determined on small pieces of core, which do not include the joints, fractures, and faults present in the overall rock mass.

The density assumptions for all estimates are shown in Table 14-1. These are based upon 751 core immersion test results and are assigned to blocks based on geological coding (Table 14-2).

**Table 14-1&nbsp;&nbsp;&nbsp;&nbsp;Density assumptions**

---

| | |
|:---|:---|
| **Material Type** | **Density (t/m**<sup>3</sup>**)** |
| Fresh rock | 2.65 |
| Weathered rock | 2.50 |
| Slump material | 2.35 |
| Loose rock fill | 2.18 |
| Tailings | 1.77 |

---

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**Table 14-2&nbsp;&nbsp;&nbsp;&nbsp;Bulk density data by area**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Prospect**  | **Oxide Ore**  | **Oxide Ore**  | **Oxide Waste**  | **Oxide Waste**  | **Sulfide Ore**  | **Sulfide Ore**  | **Sulfide Waste**  | **Sulfide Waste**  |
| **Prospect**  | **No.**  | **Mean**  | **No.**  | **Mean**  | **No.**  | **Mean**  | **No.**  | **Mean**  |
| Nunns  | -  | -  | -  | -  | -  | -  | -  | -  |
| Coronation North  | -  | -  | -  | -  | 14  | 2.63  | 15  | 2.65  |
| Coronation  | -  | -  | -  | -  | -  | -  | -  | -  |
| Deepdell  | 4  | 2.55  | 7  | 2.49  | 9  | 2.64  | 18  | 2.68  |
| Golden Point  | -  | -  | -  | -  | 12  | 2.74  | -  | -  |
| Round Hill  | 6  | 2.61  | 2  | 2.58  | 54  | 2.68  | 64  | 2.68  |
| Southern Pit  | -  | -  | -  | -  | 4  | 2.67  | 3  | 2.66  |
| Innes Mills  | -  | -  | 6  | 2.45  | 32  | 2.71  | 37  | 2.70  |
| Frasers Pit  | 2  | 2.32  | 10  | 2.47  | 62  | 2.69  | 73  | 2.67  |
| Frasers Underground  | -  | -  | -  | -  | 211  | 2.70  | 100  | 2.68  |
| Golden Ridge  | -  | -  | -  | -  | -  | -  | -  | -  |
| Ounce  | -  | -  | -  | -  | -  | -  | -  | -  |
| Golden Bar  | -  | -  | -  | -  | 3  | 2.63  | 3  | 2.57  |
| Stoneburn Group  | -  | -  | -  | -  | -  | -  | -  | -  |
| **Total/Average**  | **12**  | **2.54**  | **25**  | **2.48**  | **401**  | **2.69**  | **313**  | **2.68**  |

---

14.3.6Variogram Analysis and Modelling

Variogram modelling is carried out in GS3M for each of the domains specified in the Resource estimate. 14 indicator variograms (10, 20, 30, 40, 50, 60, 70, 75, 80, 85, 90, 95, 97.5 and 99th percentiles). Typically, each variogram is modelled in five to 10 directions. An additional non-indicator gold variogram is required for each domain using MIK. So, between 75 and 150 directional variograms are modelled for each domain.

Ordinary kriging only requires a single gold variogram for each domain.

Once completed the Resource estimates are exported out of GS3M in ascii format and imported into MinePlan.

14.3.7Block Model

Block model dimensions will vary for area to area but the standard block size for open pit Resources is:

For large panel recoverable estimates is X = 25 m, Y = 25 m, Z = 2.5 m.

For ordinary kriged estimates is X = 10 m, Y = 10 m, Z = 2.5 m

14.3.8Estimation Methodology

Estimation search distances and directions are derived from a combination of geology, drill spacing, and previous modelling. Drill spacings are typically on approximate multiples of 25 m (i.e. 25 m, 37.5 m, and 50 m) and the primary search distance is generally set at around 25 m.

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Since 2001, large panel recoverable Resource estimation using Multiple Indicator Kriging (MIK) has been the preferred estimation for open pit Resources where there is sufficient data. Ordinary Kriged (OK) E-Type estimates are used where data are sparse and are also the current method for underground Resource estimates. The large panel recoverable estimates selectivity assumptions are not appropriate for UG estimates given the panel dimensions by necessity being commensurate with drill spacing (25m).

**Ordinary Kriging (OK)**

Ordinary kriging is a form of linear estimation. In simple terms, linear estimation assumes the influence of a sample on the grade of a block is some function of its distance from that block. Inverse distance weighting (IDW) is another example of linear estimation. (Schofield, 2016).

**Large Panel Recoverable Resource Estimation using MIK**

Large panel recoverable Resource estimation is implemented at Macraes using multiple indicator kriging (MIK), a non-linear approach suited well to skewed gold distributions. Grades are estimated into large blocks (called panels), with dimensions typically reflecting the nominal drill hole spacing. Rather than providing more traditional whole block grade estimates, the estimates are expressed as a series of nested proportions and grades estimated for a range of cut-off grades. Collectively these provide a cumulative histogram for each block. A block support correction is completed in GS3M software with assumed selective mining dimensions. Typically, a non-parametric simulation block support correction is used, a preferred approach for less continuous styles of mineralization at Macraes, such as quartz vein arrays and erratic subsidiary shear-hosted mineralization.

Large panel recoverable Resource estimation has been used successfully at Macraes since 2001 (see section 14.5).

14.3.9Model Validation

Several methods are used to check to Resource estimates.

**Visual Comparison**

The block model is viewed in MinePlan against the drilling and domains to see that the block grades reasonably represent the input data.

**Comparative Statistics**

Methods include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Check mean composite grade versus average estimate grade for each domain. Results should be reasonably close; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swath plots of mean composite grade against model grade.

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**Against Previous Models**

The new estimate is compared against previous estimate to identify any areas of unexplained change.

**Reconciliations**

Where a deposit has been partially mined, the estimate is reconciled against the actual mined tonnage, grade and contained metal (corrected against the mill). See section 14.6.

14.3.10Resource Classification

The Resource classifications for MIK Resource estimates are determined in GS3M during the estimation process using a combination of the search criteria (an expansion factor expands the search distances for Indicated and Inferred Resources relative to Measure Resources), and cut-off grade reporting threshold. These are tabulated in Table 14-3.

Within the Innes Mills model any panels where >75% of the informing composites are wet RC are classified as Inferred. Any wet RC gold grades that have not been replaced by diamond drill hole samples, have been factored, based on relationships established between twinned RC versus diamond core sample grades.

**Table 14-3&nbsp;&nbsp;&nbsp;&nbsp;MIK Resource classification parameters**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Resource Area** | **Domain** | **Search** | **Exp an** | **Min Data** | **Min Octants** | **Max Data** | **Classification Grade (g/t)** | **Measured Threshold** | **Indicated Threshold** |
| Coronation | Dom1 | 27x27x5 | 0.2 | 16 | 4 | 48 | 0.3 | 100% | 30% |
| Coronation | Dom2 | 27x27x5 | 0.6 | 16 | 4 | 48 | 0.3 | 100% | 30% |
| Coronation | Dom3 | 27x27x10 | 0.6 | 16 | 4 | 48 | 0.3 | 100% | 30% |
| Coronation | Dom1 | 27x27x5 | 0.2 | 16 | 4 | 48 | 0.3 | 80% | 30% |
| Coronation | Dom2 | 27x27x5 | 0.6 | 16 | 4 | 48 | 0.3 | 80% | 30% |
| Coronation | Dom3 | 27x27x3 | 0.2 | 16 | 4 | 48 | 0.3 | 80% | 30% |
| Deepdell | Dom10, 11, 12, 31, 32, 33 | 27x27x8 | 0.5 | 8 | 4 | 48 | 0.3 | 80% | 30% |
| Deepdell | Dom50 | 37x37x5 | 0.5 | 12 | 4 | 48 | 0.3 | 80% | 30% |
| Innes Mills | Dom10, 12, 14, 18 | 27x27x5 | 0.6 | 16 | 4 | 48 | 0.3 | 100% | 30% |
| Innes Mills | Dom5, 40, 50 | 23x23x5 | 0.6 | 16 | 4 | 48 | 0.3 | 100% | 30% |
| Golden Bar | Dom1, 29, 47, 48 | 25x25x4 | 0.6 | 16 | 4 | 48 | 0.5 | 80% | 30% |

---

The parameters used for Resource classification for the OK Resource estimates are shown in Table 14-4.

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**Table 14-4&nbsp;&nbsp;&nbsp;&nbsp;OK Resource classification parameters**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Resource Area** | **Domain** | **Resource Classification** | **Search** | **Min Data** | **Min Octants** | **Max Data** |
| Nunns | Dom1 | Ind | 50x50x5 | 16 | 6 | 64 |
| NZGT | Dom1 | Inf | 50x50x5 | 12 | 4 | 32 |
| NZGT | Dom2 | Inf | 80x80x5 | 12 | 4 | 32 |
| Taylors  | Dom1-3 | Ind | 50x50x5 | 12 | 6 | 32 |
| Taylors  | Dom1-3 | Inf | 50x50x5 | 4 | 4 | 32 |

---

Most open pit Resources are quoted at a 0.25 g/t cut-off but this lifts to 0.3 g/t or 0.4 g/t gold cut-off for satellite deposits.

14.3.11Resource Estimate Tonnes and Grade

Unless otherwise stated, all reported open pit Resources are constrained within pit shells optimised via Whittle at the Mineral Resource gold price of USD2,450 (NZD4083 at an NZ:US exchange rate of 0.60) and either surface topography or as-mined surface at 31 December 2025.

An open pit cut-off grade of 0.25 g/t Au is based on the USD2,200 gold price, mining costs and recovery assumptions.

14.3.12Nunns

**Background**

Small scale mining and prospecting in the Nunns and adjacent 'New Zealand Gold and Tungsten' (NZGT) area occurred intermittently from 1868 to 1918, yielding around 650 oz of gold and 29 tons of scheelite (Williamson, 1939).

Modern exploration commenced in 1985 by BP Oil followed by Kiwi International who between them drilled 49 shallow holes (1,981.9 m). OceanaGold conducted drilling campaigns in 2002/2003 and again in 2016/2017.

Metallurgical testwork was completed on six diamond core samples collected in 2017.

**Geology & Mineralization**

Mineralization at Nunns is mostly confined to a single, shallowly-dipping lode of low angle grey-white quartz veins with associated silicified and brecciated schist containing arsenopyrite, pyrite, scheelite and gold.

**Resource Estimation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Last Resource estimate completed in 2017;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.2 g/t Au cut-off grade used to define the lode horizon for kriging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill spacing 37.5 m or 50 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OK estimation was used with search distances of X, Y = 50 and 80 m, Z = 5 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only RCH holes drilled by OceanaGold are used in the estimation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A gold top cut of 8 g/t was applied affecting 5 assays (0.7% of the data).

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14.3.13Coronation North

**Background**

Discovered in 2014, the first Resource estimate for Coronation North was released at the end of 2015. Drilling continued through 2016 and mine planning commenced. Following the granting of resource consent, pre-stripping commenced in April 2017, and first ore was excavated in June 2017. Infill drilling continued through 2017 and 2018 to reduce the drilling spacing variably to 37.5 m and 25 m spacing.

Mining of Stage 4 was completed in March 2022. Further pit expansions are underway with Stage 5 cutback started in December 2025.

**Geology & Mineralization**

The Coronation North deposit differs from previously mined areas along the Hyde-Macraes Shear Zone with the main mineralization steeply dipping (~40) towards the Northeast (Mine Grid). The bulk of contained metal is where a steeper-dipping lower lode intersects the Hangingwall Shear and includes the mineralization that extends down along the lower lode.

![figure14-1.jpg](figure14-1.jpg)

**Figure 14-1&nbsp;&nbsp;&nbsp;&nbsp;Cross section through Coronation North showing original topography, geology and domaining Grade control grade shells >0.3g/t and >1.0g/t included**

**Resource Estimates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Last updated in October 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only holes prefixed RCH, RCD, DDH or DDW used in Resource estimation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill spacings mainly 25 m or 37.5 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Simple two domain model is used within the Intrashear Schist dividing the mineralization into high ('Domain 3') and lower ('Domain 2') grade domains (Figure 14-1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MIK used for the estimation.

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**Mining & Reconciliation**

Mining commenced in June 2017 at a 0.4 g/t Au cut-off, however, in January 2020 the cut-off was lowered to 0.3 g/t Au. Reconciliations against Resource estimates have been carried out on a monthly basis until March 2022 when mining of Stage 4 stopped.

To date 12.4 Mt @ 1.02 g/t for 404 kozs of gold have been mined.

Through this period of mining the Coronation North Resource estimate consistently underestimated the contained gold due to greater geological complexity than can be resolved at Resource drilling scale. Wall movement and floor heave from October 2020 has further impacted reconciliation. However, the overall reconciliation is positive: more tonnes were mined than indicated by the Resource estimate and at a 6% higher grade, resulting in 8% more contained ounces.

14.3.14Coronation

**Background**

The Coronation area was first worked in 1886 with a second period of activity in 1911/12. During the 1980s the landowner at Coronation dug a series of trenches and pits. In 1992 12 RC holes were drilled by Sigma Resources. Between 1998 and 2001 OceanaGold's predecessor company GRD Macraes drilled 31 holes and the first Resource estimate was produced.

OceanaGold conducted further drilling campaigns in 2008, 2011, 2012 and 2014. Mining commenced in 2014. Infill drilling of Stage 5 and a potential Stage 6 was undertaken in 2015, 2016 and 2018. Mining of Stage 5 commenced in 2019 and was completed in September 2020.

**Geology and Mineralization**

The HMSZ at Coronation is a predominately pelitic package of schist up to 90 m thick. The package is constrained above by the Hanging wall Shear and below by the Footwall Fault as shown on Figure 14-2. The geology of the Coronation deposit is comparatively simple. It comprises the Hangingwall Shear which has a generally planar geometry and dips 15° to 20° to the east. A second, less

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extensive shear has been interpreted immediately below the Hangingwall Shear. Quartz vein arrays and subsidiary shears styles of mineralization are generally absent at Coronation.

![figure14-1.jpg](figure14-1.jpg)

**Figure 14-2&nbsp;&nbsp;&nbsp;&nbsp;Coronation cross section Looking North showing two mineralized lodes associated with the hangingwall shear**

**Resource Estimate**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Last updated in May 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only hole prefixed RCH, RCD, DDH and DDW used in Resource estimate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill spacings 37.5 m or 50 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The two lodes were combined into a single domain for modelling cut by North-south fault; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MIK used for the estimation.

**Mining and Reconciliation**

Pre-stripping commenced at the end of September 2014 with the first ore mined in December 2014. Mining commenced at a 0.4 g/t cut-off grade. Mining has progressed in stages with Stage 5 finishing in 2020.

To the end of 2022, 8.09 Mt at a grade of 1.00 g/t Au and containing 260 koz of gold have been mined.

In January 2020 the cut-off grade was lowered to 0.3 g/t Au.

During the mining of Stages 1 to 4 at Coronation the Resource estimate consistently under-estimated the contained gold due to insufficient drilling density (initially on 50 m x 50 m) to representatively test a series of 10 m to 20 m wide high-grade shoots. The drilling spacing was infilled to 37.5 m x 37.5 m and modelling parameters were reviewed prior to commencement of mining Coronation Stage 5

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14.3.15Deepdell

**Background**

Alluvial mining on Horse Flat to the north of Deepdell Creek was first recorded in 1892. Quartz mining started in 1901 and continued intermittently until 1924 as the lines of lode were followed south to Deepdell creek.

There have been several phases of drilling at Deepdell leading up to the start of mining in 2001. The first phase of modern exploration commenced in 1985 when Homestake drilled five percussion and seven diamond holes. This was followed by another six phases of drilling by OceanaGold's predecessor companies Macraes Mining and GRD Macraes.

Mining of the north pit commenced in 2001 and continued to 2003. Mining of the south pit concluded in October 2003. The north pit was subsequently backfilled with waste rock.

Drilling for down-dip extensions to the north pit began in 2013 and further infill drilling was conducted in 2017 and 2018 following which the Resource estimate was updated.

A resource consent application was lodged in 2019 to re-open the Deepdell North pit. The resource consent was approved towards the end of 2020 and pre-stripping commenced in December 2020 with first ore produced in January 2021.

Mining of Deepdell North Stages 3, 4, and 5 was completed in October 2023 and has yielded 5.70 Mt of ore @ 0.80 g/t Au for 146 kozs of gold at a 0.3 g/t cut-off.

**Geology & Mineralization**

The HMSZ at Deepdell consists of a 50 m to 60 m thick pelite, constrained by the Hangingwall and Footwall shears. The geology of Deepdell North is comparatively simple. It comprises the Hangingwall shear, which has a planar geometry and dips 15° to 20° to the east. Beneath the Hangingwall shear, up to three subparallel shears have been identified. These shears are generally thin (less than 3 m thick), weakly mineralized, and do not have the continuity of the Hangingwall shear.

At Deepdell South the Hangingwall shear geometry has been rotated into a south to southeast orientation and is cut by a northeast-southwest striking fault. The western portion of the Hangingwall dips at 20° to 25° to the southeast while the eastern section dips at 35° to 40° to the southwest. The Hangingwall shear is well developed to approximately 70,400 m E where it is either offset by a north-south trending faults or is pinched out against a fault. At both Deepdell North and Deepdell South quartz vein arrays and subsidiary shear development beneath the Hangingwall is relatively poor.

A complex fault zone separates Deepdell South from Deepdell North. Four east-west trending faults, which terminate the northeast – southwest trending fault in Deepdell South, have been interpreted. From Deepdell South to Deepdell North the effect of these faults is to uplift the Hangingwall and progressively displace the Hangingwall outcrop position to the west.

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**Resource Estimate**

The current Resource lies under and down dip of the mined-out pits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Last updated in March 2022 – DD2203;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only holes prefixed RCH, RCD, RDDH and DDW used in Resource estimate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill spacings 25 m or 37.5 m, out to 50 m or more on the outside;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Four lode domains in Deepdell North, two lode domains in Deepdell South; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MIK used for the estimation.

**Mining & Reconciliation**

The original Deepdell pits produced 2.55 Mt @ 1.44 g/t Au for 0.117 Mozs at a 0.5 g/t Au cut-off grade.

Mining re-commenced in Deepdell North in January 2021 (Stages 3, 4, and 5) and was completed in October 2023, producing 5.7 Mt @ 0.80 g/t for 0.15 Mozs at a 0.3 g/t cut-off for this period. Compared to the Resource model DD2203, 12% more tonnes were mined but at 6% less grade for 7% more ounces.

14.3.16Round Hill/Golden Point Open Pit

**Background**

Quartz reefs were mined in the area from the 1860s and with the discovery of the Golden Point Lodes in 1889 the area surrounding Round Hill became a significant producer of gold and scheelite at the time.

Round Hill was the focus of exploration and drilling in the 1980s and mining commenced in 1990. By 1998 mining was completed and the pit partly backfilled as the adjacent Golden Point and Southern Pit deposits were mined. Mining of these pits was completed in mid-2002. A small cut-back of Round Hill was mined in 2003 and the combined deposits produced 1.3 Moz.

The remaining open pit inventory was removed from Mineral Resources and Reserves in 2024 due to an economic assessment indicating low prospects for eventual extraction completed in 2023. The assessment was completed at the OceanaGold Mineral Reserve and Resource prices at the time of US$1,500 /oz. and US$1,700 /oz respectively. Round and Hill and Golden Point remain subject to further assessment.

14.3.17Innes Mills

**Background**

The earliest prospecting shaft and adit is thought to date back to around 1900 (Hamel, 1991) with report of an "80 ft" shaft and "150 ft" drive. From 1915 the landowner, Mr. A. Innes, worked the property in partnership with others. Mining via shafts, adits or small open cuts continued intermittently until 1944. No records of production have been located.

OceanaGold and its predecessor company Macraes Mining, mined the area as an open cut from 1996 to 2004 producing 8.11 Mt @ 1.58 g/t Au for 0.41 Moz. The open cuts were then backfilled. A

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small extension, Innes Mills West, was mined in 2016 and was backfilled to allow realignment of the Macraes-Dunback road to cross it.

From 2004 to 2014 only a limited amount of drilling was conducted at Innes Mills. In 2005, 2011 and 2012 small drilling campaigns tested for extensions down-dip of the mined-out pit. Drilling resumed at the end of 2014 and continued in 2015, defining the Innes Mills West Resource, subsequently mined in 2016. Limited drilling was conducted in 2017, targeting quartz vein arrays / subsidiary shears in the west wall of the mined-out pits. Infill and step-out drilling re-commenced in 2021 and continued through 2022 covering the proposed Stages 6, 7 and 8 open pits. Mining of Stage 6 commenced in 2022 and Stages 7 and 8 in 2023. Innes Mills has been the main open pit ore source since 2024. Extensive infill and step out drilling to define additional resources has resumed from mid-2025 and is expected to be ongoing in 2026.

**Geology & Mineralization**

Innes Mills represents a set of stacked mineralized lodes north of the Macraes Fault Zone, which is a 150-200 m wide structure representing post-mineralization faulting across which the Hangingwall shear has apparent vertical offset of ~150 m (up-to-the-north). The fault zone is a complex zone of broken schist and gouge, but the disrupted trace of the Hangingwall Shear and associated mineralization can be roughly traced through it.

The Hangingwall Shear, or uppermost Concordant Lode, is offset (down-to-the-east) downdip. . Additional subparallel lodes beneath the Hangingwall Shear are more extensive in Innes Mills segment compared to Frasers to the south, and there is also evidence of extensive linking structures dipping at a higher angle between the concordant lodes.

Instead of using tightly-constrained geological domains for modelling, broad mineralized domains were used to enclose multiple stacked lodes and stockwork mineralization.

**Gold Resource Estimate**

The latest Resource estimate (gold only) was completed in November 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill spacing 25 m in the core out to 50 m on the periphery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface Holes prefixed RCH, RCD, DDH and DDW used from surface, UDH diamond holes from underground also included in the southern margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wet Bias correction factors applied to gold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Four broad mineralization domains used; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MIK used for the estimation.

The Innes Mills Resource estimate was externally audited in 2025 (De-Vitry, 2025). Several issues related to the estimation methodology and Resource classification were identified that collectively had the potential to be material. As a result of the audit, the following improvements were incorporated into the updated estimate, the combined results of which were minor :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All missing samples replaced with zero for grade estimation, previously they were all treated as null;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The threshold for Measured classification was lifted from 0.80 panel proportion of ore, to 1.0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where a significant number of Wet RC samples are used in estimating an individual panel (>75% of all the informing composites) then the panel is categorised as Inferred; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cut-off criterion for classification was dropped from 0.4 g/t to 0.3 g/t.

**Relevant Factors**

Re-alignment of the Macraes-Dunback road will be required in the future to allow the mining of the northern quarter of the Resource.

Like Frasers and Round Hill, in the deeper sections of Innes Mills, some historical RC drill holes were sampled under wet conditions. To mitigate the potential for wet sample bias, a set of gold grade factors were generated for factoring down wet RC sample grades to between 30-90% of raw value. In addition, recent diamond drilling has replaced many older wet RC holes which are removed from the dataset used for estimation. As a result, the residual Resource estimation risk for Innes Mills is considered low.

14.3.18Ounce

**Background**

The first recorded mining activity at Ounce dates to 1898 but alluvial mining in the creek bed may have occurred as early as 1862. Mining by various parties continued intermittently until 1952.

The area was first drilled by BP Minerals (NZ) Ltd in 1985. Macraes Mining Company followed in 1994 and 1997. The last campaign was by OceanaGold in 2010/2011. Only three diamond holes have been drilled (1985 and 1994). No metallurgical test work has been completed.

**Geology & Mineralization**

The Ounce deposit lies along HMSZ, to the south of Frasers. The Ounce structure is a low-angle thrust zone with an unusual orientation for the HMSZ, dipping 28° towards the southeast and cross-cutting dominantly psammitic schists (Figure 14-3). The main package is bound by a weakly-mineralized cataclastic upper concordant shear with another mineralized horizon located approximately 30 m structurally above this zone. Mineralization is hosted by concordant, sigmoidal and rare quartz vein arrays. Sigmoidal veins merge with, and are truncated by, concordant structures providing evidence of repeated cycles of vein formation/activation.

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![figure14-3b.jpg](figure14-3b.jpg)

**Figure 14-3&nbsp;&nbsp;&nbsp;&nbsp;Ounce and Golden Bar geology and deposits**

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**Resource Estimation**

The last Resource estimate was completed in 2017. A schematic cross-section showing the domains used is in Figure 14-4. Domain 20 is the lode domain and is defined by a 0.2 g/t cut-off. Scattered mineralization does occur outside this zone.

![figure14-4.jpg](figure14-4.jpg)

**Figure 14-4&nbsp;&nbsp;&nbsp;&nbsp;Ounce schematic cross section with 2017 Resource domain**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill spacing 50 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OK estimation was used with search distances of X, Y =75 m, Z = 5 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only RCH, RCD and DDH prefixed drill holes used in the estimation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A gold top cut at the 97.5 percentile was applied. This was 2.6 g/t Au gold for domain 20; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entire Resource is classified as Inferred.

**Relevant Factors**

While OceanaGold owns the land on which the Resource is located, OceanaGold does not currently hold the necessary resource consents to undertake mining.

14.3.19Golden Bar

**Background**

The Golden Bar Resource area is centred on the small historic Golden Bar workings, approximately 9 km south of Macraes. These were worked at various times from 1889-1942, producing approximately 5,000 oz and a minor amount of scheelite.

The area was drilled initially by BP Minerals (NZ) Ltd in 1985 and then by OceanaGold from 1994-1997. The main drilling phase was completed in 1997 with drilling on 25 m x 25 m centres.

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During 2002 several RC and diamond holes were drilled to twin previously drilled wet RC percussion holes.

OceanaGold mined Golden Bar from February 2004 to October 2005. The open cut yielded 1.74 Mt @ 1.72 g/t Au for 0.096 Mozs at a 0.5 g/t Au cut-off grade for oxide ore and a 0.7 g/t Au cut-off grade for sulfide ore.

**Geology & Mineralization**

The Golden Bar prospect is inferred to lie some 400 m vertically above the interpreted position of the HMSZ Footwall Fault and located within the Hangingwall psammites. By this interpretation Golden Bar is grouped with the Eastern Lodes, which outcrop 2-3 km to the east of the main shear zone. The main shear zone thins to the south of the Ounce deposit, which is coincident with the start of the Golden Bar shear zone (Figure 14-5).

An alternative interpretation has the Hangingwall Lode at Golden Bar is in the same structural position as the Hangingwall lodes seen at Ounce and further north and may be an offset of this main lode system. Doyle and Stewart (1997) suggested that the main Hangingwall Lode at Golden Bar lies at the contact between psammitic schist above and pelitic schist which is a typical Hangingwall lode position.

Two distinctive structural styles have been identified at Golden Bar:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concordant lodes which anastomose and are generally thinly developed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sigmoidal vein structures. The sigmoidal veins are strongly mineralized and dominated by quartz veining. These structures link between the upper and lower concordant lodes.

The concordant lodes vary in style from thin (<1 m) discrete cataclastic shears to thick (15 m) quartz rich lode schist. South or south-easterly dipping shears are generally thin, highly sheared, while flat or northerly dipping shears are thick, strongly mineralized and show evidence of extension.

Two major shears are present as illustrated in Figure 14-5. These structures are 40 m apart at surface but converge into a single structure at depth with the line of intersection trending northeast. The lower shear to the west of this splitting is thickly developed and strongly mineralized. The rock between the shears contains several sigmoidal extension veins. Although no gross lithological differences could be clearly identified from logging, it is likely that this rock is more competent than the surrounding rock mass and has accommodated deformation by brittle extension, thus creating sites for development of the sigmoidal veins.

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![image_33.jpg](image_33.jpg)

**Figure 14-5&nbsp;&nbsp;&nbsp;&nbsp;Golden Bar schematic cross section 5575 m N**

The sigmoidal vein packages have a curved tabular geometry, striking to the northeast and dipping to northwest (Mine Grid) at around 25°. The vein dip is steepest (and most dilatational) where the intra-shear distance between upper and lower concordant structures is larger. In areas where these structures converge, the sigmoidal veins are more concordant.

The sigmoidal veins were the target of historic underground mining. All accessible mine workings have been mapped in detail and the observations included in interpretation of the geological wire frame.

**Resource Estimate**

The current Resource estimate GB2110 was completed in 2021 and provided an update of the previous model completed in 2002.

A broad zone, called the Golden Bar Mineralized Zone (GBMZ) was defined on a 0.1 g/t cut-off to capture the mineralization (Domain 47). Three north-west dipping lodes within this zone were wireframed separately but treated together for estimation together as Domain 29, these have been largely mined out. Two weakly mineralized zones above and below the GBMZ were defined (Domain one and Domain 48 respectively).

**Mining and Reconciliation**

Golden Bar was mined by open pit from February 2004 to October 2005. A total of 1.74 Mt @ 1.72 g/t Au for 0.096 Mozs was mined at a 0.5 g/t cut-off for oxide ore and 0.7 g/t cut-off for sulfide ore.

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The current model under-estimates tonnes by 8% and grade by 3% for a net underestimation of contained gold by 11% at the mined cut-offs but is expected to perform better at lower cut-offs.

**Relevant Factors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most of the land under MP41 064 is owned by OceanaGold, however the land to the east of the Golden Bar road as shown on Figure 14-5 containing the Resource extension is privately owned. OceanaGold does not have an access agreement/option to purchase on this land; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A further cut-back at Golden Bar would require the Golden Bar public road to be re-located and an application for resource consents to mine.

The current pit optimization is to a degree drilling limited. Step-out drilling would allow evaluation of a potential cut back.

14.3.20Taylors

**Background**

The Taylor's gold deposit is one of several small gold deposits found at the southern end of the Hyde-Macraes Shear Zone. Other deposits include Wilsons North and South, Shaws and Home Reef and these are referred to collectively as the Stoneburn Resource Group.

A few historic workings are present but there is no record of production.

BHP drilled 14 shallow percussion holes in the 1980s from Home Reef down to Taylors. Between 1994 and 1999, Macraes Mining Company drilled 29 RC holes in the Stoneburn area including Taylors. In 2003, 39 RC holes were drilled at Taylors on a 25 m spacing.

No diamond drilling or metallurgical test work has been completed at Taylors.

**Geology & Mineralization**

Aldrich (2003) describes the mineralization at Taylors as two sub-concordant mineralized shears ("lodes") that are thought to be the southern extension of the Home Reef and Golden Bar structures.

The upper lode is 1-3 m thick and lies 25-30 m above the lower lode. The lower lode is more extensive and thicker (up to 8 m). There are no indications that these 2 shears link as at Golden Bar. The shear zones strike 350° and dip 12-20° to the east. An NNE plunging ore shoot on the lower lode has been identified and remains open at depth. Mineralization in the shear zones is dominated by quartz veining with minor arsenopyrite and pyrite. The few tungsten assays available indicate some scheelite is present (up to 1.46% W recorded in assay). No quartz vein array mineralization has been identified below the lower zone.

**Resource Estimation**

The lode mineralized zones were defined based on a 0.2 g/t Au cut-off grade and a minimum 2 m mining width. Each drill interval had to include at least 1 m of waste below the 0.4 g/t Au economic cut-off grade.

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Surfaces were created for both the upper and lower lodes and for the surrounding schist and oxide zones and these were used to construct the lode solids for coding. The interpretations were in general extended 25 m beyond the last drill hole or halfway to next drill hole if that hole was unmineralized.

A schematic cross-section is shown in Figure 14-6.

![figure14-6.jpg](figure14-6.jpg)

**Figure 14-6&nbsp;&nbsp;&nbsp;&nbsp;Taylors schematic cross section line 1400 n M**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill spacing 25 m to 50 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only RCH prefixed holes used in the estimation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Top cut of 8 g/t Au applied affecting 6 assays; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OK estimation with search distances of X, Y = 50 m, Z = 5 m.

14.3.21Stoneburn Group

**Background**

The Stoneburn group refers to five small gold Resources in the Stoneburn area: Wilsons North, Wilsons South, Home Reef, Shaw's and Shaw's South as shown on Figure 14-7.

Historic mining in the area is generally limited to pits, trenches and adits along strike of the lode traces with minor alluvial workings throughout.

Production records from the Stoneburn area are poor. In 1902, 60 tons of quartz from the "Stoneburn Mine" was crushed and returned 4.2 g/t gold. Between 1915 and 1917 a further 2,264 tons of quartz was treated returning 1.7 g/t Au. Apparently mining ceased in 1917 as the gold grade was too low and only scheelite was worth recovering. The location of the "Stoneburn Mine" is not known but was probably the combined workings of Wilsons and Shaws (Aldrich 2003).

BHP conducted percussion drilling from 1988 to 1989 along the strike of the lodes targeting the shallow areas of the lodes (<20 m) with 25 m drilling traverses across the trace of the lode spaced 50 m apart. In 1996 and 1998 RC drilling by OGL tested the deeper sections of the lodes (up to 200 m) on a 100 m x 100 m drilling grid, with localised 50 m x 50 m infill. There is no diamond drilling, and no metallurgical test work was completed.

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**Geology & Mineralization**

Mineralization in the Stoneburn Resource area is associated with shallow east-dipping shears, slightly oblique to the regional penetrative schistosity. These structures consist of four concordant shears within a 450 m package of finer grained schists forming the southern continuation of the HMSZ Zone.

The Wilson's Lode structures have been mapped through scattered shallow pits and adits, outcrops and float of mineralized quartz, cataclasite and sheared pelitic schist for 8 km. The Wilson's Lode is thought to be the extension of the Hangingwall shear from Ounce to the north and extends to the south until it is obscured by overlying sediments. The Footwall Fault is interpreted to lie immediately below the lower Lode structure at Wilsons (Bleakley, 1996, Aldrich, 2003). At least two lodes are present with potentially more concordant lodes at the northern end of the Wilsons North area.

Shaw's Lode and Shaw's Lode South consist of structures hosted by narrow semi-pelitic to semi-psammitic units 1.5 km east of the Hangingwall-Footwall contact. The Home Reef structure is thought to be a continuation of the Golden Bar structure and extends over a strike length of 3.3 km. In places it occurs as a series of stacked lodes as at Taylor's. Individual shears consist of quartz veins generally less than 1 m thick within concordant lode structures from one to seven metres thick. The Shaw's Lode, a single concordant shear from one to five metres thick, has a strike length of at least 4.5 km.

Two styles of mineralization are evident at Stoneburn: quartz veins up to 1 m thick within concordant lode structures up to 8 m thick and broad zones of shearing with associated mineralized quartz, cataclasite and lode schist situated above the Footwall Fault on the Wilsons lode structure.

Gold-scheelite-pyrite-arsenopyrite mineralization occurs within the lode structures. Silicification is the dominant form of alteration. As a rule, the higher the lode quartz content, the stronger the gold mineralization. Argillic alteration is present within lode schist associated with quartz veining.

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![figure14-7.jpg](figure14-7.jpg)

**Figure 14-7&nbsp;&nbsp;&nbsp;&nbsp;Stoneburn geology and Resource area**

**Resource Estimation**

The lode zones wireframes were based on a combination of lithology and a 0.2 g/t gold cut-off. All the drill holes were used in the interpretation but only RCH prefixed holes were used in the Resource estimation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill spacing generally 100 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only RCH prefixed holes used in the estimation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Top caps applied at the 97.5 percentile (gold grades 2.5-5 g/t Au); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OK estimation with search distances of X, Y=150 m, Z = 5 m.

**Relevant Factors**

The Stoneburn deposits are small shallow Resources with a high proportion of oxide ore.

No resource consents have been applied for to mine the Stoneburn Resources and no access agreements are in place with the private landowners in the area.

14.4Underground Mineral Resource Estimate

14.4.1Drillhole Database

Resource estimation uses a combined dataset of both surface and underground drilling.

Exploration holes from surface (diamond core and percussion RC) are combined with diamond drill holes completed from underground.

14.4.2Software Used

Geological domains are created in Leapfrog Geo software and the wireframes and surfaces exported into MinePlan for composite coding and final Resource reporting.

Pangeos software is used for geostatistical analysis and block grade estimation. The block models created are then imported into MinePlan for domain compilation and final reporting.

14.4.3Geologic Modelling

Domain boundaries are based on geology and structure rather than grade.

Each domain represents an interpreted lode of shear mineralization broadly sub-parallel to the regional metamorphic foliation. Mineralized lithologies within the lodes are mostly 'quartz cataclasite' and 'silicified breccia' but intervals of 'lode schist' are also included along with segments of 'stockwork' veining where constrained between quartz cataclasite or silicified breccia units.

14.4.4Assay Capping and Compositing

**Outliers**

The underground Resources are estimated using Ordinary Kriging (OK). Top caps are always applied. For gold, this varies for each domain but is usually between the 97.5 and 99th percentiles.

**Compositing**

The raw assay data are composited to one metre lengths for Resource estimation.

14.4.5Density

A density of 2.65 t/m3 is assigned based upon average core immersion test results.

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14.4.6Variogram Analysis and Modelling

Prior to spatial analysis, the composite sample locations are 'flattened' (essentially unfolded and un-faulted) by assigning a relative elevation equivalent to the elevation difference of each composite midpoint to a reference surface defined by the geological model. This is done primarily to preserve the vertical grade trends observed in the drill hole sample grades and to allow orientation of search directions to the geological structures.

Variograms and grade estimations are completed on the 'flattened' composites. Block grades are first estimated using Ordinary Kriging into 10 m x 10 m x 1 m parent blocks and subsequently divided into four 5 m x 5 m x 1 m daughter cells.

14.4.7Block Model

Gold grades are estimated into blocks with dimension X= 10 m, Y= 10 m, Z= 1 m for the underground model. These are subsequently divided into four 5 m x 5 m x 1 m size blocks. The smaller blocks are then re-aligned back into real space using Pangeos software, exported in ASCII text format and imported into MinePlan/Compass.

14.4.8Estimation Methodology

Ordinary Kriging (OK) was used for the underground Resource estimate with search ranges between 25 – 120 m.

14.4.9Model Validation

Model validation is like that described in Section 14.3.9.

14.4.10Resource Classification

Resource categories are defined by a combination of data density and within constrained geological domains. A minimum of at least 8 informing composites is required for any classified block. Horizontal extents are defined by kriging search parameters (32 m for Indicated and 62 m for Inferred) for most geological domains. However, these distance criteria were expanded (to 62 m Indicated and 120 m Inferred) within domains considered to represent the main 'Hangingwall Shear' of the Hyde-Macraes Shear Zone where the regional continuity is well established. The vertical extent of all classified Resources is restricted to geological domain limits.

Measured Resources are defined only within domains representing the main Hangingwall Shear and further restricted to within areas of extensive development.

14.4.11Golden Point Underground (GPUG) Resource Estimate

**Background**

The Golden Point Mine was the largest hard rock producer in the Otago Schist belt yielding approximately 13,000 oz. of gold and 800 tonnes of scheelite from underground workings up to 1934.

A Pre-Feasibility study on underground mining at Golden Point commenced in 2019 and was completed in July 2020. Infill and step-out diamond drilling commenced in 2017 and is ongoing.

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The Golden Point underground is immediately down-dip of the Golden Point and Round Hill open pits which were mined by OceanaGold between 1990 and 2002 producing approximately 1.3 Moz. As a result of this mining, most of the historic underground mine was unearthed. The only remaining part of the historic workings are in the north wall of the Golden Point pit which is not proposed to be mined.

**Geology & Mineralization**

OceanaGold's open pit mining at Golden Point encountered several stacked lodes 2-10 m thick dipping gently (10-15 °) to the east. Further down dip there are stacked west-dipping lodes as well as the east-dipping lodes (see Figure 14-8). At depth the stacked lodes disappear, and mineralization becomes focused along the Hangingwall shear. The Golden Point lodes are more distinct (less diffuse boundaries) than lodes elsewhere at Macraes and quartz vein array mineralization is noticeably absent.

The lodes contain a variable mix of silicified breccia, quartz cataclasite breccia and lode schist with pyrite, arsenopyrite, scheelite and occasionally visible gold.

![figure14-8.jpg](figure14-8.jpg)

**Figure 14-8&nbsp;&nbsp;&nbsp;&nbsp;Golden Point lode domains**

**Wet Bias Factors**

Like Frasers and Innes Mills, in the deeper sections of Round Hill, some RC drill holes were sampled under wet conditions to mitigate the potential for wet sample bias Diamond twin holes were completed and a set of gold grade factors generated for factoring wet RC sample grades. Given this approach, the residual Resource estimation risk is low.

**Resource Estimation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed May 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only surface drill holes prefixed RCH, RCD, DDH and DDW used. 15 RCH holes excluded due to excessive wet sample bias and down hole contamination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drill spacing 25-50 m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Top caps at between 97.5 and 99 percentiles for most domains. Domain 30 top capped at 6 g/t. Domains 18, 19, 20, 22, 24, 31 and 32 top capped at 8 g/t Au. Domains 11,16 and 17 top

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capped at 10 g/t Au, Domain 15 and 21 top capped at 12 g/t Au, and Domain 23, 25 and 26 top capped at 15 g/t Au; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ordinary Kriging used for Resource estimation.

**Relevant Factors**

Drilling is currently ongoing and there is a reasonable expectation that the Resource will be extended down-dip.

14.5Resource Model to Mine Reconciliation

The combined open-pit and UG Resource model to mill-adjusted mine reconciliation for the five years to 2025 shows variable performance from year to year, albeit the long-term average performance for this period has been reasonable; + 25% for tonnes, - 4% for grade and + 19% for contained gold above cut-off.

In 2025, there was a 24% positive reconciliation in ore tonnage, an 4% positive grade reconciliation, and a 28% positive contained gold reconciliation above cut-off.

Annual Resource model to Mine reconciliation tables are presented for Macraes Open Pit Resources in Table 14-5, Underground Resources in Table 14-6. Results are presented for cut-off grades above 0.3 g/t and 0.5 g/t which has been the ROM cut-offs for Open Pit and Underground.

While annual reconciliation fluctuations are expected to continue, the Macraes open pit and underground Resource estimates are believed to provide an acceptable basis for medium to long term mine planning purposes.

**Table 14-5&nbsp;&nbsp;&nbsp;&nbsp;Open Pit Resource estimate versus mill adjusted truck estimates at 0.3g/t cut-off**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Resource Model (OP)** | **Resource Model (OP)** | **Resource Model (OP)** | **Mill-Adjustment Mine** | **Mill-Adjustment Mine** | **Mill-Adjustment Mine** | **Mine/Model Factor (%)** | **Mine/Model Factor (%)** | **Mine/Model Factor (%)** |
| **Year** | **Mt** | **Au** | **Au Moz** | **Mt** | **Au** | **Au Moz** | **Mt** | **Au** | **Au Moz** |
| 2025 | 5.12 | 0.72 | 0.12 | 6.20 | 0.70 | 0.14 | 121% | 97% | 117% |
| 2024 | 2.45 | 0.74 | 0.06 | 2.82 | 0.68 | 0.06 | 115% | 92% | 106% |
| 2023 | 3.74 | 0.91 | 0.11 | 4.84 | 0.81 | 0.13 | 129% | 89% | 115% |
| 2022 | 3.57 | 0.85 | 0.10 | 5.11 | 0.78 | 0.13 | 143% | 92% | 131% |
| 2021 | 3.55 | 0.94 | 0.11 | 4.18 | 0.85 | 0.11 | 118% | 90% | 106% |
| **Total** | **18.43** | **0.83** | **0.49** | **23.15** | **0.77** | **0.57** | **126%** | **92%** | **116%** |

---

Inferred Resources at Macraes are considered too low confidence to include in the annual reconciliation process. Nonetheless, allowance for Inferred Resources would improve the open pit reconciliation metrics from 126%, 92% and 116% to 109%, 97.5% and 107% for tonnes, grades and contained gold respectively.

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**Table 14-6&nbsp;&nbsp;&nbsp;&nbsp;Underground Resource estimate versus mill adjusted trucked estimates** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Resource Model (UG)** | **Resource Model (UG)** | **Resource Model (UG)** | **Mill-Adjustment Mine** | **Mill-Adjustment Mine** | **Mill-Adjustment Mine** | **Mine/Model Factor (%)** | **Mine/Model Factor (%)** | **Mine/Model Factor (%)** |
| **Year** | **Mt** | **Au** | **Au Moz** | **Mt** | **Au** | **Au Moz** | **Mt** | **Au** | **Au Moz** |
| 2025 | 0.70 | 1.59 | 0.04 | 1.02 | 1.77 | 0.06 | 146% | 111% | 168% |
| 2024 | 0.61 | 1.53 | 0.03 | 0.71 | 1.67 | 0.04 | 117% | 109% | 127% |
| 2023 | 0.55 | 1.46 | 0.03 | 0.60 | 1.62 | 0.03 | 109% | 111% | 121% |
| 2022 | 0.79 | 1.70 | 0.04 | 0.96 | 1.76 | 0.05 | 122% | 104% | 126% |
| 2021 | 0.56 | 1.79 | 0.03 | 0.60 | 1.85 | 0.04 | 107% | 103% | 111% |
| **Total** | **3.12** | **1.62** | **0.17** | **3.89** | **1.75** | **0.22** | **121%** | **108%** | **131%** |

---

The combined Open Pit and Underground Macraes Resource models to Mine reconciliation for the last five years are in Table 14-7.

**Table 14-7&nbsp;&nbsp;&nbsp;&nbsp;Combined OP and UG Resource estimate versus mill adjusted trucked estimates** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Resource Model (OP+UG)** | **Resource Model (OP+UG)** | **Resource Model (OP+UG)** | **Mill-Adjustment Mine** | **Mill-Adjustment Mine** | **Mill-Adjustment Mine** | **Mine/Model Factor (%)** | **Mine/Model Factor (%)** | **Mine/Model Factor (%)** |
| **Year** | **Mt** | **Au** | **Au Moz** | **Mt** | **Au** | **Au Moz** | **Mt** | **Au** | **Au Moz** |
| 2025 | 5.82 | 0.83 | 0.16 | 7.22 | 0.86 | 0.20 | 124% | 104% | 128% |
| 2024 | 3.06 | 0.90 | 0.09 | 3.54 | 0.88 | 0.10 | 116% | 98% | 113% |
| 2023 | 4.29 | 0.98 | 0.14 | 5.44 | 0.90 | 0.16 | 127% | 92% | 116% |
| 2022 | 4.36 | 1.01 | 0.14 | 6.04 | 0.94 | 0.18 | 139% | 93% | 129% |
| 2021 | 4.11 | 1.06 | 0.14 | 4.78 | 0.97 | 0.15 | 116% | 92% | 106% |
| **Total** | **21.63** | **0.95** | **0.66** | **27.01** | **0.91** | **0.79** | **125%** | **96%** | **119%** |

---

• While annual reconciliation fluctuations are expected to continue, Macraes Resource open pit and underground Resources estimates are considered appropriate for medium and long term mine planning purposes.

14.6Open Pit and Underground Combined Mineral Resource Statement

Mineral Resource estimates for the Macraes Operation as of December 31st, 2025, by Resource category and deposit are shown in Table 14-8. The Mineral Resources have been prepared in accordance with CIM standards and guidelines.

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**Table 14-8&nbsp;&nbsp;&nbsp;&nbsp;Macraes Resource inventory as at December 31, 2025**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Measured**  | **Measured**  | **Measured**  | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| | **Tonnes (Mt)** | **Au**<br>**(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au**<br>**(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au**<br>**(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au**<br>**(g/t)** | **Contained Ozs (Moz)** |
| **Macraes** | | | | | | | | | | | | |
| Nunns/NZGT | - | - | - | 0.27 | 0.81 | 0.01 | 0.27 | 0.81 | 0.01 | 0.8 | 0.9 | 0.0 |
| Coronation North | 0.14 | 1.23 | 0.01 | 3.06 | 0.63 | 0.06 | 3.19 | 0.66 | 0.07 | 1.0 | 0.4 | 0.0 |
| Coronation | 0.27 | 1.14 | 0.01 | 5.84 | 0.69 | 0.13 | 6.1 | 0.71 | 0.14 | 2.5 | 0.6 | 0.1 |
| Deepdell | 0.36 | 1.17 | 0.01 | 0.66 | 0.9 | 0.02 | 1.03 | 0.99 | 0.03 | 0.5 | 0.6 | 0.0 |
| Innes Mills | 1.91 | 1.32 | 0.08 | 24.3 | 0.64 | 0.50 | 26.2 | 0.69 | 0.58 | 7.5 | 0.5 | 0.1 |
| Ounce | - | - | - | - | - | - | - | - | - | 1.3 | 0.7 | 0.0 |
| Golden Bar | 0.19 | 1.31 | 0.01 | 1.34 | 0.94 | 0.04 | 1.52 | 0.98 | 0.05 | 4.7 | 1.1 | 0.2 |
| Stoneburn | - | - | - | - | - | - | - | - | - | 6.1 | 0.6 | 0.1 |
| Taylors | - | - | - | 0.29 | 0.81 | 0.01 | 0.29 | 0.81 | 0.01 | 0.3 | 0.7 | 0.01 |
| Stockpiles | 9.73 | 0.42 | 0.13 | - | - | 0.00 | 9.73 | 0.42 | 0.13 | - | - | - |
| Golden Point Underground | 0.08 | 3.02 | 0.01 | 6.37 | 2.28 | 0.47 | 6.45 | 2.29 | 0.47 | 2.4 | 1.8 | 0.1 |
| **Macraes Total** | **12.7** | **0.63** | **0.26** | **42.1** | **0.91** | **1.23** | **54.8** | **0.85** | **1.49** | **27** | **0.8** | **0.7** |

---

All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding;

• Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability;

• All Resources are based on metal prices of USD2,450 /oz gold, NZD/USD exchange rate of 0.60;

• Open Pit Resources are constrained by optimised shells based upon economic assumptions above;

• Open Pits cut-off grades between 0.25 g/t Au and 0.30 g/t Au;

• Golden Point underground cut-off grade is 0.97 g/t Au.

• Underground Resources are reported within volumes guided by conceptual stope designs which are based upon economic assumptions above. Reported underground Resources exclude dilution; and

• Matthew Grant, Senior Geologist – Resource Development at Macraes is the Qualified Person for the Mineral Resource Estimates.

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15Mineral Reserve Estimates

15.1General

A Mineral Reserve estimate was generated for the open pit and underground mining methods. The following sections explain the open pit and underground Mineral Reserve estimate separately. A combined Mineral Reserve statement is provided in Section 15.4.

15.2Open Pit Mineral Reserve Estimate

15.2.1Conversion Assumptions, Parameters and Methods

The Macraes Mineral Reserve estimate represents that part of the Measured and Indicated Resource which can be economically mined and for which the necessary design work and mine planning have been carried out. Proven and Probable Reserve blocks are based on Measured and Indicated Resource blocks respectively. Inferred blocks are inadequately defined and therefore are not included in reported Reserves. When the Inferred blocks fall within pit outlines, they represent potential additions to ore mined if confirmed by grade control drilling. The Reserves are included within the overall Resource figures.

Macraes open pit Mineral Reserve tonnages and grades are estimated from designs guided by Whittle 4X pit optimizations. Optimizations use projected costs, slope angles based on geotechnical studies, processing recoveries and USD2,200 /oz gold price at 0.60 USD:NZD exchange rate. An ad valorem royalty of 1% is payable to the New Zealand government and refining and handling charges are included at USD4.76 /oz.

Reserve tonnages and grades are reported in accordance with CIM criteria and include any anticipated mining losses and mining dilution.

For open pit inventory, the Resource block model estimation methodology incorporates adequate dilution and provides a reasonable estimate of mined tonnage and grades. No additional dilution or mining losses are applied during Whittle 4X optimizations.

Pit optimization and design inputs and methodologies are described in section 16.

15.2.2Relevant Modifying Factors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CIM (2014) definitions were followed for Mineral Reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effective date of the Mineral Reserves is December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Qualified Person for open-pit Mineral Reserves at Macraes is Knowell Madambi MAusIMM CP(Mining), an employee of OceanaGold (New Zealand) Limited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not all required permits and consents are in place to enable mining of the entire Mineral Reserve. However, there are reasonable expectations that such permits and consents will be granted. Resource consent applications will be submitted in Q3 2026 for those areas in the life-of-mine plan presented in Section 16 that do not currently have all the required consents for mining.

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15.3Underground Mineral Reserve Estimate

15.3.1Conversion Assumptions, Parameters and Methods

**Mining Dilution and Recovery**

The Macraes underground mine (Golden Point Underground) is an operating mine and has experienced the stope modifying factors summarized in Table 15-1. Mining recovery is expected to be poor during regional pillar extraction (pillar robbing) due to open stope instability. In this case the mining recovery factor was reduced. Reverse fire open stope (RFOS) methodology is used in areas with poor geotechnical characteristics in order to reduce loader exposure. RFOS is described further in Section 16.3.1.

**Table 15-1&nbsp;&nbsp;&nbsp;&nbsp;Stope modifying factors**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Method** | **Insitu Recovery (%)** | **Stope Dilution (%)** | **Stope Dilution Grade (g/t)** | **Mining Recovery (%)** |
| Long hole open stope (LHOS) | 89.5 | 19.3 | 0.80 | 92.0 |
| Reserve fire open stope (RFOS) | 73.2 | 27.4 | 0.73 | 94.5 |
| Pillar robbing long hole open stope (PRLHOS) | 89.5 | 19.3 | 0.80 | 60.0 |

---

**Mineral Reserves Derivation**

The full mine designs were depleted for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Areas outside the bounds of the Measured and Indicated classification shells in plan view; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Areas for which a mining consent is not currently granted (e.g. due to a requirement for further technical work before applying for a consent).

Stopes were assessed individually to determine if they met the relevant cut-off grade. The grade of each stope was determined as the measured and indicated ounces distributed across the tonnes of the entire stope solid, including any inferred and unclassified tonnes near the backs or floors.

Three cut-off grades are used at Golden Point Underground:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• minimum grade to warrant ore drive development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• minimum grade to warrant stoping if the ore development drive is already in place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• minimum grade to warrant processing for development material that has been hauled to surface.

These cut-off grade scenarios are shown in Table 15-2.

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**Table 15-2&nbsp;&nbsp;&nbsp;&nbsp;Golden Point underground cut-off grade calculations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Parameter** | **Unit** | **Ore Drive Development Cut-off** | **Stoping Cut-off when Development in Place** | **Process Cut-off when Material is at Surface** |
| Mining cost | NZD/t | 74.82 | 61.63 | 0.00 |
| Ore re-handle cost (portal to mill, including ROM loader) | NZD/t | 2.12 | 2.12 | 2.12 |
| Processing (including tailings dam construction) | NZD/t | 14.40 | 14.40 | 14.40 |
| Sustaining capital | NZD/t | 8.94 | 8.94 | 0.00 |
| G&A | NZD/t | 4.32 | 4.32 | 0.00 |
| Gold price | NZD/oz Au | 3667 | 3667 | 3667 |
| Gold price | NZD/g Au | 117.89 | 117.89 | 117.89 |
| Processing plant recovery | % | 83.24 | 83.24 | 60.00 |
| Selling cost (refining and royalties) | NZD/g Au | 1.54 | 1.54 | 1.54 |
| Calculated cut-off grade | g/t Au | 1.08 | 0.94 | 0.24 |
| Cut-off grade used | g/t Au | 1.08 | 0.94 | 0.50 |

---

In addition, a profit/loss assessment was completed for each stope. This included the cost of any access development attributable to that stope.

Stopes that made money on measured and indicated ounces (only) after including access development costs, satisfied the cut-off grade requirements and were either within the current consent footprint or have a reasonable expectation of being granted consent were included in the Mineral Reserves.

15.4Macraes Combined Mineral Reserves Statement

Mineral Reserves were classified using the 2014 CIM Definition standards. The combined Macraes Mineral Reserve estimate is presented in Table 15-3.

 Released: March 27, 2026 Page 133 of 213

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**Table 15-3&nbsp;&nbsp;&nbsp;&nbsp;Macraes combined Mineral Reserve estimate as at December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold** | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Gold** | **Tonnes (Mt)** | **Au**<br>**(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au**<br>**(g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au**<br>**(g/t)** | **Contained Ozs (Moz)** |
| **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** | **Macraes** |
| Coronation | 0.22 | 1.23 | 0.01 | 4.9 | 0.66 | 0.10 | 5.12 | 0.69 | 0.11 |
| Coronation North | 0.11 | 1.12 | 0.00 | 3.34 | 0.58 | 0.06 | 3.46 | 0.6 | 0.07 |
| Innes Mills | 1.28 | 1.3 | 0.05 | 10.3 | 0.61 | 0.20 | 11.6 | 0.69 | 0.26 |
| Golden Bar | 0.14 | 1.25 | 0.01 | 1.15 | 0.94 | 0.03 | 1.29 | 0.97 | 0.04 |
| Stockpiles | 9.73 | 0.42 | 0.13 | - | - | 0.00 | 9.73 | 0.42 | 0.13 |
| ***Sub-total-Open Pit*** | ***11.5*** | ***0.55*** | ***0.20*** | ***19.70*** | ***0.64*** | ***0.40*** | ***31.20*** | ***0.61*** | ***0.61*** |
| Goden Point Underground | 0.04 | 2.01 | 0.00 | 2.57 | 1.9 | 0.16 | 2.62 | 1.90 | 0.16 |
| **Total Macraes** | **11.5** | **0.56** | **0.21** | **22.3** | **0.78** | **0.56** | **33.8** | **0.71** | **0.77** |

---

All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding;

• Mineral Reserves are reported based on a cut-off grade based on metal price assumptions, exchange rates and mining, processing, general and administrative costs;

• Open pit reserves for Innes Mills, Coronation and Coronation North are stated using a 0.25 g/t Au cut-off and for Golden Bar using a 0.30 g/t Au cut-off;

• Underground reserves are stated using 1.08 g/t Au where ore drive development is required and 0.94 g/t Au where development is in place;

• Reserves are based on a USD2,200 /oz gold price, NZD/USD exchange rate of 0.60;

• The Macraes processing plant recovery varies based on ore source and feed grade – an average recovery of 77% is estimated. Open pit dilution and recovery estimates are built into the underlying Resource models and no further adjustments are made;

• Underground insitu recovery, mining recovery and dilution modifying factors have been applied to designs resulting in an average underground mining recovery of 89% of the designed tonnage and 77% of the designed grade;

• Mineral Reserves have been estimated based on mine designs and plans consolidated into a Life of Mine schedule;

• Knowell Madambi, Manager - Technical Services & Projects at Macraes is the Qualified Person for the Open Pit Mineral Reserve Estimate; and

• Euan Leslie, Group Mining Engineer based in Australia is the Qualified Person for the Underground Mineral Reserve Estimate.

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16Mining Methods

16.1General

The following sections explain the open pit and underground mining methods separately. A combined open pit and underground production schedule is provided in Section 16.5.

16.2Open Pit Mining Methods

16.2.1Current or Proposed Mining Methods

Conventional open cut mining methods are used at Macraes. Pits are excavated on level benches, 2.5 m high, within the ore zone (approx. 2.8 m high after blasting), 4 m high within the waste zone for backhoe excavators and 10 m for the shovel.

Hydraulic backhoe excavators in the 250 t and 360 t class are used for mining ore and waste and a 360 t electric-hydraulic shovel is used for mining waste only.

Ore is mined with different techniques depending on the style of mineralization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hanging wall lode ore is mined by first removing the hanging-wall waste with an excavator under visual control of a geological technician, then mining the exposed ore. Footwall ore is selectively removed from the underlying footwall waste if it can be visually controlled, otherwise the footwall ore is diluted with the wedge of underlying waste.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stockwork ore is generally mined within the defined ore blocks. Ore blocks are defined with the guidance from a conditionally simulated grade control model.

For this mining method and equipment, the smallest selective mining unit (SMU) used when defining ore blocks is 4 m by 4 m by 2.5 m high (approximately 100 t), however blocks are generally a minimum of 500 t to minimise dilution.

16.2.2Parameters Relevant to Mine or Pit Designs and Plans

**Geotechnical**

The risk based slope design philosophy is adopted, managing minor localised slope instability rather than incurring the additional costs of designing conservative slopes to guarantee a zero-failure rate. It is accepted that on average 20% of any wall may experience some minor bench scale failures, however these will largely be contained on berms and will not adversely affect production. To optimise pits and reduce costs, slope angles are designed specifically for each pit, based on kinematic analysis and interpretation of existing geotechnical data. For new pit excavations, data are collected from air photo interpretation; surface trenching and diamond drill holes, whilst wall performance and in-pit mapping are used to further refine and optimise staged and final pit walls. This practice has proven to be successful over many years of demonstrated performance. Overall slope angles vary by deposit, and these are stated in each individual deposit section.

Generally, mining is restricted by the 25 m off-set from the footwall. Over the 35 years of mining at Macraes, it has been demonstrated that mining within the footwall fault off-set results in west

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wall movement. Macraes open pit operation has a variety of slope monitoring equipment and process that has successfully been utilised to monitor and control wall movement.

**Mining Dilution and Recovery**

Resource models are recoverable indicator kriged models. Dilution is accounted for in the Resource model calculations by adding a waste veneer to the hanging wall contact and using dilution estimation during the kriging process. The result is a dilution/recovery factor of close to 2%, which is realistic considering the control techniques applied during mining. To avoid double accounting, Macraes models do not add dilution during optimization.

Selective ore mining procedures are utilised. This is done to maximise ore recovery and minimise mining dilution. Grade control blasthole assays are used as the input data to a conditional simulation grade control process. The results of bench grade estimates are then used in conjunction with detailed geological mapping to produce mining blocks. Ore mining is supervised by geologists and ore spotters. Mining of the ore waste contacts is done by backhoe excavator and this is only done during day shift.

16.2.3Pit Optimization

Open pit optimizations are completed in-house using Whittle 4X software.

**Mineral Resource Models**

Resource models are prepared by the site Resource geologists, and this includes classification into Measured, Indicated, and Inferred categories (see Section 14). Some additional manipulation is performed by the mining engineers to construct a 'Reserve model' ready for further mine planning work. These manipulations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• removal of all in-situ blocks above the chosen 'as-mined' topography surface;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• classification of blocks as fill that are below the 'as-built' surface and above the 'as-mined' surface;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• calculation of tonnes and grade for each material type, where material types are defined by Weathering, Classification, basic geology (hanging wall / stockwork), and grade classification (0.25-0.7, 0.7-1.0, 1.0+ g/t Au);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identification of majority geology zone for the purposes of assigning slope angles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assigning positional mining and processing costs.

The open pit Resource models at Macraes are recoverable Resource models built using GS3 estimation techniques and constructed in MinePlan. Each block in the model reports the proportion and the grade that can be recovered at various cut-offs. A summary of the underlying Resource models used in optimizations is shown in Table 16-1.

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**Table 16-1&nbsp;&nbsp;&nbsp;&nbsp;Resource models used in pit optimizations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Area** | **Innes Mills** | **Coronation North** | **Coronation South** | **Golden Bar** |
| Resource model name | 251115.dat | 251015.dat | 250515.dat | Gb15.dat |
| Date published | 2/12/2025 | 5/11/2025 | 12/05/2025 | 19/11/2021 |
| Block size | 25x25x2.5 | 25x25x2.5 | 25x25x2.5 | 25X2.5X2.5 |
| Northing Extent (Macraes grid) | 12,000 m N to 16,125 m N | 18,750 m N to 20,450 m N | 18,750 m N to 20,450 m N | 5,250 m N to 6,500 m N |
| Topography cut to (date) | As mined 31/10/2025 | 30/04/2022 | 30/04/2024 | 30/04/2021 |
| Costs current at (date) | Dec-25 | Dec-25 | Dec-25 | Dec-25 |
| Reserve model name | 251115.wt5 | 251015.wh3 | 250515.wh2 | 251215.wh3 |

---

**Optimization Constraints**

Pit optimizations are normally limited by the Footwall Fault 25 m stand-off and the boundary of the underlying Resource model to avoid optimization shells artificially daylighting into space. For Innes Mills the optimization is further constrained by the public road and bridge corridor to the north (see Figure 16-1).

**Optimization Parameters**

Individual blocks in the block models were coded with mining and processing costs. Block model mining cost adjustment factors (MCAF) and processing cost adjustment factor (PCAF) fields were coded with mining and processing costs respectively.

A summary of the optimization inputs for each deposit is shown in the appropriate deposit section. Note that the block processing cost (PCOST) is the base cost to mine and process a tonne of ore and is made up of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any additional (or lesser) mining costs associated with mining ore compared to waste;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ROM ore re-handle into the crushers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ore processing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administration overhead charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustaining capital and financing charges (includes tails dam construction).

**Geotechnical Parameters**

Slope angles used in optimizations are coded into the block model, based on block rock type, and slope rosettes are used to control those angles that depend on the wall orientation. At Macraes, final ramps can usually be sited within the footwall of the ore so additional slope laybacks are not needed to allow for pit ramps. A summary of the overall slopes used for each rock type and slope domain for each deposit is shown in the appropriate deposit section.

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**Innes Mills Optimization**

*Optimization Parameters*

Innes Mills pit is an active pit and was the main open pit mining area in 2025. The pit is constrained to the South by the FTSF and to the North by the Macraes-Dunback public road and SP11 TSF. The FTSF is treated as a hard boundary as it is an active tailings storage facility that was commissioned in Q1 2025. Two scenarios were considered during the optimization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimization with restriction on both the FTSF and SP11 sides; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimization with restriction on only the FTSF side to allow re-mining of the SP11 tailings and realignment of the Macraes-Dunback public road.

Material within the Footwall Fault (FF) stand-off zone and FTSF and SP11 TSF was excluded from optimization for the first scenario by coding a high MCAF into the blocks. For the second scenario, the SP11 tailings were coded with a realistic tailings hydro-mining cost.

A summary of the optimization inputs for Innes Mills deposit is shown in Table 16-2.

**Table 16-2&nbsp;&nbsp;&nbsp;&nbsp;Innes Mills optimization inputs**

---

| | |
|:---|:---|
| **Area**  | **Innes Mills (in-situ)** |
| Metallurgical Recovery (%)  | Sulfide = 83%/Hanging Wall=77% |
| PCOST (NZD/t)  | 20.50 |
| Indicative waste mining cost at design basis shell (NZD/t)  | 2.54 |
| Tailings hydro mining cost (NZD/t)  | 3.00 |
| Gold price used for shell generation & analysis (NZD/oz)  | 3667 |
| Selling costs  | 1% royalty and NZD7.93 /oz refining cost |
| Shell selection method  | Maximum specified case cash flow at a 50 Mtpa mining/2.8 Mtpa process rate (ex-pit) |

---

*Geotechnical Parameters*

A summary of the overall slopes used for each rock type and slope domain is shown in Table 16-3.

**Table 16-3&nbsp;&nbsp;&nbsp;&nbsp;Innes Mills pit slopes used in optimizations**

---

| | | |
|:---|:---|:---|
| **Area**  | **Material/Location** | **Overall Angle (degrees)** |
| Innes Mills  | Oxide schist  | 37 |
| Innes Mills  | Fresh Schist/NE and SW wall  | 43-49 |
| Innes Mills  | Fresh Schist/SE and NW wall  | 43-49 |
| Innes Mills  | Backfill Waste  | 37 |

---

*Optimization Results*

Summary pit optimization results are shown in Table 16-4 below for Measured and Indicated (M+I) material classifications only, Inferred or Unclassified material is treated as waste in the pit optimization.

 Released: March 27, 2026 Page 138 of 213

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**Table 16-4&nbsp;&nbsp;&nbsp;&nbsp;Innes Mills optimization results**

---

| | | |
|:---|:---|:---|
| **Area**  | **Innes Mills tailings restricted (in-situ)** | **Innes Mills unrestricted (in-situ)** |
| Gold price used for analysis (NZD/oz)  | 3667 | 3667 |
| Shell selected for design (NZD/oz)  | 3667 | 3667 |
| M+I shell inventory (Mt processed)  | 22.81 | 44.64 |
| M+I shell gold grade (g/t processed)  | 0.58 | 0.54 |
| M+I shell strip ratio (t:t)  | 6.26 | 6.47 |
| Active Mining?  | Yes | Yes |

---

Optimising without the SP11 restriction results in double the ore resource, however hydro mining of tailings needs further studies to demonstrate feasibility, as a result the pit expansion to the North and North-East is not included in pit designs and Life of Mine schedule. The Northern expansion will be the subject of further study in 2026. This is referred to as the Southern Pit Innes Mills (SPIM) project. Pit expansion into the SP11 tailings storage facility is shown in Figure 16-1.

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![figure16-1.jpg](figure16-1.jpg)

**Figure 16-1&nbsp;&nbsp;&nbsp;&nbsp;Pit expansion into the SP11 tailings storage facility**

**Golden Bar Optimization**

*Optimization Parameters* 

Golden Bar pit is an inactive pit last mined in 2005. A summary of the optimization inputs for Golden Bar deposit are shown in Table 16-5.

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**Table 16-5&nbsp;&nbsp;&nbsp;&nbsp;Golden Bar optimization inputs**

---

| | |
|:---|:---|
| **Area**  | **Golden Bar (in-situ)** |
| Metallurgical Recovery (%)  | Sulfide = 82%/Hanging Wall =77% |
| PCOST (NZD/t)  | 25.95 |
| Indicative waste mining cost at design basis shell (NZD/t)  | 1.88 |
| Gold price used for shell generation & analysis (NZD/oz)  | 3667 |
| Selling costs  | 1% royalty and NZD7.93 /oz refining cost |
| Shell selection method  | Maximum specified case cash flow at a 50 Mtpa mining/2.8 Mtpa process rate (ex-pit) |

---

*Geotechnical Parameters* 

A summary of the overall slopes used for each area is shown in Table 16-6.

**Table 16-6&nbsp;&nbsp;&nbsp;&nbsp;Golden Bar pit slopes used in optimizations**

---

| | | |
|:---|:---|:---|
| **Area**  | **Material/Location** | **Overall Angle (degrees)** |
| Golden Bar (in-situ)  | Oxide schist  | 37 |
| Golden Bar (in-situ)  | Fresh Schist/NE and SW wall  | 43 |
| Golden Bar (in-situ)  | Fresh Schist/SE and NW wall  | 45 |
| Golden Bar (in-situ)  | Backfill Waste  | 37 |

---

*Optimization Results* 

Summary pit optimization results are shown in Table 16-7 below, for Measured and Indicated (M+I) material classifications only, Inferred or Unclassified material is treated as waste in the pit optimizations.

**Table 16-7&nbsp;&nbsp;&nbsp;&nbsp;Golden Bar optimization results**

---

| | |
|:---|:---|
| **Area**  | **Golden Bar (in-situ)** |
| Gold price used for analysis (NZD/oz)  | 3667 |
| Shell selected for design (NZD/oz)  | 3667 |
| M+I shell inventory (Mt processed)  | 1.49 |
| M+I shell gold grade (g/t processed)  | 0.99 |
| M+I shell strip ratio (t:t)  | 23.16 |
| Active Mining?  | No |

---

**Coronation Optimization** 

*Optimization Parameters* 

Coronation pit is an inactive pit last mined in 2020.

A summary of the optimization inputs for Coronation deposit is shown in Table 16-8.

 Released: March 27, 2026 Page 141 of 213

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**Table 16-8&nbsp;&nbsp;&nbsp;&nbsp;Coronation optimization inputs**

---

| | |
|:---|:---|
| **Area**  | **Coronation (in-situ)** |
| Metallurgical Recovery (%)  | Sulfide = 82% |
| PCOST (NZD/t)  | 21.74 |
| Indicative waste mining cost at design basis shell (NZD/t)  | 2.31 |
| Gold price used for shell generation & analysis (NZD/oz)  | 3667 |
| Selling costs  | 1% royalty and NZD7.93 /oz refining cost |
| Shell selection method  | Maximum specified case cash flow at a 50 Mtpa mining/2.8 Mtpa process rate (ex-pit) |

---

*Geotechnical Parameters* 

A summary of the overall slopes used for each area is shown in Table 16-9.

**Table 16-9&nbsp;&nbsp;&nbsp;&nbsp;Coronation pit slopes used in optimizations**

---

| | | |
|:---|:---|:---|
| **Area**  | **Material/Location** | **Overall Angle (degrees)** |
| Coronation (in-situ)  | Oxide schist  | 37 |
| Coronation (in-situ)  | Fresh Schist/NE and SW wall  | 43-49 |
| Coronation (in-situ)  | Fresh Schist/SE and NW wall  | 43-49 |
| Coronation (in-situ)  | Backfill Waste  | 37 |

---

*Optimization Results* 

Summary pit optimization results are shown in Table 16-10 below for Measured and Indicated (M+I) material classifications only, Inferred or Unclassified material is treated as waste in the pit optimizations.

**Table 16-10&nbsp;&nbsp;&nbsp;&nbsp;Coronation optimization results**

---

| | |
|:---|:---|
| **Area**  | **Coronation (in-situ)** |
| Gold price used for analysis (NZD/oz)  | 3677 |
| Shell selected for design (NZD/oz)  | 3677 |
| M+I shell inventory (Mt processed)  | 4.8 |
| M+I shell gold grade (g/t processed)  | 0.74 |
| M+I shell strip ratio (t:t)  | 15.8 |
| Active Mining?  | No |

---

**Coronation North Optimization** 

*Optimization Parameters* 

Coronation North is an active pit. Mining restarted in December 2025. A summary of the optimization inputs for Coronation North deposit is shown in Table 16-11.

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**Table 16-11&nbsp;&nbsp;&nbsp;&nbsp;Coronation North optimization inputs**

---

| | |
|:---|:---|
| **Area**  | **Coronation North (in-situ)** |
| Metallurgical Recovery (%)  | Sulfide = 83% |
| PCOST (NZD/t)  | 22.9 |
| Indicative waste mining cost at design basis shell (NZD/t)  | 1.91 |
| Gold price used for shell generation & analysis (NZD/oz)  | 3667 |
| Selling costs  | 1% royalty and NZD7.93 /oz refining cost |
| Shell selection method  | Maximum specified case cash flow at a 50 Mtpa mining/2.8 Mtpa process rate (ex-pit) |

---

*Geotechnical Parameters* 

A summary of the overall slopes used for each area is shown in Table 16-12.

**Table 16-12&nbsp;&nbsp;&nbsp;&nbsp;Coronation North pit slopes used in optimizations**

---

| | | |
|:---|:---|:---|
| **Area**  | **Material/Location**  | **Overall Angle (degrees)** |
| Coronation North (in-situ)  | Oxide schist  | 37 |
| Coronation North (in-situ)  | Fresh Schist/N and E wall  | 37 |
| Coronation North (in-situ)  | Fresh Schist/SE wall  | 33 |
| Coronation North (in-situ)  | Fresh Schist/SW wall  | 28 |
| Coronation North (in-situ)  | Backfill Waste  | 37 |

---

*Optimization Results* 

Summary pit optimization results are shown in Table 16-13 below, for Measured and Indicated (M+I) material classifications only, Inferred or Unclassified material is treated as waste in the pit optimizations.

**Table 16-13&nbsp;&nbsp;&nbsp;&nbsp;Coronation North optimization results**

---

| | |
|:---|:---|
| **Area**  | **Coronation North (in-situ)** |
| Gold price used for analysis (NZD/oz)  | 3667 |
| Shell selected for design (NZD/oz)  | 3667 |
| M+I shell inventory (Mt processed)  | 2.63 |
| M+I shell gold grade (g/t processed)  | 0.72 |
| M+I shell strip ratio (t:t)  | 18.5 |
| Active Mining?  | Yes |

---

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16.2.4Design Criteria

Generic design parameters used in pit and waste rock stack designs are shown in Table 16-14.

**Table 16-14&nbsp;&nbsp;&nbsp;&nbsp;Generic pit design parameters**

---

| | |
|:---|:---|
| **Parameter** | **Value** |
| Mining width of lowest 5 m cut | 30 m |
| Minimum mining width of cutbacks | 60 m |
| Ramp width (including 1 x window) | 30 m |
| Inside turning radius on switchbacks | 15 m |
| Maximum ramp gradient | 10% |
| Maximum bench height | 20 m |
| Minimum berm width | 7.5 m (15 m berm interval) |
|  | 9.9 m (20 m berm interval) |

---

16.2.5Waste Rock Storage

Sufficient locations exist to store the anticipated waste rock quantities expected from the various open pits. These are grouped into geographical areas and summarized in Table 16-15.

**Table 16-15&nbsp;&nbsp;&nbsp;&nbsp;Waste rock storage**

---

| | | | |
|:---|:---|:---|:---|
| **Waste Sources** | **Source Quantity (Mt)** | **Waste Storage Options** | **Sink Capacity (Mt)** |
| Coronation North | 59.0 | Coronation North WRS | 35.7 |
| Coronation North |  | Coronation North Backfill 2 | 24.7 |
| Coronation  | 75.8 | Coronation WRS | 5.1 |
| Coronation  |  | Trimbles WRS | 7.5 |
| Coronation  |  | Coronation Backfill | 32.9 |
| Coronation  |  | Coronation North Backfill 3 | 51.4 |
| Innes Mills | 122.5 | Frasers Backfill | 43.0 |
| Innes Mills |  | Frasers South Backfill/WRS | 36.4 |
| Innes Mills |  | Frasers West WRS | 90.8 |
| Innes Mills |  | Frasers West Backfill | 4.2 |
| Golden Bar | 32.9 | Golden Bar WRS | 33.0 |

---

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The location of the various waste rock stacks is shown in Figure 16-2.

![figure16-2existingandpropo.jpg](figure16-2existingandpropo.jpg)

**Figure 16-2&nbsp;&nbsp;&nbsp;&nbsp;Existing and proposed open pits and waste rock stacks**

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16.2.6Mine Production Schedule

**Scheduling Method**

Open pit mine scheduling is undertaken using RPMGlobal's MinePlanner software. The scheduling method integrates the mining and dumping schedule with haulage modelling. The MinePlanner scheduling model was implemented at Macraes in 2016 and is a successor of the Xpac scheduling model that had been used at Macraes since 1998.

**Scheduling Objectives**

Schedules aim to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure that the process plant can run at its capacity in all schedule periods and at the maximum mill head grade possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• minimise truck haulage cycle time and therefore haulage costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operate within the loading and hauling fleet capacity constraints.

**Scheduling Parameters and Assumptions**

Key schedule assumptions are noted in Table 16-16.

**Table 16-16&nbsp;&nbsp;&nbsp;&nbsp; Key open pit schedule assumptions**

---

| | |
|:---|:---|
| **Parameter** | **Value** |
| Mill feed target | UG material has priority for mill feed due to higher grades, typical OP targets are approx. 5.5 Mtpa |
| Cut-off grade | 0.25 g/t for IM, CN and CO and 0.30 g/t for GB |
| Starting topography | 31-Dec-25 |
| Operating time | Max 5,700 hrs/yr for both loading and hauling units |
| Truck payloads | 184 dry tonnes |
| Excavator productivity | EX3600: 2,590 dry tph |
| Excavator productivity | EX2500: 1,790 dry tph |
| Vertical advance | 10 m per month in ore zone |
| Vertical advance | 15 m per month in waste zone |
| Excavator proximity (minimum distance between operating excavators) | 50 m |

---

The open pit mining areas included in the schedule are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Innes Mills (IM);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coronation North (CN);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coronation (CO);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Golden Bar (GB); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stockpiles (SP).

The location of the pits are shown in Figure 16-3.

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![figure16-3openpitminingare.jpg](figure16-3openpitminingare.jpg)

**Figure 16-3&nbsp;&nbsp;&nbsp;&nbsp;Open pit mining areas**

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**Scheduling Results**

The open pit mine is scheduled after the underground mine schedules are completed. Open pit mining quantities by year are shown in Table 16-17 and Figure 16-4.

**Table 16-17&nbsp;&nbsp;&nbsp;&nbsp;Open pit mining quantities by year**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Materia; Type** | **Units** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **Total** |
| Ore Mined | Mt | 4.46 | 3.43 | 3.60 | 2.89 | 3.06 | 3.85 | 0.16 | **21.4** |
| Waste Mined | Mt | 47.2 | 47.4 | 52.4 | 49.6 | 46.5 | 46.9 | 0.94 | **291** |
| **Total Mined** | **Mt** | **51.7** | **50.8** | **56.0** | **52.5** | **49.5** | **50.8** | **1.10** | **312** |

---

![figure16-4.jpg](figure16-4.jpg)

**Figure 16-4&nbsp;&nbsp;&nbsp;&nbsp; Mined quantities by material type**

Annual total movement by the main excavator and truck mining fleet averages 54 Mt between 2026 and 2031.

Mining movement by area is shown in Figure 16-5.

![figure16-5.jpg](figure16-5.jpg)

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**Figure 16-5&nbsp;&nbsp;&nbsp;&nbsp;Movement by sources**

Figure 16-6 shows the mill feed makeup by material source including Golden Point Underground (GPUG).

![figure16-6.jpg](figure16-6.jpg)

**Figure 16-6&nbsp;&nbsp;&nbsp;&nbsp;Ore milled by sources**

Ore processing continues at 6.4 Mt per annum up to 2029 when the main sulfide stockpiles are depleted, and before IM Stage 12 ore is fully exposed. In 2030 processing tonnes reduce to 3.7 Mt and 2.9 Mt in 2031 respectively, mainly due to depletion of underground ore and reduced pit size at depth. Innes Mills mining stages are shown in Figure 16-7.

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![figure16-7innesmillsopenpi.jpg](figure16-7innesmillsopenpi.jpg)

**Figure 16-7&nbsp;&nbsp;&nbsp;&nbsp;Innes Mills open pit stages**

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Stockpile movements are shown in Figure 16-8. The mine scheduling strategy is to maximise the gold grade to the process plant and hence elevated gold cut-over grades are used when sufficient quantities of high-grade ore is available. The material below the process plant gold cut-over grade in each period is stockpiled and then reclaimed in later schedule periods.

![figure16-8.jpg](figure16-8.jpg)

**Figure 16-8&nbsp;&nbsp;&nbsp;&nbsp;Stockpile movements**

16.2.7Mining Fleet and Requirements

**General Requirements and Fleet Selection**

The mine fleet used in this schedule assumes no change to the existing fleet configuration. This fleet configuration is well suited to the Macraes mining operations based on the 35 years the mine has been in operation.

**Drilling and Blasting**

Drilling and blasting requirements differ depending on the material zone. Ore zone material includes all material within the main hanging wall shear zone, including all ore grade material, and the waste zone is the overlying overburden waste rock.

Summary drill and blast parameters are shown in Table 16-18.

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**Table 16-18&nbsp;&nbsp;&nbsp;&nbsp;Open pit drill and blast parameters**

---

| | | | |
|:---|:---|:---|:---|
| **Parameter** | **Units** | **Ore Zone** | **Waste Zone** |
| Drill Type (model) used |  | Top hammer percussion | Rotary |
| Drill Type (model) used |  | (Weller D560) | (Sandvik D45KS) |
| Hole diameter | mm | 102 | 200 |
| Sampling Frequency | T | 128 | No Sampling |
| Bench height | m | 7.5 | 15.0 |
| Burden x spacing | m x m | 4.5 X 4.0 | 7.0 x 8.0 |
| Blasting powder factor | Kg/m<sup>3</sup> | 0.40 | 0.52 |

---

**Loading**

The primary mine loading fleet consists of three Hitachi EX3600 hydraulic backhoe excavators, one Hitachi EX3600 electric shovel (22 m<sup>3</sup> capacity) and one Hitachi EX2500 hydraulic excavator (15 m<sup>3</sup> capacity).

These machines are rated at 2,590 dry tph and 1,790 dry tph respectively.

**Hauling**

A haulage fleet consisting of Caterpillar 789C and 789D mechanical drive rear-dump trucks are used for all mine haulage duties. These trucks match up with the 22 m<sup>3</sup> and 15 m<sup>3</sup> hydraulic excavators/shovel with a nominal four and six passes per truck respectively. Truck rated payload is 184 dry tonnes.

The mine scheduling software dynamically accumulates the truck hours for every source/destination increment and is constrained by the number of available trucks.

**Crusher Feed**

Caterpillar 988, 990, and 992 wheel loaders are used to re-handle ore from the ROM blending stockpiles into the crushers.

**Ancillary Equipment**

A fleet of other equipment is used to support the primary production fleet. This consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Caterpillar D10 track dozers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Caterpillar 18 motor graders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Caterpillar 844 wheel dozer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Caterpillar 773, 777 & 785 water trucks.

Ancillary equipment allocations are made based on historic actual usage and is either a fixed allocation per time interval or factored from the total truck hours.

Open pit equipment requirements by year are shown in Table 16-19.

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**Table 16-19&nbsp;&nbsp;&nbsp;&nbsp;Major open pit equipment fleet by year**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment Model** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** |
| Drill – Montabert CPA | 2 | 2 | - | - | - | - | - |
| Drill – Weiler D560 | 2 | 2 | 4 | 4 | 4 | 4 | 1 |
| Drill – Sandvik D45 | 2 | 2 | 2 | 2 | 2 | 2 | - |
| Excavator – Hitachi EX2500 | 1 | 1 | 1 | 1 | 1 | 1 | - |
| Excavator – Hitachi EX3600 | 3 | 3 | 3 | 3 | 3 | 3 | 1 |
| Excavator – Hitachi EX3600-7E LD | 1 | 1 | 1 | 1 | 1 | 1 | - |
| Truck – Cat 789C/D | 23 | 23 | 24 | 24 | 22 | 21 | 5 |
| Track dozer - Cat D10 | 5 | 5 | 5 | 5 | 5 | 5 | 2 |
| Wheel dozer – Cat D10 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Grader – Cat 18 | 3 | 3 | 3 | 3 | 3 | 3 | 1 |
| Water carts (785/777/773) | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| Wheel loader – Cat 992 | 1 | 1 | 1 | 1 | 1 | 1 | - |
| Wheel loader – Cat 990 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Wheel loader – Cat 988 | 1 | 1 | 1 | 1 | 1 | 1 | - |

---

During the term of the mine schedule, a Cat 789D haul tuck will be added to the fleet in 2028.

Table 16-20 shows replacement and additional equipment schedule from 2026 to 2029.

**Table 16-20&nbsp;&nbsp;&nbsp;&nbsp;Major open pit equipment fleet addition and replacement schedule**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment Model** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** |
| Drill – Weiler D560 |  |  | 2 |  |  |  |  |
| Excavator – Hitachi EX2500 |  | 1 |  |  |  |  |  |
| Excavator – Hitachi EX3600 | 1 |  |  |  |  |  |  |
| Truck – Cat 789C/D | 5 | 1 | 1<sup>1</sup> |  |  |  |  |
| Grader – Cat 18 | 1 |  |  |  |  |  |  |
| Track dozer – Cat D10 | 1 | 1 |  | 1 |  |  |  |
| Water carts (785) | 1 |  |  |  |  |  |  |

---

• 1 Additional Fleet

• Make/model to be confirmed at time of purchase

16.2.8Mine Water

**Ground Water**

Open pits at Macraes produce only a small quantity of groundwater. Dewatering wells are not used, with the occasional exception of depressurisation bores to reduce the risk of slope instability. Groundwater is managed by pumping from pit sumps to the surface water management network.

**Runoff Water Management**

Surface water is managed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diverting clean water away from active working areas; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• collecting runoff water in pit sumps or silt ponds and either using it for dust suppression or pumping into the site water network where it is used as process water in the mill.

16.3Golden Point Underground

16.3.1Mining Methods

The Golden Point Underground orebody encompasses the down dip continuation of the Hangingwall shear mined in the Golden Point and Round Hill open pits. The orebody is relatively shallow dipping (15° – 20°) to the east. Most of the orebody is tabular with undulations and has a thickness varying between 5 m – 20 m. In addition, some concordant lodes are present in the west of the mine extents parallel to the main shear. The Golden Point Underground mine targets the higher-grade zone at the top of the main tabular orebody and within the concordant lodes.

The mining method used is based on the method that has been successfully used at Frasers Underground i.e. retreat uphole open stoping. At Golden Point this method entails 11 m and 15 m wide open stopes with 5 m yielding pillars between stopes.

In areas of expected poorer ground (RQD < 50) a method termed reverse fired open stopes (RFOS) is used. This involves firing material back towards the brow. Each firing has a rise at the back of the blast away from the existing stope void, into which the remaining rings are fired. This deposits more material at the brow reducing the distance a loader must travel into the stope to recover the blasted rock, thus reducing exposure of the loader to potentially unstable ground.

16.3.2Mine Design Criteria

The decline and access drives are mined to a 5.5 m W x 6.0 m H arched profile. Ore drives are mined to a 5.5 m W x 5.5 m H half arch profile. This allows enough space for services, secondary fans, vent ducts and mobile equipment.

Stoping panels are design from minable target areas using Deswik Stope Optimiser (DSO). Panels are designed based on the main considerations below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum mining height of 4m;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ore drives placed at 20 m centres to allow for 15 m wide stopes with 5 m yielding pillars between them. In areas of RQD<50 ore drives are placed at 16 m centres, allowing for 11 m wide stopes with 5 m yielding pillars between them. There are no secondary stopes designed to be extracted following the mining of the primaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ore drives positioned such that they have a gentle uphill gradient for water drainage but not orientated for a long distance on a 350° bearing, parallel to the strike of many of the faults present, to maintain drive stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regional pillars of 25 m width and containing no development are designed between panels. A 60 m wide regional pillar is maintained around the permanent declines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hydraulic radius of each panel is limited to 25 m where possible but never exceeds 30 m; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Panel accesses designed in conjunction with primary ventilation return loops and secondary egress routes and positioned such that they will stay intact following stoping of nearby areas.

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A typical panel layout is shown in Figure 16-9. The resource recovery is less than 100% due to yielding pillars, lower gold grade on the periphery of the resource and ore loss and dilution in stopes. Stope ore loss and dilution assumptions are documented in Table 15-1.

![figure16-9.jpg](figure16-9.jpg)

**Figure 16-9&nbsp;&nbsp;&nbsp;&nbsp;Panel layout**

16.3.3Mine Production Schedule

**Scheduling Method**

Underground mine scheduling is undertaken using Deswik Sched software. After establishing task dependencies, mining priorities, task and resource rates and capacity constraints the schedule is generated using the software's auto-scheduler.

**Scheduling Objectives**

The schedule aims to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure monthly stoping rate is consistent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure monthly development advance is consistent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain a sufficient number of active headings and stopes to meet the desired development and stoping rates.

**Scheduling Parameters and Assumptions**

Key schedule assumptions are noted in Table 16-21.

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**Table 16-21&nbsp;&nbsp;&nbsp;&nbsp;Key underground schedule assumptions**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Units** | **Value** |
| Maximum single heading advance rate (decline in good ground) | m/month | 56 |
| Maximum single heading advance rate (decline in poor ground) | m/month | 30 |
| Maximum single heading advance rate (non-decline in good ground) | m/month | 65 |
| Maximum single heading advance rate (non-decline in poor ground) | m/month | 27 |
| Maximum advance rate per development jumbo | m/month | 200 |
| Maximum drilling rate per automated LH drill | m/day | 270 |
| Maximum drilling rate per diamond drill | m/day | 30 |
| Maximum productivity per remote loader | t/day | 1248 |

---

16.3.4Underground Mining Schedule Results

A summary of the scheduled physicals is presented Table 16-22.

**Table 16-22&nbsp;&nbsp;&nbsp;&nbsp;Schedule physicals**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Schedule Physical** | **Units** | **Year**  | **Year**  | **Year**  | **Year**  |
| **Schedule Physical** | **Units** | **2026** | **2027** | **2028** | **2029** |
| Total Ore Tonnes | kt | 835 | 760 | 749 | 273 |
| Total Ore Grade | g/t Au | 2.02 | 1.87 | 1.88 | 1.68 |
| Total Mined Ounces | koz | 54 | 46 | 45 | 15 |
| Total Mill Ounces | koz | 54 | 46 | 45 | 15 |
| Total Waste Tonnes | kt | 454 | 140 | 55 | 1 |
| Total Movement Tonnes | kt | 1288 | 900 | 804 | 274 |
| Stope Ore Tonnes | kt | 420 | 569 | 654 | 271 |
| Stope Ore Grade | g/t Au | 1.78 | 1.76 | 1.77 | 1.67 |
| Stope Ore Ounces | koz | 24 | 32 | 37 | 15 |
| Development – Lateral | m | 9245 | 3454 | 1588 | 33 |
| Devt Ore Tonnes | kt | 415 | 191 | 96 | 2 |
| Devt Ore Grade | g/t Au | 2.28 | 2.20 | 2.68 | 1.96 |
| Devt Ore Ounces | koz | 30 | 14 | 8 | 0 |
| Production Drill | m | 134077 | 101054 | 116585 | 56984 |
| Cable Drill | m | 38643 | 45091 | 41612 | 20865 |
| Total Haulage  | Tkm | 3017028 | 2253010 | 1979845 | 645856 |

---

16.3.5Mining Fleet and Requirements

**General Requirements and Fleet Selection**

The mine fleet used in the schedule is based on the existing operation and utilises existing equipment items.

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**Drive Development**

Development drilling uses Sandvik DD420, DD421 and DD422 twin boom drill jumbos, taking 3 m rounds and includes installing friction bolts and mesh in the backs and walls. Normet Spraymecs and Normet Concrete Agitator trucks are used to apply shotcrete in areas of friable ground and Normet Charmecs are used to load development face blast holes.

**Stope Drilling and Blasting**

Sandvik DS420 Cable Bolters are used to install cable bolts at planned brow positions in ore drives. A Tamrock Solo 7 and Sandvik DL432 are used to drill blind upholes for stope production. A Normet Charmec is used to load production blast holes.

A summary of the designed drill and blast parameters are shown in Table 16-23.

**Table 16-23&nbsp;&nbsp;&nbsp;&nbsp; Underground drill and blast parameters**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Units** | **Open Stopes** |
| Drill type (model) used | - | Tamrock Solo7/Sandvik DL420C |
| Hole diameter | mm | 76 |
| Ring burden | M | 1.8 |
| Toe spacing | M | 2.2 |
| Blasting power factor | kg/m<sup>3</sup> | 0.3 |

---

**Loading**

The primary mine loading fleet consists of Sandvik LH517 LHDs. These remove ore from stopes on remotes, bog out development headings and load trucks.

**Hauling**

The underground haulage fleet consists of Sandvik TH550 & TH551 articulated rear dump trucks. Ore and waste is hauled to the surface by the underground haul fleet and dumped in stockpiles near the access portal. Material is then rehandled by the surface mining fleet to the final destination (ROM or waste storage areas).

**Ancillary Equipment**

Ancillary equipment is used to support the primary production fleet. Key ancillary equipment includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Caterpillar 12H motor grader;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volvo L120 integrated tool carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-Rex water truck; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jacon flatbed truck.

The underground equipment requirements by year are shown in Table 16-24.

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**Table 16-24&nbsp;&nbsp;&nbsp;&nbsp;Major underground equipment fleet by year**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equipment Model** | **2026** | **2027** | **2028** | **2029** |
| Drills – Sandvik DD420/DD421/DD422 | 4 | 2 | 1 | 1 |
| Drills – Tamrock Solo7/Sandvik DL432 | 2 | 2 | 2 | 1 |
| Drills – Sandvik DS420C | 2 | 2 | 2 | 2 |
| LHDs – Sandvik TH550/TH5511/Caterpillar 730 | 5 | 4 | 3 | 2 |
| Dump Trucks – Sandvik TH550/TH551/Caterpillar 730 | 5 | 4 | 3 | 1 |
| Charge Vehicles – Normet Charmec | 3 | 3 | 3 | 2 |
| Shotcrete Sprayers – Normet Charmec | 2 | 2 | 2 | 1 |
| Shotcrete Agitator Trucks – Normet Transmix/Komatsu HM300 | 3 | 2 | 2 | 1 |
| Grader – Caterpillar 12H | 1 | 1 | 1 | 1 |
| Integrated Tool Carrier – Volvo L120 | 5 | 5 | 5 | 4 |
| Service Truck – Jacon flat deck | 1 | 1 | 1 | 1 |
| Water Truck - T Rex | 1 | 1 | 1 | 1 |

---

16.3.6Mine Ventilation Requirements

The ventilation requirements for the key mobile equipment used are shown in Table 16-25. This is based on a minimum air quantity requirement of 0.05 m<sup>3</sup>/s per kW of maximum engine power. Equipment numbers shown are maximum concurrent units during mine life.

**Table 16-25&nbsp;&nbsp;&nbsp;&nbsp;Mine ventilation Requirements**

---

| | | | |
|:---|:---|:---|:---|
| **Equipment Item** | **Engine Power (kW)** | **Number Utilised** | **Ventilation Requirements (m**<sup>3</sup>**/s)** |
| Sandvik TH550 truck | 429 | 1 | 21 |
| Sandvik TH551 truck | 515 | 4 | 103 |
| Caterpillar R1700 LHD | 263 | 1 | 13 |
| Sandvik LH517 LHD | 310 | 4 | 62 |
| Caterpillar 12H grader | 104 | 1 | 5 |
| Volvo L120IT (underground units only) | 180 | 3 | 27 |
| **Total** |  |  | **232** |

---

The primary fans required for the Life of Mine (3 x 250 kW) are installed on the surface at the ventilation return portal and the primary ventilation circuit is established. Fresh air is drawn through

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the main portal and down the haulage decline. The primary ventilation circuit as of September 2025 is shown in Figure 16-10.

![figure16-10.jpg](figure16-10.jpg)

**Figure 16-10&nbsp;&nbsp;&nbsp;&nbsp;Primary Ventilation Circuit**

16.3.7Mine Services

**Water**

Mine water is sourced from the Round Hill pit sump. Water services are run into the portal via a single 110 mm PN16 polyethylene pipe. Pressure reducers are placed along the length of the pipe where required. Panel accesses are serviced by 110 mm PN16 pipe branching off the decline, ore drives are serviced by 63 mm polyethylene pipe branching off the access.

The main underground dewatering pumping system utilises WT103 helical rotor pumps linked in series and ultimately reports to the Round Hill pit sump. Each pump cuddy contains two separate pumps, each feeding into a separate 110 mm PN16 polyethylene pipe pump line for system redundancy. Additional pump cuddies will be established as the mine expands downdip. Average ground water make is 5 L/s.

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**Compressed Air**

Compressed air is supplied to the portal via a 110 mm PN16 polyethylene pipe from a compressor and receiver on the surface. 110 mm pipes are used in declines and accesses and 63 mm pipes used in ore drives to distribute compressed air to the working areas.

16.4Combined Open Pit and Underground Production Schedule

The combined open pit and underground ore processing schedule is shown in Table 16-26 and Figure 16-11.

**Table 16-26&nbsp;&nbsp;&nbsp;&nbsp;Combined open pit and underground ore processing schedule**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Units** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **LoM** |
| **Open Pit Schedule** | **Open Pit Schedule** | **Open Pit Schedule** | **Open Pit Schedule** | **Open Pit Schedule** | **Open Pit Schedule** | **Open Pit Schedule** | **Open Pit Schedule** | **Open Pit Schedule** | **Open Pit Schedule** |
| Total ore milled quantity | Mt | 5.37 | 5.64 | 5.65 | 6.13 | 3.85 | 2.94 | 1.60 | 31.18 |
| Total milled gold grade | g/t | 0.72 | 0.49 | 0.51 | 0.53 | 0.66 | 0.91 | 0.57 | 0.61 |
| Total milled contained gold | koz | 124 | 88 | 93 | 104 | 82 | 86 | 29 | 607 |
| **Underground Schedule** | **Underground Schedule** | **Underground Schedule** | **Underground Schedule** | **Underground Schedule** | **Underground Schedule** | **Underground Schedule** | **Underground Schedule** | **Underground Schedule** | **Underground Schedule** |
| Total ore milled quantity | Mt | 0.83 | 0.76 | 0.75 | 0.27 | - | - | - | 2.62 |
| Total milled gold grade | g/t | 2.02 | 1.87 | 1.88 | 1.68 | - | - | - | 1.90 |
| Total milled contained gold | koz | 54 | 46 | 45 | 15 | - | - | - | 160 |
| **Combined Open Pit and Underground** | **Combined Open Pit and Underground** | **Combined Open Pit and Underground** | **Combined Open Pit and Underground** | **Combined Open Pit and Underground** | **Combined Open Pit and Underground** | **Combined Open Pit and Underground** | **Combined Open Pit and Underground** | **Combined Open Pit and Underground** | **Combined Open Pit and Underground** |
| Total ore milled quantity | Mt | 6.21 | 6.40 | 6.40 | 6.40 | 3.85 | 2.94 | 1.60 | 33.80 |
| Total milled gold grade | g/t | 0.89 | 0.65 | 0.67 | 0.58 | 0.66 | 0.91 | 0.57 | 0.71 |
| Total milled contained gold | koz | 178 | 134 | 139 | 118 | 82 | 86 | 29 | 768 |

---

![figure16-11.jpg](figure16-11.jpg)

**Figure 16-11&nbsp;&nbsp;&nbsp;&nbsp;Combined open pit and underground ore processing schedule**

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17Recovery Methods

17.1Introduction

The Macraes processing facility is projected to treat 6.4 Mtpa of gold bearing sulfide ore sourced from the Macraes Open Pit and Underground projects. The metallurgical processes of treating the gold bearing sulfide ore is crushing, milling, flotation, pressure oxidation, Carbon in Leach (CIL), elution and electrowinning unit operations to extract maximum value. One of the principal risks of this processing is the fact that the Macraes sulfide ore is partially refractory containing preg-robbing carbonaceous material.

Up to 88% of the gold present can be recovered to a flotation concentrate at a primary grind P80 of 120-140 μm targeting a sulfur content above 8.5% for pressure oxidation feed. The Reserves in the updated Life of Mine plan (LoM) are from cutbacks or underground extensions of pits previously mined with operating experience treating the ore types in the plant.

17.2Plant Description

The Macraes Process Plant recovers gold by concentrating the metal into a relatively small fraction of flotation concentrate, regrinding the concentrate to a P80 of 15 μm, oxidising the reground concentrate in a pressure oxidation autoclave, washing the oxidised residue and then utilising a carbon-in-leach process to recover gold from the residue. The overall process flowsheet is shown in Figure 17-1.

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![figure17-1.jpg](figure17-1.jpg)

**Figure 17-1&nbsp;&nbsp;&nbsp;&nbsp;Macraes process plant flowsheet**

In detail the plant comprises the following components and stages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two single stage jaw crushing circuits, which reduce the ore to a top size of approximately 200 mm; the products from these two circuits are directly fed to the two SAG mills and an emergency feeder on the conveyor system feeding the higher capacity circuit provides continuity of feed to the grinding circuit if the jaw crusher feed is interrupted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A complex grinding circuit to reduce the particle size of the ore to 80% passing at 130 µm; the original, higher capacity crushing circuit feeds a 2,300 kW SAG mill and the new crushing circuit feeds a 1,500 kW SAG mill; discharge from the two SAG mills is combined with the discharge from one of the two ball mills (2,300 kW) and directed to the primary cyclone cluster. Discharge from the higher capacity ball mill (2,500 kW) is fed to the secondary cyclone cluster. The underflows from both cyclone clusters ire combined and fed in parallel to the flash flotation circuit and two ball mills (2,300 kW and 2,500 kW);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Re-introduction of a crusher on the pebble recycle stream from the SAG trommel screen to reduce the recycle of competent material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A flash flotation circuit made up of roughing and cleaning stages. The circuit is fed from the circulating load of the grinding circuit via cyclone underflows to recover the bulk of fast floating sulfide minerals containing high gold content in the coarser size;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This flash floatation circuit utilises two Outotec SK-500 flash flotation roughers and two Outotec TC-6 cleaner cells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The main flotation circuit made up of roughers, scavengers, cleaners, recleaners and cleaner scavenger flotation cell trains to produce a gold bearing sulfide concentrate at optimum sulfur grade for the downstream pressure oxidation circuit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regrind of the flotation concentrate is performed in a 900 kW ball mill to 80% passing of 15 µm to improve pressure oxidation kinetics; limestone is added to the regrind circuit discharge to control net acid generation in the pressure oxidation circuit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pressure oxidation is performed in a 77 m3 autoclave operating at 3,150 kPa and 225°C to achieve greater than 96% oxidation of the sulfide component of the Macraes concentrate; oxygen is supplied to the autoclave from a cryogenic plant operated by BOC Gas New Zealand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Washing and thickening of the oxidised residue post the pressure oxidation (POX) process is performed in a two-stage counter current decantation thickener circuit to cool the temperature and dilute acidity of the hot oxidised residue, remove presence of iron and arsenic, and increase pulp density preparation for downstream CIL process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neutralisation of the acidic, cooled oxidised residue is conducted using quicklime in an agitated opened tank; solvent is also added to passivate the carbonaceous surfaces of oxidised residue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leaching of the gold from the oxidised residue is performed in the CIL circuit using cyanide. The leached gold liquor is adsorbed by high concentrations of activated carbon to mitigate the impact of preg-robbing by the carbonaceous species in the ore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Destruction of the cyanide ions prior to CIL tailings disposal is performed using the INCO process with chemical reagents of sodium metabisulphite, source of sulfur dioxide (SO2); and chemical reaction catalyst, copper sulfate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tailings disposal after further neutralisation of the acidic liquor from the pressure oxidation process performed using flotation tailings and lime and then combined with CIL tailings after the INCO cyanide detoxification process and discharged into the tailings storage facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recovery of concentrated, adsorbed gold from the loaded activated carbon is performed using the AARL elution process and single pass electrowinning circuit, followed by smelting to produce gold doré.

The pressure oxidation process uses technology that minimises formation of gold chloride complexes in the autoclave. Formation of these soluble gold complexes in the presence of naturally occurring carbonaceous species has the potential to preg-rob soluble gold prior to contact with cyanide in CIL circuit. Minimising the chloride content in the reground concentrate is achieved through monitoring of the process and selection of key reagents with minimal chloride content to maintain low levels in the process water. The acidity of the oxidised residue is controlled by the addition of limestone in the regrind circuit when required. The sulfur oxidation extent in the autoclave is typically targeted at 98% to maximise gold extraction in the CIL circuit downstream, with higher preg-robbing material this target can be relaxed to 96% to minimise activation of the organic carbon.

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The process plant utilises a Yokogawa CentumVP DCS control system for all operational control. In addition, a number of analyzers and systems complement the DCS to improve process control including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FLS LoadIQ mill load sensors on both the composite lined ML-500 and steel lined ML-01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FrothSense cameras to control the TC-300 scavenger flotation circuit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Courier 5i on stream analyzer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gekko carbon scout to monitor key CIL circuit parameters.

17.3Plant Performance

The Macraes process plant has been in operation since 1991 with progressive upgrades completed to debottleneck the plant and improve recovery. The current plant operating circuit has been in place largely unchanged since 2015 with an experienced workforce, maintenance strategies and planning teams in place. The process plant performance is fairly consistent with a well-established process for production planning in place to estimate mill utilization, throughput, recovery and operating cost parameters.

Recent plant performance over the last 10 years is summarized in Figure 17-2 and Figure 17-3 below.

![figure17-2.jpg](figure17-2.jpg)

**Figure 17-2&nbsp;&nbsp;&nbsp;&nbsp;Actual milled tonnages and combined mill throughput** 

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![figure17-3.jpg](figure17-3.jpg)

**Figure 17-3&nbsp;&nbsp;&nbsp;&nbsp;Actual overall circuit, flotation and CIL recoveries**

Mill throughput from 2016 to 2023 has generally targeted 5.7-6 Mtpa with variations in ore hardness and overall utilization affecting the total tonnes milled. The exception to this was the impacts in 2020/21 from Covid-19 restrictions to site operations, and the failure of the smaller ML-500 SAG mill motor in first half of 2021, reducing throughput by 0.4-0.6 Mt in these years. The throughput rate in terms of tonnes per operating hour (tpoh) over the year has been steady around 710 tpoh in these years. With the reintroduction of pebble crushing into the grinding circuit in 2023 throughput targets for the mill have been increased to a 6.3-6.7 Mtpa rate target with an increase in throughput rate of 780-800 tpoh.

Overall plant recovery of gold has been fairly consistent over the same ten-year period averaging 82.6% compared to the budget average of 82.3%, with flotation recovery driven primarily by variations in gold to sulfur ratio in the different pits and CIL recovery by the relative level of organic preg-robbing material in the feed. Feed head grades have declined over the last five years without an appreciable impact on overall recovery and grind size has been maintained in the 120-140 μm range.

Since Q3 2022 the throughput rate has increased on a monthly basis to 801 tpoh in 2024 and 770 tph in the first 9 months of 2025 following the installation of a crusher on the SAG mill scats recycle screen along with modifications to the SAG grates and ball mill classification circuit. In addition, the installation of the FLS LoadIQ sensor on the composite lined smaller ML-500 has allowed increased throughput with better charge load estimation increasing from an average 185 tpoh prior to 2022 to 220-240 tpoh since. Figure 17-4 below shows the monthly milled tonnes and throughput rate as the operation of the pebble crusher and improvement in ML-500 performance has matured. Outside of these periods milling rates in excess of the 6.4 Mt planned in the LoM have been exceeded (as represented by the red line indicating the average 777tpoh required to meet this production target).

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![figure17-4.jpg](figure17-4.jpg)

**Figure 17-4&nbsp;&nbsp;&nbsp;&nbsp;Mill throughput post pebble crushing installation**

Overall mill utilization above 92.9% has been achieved over the ten-year period and in excess of 93.9% when the impacts of unplanned events of 2020/21 related to Covid-19 restrictions are excluded and is calculated on the tonnage weighted utilization of the two primary SAG mills. Unit costs over the last 10 years are shown in Figure 17-5 along with the budgeted unit cost. Overall, the process plant unit cost has tracked well with budget models when allowing for the deferment of the planned autoclave rebrick in 2024 was able to be pushed into 2025 with its associated costs indicating a fairly robust process for estimating the unit cost.

![figure17-5.jpg](figure17-5.jpg)

**Figure 17-5&nbsp;&nbsp;&nbsp;&nbsp; Overall mill utilization and unit costs for 2016-2025**

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17.4Process Costs

Process costs are derived from a first principals model based on drivers developed against milled tonnes, operating hours and fixed cost components. Drivers for key consumables are benchmarked against plant consumption rates and unit prices are derived from current supply contracts and exchange rate assumptions. Table 17-1 outlines the key consumables used in the process plant along with the relevant throughput driver and consumption rate.

**Table 17-1&nbsp;&nbsp;&nbsp;&nbsp;Consumable consumption rates**

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| | | |
|:---|:---|:---|
| **Consumable** | **UOM** | **Rate** |
| SIBX | kg/t total mill tonnes | 0.188 |
| Flotanol 60 | kg/t total mill tonnes | 0.004 |
| Flotanol 63500 | kg/t total mill tonnes | 0.007 |
| Copper Sulfate | kg/t total mill tonnes | 0.046 |
|  | kg/t CIL feed tonnes | 0.242 |
| Cyanide | kg/t total mill tonnes | 2.128 |
| MET_IM2022_009 | kg/t oxide CIL feed tonnes | 6.000 |
| Activated Carbon | kg/t CIL feed Tonnes | 0.228 |
| Antisc alent, Milsperse 830 | L/strip | 3.970 |
| Caustic Soda | L/strip | 275 |
| LPG | L/strip | 766 |
| Nitric Acid | L/strip | 91.2 |
| Quicklime | kg/t total mill tonnes | 0.222 |
|  | kg/t CIL feed tonnes | 15.373 |
|  | kg/t oxide CIL feed tonnes | 6.000 |
| Sodium Metabisulfite | kg/t CIL feed tonnes | 3.918 |
| Rheomax 1030 | kg/t flot con tonnes | 0.007 |
| Antisc alent, Milsperse 803P | L/t Total milled tonnes | 0.001 |
| Antisc alent, Solutrix 100 | kg/t Total mill tonnes | 0.001 |

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A long-term maintenance schedule is used to forecast relines and major rebuilds of equipment and to calculate plant operating hours. Contractor hours and maintenance consumables are calculated for each process area based on operating hours.

In addition to the long-term maintenance schedule, reliability assessments on major equipment has been used to identify sustaining capital requirements to improve reliability or reduce ongoing maintenance costs. Reviews of critical equipment such as the grinding mills, large motors, transformers etc have been progressed to develop the replacement schedules and capital cost forecast.

The key processing metrics over the Life of Mine plan are outlined in Table 17-2. Mill throughput is maintained at approximately 6.4 Mtpa up until end of 2029 when milling operations reduce due to reduced ore feed from open pit and underground operations.

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**Table 17-2&nbsp;&nbsp;&nbsp;&nbsp;Life of Mine processing metrics**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Unit** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** |
| Milled Tonnes | kt | 6206 | 6400 | 6400 | 6400 | 3816 | 2939 | 1604 |
| Feed Grade | g/t Au | 0.89 | 0.65 | 0.67 | 0.58 | 0.66 | 0.91 | 0.57 |
| Gold Recovery | % | 81.63 | 74.47 | 75.72 | 71.82 | 79.62 | 82.51 | 71.25 |
| Unit Cost | NZD/t | 15.37 | 15.40 | 14.68 | 14.32 | 14.56 | 11.02 | 16.42 |

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18Macraes Operation Infrastructure

18.1Roads

18.1.1Site Access Roads

The site is well serviced with existing bitumen road connections to the west (Middlemarch & Ranfurly) and to the east (Palmerston, Dunedin, Christchurch).

The Macraes-Dunback Road, which is the main road into the site, was realigned in 2020 to allow access to Frasers West. This realignment consists of a bridge to cross the mine haul road and about 2.4 km of new public road pavement. In 2026, the Golden Bar road, east of Innes Mills pit will be realigned to make way for IM Stage 10 and in 2027, another realignment of the Macraes-Dunback road east of the bridge will be carried out to make way for Innes Mills Stage 12. The total length of the Golden Bar realignment and Macraes-Dunback realignment is approximately 1.1 km and 0.7 km respectively.

18.1.2Mine Haul Roads

The site already has an established haul road network to connect the pits to the waste rock stockpiles, ore stockpiles and the process plant. Some additions to this network will be required when new mining areas are developed.

Haul roads are generally constructed from materials already available on site and using the site mining equipment.

18.2Mine Services Facilities

18.2.1Electrical Power

Electricity requirements on site are serviced by the national grid. Most power comes from Ranfurly on a 66 kV line, and a secondary connection is available from Palmerston on a 33 kV line. Incoming power is transformed down to 11 kV for distribution around the site.

The incoming transmission line capacity is currently 37 MVA but is currently limited to 28 MVA due to upstream equipment limits. The Macraes site currently requires 22 MVA, most of the site demand is from the process plant and underground mine.

18.2.2Open Pit Mine

All major facilities are in place and no significant new construction is required during the current mine life. Minor support infrastructure will be required for new pits, for example lunchrooms for operators and portable fuel tanks.

**Maintenance Workshops**

The primary maintenance facility is located about 1.3 km south of the processing plant. This facility consists of a fully enclosed multi-bay heavy vehicle workshop, boilermaker bay, light vehicle workshop, parts and component storage, tyre maintenance and repair facility, wash-down facility, and offices.

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**Offices**

Open pit management and technical services staff are located at the main administration office located on Golden Point Road.

18.2.3Underground Mine

All major facilities are in place, and no significant new construction is required during the current mine life.

**Maintenance Workshops**

The maintenance facility consists of an enclosed workshop with service pit, boilermaker bay, parts storage and a wash-down facility.

**Concrete Batching Plant**

The site includes a self-contained Simen Zingo Plus 50 m3/hr concrete batching plant. This plant is portable and is primarily used for fibrecrete batching. Aggregates are sourced from suppliers within Otago.

**Offices**

Management and technical services staff are located within the main underground infrastructure area.

**Electricity**

The underground mine requires electricity for ventilation, pumping and drilling. Electricity is supplied from the National Grid at 33kV and is stepped down for the underground feed at 11 kV which is further stepped down to 1,000 V for the underground equipment with a series of transformers located at various points within the underground workings.

Electrical supply is fed underground via the main (haulage) portal. The mine currently consumes 1.5 MW.

**Ventilation**

Golden Point Underground has 3 x 250 kW fans located on the surface at the ventilation return portal. Fresh air is drawn through the main portal and down the haulage decline. Currently only two of the fans are required. The third will be turned on as the primary ventilation circuit extends with further underground mine development.

Secondary ventilation is carried out using axial fans and ventilation ducts hung from the backs to achieve a minimum of 8.7 m3/s of fresh air at each working face.

18.2.4Assay Laboratory

An on-site assay laboratory is operated by SGS and is accredited to ISO standards. This facility consists of sample preparation and Photon Assay analysis. The lab runs on a 24 hr /7 day a week basis and can process a nominal 650 samples per day.

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18.2.5Fuel Storage and Dispensing

Diesel fuel is transported to site using road tankers. Total site diesel storage capacity is about 400,000 L, which represents about six days of consumption. Substantial diesel supplies are available at Port Chalmers in Dunedin, and this is the primary buffer to supply chain disruptions.

Site dispensing is primarily through an electronic tag system for each authorised equipment item. Secondary dispensing occurs via the site fuel trucks.

18.2.6Explosives

Red Bull Powder Company Ltd have an on-site emulsion plant, with a capacity of about 10,000 tonnes of emulsion per year. Other precursor ingredients and ready-made explosives are delivered and stored on-site shown in Table 18-1.

**Table 18-1&nbsp;&nbsp;&nbsp;&nbsp;Explosives used on site**

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| | | |
|:---|:---|:---|
| **Explosive Type** | **Where Used** | **Origin** |
| Blast Initiation | OP & UG | Delivered ready-made, stored on site |
| Bulk Emulsion | OP & UG | OP manufactured on site. UG delivered ready-made and stored on site |
| Heavy ANFO | OP | Manufactured at the delivery point from AN prill and site sourced emulsion |
| Packaged (various types) | Primarily UG | Delivered ready-made, stored on site |

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18.2.7Communications

The site has various communications connections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fibre optic connections for voice and data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobile phone coverage to offices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobile radio network that covers the entire open pit mining area and the underground mine via a leaky feeder system.

18.3Tailings Storage

18.3.1Design Criteria

All tailings embankments and impoundments at the Macraes site are designed and operated in accordance with guidance provided in the New Zealand Dam Safety Guidelines published by the New Zealand Society on Large Dams (NZSOLD) and in alignment with the Global Industry Standard on Tailings Management (GISTM) published by the International Council on Mining and Metals, United Nations Environmental Programme and Principles for Responsible Investment. Design requirements are related to the Potential Impact Classification (PIC). A dam's classification is a function of the consequences of a hypothetical failure breach or uncontrolled release of tailings (NZSOLD, 2024). The PIC classification is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High PIC – Dam breach causes potential for more than 10 lives to be lost, impacts residential areas, sensitive ecosystems, critical lifelines, or causes long-term environmental damage;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medium PIC – Dam breach causes potential for 1 to 10 lives lost, significant but not severe economic loss, or localised minor to moderate environment damage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LOW PIC – Dam breach does not result in loss of life, and any damage is minor or localised.

For earthquake design, NZSOLD state that medium and high impact potential dams must be designed to two levels of earthquake, the Safety Evaluation Earthquake (SEE) and the Operating Basis Earthquake (OBE). Design earthquake parameters and inflow flood design parameters for all TSFs are shown in Table 18-2.

In terms of flood protection, the storage facilities are required to be designed and operated to completely contain the runoff from a 72-hour probable maximum precipitation (PMP) rainfall event with a 1.0 m freeboard. The PMP for this site is 0.761 m (EGL, 2024). Shows

Settled tailings bulk density has been observed to increase over time as the tailings consolidate, and the void space reduces. Density parameters adopted for design purposes are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 1:&nbsp;&nbsp;&nbsp;&nbsp;1.25 dry t/m<sup>3;</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 2-4:&nbsp;&nbsp;&nbsp;&nbsp;1.30 dry t/m<sup>3</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year 5 onwards&nbsp;&nbsp;&nbsp;&nbsp;1.35 dry t/m<sup>3</sup>.

18.3.2Existing Facilities

There are currently four tailings storage facilities (TSF) at Macraes. Two of the TSFs are progressing towards closure, namely the Mixed Tailings Impoundment (MTI) and the Southern Pit 11 A (SP11A) Impoundment as shown in Table 18-2.

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**Table 18-2&nbsp;&nbsp;&nbsp;&nbsp;Macraes Tailings Storage Facilities**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **MTI** | **SP11A** | **TTTSF** | **FTSF** |  |  |  |  |
| | **MTI** | **SP11A** | **TTTSF** | **FTSF** | **General Dam Type** | Tailings impounded by zoned rockfill embankment | Tailings impounded by zoned rockfill (N) & lined waste rock backfill (S)  | Tailings impounded by zoned bulk waste rockfill |
| **Current Status** | Active closure in progress | Active closure in progress | Embankment to design, ongoing backup tailings deposition | Under construction, active tailings deposition |  |  |  |  |
| **Potential Impact Classification (PIC)** | High | High | High | Low (Stage 2) |  |  |  |  |
| **Design Earthquake** | 1 in 10,000 | 1 in 10,000 | 1 in 10,000 | 1 in 1,000 |  |  |  |  |
| **Inflow Design Flood** | 72-hour PMP | 72-hour PMP | 72-hour PMP | 72-hour PMP |  |  |  |  |
| **Construction and Active Deposition** | 1991-2013 | 2002-2013 | 2012-Present  | 2025-Present |  |  |  |  |
| **Dam Location and Layout** | Ex-pit, initial valley-fill, extending to side-slope partial ring dam | In-pit, with downstream shoulder on deep waste rock pit backfill | Ex-pit, initial valley-fill extending to partial ring dam | In-pit with waste rock backfill beneath and on three sides |  |  |  |  |
| **Embankment Construction Type\*** | Down Stream to RL 515  | Down Stream to RL 530  | Down Stream to RL 560  | Down Stream bulk waste rockfill |  |  |  |  |
|  | Combination of Up Stream and Down Stream to 548 | Up Stream to RL 544 | Modified Centreline to 570 |  |  |  |  |  |
| **Embankment** | Complete | Complete | Complete | In Construction |  |  |  |  |
| **Crest Elevation (m)**  | RL 548  | RL 544  | RL 570  | RL 480 (Permitted) |  |  |  |  |
|  |  |  |  | RL510 (Application in progress) |  |  |  |  |
| **Crest Width (m)** | W = 6 m | W = 6 m | W = 4 m | W = 100 m |  |  |  |  |
| **Impounded Vol (m³)**  | V = 53M m³  | V = 20M m³  | V = 50M m³  | V = 26 Mm³ (Permitted)  |  |  |  |  |
| **Max Tails Depth (m)** | D = 140 m | D = 84 m | D = 70 m | D = 125 m  |  |  |  |  |

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![figure18-1.jpg](figure18-1.jpg)

**Figure 18-1&nbsp;&nbsp;&nbsp;&nbsp;Existing and proposed tailings storage facilities**

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The currently active facilities are the Top Tipperary TSF (TTTSF), which has been the primary point of discharge since 2012 and the Frasers TSF (FTSF) which was commissioned in Q1 2025. The currently consented crest height of the TTTSF is 570 m RL and FTSF is 480 m RL.

The FTSF crest height was approximately 371 m RL at the end of 2025, and the company is in the process of consenting an extension to 510 m RL. The extended FTSF is to have sufficient storage volume to support processing operations to beyond Life of Mine, up to approximately 2036.

Figure 18-1 shows existing tailings storage facilities.

**Table 18-3&nbsp;&nbsp;&nbsp;&nbsp;Future tailings storage options**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Crest Level (mRL)**  | **Approximate Volume Capacity (Mm**<sup>3</sup>**)**  | **Approximate Tonnage Capacity (Mt)**  | **Comment**  |
| Frasers Tailings Storage Facility – Stage 3  | 510  | 62  | 83  | Final FTSF raise with storage based upon tailings filling to 510 mRL. Design and resource consent application in progress. |

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The FTSF is being consented as a staged development. Stage 1 and 2 resource consents and building consents were granted in 2024 and 2025 respectively. Application for Stage 3 resource consent will be submitted in Q3 2026.

18.3.3Tailings Deposition Plan

The deposition plan for this schedule is two-fold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete deposition of tails into TTTSF to design capacity till ready for capping and closure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dispose tailings into FTSF until the end of the mine life.

The planned deposition quantities are shown in Table 18-4.

**Table 18-4&nbsp;&nbsp;&nbsp;&nbsp;Tailings deposition plan**

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| | | | |
|:---|:---|:---|:---|
| **Year** | **Source** | **Destination** | **Destination** |
| **Year** | **Milled Tails (Mt)** | **Frasers TSF (Mt)** | **TTTSF (Mt)** |
| 2026 | 6.4 | 5.1 | 1.3 |
| 2027 | 6.4 | 6.4 |  |
| 2028 | 6.4 | 6.4 |  |
| 2029 | 6.4 | 6.4 |  |
| 2030 | 3.7 | 3.7 |  |
| 2031 | 2.9 | 2.9 |  |
| 2032 | 1.6 | 1.6 |  |
| **Total** | **33.8** | **32.5** | **1.3** |

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Construction of the FTSF Stage 3 is planned to commence in 2027 to cater for future potential extension to the current mine life.

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18.4Water

18.4.1Surface Water Management

Water used for mining purposes is predominantly dust suppression water for the site haul roads. This water is typically sourced from pit and waste rock stack runoff water that is collected in sumps and pumped to storage ponds.

Stormwater runoff water is diverted away from the active mining areas where possible. All water that cannot be diverted is collected and used for dust suppression as a priority. Excess water is pumped into the overall site water system.

Where there is excess stormwater collected on site, this is disposed of in two ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaporated with surface sprinklers during summer months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discharged into local waterways during periods of high flow in order to dilute any elevated sulfate or nitrate levels in accordance with consent conditions.

18.4.2Underground Water Management

Water used underground for mining activities flows under gravity back to sumps or is pumped to sumps using portable submersible electric pumps. From the sumps water is pumped by submersible electric pumps to high head helical rotor pumps, which in turn send water to the Round Hill Pit sump for re-use underground.

18.4.3Process Plant Water Management

Water required for processing purposes is primarily sourced from the decant pond at the tailings storage facility. Additional make-up water is required to allow for water contained within the tailings and that lost in evaporation. Most make-up water is sourced from the Taieri River and this is stored in the Lone Pine reservoir. A combination of Lone Pine reservoir, various seepage collection points around site and mined-out pits, is sufficient to last during a summer drought period.

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19Market Studies and Contracts

19.1General

The mine has been operational continuously for the last 35 years and has current contracts in place for doré refining and other goods and services required to operate an underground mine and open pit mine.

Contracts are in place covering the provision of goods and services to support open pit and underground mining, transportation and refining of doré, and the purchase and delivery of fuel, electricity supply, water supply, explosives and other commodities. These agreements conform to industry norms.

19.2Doré Production and Sales

A contract to refine the produced doré is with Perth Mint. This contract sets prices for transporting and refining the doré under conditions which comply with industry norms.

OceanaGold has agreements at typical industry benchmark terms for metal payables and refining charges for doré produced from the Macraes Operation. Gold and silver bearing doré are shipped to an Australian refinery for further processing under a toll refining agreement.

19.3Hedging and Forward Sames Contracts

OceanaGold has periodically entered short and long-term hedges, both on a company wide basis and directly for Macraes. Currently there are no hedging contracts in place for gold sales.

19.4Contracts and Status

19.4.1Open Pit Mining

Open pit and underground mining at Macraes are carried out by OceanaGold personnel using mining equipment leased or owned by OceanaGold. Leasing facilities are supplied by Caterpillar Financial. Mining equipment is maintained by OceanaGold and is supported by several OEMs or dealers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Terra Cat;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sandvik; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cable Price Hitachi.

Tyres for rubber-tyred mobile mining equipment are sourced directly from local suppliers Tyreline Distributors Ltd (Michelin brand) and Bridgestone Firestone New Zealand Limited with a minimum number of branded tyres secured by a long-term supply agreement.

All the mining contracts in place and under negotiation are structured, and include terms and conditions and pricing arrangements, which comply or are expected to comply with industry norms.

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19.4.2Explosives

The supply of Ammonium Nitrate is provided by Orica Mining Service and mixing of explosives for mining is provided by Redbull Powder Company Limited under a contract through to 31 December 2027. Orica Mining Services contract of supply of explosives to underground expires 31 December 2027.

19.4.3Diesel

Diesel is supplied by BP under a long-term contract. BP has been the supplier to the operation since 2012. The current contract expires 30 November 2027. OceanaGold has a 12-month diesel hedge in place for 80% of diesel volume.

19.4.4Power Supply

Electricity is supplied by Genesis Energy Limited. The current contract expires 31 December 2028.

19.4.5Water Supply

Water supply is provided via a water permit granted by the Otago Regional Council.

19.5Bonds

Rehabilitation bonds are provided through the Oceana Gold Corporate Banking facilities. All bond values are approved by the relevant authority.

19.6Comments on Market Studies and Contracts

In the opinion of the Qualified Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OceanaGold can market the doré products produced from the Macraes Operation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The terms contained within the sales contracts are typical and consistent with standard industry practice and are like contracts for the supply of doré elsewhere in the world.

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20Environmental Studies, Permitting, Social or Community Impact

20.1General

Macraes currently has 400 consents, permits, or Authorities which are operational or partially operational dating back to 1996. Table 20-1 summarizes the type of permits and the relevant issuing authority.

**Table 20-1&nbsp;&nbsp;&nbsp;&nbsp;Operational permits at Macraes Operation**

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| | | |
|:---|:---|:---|
| **Type of Authority/Permit** | **Quantity** | **Issuing Authority** |
| Land use Consents | 22 | Waitaki District Council |
| Land use Consents | 35 | Otago Regional Council |
| Land use Consents | 1 | Dunedin City Council |
| Water Permits | 83 | Otago Regional Council |
| Discharge Permits | 91 | Otago Regional Council |
| Building Consents | 161 | Waitaki District Council/ECAN |
| Heritage Authorities | 1 | Heritage New Zealand |
| Wildlife Authorities | 3 | Department of Conservation |

---

Permits are managed in the corporate database, InForm, which includes tracking of obligations associated with issued permits and expiry dates. Where activities have not been completed within the life of the permit, renewals are sought from the relevant Authority.

20.2Required Permits and Status

To achieve the current Life of Mine, the Fast Track application for Macraes Phase 4 comprising a mixture of new or replacement of consents/permits is required. Table 20-2 provides a summary of these permits and the current status.

**Table 20-2&nbsp;&nbsp;&nbsp;&nbsp;Required permits and status**

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| | | |
|:---|:---|:---|
| **Project Description** | **Types of permits** | **Status** |
| Macraes Phase 4 (Fast Track) | Land use Consent | Application in preparation for submission in Q3 2026 |
| Macraes Phase 4 (Fast Track) | Discharge Permits | Application in preparation for submission in Q3 2026 |
| Macraes Phase 4 (Fast Track) | Water Permits | Application in preparation for submission in Q3 2026 |
| Macraes Phase 4 (Fast Track) | Building Consents | Application in preparation for submission in Q3 2026 |
| Macraes Phase 4 (Fast Track) | Wildlife Authorities | Application in preparation for submission in Q3 2026 |

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The key risks and opportunities identified with future permitting at Macraes pertains to the evolving and continually changing expectations of the New Zealand Government, regional and local councils and expectations of iwi and the wider community.

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20.3Environmental Study Results

On-going permitting dictates the need for environmental studies to be required. The nature and scale of activities requiring permitting determines the complexity of studies needed to fulfil the requirements of Assessment of Environmental Effects (AEEs) for resource consenting purposes.

Many consent applications require the submission of independent environmental assessments or studies to support the application in the following fields:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface Water;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Groundwater;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Terrestrial Ecology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aquatic Ecology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Erosion and Sediment Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geotechnical Stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noise and vibrations assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Air Quality assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic Effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Traffic Effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Heritage & Archaeology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Social Impacts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cultural values and impacts.

Smaller scale activities will require one or more of the studies outlined above depending on the location and complexity of the activity. Typically, these studies are not as comprehensive as those required for large-scale consent applications.

In all cases specialists are engaged to undertake the environmental studies. In cases where there is the potential to be challenged on issues, a third-party specialist is used to add further rigour to the studies outcome.

The preparation of the Macraes Phase 4 Fast Track application involves the preparation of a number of these technical reports/studies to be completed and submitted with the application.

20.4Environmental and Social Issues

There are two material issues related to environmental and social management currently experienced by the Macraes Operation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Land use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long term water quality.

These are both outlined in more detail below.

20.4.1Land Use

With evolving expectations around the management of effects to biodiversity, OceanaGold has established over 600 ha of covenants (i.e. parcels of land protected in perpetuity) for the purposes of conservation since 2012. Although these covenants are viewed as having a positive impact on protecting and enhancing biodiversity, the local farming community do not share this view and in 2017 chose to appeal the Coronation North consent, in part due to the establishment of covenants that would prevent some land being returned for farming use at the end of the mine life. Although

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the appeal was negotiated through mediation there remains an underlying tension between farming and conservation; a tension that exists more widely across New Zealand and is not specific to the Macraes Operation.

In 2018/2019 the University of Otago conducted a stakeholder study which sought the views of the farmers, the Councils, Department of Conservation and the OceanaGold and endeavoured to draw out the fundamental values associated with land use held by each stakeholder. The study found that there are basically three views on land use (land as economic, land as biodiverse and hence protected, land as multifaceted), and although stakeholder groups aligned with values as expected, there was also a fluidity for individual stakeholders crossing into values that they were not traditionally aligned to. These findings remain in the community today.

There are ongoing central and regional Government reforms relevant to land use across New Zealand. Proposed for 2026, these reforms include changes to the RMA and will also result in an overhaul of several National Standards and Policies. These changes impact the National Policy Statements for Indigenous Biodiversity, Highly Productive Land and Freshwater Management; each of them impacting land use. The recent introduction of the fast-track consenting regime through the Fast Track Approvals Act 2024 outlined in section 4.7.1, means OceanaGold will continue to work with landholders and local iwi to minimise the potential for negative impacts on the business.

20.4.2Long Term Water Quality

In 2020, the New Zealand Government brought in the National Policy Statement for Freshwater Management (NPS-FW). The requirements of the National Policy Statement for Freshwater are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manage water in a way that gives effect to Te Mana o te Wai (the Maori term for the health and well-being of water resources);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improve degraded water bodies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid any further loss or degradation of wetlands and streams; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and work toward outcomes for fish abundance, diversity and passage.

For the Macraes Operation, the avoidance of further loss or degradation of wetlands and streams is challenging when planning, consenting and preparing for open pit mine expansions.

In December 2025, changes were made to the Resource Management Act (RMA) which comes into effect from 15 January 2026. These changes allow for more consistent and enabling regulation in the management of quarrying and mining activities. Previously the NPS-FW was highly restrictive on quarrying and mining activities. The 2025 update has added an 'operational need' to the 'functional need' in the consent pathways making it easier for mining projects such as Macraes Phase 4 to meet the gateway tests. The gateway tests themselves have also been amended to allow broader consideration of benefits (including private and regional benefits) and maintain the effects management hierarchy (avoid, remedy, mitigate, offset and compensate).

Changes in environmental standards and expectations of water quality throughout New Zealand, notwithstanding current Government proposals to revisit aspects of previously signalled reforms in this area, are expected to result in a future lowering of contaminant limits in waterways. These limits are irrespective of whether the activity giving rise to the discharge was already consented at a higher level.

To ensure that OceanaGold and the Macraes Operation remain ahead of these potential changes, and to lower the potential for non-compliance as a result of them, trials of passive water treatment

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systems are being undertaken and incorporated into the design of water management for the Macraes Phase 4 Fast Track Application.

20.5Stakeholder and Iwi Engagement

Stakeholder and iwi (indigenous peoples) engagement is an integral part of, and often considered good practice for, operating a business in New Zealand, particularly for businesses who require resource consents and permits to operate. The RMA does not require engagement be conducted prior to the lodging of resource consent applications, but it does require the Councils to engage with parties affected by the application.

At Macraes, iwi and stakeholder engagement is undertaken as part of general operations and, where possible, pro-actively for consenting / permitting purposes i.e. prior to lodging of resource consent applications, in order to ensure that affected parties can voice their concerns and there is sufficient time to integrate these concerns into the Project Design.

Key Stakeholders for Macraes Operation are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The local Macraes Village community including surrounding farming families;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The local and regional councils;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Iwi with a special relationship to the area and their representative agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Department of Conservation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Heritage New Zealand; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fish and Game, a community-based organization responsible for managing fishing and hunting resources.

Aside from resource consent-based engagement, OceanaGold also endeavours to collaborate with stakeholders on areas where mutual benefits can be derived. Examples of such engagement include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Research on water, ecology and social science undertaken by University of Otago;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restoration of heritage sites in partnership with Middlemarch Historical Society and Heritage New Zealand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foundational Sponsorship of the Waitaki Whitestone Geopark, with the Waitaki Whitestone Geopark Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Partnership with the Macraes Community Incorporated on maintenance of the Macraes Village assets.

20.6Operating and Post Closure Requirements and Plans

Resource consents dictate operational requirements which are then translated to management plans. Currently at Macraes, operational management plans include the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dust Management Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noise, Vibration and Air Blast Management Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operations, Maintenance and Surveillance Management Plans for Tailings Storage Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Emergency Action Plans for Tailings Storage Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dam Safety Assurance Plan for the Top Tipperary Tailings Storage Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closure Plan for the Top Tipperary Tailings Storage Facility;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Waste Rock Stack Operations, Maintenance and Surveillance Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Erosion and Sediment Control Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Heritage Management Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ecology Management Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weed and Pest Control Management Plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Water Quality Management Plan.

These management plans are reviewed annually and updated on issue of new resource consents.

Post Closure requirements are detailed in resource consents and covered in the Assurance Bond (see section 22.2). A Contingency Closure Plan covers actions to be undertaken in the event of unplanned or forced closure.

20.7Rehabilitation Measures during Operations

Rehabilitation activities are conducted concurrently with operations. To date (31 Dec 2025) approximately 775 ha of land has been rehabilitated to its final land use, which in most cases is land for pastoral purposes, while the remaining area requiring rehabilitation is 1052.8 ha.

20.8Mine Closure

A contingency closure plan has been developed which includes detailed calculations formulated for the purposes of the Assurance Bond (a consent requirement that includes risks associated with Closure) and the Rehabilitation Provision (see section 20.11). Closure concerns have been identified by the local community and, while a closure plan for Macraes Operation has been developed, it now requires updates for the Macraes Phase 4 consenting application, which will then enable it to be discussed with local Iwi and the local community.

The contingency plan indicates that for closure, open pits will be allowed to fill naturally with water, waste rock stacks will be rehabilitated to pasture for future grazing, consistent with the surrounding landscape.

20.9Post-Performance or Reclamations Bonds

A contingency closure plan has been developed which sets out the assumptions to be used in detailed calculations for the purposes of the Assurance Bond (a consent requirement that includes risks associated with Closure) and the Rehabilitation Provision (see section 20.11).

The Assurance Bond for Macraes is based on a calculation which includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reclamation works to make good the site and comply with resource consent conditions. Reclamation works include all works outstanding for the next 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental monitoring to be conducted during the period of reclamation works and for a period of 20 years after the cessation of works; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closure risks which have been identified through a collaborative process and are based on current uncertainties or gaps in knowledge, including poor long-term water quality and geotechnical instability.

Assurance Bonds are held as bank guarantee for the quantum of the bond. Councils can draw on the bond facility at any time should it be deemed necessary. The bond quantum is divided between

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the three Councils with the territorial Councils (Waitaki District and Dunedin City) having responsibility for most of the reclamation works, whilst Otago Regional Council is responsible for the environmental monitoring and long-term management of effects on water.

The council approved Assurance Bond for the Macraes site in 2025/2026 is NZD85.63 million.

20.10Closure Monitoring

A closure monitoring calculation has been developed as part of the Assurance Bond/Rehabilitation Provision. The calculation includes identifying resources and supervision needed for undertaking monitoring of surface water, groundwater, aquatic biota, dust, vegetation/rehab, geotechnical stability, tailing storage surveillance monitoring and review, and administration and miscellaneous costs. Cost estimates are updated annually and consider changes in consent conditions.

20.11Reclamation and Closure Cost Estimate

The Rehabilitation Provision is updated annually for internal purposes to determine the financial liability associated with operations and closure. The Rehabilitation Provision differs from the Bond in that it estimates costs based on the Life of Mine of the operation, whereas the Bond assumes unplanned closure within the next 12 months.

The Rehabilitation Provision is currently NZD83.0 million, including a 10% contingency.

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21Capital and Operating Costs

21.1Introduction

The capital and operating costs have been estimated to deliver the LoM plan. This section of the report details the basis of the capital and operating cost estimates. All estimates are based on annual inputs of physicals and all currency is in NZ dollars (NZD) unless otherwise stated.

21.2Capital Expenditure Estimates

21.2.1Basis of Estimate

The range of accuracy for the capital cost estimate is +/- 15%.

Capital expenditures are required for open pit, underground, and processing activities to achieve the LoM plan. Sustaining capital expenditures included in this report relate primarily to open pit pre-stripping, capitalised underground decline development, and new or refurbished mobile equipment required to maintain ongoing operations.

Non-sustaining expenditures, including closure and rehabilitation costs and long-term monitoring, are estimated separately and are included in the economic analysis but are not classified as sustaining capital.

Capital cost estimates are based on a combination of equipment supplier quotations and historical costs for similar activities at the Macraes Operation. The costs associated with site rehabilitation, long-term monitoring, and the sale of excess landholdings are included in the estimates where applicable.

21.2.2Labour Assumptions

Construction labour costs have been included to account for installation costs.

21.2.3Material Costs

All materials required for facilities construction are included in the capital cost estimate. Material costs include freight to the site.

All earthworks quantities were assumed to be in situ volumes, with allowance for swell, waste or compaction of materials. Industry-standard allowances for swell and compaction were incorporated into the unit rates.

21.2.4Mine Capital Expenditures – Underground

This item accounts for the capital costs associated with underground mine development, mining equipment fleet leases and supporting infrastructure and services.

The underground mine development costs were estimated based on development quantities obtained from the reserves-only mine design and schedule. Unit costs were estimated by OceanaGold based on prior underground mining experience.

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Resource drilling for Measured and Indicated definition and infill drilling has been included. Costs for conversion of Inferred Resources, not included in Mineral Reserve, have not been included in the analysis.

21.2.5Mine Capital Expenditures – Open Pit

This item accounts for the capital expenditure associated with the surface mine development, pre-stripping, mining equipment fleet, haul roads and supporting infrastructure and services. The capital expenditure for surface mining is shown in Table 21-1.

The site preparation and haul roads costs were mainly based on earthworks quantities estimated from the general site layout and unit costs sourced from OceanaGold's internal database.

The open pit pre-stripping costs were estimated based on the pre-strip quantities obtained from the mine design and schedule, and costs estimated by OceanaGold based on prior surface mining experience.

21.2.6Infrastructure Expenditures

Infrastructure areas include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TSF embankment and water management system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Waste rock stacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal access roads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On-site general facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• External access road.

21.2.7Capital Expenditure Summary

Capital expenditures include the direct costs for project execution, as well as the indirect costs associated with design, construction and commissioning

Indirect project capital expenditures include third-party consultants, construction facilities and services, and vendor support. Percentage factors based on OceanaGold's experience with similar projects were used to determine indirect project costs, based on the project direct cost.

The capital expenditure is outlined in Table 21-1 and shown by year in Figure 21-1.

No contingency was applied to the underground decline development, pre-strip, mobile equipment leases and site surface and underground infrastructure costs due to demonstrated reliability of estimation methods over the past 35 years.

Other capital cost items include 20-30% contingency.

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**Table 21-1&nbsp;&nbsp;&nbsp;&nbsp;LoM sustaining capital expenditures** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Capital Expenditure**  | **LoM Plan Total (NZD M)** | **LoM Plan Total (NZD M)** | **LoM Plan Total (NZD M)** | **LoM Plan Total (USD M)** | **LoM Plan Total (USD M)** | **LoM Plan Total (USD M)** |
| | **Open Pit** | **Underground** | **Total** | **Open Pit** | **Underground** | **Total** |
| Pre-strip | 420.6 |  | **420.6** | 243.9 |  | **243.9** |
| Tailings | 3.1 |  | **3.1** | 1.8 |  | **1.8** |
| Underground decline development |  | 53.9 | **53.9** |  | 31.2 | **31.2** |
| Processing facilities | 20.2 |  | **20.2** | 11.7 |  | **11.7** |
| Exploration capital | 3.9 |  | **3.9** | 2.3 |  | **2.3** |
| General capital | 108.5 | 11.6 | **120.1** | 62.9 | 6.7 | **69.7** |
| Asset sales | (63.8) |  | **(63.8)** | (37.0) |  | **(37.0)** |
| **Total capital expenditure** | **492.5** | **65.5** | **557.9** | **285.6** | **38.0** | **323.6** |
| **Lease payments & interest** | **78.9** | **40.6** | **119.6** | **45.8** | **23.6** | **69.4** |

---

• Exchange rate – USD:NZD is 0.58

• Tailings, processing facilities, exploration capital, and a portion of general capital are presented under the open pit column for simplicity of presentation. In practice, these expenditures support and are shared across the Macraes site, including both open pit and underground operations.

![figure21-1.jpg](figure21-1.jpg)

**Figure 21-1&nbsp;&nbsp;&nbsp;&nbsp;LoM annual sustaining capital costs**

21.3Operating Cost Estimates

21.3.1Basis of Estimate

The operating cost estimate is based on the historical operating costs and continuation of the current operating practices and procedures. It has an expected accuracy range of ±15%, attributed to the site operating history over a range of conditions and is expressed in 2026 NZD.

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Separate cost models were developed for open pit and underground mining and processing, based on unit costs from historical performance and first principles using physical inputs as drivers and demonstrated unit rates sourced from site and suppliers.

The cost structure is split into fixed and variable components, which form the basis for the operating cost estimate.

The estimate includes underground mining, open pit mining, processing and G&A costs. It excludes inflation beyond 2026, currency fluctuations, interest charges and taxes. No contingency has been included in the operating costs.

21.3.2Mining Operating Costs

Open pit operating costs include drill and blast, load, haul, ancillary and mine overheads. Underground mining operating costs include lateral and vertical ore and waste development, stoping costs, backfilling costs and mine overheads.

The mining operating cost estimate accounts for the operating and maintenance costs associated with the open pit and underground mining operations and supporting services infrastructure.

Mining operating costs were estimated using the following cost categories: power, labour, fuel, explosives, ground support, tyres, other consumables, maintenance supplies and services.

Mining operating costs are activity driven and are modelled in RPM Global's XERAS software (Xeras). Mine scheduling output is used in Xeras to derive mining operations costs based on labour, fuel, power, explosives, maintenance, ground support and other consumables unit rates.

21.3.3Processing Operating Costs

Operating costs associated with the process plant include crushing, SAG and ball mill crushing and grinding, flotation, CIL, autoclave, gold room, operating and maintenance, water treatment and tailings disposal.

The processing operating cost estimate accounts for the operating and maintenance costs associated with the 6.4 Mtpa process plant operation, water treatment, supporting services infrastructure, and tailings disposal to the various TSFs.

Process plant operating costs were estimated using the following cost categories: power, labour, reagents and consumables, maintenance supplies and services. In general, the process operating cost estimate is based on the following: mass balance, mechanical equipment list, list of reagents and consumables, long term maintenance shutdown plan and a staffing plan.

Power consumption was estimated based on the power requirements by the major and secondary processing plant equipment (excluding stand-by equipment) and adjusted using benchmark factors to account for auxiliary and minor equipment power demand. Assumptions included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 94% annual availability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A unit power cost of NZD 0.17 /kWh.

Reagent consumption and crushing and grinding consumables were estimated based on the results of metallurgical testwork and previous experience at the Macraes plant.

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General consumables for the process plant (personnel protective equipment, metallurgical laboratory, chemical laboratories, maintenance, office supplies and others) were estimated from the total consumable and reagent costs.

Labour costs were estimated based on the ongoing staffing plan for the operation and maintenance of the process plant based on OceanaGold's experience at the site. The estimate accounts for management personnel, plant operators and supervisors, as well as maintenance personnel.

Services costs include the following areas: chemical assays, maintenance services by contractors, personnel mobilisation, as well as water and compressed air supply and distribution and other general services.

Assay costs were estimated based on previous operating experience with knowledge of required sample points and frequency for process monitoring, metallurgical accounting and expected future ores programs. This was used to generate sample volumes and contracted rates.

Maintenance services costs associated with the replacement of mill liners and grinding media were estimated based on previous experience at the process plant and a long-term outage plan covering the reline/overhaul schedule over the LoM. Costs associated with personnel mobilisation, scheduled maintenance for plant shutdowns (carried out by contractors) and other general services are included based on scheduled hours and contractor rates.

21.3.4General and Administrative Operating Costs

The G&A operating cost was estimated, based on previous costs at the Macraes Operation and include general on-site infrastructure operating costs.

21.3.5Operating Cost Summary

Table 21-2 summarizes the estimated operating costs per tonne of ore processed and the operating costs by year are shown in Figure 21-2.

**Table 21-2&nbsp;&nbsp;&nbsp;&nbsp;Operating cost summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Operating Expenditure**  | **NZD**  | **NZD**  | **USD**  | **USD**  |
| **Operating Expenditure**  | **LoM Total $M**  | **$/t**  | **LoM Total $M**  | **$/t**  |
| Open Pit Mining  | 502.3 | 2.96 | 291.3 | 1.72 |
| GPUG Underground Mining  | 212 .0 | 81.38  | 123.0 | 47.20 |
| Processing Costs  | 493.8 | 14.62 | 286.4 | 8.48 |
| General and Administration Costs  | 284.1  | 8.41  | 164.8 | 4.88 |
| **Total Direct Costs**  | **1492.2** | **-** | **865.5** | **-** |

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• Exchange rate – USD:NZD is 0.58

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![figure21-2.jpg](figure21-2.jpg)

**Figure 21-2&nbsp;&nbsp;&nbsp;&nbsp;LoM direct operating costs**

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22Economic Analysis

All costs, prices, and financial indices in Section 22 are presented in United States Dollars unless otherwise noted. The economic analysis has been undertaken in real terms, expressed in constant 2026 dollars, with no allowance for inflation or escalation beyond 2026.

22.1Principal Assumptions and Input Parameters

The economic results summarized in this section are based upon work performed by OceanaGold in 2025 and 2026. The assumptions applied are consistent with those used by OceanaGold for internal evaluation purposes and are considered appropriate for the level of study.

All costs incurred prior to 1 January 2026 are considered sunk for the purposes of this analysis. The financial model commences on 1 January 2026 and reflects a mine life of seven years, ending in the first quarter of 2032. Closure and post-mining activities continue from 2032 through to 2044, including closure and rehabilitation activities.

A discount rate of 5%, based on industry benchmark has been applied. As the analysis reflects the continuation of an operating asset with historical capital treated as sunk, an Internal Rate of Return (IRR) has not been presented.

Two pricing scenarios have been evaluated: an OceanaGold Reserves Case and an Alternative Price Case. The Alternative Price Case reflects commodity prices closer to current market conditions and is summarized in Table 22-1. Silver is produced as a minor by-product of gold production; however, historical production has been immaterial and has therefore been excluded from the economic analysis.

A USD:NZD exchange rate of 0.58 has been applied and held constant over the LoM Plan, consistent with the use of real-terms modelling. Operating and capital cost assumptions reflect current estimates for labour, electricity, diesel, consumables, and other key inputs, based on recent operating experience, forecast production schedules, and supporting engineering cost estimates for the Macraes Operation.

**Table 22-1&nbsp;&nbsp;&nbsp;&nbsp;Financial Parameters**

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| | | |
|:---|:---|:---|
| **Description** | **Reserves Case** | **Alternative Price Case** |
| Gold ($/oz) | 2200 | 4000 |
| Exchange Rate (USD:NZD) | 0.58 | 0.58 |
| Discount Rate  | 5% | 5% |
| Tax Rate | 28% | 28% |

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22.2Taxes, Royalties and Other Interests

22.2.1Taxation

The corporate income tax rate applied in the economic analysis is 28%, consistent with New Zealand taxation legislation. Income tax has been applied on a project basis and treated as a cash expense in the year incurred for the purposes of the economic analysis. Timing differences associated with tax payments have not been modelled. Any tax losses generated are assumed not

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to be recoverable or carried back and are therefore forfeited, consistent with the absence of a tax loss carry-back mechanism in New Zealand.

22.2.2Royalties

The Macraes Operation is subject to New Zealand Crown royalties payable to the New Zealand Government in accordance with the Crown Minerals royalty regulations. The Crown royalty has been modelled as the higher of 1% of net gold sales revenue or 5% of accounting profits, as defined under the applicable Crown Minerals provisions.

A separate local royalty agreement applies to limited areas outside the Reserve Case LoM plan evaluated in this NI 43-101 technical report. As no mining is planned within these areas under the Reserve Case, no additional local royalties have been included in the economic analysis.

Under the Reserve Case economic assumptions, the accounting profits royalty is not triggered, and the Crown royalty is effectively calculated on an ad valorem basis at 1% of net sales revenue. Under higher gold price scenarios, including the Alternative Case, the accounting profits royalty may apply in certain years where accounting profits exceed the ad valorem royalty.

22.2.3Financing Costs

Financing costs, including principal and interest associated with finance leases, have been included in the economic analysis. Finance lease principal and interest payments have been treated as capital-equivalent expenditures to ensure consistent economic treatment between leased and purchased equipment and to maintain neutrality with respect to equipment acquisition methods.

22.3Pricing Model Results Reserve Case

At Reserve prices of $2,200 /oz gold price, Macraes delivers post-tax financial metrics of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ($24.8) million undiscounted cashflow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ($19.0) million NPV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,520 /oz Cash Costs (C1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2,155 /oz AISC.

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Annualised financial performance is summarized in Figure 22-1 and Table 22-2.

![figure22-1.jpg](figure22-1.jpg)

**Figure 22-1&nbsp;&nbsp;&nbsp;&nbsp;Macraes Reserve Case Project Metrics**

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NI 43-101 Technical Report – Macraes Operation, Otago, New Zealand<br>

**Table 22-2&nbsp;&nbsp;&nbsp;&nbsp;Financial Performance Summary (Reserve Case)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Unit** | **Total** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** |
| **Market Prices** |  |  |  |  |  |  |  |  |  |  |
| Gold | $/oz | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 |
| **Produced Metal** |  |  |  |  |  |  |  |  |  |  |
| Payable Gold | koz | **598** | 145 | 100 | 105 | 85 | 65 | 77 | 21 | - |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |
| Gross Gold Revenue | $k | **1315160** | 319000 | 220023 | 230813 | 187187 | 142272 | 169906 | 45960 | - |
| **Total Gross Revenue** | $k | **1315160** | **319000** | **220023** | **230813** | **187187** | **142272** | **169906** | **45960** | **-** |
| **Operating Costs** |  |  |  |  |  |  |  |  |  |  |
| Mining | $k | **414275** | 68034 | 79467 | 92969 | 47676 | 38304 | 78421 | 9404 | - |
| Processing | $k | **286404** | 55316 | 57151 | 54504 | 53149 | 32231 | 18780 | 15272 | - |
| General & Administration | $k | **164776** | 30786 | 29352 | 30173 | 26706 | 23769 | 16645 | 7347 | - |
| **Direct Operating Costs** |  | **865454** | **154135** | **165971** | **177646** | **127530** | **94304** | **113846** | **32023** | **-** |
| Selling Costs | $k | **3350** | 851 | 559 | 578 | 469 | 354 | 424 | 114 | - |
| Royalties | $k | **13152** | 3190 | 2200 | 2308 | 1872 | 1423 | 1699 | 460 | - |
| Inventory (Cash) | $k | **34013** | 2425 | 5668 | 5216 | 7694 | 2481 | 4418 | 6111 | - |
| **Operating Cash Flow (Pre-Tax)** | $k | **399191** | **158399** | **45625** | **45064** | **49622** | **43711** | **49519** | **7251** |  |
| Income Tax | $k | **12254** | 12254 | - | - | - | - | - | - | - |
| Working Capital | $k | **(34431)** | (2494) | (5737) | (5286) | (7763) | (2550) | (4488) | (6111) | - |
| Capital Expenditure (Sustaining) | $k | **323593** | 107391 | 63700 | 43249 | 72861 | 62331 | 496 | (11368) | (7823) |
| Closure and Rehabilitation Costs | $k | **53262** | 1929 | 1855 | 1958 | 3399 | 1455 | 1633 | 12816 | 10266 |
| Lease Payments & Interest | $k | **69361** | 8811 | 10203 | 11118 | 11491 | 12170 | 15568 |  |  |
| **After-Tax Net Cash Flow** | **$k** | **(24848)** | **30508** | **(24395)** | **(5975)** | **(30365)** | **(29694)** | **36310** | **11915** | **(2443)** |
| **After-Tax NPV @ 5%** | **$k** | **(18995)** | **29772** | **(22673)** | **(5289)** | **(25599)** | **(23841)** | **27764** | **8677** | **(1694)** |
| **LoM AISC Metric** | **$/oz Au** | **2155** | **1889** | **2446** | **2253** | **2559** | **2641** | **1716** | **1309** | **-** |

---

• Closure and Rehabilitation Costs extend beyond 2033 and has been included in the Total.

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• Variances between 2026 Full-Year Guidance and the NI 43-101 Technical Report case reflect differences in metal price assumptions impacting royalty costs.

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NI 43-101 Technical Report – Macraes Operation, Otago, New Zealand<br>

22.4Sensitivity Analysis

22.4.1Operational Sensitivity

After-tax sensitivity analyses for key operational parameters are presented in Figure 22-2. The Project is most sensitive to gold price assumptions, with sensitivities to capital and operating costs broadly similar, although the Project shows slightly greater sensitivity to operating cost variations. Operating cost sensitivities have been applied to direct operating costs only (Mining, Processing, and G&A costs). Capital cost sensitivities include pre-strip and decline development, noting that these costs originate from activities otherwise classified as operating costs. Capital costs also include finance lease principal and interest payments.

All sensitivity analyses are presented on an after-tax basis. For modelling purposes, taxation impacts associated with changes in revenue, operating costs and capital expenditures have been applied in the same financial year as the underlying cash flow. In practice, certain tax deductions, particularly those associated with capital expenditures, would be recognised over the applicable depreciation or amortisation periods, resulting in timing differences in tax payments. This simplification does not materially affect the relative sensitivity outcomes but may result in minor differences in the timing of after-tax cash flows compared to a detailed tax depreciation model.

![figure22-2.jpg](figure22-2.jpg)

**Figure 22-2 &nbsp;&nbsp;&nbsp;&nbsp;Reserve Case Sensitivity Analysis**

22.4.2Gold Price Sensitivity

Additional gold price sensitivity analyses have been completed showing after-tax Project NPV (5%) at the Reserve Case gold price of $2,200 /oz. Sensitivities of ±25% relative to the Reserve Case gold price have been modelled to illustrate the Project's exposure to changes in gold price assumptions. An additional Alternative Case has also been evaluated at a gold price of $4,000 /oz.

For the ±25% sensitivity cases, royalties and income tax have been explicitly calculated and applied to reflect changes in project cash flows associated with the revised gold price assumptions. Selling costs have not been adjusted in these cases as the impact is considered

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immaterial to the sensitivity outcomes. The ±25% cases are intended to demonstrate relative project sensitivity to changes in gold price rather than represent fully re-optimised economic scenarios.

For the $4,000 /oz Alternative Case, the economic model has been fully re-run, including the application of royalty and selling cost calculations consistent with the Reserve Case assumptions. At this gold price, the Crown royalty alternates between the ad valorem royalty of 1% of revenue and the accounting profits royalty of 5% of accounting profits in individual years, depending on project profitability.

Figure 22-3 presents the gold price sensitivity analysis.

![figure22-3.jpg](figure22-3.jpg)

**Figure 22-3 &nbsp;&nbsp;&nbsp;&nbsp;Gold Price Sensitivity Analysis**

22.4.3Pricing Model Results For Alternative Case

For the Alternative Price Case ($4,000 /oz gold price) Macraes delivers post-tax financial metrics of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $822.0 million undiscounted cashflow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $722.2 million NPV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,568 /oz Cash Costs (C1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2,203 /oz AISC.

The modelled indicative economic results are presented in Table 22-3 at the Alternative price profile.

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**Table 22-3&nbsp;&nbsp;&nbsp;&nbsp;Indicative Economic Results at Alternative Price Profile**

---

| | |
|:---|:---|
| **Description** | **US$000's** |
| **Description** | **US$000's** |
| **Scenario** | **Alternative Price** |
| **Market Prices** |  |
| Gold (US$/oz) | 4000 |
| Payable Gold (Moz) | 0.6 |
| **Revenue** |  |
| Gross Gold Revenue | 2391200 |
| **Operating Costs** |  |
| **Total Operating Costs** | **944913** |
| Operating Margin (EBITDA) | 1446287 |
| **Taxes** |  |
| Income Tax  | 212497 |
| Operating Cash Flow | 1233790 |
| **Capital** |  |
| Sustaining Capital | 392954 |
| Closure and Rehabilitation | 53262 |
| **Total Capital** | **446216** |
| **Metrics** |  |
| Pre-Tax Free Cash Flow | 1034502 |
| After-Tax Free Cash Flow | 822005 |
| Pre-Tax NPV at 5% | 912326 |
| After-Tax NPV at 5% | 722205 |

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NI 43-101 Technical Report – Macraes Operation, Otago, New Zealand<br>

23Adjacent Properties

There are no other historical or operating hard rock gold mines of comparable size in the district.

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24Other Relevant Data and Information

24.1Topography

The surface topography used for the Coronation North, Coronation, Deepdell, Innes Mills, and Golden Bar Mineral Resource estimates was a combination of 2.5 m contour information derived from a detailed aerial survey completed in early 1994 by the Department of Survey and Land Information (DOSLI) on behalf of OceanaGold, surveyed drill hole collars, and the December 31, 2025 end of month mine survey.

The surface topography for Nunns, Ounce, Taylors and the Stoneburn estimates was derived from the 20 m DOSLI contour data and drill hole collars. This topography is very coarse and needs to be resurveyed at 2.5 m contours prior to any mining.

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25Interpretation and Conclusion

25.1Geology

The Macraes tenement area is a mature exploration area and much of the near-surface, along-strike exploration potential has been tested. Numerous studies have been completed on the mineralization, and the geological setting and controls are generally well understood.

The immediate Resource potential is downdip/plunge of the known Resources in the open pits and that has been the focus of exploration in recent times. Exploration potential exists between the Coronation North and Nunns deposits to the north. The areas to the south of Golden Bar also contain several known gold deposits that have seen little exploration since 2003. Further work on these areas may be warranted.

While the geological setting and mineralization styles are well understood, the current limit on immediate expansion to known Resources is the extent of drilling. In many of the current or previously mined areas the Resource estimates have reached the limits of the drill data. There is significant opportunity with increased drilling in targeted areas to increase the potentially minable Resources and thereby increase the mine life in the long term.

The OceanaGold sampling procedures adopted for the drilling activities are considered appropriate and the programmes are well supervised by suitably qualified technical personnel.

The drill hole and sampling data quality is acceptable for Resource estimation purposes. Much of the Resource based upon these earlier drilling campaigns has now been mined out. The residual risk associated with this early drilling is considered to be low.

Prior to 1998 some of the reverse circulation (RC) drill holes were sampled under wet drilling conditions leading to the potential for sampling bias and contamination. Much of the legacy risk associated with wet RC sampling has been mitigated by subsequent replacement of wet RC drill holes by diamond twins. Where however, wet RC drill holes have not been replaced, RC sample grades have been factored, based on relationships between twinned RC versus diamond core sample grades. This approach has been applied by OceanaGold for several pits at Macraes and has resulted in acceptable Resource estimate to mine reconciliations. The relatively low proportions of remaining wet RC samples, and previous mining history are the basis for OceanaGold considering the residual risk to the Resource estimates to be low.

Reconciliation data indicate the Resource models represent robust estimates of metal and are generally acceptable estimators of tonnage and grade. The Resource modelling process is well established and a process for internal review and sign-off was implemented in 2018.

The Mineral Resource statement determined as at December 31, 2025, has been prepared and reported in accordance with Canadian National Instrument 43-101, 'Standards of Disclosure for Mineral Projects' of June 2011 (the Instrument) and the classifications adopted by CIM Council in December 2011.

25.2Mining

Macraes is mined by a combination of conventional open pit and underground retreat uphole open stope and reverse fire open stope methods along the line of strike.

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The open pit mining operation utilises hydraulic excavators and rear dump diesel trucks to extract both overburden and ore. Blasting requires relatively light powder factors compared with some other operations due to the comparatively weak and fractured rock mass. Ore is blasted in 7.5 m high benches and excavated in three, nominally 2.5 m high flitches. Waste is blasted in 15 m benches and excavated in four flitches.

The underground retreat uphole stope mining operation utilises electro-hydraulic development jumbos, diesel load-haul-dump units, diesel haul trucks and longhole drill rigs to extract both waste and ore. The uphole retreat stope voids are not backfilled. Instead, the mine design utilises yielding pillars between adjacent extracted stopes to gradually deform over a timeframe that permits ore extraction.

The open pit operation and the underground operation is owner-operated by OceanaGold. A range of other contracts support the mining operations. OceanaGold's performance at Macraes has demonstrated that the mining equipment and mining methods are suited to the required mining rates and deposit geometry. Open pit and underground mine design procedures are appropriate and have been conducted in accordance with established industry standards and with input from appropriately qualified geotechnical specialists, hydrological specialists and consultants. Historical productivity and safety records are generally in line with or better than industry standards.

The open pit and underground Life of Mine plan schedule has been prepared to 2032. The schedules rely only on Mineral Reserves and are considered appropriate and reasonable.

The mining and ore processing schedules have factors applied to account for poor weather, public holidays, equipment availability, equipment utilization, historically justified limitations on mine production and historically justified limitations on mill throughput.

The mining schedules contain other ore sources that are not currently in production. The Innes Mills Stages 11 and 12, Golden Bar Stages 2 and 3, Coronation Stages 6 and 7and some sections of the Golden Point underground are under resource consent application as at the Effective Date. OceanaGold has a reasonable expectation that these resource consents will be granted.

There are studies underway which have the potential to extend the production schedule from 2030 onwards. These studies include a combination of existing resources and results from planned drilling programs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion of the Innes Mills pit to the North East, referred to as the Southern Pit-Innes Mills project, or SPIM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Down dip expansion of the Golden Point Underground;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion of the Coronation and Coronation North pits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New pits at Stoneburn, south of Golden Bar and at Nunns, north of Coronation North; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion of the Golden Bar open pit.

25.3Mineral Processing

Over the last thirty-five years OceanaGold has developed considerable experience in development and operation of the complex ore processing technology required to optimise gold recovery from the Macraes refractory ores.

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Emphasis is placed on the control of costs. The relatively high tonnage processed, the simple flotation reagent regime, and economies resulting from concentration of the gold into a flotation product comprising between 1.5% and 3% of the ore mass treated, reduce operating cost. Labour costs are also lower than in most comparable developed countries. The operating cost of the core sulfide process is due to low comminution costs (contributed to by the coarse grind, and relatively soft ore).

Plant utilization has been maintained at about 92-94% which is at the high end of typical industry benchmarks. Gold recovery on open pit ore and underground combined, for 2025 averaged 84.8%. Overall, recoveries are considered reasonable given the refractory nature of the ores.

The Processing Plant has the capacity to treat 6.4 Mt of ore per annum. The forward Life of Mine plan does not require capacity above this established level.

25.4Project Infrastructure

OceanaGold continues to maintain appropriate infrastructure at Macraes, including road access, power, water supplies and administration facilities.

Tailings and waste rock disposal facilities are maintained and managed on an ongoing basis. Progressive rehabilitation is ongoing. Tailings capacity of FTSF is sufficient for Life of Mine and an extra raise to 510 mRL will increase capacity for continued operations well beyond 2032.

The project Mineral Reserves, plant site, tailings dams, and waste rock stacks are on land covered by mining permits, and which OceanaGold owns or has access to mine. All material tenements and landholder agreements are in good standing.

Environmental management and mitigation infrastructure is maintained to ensure compliance with relevant consents and permits.

25.5Environmental Studies, Permitting and Tenement Status

The Macraes Operation is fully consented for current operations, with actual and potential environmental effects regularly monitored and reported to the relevant agencies.

The project Mineral Reserves, plant site, tailings dams and waste rock stacks are located on land covered by mining permits, and which OceanaGold owns or has access to mine. All material permits and landholder agreements are in good standing.

The mineral permits are in good standing, and their duration is sufficient to allow future mining of the Resource within the permits as MP 41 064 expires in 2030 and MP 52 738 expires in 2045.

The site environmental documentation is appropriate and follows Environment Management System (EMS) principles, although a full EMS is not in place. Documentation is reviewed and updated regularly.

Resource consent applications will be lodged in a submission titled Macraes Phase 4 Fast Track (MP4Fast) in Q3 2026 for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Innes Mills Stage 11 and 12 pits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Golden Bar Stages 2 and 3 pits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coronation Stages 6 and 7 pits;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Golden Point underground extension; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frasers Tailings Storage Facility Stage 3.

There are no material compliance issues relating to the principal mining and processing operations. OceanaGold is in partnership with Otago Fish and Game, a semi-government organization, to manage a Trout Hatchery on the Macraes mine site.

Overall, no material environmental issues have been identified to limit the ongoing operation of the mine within the planned schedule.

25.6Production

OceanaGold has prepared Life of Mine production plans from Mineral Reserves which cover 2026-2032 for Macraes. This schedule is based on open pit mining at Innes Mills, Coronation, Coronation North and Golden Bar from 2026 to 2032. Underground production from Golden Point Underground runs until 2029. The mine production plans are considered reasonable for the purpose of long-term scheduling.

The fleet includes one Hitachi EX3600 electric shovel, three Hitachi EX3600 and one Hitachi EX2500 backhoe excavators to load 21-24 Caterpillar 789C/D haul trucks. OceanaGold is satisfied that there are enough working areas for the excavators to operate.

The current underground fleet will be maintained from 2026 to 2028, reducing to one truck and two loaders in 2029.

The underground ore is dumped at an in-pit stockpile for periodic re-handling by the open pit fleet to the process plant's run of mine stockpile. OceanaGold is satisfied with the accuracy of the dilution factors, ore loss factors and constraints placed upon the mining schedule, which are supported by extensive operating experience.

25.7Capital and Operating Costs

Capital expenditures estimation and forecasting are considered reasonable and consistent with proposed development programmes and ongoing requirements. Capital expenditures over the period will vary against the forecast due to unforeseen problems, modifications, upgrades and introduction of new technology.

Capital expenditure provisions (2026 to 2032) include expenditures for capitalised mining costs and sustaining capital of NZD631.5 million and are considered accurate to within ±15%.

Plant operating cost estimates for Macraes are generally considered reasonable and consistent with recent experience and trends and are regarded as accurate to ±10%.

Capital and operating costs were estimated in NZD and then converted to USD using an exchange rate of 0.58 USD: NZD.

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26Recommendations

26.1Recommended Work Programmes

The recommended work programme costs are included in the operating and capital costs for Macraes.

Exploration programmes and budget are determined annually for the following year as part of the budgeting process. The approved Exploration budget for 2026 is NZD3.9 million.

26.1.1Exploration & Resource Conversion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete infill drilling at Innes Mills, Coronation, Coronation North, Golden Bar and GPUG as planned in 2026 for a total cost of around NZD3.9 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain annual exploration investment to define viable Resources made available by an increasing gold price, seeking to replace mining depletion through discovery and delineation of additional ore sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete Resource definition drilling at GPUG, Innes Mills and Golden Bar; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate potential mine planning / processing benefits of including sulfur grades and other geometallurgical attributes in the Resource estimates.

26.1.2Mineral Processing and Metallurgical Testing

Complete testwork on metal recoveries for any additional potential mineable inventory identified to allow risk mitigation and support conversion to Mineral Reserves. The processing operational budget includes provision for both diagnostic testing and future ores testing in the on site metallurgical laboratory.

26.1.3Mining and Reserves

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete Feasibility study of the Southern Pit Innes Mills (SPIM) Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue assessment of potential mineable targets along strike; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue assessment of the tungsten extraction potential.

26.1.4Macraes Operation Infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progress FTSF Stage 3 resource consent design and lodge permit application in Q3 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete Golden Bar road realignment in Q4 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed Macraes-Dunback realignment in 2027

26.1.5Environmental Studies and Permitting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Keep the current permits and consents in good standing by continuing with the established monitoring and compliance practices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete submission of the MP4Fast consent submission in Q3 2026.

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27References

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Angus, P.V.M., 1993: Structural controls on gold deposition in the Hyde-Macraes Shear Zone at Round Hill, Otago, New Zealand. Proceedings, Australasian Institute of Mining and Metallurgy New Zealand Branch 27th Annual Conference, 85-95.

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CIM (2014). Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves: Definitions and Guidelines, May 10, 2014.

Coochey D.V., 1986: Technical report on the 1985-1986 exploration programme in the Macraes gold- tungsten district, Otago. Unpublished BHP Oil New Zealand Limited (Minerals Division) report.

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Craw D. and Norris R.J., 1991: Metamorphic Au-W veins and Regional Tectonics: mineralization throughout the uplift history of the Haast Schist, New Zealand.&nbsp;&nbsp;&nbsp;&nbsp;NZ Journal of Geology and Geophysics, 34, 373-383.

Craw, D., Windle, S.J. and Angus, P.V.M., 1999: Gold mineralization without quartz veins in a ductile- brittle shear zone, Macraes mine, Otago Schist, New Zealand. Mineralium Deposita, 34, 382-394.

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De-Vitry, C. 2025: Audit of the IM2505 Innes Mills Resource Estimate. Unpublished report for Oceanagold by Manna Hill Geoconsulting.

Edwards, P.W, 2015:&nbsp;&nbsp;&nbsp;&nbsp;MP53-738 Round Hill. Exploration Report for 1st Nov 2010 to 31st December 2014. Ministry of Economic Development New Zealand unpublished report. OceanaGold (NZ) Ltd.

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Grant, M., Moore, J., Madambi, K., Leslie, E., Carr, D., 2024. NI 43-101 Technical Report Macraes Gold Mine, Otago, New Zealand. Report for OceanaGold Corporation and OceanaGold (New Zealand) Limited.

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Groves, D. I., Goldfarb, R. J., Robert, F., Hart, C. J. R., 2003: Gold Deposits in Metamorphic Belts: Overview of Current Understand, Outstanding Problems, Future Research, and Exploration Significance. Economic Geology, 98 pp 1-29.

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Lee, M.C, Batt, W.D. & Robinson, P.C., 1989: The Round Hill gold-scheelite deposit, Macraes Flat, Otago, New Zealand. Australian Institute of Mining and Metallurgy, Monograph 13, 173-179.

Little, T.A., Mortimer, N. & McWilliams, M. 1999: An episodic Cretaceous cooling model for the Otago- Marlborough Schist, New Zealand, based on 40Ar/39Ar white mica ages. New Zealand Journal of Geology and Geophysics, 42, 305-325.

MacKenzie, D. 2015: Scheelite Study: Different Styles of Scheelite Mineralization at Round Hill and Comparisons to the FRUG Metallurgical Trail Site. Unpublished report for OceanaGold (NZ) Ltd.

McKeag, S.A. & Craw, D., 1989: Contrasting fluids in gold-quartz vein systems formed progressively in a rising metamorphic belt, Otago Schist, New Zealand. Economic Geology, 84, 22-33.

McKeag, S.A., Craw, D. & Norris, R. J., 1989: &nbsp;&nbsp;&nbsp;&nbsp;Origin and deposition of a graphitic schist-hosted metamorphogenic Au-W deposit, Macraes, East Otago, New Zealand.&nbsp;&nbsp;&nbsp;&nbsp;Mineralium Deposita, 24, 124-131.

Mining Act, 1979: Statute of the Government of New Zealand.

Mitchell, M., Maw, L., Angus, P.V. and Craw, D., 2006: The Macraes gold deposit, east Otago. In: Christie, A.B. and Brathwaite, R. (Eds) Geology and exploration of New Zealand mineral deposits. Australasian Institute of Mining and Metallurgy, Monograph 25, 313-318.

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Mitchell, M., Craw, D., Landis, C. A. and Frew, R. 2009: Stratigraphy, provenance, and diagenesis of the Cretaceous Horse Range Formation, east Otago, New Zealand. New Zealand Journal of Geology & Geophysics, 52 pp 171-183.

Molnar, P., Atwater, T., Mammerick, J. & Smith, S.M., 1975: Magnetic anomalies, bathymetry and the tectonic evolution of the South Pacific since the Late Cretaceous. Geophysical Journal of the Royal Astronomical Society, 40, 383-420.

Moore C.E., 1986: IP/Resistivity survey, Golden Ridge, Macraes SE. Unpublished BP Oil New Zealand Limited (Minerals Division) report.

Moore C.E., 1987: BPB demonstration geophysical log for GRC-14 Dead Horse Gully, Macraes Flat, South Island. Unpublished Macraes Mining Company Limited report.

Mortimer, N., 1993: Geology of the Otago Schist and adjacent rocks. Institute of Geological and Nuclear Sciences 1:500 000 geological sheet, Lower Hutt, New Zealand.

NZSOLD, 2024: New Zealand Dam Safety Guidelines

Phillips, G.N., 1991: Pressure-temperature environments and the causes of gold deposition [abs], in Robert, F., Sheahan, P.A., and Greens, S.B., (eds.), &nbsp;&nbsp;&nbsp;&nbsp;Greenstone gold and crustal evolution. St. John's, Geological Association of Canada, 193.

Pitcairn, I. K., Teagle, D. A. H., Craw, D., Oliver, G. R., Kerrich, R. and Brewer, T. S., 2006: Sources of Metals and Fluids in Orogenic Gold Deposits: Insights from the Otago and Alpine Schists, New Zealand. Economic Geology, 101, pp 1525-1546.

Powell, R., Will, T.M., and Phillips, G.N., 1991: Metamorphism in Archean greenstone belts: Calculated fluid compositions and implications for gold mineralization . Journal of Metamorphic Geology, 9, 141-150.

Redden, R & Moore, J.G. 2010: Technical Report for the Macraes Project located in the province of Otago New Zealand. NI 43-101 Report for OceanaGold Corporation and OceanaGold (New Zealand) Limited.

Resource Management Act, 1991: Statute of the Government of New Zealand.

Robinson, P.C, 1986: Homestake-Home Reef Joint Venture, PL's 31-537, 31-595, 31-1339, ML 32-322, geophysics report, April 1985. Unpublished Macraes Mining Company Limited report.

Rodger, S., 2026: NI43 101 – Environmental and social performance content.

Roser, B.P., Mortimer, N., Turnbull, I. & Landis, C., 1993: Geology and geochemistry of the Caples Terrane, Otago, New Zealand: Compositional variations near a Permo-Triassic arc margin. In: P. F. Ballance (ed.) South Pacific Sedimentary Basins. Sedimentary Basins of the World, 2, 3-19.

Schofield, N., 2016: Short Course Notes on Mineral Resource Grade Control Modelling with Geostatistical Methods. FSSA International Consultants (Australia).

Shah, N., 2026: NI 43-101 Technical Report Macraes Operation, Effective Date December 31, 2025: Economic Assumptions

St John, J., 2026: NI 43-101 Technical Report Macraes Operation, Effective Date December 31, 2025: Legal Assumptions

 Released: March 27, 2026 Page 208 of 213

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Stats NZ., 2024. 2023 Census population, dwelling, and housing highlights. Retrieved from https://www.stats.govt.nz/infographics/2023-census-national-and-regional-data/

Valmin Committee, 2015: Code for the Technical Assessment and valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports (The VALMIN Code).

Williamson, J.H., 1939: Geology of the Naseby Subdivision, Central Otago, New Zealand. New Zealand Geological Survey Bulletin, 39.

Yardley, B.W.D., 1982: The early metamorphic history of the Haast Schists and related rocks of New Zealand. Contributions to Mineralogy and Petrology, 81, 317-327

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28Glossary

The Mineral Resources and Mineral Reserves have been classified according to CIM (CIM, 2014). Accordingly, the Resources have been classified as Measured, Indicated or Inferred, the Reserves have been classified as Proven, and Probable based on the Measured and Indicated Resources as defined below.

28.1Mineral Resources

A **Mineral Resource** is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

An **Inferred Mineral Resource** is that part of a Mineral Resource for which quantity and grade or quality are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An **Indicated Mineral Resource** is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

A **Measured Mineral Resource** is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

28.2Mineral Reserves

A **Mineral Reserve** is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.

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The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported. The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study. **A Probable Mineral Reserve** is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

A **Proven Mineral Reserve** is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors.

28.3Definition of Terms

The following general mining terms may be used in this report.

**Table 28-1&nbsp;&nbsp;&nbsp;&nbsp;Definition of Terms**

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| | | | |
|:---|:---|:---|:---|
| **Term** | **Definition** |  |  |
| **Term** | **Definition** | AARL Elution  | Anglo American Research Laboratories Elution system |
| AISC | All-In Sustaining Cost (AISC) represents the total cost required to sustain ongoing production and maintain current operations, including operating costs, sustaining capital, royalties, and other sustaining expenditures, but excluding growth capital and financing costs. |  |  |
| Assay | The chemical analysis of mineral samples to determine the metal content. |  |  |
| Capital Expenditure | All other expenditures not classified as operating costs. |  |  |
| Cash Costs(C1) | Cash costs represent the direct cash operating costs incurred in the production of gold over the Life of Mine. Cash costs include mining, processing, general and administrative costs, direct operating costs, selling costs, royalties, and cash movements associated with metals inventory. |  |  |
| Composite | Combining more than one sample result to give an average result over a larger distance.  |  |  |
| Concentrate | A metal-rich product resulting from a mineral enrichment process such as gravity concentration or flotation, in which most of the desired mineral has been separated from the waste material in the ore.  |  |  |
| Crushing | Initial process of reducing ore particle size to render it more amenable for further processing.  |  |  |
| Cut-off Grade (CoG) | The grade of mineralized rock, which determines as to whether it is economic to recover its gold content by further concentration.  |  |  |
| Dilution | Waste, which is unavoidably mined with ore.  |  |  |
| Dip | Angle of inclination of a geological feature/rock from the horizontal.  |  |  |
| Fault | The surface of a fracture along which movement has occurred.  |  |  |
| Fire Assay | A destructive high-temperature metallurgical technique used to quantify the gold grade in assay samples. |  |  |
| Footwall | The underlying side of an orebody or stope.  |  |  |
| Gangue | Non-valuable components of the ore.  |  |  |
| Grade | The measure of concentration of gold within mineralized rock.  |  |  |
| Hangingwall | The overlying side of an orebody or slope.  |  |  |

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| | |
|:---|:---|
| **Term** | **Definition** |
| **Term** | **Definition** |
| Haulage | A horizontal underground excavation which is used to transport mined ore.  |
| Hydro cyclone | A process whereby material is graded according to size by exploiting centrifugal forces of particulate materials.  |
| Igneous | Primary crystalline rock formed by the solidification of magma.  |
| Kriging | An interpolation method of assigning values from samples to blocks that minimises the estimation error.  |
| Level | Horizontal tunnel the primary purpose is the transportation of personnel and materials.  |
| Lithological | Geological description pertaining to different rock types.  |
| LoM Plans | Life-of-Mine plans.  |
| LRP | Long Range Plan.  |
| Material Properties | Mine properties.  |
| Milling | A general term used to describe the process in which the ore is crushed and ground and subjected to physical or chemical treatment to extract the valuable metals to a concentrate or finished product.  |
| Mineral/Mining Permit | A lease area for which mineral rights are held.  |
| Mining Assets | The Material Properties and Significant Exploration Properties.  |
| Ongoing Capital | Capital estimates of a routine nature, which is necessary for sustaining operations.  |
| Ore Reserve | See Mineral Reserve.  |
| Photon Assay | A non-destructive assay method using high-powered X-rays to 'excite' any gold atoms present in a sample. The emitted photons of activated gold atoms are detected to determine the gold grade. |
| Pillar | Rock left behind to help support the excavations in an underground mine.  |
| RoM | Run-of-Mine.  |
| Sedimentary | Pertaining to rocks formed by the accumulation of sediments, formed by the erosion of other rocks.  |
| Shaft | An opening cut downwards from the surface for transporting personnel, equipment, supplies, ore and waste.  |
| Sill | A thin, tabular, horizontal to sub-horizontal body of igneous rock formed by the injection of magma into planar zones of weakness.  |
| Smelting | A high temperature pyrometallurgical operation conducted in a furnace, in which the valuable metal is collected to a molten matte or doré phase and separated from the gangue components that accumulate in a less dense molten slag phase.  |

| Stratigraphy | The study of stratified rocks in terms of time and space.  |
| Strike | Direction of line formed by the intersection of strata surfaces with the horizontal plane, always perpendicular to the dip direction.  |
| Sulfide | A sulfur bearing mineral.  |
| Tailings | Finely ground waste rock from which valuable minerals or metals have been extracted.  |
| Thickening | The process of concentrating solid particles in suspension.  |
| Total Expenditure | All expenditures including those of an operating and capital nature.  |
| Variogram | A statistical representation of the characteristics (usually grade).  |

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28.4Abbreviations

The following abbreviations may be used in this report.

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**Table 28-2&nbsp;&nbsp;&nbsp;&nbsp;Abbreviations**

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| | | |
|:---|:---|:---|
| **Abbreviation** | **Unit or Term** |  |
| **Abbreviation** | **Unit or Term** | Percent |
| ° | degree (degrees) |  |
| °C | Temperature in Degrees Centigrade |  |
| 2D | two-dimensional |  |
| 3D | three-dimensional |  |
| AISC | All-In Sustaining Cost |  |
| AGP or AP | acid generating potential |  |
| ARD | acid rock drainage |  |
| AT | after tax |  |
| Au | Gold |  |
| BT | before tax |  |
| BTS | Brazilian tensile strength |  |
| ca | Circa |  |
| cfm | cubic feet per minute |  |
| CIL | Carbon-In-Leach |  |
| CoG | cut-off grade |  |
| CPS | Coastal Plan Sand |  |
| CRF | cemented rock fill |  |
| DSS | direct shear strength |  |
| ELOS | equivalent linear overbreak/slough |  |
| EPCM | Engineering, Procurement and Construction Management |  |
| FF/m | frequency fracture per metre |  |
| GPa | Gigapascal |  |
| HDPE | height density polyethylene |  |
| hp | Horsepower |  |
| IRR | initial rate of return |  |
| IRS | intact rock strength |  |
| ISRM | International Society of Rock Mechanics |  |
| Ja | joint alteration |  |
| Jn | joint number |  |
| Jr | joint roughness |  |
| kN | Kilonewton |  |
| kN/m3 | kilonewton per cubic metre |  |
| koz | thousand troy ounce |  |
| kt | thousand tonnes |  |
| kV | Kilovolt |  |
| kW | Kilowatt |  |
| LHD | long-haul-dump |  |

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---

| | |
|:---|:---|
| **Abbreviation** | **Unit or Term** |
| **Abbreviation** | **Unit or Term** |
| LoM | life-of-mine |
| m | Metre |
| m3 | cubic metre |
| ML | metal leaching |
| MPa | Megapascal |
| Mt | million tonnes |
| MW | million watts |
| NGO | non-governmental organization |
| NI 43-101 | Canadian National Instrument 43-101 |
| NNP | net neutralisation potential |
| NPV | net present value |
| OP | open pit |
| OSA | overburden storage area |
| oz | troy ounce |
| PAG | potential acid generating |
| PEA | preliminary economic assessment |
| PLT | point load test |
| PMP | Probable Maximum Precipitation |
| ppb | parts per billion |
| ppm | parts per million |
| Q | rock mass rating (according to the Barton 1974 criteria) |
| Q' | Barton's (1974) Q with the JW and SRF both set to a value of 1 |
| QA/QC | Quality Assurance/Quality Control |
| RMR | rock mass rating (according to the Bieniawski 1989 criteria) |
| RoM | run-of-mine |
| RQD | rock quality designation |
| S.G. | Specific Gravity |
| sec | Second |
| SRF | stress reduction factor |
| STD | standard deviation |
| t/d | metric tonnes per day |
| TCC | total cash costs |
| TCR | total core recovery |
| TCS | triaxial compressive strength |
| TSF | tailings storage facility |
| UCS | uniaxial compressive strength |
| UG | Underground |
| USD | United States Dollar |
| V | Volts |

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---

| | |
|:---|:---|
| **Abbreviation** | **Unit or Term** |
| **Abbreviation** | **Unit or Term** |
| VFD | variable frequency drive |
| W | Watt |
| y | Year |

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**Appendix A: Certificates of Qualified Persons**

 Released: March 27, 2026 Page 217 of 213

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**CERTIFICATE OF QUALIFIED PERSON**

I, **Euan Leslie**, MAusIMM (CP), do hereby certify that:

1. I am the Group Mining Engineer of OceanaGold Corporation ("**OceanaGold**") which has its head office at Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

2. This certificate applies to the technical report titled "NI43-101 Technical Report, Macraes Operation, Otago, New Zealand" with an effective date of December 31<sup>st</sup>, 2025 (the "Technical Report").

3. I graduated with a Bachelor of Engineering (Mining) and a Bachelor of Commerce (Economics) from Curtin University. I am a member and Charted Professional of the Australian Institute of Mining and Metallurgy (Member Number: 221022). I have worked as a Mining Engineer since 2009 in various underground hard rock environments including those relevant for the Macraes site.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**NI 43- 101**") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of NI 43-101.

5. I have visited the site on September 2023**.** 

6. I have been employed by OceanaGold or its subsidiaries since October 2021.

7. I am responsible for the preparation of Sections 15.3, 16.4 and 16.5 of the Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of NI 43-101 as I have been a full time employee of OceanaGold since October 2021.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

**Dated: March 27, 2026**

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| |
|:---|
| "Signed and Sealed" |
| **Euan Leslie, BEng Mining, BCom Economics, MAusIMM CP (Min)** |

---

---

| | |
|:---|:---|
| **OceanaGold Corporation** | 1 |
| www.oceanagold.com | |

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**CERTIFICATE OF QUALIFIED PERSON**

I, Knowell Madambi, BSc Eng (Hons) Mining, MAusIMM CP (Min), do hereby certify that:

1. I am the Manager – Technical Services and Projects at OceanaGold's Macraes Operation, Golden Point Rd, Macraes Flat, 9483, East Otago, New Zealand.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report – Macraes Operation, Otago, New Zealand" with an effective date of December 31, 2025 (the "Technical Report").

3. I graduated with a degree in Mining Engineering from the University of Zimbabwe in 1994. I am a Chartered Professional Mining Engineer (CP) registered with the Australian Institute of Mining and Metallurgy (AusIMM, #227753). I have worked as a mining engineer for a total of 33 years since my graduation from university. My relevant experience includes open-pit operational management, mine design and implementation, short- and long-term planning, haulage analysis, equipment selection, and cost estimation.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("NI 43- 101") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of NI 43-101.

5. I am based at Macraes Operation.

6. I have been employed by OceanaGold or its subsidiaries since March 28, 2023.

7. I am responsible for the preparation of Sections 1, 2, 3, 18, 19, 20, 21, 22, 23, 25, 26 and the open pit portions of Sections 15 and 16 of the Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of NI 43-101 as I have been a full-time employee of OceanaGold since March 28, 2023.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

**Dated: March 27, 2026**

"Signed and Sealed"

**Knowell Madambi**, **BSc Eng (Hons) Mining, MAusIMM CP (Min)**

---

| | |
|:---|:---|
| **OceanaGold Corporation** | 1 |
| www.oceanagold.com | |

---

------

**CERTIFICATE OF QUALIFIED PERSON**

I, Matthew Lloyd Grant, PhD, MAIG, MAusIMM do hereby certify that:

1. I am the Senior Geologist - Resource Development at OceanaGold's Macraes Operation, Golden Point Rd, Macraes Flat, 9483, East Otago, New Zealand.

2. This certificate applies to the technical report titled "NI43-101 Technical Report, Macraes Operation, Otago, New Zealand", with an effective date of December 31, 2025 (the "Technical Report").

3. I graduated with a Doctor of Philosophy in Applied Geology from Curtin University of Technology in 2005. I am a Member of the Australian Institute of Mining and Metallurgy (Member number: 1010687) and a Member of the Australian Institute of Geoscientists (Member number: 3508). I have worked as a Geologist for 20 years. My relevant experience includes mineral exploration, mine geology and resource estimation.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**NI 43- 101**") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of NI 43-101.

5. I am a full-time employee based on site at the Macraes Operation.

6. I have been employed by OceanaGold or its subsidiaries from November 2007 to January 2013 and from April 2018 to present.

7. I am responsible for the preparation of Sections 1, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14 and 24.1 of the Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of NI 43-101 as I have been a full time employee of OceanaGold since April 2018.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated: March 27, 2026

"Signed and Sealed"

Matthew Lloyd Grant, PhD (Applied Geology), MAIG, MAusIMM

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| | |
|:---|:---|
| **OceanaGold Corporation** | 1 |
| www.oceanagold.com | |

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**CERTIFICATE OF QUALIFIED PERSON**

I, **David Read Carr**, MAusIMM CP (Met), do hereby certify that:

1. I am the Head of Metallurgy of OceanaGold Corporation ("OceanaGold"), Suite 1020, 400 Burrard Street,

Vancouver, British Columbia, V6C 3A6, Canada.

2. This certificate applies to the technical report titled "NI43-101 Technical Report, Macraes Operation, Otago, New Zealand" with an effective date of December 31, 2025 (the "Technical Report").

3. I graduated with a degree in Bachelor of Engineering in Metallurgical Engineering (Hons) from the University of South Australia in 1993. I am a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. I have worked as a metallurgist for a total of 33 years since my graduation from university. My relevant experience includes base metal flotation, flotation and leaching of gold ores, pressure oxidation of refractory sulphide ores, ultrafine grinding, process plant design, project evaluation and plant commissioning.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**NI 43- 101**") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of NI 43-101.

5. I have visited the site in numerous times from 2003 to 2025 with the most recent visit from November 19, 2025**.** 

6. I have been employed by OceanaGold or its subsidiaries since **January 21, 2023**.

7. I am responsible for mineral processing, all of Sections 13 and 17, the process plant capital and operating costs of section 21, and portions of Sections 1, 25 and 26 summarized therefrom, of this Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of NI 43-101 as I have been a full time employee of OceanaGold since **January 21, 2023**.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

**Dated: March 27, 2026**

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| |
|:---|
| "Signed and Sealed" |
| **David Read Carr, MAusIMM CP (Met)** |

---

---

| | |
|:---|:---|
| **OceanaGold Corporation** | 1 |
| www.oceanagold.com | |

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## Exhibit 99.63

**Exhibit 99.63**

![exhibit99.jpg](exhibit99.jpg)

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

**Forward-Looking Information**

This report contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to: future financial and operating performance; cash flow forecasts; projected capital, operating and exploration expenditures; targeted cost reductions; mine life and production rates; potential mineralization and metal or mineral recoveries; information pertaining to potential improvements to financial and operating performance and mine life at the Didipio Mine; future metals prices; the estimation of Mineral Reserves and Mineral Resources; the realization of Mineral Reserves and Mineral Resources estimates; costs of production; costs and timing of the development of new deposits; costs and timing of future exploration and drilling programs; timing of filing of updated technical information; requirements for additional capital; governmental regulation of mining operations and exploration operations; timing and receipt of approvals; consents and permits under applicable legislation; environmental risks; title disputes or claims; and the timing and possible outcome of current and pending litigation and regulatory matters. All statements in this report that address events or developments that OceanaGold Corporation ("OceanaGold") expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause OceanaGold's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: the risk of not achieving OceanaGold's production estimates, forecasts or Guidance; inaccuracy of Mineral Reserves, Mineral Resources and operating and capital cost estimates; the actual results of current and future production, development and/or exploration activities; possible variations of ore grade, metallurgy or recovery rates; changes in mine plans, project parameters or assumptions as plans continue to be refined; delays in, or inability to complete, development or construction or expansion activities or to re-commence or sustain operations as planned; failures or underperformance of plant, equipment, infrastructure or processes; geotechnical risks or events, including open pit wall stability, crown pillar failure, land subsidence and tailings dam failures; challenges associated with effective water management; environmental, health and safety and climate-related risks; risks related to community acceptance, stakeholder engagement and social licence to operate; competition for mineral properties and other growth opportunities; legal and regulatory challenges to current and future permits, certifications, approvals or licences; adverse judicial, regulatory or governmental decisions; delays in, or inability to obtain, financing or governmental approvals on acceptable terms; changes in laws, regulations, taxation regimes, regulated accounting standards or their interpretation or application; the risks associated with operating in foreign jurisdictions, including political instability, changes in policy or law, civil unrest or conflict; fluctuations in the prices of gold, copper and silver; general business, economic and market conditions (including changes in global, national or regional financial, credit, currency or

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

securities markets); changes or developments in global, national or regional political and social conditions; fluctuations in foreign exchange rates, including the value of the U.S. dollar relative to the Canadian dollar, the New Zealand dollar or the Philippine peso; inflationary pressure; labour availability, retention and turnover; accidents, labour disputes and other operational risks of the mining industry; limitations of insurance coverage or uninsured risks; the conclusions of economic evaluations, studies and models; and those other factors identified and described in more detail in the section entitled "Risk Factors" contained in OceanaGold's most recent Annual Information Form and OceanaGold's other filings with Canadian securities regulators, which are available under OceanaGold's profile on SEDAR+ at sedarplus.com and on OceanaGold's website at oceanagold.com. The list is not exhaustive of the factors that may affect OceanaGold's forward-looking statements.

OceanaGold's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to our ability to carry on current and future operations, including: exploration and development activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; our ability to meet or achieve guidance, estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary approvals, permits or certifications; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

OceanaGold's forward-looking statements are based on the opinions and estimates of OceanaGold management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. OceanaGold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities OceanaGold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

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Contents

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| | | | |
|:---|:---|:---|:---|
| 1 | Summary | Summary | 15 |
| 1.1 | 1.1 | Property Description, Location, Access and Ownership | 15 |
| 1.2 | 1.2 | History | 15 |
| 1.3 | 1.3 | Geological Setting, Mineralization and Deposit Types | 16 |
| 1.4 | 1.4 | Mineral Permits and Regulatory Matters | 16 |
| 1.5 | 1.5 | Exploration | 17 |
| 1.6 | 1.6 | Drilling | 18 |
| 1.7 | 1.7 | Sampling, Analysis and Data Verification | 18 |
| 1.8 | 1.8 | Mineral Processing and Metallurgical Testing | 19 |
| 1.9 | 1.9 | Mineral Resources Estimate | 20 |
| 1.10 | 1.10 | Mineral Reserves Estimate | 22 |
| 1.11 | 1.11 | Mining Method | 23 |
| 1.12 | 1.12 | Processing and Recovery Methods | 24 |
| 1.13 | 1.13 | Infrastructure | 25 |
| 1.14 | 1.14 | Environment Studies, Social Matters and Permitting | 25 |
| 1.15 | 1.15 | Capital and Operating Costs | 26 |
| 1.16 | 1.16 | Economic Analysis | 28 |
| 1.17 | 1.17 | Conclusions and Recommendations | 29 |
| 2 | Introduction | Introduction | 32 |
| 2.1 | 2.1 | Terms of Reference | 32 |
| 2.2 | 2.2 | Sources of Information and Data | 32 |
| 2.3 | 2.3 | Qualified Persons | 32 |
| 2.4 | 2.4 | Site Visits and Scope of Personal Inspection | 33 |
| 2.5 | 2.5 | Units of Measure | 33 |
| 2.6 | 2.6 | Effective Date | 33 |
| 3 | Reliance On Other Experts | Reliance On Other Experts | 34 |
| 4 | Property Description and Location | Property Description and Location | 35 |
| 4.1 | 4.1 | Property Location | 35 |

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| | | | |
|:---|:---|:---|:---|
| 4.2 | 4.2 | Mineral Tenure | 37 |
| 4.3 | 4.3 | Environmental Compliance Certificate and Partial Declaration of Mining Feasibility | 40 |
| 4.4 | 4.4 | Didipio Ownership Structure | 41 |
| 5 | Accessibility, Climate, Physiography, Local Resources, and Infrastructure | Accessibility, Climate, Physiography, Local Resources, and Infrastructure | 43 |
| 5.1 | 5.1 | Topography, Elevation and Vegetation | 43 |
| 5.2 | 5.2 | Accessibility | 44 |
| 5.3 | 5.3 | Climate | 45 |
| 5.4 | 5.4 | Local Resources and Infrastructure | 47 |
| 6 | History | History | 50 |
| 6.1 | 6.1 | Prior Ownership | 50 |
| 6.2 | 6.2 | OceanaGold | 50 |
| 6.3 | 6.3 | Previous Work | 50 |
| 6.4 | 6.4 | Historical Estimates | 52 |
| 6.5 | 6.5 | Previous Production | 52 |
| 7 | Geological Setting and Mineralization | Geological Setting and Mineralization | 53 |
| 7.1 | 7.1 | Regional Geology | 53 |
| 7.2 | 7.2 | Local Geology | 55 |
| 7.3 | 7.3 | Didipio Deposit Mineralization | 56 |
| 7.4 | 7.4 | Lithology | 57 |
| 8 | Deposit Types | Deposit Types | 65 |
| 8.1 | 8.1 | Description of Deposits | 65 |
| 9 | Exploration | Exploration | 67 |
| 9.1 | 9.1 | Pre-OceanaGold | 67 |
| 9.2 | 9.2 | OceanaGold | 67 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Drilling | &nbsp;&nbsp;&nbsp;&nbsp;Drilling | 72 |
| 10.1 | 10.1 | Introduction | 72 |
| 10.2 | 10.2 | Drill Campaigns | 73 |
| 10.3 | 10.3 | Down Hole Surveying | 74 |
| 10.4 | 10.4 | Surface Grid | 74 |
| 10.5 | 10.5 | Underground Grid | 74 |

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| | | | |
|:---|:---|:---|:---|
| 10.6 | 10.6 | Core Logging | 75 |
| 10.7 | 10.7 | Sampling Method and Analysis | 75 |
| 11 | &nbsp;&nbsp;&nbsp;&nbsp;Sample Preparation, Analyses, and Security | &nbsp;&nbsp;&nbsp;&nbsp;Sample Preparation, Analyses, and Security | 77 |
| 11.1 | 11.1 | Sampling Methods and Preparation | 77 |
| 11.2 | 11.2 | Analytical Methods | 79 |
| 11.3 | 11.3 | Sample Security | 80 |
| 11.4 | 11.4 | Opinion on Adequacy (Security, Sample Preparation, Analysis) | 81 |
| 12 | &nbsp;&nbsp;&nbsp;&nbsp;Data Verification | &nbsp;&nbsp;&nbsp;&nbsp;Data Verification | 82 |
| 12.1 | 12.1 | Summary | 82 |
| 12.2 | 12.2 | CRM Standards | 83 |
| 12.3 | 12.3 | Blanks (SGS and McPhar-Intertek) | 88 |
| 12.4 | 12.4 | Laboratory Repeats – Analabs, SGS and McPhar-Intertek | 89 |
| 12.5  | 12.5  | Field Duplicates – Analabs, SGS and McPhar-Intertek  | 91 |
| 13 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical testing | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Processing and Metallurgical testing | 94 |
| 13.1 | 13.1 | Introduction | 94 |
| 13.2 | 13.2 | Ore Mineralogy | 94 |
| 13.3 | 13.3 | Historical Test Work Studies | 95 |
| 13.4 | 13.4 | 2024 – 2025 Didipio Underground Optimisation Test Work | 95 |
| 13.5 | 13.5 | Metallurgical Performance of the Process Plant | 107 |
| 13.6 | 13.6 | Forward Work Program | 109 |
| 14 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Estimates | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Estimates | 110 |
| 14.1 | 14.1 | Introduction | 110 |
| 14.2 | 14.2 | Database Analysis | 110 |
| 14.3 | 14.3 | Mineral Deposit Model and Interpretation | 111 |
| 14.4 | 14.4 | Compositing | 113 |
| 14.5 | 14.5 | Top Capping | 114 |
| 14.6 | 14.6 | Variography | 114 |
| 14.7 | 14.7 | Block Model Dimensions | 116 |
| 14.8 | 14.8 | Estimation Strategy | 116 |
| 14.9 | 14.9 | In Situ Bulk Density Determinations | 116 |

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| | | | |
|:---|:---|:---|:---|
| 14.10 | 14.10 | Resource Classification | 117 |
| 14.11 | 14.11 | Model Validation | 117 |
| 14.12 | 14.12 | Reconciliation | 121 |
| 14.13 | 14.13 | Surface Stockpiles | 123 |
| 14.14 | 14.14 | Risks | 123 |
| 14.15 | 14.15 | Mineral Resource Statement | 123 |
| 15 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Reserve Estimates | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Reserve Estimates | 125 |
| 15.1 | 15.1 | Open-pit Stockpile Reserve Estimate | 125 |
| 15.2 | 15.2 | Underground Reserve Estimate | 125 |
| 15.3 | 15.3 | Mineral Reserve Statement | 126 |
| 16 | &nbsp;&nbsp;&nbsp;&nbsp;Mining Methods | &nbsp;&nbsp;&nbsp;&nbsp;Mining Methods | 128 |
| 16.1 | 16.1 | Status of Current Underground Mine Development | 128 |
| 16.2 | 16.2 | Cut-off Grade Strategy | 129 |
| 16.3 | 16.3 | Geotechnical – Open-Pit | 130 |
| 16.4 | 16.4 | Geotechnical – Underground | 132 |
| 16.5 | 16.5 | Mine Dewatering and Hydrogeology | 139 |
| 16.6 | 16.6 | Mine Design | 146 |
| 16.7 | 16.7 | Productivities and Mine Production Schedule | 152 |
| 16.8 | 16.8 | Ventilation | 155 |
| 16.9 | 16.9 | Pastefill | 157 |
| 16.10 | 16.10 | Emergency Preparedness | 160 |
| 16.11 | 16.11 | Mine Services | 160 |
| 16.12 | 16.12 | Underground Electrical Distribution | 160 |
| 16.13 | 16.13 | Mobile Equipment | 161 |
| 16.14 | 16.14 | Underground Production Schedule | 161 |
| 17 | &nbsp;&nbsp;&nbsp;&nbsp;Recovery Methods | &nbsp;&nbsp;&nbsp;&nbsp;Recovery Methods | 165 |
| 17.1 | 17.1 | Introduction | 165 |
| 17.2 | 17.2 | Process Flowsheet | 165 |
| 17.3 | 17.3 | Process Plant Facilities, Description and Design Characteristics | 166 |
| 17.4 | 17.4 | Production Performance | 171 |

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| | | | |
|:---|:---|:---|:---|
| 17.5 | 17.5 | Energy, Water and Consumable Requirements | 174 |
| 17.6 | 17.6 | Process Unit Costs | 175 |
| 17.7 | 17.7 | Future Development Projects | 176 |
| 18 | &nbsp;&nbsp;&nbsp;&nbsp;Project Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;Project Infrastructure | 180 |
| 18.1 | 18.1 | Clean Water | 180 |
| 18.2 | 18.2 | Power Supply | 180 |
| 18.3 | 18.3 | Sewage | 180 |
| 18.4 | 18.4 | Refuse Disposal | 180 |
| 18.5 | 18.5 | Accommodation | 181 |
| 18.6 | 18.6 | Port Facilities | 181 |
| 18.7 | 18.7 | Paste Plant | 181 |
| 18.8 | 18.8 | Tailings Storage Facility (TSF) | 182 |
| 19 | &nbsp;&nbsp;&nbsp;&nbsp;Market Studies and Contracts | &nbsp;&nbsp;&nbsp;&nbsp;Market Studies and Contracts | 185 |
| 19.1 | 19.1 | Mining | 185 |
| 19.2 | 19.2 | Processing | 185 |
| 19.3 | 19.3 | Gold Hedging and Forward Sales | 185 |
| 19.4 | 19.4 | Transportation and Refining of Bullion | 185 |
| 19.5 | 19.5 | Transportation and Refining of Concentrate | 186 |
| 19.6 | 19.6 | Power | 186 |
| 19.7 | 19.7 | Fuel | 187 |
| 19.8 | 19.8 | Supply of Explosives | 187 |
| 19.9 | 19.9 | Project Financing | 187 |
| 19.10 | 19.10 | Other | 187 |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp;Environmental Studies, Permitting, and Social or Community Impact | &nbsp;&nbsp;&nbsp;&nbsp;Environmental Studies, Permitting, and Social or Community Impact | 188 |
| 20.1 | 20.1 | Permitting | 188 |
| 20.2 | 20.2 | Environmental Performance | 192 |
| 20.3 | 20.3 | Site Monitoring | 196 |
| 20.4 | 20.4 | Community Development | 196 |
| 20.5 | 20.5 | Mine Closure | 198 |
| 21 | &nbsp;&nbsp;&nbsp;&nbsp;Capital and Operating Costs | &nbsp;&nbsp;&nbsp;&nbsp;Capital and Operating Costs | 199 |

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| | | | |
|:---|:---|:---|:---|
| 21.1 | 21.1 | Capital Expenditure Estimates | 199 |
| 21.2 | 21.2 | Operating Costs | 200 |
| 22 | &nbsp;&nbsp;&nbsp;&nbsp;Economic Analysis | &nbsp;&nbsp;&nbsp;&nbsp;Economic Analysis | 205 |
| 22.1 | 22.1 | Principal Assumptions and Input Parameters | 205 |
| 22.2 | 22.2 | Taxes, Royalties and Other Interests | 205 |
| 22.3 | 22.3 | Pricing Model Results - Reserves Case | 207 |
| 22.4 | 22.4 | Sensitivity Analysis - Reserve Case | 210 |
| 22.5 | 22.5 | Pricing Model Results - Alternative Case | 211 |
| 23 | &nbsp;&nbsp;&nbsp;&nbsp;Adjacent Properties | &nbsp;&nbsp;&nbsp;&nbsp;Adjacent Properties | 213 |
| 24 | &nbsp;&nbsp;&nbsp;&nbsp;Other Relevant Data and Information | &nbsp;&nbsp;&nbsp;&nbsp;Other Relevant Data and Information | 214 |
| 25 | &nbsp;&nbsp;&nbsp;&nbsp;Interpretation and Conclusion | &nbsp;&nbsp;&nbsp;&nbsp;Interpretation and Conclusion | 215 |
| 25.1 | 25.1 | Geology and Mineralization | 215 |
| 25.2 | 25.2 | Resource Geology | 215 |
| 25.3 | 25.3 | Status of Exploration, Development and Operations | 216 |
| 25.4 | 25.4 | Geotechnical, Hydrology, Mining Reserves | 217 |
| 25.5 | 25.5 | Mineral Processing, and Water Treatment | 217 |
| 25.6 | 25.6 | Project Infrastructure | 217 |
| 25.7 | 25.7 | Mineral Tenure, Surface Rights, Royalties, Environment, Social and Permits | 218 |
| 25.8 | 25.8 | Economic Analysis | 218 |
| 26 | &nbsp;&nbsp;&nbsp;&nbsp;Recommendations | &nbsp;&nbsp;&nbsp;&nbsp;Recommendations | 219 |
| 27 | &nbsp;&nbsp;&nbsp;&nbsp;References | &nbsp;&nbsp;&nbsp;&nbsp;References | 220 |
| 28 | &nbsp;&nbsp;&nbsp;&nbsp;Glossary | &nbsp;&nbsp;&nbsp;&nbsp;Glossary | 223 |

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Tables

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|:---|:---|
| Table 1-1: Didipio Measured, Indicated and Inferred Mineral Resources as at December 31, 2025 | 21 |
| Table 1-2: Didipio Proven and Probable Reserves as at December 31, 2025 | 22 |
| Table 1-3: Didipio Underground Mining Physicals | 24 |
| Table 1-4: Didipio Processing Summary | 25 |
| Table 1-5: Operating Cost Summary ($M and $/t) | 27 |
| Table 1-6: Underground Capital Cost | 27 |
| Table 1-7: Surface and Other Capital Costs | 27 |
| Table 1-8: Metal Price Assumptions | 28 |
| Table 1-9: LoM Post-Tax Financial Results | 29 |
| Table 2-1: Qualified Persons Responsible for Technical Report Preparation | 32 |
| Table 5-1: Didipio Average Monthly Rainfall (mm) | 46 |
| Table 9-1: Summary of FTAA Exploration (exclusive of mine development work) at Didipio | 69 |
| Table 10-1: Underground Grid Coordinate System | 75 |
| Table 11-1: Didipio Sample Preparation | 77 |
| Table 12-1: Resource Estimate Assays by Laboratory | 82 |
| Table 12-2: QA/QC Material Statistics for Didipio Underground Resource Estimate | 82 |
| Table 12-3: Laboratory Repeats | 89 |
| Table 12-4: Field Duplicates | 91 |
| Table 13-1: Measured Grinding Results | 96 |
| Table 13-2: Other Measured Grinding Results | 98 |
| Table 13-3: Measured Grinding Results from 2016 Samples | 98 |
| Table 13-4: Measured Grinding Results from 2016 Samples - Bond Mill Data | 98 |
| Table 13-5: Gravity Test Work of Future Ore | 99 |
| Table 13-6: Bingo Charts for Didipio UG Panels 1, 2 and 3 | 102 |
| Table 13-7: Panel 1 Head Grades | 103 |
| Table 13-8: Panel 2 Head Grades | 104 |
| Table 13-9: Panel 3 Head Grades | 104 |
| Table 13-10: Comminution Test Results | 105 |
| Table 13-11: Panels 1-3 Recovery Test Results | 105 |
| Table 14-1: Holes and Channels Utilized for Resource Estimation | 109 |

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| Table 14-2: Basic Statistics for 3m Composites (by Domain) Length Weighted | 113 |
| Table 14-3: Top Capping 3m Composites (By Domain) Length Weighted | 113 |
| Table 14-4: Variogram Parameters (By Estimation Domain) | 114 |
| Table 14-5: Search Parameter (By Estimation Domain) | 114 |
| Table 14-6: Block Model Limits | 115 |
| Table 14-7: Assigned Lithological Bulk Density Values | 116 |
| Table 14-8: Statistical Comparison DDH Composites vs Mineral Resource Model by Domain | 117 |
| Table 14-9: Underground Resource Model vs Mill Adjusted Mine | 121 |
| Table 14-10: Didipio Measured, Indicated and Inferred Resources as at December 31, 2025 . | 123 |
| Table 15-1: Ore Recovery and Dilution Parameters | 125 |
| Table 15-2: Didipio Proven and Probable Reserves as at December 31, 2025 | 125 |
| Table 16-1: Underground Mining Inventory By Panel | 128 |
| Table 16-2: Breakeven Cut-off Grade Calculations | 128 |
| Table 16-3: Surface Geotechnical Monitoring | 129 |
| Table 16-4: Geomechanical Laboratory Testing | 132 |
| Table 16-5: Geotechnical Domain Summary | 134 |
| Table 16-6: Rock Mass Quality Classifications | 135 |
| Table 16-7: Underground Modifying Factors | 146 |
| Table 16-8: Lateral Development Profiles | 148 |
| Table 16-9: Schedule Productivity Rates | 150 |
| Table 16-10: LoM Mobile Equipment Fleet | 159 |
| Table 16-11: Annual Production Profile | 162 |
| Table 17-1: Consumable Consumption Rates | 174 |
| Table 18-1: Didipio Tailings Storage Plan | 183 |
| Table 21-1: Underground Capital Costs | 200 |
| Table 21-2: Surface and Other Capital Costs | 201 |
| Table 21-3: Operating Cost Summary (Excluding Selling Costs) | 201 |
| Table 21-4: Surface Operating Cost Breakdown | 202 |
| Table 21-5: Underground Operating Cost Breakdown | 202 |
| Table 21-6: Processing Operating Cost Breakdown | 202 |
| Table 21-7: General and Administration Cost Breakdown | 203 |
| Table 21-8: Payable Product Sales Assumptions | 203 |

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| Table 21-9: Transport & Refining Charges | 204 |
| Table 21 10: Indirect Cost Summary | 204 |
| Table 22 1: Metal Price Assumptions | 205 |
| Table 22 2: Calculation Methodology for Additional Government Share | 207 |
| Table 22-3: Financial Performance Summary (Reserve Case) | 209 |
| Table 22-4: LoM Post-tax Economic Financial Metrics (Alternative Price Case) | 212 |

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Figures

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| | |
|:---|:---|
| Figure 4-1: Location Map Didipio Gold Mine | 35 |
| Figure 4-2: FTAA Boundaries and Provincial Boundaries | 36 |
| Figure 4-3: FTAA Boundaries | 37 |
| Figure 4-4: Didipio Mine Ownership Structure | 42 |
| Figure 5-1: Didipio Location Map (Not to Scale) | 44 |
| Figure 5-2: Modified Corona's Classification of the Philippines | 45 |
| Figure 5-3: Average Monthly Rainfall for Didipio (mm) | 46 |
| Figure 7-1: Regional Geology and Structures Northern Luzon Island | 53 |
| Figure 7-2: Regional Stratigraphy Caraballo Mountains | 54 |
| Figure 7-3: Local Geology | 56 |
| Figure 7-4: Didipio Geology 3D Block Cut Shown in Mine Grid | 58 |
| Figure 7-5: Dark Diorite (Left) with sharp Monzonite contact (Right) | 59 |
| Figure 7-6: Hornblende bearing Monzonite | 59 |
| Figure 7-7: Monzonite Porphyry | 60 |
| Figure 7-8: Balut Dyke Mafic Facies | 61 |
| Figure 7-9: Feldspar Porphyry | 61 |
| Figure 7-10: Syenite Porphyry | 62 |
| Figure 7-11: Variety of Breccia at Didipio | 63 |
| Figure 7-12: Monzonite Porphyry Intrusions Breccia (left) & Feldspar Porphyry Igneous Breccia (Right) | 64 |
| Figure 8-1: Schematic Illustration - Relationships Between Rock types | 66 |
| Figure 9-1: Prospect Locations within the FTAA | 69 |
| Figure 9-2: Didipio Underground With Exploration Targets | 71 |

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| Figure 10-1: Oblique View - Didipio Underground Drilling | 72 |
| Figure 12-1: Gold (g/t Au) Standards - SGS | 83 |
| Figure 12 2: Copper (% Cu) XRF - Left, % CU AAS - (Right) Standards – SGS | 83 |
| Figure 12 3: Gold (g/t Au) and Copper (% Cu) Standards - McPhar-Intertek | 84 |
| Figure 12 4: Au Standards - McPhar-Intertek (9 Standards Used – 2 Charts) | 85 |
| Figure 12-5: Cu Standards - McPhar-Intertek (9 Standards Used – 2 Charts) | 85 |
| Figure 12-6: Au Standard – SGS (Shown Over 2 Charts) | 86 |
| Figure 12-7: Cu Standard – SGS | 87 |
| Figure 12-8: Blanks for Au and Cu - McPhar Intertek | 88 |
| Figure 12-9: Standard Blank for Au and Cu – SGS | 88 |
| Figure 12-10: Lab Repeat Metrics for Au and Cu (Analabs Laboratory) | 90 |
| Figure 12-11: Lab Repeat Metrics for Au and Cu (McPhar-Intertek Laboratory) | 90 |
| Figure 12-12: Lab Repeat Metrics for Au and Cu (SGS Laboratory) | 91 |
| Figure 12-13: Field Duplicates for Cu and Au (Analabs Laboratory) | 92 |
| Figure 12-14: Field Duplicates for Cu and Au (SGS Laboratory) | 92 |
| Figure 13-1: Metallurgical Samples Collected June 2011 | 95 |
| Figure 13-2: Metallurgical Samples Collected October 2011 | 95 |
| Figure 13-3: Relative Copper Recovery Change (With and Without CPS Compared to Fresh Ore) | 100 |
| Figure 13-4: Didipio Gold Recovery vs Model | 107 |
| Figure 13-5: Didipio Copper Recovery vs Model | 107 |
| Figure 14-1: Oblique View (Looking NE) of Didipio Intrusions | 110 |
| Figure 14-2: Au Mineralized Domains (AUDOM 1 and 2) | 112 |
| Figure 14-3: Section 1370 m E of Block Model, looking west | 118 |
| Figure 14-4: Swath Plot (audom 1) | 119 |
| Figure 14-5: Swath Plot (cudom 1) | 119 |
| Figure 16-1: Didipio Underground – Oblique view Looking North- West | 127 |
| Figure 16-2: Section View of CSP (Looking East) | 131 |
| Figure 16-3: Didipio Faults - Plan View | 133 |
| Figure 16-4: Didipio Geotechnical Domains (Plan View: 2280-2430 mRL) | 134 |
| Figure 16-5: Didipio Geotechnical Domains (Plan View: 2280 mRL and below) | 135 |
| Figure 16-6: Underground Dewatering Strategy Schematic | 140 |
| Figure 16-7: Didipio Dewatering Schematic | 141 |

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| Figure 16-8: CPS1 Layout | 142 |
| Figure 16-9: CPS1 System Flow Sheet | 143 |
| Figure 16 10: 2026 In-Pit Dewatering Set-Up | 143 |
| Figure 16 11: 2025 Modelled Flows with Proposed Underground Borefield | 145 |
| Figure 16 12: Plan View - Didipio Underground Level Layout (2100 mRL Level Plan View) | 147 |
| Figure 16-13: 2370 Level Plan View | 149 |
| Figure 16-14: Oblique View Looking South-East of Reconfigured Breccia Mine Design (2430 to 2340 Levels) | 150 |
| Figure 16-15: Underground Sequence By Year - Section Looking North-West | 152 |
| Figure 16-16: Ventsim Model - Primary Ventilation Upgrades | 154 |
| Figure 16-17: Planned Level Ventilation Layout | 155 |
| Figure 16-18: Didipio Paste Plant | 156 |
| Figure 16-19: Underground Pastefill Reticulation | 156 |
| Figure 16-20: Basic Schematic of Proposed BH04 Primary Borehole | 157 |
| Figure 16-21: Annual Underground Production – Gold | 159 |
| Figure 16-22: Annual Underground Production – Copper | 160 |
| Figure 16-23: Processing Production Profile – Gold | 161 |
| Figure 16-24: Processing Production Profile – Copper | 161 |
| Figure 17-1: Process Plant Flowsheet 2025 | 164 |
| Figure 17-2: Process Plant Throughput 2012 – 2025 | 170 |
| Figure 17-3: Annual Didipio Concentrate Production Data | 171 |
| Figure 17-4: Annual Gold and Copper Recovery Data | 172 |
| Figure 17-5: Annual Plant Availability and Utilisation | 173 |
| Figure 17-6: Processing Plant Unit Cost Performance | 175 |
| Figure 17-7: Historic Throughput and Utilisation | 176 |
| Figure 18-1: Didipio Site Plan with Major Surface Infrastructure Including TSF | 182 |
| Figure 18-2: LoM Storage Requirements and Scheduled TSF Development | 183 |
| Figure 22-1: Post-Tax Metrics (Reserve Case) | 208 |
| Figure 22-2: After Tax NPV Sensitivity Analysis | 210 |
| Figure 22-3: Metal Price Sensitivity Analysis | 211 |

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Released: 27 March 2026 Page 14 of 234

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

1Summary

OceanaGold Corporation (OceanaGold) has prepared this National Instrument 43-101 (NI43-101) Technical Report (Technical Report) on the Didipio Mine to support disclosures in OceanaGold's Annual Information Form for the year ended December 31, 2025.

This report includes both underground mining and open-pit stockpile components and an economic analysis based on Mineral Reserves only. Underground mining components include material from Panels 1, 2 and 3 including a Pre-Feasibility Study (PFS) to support increased throughput from the underground mine.

1.1Property Description, Location, Access and Ownership

The Didipio Mine is located in the north of Luzon Island approximately 270 kilometres (km) NNE of Manila, in the Republic of the Philippines. The nearest significant towns are Cabarroguis, in the Province of Quirino, located approximately 20 km to the north, and Kasibu, in the Province of Nueva Vizcaya, approximately 18 km to the west.

There are two alternative routes connecting the Didipio Mine by road to the port facilities at Manila and Poro Point, La Union. The main route, approaching from the north via the Municipality of Cabarroguis, is an all-weather route suitable for heavy trucks and bulk freight. The secondary access, approaching from the South via the Municipality of Kasibu, is also an all-weather route and is suitable for smaller trucks and light vehicles.

The Didipio Mine is covered by Financial or Technical Assistance Agreement No. 001 (FTAA) entered between the Republic of the Philippines and Climax Arimco Mining Corporation (CAMC) on June 20, 1994. The FTAA was subsequently assigned by CAMC to Australasian Philippines Mining Inc (APMI), which was then renamed to OceanaGold (Philippines) Inc. (OGPI).

Following the completion of an initial public offering of 20% of the issued and outstanding common shares in the capital of OGPI on The Philippine Stock Exchange, Inc. on May 13, 2024, OceanaGold holds an 80% interest in OGPI, which owns and operates the Didipio Mine.

1.2History

The Didipio area was first recognized as a gold province in the 1970's, when alluvial gold deposits were discovered in the region. There had been no large-scale mining at Didipio at that time and there were no records of artisanal mining.

In May 1975, Victoria Consolidated Resources Corporation and Fil-Am Resources Inc. entered into an exploration agreement with a syndicate of claim owners who had title to an area covering the Didipio valley and undertook exploration activities, including a stream geochemistry program between 1975 and 1977. Marcopper Mining Corporation subsequently investigated the region in 1984, and Benguet Corporation examined the Didipio area in September 1985.

In April 1985, the Didipio area was explored by a consultant geologist engaged by local claim owner Mr. Jorge G. Gonzales, Sr. This was followed by further investigation by Geophilippines Inc. (GPI) in September 1987, after which GPI submitted mining lease applications in November 1987. In 1989, Cyprus Philippines Corporation (CPC) and subsequently Arimco NL (as Arimco Mining Corporation (AMC) in the Philippines) entered into an agreement with GPI and Mr. Gonzales to explore the

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

Didipio area. Between April 1989 and December 1991, an exploration program was carried out. Subsequently, Climax Mining Ltd (Climax) acquired control of AMC (later renamed to CAMC) and 100% of the interest of CPC in the Didipio Mine in 1992.

Prior to acquisition by OceanaGold, previous explorers had drilled a total of 230 diamond drill holes totalling 62,769 metres (m). The drilling metres were mostly for resource delineation of the Didipio porphyry gold-copper deposit, with a small percentage of drilling in nearby prospects.

1.3Geological Setting, Mineralization and Deposit Types

1.3.1Geology

The Didipio area is situated within the southern part of the meridional Cagayan Valley basin in north-eastern Luzon and is bounded on the east by the Sierra Madre Range, on the west by the Luzon Central Cordillera range and to the south by the Caraballo Mountains. The regional geology comprises late Miocene volcanic, volcanoclastic, intrusive and sedimentary rocks overlying a basement complex of pre-Tertiary age tonalite and schist, which have been interpreted to represent an island arc depositional and tectonic setting.

The Didipio deposit is hosted within the multiphase Didipio Stock, which is in turn part of a larger alkalic intrusive body, the Didipio Igneous Complex. The deposit is a gold-copper porphyry system, roughly elliptical in shape at surface (450 m long by 150 m wide) and with a vertical pipe-like geometry that extends to at least 800 m below the surface. The local geology comprises north-northwest trending, steeply east-dipping composite monzodiorite intrusive, in contact with volcaniclastics of the Mamparang Formation. The monzodiorite lies in a circular topographic depression that is coincident with a circular IP anomaly.

1.3.2Mineralization and Deposit Types

The mineralization is closely associated with a zone of potassic feldspar alteration, the extent of which is marked by the Didipio Ridge, approximately 400 m long and rising steeply to about 100 m above an area of river flats and undulating ground.

Chalcopyrite and gold, along with pyrite and magnetite, are the main metallic minerals in the deposit. Higher grade gold and copper mineralization is closely associated with the Balut Dykes and Quartz Breccia, both of which are elongated along the north-south trending, steeply north-east dipping Tatts Fault Zone.

The deposit was oxidized from the surface to a depth of between 15 m and 60 m, averaging 30 m. The oxide zone formed a blanket over the top of the deposit. A 5 to 15-m thick transition zone was present over most of the deposit.

1.4Mineral Permits and Regulatory Matters

1.4.1Financial or Technical Assistance Agreement (FTAA)

The Didipio Mine is operated pursuant to the FTAA with the Republic of the Philippines (Government), which grants title, exploration and mining rights within a fixed fiscal sharing regime as set out in the agreement. The original FTAA was executed in 1994 and was renewed in July 2021

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

through the execution of the FTAA Addendum and Renewal Agreement, extending the term for a further 25 years commencing in June 2019 and ending in June 2044.

Under the FTAA, OGPI, as a contractor to the Government, is granted the right to undertake large-scale exploration, development and mining of gold, silver, copper and other minerals within the contract area, subject to the agreed fiscal and regulatory framework.

The FTAA was entered into prior to the promulgation of the Philippine Mining Act of 1995 (PMA) and its Implementing Rules and Regulations. An Environmental Compliance Certificate (ECC) and a declaration of mining feasibility were both required as a condition for the implementation of the FTAA. Both an ECC and a Partial Declaration of Mining Project Feasibility (PDMF) were obtained and remain in place for the Didipio Mine. A PDMF is a critical regulatory milestone approving specific areas for commercial operation that allows mining to process within the FTAA.

Most of the original FTAA area of 37,000 hectares have been relinquished under the terms of the agreement. As of December 31, 2025, OGPI's FTAA area is 5,000 hectares (with no further requirement to relinquish) and the PDMF for the Didipio Mine covers 975 hectares within the FTAA.

The Didipio Mine is subject to several ongoing obligations under the FTAA to ensure that the mine is operated in accordance with the social and environmental policies developed by the Government and enacted under the PMA. Compliance with the FTAA is measured by the implementation of the approved work programs, verified through regular compliance monitoring audits by the regulators, submission of periodic reporting requirements and payment of fiscal obligations. In addition, other approvals required to be maintained under the FTAA contain conditions relating to community consultation that are required to be satisfied, including the ECC.

1.4.2Entitlements of Addendum Claimowners

Pursuant to a 1991 addendum agreement, a third-party syndicate of original claimowners led by the late Mr. Jorge G. Gonzales, Sr. (Addendum Claimowners) has a contractual right to an 8% free carried interest and to a 2% net smelter return royalty (NSR) in OGPI, in each case with respect only to a certain area (the Gonzales Addendum Agreement).

It is expected that the 8% free carried interest will be reflected as an equity interest in the capital stock of OGPI through the issuance of new shares in OGPI to the Addendum Claimowners. Pursuant to the FTAA, any distribution to the Addendum Claimowners form part of the Government's share in the net revenue. Further, there are two pending legal cases with respect to the Gonzales Addendum Agreement, and OGPI believes that it does not have an obligation to issue fully paid shares to such claimowners until final and executory order or decision is rendered.

OGPI have accrued in its financial accounts the 2% NSR since the commencement of production in 2013 pending the final resolution of the outstanding legal cases. The timing of cash settlement of the accrued NSR remains dependent on resolution of the proceedings. As of December 31, 2025, OGPI have accrued in its financial accounts $83.7 million ($69.6 million of royalties and $14.1 million related to free-carried interest) pertaining to this claim.

1.5Exploration

Exploration from 2015 to 2019 involved fieldwork and a series of drilling campaigns within the FTAA area. The drilling was focused on testing targets generated from various data sets, including

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

geological and alteration mapping, rock chip sampling, stream sediment geochemistry, soil sampling, and deep imaging geophysics.

Exploration and resource definition activities were placed on hold between July 2019 and February 2022 due to the ongoing FTAA renewal process. Regional exploration activities were restarted in 2023 with drilling completed at Napartan in 2024 before the expiry of the exploration period in August 2024. In September 2024, OGPI obtained approval for a five-year extension of the exploration period under the FTAA to 2029. Drilling of near-mine targets at True Blue and D'Fox were initiated in 2025 and is expected to continue in 2026.

Regional surface exploration drilling commenced at the Napartan prospect in 2024, with a total of four drillholes completed for 626 m, targeting mineralized pegmatitic dykes identified in muck-out samples sourced from abandoned small scale mining adits and an associated copper-gold geochemical anomaly. A 2,000-hectare airborne drone magnetic geophysics survey was subsequently initiated at Napartan during the fourth quarter of 2024 and completed in February 2025. Drilling was restarted at Napartan in July 2025 completing 10 holes for 4,000 m. The Napartan drillholes returned insignificant assay results and the drilled area was included in the Annual Relinquishment Report of FTAA 001 submitted in 2025.

1.6Drilling

Drilling re-commenced underground in February 2022. Three drill rigs operated underground from May 2024 from the 2160 mRL Resource Definition drill platforms; however, all underground drilling was suspended in September 2024 due to inundation of the lower levels of the mine resulting from extensive rainfall associated with a succession of typhoons impacting the area. Following dewatering of the lower levels in 2025, underground drilling is planned to restart in early 2026. Drilling will focus on the Northern Monzonite, Eastern Monzonite and Eastern Breccia (EBX) in Panels 3 and Panel 4. Additional intercepts of Balut Dyke, located immediately north of the Syenite Porphyry, confirm the strike extent of the Northern Balut Dyke below 2100 Level.

As at December 31, 2025 the drill hole database for the Didipio FTAA area contained records of 3,452 holes for a total of 278,888 m drilled.

1.7Sampling, Analysis and Data Verification

Starting from 2015, PQ (85 mm diameter) and HQ (63 mm diameter) diamond core was cut in half. Half core is assayed and the other half is retained. NQ (47 mm diameter) core is submitted whole for assaying. All core is submitted in one metre sample intervals except where sample intervals are split to align with lithology. Drill core is submitted to the independent SGS laboratory on site and staffed with SGS employees. Reverse circulation (RC) holes were sub-sampled either through a cone splitter (Schramm) or riffle splitter (Edson). Blast holes were sub-sampled with a riffle splitter. Underground channel sampling is ongoing as the mine develops.

The SGS sample procedure is as follows: oven dry samples; crush using jaw crusher to approximately four mm in size; crush using Boyd crusher into approximately two mm in size, and dry screen every 20th sample; split 15% of the sample using BOYD-RSD; pulverize 750 grams to one kilogram samples to 75 microns µm and wet screen every 20th sample; and riffle split to 250 grams for assaying and 250 grams as pulp retention.

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

The samples obtained are handled and managed according to documented standard procedures. The entire sample handling process from acquisition, transport and delivery, sample preparation and analysis is supervised and/or monitored by Didipio Mine geology personnel. There is no identified area in the sample chain of custody which can result in mishandling or altering of samples.

SGS undertakes the assay analysis at the Didipio Mine. Fire assaying is used for the standard gold assay procedure and Atomic Absorption Spectrometry (AAS), Inductively Coupled Plasma (ICP) and X-Ray Fluorescence (XRF) procedures are used for the standard copper assay procedure.

Since commissioning of the SGS onsite laboratory, all samples from near-mine exploration have gone directly from point of collection to the onsite SGS laboratory or for drill core via the onsite core shed. The core is photographed, split by a core saw (HQ and PQ sized core) and sampled every metre at the onsite core shed. The samples are uniquely numbered with two QA/QC Certified Reference Material (CRM) and one quartz blank sample inserted for every batch of 50 samples. The CRMs are typically low-grade CRM and medium grade CRM. The quartz blank sample is normally below detection limits. Thereafter, all drill core samples are transported by a technician or geologist directly from the onsite core shed to the onsite SGS laboratory. Upon arrival at the onsite SGS laboratory, samples are checked by the SGS staff in the presence of the mine or exploration geology representative. SGS inserts an additional six QA/QC check samples.

Performance for Standards, blanks, field duplicates and laboratory repeats are considered acceptable. SGS field duplicates returned acceptable precision compared to original assays for both gold and copper.

1.8Mineral Processing and Metallurgical Testing

A detailed design was prepared for the processing plant in February 2011 and site construction of the plant commenced in November 2011. First ore was introduced to the plant in December 2012, and commercial production was achieved in April 2013.

Operational plant performance since the commencement of operations provides comparison data assisting in validating the recovery models developed in the prior feasibility phase and plant response to changes in grind size and partial oxidation of older stockpiled feed. The plant is capable of meeting the modelled recovery estimates and the impacts of partial oxidation of surface stockpiles has been studied and categorized for improved production forecasting.

Test work programs have been conducted in several stages as the predominate ore source has changed from open-pit to underground. Several processing options and reagent modifications are under evaluation to increase metallurgical performance of stockpile material. To further investigate the variability of the different ore types, future ore test work programs were conducted in 2024 with both external and internal laboratories. The project aimed to evaluate the variability in ore metallurgical parameters (competency, work index, gravity, copper and gold recoveries) between the ore types sampled from the underground. Data is used to develop models that will estimate the influence of geological and mineralogical attributes of these ore types to plant performance.

A future ores testing program has been maintained with progressive testing with the availability of fresh core from infill drilling programs to allow variability testing to be undertaken and increase the knowledge of recovery and ore competency for production planning. Current test work is focused

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

on developing independent throughput and recovery models for open-pit stockpiles and underground ore.

1.9Mineral Resources Estimate

A total of 725 diamond drill holes, comprising 141,733 m of drilling, along with 904 wall channels (with the walls sampled at between 1 m and 3 m intervals), totalling 27,879 m, are considered acceptable for the Mineral Resource estimation. Underground drilling is generally arranged in fans on north–south oriented mine-grid sections, resulting in a variety of intersection angles ranging from perpendicular to the dip to approximately 45 degrees. Given the typically disseminated mineralization style, this drilling pattern provides an acceptable basis for Mineral Resource estimation.

The sampling method and sample preparation of the Didipio Mine has been conducted in several phases which have introduced changes in sample preparation procedures. The OceanaGold phase accounts for 93% of the dataset used in the estimation process. Most pre-OceanaGold samples have now been mined out or fall outside the current mine designs. Overall, the sample preparation, security, analytical procedures and database management employed at Didipio are considered appropriate and adequate for the style of mineralization under assessment.

The underground Mineral Resource estimate was updated in October 2024 using Ordinary Kriging to estimate gold (Au), copper (Cu), and silver (Ag) grades. The model used implicit gold grade shells, generated in Leapfrog software whilst grade estimation and block model construction were completed in Vulcan TM software.

The estimates for the surface stockpiles were based upon the Ordinary Kriging of closely spaced open-pit grade control samples at the time of open-pit mining. This data, and monthly stockpile surveys were used to construct a 3D block model of the stockpiled tonnes and grades.

Mineral Resources at the Didipio Mine comprise both open-pit and underground Mineral Resources. Mineral Resources were classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Standard Definitions for Mineral Resources and Reserves dated May 10, 2014 (CIM Definition Standards). The Mineral Resource Statement as at December 31, 2025 is summarized in Table 1-1.

OceanaGold has a comprehensive Mineral Resource model governance process in place, including model validation, peer review, production reconciliation as well as coaching and team-based training.

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

**Table 1-1: Didipio Measured, Indicated and Inferred Mineral Resources as at December 31, 2025**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
|<br>**Gold** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 14.3 | 1.53 | 0.71 | 17.7 | 0.89 | 0.51 | 32 | 1.18 | 1.21 | 9.2 | 0.9 | 0.3 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 0.29 | 0.12 | - | - | - | 13.2 | 0.29 | 0.12 | - | - | - |
| **Didipio Total** | **27.5** | **0.94** | **0.83** | **17.7** | **0.89** | **0.51** | **45.2** | **0.92** | **1.34** | **9.2** | **0.9** | **0.3** |
|  | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Silver** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 14.3 | 1.8 | 0.8 | 17.7 | 1.4 | 0.8 | 32 | 1.6 | 1.6 | 9.2 | 1.2 | 0.4 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 1.9 | 0.8 | - | - | - | 13 | 1.9 | 0.8 | - | - | - |
| **Didipio Total** | **27.5** | **1.6** | **1.6** | **17.7** | **1.4** | **0.8** | **45** | **1.5** | **2.4** | **9.2** | **1.2** | **0.4** |
|  | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Copper** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 14.3 | 0.43 | 0.06 | 17.7 | 0.33 | 0.058 | 32 | 0.37 | 0.12 | 9.2 | 0.3 | 0.02 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 0.28 | 0.0 | - | - | - | 13.2 | 0.28 | 0.037 | - | - | - |
| **Didipio Total** | **27.5** | **0.36** | **0.1** | **17.7** | **0.33** | **0.058** | **45.2** | **0.35** | **0.16** | **9.2** | **0.3** | **0.02** |

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Notes:

• Mineral Resources are reported on a 100% basis. OceanaGold holds an 80% attributable interest in the Didipio Mine

• Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

• All Resources are based on the following assumptions: Metal prices of US$2,450/oz gold, US$4.50/lb copper and US$28.50/oz silver.

• Underground resources are reported within volumes guided by conceptual stope designs which are based upon economic assumptions above and exclude mining modifying factors.

• Gold equivalence (AuEq) is based upon the presented gold and copper prices as well as processing recoveries (89.4% for copper and 88.1% for gold). AuEq = Au g/t +1.27 x Cu%

• 13.2 Mt surface stockpile inventory is based on mining cut-off grades ranging from 0.27 g/t to 0.40 g/t AuEq

• Underground resources are reported at a cut-off grade of 0.67 g/t AuEq and between the 2460 mRL and 1800 mRL

• All figures are rounded to reflect the relative accuracy and confidence of the estimates and totals may not add correctly.

• The Mineral Resources were estimated under the supervision of J Moore, MAusIMM CP(Geo), a Qualified Person.

Over the previous eight years (2018 to 2025), the Measured and Indicated Resources have reconciled acceptably against the mill-adjusted mine, averaging over this period 104%, 98%, 98%, 102% and 106% for ore tonnes, gold grade, copper grade, contained gold and contained copper respectively.

While ongoing monthly, quarterly and annual reconciliation fluctuations are expected, the Mineral Resource estimates are believed to provide an acceptable basis for medium to long term mine planning purposes.

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

1.10Mineral Reserves Estimate

Mineral Reserves at the Didipio Mine are sub-divided for reporting purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface stockpiles resulting from open-pit mining between 2012 to 2017 which are lower grade and provide supplemental processing feed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underground which incorporates material from the 2460 mRL down to the 1980 mRL.

Mineral Reserves were classified in accordance with the 2014 CIM Definition Standards. The Mineral Reserve Statement, as at December 31, 2025 is summarized in Table 1-2.

**Table 1-2: Didipio Proven and Probable Reserves as at December 31, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Gold** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 13.5 | 1.39 | 0.60 | 14.7 | 0.85 | 0.40 | 28.3 | 1.11 | 1.01 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 0.30 | 0.13 | - | - | - | 13.2 | 0.30 | 0.13 |
| **Didipio Total** | **26.7** | **0.85** | **0.73** | **14.7** | **0.85** | **0.40** | **41.5** | **0.85** | **1.13** |
|  | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Silver** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 13.5 | 1.7 | 0.7 | 14.7 | 1.3 | 0.6 | 28.3 | 1.5 | 1.4 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 1.9 | 0.8 | - | - | - | 13.2 | 1.9 | 0.8 |
| **Didipio Total** | **26.7** | **1.8** | **1.6** | **14.7** | **1.3** | **0.6** | **41.5** | **1.7** | **2.2** |
|  | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Copper** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 13.5 | 0.38 | 0.1 | 14.7 | 0.31 | 0.05 | 28.3 | 0.35 | 0.10 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 0.28 | 0.0 | - | - | - | 13.2 | 0.28 | 0.04 |
| **Didipio Total** | **26.7** | **0.33** | **0.1** | **14.7** | **0.31** | **0.05** | **41.5** | **0.32** | **0.13** |

---

Notes

• Mineral Reserves are reported on a 100% basis. OceanaGold holds an 80% attributable interest in the Didipio Mine

• Mineral Reserves are defined by mine designs based upon the following assumptions: Metal prices of US$2,200/oz gold, US$4.00/lb copper and US$25/oz silver.

• Reported estimates of contained metal are not depleted for processing losses.

• Cut-off grades are applied to diluted grades.

• Gold equivalence (AuEq) is based upon the presented gold and copper prices as well as processing recoveries (89.4% for copper and 88.1% for gold). AuEq = Au g/t +1.27 x Cu%.

• 13.2 Mt surface stockpile inventory is based on mining cut-off grades ranging from 0.27 g/t to 0.40 g/t AuEq

• Underground cut-off grade is 1.16 g/t AuEq whilst incremental stopes proximal to development already planned to access main stoping areas are reported to a lower cut-off grade of 0.76 g/t AuEq.

• All figures are rounded to reflect the relative accuracy and confidence of the estimates and totals may not add correctly.

• The Mineral Reserves were estimated under the supervision of P. Jones. AusIMM CP(Min), a Qualified Person.

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1.11&nbsp;&nbsp;&nbsp;&nbsp;Mining Method

Open-pit mining ceased at Didipio in 2017.

The long hole open stoping method (LHOS) is employed underground at the Didipio Mine for the extraction of underground ore. LHOS allows for a high degree of mechanization and good mining selectivity, high mining recovery and scheduling flexibility. A primary/secondary stoping sequence is utilized where primary stopes are separated by a secondary stope. Extraction of the secondary stope can only occur after the two immediately filled adjacent primary stopes have been mined, backfilled and have time to cure.

Stope dimensions vary depending on their location within the orebody. On the eastern side of the orebody in the monzonite zone, stopes are up to 60 m high whereas in the breccia zone on the western side of the orebody, more conservative stope dimensions are adopted due to poorer ground conditions. These include, where required, significant stope crown support to prevent unravelling. Paste backfill is utilized for backfilling of all stope voids. A top-down sequence beneath paste fill is employed.

The Western Breccia zone has been subjected to recent studies and optimization due to poor ground conditions. A small section of bottom-up mining and smaller stope sizes planned to mitigate any potential unravelling due to these conditions has been trialled with good success. The extraction sequence in the Western Breccia is geotechnically constrained and planned to be mined slower than previous versions of the mining schedule resulting in a diversion of a portion of ounces from this zone to later years of the Life of Mine (LoM). This strategy strives to provide a safe and sustainable production sequence that maximizes metal recovery.

The current decline face has advanced to the 2133 mRL. Approximately 47 km of lateral development is required in the mining schedule which includes capital development in the lower part of the mine to establish production levels down to the 1980 mRL and associated active dewatering and critical pumping infrastructure including Capital Pump Station 1 (CPS1). Lateral development rates of just under 8 km a year are required from 2027 to 2029 before tailing off once capital development is complete at depth in 2030 per the current schedule. Additional capital development will be required if drill conversion programs in Panel 3 and 4 are successful, however are not considered in current mine schedules or capital cost estimates for this report.

Historic haulage rates from the Didipio underground has achieved annual rates exceeding 1.6 Mtpa and instantaneous rates in excess of 2.5 Mtpa but these have not been sustained due to various interruptions to production, including poor performance of Breccia stopes on the western side of the orebody and inundation of the lower levels of the mine following typhoons in 2024, with the lower levels of the mine remediated in late 2025.

A Pre-Feasibility Study (PFS) has been undertaken to assess increased mining rates from the underground mine. Results from the study show that rates in excess of 2.5 Mtpa can be achieved when additional mining fronts at depth are available and supported by upgrades to existing pumping, electrical and paste fill infrastructure. Planned production rates from the underground in 2026 is 1.9 Mtpa, increasing to 2.1 Mtpa in 2027, 2.2 Mtpa in 2028, and 2.6 Mtpa in 2029, in line with the commissioning of planned dewatering and primary ventilation infrastructure to support the increased mining rates. Mine physicals are summarized in Table 1-3.

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**Table 1-3: Didipio Underground Mining Physicals**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Unit** | **Total** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** |
| **Lateral Development** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Total Development | km | **47.4** | 7.4 | 7.9 | 8.0 | 8.0 | 3.2 | 2.2 | 2.0 | 2.4 | 1.9 | 2.0 | 1.6 | 0.7 |
| &nbsp;&nbsp;Capital Development | km | **9.1** | 1.6 | 2.8 | 2.5 | 1.9 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| &nbsp;&nbsp;Operating Development | km | **38.3** | 5.8 | 5.1 | 5.5 | 6.1 | 3.0 | 2.2 | 2.0 | 2.4 | 1.9 | 2.0 | 1.6 | 0.7 |
| **Mined Tonnes** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Total Material Moved | kt | **30065** | 2193 | 2488 | 2600 | 2893 | 2890 | 2588 | 2474 | 2684 | 2761 | 2818 | 2704 | 971 |
| &nbsp;&nbsp;Total Ore Production | kt | **28298** | 1915 | 2091 | 2168 | 2558 | 2800 | 2551 | 2435 | 2636 | 2727 | 2786 | 2674 | 957 |
| &nbsp;&nbsp;Total Waste | kt | **1768** | 278 | 397 | 432 | 336 | 90 | 37 | 39 | 49 | 34 | 33 | 30 | 15 |
| &nbsp;&nbsp;Stoping Ore | kt | **26381** | 1582 | 1817 | 1913 | 2229 | 2656 | 2451 | 2354 | 2528 | 2640 | 2686 | 2600 | 925 |
| &nbsp;&nbsp;Development Ore | kt | **1916** | 333 | 275 | 255 | 329 | 144 | 101 | 81 | 107 | 87 | 99 | 74 | 32 |
| **Metal and Grade** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gold Grade | g/t | **1.11** | 1.32 | 1.31 | 1.28 | 1.05 | 0.95 | 1.20 | 1.26 | 0.95 | 1.13 | 1.08 | 0.95 | 0.63 |
| &nbsp;&nbsp;Silver Grade | g/t | **1.53** | 1.90 | 1.82 | 1.73 | 1.55 | 1.43 | 1.76 | 1.71 | 1.32 | 1.34 | 1.36 | 1.29 | 1.08 |
| &nbsp;&nbsp;Copper Grade | % | **0.35** | 0.43 | 0.41 | 0.37 | 0.37 | 0.33 | 0.39 | 0.42 | 0.35 | 0.29 | 0.28 | 0.28 | 0.19 |
| &nbsp;&nbsp;Gold Metal | koz | **1006** | 82 | 88 | 89 | 87 | 86 | 98 | 99 | 81 | 99 | 97 | 82 | 19 |
| &nbsp;&nbsp;Silver Metal | koz | **1389** | 117 | 122 | 120 | 128 | 128 | 144 | 134 | 112 | 117 | 122 | 111 | 33 |
| &nbsp;&nbsp;Copper Metal | kt | **98** | 8 | 9 | 8 | 9 | 9 | 10 | 10 | 9 | 8 | 8 | 8 | 2 |

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1.12Processing and Recovery Methods

Recovery of copper and gold at Didipio is achieved from the use of froth flotation following a conventional SAG Mill – Ball Mill – Pebble Crushing grinding circuit and gravity recovery circuit, which produces both a gold-copper concentrate and a gold doré. Considerable operating experience has been accumulated over the life of the mine, having been operated since 2012. Following processing of first ore in December 2012, and the first concentrate shipments in April 2013, the processing plant has achieved targeted utilization rates greater than 95% and processing rates greater than 4.1 Mtpa. Copper and gold recovery rates have been in line with forecast rates used in the production planning process.

Progressive improvement projects continue to be implemented. The installation of additional gravity gold equipment to target coarser gold in the underground ore was completed in 2022 along with the addition of pH modifier in the flotation circuit to counteract impacts from underground paste dilution in the feed in 2024 to aid metal recovery.

Processing throughput is planned to ramp up to 4.3 Mtpa, the currently permitted limit, in 2027. Average gold recovery over the LoM is 88.2% whilst average copper recovery is 90.4%. Open-pit stockpiles are expected to be exhausted in 2032 with a small amount of residual material that makes up the current Run of Mine (ROM) ore processed in 2037. Processing physicals are summarized in Table 1-4.

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**Table 1-4: Didipio Processing Summary**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Unit** | **Total** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** |
| **Processing** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Total Ore Processed | kt | **41496** | 4200 | 4300 | 4300 | 4300 | 4300 | 4300 | 2555 | 2636 | 2727 | 2786 | 2674 | 2419 |
| &nbsp;&nbsp;Gold Grade Processed | g/t | **0.85** | 0.80 | 0.83 | 0.84 | 0.70 | 0.68 | 0.78 | 1.21 | 0.95 | 1.13 | 1.08 | 0.95 | 0.46 |
| &nbsp;&nbsp;Copper Grade Processed | % | **0.32** | 0.38 | 0.37 | 0.36 | 0.28 | 0.27 | 0.29 | 0.41 | 0.35 | 0.29 | 0.28 | 0.28 | 0.34 |
| &nbsp;&nbsp;Gold in Feed | koz | **1132** | 109 | 114 | 116 | 97 | 94 | 108 | 99 | 81 | 99 | 97 | 82 | 36 |
| &nbsp;&nbsp;Copper in Feed | kt | **134** | 16 | 16 | 16 | 12 | 11 | 13 | 10 | 9 | 8 | 8 | 8 | 8 |
| &nbsp;&nbsp;Gold Recovery | % | **88.2** | 87.7 | 87.8 | 87.8 | 87.1 | 87.0 | 87.8 | 90.3 | 89.2 | 89.6 | 89.2 | 89.2 | 82.4 |
| &nbsp;&nbsp;Copper Recovery | % | **90.4** | 88.7 | 88.7 | 95.6 | 89.4 | 88.9 | 89.7 | 93.2 | 92.0 | 90.6 | 90.4 | 90.6 | 85.5 |
| &nbsp;&nbsp;Gold Recovered | koz | **998** | 95 | 100 | 101 | 84 | 82 | 95 | 90 | 72 | 89 | 86 | 73 | 29 |
| &nbsp;&nbsp;Copper Recovered | kt | **121** | 14 | 14 | 15 | 11 | 10 | 11 | 10 | 8 | 7 | 7 | 7 | 7 |

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1.13Infrastructure

The Didipio Mine has been in operation since 2012 with construction commencing in 2011. Established infrastructure includes a tailings storage facility (TSF), workshops, camp, water treatment plant, pastefill plant and ore processing facilities.

Power supply for the mine is connected to the national grid via a 69kV dedicated line to Bayombong with diesel generators on site providing a backup source. Improvements in power reticulation and delivery has increased reliability and reduced unplanned outages.

The TSF has been designed to accommodate the LoM tailings requirement net of paste backfill. The current construction schedule supports the tailings deposition schedule.

Recently, underground performance has been impacted by the ability to manage periods of higher rainfall. Additional planned dewatering and electrical infrastructure will enable aquifer depressurization at depth, adequate pumping capacity, and ensure there is sufficient latent capacity to manage periods of higher rainfall during typhoon seasons, including surface water diversion projects and upgrades to in-pit dewatering systems.

Upgrades are underway to existing infrastructure to support increased underground mining rates including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Primary ventilation upgrades to support mining at depth and increased fleet requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface paste plant and underground reticulation upgrades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construction and commissioning of CPS1 in 2027 and other associated dewatering infrastructure including borefields and active dewatering stations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface electrical upgrades including an additional 25 MVA substation.

1.14Environment Studies, Social Matters and Permitting

In addition to regular monitoring, inspection and verification mine visits by the Mines and Geosciences Bureau (MGB), Environmental Management Bureau (EMB) and the Department of Environment and Natural Resources (DENR), operations are also monitored for compliance with the annual Environmental Protection and Enhancement Program (EPEP) and other environmental laws by the Mine Rehabilitation Fund Committee (MRFC) and the Multipartite Monitoring Team (MMT). The MMT is composed of 14 members representing national governmental authorities, local

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government units and communities in the provinces of Nueva Vizcaya and Quirino and certain Non-Governmental Organizations (NGO).

The ECC specifies environmental management and protection requirements, including the submission of an annual EPEP, Final Mine Rehabilitation & Decommissioning Plan (FMR/DP) and Social Development and Management Program (SDMP).

Under the PMA, OGPI is required during mining operations to allot annually a minimum of 1.5% of operating costs for the SDMP, whereby 75% of the 1.5% shall be apportioned to the development of host and neighboring barangays. The remainder of the amount is utilized for the development of mining technology and geosciences and for public awareness and education on mining and geosciences. OGPI also allocates funds equivalent to 10% of the approved exploration work program budget for the Community Development Program to be implemented in the areas where OGPI are undertaking exploration activities.

The SDMP aims to facilitate sustained improvement to the living standards of the host and neighbouring communities by helping to define, fund and implement development programs. OGPI work collaboratively with the MGB, local government units of the host and adjacent communities, and local contractors to complete SDMP projects.

Under the FTAA Addendum and Renewal Agreement, OGPI are required to annually allot an amount equivalent to 1% of gross mining revenues of the preceding year for the Community Development Fund (CDF) and an amount equivalent to 0.5% of the gross mining revenues of the preceding year for the Provincial Development Fund (PDF). These additional social development funds, which are included as an allowable deduction in the computation of net revenue, contribute to the sustainable social, economic and cultural development of the communities in the region.

OGPI holds the permits, certificates, licences and agreements required to conduct current operations for the Didipio Mine. The ECC issued was last amended on April 26, 2022 to increase the processing plant throughput from 3.5 Mtpa to 4.3 Mtpa.

1.15Capital and Operating Costs

All costs, unit costs and prices are in United States dollars unless otherwise noted.

Total LoM operating costs including surface operations, underground mining, processing, and administration are estimated at $1,719 million. This translates to a total unit cost of $41.42/t processed as summarized in Table 1-5.

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**Table 1-5: Operating Cost Summary ($M and $/t)**

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| | | |
|:---|:---|:---|
| **Description** | **$M** | **$/t UG Ore Mined** |
| Surface  | 39.3 | 1.32 |
| Underground Mining | 774.2 | 27.33 |
| **Subtotal Mining<sup>1</sup>** | **813.5** | **28.65** |
| **Description** | **$M** | **$/t Ore Processed** |
| Processing | 349.9 | 8.43 |
| General and Administration | 555.5 | 13.38 |
| **Total Operating Costs<sup>2</sup>** | **1719** | **41.42** |

---

Total LoM capital costs are estimated at $258.3 million. Underground capital costs are $198.9 million and summarized in Table 1-6 whilst other site capital is $59.4 million and summarized in Table 1-7.

Additional capital required to facilitate ramp up of underground mining rates and processing plant upgrades is included in estimates.

**Table 1-6: Underground Capital Cost**

---

| | | | |
|:---|:---|:---|:---|
| **Description – Underground Capital** <br>**Costs** | **Non-Sustaining Capital ($M)** | **Sustaining** <br>**Capital ($M)** | **Total Capital** <br>**($M)** |
| Capitalized Mine Development | 13.9 | 27.2 | 41.1 |
| Mining Projects | 4.3 | 71.4 | 75.7 |
| Mobile Equipment | 3.6 | 14.3 | 17.9 |
| Infrastructure – Electrical | 5.8 | 10.1 | 15.9 |
| Infrastructure – Dewatering | 10.5 | 5.9 | 16.4 |
| Infrastructure – Ventilation | 13.3 | 2.0 | 15.3 |
| Exploration | 3.6 | 3.3 | 6.9 |
| Underground Other | - | 9.7 | 9.7 |
| **Total Capital Costs (Underground)** | **55.0** | **143.9** | **198.9** |

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**Table 1-7: Surface and Other Capital Costs**

---

| | | | |
|:---|:---|:---|:---|
| **Description – Surface & Other Capital Costs** | **Non-Sustaining Capital ($M)** | **Sustaining Capital ($M)** | **Total Capital** <br>**($M)** |
| Surface Assets and Equipment | 7.3 | 20.2 | 27.5 |
| TSF Design and Construction | - | 15.0 | 15.0 |
| Community Relations | 7.4 | - | 7.4 |
| Process Plant Infrastructure | 2.6 | 2.2 | 4.8 |
| Exploration | 2.3 | - | 2.3 |
| Rehabilitation | - | 2.4 | 2.4 |
| **Total Capital Costs (Surface/ Other)** | **19.6** | **39.8** | **59.4** |

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<sup>1</sup> Mining unit costs are calculated using mined ore tonnes as the denominator

<sup>2</sup> Processing, G&A and Total Operating unit costs are calculated using processed tonnes as the denominator

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1.16Economic Analysis

All revenues, costs, prices and economic indices are in United States (US) dollars unless otherwise noted. Economic analysis is undertaken in real terms (constant 2026 dollars). No inflation or escalation is included.

Under the terms of the FTAA, Net Revenue<sup>3</sup> is shared between the Government and OGPI on a 60/40 basis; that is, the Government receives 60% of the Net Revenue (as defined) and OGPI receives the remaining 40%. The OGPI FTAA is not covered by the new mining fiscal regime under the Enhanced Fiscal Regime for Large Scale Metallic Mining Act, which was signed into law in September 2025.

In the financial summary presented below, cash flows and net present value (NPV) as presented are OGPI's share after taking into account all of the estimated local and production-based taxes, royalties, and payments to local and national government and income tax where defined, including the Additional Government Share that achieves the abovementioned 60/40 ratio.

As the project is operating and is valued on a total project basis with prior expenditures treated as sunk capital, and not by an incremental analysis of the underground mine, an Internal Rate of Return (IRR) value is not relevant in this analysis.

Two pricing scenarios have been analyzed for the economic analysis of the project – an OceanaGold Reserves case and an alternative price case. The alternative price case assumes metal prices closer to current spot prices and is detailed in Table 1-8.

**Table 1-8: Metal Price Assumptions**

---

| | | |
|:---|:---|:---|
| **Description** | **Reserves Case** | **Alternative Price Case** |
| Gold ($/oz) | 2200 | 4000 |
| Silver ($/oz) | 25 | 45 |
| Copper ($/lb) | 4.00 | 5.00 |

---

Post-tax project economic metrics are summarized in Table 1-9. At OceanaGold Reserve prices, the project delivers post-tax cashflow of $517 million and NPV5 of $384 million. The alternative price scenario delivers post-tax cashflow of $1,323 million and NPV5 of $1,018 million.

<sup>3</sup> Under the FTAA, Net Revenue is the gross mining revenues derived from operations, less allowable deductions and an amortization deduction.

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**Table 1-9: LoM Post-Tax Financial Results**

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| | | |
|:---|:---|:---|
| **Description** | **Reserves Case** | **Alternative Price** <br>**Case** |
| **Metal Prices** | **Metal Prices** | **Metal Prices** |
| Gold ($/oz) | 2200 | 4000 |
| Silver ($/oz) | 25 | 45 |
| Copper ($/lb) | 4.00 | 5.00 |
| **Revenue ($M)** | **Revenue ($M)** | **Revenue ($M)** |
| Gross Gold Revenue | 2197 | 3994 |
| Gross Copper Revenue | 1072 | 1340 |
| Silver by-product Credit | 18 | 42 |
| **Total Revenue** | **3287** | **5375** |
| **Costs ($M)** | **Costs ($M)** | **Costs ($M)** |
| Underground Mining | 814 | 814 |
| Processing | 350 | 350 |
| General and Administration | 555 | 555 |
| **Total Operating Costs** | **1719** | **1719** |
| Treatment and Refining Charges (TCRC), <br>Deductions & Selling Costs | 159 | 206 |
| Royalties, Production Taxes, Levies, <br>Government Payments | 468 | 1229 |
| Stock Movement (Cash) | 52 | 20 |
| **EBITDA** | **889** | **2201** |
| Income Tax and Other Finance Cost | 135 | 616 |
| Capital Expenditure | 258 | 258 |
| Other Working Capital | (21) | 4 |
| **Financial Metrics ($M)** | **Financial Metrics ($M)** | **Financial Metrics ($M)** |
| Pre-Tax Net Cash Flow | 652 | 1939 |
| **After Tax Net Cash Flow** | **517** | **1323** |
| Pre-Tax NPV @ 5% | 488 | 1491 |
| **After Tax NPV @ 5%** | **384** | **1018** |
| **All-In Sustaining Cost ($/oz)** | **All-In Sustaining Cost ($/oz)** | **All-In Sustaining Cost ($/oz)** |
| AISC | 1275 | 1161 |

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1.17Conclusions and Recommendations

1.17.1Conclusions

The following conclusions have been drawn from this Technical Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Mineral Resources and Mineral Reserves have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Qualified Persons (QP) considers that the sample preparation, security and analytical procedures used for the Didipio Mine are appropriate and adequate for the style of mineralization being assessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While ongoing annual reconciliation fluctuations are expected, the Resource estimates are believed to provide an acceptable basis for medium to long term mine planning purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential extensions to the current underground designs are likely following re-start of in-fill drill programs at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The mining method, layout and size of the underground orebody is amenable to production rates in excess of 2.5 Mtpa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completion of dewatering in 2025 will enable the opening of additional mining fronts at depth in 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased lateral development rates are scheduled to open up additional production fronts in the lower levels of the mine to facilitate increased underground mining rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An updated mining sequence in the Western Breccia Zone is expected to deliver a sustainable production profile with reduced geotechnical risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The processing plant workforce and management team are well established and successfully operating the plant at rates exceeding 4.1 Mtpa and implementing capital improvements to enable ramp up to 4.3 Mtpa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Metallurgical recovery for both copper and gold have tracked well with modelled recoveries over the life of the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Several capital projects are underway to improve resiliency for water management and facilitate increased mining rates from the underground mine including ongoing active dewatering, main pump station design, procurement and installation, primary ventilation upgrades, and upgrades to the surface pastefill plant and underground reticulation network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Project economics are cashflow positive at OceanaGold Reserve price of $2,200/oz and robust at alternate pricing scenario that is closer to spot metal prices (as at December 31, 2025).

1.17.2Recommendations

Recommended work program costs are included in cost models and financial analysis. Based on the conclusions of the Technical Report, the following actions are recommended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A comprehensive model to mine to mill reconciliation review is recommended to better attribute fluctuations to mining modifying factors, surface stockpile performance, or other potential causes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restart underground in-fill resource drilling programs in early 2026 with a focus on conversion of material at depth in Panel 3 and Panel 4 to Measured and Indicated Resources and further assessment of Panel 5 at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advance geological understanding and further Resource potential of the high-grade Breccia complex and Balut complex at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to pursue district-wide exploration opportunities on a number of prospects within the FTAA, including additional drilling (currently in progress) to further characterize the potential at True Blue as a near-mine future ore source;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure adequate skilled labour is sourced to facilitate increased lateral development rates in the lower levels of the mine in 2026 and 2027 to open up additional stoping fronts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prioritize the re-establishment of active dewatering in the lower levels of the mine to enable aquifer drawdown;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure the main decline development is supported by fit-for-purpose dewatering infrastructure and restarted in 2026 to supplement emergency flood water storage during the wet season;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further refinement of the groundwater model is recommended to improve the reliability of predicted regional aquifer drawdown resulting from planned infrastructure installation, including model recalibration using updated hydrogeological data and evaluation of uncertainty through sensitivity analyses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Focus on quality mining and schedule discipline during the embedment of a more conservative mining sequence in the Western Breccia zone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete processing plant upgrades to plant material handling and pumping systems to allow treatment at 4.3 Mtpa rates by Q4 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the benefits of alternative technology to improve copper recovery in surface stockpiles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue future ore testing for recovery variability on underground drill core as it becomes available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete surface water diversion projects and upgrades to the in-pit pumping system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue upgrade works to the surface paste plant and underground reticulation system to facilitate increased pastefill rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prioritize primary ventilation upgrades including geotechnical investigation programs for additional shafts and early engagement with raisebore contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure dedicated project management and procurement plans are in place for other ventilation related upgrades including ventilation on demand implementation, and upgrades to the primary surface fans to facilitate increased volumes required for additional haulage fleet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain a high priority on aquifer depressurization programs including establishment and commissioning of the 2250 mRL borefields and active dewatering at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure critical components are sourced to enable construction and commissioning of CPS 1 in 2027.

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2Introduction

2.1Terms of Reference

This report has been prepared to support disclosures in OceanaGold's Annual Information Form (AIF) for the year ended December 31, 2025.

This report provides updated information on the Didipio Mine, including an updated Mineral Resources and Mineral Reserves estimate.

References in this report to OceanaGold refers to OceanaGold Corporation.

This report uses Mineral Reserve and Mineral Resource classification terms that comply with reporting standards in Canada and the Mineral Reserve and Mineral Resource estimates are made in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Council – Definition Standards for Mineral Resources & Mineral Reserves adopted by the CIM Council on May 19, 2014, which were adopted by the Canadian Securities Administrators' National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).

2.2Sources of Information and Data

Reports and documents listed in Section 27 of this report were used to support preparation of the report. Additional information was provided by OceanaGold personnel as requested. Supplemental information was also provided to the Qualified Persons by third-party consultants retained by OceanaGold in their areas of expertise.

2.3Qualified Persons

The following individuals, by virtue of their education, experience and professional association, are considered Qualified Persons (QP) as defined in the NI 43-101 standard and are members in good standing of appropriate professional institutions. QP certificates of authors are provided in Appendix A. The QPs are responsible for specific sections summarized in Table 2-1.

**Table 2-1: Qualified Persons Responsible for Technical Report Preparation**

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| | | | |
|:---|:---|:---|:---|
| **Qualified Person** | **Employer** | **Position** | **Tech Report Item(s) Contributed** |
| David Carr (Not Independent)<br>BEng Metallurgical (Hons)<br>MAusIMM CP Metallurgy | OceanaGold | Head of Metallurgy | Sections: 13,17,18,19 |
| Phillip Jones (Not Independent)<br>BEng Mining (Hons)<br>MAusIMM CP Mining | OceanaGold | Head of Underground Mining | Sections: 1,2,3,4,5,15,16,21,22,23,24,25,26 |
| Jonathan Moore (Not Independent)<br>BSc Geology (Hons) <br>MAusIMM CP Geology | OceanaGold | Head of Resource Development | Sections: 6 to 12, <br>14,20 |

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2.4Site Visits and Scope of Personal Inspection

Mr. Carr has visited the property on several occasions since 2012 and last visited the property in March 2026. During site visits, Mr. Carr inspected the processing plant, maintenance facilities and TSF areas.

Mr. Jones has visited the property on several occasions since 2020 and last visited the property in November 2025. During the site visit, Mr. Jones inspected underground production levels, infrastructure and mining equipment and reviewed aspects of mine design and planning.

Mr. Moore has visited the property on several occasions since 2012 and last visited the property in July 2025. During the site visit, Mr. Moore inspected drill core, the underground mine and reviewed aspects of mine geology, Mineral Resource estimation and reconciliation practices.

2.5Units of Measure

The Metric System for weights and units has been used throughout this report unless otherwise noted. Tonnes are reported in metric tonnes of 1,000 kg. Gold is reported in grams and troy ounces, where applicable (1 Troy ounce = 31.1035 grams). All currency is in U.S. dollars (US$) unless otherwise stated.

2.6Effective Date

The effective date of this Technical Report is December 31, 2025.

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3Reliance On Other Experts

The Qualified Persons' opinions contained herein are based on information provided by OceanaGold through the course of the investigations. The Qualified Persons have relied upon OceanaGold and the work of other consultants in various project areas in support of this Technical Report.

The Qualified Persons have used their experience to determine if the information from previous reports was suitable for inclusion in this Technical Report and adjusted information that required amending. This report includes scientific and technical information, which required subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, the Qualified Persons do not consider them to be material.

For reporting of environmental, permitting and social or community impact matters in Section 20 of this Technical Report, the Qualified Persons have relied upon information provided by OGPI's Didipio Manager of Environment and Social Responsibility in a report dated March 16, 2026.

For applicable taxes, royalties and other government levies or interests applicable to revenue or income from the Didipio Mine in Section 22 of this Technical Report, the Qualified Persons have relied on ownership information provided by OGPI's Chief Financial Officer in a report dated March 16, 2026.

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4Property Description and Location

4.1Property Location

The Didipio Mine is located in the north Luzon Island approximately 270 km NNE of Manila, in the Republic of the Philippines as highlighted in Figure 4-1.

![logo_01a.jpg](logo_01a.jpg)

**Figure 4-1: Location Map Didipio Gold Mine**

The site is at 121.45º E 16.33º N (World Geodetic System 1984). The underground mine grid is discussed in Section 10.5. The FTAA straddles a Provincial boundary, with part of the property within the Province of Nueva Vizcaya and part within the Province of Quirino. The location of the

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FTAA area and the Didipio Mine are shown in Figure 4-2 subject to the outcome of a pending litigation between the two provinces in the area.

![logo_02a.jpg](logo_02a.jpg)

**Figure 4-2: FTAA Boundaries and Provincial Boundaries**

The FTAA covers 5,000 hectares as shown in Figure 4-2. The original FTAA covered 37,000 hectares with parts relinquished annually under the terms of the agreement. The latest relinquishment

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report was lodged on December 26, 2025 where OGPI relinquished 1,957 hectares and retained 5,000 hectares as remaining FTAA contract area. No further relinquishments are required as the property is now within the maximum size for retained area stipulated under the agreement. The approved PDMF for the Didipio Mine covers 975 hectares within the FTAA. The PDMF is a critical regulatory milestone approving specific areas for commercial operation that allows mining to proceed within the FTAA. The boundary of the original FTAA, the updated FTAA and PDMF are shown in Figure 4-3

![logo_03a.jpg](logo_03a.jpg)

**Figure 4-3: FTAA Boundaries**

4.2Mineral Tenure

4.2.1Financial or Technical Assistance Agreement (FTAA)

The Didipio Mine is covered by the FTAA which grants OGPI the right to undertake large-scale exploration, development and mining of gold, silver, copper and other minerals within a fixed fiscal sharing regime.

The FTAA application was first lodged in February 1992 and granted to CAMC (subsequently renamed OceanaGold (Philippines) Exploration Corporation or OGPEC) on June 20, 1994, under Executive Order No. 279 and the Mineral Resources Development Decree of 1974. The FTAA

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therefore pre-dates the PMA, which is the empowering legislation for subsequent FTAAs. On December 9, 2004, the DENR approved the transfer of all of CAMC's rights and obligations under the FTAA to OGPI. OGPI is the current holder of the Didipio FTAA.

Pursuant to the FTAA, OGPI notified the DENR that commercial production had commenced at the Didipio Mine on April 1, 2013.

The FTAA makes provision for exploration over tenements outside the PDMF area for a five-year term from grant of the FTAA, subject to further extensions. OGPI secured two extensions of the exploration period in 2005 and 2016. In September 2024, OGPI obtained approval for a further five-year extension of the FTAA exploration period covering 2024 to 2029.

The initial 25-year term of the FTAA ended on June 20, 2019. On the same day, the MGB issued a letter stating that OGPI was permitted to continue its mining operations pending the approval of the renewal of the FTAA. On June 25, 2019, the Nueva Vizcaya Provincial Government considered the FTAA to have expired and blockaded access to the Didipio Mine. This resulted in the temporary suspension of underground mining in July 2019 and processing in October 2019.

On July 14, 2021, the Philippine Government confirmed the renewal of the FTAA through the execution of the FTAA Addendum and Renewal Agreement, extending the term for a further 25 years commencing June 2019 and ending in June 2044. The FTAA Addendum and Renewal Agreement imposed certain additional obligations, including each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision for an additional Social Development Fund (SDF) equivalent to 1.5% of the gross mining revenue of the preceding calendar year. 1% of the fund will be allocated as CDF and 0.5% is for the PDF for the provinces of Quirino and Nueva Vizcaya. The expenses for the SDF shall be included as an allowable deduction from the gross mining revenue under the FTAA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reclassification of the NSR to be an allowable deduction and shared 60% / 40% rather than wholly included in the government share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Listing of at least 10% of the common shares in OGPI on the Philippine Stock Exchange within three years from confirmation of FTAA renewal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OGPI to offer for purchase by the Bangko Sentral ng Pilipinas (which is the central bank of the Philippines) not less than 25% of its annual gold doré production at a fair market price and on mutually agreed terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OGPI shall transfer its principal office to a local government unit in either of the host provinces of Nueva Vizcaya or Quirino within two years.

OceanaGold has complied with all the above amendment terms including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer of the principal office to the Didipio Mine, Didipio, Kasibu, Nueva Vizcaya in February 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Successful completion of the initial public offering of 20%<sup>4</sup> of the outstanding common shares of OGPI on the Philippines Stock Exchange on May 13, 2024 under the ticker symbol 'OGP'; and

<sup>4</sup> The 20% public float satisfied the Philippine Stock Exchange's minimum requirement and complied with the 10% mandatory listing required under the renewed FTAA

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execution of an agreement with the Bangko Sentral ng Pilipinas on May 5, 2022 for the sale of at least 25% of its annual doré production<sup>5</sup>, which was renegotiated in 2024 for a further three (3) year term.

Following the confirmation of the renewal of the FTAA, OGPI commenced a restart of operations. In November 2021 processing restarted with stockpile feed followed by underground production later that month ramping up to achieve full production rates by Q2 2022 and has operated uninterrupted since that time.

Furthermore, the FTAA provides that OGPI shall be required, after ten years from the recovery of pre-operating expenses and property expenses under the FTAA or 20 years after the original effective date of the FTAA, whichever is later, to divest its equity within a period of one year by either: (a) disposing 60% of its equity holdings (or such lesser equity requirement as may be imposed by law at that time) to be a qualified entity to Filipinos or any Philippine juridical entity at the end of such year; or (b) allowing the terms of the FTAA to continue to govern the relation of the parties therein and by disposing 60% of its equity holdings (or such lesser equity requirement as may be imposed by law at that time) to be a qualified entity to Filipinos or any Philippine juridical entity. The one-year divestment period may be extended by the DENR Secretary if there are justifiable economic reasons warranting the extension, and if the divestment requirement is met, OGPI can, at its option, avail of the rights and privileges of converting the FTAA into a mineral production sharing agreement, in which case the revenue sharing under the FTAA shall no longer apply.

In a letter dated October 1999 from the DENR Secretary, the DENR stated that it does not interpose any objection to the deletion of the divestment requirement, as the PMA and its implementing rules and regulations do not prescribe or impose any mandatory divestment requirement on mining companies. The deletion of the divestment requirement was not discussed during the FTAA renewal process and the FTAA Addendum and Renewal Agreement does not address the divestment provision in the FTAA.

The Didipio FTAA is not covered by the new fiscal regime mandated by Republic Act No. 12253 of the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, which was signed into law in September 2025.

4.2.2Entitlements of Addendum Claimowners

The Addendum Claimowners are entitled to (i) an 8% free carried interest in OGPI and (ii) a 2% NSR, in each case applicable only to a certain area pursuant to the Gonzales Addendum Agreement. The relevant area comprises a portion of the FTAA, including the PDMF area in its entirety, which encompasses the Didipio Mine.

It is expected that the 8% free carried interest will be reflected as an equity interest in the capital stock of OGPI through the issuance of new shares in OGPI to the Addendum Claimowners. However, there are two pending legal cases with respect to the Gonzales Addendum Agreement.

Under the Gonzales Addendum Agreement, the shares of stock corresponding to the 8% interest of the Addendum Claimowners in OGPI, when issued, shall have voting rights and shall have similar rights and privileges as those of the shares of stock of the other shareholders holding the remaining 92% of the equity of OGPI in respect of voting rights and distribution of dividends. Thus, apart from

<sup>5</sup> In 2025 a total of 30.54% of Didipio's doré production was sold to the Bangko Sentral ng Pilipinas

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voting rights, the 8% free carried interest will entitle the Addendum Claimowners to a proportionate share of any dividends declared from the net profits of OGPI after full recovery of our pre-operating expenses and property expenses and with respect only to the area defined therein. Pursuant to the FTAA, any entitlements flowing to the Addendum Claimowners after recovery of pre-operating expenses and property expenses form part of the Philippine Government's share in the net revenue.

The Addendum Claimowners are also entitled to a 2% NSR in respect of a certain area defined in the FTAA. Under the original FTAA, the NSR due to the Addendum Claimowners are considered part of the Government share in net revenue and therefore borne by the Government in its entirety. However, under the FTAA Addendum and Renewal Agreement, the 2% NSR due after July 2021 is classified as part of allowable deductions against net revenue and therefore shared 60% / 40% between the Government and OGPI, respectively.

Under the Gonzales Addendum Agreement, the payment of the 2% NSR shall commence upon actual production from the area of interest and shall be derived and payable by OGPI from the sale of gold doré and/or copper concentrate and other by-products from the operation of the area of interest.

OGPI have accrued the 2% NSR since the commencement of actual production in 2013 pending the final resolution of the outstanding cases. The timing of cash settlement of the accrued NSR remains dependent on resolution of the proceedings. As of December 31, 2025, OGPI have accrued $83.7 million ($69.6 million of royalties and $14.1 million related to free-carried interest) pertaining to this claim.

4.3Environmental Compliance Certificate and Partial Declaration of Mining Feasibility

Although the Didipio FTAA was granted prior to the PMA, in common with subsequent FTAAs granted under the PMA and its Implementing Rules and Regulations, an ECC and a PDMF are both required as a condition of the implementation of the FTAA. Both an ECC and a PDMF have been obtained and remain in place for the Didipio Mine.

The PDMF was approved under a DENR Order dated October 11, 2005, and OGPI was deemed to have satisfied all conditions required for its approval. The declaration, covering 975 km<sup>2</sup>, was defined as only 'partial' as it applied specifically to the development zone around the Didipio deposit. OGPI retains the right to seek further partial declarations of mining feasibility in the future over other deposits in the broader Didipio FTAA area. The PDMF approval allows for, among other matters, open-pit and underground mining, a tailings storage facility and impoundment, waste rock stacks, a process plant, an explosives magazine and watersheds. The Definitive Feasibility Study completed in 1998 specified the initial project mining methods, production rate, processing methods and other aspects of the mining operation.

On August 11, 1999, the Company obtained an ECC (No. 9801-001-301) for the project. The ECC specifies the environmental management and protection requirements including the submission of an EPEP, an annual EPEP, a FMR/DP, and a SDMP. The ECC was amended in 2000 and 2004 to accommodate project modifications.

Following further optimization studies in the last quarter of 2010 and early part of 2011, OGPI identified certain changes that could be made to optimize the value of Didipio. The changes

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included revised processing capacity - from 2.5 Mtpa to 3.5 Mtpa, and the change in the mining methodology - from a limited open-pit operation followed by underground mining operation utilising sub-level caving and benching, to an open-pit for followed by an underground stoping operation with paste backfill. Considering these modifications, the ECC was further revised and the amended ECC named ECC-CO-1112-0022 was issued on December 10, 2012. An additional amendment was approved by the DENR on July 15, 2015, allowing for the construction of approximately 3.35 km of Overhead Power Line (OHPL) and the High Voltage (HV) Sub-station within the FTAA Area (approximately 1500 m<sup>2</sup>). A separate ECC was also approved for the establishment and operation of onsite Sanitary Landfill under ECC No. ECC-OL-RO2-2016-0083 issued on June 28, 2016, in addition to the main project ECC.

On July 4, 2016, OGPI applied for the amendment of the ECC-CO-1112-0022 to cover further potential increase in processing throughput from 3.5 Mtpa to 4.3 Mtpa. The application, however, was impacted by the moratorium under DENR Memorandum Order No. 2016-01 which also includes the processing of any ECC-related applications. Following issuance of the DENR's clarificatory memorandum dated December 22, 2017, eliminating the processing of ECC applications from the coverage of the moratorium, the ECC amendment application was resubmitted on February 19, 2018, and the first review was completed on January 21, 2019, followed by the conduct of the public hearing on March 7, 2019. Subsequently, the Environmental Impact Assessment Review Committee (EIARC) completed the review of the ECC amendment application and endorsed the approval thereof. After the confirmation of the renewal of the FTAA, the EIARC conducted final deliberation of the ECC amendment, and the ECC amendment was approved and issued on April 26, 2022 as ECC No. ECC-CO-1901-0002.

4.4Didipio Ownership Structure

Following the completion of the initial public offering of 20% of the issued and outstanding common shares in the capital of OGPI on the Philippine Stock Exchange, Inc. on May 13, 2024, OceanaGold Corporation holds an 80% interest in OGPI. The ownership structure for the Didipio assets is illustrated in Figure 4-4.

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![logo_04a.jpg](logo_04a.jpg)

**Figure 4-4: Didipio Mine Ownership Structure**

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5Accessibility, Climate, Physiography, Local Resources, and Infrastructure

5.1Topography, Elevation and Vegetation

The Didipio Mine is located approximately 270 km NNE of Manila in the southern part of the Mamparang mountain range adjacent to the border of Nueva Vizcaya and Quirino Provinces as shown in Figure 5-1.

The project area is located within the southern part of the Cagayan Valley basin in north-eastern Luzon, the Philippines. The area is bounded on the east by the Sierra Madre Range, on the west by the Luzon Central Cordillera range and on the south by the Caraballo Mountains. The regional geology comprises late Miocene volcanics, volcaniclastics, intrusives and sedimentary rocks overlying a basement complex of pre-Tertiary tonalites and schists. This geology is consistent with an island arc depositional and tectonic setting.

The geomorphology of the project area is diverse. The project can be generally sub-divided into at least six geomorphic units: ridges-and-spurs, escarpment zones, hills-and-slopes, valley-and-gully sides, infilled valley bottom and mass movement zones. Infilled valley bottoms occur as narrow strips of low and flat-lying areas within the project area. These areas occupy the main Didipio Valley. Morphological associations include the floodplain and terraces along the Didipio River. The valley floor near the project centre is at 690-700 m above sea level with the surrounding ridgelines rising another 150-200 m above this. In the project area, three segments of existing vegetative cover have been identified, and consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grassland, which covers both primary and secondary impact areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brushland (riparian), which is located within the primary impact site; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Low-density forest, which is located within the secondary impact area.

Development of the operation has involved partial clearance of some vegetative cover, comprising the clearance and covering or inundation of trees, brush and scrub. All removal of trees has been subject to appropriate clearance permits, which ensure that any trees of harvestable size are harvested in accordance with regulatory requirements.

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![logo_05a.jpg](logo_05a.jpg)

**Figure 5-1: Didipio Location Map (Not to Scale)**

5.2Accessibility

Barangay Didipio is approximately 36 km east of Bayombong and about 40 km south of Cordon off the National Maharlika Highway. Presently, access to Didipio is from the north commencing at the national highway at Cordon, continuing along a concrete paved road to Cabarroguis and thereafter passing a concrete bridge over the Dibibi River. The Dibibi-Tucod Didipio Provincial Road serves as the main route for fuel deliveries, employee travel and concentrate transport. In total, over 160 km of roads have been improved in Nueva Vizcaya and Quirino.

The concentrate haulage route follows the Maharlika Highway over approximately 370 km from Didipio to Poro Point Port, San Fernando, La Union. Road conditions are generally good; however

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sections include sharp curves, steep gradients and intermittent rough surfaces, particularly through the Dalton Pass.

Alternate access to the site, suitable for vehicle sizes up to small trucks, extends east from the National Maharlika Highway at Bambang. The road is fully sealed to the town of Kasibu. Thereafter, the road is 100% all weather and partially sealed to Barangay Capisaan and to the Didipio TSF.

The nearest airport to the project is the Cauayan Airport in Isabela approximately 100 km away by road. The terrain within the project area is not amenable for the construction of an airstrip. A helipad is maintained for emergency purposes.

Commercial air services operate seven days per week between Manila and Cauayan (about three hours travelling time from the Didipio site by road). The total travel time to site from Manila by road and air is approximately 8 hours.

5.3Climate

Didipio is classified under the Type III Modified Corona's Classification. Type III climate typically has no pronounced maximum rainfall period with a dry season from one to three months, usually during the period from December to February or from March to May. Figure 5-2 shows the location of Didipio within the Modified Corona's Classification.

![logo_06a.jpg](logo_06a.jpg)

Source: Philippine Atmospheric, Geophysical and Astronomical Services Administration

**Figure 5-2: Modified Corona's Classification of the Philippines**

At the Didipio Mine, rainfall has been monitored daily since May 1989. The mean annual number of rainfall days at the site is 226 and the mean annual rainfall is 3,388 mm. Consistent with the Type III Modified Corona's Classification, the mine site area experiences a tropical climate consisting of three main seasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The south-west monsoon season in June-September;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The north-west monsoon in October- January;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A seasonal transition period in February-May.

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Didipio receives most of its rainfall during the monsoon seasons. As shown in Table 5-1 and Figure 5-3 the wettest months are normally November and December and the driest month is normally April.

**Table 5-1: Didipio Average Monthly Rainfall (mm)**<sup>6</sup>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Jan** | **Feb** | **Mar** | **Apr** | **May** | **Jun** | **Jul** | **Aug** | **Sep** | **Oct** | **Nov** | **Dec** |
| 37-Year Ave. | 242.2 | 166.0 | 131.4 | 139.4 | 197.9 | 187.3 | 274.6 | 269.7 | 330.4 | 465.4 | 454.9 | 540.3 |
| 2025 | 354.6 | 384.6 | 211.9 | 41.0 | 54.5 | 236.0 | 75.0 | 424.0 | 524.4 | 422.6 | 969.1 | 634.5 |

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![logo_07a.jpg](logo_07a.jpg)

**Figure 5-3: Average Monthly Rainfall for Didipio (mm)**

The maritime setting of the Philippines results in relatively small temperature ranges being experienced. Based on the temperature monitoring data from 2012 to present at site, the mean annual temperature at the project site is 22.8ºC. The hottest months were May 2012 and July 2014, and the coldest month was January 2014.

Luzon Island's setting combined with its high rainfall, results in high humidity levels. The average annual humidity is 80.9% and nearly all regional weather stations report a relative humidity in excess of 70% on a monthly basis. A large majority of these stations report a relative humidity of greater than 80% for more than eight months of the year. The prevailing winds tend to conform to the dominant seasonal air streams. Consequently, north-east winds are associated with the north-

<sup>6</sup> Source: Didipio rainfall measurement stations

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east monsoon season. Local topography and diurnal effects do, however, influence this general trend to some extent. The average annual wind speed is 3.75 m/s.

The Didipio region is subject to the effects of an average of two tropical typhoons a year, which, together with topographical effects, can greatly influence wind speeds and contribute to the high annual rainfall. In such instances, wind speeds can exceed 50 m/s and may reach as much as 75 m/s. The average wind speed over such surge periods normally exceeds 38 m/s.

The Didipio Mine has experienced direct impacts from several typhoons since commercial operations commenced in 2013. The effect on operations can vary depending on the severity of the typhoon. OGPI monitors typhoon and tropical storm development progress and has developed emergency planning to protect personnel and equipment in the event of a typhoon impacting the site.

5.4Local Resources and Infrastructure

5.4.1Site Infrastructure and Surface Rights

More detailed infrastructure information is contained in Chapter 18 in this document. Current site infrastructure includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 52 hectare open-pit (final design surface disturbance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 4.3 Mtpa capacity processing plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A diesel-powered backup power station supplying a maximum of 16 megawatts (MW);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An incoming 69kV overhead HV powerline and switchyard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 129-hectare TSF which includes the flowthrough intake and the impoundment area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 64-hectare waste rock dump, a portion of which has already been rehabilitated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workforce accommodation compounds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Water treatment plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Plant sediment ponds and other waste-water storage ponds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warehousing, workshops, offices and crib rooms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fuel farm, backfill paste plant, emulsion plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Site roads and bridges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Armoured river diversion channel

OGPI has acquired surface rights over all the land on which the current and planned site infrastructure is located.

The daily water demand for the Didipio Mine at a 4.3 Mtpa processing rate is approximately 20,000 m<sup>3</sup>, of which 100% is recycled water from TSF decant water and underground mine dewatering after being treated at the Arsenic Treatment Plant (ATP). Fresh makeup water was sourced previously from the five deep bores around the perimeter of the open-pit mine. In the third quarter of 2018, these boreholes were decommissioned. The current source of domestic and raw water supply for the camp and processing plant comes from either the Madadag levee or from the water treatment plant.

A water discharge permit (Permit No. DP-RO2-23-07760) for the TSF is currently held to allow discharge of up to 47,520 m<sup>3</sup> per day from the TSF. A water treatment plant with capacity to process 48,000 m<sup>3</sup> per day ensures OGPI meets the required discharge standards. In the event of heavy rainfall in excess of the combined capacity of the decant system, the water treatment plant and

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available storage capacity in the TSF, clean decant water from the TSF can be discharged via an emergency direct discharge pipeline.

5.4.2Power Supply

Since November 2015, Didipio has been operating on National Grid Power as its main operational power supply. Diesel powered generators remain in place and provides up to 16MW back-up power to the operation. Details on power, future requirements, and contracts are covered in Sections 18.2 and 19.6.

5.4.3Sewage

Sewage from locations around the Didipio Mine site are piped or transferred to a site-based sewage treatment plant for which OGPI holds a Discharge Permit: No. DP-R02-22-02691. This permit allows the discharge of wastewater up to 400 m<sup>3</sup> per day to the Didipio River.

5.4.4Refuse Disposal

As part of the Company's commitment to comply with its ECC, OGPI is implementing best practice reusing and recycling in waste management. A separate ECC has been approved for the establishment and operation of onsite Sanitary Landfill under ECC No. ECC-OL-RO2-2016-0083 issued on June 28, 2016, as an addition to the main project ECC and thereby superseded by ECC-CO-1901-0002. Recyclable wastes are collected in a material recovery facility operated by a contractor and sold to recyclers. Scrap metals generated in the operation are collected at a metal scrap yard and sold to scrap metal buyers. Waste oils and lubricants are recovered and disposed of at a registered waste treatment or disposal facility in accordance with Philippines Government requirements.

5.4.5Port Facilities

The Port of Manila (372 km from the Didipio site) is the destination port for inwards transit of bulk goods and reagents, while the existing copper concentrate storage and shipment facilities at Poro Point, La Union (356 km from the Didipio site) is the departure port for the shipment of copper ore concentrate.

5.4.6Personnel

OGPI and its main contractors currently employs approximately 2,304 personnel consisting of 978 OceanaGold personnel and 1,326 contractors.

Under the FTAA, OGPI is committed to a target of 100% employment of Filipinos in unskilled, skilled and clerical positions and 60% employment of Filipinos in professional and management positions. Long-term contractors servicing the project are required to follow a similar employment policy.

Where possible, recruitment for the Didipio Mine, particularly of mining and processing plant personnel, is from the local area. The Didipio Mine sources the majority of its employees from the provinces of Nueva Vizcaya and Quirino. Positions requiring skills and experience not available locally are filled from the remainder of the Philippines. There are a small number of highly skilled

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and experienced expatriate employees present at the Didipio Mine. These expatriates, who compose approximately 3% of the OGPI workforce, actively mentor and assist in the development of OGPI's Filipino employees in accordance with the Mining Act.

5.4.7Accommodation

A 878-person capacity site-based camp offering single-status accommodation is provided for all personnel recruited from outside the Didipio region. The camp includes both permanent and temporary operational accommodation in a mix of self-contained one-bedroom apartments, single bedrooms with ensuites or shared ensuites and barracks style accommodation with a shared ablutions block.

Other buildings/facilities within the accommodation camp include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kitchen and mess hall;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medical clinic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accommodation camp laundry and linen storage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recreation room and gym;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Camp office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sewage treatment plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Emergency Response Team (ERT) office and equipment storage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Emergency generators; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guard house.

The camp is operated by a local contractor, the Didipio Community Development Corporation, whose role includes providing meals, cleaning duties for the camp and mine site buildings, laundry services, provision of linen, cutlery and shuttle services for employees.

The camp has sufficient accommodation to service mine, plant and other surface infrastructure requirements for LoM plans.

5.4.8Communications

Satellite and terrestrial services provide telephone and data communications to the Didipio Mine. Mobile telephone coverage is available throughout the majority of the mining area.

A multi-channel radio network is utilized for operations communication within the mine and process plant.

In 2015, the company established an internet backbone using a fibre optic link with secondary internet users connected to the network using microwave technology. The site has a single service provider Globe – LTE which provides 4G capability to the site and local community.

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6History

6.1Prior Ownership

The Didipio area was first recognised as a gold province in the 1970s, when alluvial gold deposits were discovered. There followed a succession of owners undertaking exploration activities in the region. Prior to the Didipio Mine, there has been no large-scale mining in the Didipio region and while artisanal miners have been active in the area, there are no records of production.

Since the discovery of alluvial gold in the 1970s, the Didipio area has been held by a succession of claim holders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In May 1975, Victoria Consolidated Resources Corporation and Fil-Am Resources Inc. entered into an exploration agreement with a syndicate of claim owners who had title to an area covering the Didipio valley and undertook exploration activities, including a stream geochemistry program, between 1975 and 1977;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In April 1985, the property was explored (with work including geological mapping, panning of stream-bed sediments and ridge and spur soil sampling) by a consultant geologist engaged by local claim owner Jorge Gonzales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In September 1987, Geophilippines Inc. investigated the Didipio area and lodged mining lease applications in November 1987;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 1989, Cyprus Philippines Corporation and subsequently Arimco NL (as Arimco Mining Corporation in the Philippines) entered into an agreement with Geophilippines Inc. and the local claim owner, Jorge Gonzales, to explore the Didipio area, undertaking an exploration program between April 1989 and December 1991; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 1992, Climax acquired control of Armico Mining Corporation (renamed CAMC) and the entire Cyprus-Arimco NL interest in the Didipio Project. The FTAA was executed in 1994 and was subsequently assigned from CAMC to Australasian Philippines Mining Incorporated in 2004. Australasian Philippines Mining Incorporated was subsequently renamed to OGPI.

6.2OceanaGold

In 2006, Oceana Gold Ltd and Climax Mining Ltd merged. Construction activities at the Didipio project commenced in 2008, however, the project was placed in care and maintenance in December of that year following the deterioration of global financial markets and project funding constraints.

Detailed design recommenced in 2010 with construction onsite commencing in November 2011. Open-pit mining started in July 2012 and commercial production was declared on April 1, 2013 at a 2.5 Mtpa rate, increasing to 3.5 Mtpa in 2015.

6.3Previous Work

Indigenous miners from Ifugao Province first discovered alluvial gold in the Didipio region in the 1970s. Gold was mined either by the excavation of tunnels following high-grade quartz-sulphide veins associated with altered dioritic intrusive rocks, or by sluice mining in softer, clay-altered zones. Gold was also recovered by panning and sluicing gravel deposits in nearby rivers, and small-

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scale alluvial mining still takes place. No indications of the amount of gold recovered have been recorded.

Since 1975, exploration work carried out in the area has been managed by the following (note that where Resources are mentioned but not quoted, it is because they are not compliant with CIM Definition Standards):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From 1975 to 1977, Victoria Consolidated Resources Corporation and Fil-Am Resources Inc undertook a stream geochemistry program, collecting 1,204 pan concentrates samples that were assayed for gold, copper, lead and zinc. A large area of hydrothermal alteration was mapped, but, although nine drill holes were planned to test it, no drilling eventuated. Despite recognition of an altered diorite intrusive (the Didipio Gold-Copper Deposit), no further work was undertaken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marcopper Mining Corporation investigated the region in 1984, followed in April 1985 by a consultant geologist (E P Deloso) who was engaged by local claim owner Jorge Gonzales. Work by Deloso included geological mapping, panning of stream-bed sediments and ridge and spur soil sampling. Deloso described the Didipio Gold-Copper Deposit as a protruding ridge of diorite with mineralized quartz veinlets within a vertically dipping breccia pipe containing a potential resource. Benguet Corporation examined the Didipio area in September 1985 and evaluated the bulk gold potential of the diorite intrusion. Work included grab and channel sampling of mineralized outcrops, with sample gold grades ranging up to 12 g/t Au and copper averaging 0.14% Cu. It was concluded that the economic potential of the diorite intrusion depended on the intensity of quartz veining and the presence of a clay-quartz-pyrite stockwork at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geophilippines Inc investigated the Didipio area in September 1987 and carried out mapping, gridding, rock chip and channel sampling over the diorite ridge. In November 1987, Geophilippines Inc commissioned the DENR, Region One, to undertake a geological investigation of the region in conjunction with mining lease applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Between April 1989 and December 1991 Cyprus and then AMC carried out an exploration program that included the drilling of 16 diamond core holes into the Didipio Ridge deposit. This work outlined potential for a significant deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From 1992, Climax exploration work concentrated on the Didipio Gold-Copper Deposit, although concurrent regional reconnaissance, geological, geophysical and geochemical programs delineated other gold and copper anomalies in favourable geological settings within the wider Didipio area. Diamond drilling and other detailed geological investigations continued in the Didipio area and elsewhere in the Didipio region through 1993 and were coupled with a preliminary Environmental Impact Study (EIS) and geotechnical and water management investigations. These works included 21 diamond drill holes for a total of 7,480 m of drilling, and formed the basis for a preliminary Mineral Resource estimate and commencement of a Project Development Study (PDS) by Minproc Limited in January 1994;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional diamond drilling was completed at Didipio as part of the PDS, providing a database of 59 drill holes within the deposit. A model of the deposit was developed, and a Mineral Resource estimate made. The work identified the key parameters for potential project development, which included the likelihood of underground block caving for ore extraction. The economics of this scenario were dependent in part on the delineation of a central core of higher-grade gold and copper mineralization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A program of 17 additional diamond drill holes was undertaken to provide closer spaced sampling data primarily within an area lying above the 2400 mRL. This work was completed

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in June 1997, with all drill core assays received by early August 1997. These data formed the basis for a study completed by Minproc Limited in 1998; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By the time the FTAA was assigned to APMI in 2004, CAMC had drilled 94 drill holes into the Didipio gold-copper deposit for a total of 35,653 m of drilling.

6.4Historical Estimates

Several Resource estimates have been made since 1985. The chronology of these is presented below. As commented above, none of the Resource estimates are quoted as they do not adhere to the CIM Definition Standards. No work is proposed to upgrade or verify the historical estimates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Work by Deloso in April 1985 suggested a potential Resource;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In September 1985, Benguet Corporation estimated the total Resource potential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In December 1993, Climax produced an estimate based on available data including the first 21 diamond drill holes; interpolation method was inverse distance squared into 25 m x 25 m x 25 m blocks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Snowden Associates produced a Resource estimate in 1995 using additional drill holes (up to hole DDDH65). This model effectively used a 3 g/t AuEq interpretation and wire-framing of the high-grade core of mineralization. Interpolation was by indicator kriging into 15 m x 15 m x 15 m blocks and classification was based on search radii and number of samples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Minproc Limited DFS estimate used all 79 holes (up to hole DDDH83) plus the data for nine surface trenches. The stockwork and high-grade core were modelled separately and grades were interpolated using ordinary or indicator kriging (with grade top cutting) into 15 m x 15 m x 15 m blocks.

6.5Previous Production

There was no large-scale mining at Didipio prior to the commencement of the Didipio open-pit operation and there are no records of the production by artisanal miners although minor artisanal activity did occur. From the start of commercial production in 2013 to the end of 2025, a total of 46 Mt of ore has been mined by a combination of open-pit and underground mining methods.

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7Geological Setting and Mineralization

7.1Regional Geology

The Northeast Luzon Alkalic Province (NLAP) – in which Didipio sits – forms part of the complex island arc system of the Philippine archipelago. The NLAP today forms the southern edge of the Cagayan Valley basin, and bounded to the west by Central Cordillera Range, to the south by the Caraballo Mountains, and to the east by the Northern Sierra Madre illustrated in Figure 7-1.

![figure7-1b.jpg](figure7-1b.jpg)

**Figure 7-1: Regional Geology and Structures Northern Luzon Island**

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The regional geology comprises late Oligocene-early Miocene volcanic, volcaniclastic, intrusive, and sedimentary rocks overlying a basement complex of pre-Tertiary age that represents an island arc depositional and tectonic setting and is shown in Figure 7-2, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CB = Coastal Batholith

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NSMB = Northern Sierra Madre Batholith

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DB = Dupax Batholith

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PB = Palali Batholith

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CSC = Cordon Syenite Complex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DIC = Didipio Intrusive Complex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UMF = Upper Mamparang Formation

![figure7-2b.jpg](figure7-2b.jpg)

**Figure 7-2: Regional Stratigraphy Caraballo Mountains**

The basal sequence of the Caraballo Group is Cretaceous to Eocene age and comprises andesitic pyroclastics, andesitic lavas, and basaltic tuffs with inter-layered beds of sandstone, shale, and tuff. The Caraballo Group includes andesitic-basaltic volcanics, intruded by tonalites, diorites, quartz diorites, and gabbros of the Coastal Batholith (27 to 49 Ma) and the Dupax Batholith (26 to 33 Ma).

The Caraballo Group is unconformably overlain by the Mamparang Formation of Late Oligocene age, comprising andesitic and basaltic lavas and volcaniclastic rocks. This was intruded by various alkalic plutonic rocks of NLAP including syenite, monzonite, and a variety of potassium (K)-

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feldspar-rich igneous rocks that comprise the Cordon Syenite Complex (CSC) the Palali Batholith (PB), and the Didipio Intrusive Complex (DIC). The DIC is host to the Didipio porphyry copper-gold deposit. The alkalic intrusives of the NLAP are dated 25 to 23 Ma, coincident with the commencement of rifting along the Cagayan Valley basin as a product of eastward-directed subduction along the western margin of the Luzon Island arc (Wolfe and Cooke, 2011 and Wolfe, 2001).

Unconformably overlying the Caraballo Group and Mamparang Formation, the Palali Formation comprises basaltic and andesitic lavas, mudstones, sandstones, and dacitic pyroclastics of Early to Middle Miocene age.

Continuing subsidence of the Cagayan Valley basin that began in Late Oligocene resulted in the formation of thick sedimentary sequence of Miocene to Plio-Pleistocene carbonates and clastic sediments of the Pantabangan Formation.

The DIC and the Didipio copper-gold deposit are broadly within a set of two northwest (NW) striking lineaments that characterize the Caraballo Mountain range. This mountain range links the southern end of the Central Cordillera and the Northern Sierra Madre Mountain ranges. The set of two NW-striking lineaments bound a region of about 40 km wide and 60 km long. Contained within this region is a series of less conspicuous ENE-trending lineaments. The southeast end of this region is characterized by ridges and incised valleys forming arcuate geometries concave to NW. They are the morphological expression of folds affecting units that are generally older than the intrusive complexes.

Recent geological mapping in the Didipio region has been interpreted to indicate the Didipio Gold-Copper Deposit is hosted within the multi-phase Dinkidi Stock, which is in turn part of a larger alkalic intrusive body, the Didipio Igneous Complex. The Didipio Igneous Complex consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An early composite clinopyroxene-gabbro-diorite-monzodiorite pluton that comprises medium- grained, clinopyroxene-biotite rich microdiorites and monzodiorites of the dark diorite (pre- mineralization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Surong clinopyroxene to biotite monzonite pluton;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Au-Cu mineralized Dinkidi Stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Post-mineralization andesite dykes.

7.2Local Geology

The Dinkidi Stock is an alkalic gold-copper porphyry system, NW-trending body that is roughly elliptical in shape at surface (480 m long by 180 m wide) and with a vertical pipe-like geometry that extends to at least 800 m below the surface.

Porphyry-style mineralization is closely associated with a zone of K-feldspar alteration within a small composite porphyritic monzonite stock intruded into the main body of diorite (Dark Diorite). The extent of alteration is broadly marked by a prominent topographic feature (the Didipio Ridge) some 400 m long and rising steeply to about 100 m above an area of river flats and undulating ground. The northwestern end of the Didipio deposit is truncated by the Biak Shear. It is believed that the True Blue prospect is the displaced northern tip of the deposit. Local geology and faults are shown in Figure 7-3.

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![figure7-3b.jpg](figure7-3b.jpg)

**Figure 7-3: Local Geology**

7.3Didipio Deposit Mineralization

The Didipio copper-gold mineralization is associated with two main magmatic events, each accompanied by alteration and mineralization (Wolfe and Cooke, 2011). These magmatic events represent the evolution of the Didipio intrusive complex from a silica-undersaturated to a silica-saturated system.

The silica-undersaturated mineralization is related to the intrusion of the Monzonite Porphyry and the Balut Dykes. The Monzonite Porphyry intrusion produced weak copper-gold mineralization accompanied by patchy pervasive orthoclase along the margins of the porphyry and biotite-magnetite alteration in the intruded rock. The copper-gold mineralization was further enhanced with the emplacement of the Balut Dykes causing calc-potassic alteration with K-feldspar±actinolite-sulphide and diopside-perthite±actinolite-magnetite-sulphide veining. Bornite dominates the sulphide species of the veins and stockworks. The varied textures and composition of the Balut Dykes possibly heralds the onset of magma mixing and the shift to a more silica-saturated magma.

With the emplacement of the succeeding syenitic porphyry intrusions (Feldspar Porphyry and Syenite), the system evolved to more silica-saturated. Quartz-sulphide veins began to form and were later hydrothermally brecciated to form a high-grade, quartz-dominated breccia (QBX) above the Syenite. Wall rock alteration consists of quartz-calcite-actinolite-sulphide and illite-calcite-sulphide. There is also a suggestion that the QBX is genetically related to the equally well-

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mineralized Balut Dykes (Sillitoe, 2017) which would imply that the QBX is co-genetic with the Balut Dykes and that it was emplaced prior to the intrusion of the Feldspar Porphyry and the Syenite.

More recent underground exploration and development has discovered a pipe-like mineralized breccia body (called Eastern Breccia or EBX), east of the mine grid at level 2250 mRL and below. The breccia consists of two units, monzonite porphyry gradational to monzonite porphyry intrusion breccia, both intruded by a smaller cylindrical body of feldspar porphyry igneous breccia (Sillitoe, 2023). The breccia contains intergrown actinolite, apatite, calcite, magnetite, chalcopyrite and bornite. Some veinlets cut the breccia containing semi-massive chalcopyrite and bornite which give some high-grade Cu and Au values. The breccia pipe is probably related to the silica-saturated magmatic event.

The deposit is oxidised from the surface to a depth between 15 m and 60 m, averaging 30 m. The oxide zone forms a blanket over the top of the deposit and largely comprises silicification, clay and carbonate minerals, accompanied by secondary copper minerals including malachite and chrysocolla. All of the oxide and transitional mineralization has been mined out since mining commenced in 2012.

7.4Lithology

The lithologies at Didipio consist of a composite diorite-monzonite pluton (Dark Diorite) that was intruded by the Surong monzonite, the Didipio composite stock, and crosscut by the Didipio breccia complex (Wolfe, 2001, Wolfe and Cooke, 2011). The lithological units, especially the mineralized breccia complex was previously described by Wolfe et al. (1999), Wolfe (2001), and Blackwell (2017).

The sequence of intrusions and breccias is observed to develop inwards towards the centre of the mineralized stock: diorite, monzonite, monzonite porphyry, Balut Dyke (mafic and aplitic components), quartz and overlying monolithic breccias, feldspar porphyry dykes and syenite porphyry (Sillitoe, 2019).

Sillitoe (2019) interpreted that a clear genetic linkage exists between the syenite porphyry and quartz breccia, with the latter occurring as a spatially coincident carapace to the former. The parent syenitic magma is believed to have released the fluid that accumulated to form a giant bubble that crystallized to form the copper- and gold-bearing quartz body. Feldspar porphyry dykes appear to have intervened between breccia and syenite emplacement. There are two main events of mineralization in the Didipio mineral deposit, one is related to monzonite porphyry, which is characterized by irregularly distributed chalcopyrite-bornite-magnetite mineralization. This event was overprinted by quartz veinlets containing clots of chalcopyrite, which were fed from the fluid bubble that produced the quartz body. The northwestern end of the deposit is truncated by the Biak Shear. A section of the Didipio geology model is shown in Figure 7-4.

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![figure7-4b.jpg](figure7-4b.jpg)

**Figure 7-4: Didipio Geology 3D Block Cut Shown in Mine Grid**

7.4.1Dark Diorite

The Dark Diorite is the field term for a diorite to monzodiorite pluton containing cumulative phases. This is part of DIC. The composition varies from medium-grained equigranular clinopyroxene gabbro to fine-medium grained dark gray clinopyroxene diorite and plagioclase-phyric clinopyroxene monzodiorite as shown in Figure 7-5.

![figure7-5a.jpg](figure7-5a.jpg)

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Base of slide approximately 4cm

**Figure 7-5: Dark Diorite (Left) with sharp Monzonite contact (Right)**

7.4.2Monzonite

Formerly called the Surong Monzonite, this unit intrudes the Dark Diorite and its dykes penetrate into the surrounding Dark Diorite for over 100 m from the main intrusive contact. Medium-grained equigranular to weakly porphyritic monzonite, this rock commonly occurs with medium-grained biotite, actinolite, and feldspar and is shown in Figure 7-6.

![figure7-6a.jpg](figure7-6a.jpg)

Base of slide approximately 8cm

**Figure 7-6: Hornblende bearing Monzonite** 

7.4.3Monzonite Porphyry

Formerly called the Tunja Monzonite, this unit also intrudes the Dark Diorite and the earlier Monzonite. It is medium-grained, pale-pink to grey coloured biotite-amphibole monzonite with an equigranular to plagioclase-phyric texture. This unit has typically albitized plagioclase crystals surrounded by orthoclase and perthite. Ferromagnesian minerals of biotite and amphibole occur interstitially and commonly altered to chlorite or calcite-rutile. Accessory minerals are apatite and magnetite. The emplacement of this Monzonite Porphyry marks the beginning of copper-gold mineralization in the Didipio mineral deposit and is shown Figure 7-7.

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![figure7-7a.jpg](figure7-7a.jpg)

Base of slide approximately 7cm

**Figure 7-7: Monzonite Porphyry**

7.4.4Balut Dyke

The Balut Dykes, hosting high-grade Au-Cu mineralization, intrudes the Monzonite Porphyry at the north and south of the Syenite. The two Balut Dykes are about 10 m to 30 m wide and extend >600 m vertically down and are observed at the deepest level of the mine (1980 mRL). Both the Northern and Southern Balut Dykes are complex units that are confined to the Monzonite Porphyry (Sillitoe, 2017). These units comprise both mafic and felsic components, which are commonly intimately intermixed, although either one may predominate. The mafic component is dominated by granular aggregates of clinopyroxene and magnetite plus lesser amounts of interstitial feldspar and apatite. In places, this material is well-banded, with individual, albeit gradational bands composed mainly of either clinopyroxene-magnetite or feldspar. Massive, magnetite-dominated veinlets and patches are also widespread. The felsic component is either fine-grained aplite or pod-like, pegmatitic aggregates of K-felspar and quartz. Both the mafic and felsic components contain disseminated chalcopyrite and bornite, with grain sizes that correspond to those of their respective host minerals. In contrast, the aplite phase is generally deficient in sulphides. The close spatial and textural association between the mafic and felsic constituents of the Balut Dykes indicates that they may represent coexisting immiscible magmatic phases that segregated at deeper levels within the Monzonite Porphyry intrusion. Except for a small number of cross cutting actinolite bearing veinlets, the Balut Dykes; and the chalcopyrite and bornite they contain; appear to be entirely magmatic in origin and is shown in Figure 7-8 .

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![figure7-8a.jpg](figure7-8a.jpg)

Base of slide approximately 5cm

**Figure 7-8: Balut Dyke Mafic Facies**

7.4.5Feldspar Porphyry

The Feldspar Porphyry was formerly called the Quan Porphyry. It has a coarse feldspar phenocryst (subhedral often with fuzzy boundaries), up to 8 mm, in a ﬁne-grained groundmass. This unit sometimes exhibits small miarolitic cavities filled by quartz and is shown in Figure 7-9.

![figure7-9a.jpg](figure7-9a.jpg)

Base of slide approximately 10cm

**Figure 7-9: Feldspar Porphyry**

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7.4.6Syenite Porphyry

![figure7-10a.jpg](figure7-10a.jpg)

Base of slide approximately 5cm

**Figure 7-10: Syenite Porphyry**

7.4.7Quartz Fragment Rich Breccia (QBX)

A variety of breccias is present within the Monzonite Porphyry intrusion (Sillitoe, 2017) and is shown in Figure 7-11. They are generally above Balut Dyke and Syenite bodies. Quartz fragment-rich Breccia (QBX) is the most prominent breccia and is essentially monomictic and composed of abraded clasts of vein quartz and subsidiary chalcopyrite ± bornite in a matrix of comminuted quartz. This material is transitional to breccias containing clasts of Monzonite Porphyry and/or actinolite along with chalcopyrite ± bornite. Breccia cement appears to be dominated by rock flour, commonly, showing the effects of fault movement but massive chalcopyrite-bornite plus minor quartz can constitute the cement. The QBX occupies the central part of underground mine grid between 1190 to 1350 mRL. It is a less competent rock unit that hosts very high-grade Au-Cu mineralization due to the high content of Cu sulphides.

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![figure7-11a.jpg](figure7-11a.jpg)

Base of each slide approximately 3cm

**Figure 7-11: Variety of Breccia at Didipio**

7.4.8Eastern Breccia (EBX)

The EBX is a clast-supported monomictic to polymictic breccia with lithic clasts of all coherent units and is shown in Figure 7-12. Textures vary from jigsaw puzzle to chaotic rotational clasts from the edge to the centre of the breccia. This unit is known to be more competent than QBX but relatively lower in average grades. It is commonly observed on the eastern side of the underground mine.

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![figure7-12a.jpg](figure7-12a.jpg)

Base of each slide approximately 3cm

**Figure 7-12: Monzonite Porphyry Intrusions Breccia (left) & Feldspar Porphyry Igneous Breccia (Right)**

7.4.9Biak Shear

The Biak Shear Zone truncates the northern end of the deposit, reflecting post-mineralization movement. There is, however, evidence of primary mineralization within the Biak Shear, suggesting that the structure was present during mineralization. Intrusives within the shear zone are extensively carbonate-veined and sheared.

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8Deposit Types

8.1Description of Deposits

The Didipio Mineral Property is an alkalic porphyry copper-gold system (Jensen and Barton, 2000; Bissig & Cooke, 2014). Globally, alkalic deposits are relatively uncommon compared to calc-alkaline porphyry copper deposits which occur the length of the main magmatic arcs known on the planet. Alkalic porphyry deposits are genetically associated with more spatially restricted alkaline volcano-plutonic geological provinces. The Didipio deposit exhibits features that are common to other alkalic porphyries found in British Columbia, Canada, and eastern Australia. The main features of this porphyry type are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alkalic porphyry intrusions are host to Au-Cu mineralization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generally associated with extensional tectonics and commonly occur in a back-arc setting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The porphyry intrusion and associated mineralization tend to be small although higher grade and may contain appreciable gold and silver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Presence of calc-potassic alteration consisting of orthoclase, magnetite, apatite, perthite, and diopside is associated with the main stage Au-Cu mineralization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sulphur isotope compositions are characterized by negative sulphur isotope values consistent with oxidized magmatic sources of sulphur.

Jensen and Barton (2000) published a model for a range of alkalic gold and gold-copper deposits found in British Columbia, shown in Figure 8-1 below. The Didipio deposit is interpreted to be close to the location of "A" (similar to the Galore Creek Cu-Au-Ag deposit) on this model. Didipio mineralization formed at a depth of about 2.9 to 4.5 km based on fluid inclusion studies (Wolfe and Cooke, 2011). The diagram also shows a central alteration core of K-feldspar, biotite, magnetite, bornite and a peripheral sodic and calcic alteration accompanied by chalcopyrite mineralization. This broadly resembles the Didipio porphyry mineralization and alteration.

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![figure8-1b.jpg](figure8-1b.jpg)

**Figure 8-1: Schematic Illustration - Relationships Between Rock types**

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9Exploration

9.1Pre-OceanaGold

Prior to the acquisition of the Didipio Project by OceanaGold, previous explorers drilled a total of 230 diamond drill holes totalling 62,769 m. The drilling metres were mostly for the Mineral Resource delineation of the Didipio porphyry Au-Cu deposit with a small percentage of drilling in nearby prospects including True Blue, D'Fox, San Pedro, D'Beau, and Morning Star.

Previous companies also completed exploration work to assess the regional prospectivity of the FTAA tenement and follow-up detailed investigations on the targets identified. The regional work includes about 100,000 line-kilometres of airborne magnetics and radiometrics, 2,248 stream sediment samples, and 5,287 rock samples. Follow-up programs consisted of detailed mapping, grid soil sampling, induced polarisation, and ground magnetic surveys.

9.2OceanaGold

OceanaGold continued follow-up works on some of the targets previously identified. The works included detailed investigation of the Mogambos, Papaya, Upper Tucod, MMB, and TNN prospects. Grid soil sampling over these prospects have delineated coincident Au-Cu anomalies over prospective lithologies for potential future drill testing.

OceanaGold conducted exploratory drilling within the PDMF area in 2013 and 2014 to test near- mine targets. A total of 5,448 m over 15 holes were drilled over the period. The drilling program hit several low-grade mineralized intersections at D'Beau, San Pedro and Chinichinga prospects. These intersections may indicate separate mineralized bodies from Didipio or peripheral low-grade occurrences.

A Titan 24 DC-IP-MT survey completed a total of 30 km (Direct Current/Induced Polarization) DC/IP and MT (Magneto-Telluric) over the PDMF area in Q3 of 2014. The survey includes 13 DC/IP and MT spreads along 10 survey lines with 100 m station intervals and nominal 200 m and 400 m line spacing. Several potential targets with different priority levels were outlined along the survey lines. These targets were prioritized as high, moderate and low based on the category of the chargeability and resistivity of the anomalies as well as the size. Anomalies were drill tested and intersected some minor sections of low gold and copper grade that could be the basis of more drilling in the future.

Exploration from 2015 to 2019 comprised mapping and drilling campaigns within the FTAA area. The drilling was focused on testing potential targets generated from the completed deep-imaging geophysical survey, technical review of available data, and follow-up on anomalous intersections from historical drilling. A total of 35 diamond drill holes were drilled during this period totalling 13,225 m and was carried out over the prospect areas of San Pedro, Dinkidi South, Morning Star, Chinichinga, Luminag, Mogambos, Radio, and True Blue.

In mid-2016, approval for the five-year Didipio FTAA exploration period extension was received, and another drilling program was planned to test targets from priority prospects outside the PDMF area. At the Mogambos prospect, three holes that tested the copper-gold anomaly in soil were completed and intersected narrow zones of copper-gold mineralization generally along the intrusive contacts. In Chinichinga, surface mapping revealed exposures of lithologies similar to

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Didipio. An old drill hole (CDDH104) intersected a Bufu-like intrusion typified by the presence of miarolitic cavities. Two holes were drilled to test for conceptual porphyry mineralization beneath CDDH104. Exploration groundworks at the Radio prospect identified three closely spaced discrete gold anomaly target defined by grid soil. Results from the soil geochemical survey were further supported with rock chip sampling and trenching works that uncovered quartz veins that yielded anomalous gold. The scout drilling program tested these anomalies with five holes completed with 543 m drilled. Complete assays returned with the best results of 1.5 m @ 1.2 g/t Au (including 0.5 m @2.5 g/t Au) and 2.4 m @ 0.75 g/t Au (including 0.3 m @ 1.8 g/t Au). This mineralization is hosted in andesite lavas containing narrow veins (mm-cm) of quartz-calcite-gypsum-hematite.

Target generation activities at the Napartan prospect initially produced encouraging results. Follow-up of coincident Au-Cu anomalies in soil revealed the presence of pegmatitic dykes from artisanal miners' muck-out. The pegmatitic dykes have similar composition with the Balut dykes at Didipio. Assay of the muck sample returned >2% Cu and >1 g/t Au.

In Q4 2024, Austhai Geophysical was engaged to carry out a UAV magnetic survey over the Napartan and Upper Tukod prospects, covering a total of 426 line-km. The geophysical data, together with the results of geochemical sampling, was used to define drill targets. In 2025, a grid-based soil geochemical sampling program with 200-metre spacing, together with detailed geological mapping, was conducted over the Napartan, Binogawan, and Upper Tukod prospects. These programs targeted previously underexplored areas within the tenement to address data gaps, enhance the geological understanding of the project area, and refine targets for subsequent phases of exploration.

Exploration drilling at Napartan prospect completed 624 m in 4 holes prior to the expiration of the 5-year exploration permit in August 2024. Approval of the renewal of the exploration permit was received in September 2024. Additional drilling at Napartan, True Blue and D'Fox was carried out to reassess the prospects and test areas adjacent to the existing drillholes. The drilling from these prospects completed a total of 12,946 m from 35 holes in 2025. The Napartan drillholes returned insignificant exploration results, hence, it was included as part of the relinquished area indicated in the Annual Relinquishment Report of FTAA 001 submitted in December 2025.

Exploration within the mining area will focus on deep drilling in Panel 5 from the surface to gain an early view of Resource potential. In addition, drilling in True Blue and D'Fox prospects are ongoing, and results will be released upon completion of exploration activities including the data validation, interpretation and evaluation.

Table 9-1 provides a summary of exploration work completed across the wider FTAA (i.e. away from the Didipio mine environment) completed to date and Figure 9-1 shows prospect locations within the FTAA boundary.

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**Table 9-1: Summary of FTAA Exploration (exclusive of mine development work) at Didipio**

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| | | | |
|:---|:---|:---|:---|
| **Activity**<br>**Geophysics** | **Unit**<br> | **Pre-OceanaGold**<br> | **OceanaGold**<br> |
| Airborne Magnetics | Line km | 100,000 line km | 426 line km |
| Ground Magnetics | Line km | 205 line km | - |
| Gradient Array IP | Line km | 300 line km | - |
| Dipole-Dipole IP | Line km | 65 line km | - |
| Ground DCIP and MT (Titan 24) | Line km | - | 31 line km |
| **Geochemistry** |  |  |  |
| Stream Sediment Sampling | No. of Samples | 2248 | 263 |
| Soil Sampling | No. of Samples | 8298 | 6781 |
| Rock Sampling | No. of Samples | 5287 | 3155 |
| **Drilling** |  |  |  |
| Exploration Drilling  | No. of Holes | 230 | 218 |
| Exploration Drilling  | Metres | 62769 | 55390 |

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![figure9-1b.jpg](figure9-1b.jpg)

**Figure 9-1: Prospect Locations within the FTAA**

Underground Resource definition and extension drilling resumed in 2022. Delays to drilling were encountered in 2024 and 2025 due to inundation in the lower levels of the mine resulting in a loss of access to drill platforms. From 2022 to December 31, 2025, a total of 43,391 m have been drilled from 206 diamond drill holes. Underground drilling is planned to restart in early 2026 from the 2160 Level focused on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Converting Inferred Resources to Indicated and Measured Resources in Panel 3 and 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defining the vertical extensions of the previously intersected mineralization within Feldspar Porphyry at the northeast end of the mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Characterising a cemented monomictic Eastern Breccia (EBX) at the southeast; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assessing the Balut Dyke at the north of the Syenite Porphyry.

Resource conversion drilling of Inferred Resource has successfully returned broad intersections of high-grade gold-copper mineralization within the Balut Dyke, the Monzonite Porphyry, EBX, Feldspar Porphyry and the Syenite. Additional extensional drilling has also identified new areas of porphyry copper-gold mineralization below Panel 4 down to 1710 mRL. These results are in line

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with and support historic drilling within the Mineral Resource model shell. All identified targets remain open beyond the existing Resource and require further evaluation and are illustrated in Figure 9-2. Additional drilling is planned in 2026 and beyond to test these extensions.

![figure9-2b.jpg](figure9-2b.jpg)

**Figure 9-2: Didipio Underground With Exploration Targets**

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10Drilling

10.1Introduction

All drill hole collar, down hole survey, assay, magnetic susceptibility, and logged geology data, including pre-OceanaGold data, has been transferred to an Open Database Connectivity (ODBC) database via an acQuire interface. In some cases, it was not possible to locate original source copies of pre-OGPI data.

All drilling at Didipio has been performed by contractors. As at December 31, 2025, the drill hole database for the Didipio PDMF area contained records of 3,388 holes for a total of 259,446 m drilled. The drill hole database for the Didipio Mine comprises 2,620 holes totalling 152,810 m for surface holes and 768 underground holes totalling 106,636 m.

Underground drilling is generally fanned on sections oriented mine grid north-south. This results in a range of intersection angles, from perpendicular dip to 45 degrees to dip. Given the mineralization style, the drilling provides an acceptable basis for Mineral Resource estimation.

For Measured Resources the drill hole spacing is typically 25 m x 25 m, Indicated Resources up to 45 m x 45 m (although typically less) and Inferred Resources is within 75 m by 75 m. Figure 10-1 shows an oblique view of Didipio underground drilling.

![figure10-1b.jpg](figure10-1b.jpg)

**Figure 10-1: Oblique View - Didipio Underground Drilling**

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10.2Drill Campaigns

10.2.1Pre-OceanaGold

Up to July 31, 1995, a total of 74 diamond drill holes were drilled at Didipio. 59 of these holes were drilled at Didipio Hill, including oxide definition holes, largely on 50 m sections, with a vertical separation of 120 m to 180 m. An infill diamond core program was designed and undertaken in the first half of 1997 to reduce drill hole spacing to approximately 50 m down dip on sections 25 m to 50 m apart, concentrating on the high-grade mineralization in the northwestern part of the deposit.

Earlier diamond drill holes were collared using 5¼ inch roller bits to refusal (generally less than 10 m depth), cased off, and then drilled HQ (63 mm core diameter) as far as possible, reducing to NQ (47 mm core diameter) as required. Depth limitations with HQ equipment were generally around 600 m. From DDDH29 onwards, all holes were drilled by diamond coring starting from the surface.

Diamond drilling on site has been carried out by several different contractors, but from January 1994 (from drill hole DDDH29 to DDDH83) all holes were drilled by either Core Drill Asia or Diamond Drilling Company of the Philippines. Both contractors used Longyear drilling rigs and wireline drilling methods. The 2008 infill drilling program (DDDH201 – DDDH221) was completed by DrillCorp Philippines Inc, using CS 1000 drilling rigs. The 2013 – 2014 drilling program (DDDH222 – DDDH 229) was done by Quest Exploration Drilling using an Edson MP drilling rig.

10.2.2OceanaGold

An infill drilling program at the Didipio mineral deposit was completed in mid-2008. This program, aimed to improve the understanding of the high-grade gold-copper core of the mineral deposit as well as improve confidence within the open-pit design, comprised 21 infill diamond drill holes for 7,390.6 m. These holes were incorporated into the October 2008 Mineral Resource update.

Between August and October 2013, 5 diamond drill holes (DDDH 222 – DDDH 226) totalling 2,156.4 m were drilled by Quest Exploration Drilling from the floor of the open-pit. These holes tested the extent of high-grade gold mineralization in the transition between open-pit and the proposed underground mine. Targeting was restricted by physical access and proximity to mining activity. Completed drilling comprised of 292.6 m PQ size core and 1,863.8 m HQ size core.

Three deep diamond drill holes (DDDH 227 – DDDH 229), targeting the Syenite, were drilled in April 2014. In December 2014, a total of 20 RC holes were drilled at the pit to upgrade the resource. 10 of the holes were terminated before target depth was reached due to high water inflows.

From May 2015 to February 2016, 18 boreholes were drilled for geotechnical monitoring and determination of geotechnical properties of the different geotechnical domains in the underground (BHUG01-18). 15 of these were included in the resource estimate (BHUG01-6, 08, 09-16).

From September 2016 to June 2019, 307 diamond drillholes were completed as part of an underground Mineral Resource definition drilling program. This program allowed for a ~25 m x ~25 m spaced drill pattern to accurately measure and predict local geological units that contain different geological, hydrogeological and grade domains;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Panel 1 drilling was completed by Quest Exploration Drilling using an Atlas Copco Diamec U6 rig. Vertical fans were drilled from the footwall drives of the production levels;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Panel 2 drilling was completed by Quest Exploration Drilling using an Atlas Copco Diamec U8 rig and by Indodrill Philippines using a Sandvik DE150/DE140. These were drilled from crosscuts of the decline since the Panel 2 footwall drives had not yet been developed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From September 2016 to January 2017, 3 deep diamond drill holes (DDDH 240, 241A, 242) for Resource extension were drilled by Indodrill Philippines. These holes were designed to target the extensional potential of mineralization both down dip and strike proximal to the Biak Shear, as well as the eastern flank of the Syenite;

A total of 325 rotary air blast (RAB) blastholes from the 2019 Crown Strengthening Project (CSP) were also spear-sampled and included in the Mineral Resource estimate for the crown pillar. The crown pillar was mined out in early 2022. A total of four hundred drillholes were completed from February 2022 to December 31, 2025. These diamond drill holes include grade control and Mineral Resource holes collared from different levels of the underground mine and used to upgrade the Mineral Resource classification to Indicated and Measured and to evaluate the deeper potential of the orebody.

10.3Down Hole Surveying

Drill orientation alignment is undertaken by the drilling contractor Quest Exploration Drilling (QED) using a Reflex TN-14 Gyro compass with a system azimuth accuracy of ±0.5º and system dip accuracy of ±0.2º. Drill hole cores are oriented using a Reflex ACT II orientation tool. Downhole survey utilizes Reflex EZ-TRAC equipment with azimuth and dip accuracy of ± 0.35º and DeviGyro with azimuth and dip accuracy of ± 0.1º. Data is read and recorded by the Imdex Survey-IQ equipment and synced to the Imdex Hub, a data platform that compiles measurements. The downhole orientation readings and the drill shift reports are encoded by the QED contractor to the OGPI developed Drill Plod application which are then emailed to the geologists.

10.4Surface Grid

OGPI uses the National Grid for the whole FTAA area. Prior to OGPI, three (3) grids were used in the collection of survey data within the Didipio Mine area - Regional Grid, Drill Grid, and Project Grid. The previous use of these grids, and in particular, the conversions between them, has resulted in some locational uncertainty for previously drilled holes. All drill hole collar coordinates are now captured using the National Grid, known as the Philippine Transverse Mercator which is based on UTM WGS84 Zone 51 coordinates and is used in all national mapping.

10.5Underground Grid

To better align the underground geology and the layout of the underground mine, a new grid was established. The underground mine operates on a mine grid rotated 44° east of the UTM WGS84 Zone 51 grid used on the surface, with the translation points shown in Table 10-1.

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**Table 10-1: Underground Grid Coordinate System**

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| | | |
|:---|:---|:---|
| **Coordinate System 1** | **Point 1** | **Point 2** |
| X | 333150 | 335730 |
| Y | 1804140 | 1804140 |
| Z | 0 | 0 |
| **Coordinate System 2** | **Point 1** | **Point 2** |
| X | 1260 | 3115.89668 |
| Y | 3220 | 5012.21860 |
| Z | 0 | 0 |

---

10.6Core Logging

Immediately after retrieval from a drill hole, a drill core is photographed in wet and dry states using a digital camera. Some cores, particularly from early drill holes, were also re-photographed after splitting with a diamond saw. On site, core logging and marking up is carried out in several stages. Preliminary geological logging is carried out by the site geologist using logging sheets and/or notes to construct a brief geological log that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lithology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alteration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mineralization.

Geotechnical logging uses standard logging forms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Orientations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rock quality designation (RQD).

Physical property measurements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Point load testing (after DDDH31);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Magnetic susceptibility measurements are taken at approximately four (4) readings per metre;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific gravity determinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portable Infrared Mineral Analyzer (PIMA) and portable x-ray fluorescence (pXRF) are being trialled.

Detailed geological logging is generally carried out after the core is split and sampled.

All diamond drill holes are logged geotechnically and geologically for the entire length of each hole using the OGPI logging form on a laptop. The drill logs are then downloaded and go through Quality Assurance/Quality Control (QA/QC) checks as part of loading into the acQuire database. Holes drilled prior to 2008 were re-logged using the OGPI procedure. All logged data is loaded into an acQuire database.

10.7Sampling Method and Analysis

The core processing and storage facilities were transferred from Cordon to Didipio in mid-2014. All core is now processed (logged, cut, assayed) and stored on-site at the Didipio core shed.

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10.7.1Sampling

The overall envelope of mineralization at Didipio has a steep easterly dip, with the >0.5 g/t gold equivalent footprint approximately 180 m wide and 480 m long. Underground drilling is generally fanned on sections orientated mine grid N-S. This results in a range of intersection angles, from perpendicular-to-dip to 45° -to-dip. Given the typically disseminated mineralization style, the drilling provides an acceptable basis for Mineral Resource estimation.

The majority of surface-based holes, which are being superseded by underground drilling, were drilled at around 60° to the southwest, which is considered appropriate, although does result in some acute intersection angles immediate to the Biak Shear. Nominal sample lengths of 2 m to 3 m (which equates to 1 m or 1.5 m in plan view projection) are considered adequate to define the grade distribution within this zone.

Sample intervals are defined during the initial logging of cores on site. Core is cut in half using a diamond saw. Core is typically sampled in 2 m or 3 m intervals under supervision of the site geologist or sample preparation manager, generally crossing rock type boundaries. After sampling, the remaining half core is stored for further technical and/or metallurgical purposes.

For underground Resource conversion drilling, diamond core sampling intervals are defined after geological logging was completed. Sampling is currently half NQ size core and half HQ size core sampled in intervals of one metre, within a range from 0.3 m to 1.3 m, depending on lithological boundaries.

10.7.2Core Recovery and Sample Quality

Core recoveries are generally better than 95%, although in local areas of severe structural deformation recovery is as low as 50%. A review of core recoveries indicated that there was not a strong relationship between core recovery and grade. The sampling is considered to be appropriate for purposes of Resource estimation.

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11Sample Preparation, Analyses, and Security

11.1Sampling Methods and Preparation

Sample preparation of drill core and underground channel samples has been conducted by numerous explorers through the years. Within these campaigns there have been several variations in sample preparation procedures over time. The OGPI activities represents 91% of the samples used for estimation. The majority of pre-OGPI samples have now been mined out or are not contained with current mine designs. Details of the methods are described below and are summarized in Table 11-1.

**Table 11-1: Didipio Sample Preparation**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period** | **Company** | **Sample Preparation** | **Drillholes** | **Number Of Samples** | **% of Total Database** |
| 1989 | CPC | ANALABS (Manila) | DDH1-5 | 344 | 0.34 |
| 1990-1991 | AMC | ANALABS (Manila) | DDH8-11 | 347 | 0.34 |
| 1990-1991 | AMC | AMC | DDH14-16 | 249 | 0.25 |
| 1992-1998 | CAMC | CAMC | DDH18-22, 25-38, 41-45,47,49-55,60-64,66-83; DOX1-9 | 7806 | 7.7 |
| 2007-2008 | OGPI | McPhar (Manila) | DDH 201-221 | 2484 | 2.5 |
| 2013-2015 | OGPI | Intertek (Manila) | DDH222, 235, 230-232 | 903 | 0.89 |
| 2013-2015 | OGPI | SGS (Didipio) | DDH223-229; BHUG02-6, 8-15; RCDH1-2,5,9,13-15 | 4198 | 4.2 |
| 2016-2019 | OGPI | SGS (Didipio) | BHUG16; DDDH240-255; RDUG1-326; RCDH550032, 560031, 33-36, 570003, 5800001-2; RCDH39-45; RAB Holes; UG Channels | 54220 | 53.7 |
| 2022-2025 | OGPI | SGS (Didipio) | RDUG400-535, 600-646,700-708; GCUG001-104; UG-Channels | 30363 | 30.1 |

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CAMC, from 1992 to 1998, maintained a sample preparation facility at the town of Cordon, comprehensively stocked with diamond saws, crushers, pulverisers, mills and riffle splitters. A large working area was kept clean and dust free by means of an efficient extraction system. The sample preparation and core storage areas were under the supervision of experienced local staff. The storage facility was kept by OGPI until mid-2014, when all core was transferred to a core storage farm at the Didipio Mine. Since that time diamond cores from Mineral Resource definition

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drilling programs have been sampled and stored in the Didipio core farm with the samples, starting 2013, being submitted to the onsite SGS laboratory.

The following sample preparation sequence was used by CAMC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oven dry quarter core samples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jaw crush to minus 6 mm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disc pulverize to minus 2 mm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hammer mill to minus 1 mm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Riffle split into two by 2kg samples and fine pulverized with one split to minus 200 mesh;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Screen >95% minus 200 mesh;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Riffle split 150 g to 200 g for assay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All sample rejects stored; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepared samples air freighted to Analabs Proprietary Limited (Analabs) in Perth, Western Australia for assay.

For the 2007-2008 drilling (DDH201-222) as well as 2013-2015 drilling (DDDH230-239), the diamond core was cut and prepared at 2 m intervals at Didipio. Half core was transported to the McPhar facility in Manila. McPhar-Intertek sample preparation procedure is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oven dry core samples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crushed core to 90% passing 2 mm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Riffle split to 1000 g – 1500 g, retain coarse reject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pulverize 1000 g – 1500 g to 95% passing 75 μm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Riffle split to 200 g – 250 g, retain pulp reject;

For the 2013-2014 drilling (DDDH223-229), the diamond core was cut and prepared at 2 m intervals at Didipio. Crushed cores were submitted to the SGS facility on site. SGS sample preparation procedure is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oven dry core samples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crushed core to 75% passing 2 mm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rotary split to 500 g – 1000 g, retain coarse reject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pulverize 500 g – 1000 g to 85% passing 75 μm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scoop 250 g for analysis; retain pulp reject.

Starting from 2015, PQ and HQ diamond core (BHUG1-6, 8-16; DDDH240-255; RDUG1-326) has been cut in half. Half core is assayed, and the other half is retained. NQ core was submitted whole for assaying until July 2023. Half core sampling of NQ core started in late quarter 3 of 2023 after an analysis on the repeatability of NQ half core samples. This sampling procedure was applied to the recent drilling campaigns to True Blue core. All core is submitted in one metre sample intervals except where sample intervals are split to align with lithology. Drill cores are submitted to SGS facilities on site.

RC holes were sub-sampled either through a Schramm cone splitter or Edson riffle splitter. Blast holes were sub-sampled with a riffle splitter. Underground channel sampling is ongoing as the mine develops. These samples have been taken from the walls of ore drives with sample lengths varying between 0.2 m to 2.0 m where intervals are designed to align with lithology. The SGS sample procedure is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oven dry samples for 8-12 hrs at 105°C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crush using jaw crusher into ~4 mm size;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crush using Boyd crusher into ~2 mm size – dry screen every 20th sample;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Split 15% of the sample using BOYD-RSD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pulverize 400-800 g samples into 75 μm – wet screen every 20th sample; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scoop 250 g for analysis and 250 g as pulp retention.

11.2Analytical Methods

Since 1989, three assay laboratories have been used; Analabs until 2007, McPhar-Intertek (Manila) from 2008 until 2012, and SGS (on site) since 2013. All three laboratories are independent of OceanaGold. SGS laboratory facilities are located at Didipio site and are staffed by SGS employees.

11.2.1Gold Assay Procedures

The standard gold assay procedure used by Analabs in Perth (NATA certified) was as follows: Laboratory Method Code 313:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 50 g sample pulp was fired with litharge and flux and the lead-silver button cupelled. This was followed by acid dissolution of the silver-gold prill, and gold content was measured by Atomic Absorption Spectroscopy (AAS) to a 0.005 ppm Au lower detection limit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assaying for gold in samples from DDDH1 to DDDH6 was performed by Analabs in Manila, but this practice was discontinued in November 1989. The same procedures were used by the Manila and Perth laboratories.

The standard gold assay procedure used by McPhar-Intertek (Manila) was as follows: Laboratory Method Code PM6 (2008):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 50 g sample pulp was fired with litharge and flux and the lead-silver button cupelled. This was followed by acid dissolution of the silver-gold prill, and gold content was measured by AAS/GTA (Graphite Tube Atomizer) to a 0.001 ppm Au lower detection limit.

Laboratory Method Code FA30/AA (2013):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 30 g sample pulp was fired with litharge and flux and the lead-silver button cupelled. This was followed by acid dissolution of the silver-gold prill, and gold content was measured by AAS to a 0.01 ppm Au lower detection limit.

Laboratory Method Code FA50/AA (2014-2015):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 50 g sample pulp was fired with litharge and flux and the lead-silver button cupelled. This was followed by acid dissolution of the silver-gold prill, and gold content was measured by AAS to a 0.005 ppm Au lower detection limit.

The standard gold assay procedure used by SGS (on site) is as follows:

Laboratory Method Code FAA303.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 30 g of sample pulp is fired with fire assay flux and the button is cupelled. The collected prill is dissolved in acid. The gold in solution is then quantified using AAS at a detection limit of 0.01 ppm.

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11.2.2Copper and Silver Laboratory Analyses

The standard procedures used by Analabs, Perth, for copper and silver assays were as follows: Laboratory Method Code 101:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perchloric acid digest then AAS finish to a 4 ppm lower detection limit for copper and a 2 ppm lower detection limit for silver.

For samples containing >1% Cu: Laboratory Method Code 104:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mixed acid digest followed by volumetric dilution and AAS finish to a 25 ppm copper lower detection limit.

The standard copper assay procedure used by McPhar-Intertek (Manila) was as follows:

Laboratory Method Code ICP1 (2008):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acid digest using HCl-HNO3 then ICP to a 1 ppm copper detection limit.

Laboratory Method Code 4AH1/AA (2013):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acid digest using HCl-HNO3 -HClO4-HF then AAS to 1 ppm copper detection limit.

Laboratory Method Code AR005/OM1 (2014-2015)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determination by ICP-OES following aqua regia digestion (HCl/HNO3) with test tube finish to a 1 ppm Cu detection limit.

The standard copper and silver assay procedure used by SGS (on site) is as follows:

Laboratory Method Code AAS22D:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acid digestion using HCl-HNO3-HClO4. The AAS detection ranges are 0.01%-10% and 0.5-500 ppm for copper and silver, respectively.

Laboratory Method Code XRF78S

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copper, iron and sulphur assay using XRF analysis by borate fusion method. 0.50 g of sample is mixed with an XRF flux to produce a glass bead which is subjected to XRF for elemental analysis. Detection limit of the method is 0.01%.

11.3Sample Security

There was no specific documentation on sample security procedures prior to OGPI's ownership of the Didipio Mineral Property. However, copper assays are consistent with mineralization observed in core, and gold assays are generally consistent with mineralized features. Metallurgical test work, independent verification work by other companies, and mine versus Mineral Resource model reconciliation support this view. Most of the samples of prior to OGPI's ownership have now been mined out.

Since commissioning of the SGS onsite laboratory, RC samples have gone directly from point of collection to the onsite SGS laboratory whilst drill core, is transported via the Didipio Core Shed. Drill core is digitally photographed, split by a core saw and sampled every metre at the Didipio Core Shed. The samples are uniquely numbered with two (2) QAQC CRM and one (1) quartz blank sample standards inserted for every batch of fifty (50) samples. The CRMs are typically low-grade CRM and medium grade CRM. The quartz blank sample is normally below detection limits.

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Thereafter, all drill core samples are transported by a technician or geologist directly from Didipio Core Shed to the SGS laboratory located approximately 1 km away. Upon arrival at the onsite SGS laboratory, samples are checked by the SGS staff in the presence of the mine or exploration geology representative. SGS inserts an additional 6 internal QA/QC check samples.

The SGS laboratory transmits assay results for each batch to the Mine Geology department via a secure OGPI network folder managed by the OGPI IT department platform. Both a signed PDF and a CSV version of the assay results are duplicated into the SGS network folder.

Upon receiving the results, the files are copied and organized within the mine geology network folder by year and drillhole ID. Subsequently, the CSV file undergoes importation and validation in acQuire. Graphical comparisons are made for assay results related to blanks and CRM, scrutinizing their adherence to predefined acceptable thresholds. Batches failing validation prompts a re-assaying process. As at the reporting date of 31 December 2025, only 2% of batches have required re-assaying.

The validated assay results, encompassing both prior and current data, are then loaded to Minesight V16.0.3 or Leapfrog Geo+EDGE alongside drillhole geology logging data. This integration facilitates a comprehensive 3D visual comparison.

In addition to monthly audits conducted at the onsite SGS assay laboratory, mine geologists generate routine QA/QC reports on a weekly and monthly basis. A Power BI report has been specifically crafted to streamline data analyzes, enabling a more effective examination of key parameters such as the performance of blanks, CRM, field duplicates, laboratory repeats, as well as grind size and drillhole recovery—all assessed against predetermined acceptable limits.

11.4Opinion on Adequacy (Security, Sample Preparation, Analysis)

The author considers that the sample preparation, security and analytical procedures used for the Didipio Mine are appropriate and adequate for the style of mineralization being assessed.

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12Data Verification

12.1Summary

The data verification presented in this chapter include all the drill hole sample data that was used in the current underground Mineral Resource estimate dated October 2024. Drilling that supported the Resource estimates for open-pit which was mined to completion in 2017 is not included.

Three laboratories have performed assay analysis for Didipio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Analabs (1989 – 1997);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• McPhar-Intertek (1992 – 2015); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SGS (2013 – 2025).

A break down by laboratory is shown in Table 12-1 .

Of the 125,395 samples sent for laboratory analysis, 22,915 samples for gold and 19,005 samples for copper were inserted as Standards, blanks, field duplicates (field dups) and laboratory replicates (lab repeats). The break down is shown in Table 12-2. These assays represent 18% of total gold samples and 15% for copper samples sent for laboratories analysis.

Overall, the performances for Standards, blanks, field duplicates and laboratory repeats are considered acceptable. SGS field duplicates returned fair precision comparing to original assays for both gold and copper. Further investigation indicates the variation is more likely to be due to sampling procedures when the duplicates samples were taken. However, this issue will be eliminated by full core sampling for grade control samples.

The available Mineral Resource drilling has been assessed and OceanaGold considers the data to be of a suitable quality for resource estimation purposes.

**Table 12-1: Resource Estimate Assays by Laboratory**

---

| | | | |
|:---|:---|:---|:---|
| **Laboratory** | **Years** | **Quantity of Analysis** | **% of Total** |
| Analabs | 1989-1997 | 8709 | 7% |
| McPhar-Intertek | 1992-2015 | 3408 | 3% |
| SGS | 2013-2025 | 113278 | 90% |
| **Total** |  | **125395** | **100%** |

---

**Table 12-2: QA/QC Material Statistics for Didipio Underground Resource Estimate**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **QC Material** | **Quantity of Au Analysis** | **Quantity of Cu Analysis** | **% of Au Analysis** | **% of Au Analysis** |
| Standard | 5586 | 5255 | 4% | 4% |
| Blank | 5960 | 5962 | 5% | 5% |
| Field Duplicate | 3371 | 3415 | 3% | 3% |
| Lab Repeat | 7998 | 4373 | 6% | 3% |
| **Total** | **22915** | **19005** |  |  |

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12.2CRM Standards

Overall, the performance of gold and copper Standards for both SGS and McPhar-Intertek Laboratories are acceptable, with total accuracy exceeding 95% of results within ±10% of the expected value as shown in Figure 12-1, Figure 12-2 and Figure 12-3. No trend or bias is observed throughout the range of values. Note, that mis-labelled Standards were identified and removed from the calculations and figures.

![figure12-1b.jpg](figure12-1b.jpg)

**Figure 12-1: Gold (g/t Au) Standards - SGS**

![figure12-2b.jpg](figure12-2b.jpg)

**Figure 12-2: Copper (% Cu) XRF - Left, % CU AAS - (Right) Standards – SGS**

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![figure12-3b.jpg](figure12-3b.jpg)

**Figure 12-3: Gold (g/t Au) and Copper (% Cu) Standards - McPhar-Intertek**

A total of 109 copper Standards and 109 gold Standards were inserted to McPhar-Intertek laboratory from 2008 – 2015, these Standards inserted at a rate of about one every 30 samples (3.2%) for copper and gold assays. The insertion rate is deemed appropriate to support the Mineral Resource estimate.

Using industry norms of performance of Standards within 2 standard deviations (±2STDEV), McPhar-Intertek are well within the acceptable range with 93% of gold standards within ±2STDEV (Figure 12-4) and 90% within ±2STDEV for copper (Figure 12-5). An 8% positive bias is seen for OREAS 53P gold and 4% negative bias for the OREAS 54Pa copper Standards. The OREAS 53P and 54Pa have not been used since 2010 and 2014, respectively.

![figure12-4b.jpg](figure12-4b.jpg)

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![figure12-4b.jpg](figure12-4b.jpg)

**Figure 12-4: Au Standards - McPhar-Intertek (9 Standards Used – 2 Charts)**

![figure12-5b.jpg](figure12-5b.jpg)

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![figure12-51a.jpg](figure12-51a.jpg)

**Figure 12-5: Cu Standards - McPhar-Intertek (9 Standards Used – 2 Charts)**

A total of 5,477 gold Standards and 5,146 copper Standards were inserted to SGS laboratory from 2013 – 2025, these Standards were inserted one every 25 samples for copper assays (4%) and one every 20 samples for gold assays (5%). The insertion rate is deemed appropriate to support the Mineral Resource estimate.

The analysis comparing to certified ±2STDEV of gold and copper standards for SGS laboratory were acceptable with 92% of gold standards within ±2STDEV (Figure 12-6) and 92% within ±2STDEV for copper (Figure 12-7). No adverse trend or bias has been observed over time.

![figure12-61a.jpg](figure12-61a.jpg)

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![figure12-6b.jpg](figure12-6b.jpg)

**Figure 12-6: Au Standard – SGS (Shown Over 2 Charts)**

![figure12-7b.jpg](figure12-7b.jpg)

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![figure12-71a.jpg](figure12-71a.jpg)

**Figure 12-7: Cu Standard – SGS**

12.3Blanks (SGS and McPhar-Intertek)

McPhar's performance is acceptable for the use of blanks (Figure 12-8). Overall, 89% of the gold blanks passed the acceptable limit (< 0.05 g/t Au) and 85% of the copper blanks passed the acceptable limit (< 10ppm Cu). It is noted that sample batches in 2009 had contamination showing Au values from about 0.4 to 0.6 g/t and Cu values of 4000 to >6000 ppm. It was thought that CRM samples were used mistakenly instead of blanks for these 11 samples. However, all actual CRM's submitted within these batches were within accepted tolerance, so the results were accepted.

![figure12-8b.jpg](figure12-8b.jpg)

**Figure 12-8: Blanks for Au and Cu - McPhar Intertek**

SGS's overall blank performance is acceptable for both gold and copper. Overall, 98% gold blank passed acceptable limit (< 0.1 g/t Au) and 98% copper blank passed acceptable limit (< 0.1% Cu). It is noted that sample batches in 2018-2019 had contamination in Cu with several values ranging from 0.1 to ~2.8% Cu. Reviewing the data, it appears there was again a mix-up with the blanks and CRM's during this period, and review of the CRM's submitted during this period has shown

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acceptable results. Since 2019, a more stringent control on the insertion of blanks used has removed this potential source of error.

![figure12-9a.jpg](figure12-9a.jpg)

**Figure 12-9: Standard Blank for Au and Cu – SGS**

12.4Laboratory Repeats – Analabs, SGS and McPhar-Intertek

A significant number of gold and copper laboratory repeats were completed as part of internal laboratory QAQC. In total 7,998 gold a nd 4,373 copper lab repeats were compared to the original assays. Overall, acceptable precision was observed from all the laboratories. Details for each set of laboratory repeats are shown in Table 12-3.

**Table 12-3: Laboratory Repeats**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Laboratory** | **Total Assays** | **No of Lab Repeats** | **No of Lab Repeats** | **Lab Repeats %** | **Lab Repeats %** |
| | | **Au** | **Cu** | **Au** | **Cu** |
| Analabs | 8709 | 1000 | 34 | 11% | 0.4% |
| McPhar-Intertek | 3408 | 485 | 496 | 14% | 15% |
| SGS | 113278 | 6513 | 3843 | 6% | 3% |
| **TOTAL** | **125395** | **7998** | **4373** |  |  |

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Figure 12-10, Figure 12-11, & Figure 12-12 show laboratory repeat metrics for copper and gold, which were all acceptable and within expectation.

![figure12-101a.jpg](figure12-101a.jpg)

![figure12-10a.jpg](figure12-10a.jpg)

**Figure 12-10: Lab Repeat Metrics for Au and Cu (Analabs Laboratory)**

![figure12-111a.jpg](figure12-111a.jpg)

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![figure12-11a.jpg](figure12-11a.jpg)

**Figure 12-11: Lab Repeat Metrics for Au and Cu (McPhar-Intertek Laboratory)**

![figure12-12a.jpg](figure12-12a.jpg)

![figure12-121a.jpg](figure12-121a.jpg)

**Figure 12-12: Lab Repeat Metrics for Au and Cu (SGS Laboratory)**

12.5Field Duplicates – Analabs, SGS and McPhar-Intertek

As part of site QA/QC procedures. In total, 3,371 gold and 3,415 copper field duplicate results were compared to the original assays. Details for the field duplicates is shown in Table 12-4 and statistical analysis is shown in Figure 12-13 and Figure 12-14 which are acceptable and within expectation.

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**Table 12-4: Field Duplicates**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Laboratory** | **Total Assays** | **No of Field Duplicates** | **No of Field Duplicates** | **Field Duplicates %** | **Field Duplicates %** |
| | | **Au** | **Cu** | **Au** | **Cu** |
| Analabs | 8709 | 416 | 412 | 4.8% | 4.7% |
| McPhar-Intertek | 3408 | 8 | 8 | 0.2% | 0.2% |
| SGS | 113278 | 2947 | 2995 | 2.6% | 2.6% |
| **TOTAL** | **125395** | **3371** | **3415** |  |  |

---

![figure12-131a.jpg](figure12-131a.jpg)

![figure12-13a.jpg](figure12-13a.jpg)

**Figure 12-13: Field Duplicates for Cu and Au (Analabs Laboratory)**

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![figure12-141a.jpg](figure12-141a.jpg)

![figure12-14a.jpg](figure12-14a.jpg)

**Figure 12-14: Field Duplicates for Cu and Au (SGS Laboratory)**

Based on the available quality assurance information for gold, copper and silver assay results, the QP considers the Didipio assay data to be of suitable quality for Mineral Resource estimation purposes.

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13Mineral Processing and Metallurgical testing

13.1Introduction

Test work and site investigations on the gold-copper deposit at Didipio have been conducted over several stages as the predominate ore source has changed from open-pit to underground. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The first program was conducted from 1990-1993 and incorporated several bench-scale flotation tests to determine the characteristics of the materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The second program was conducted by several laboratories from 1994-1995 with more detailed test programs, including locked cycle flotation tests and two mini-pilot plant Syenite studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The third phase was conducted in 1997, testing primarily core from deeper drill holes, being material potentially mineable via underground methods, and included confirmatory tests based on the flow sheet developed in the previous test work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Test work between 2006 and 2008 managed by Ausenco and conducted by AMMTEC and internally by OceanaGold has generally confirmed the previous results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The plant was commissioned in Q4 2012 and upgraded to 3.5 Mtpa in Q4 2014 and operational plant performance matched predicted metallurgical performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2017 processing feed transitioned from open-pit (unoxidized ore) to being entirely from stockpiles. Stockpile drilling and metallurgical test work commenced in 2017 to estimate partially oxidised stockpile performance with age and indicated maximum ore oxidation will be 10% which will result in a 5% to 7% drop in copper recovery of the reclaimed stockpile ore. Several processing options and reagent modifications are under evaluation to increase metallurgical performance of stockpile material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Projected processing feed from 2026 onwards is a blend of 60% underground ore and 40% stockpile ore; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current metallurgical test work is focussed on developing distinct recovery and throughput models for open-pit stockpiles and underground ores. This will support plant improvement projects and improve the accuracy of metallurgical assumptions used in forecasting.

13.2Ore Mineralogy

The Didipio mineralogy work has been based on the principal rock types (Monzonite Porphyry, Dark Diorite and Syenite) together with the higher-grade breccia and the quartz-feldspar-carbonate altered zones. Volumetrically, OceanaGold estimates that the Monzonite Porphyry will comprise more than 75% of the projected processing feed.

Mineralogical studies were carried out from 1994-1995 by Wally Fander of Central Mineralogical Services and by Ian Pontifex of Pontifex and Associates. In addition, Amdel conducted some optical and X-ray diffraction studies. All three groups are well respected in the industry.

The principal mineralogical characteristics of the primary copper ore are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal sulphide minerals are chalcopyrite, pyrite and bornite, with traces of chalcocite and digenite; chalcopyrite is the principal copper mineral, whilst bornite generally contributes less than 20% of the contained copper;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Magnetite comprises approximately 5-7% of ore, but there are few composite grains with the sulphides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sulphides are generally well liberated, with generally >92% in the float concentrates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minor or trace talc and/or sericite is present in the higher-grade samples; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is little or no evidence of oxidation in the sulphide samples tested except for some tarnishing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold occurs as native grains in sulphides (predominantly in chalcopyrite and bornite) along the grain boundaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some gold occurs as finely disseminated electrum in the non-sulphide gangue minerals at 5-20 microns and is unlikely to be recoverable by conventional flotation means

13.3Historical Test Work Studies

13.3.1Minproc Limited

The Minproc Limited Study reported on the following test work:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Phase one test work was based on samples obtained from early stages of deposit drilling, and as such is considered less than wholly representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Phase two test work studied five separate composites of primary material, both low-grade and high-grade, from three vertical sections of the deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within the second phase test work, a program was conducted on sample composites made up of a large number of mineralization intercepts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nine variability samples tested in Phase Two were selected to represent ore feed for the first five years of production and to test each of the four main rock types; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two pilot plant studies were carried out. The first was based on approximately 2 tonnes of sample comprising 140 m of intersections from a single PQ drill hole. The second pilot plant test program was based on 1.25 tonnes of quarter core samples selected from throughout the deposit representing approximately 600 m of core.

13.3.2Ausenco

Comminution test work was conducted on several composites from HQ core in 2007. Media competency test work was conducted on portions of the pilot plant PQ sample. In 2006 confirmatory test work was conducted at AMMTEC's laboratory in Perth. Three drill holes were sampled and composited into three samples, used for flotation tests and for comminution tests.

13.3.3OceanaGold

By 2011 numerous changes to the project had occurred since the previous round of metallurgical sampling, including changes to the relative size of the underground mine, the open-pit staging, and the reagent regime. Due to these changes, OceanaGold collected supplementary test samples. The opportunity was also taken to collect samples according to broad rock types and gold/copper ratios with the focus on testing Stage Two and the upper regions of Stage Three pits, These are shown in Figure 13-1 and Figure 13-2 (Yellow samples are Monzonite Porphyry whilst Maroon

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coloured samples are Dark Diorite) and the program confirmed expected metal recovery to concentrate on the different rock types and with the proposed change in primary collector type.

![figure13-1b.jpg](figure13-1b.jpg)

**Figure 13-1: Metallurgical Samples Collected June 2011**

![figure13-2b.jpg](figure13-2b.jpg)

**Figure 13-2: Metallurgical Samples Collected October 2011**

13.3.4Comminution Test Work

Several studies have been undertaken to investigate the physical and comminution characteristics of the various mineralized samples. Three laboratories have conducted test work as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AMMTEC conducted standard comminution tests, including Bond Work Index tests, on HQ core samples from different rock types at different deposit depths whilst JK Tech Proprietary Limited (JK) Pendulum conducted tests on PQ core from the pilot plant test work sample;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amdel conducted Media Competency tests on the PQ core intersections; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lakefield Research in Canada conducted Aerofall grinding evaluation tests on PQ core.

Minproc Limited evaluated the data to determine the appropriate circuit design and correct mill sizing. Table 13-1 summarizes the various comminution results.

**Table 13-1: Measured Grinding Results**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Material Type** | | **Bond Indices** | **Bond Indices** | **Bond Indices** | **JK Tech Parameters** | **JK Tech Parameters** | **JK Tech Parameters** | **JK Tech Parameters** | **JK Tech Parameters** | **JK Tech Parameters** |
| | | **Ball-Bwi kWh/t** | **Rod-Rwi kWh/t** | **Abrasion-Ai** | **A** | **b** | **A\*b** | **Dwi** | **ta** | **SG** |
| Monzonite Porphyry | Range | 12.3-14.8 | 13.2-15.2 | 0.204-0.315 | - | - | - | - | - | - |
| Monzonite Porphyry | Average | 13.8 | 14.3 | 0.2777 | - | - | - | - | - | - |
| Dark Diorite | Range  | 13.8-15.1 | 15.0-17.5 | 0.185-0.371 | - | - | - | - | - | - |
| Dark Diorite | Average | 14.1 | 16.2 | 0.255 | - | - | - | - | - | - |
| Feldspar Porphyry | Range | 13.2-14.8 | 13.9-15.5 | 0.211-0.337 | - | - | - | - | - | - |
| Feldspar Porphyry | Average | 14.1 | 14.9 | 0.295 | - | - | - | - | - | - |
| PQ Samples | Range | 12.7-12.9 | 12.5-16.3 | - | - | - | - | - | - | - |
| PQ Samples | Average | 12.8 | 14.4 | - | 71.2 | 0.54 | 38.5 | - | 0.39 | 2.67 |
| 2006 Test work | Average | 14.1 | 14.1 | 0.1456 | 74.6 | 0.9 | 67.2 | 3.9 | - | - |

---

Comminution results indicate that the Didipio tock types can be classified as having a low to moderate level of competency, which suggest a relatively low power consumption to reduce the material to the required particle size distribution for processing. The abrasion indices also suggest relatively low levels of abrasive wear on grinding media, liners, plant chutes and pipes.

The 2006 test work programs were carried out by JKTech (JK) and Dr Steve Morrell of SMCC Proprietary Limited. JK comments that the DWi, or drop weight index, at 3.9 is relatively low, indicating that the Didipio material is fairly soft with relatively low power requirements to grind to a specified size, with a minimum of critical size development. The parameters A, b and the product A\*b also indicate a relatively soft material.

Other comminution tests conducted on the PQ samples are shown in 13-2.

Ausenco adopted a 14.6 kilowatt-hours per tonne (kWh/t) for the Ball Mill Work Index and 14.5 kWh/t for the Rod Mill Work Index with an Abrasion Index of 0.26 for the plant design criteria from the completion of this work.

**Table 13-2: Other Measured Grinding Results**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tested** | **Autogenous** | **Unconfined Compressive**<br>**Strength** | **Unconfined Compressive**<br>**Strength** | **Unconfined Compressive**<br>**Strength** | **Impact Crushing Work Indices – kWh/t** | **Impact Crushing Work Indices – kWh/t** | **Impact Crushing Work Indices – kWh/t** | **Impact Crushing Work Indices – kWh/t** | **Impact Crushing Work Indices – kWh/t** |
| | **WI (kWh/t)** | **Range (MPa)** | **Peak (MPa)** | **Failure** | **102-76mm** | **76-51mm** | **51-38mm** | **38-25mm** | **25-19mm** |
| PW-Avg | 13.2 | - | - | - | 38.9 | 23.2 | 9.4 | 8.7 | 6.7 |
| PQ-Max | - | - | - | - | 57.8 | 45.4 | 13.7 | 15.4 | 11.3 |
| PQ-Min | - | - | - | - | 28.3 | 16.2 | 6.5 | 3.8 | 3.9 |
| Monzonite Porphyry | - | 45-130 | 130 | Shear | - | - | - | - | - |
| Dark Diorite | - | 45-175 | 175 | Shear | - | - | - | - | - |
| Feldspar Porphyry | - | 50-110 | 110 | Cataclisis | - | - | - | - | - |

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

The impact indices indicated that there could be a need for a recycle pebble crusher after the SAG mill as the rock competency increases significantly from the 51mm fraction to the 76mm fraction. However, this is not supported by other data that suggests there will be a minor amount of critical size build-up.

In 2013 and 2014 OceanaGold initiated a program to conduct Point Load Index (PLI) measurements on existing diamond core reserves held in storage. This was initiated to evaluate the variability of ore competency and options to increase plant capacity to 3.5 Mtpa.

Samples representing the original Stage three and four pit shells were selected and testing of all of the available drill core (including all Monzonite, Dark Diorite and mineralization in proximity to the Biak shear) was completed as the first priority with a total of 934 individual intercepts tested. In parallel, selected core intervals were selected for SMC testing to provide a lithology-based reference model to identify any areas of concern from higher expected competency that may affect processing scheduling for the monzonite and diorite lithologies that dominated the processing feed.

The key items of information found in the PLI measurements taken to date are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The north side of the ore zone has a lower PLI measurement compared to the south;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The north side of the deposit correlates with the higher-grade zones of mineralization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no appreciable increase in PLI measurement with increasing depth in the deposit.

Full grinding circuit surveys were used to produce a JKSimmet model of the plant to allow the variation in expected ore competency from the PLI program to be evaluated in terms of predicted plant throughput. Metso Technology provided the technical assistance in modelling the competency data and plant survey data and to provide a series of circuit simulation scenarios demonstrating the expected throughputs that would be expected with the inclusion of a pebble crusher. The work provided the basis for the conversion of the grinding circuit from a SAB to a SABC circuit to achieve the target of 3.5 Mtpa with modest capital outlay.

In 2016, OceanaGold submitted an underground breccia sample and an ore sample to JK Tech for standard comminution tests. The results are summarized in Table 13-3 and Table 13-4.

The DWi of the breccia sample was 1.88, hence was categorised as very soft, while the plant sample was 4.54 which is still in the soft range in terms of resistance to impact breakage. On the other hand, the calculated work indices suggest the samples can be classified as "Medium" hardness in terms of resistance to grinding.

In terms of grindability and throughput, underground breccia ore is less competent compared to monzonite and diorite lithologies and does not present an issue with processing throughput. Plant blend trials following commencement of underground mining validated this assumption however breccia lithology now represents a minor proportion of the feed to the processing plant.

**Table 13-3: Measured Grinding Results from 2016 Samples**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample Designation** | **Dwi** | **Dwi** | **Mia** | **Mik** | **Mie** | **A** | **b** | **SG** | **ta** |
| | **kWh/m**<sup>3</sup> | **%** | **kWh/t** | **kWh/t** | **kWh/t** | **A** | **b** | **SG** | **ta** |
| Breccia | 1.88 | 4 | 7.5 | 4.3 | 2.2 | 67 | 2.01 | 2.54 | 1.37 |
| CV003 | 4.54 | 24 | 14.9 | 10.2 | 5.3 | 70.1 | 0.81 | 2.59 | 0.57 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample Designation** | | **A\*b** | **A\*b** | **A\*b** | **A\*b** | **SC SE (kWh/t)** | **SC SE (kWh/t)** | **SC SE (kWh/t)** | **SC SE (kWh/t)** | **SC SE (kWh/t)** |
| | **Value** | **Category** | **Rank** | **%** | **Value** | **Category** | **Rank** | **%** | **Value** | **%** |
| Breccia | 134.7 | Very Soft | 4143 | 7.0 | 6.25 | Very Soft | 229 | 5.8 | 1.37 | 7.8 |
| CV003 | 56.8 | Moderately Soft | 2942 | 34 | 8.37 | Moderately Soft | 1196 | 30.2 | 0.57 | 35.1 |

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**Table 13-4: Measured Grinding Results from 2016 Samples - Bond Mill Data**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample Designation** | **F80** | **P80** | **Grindability** | **Aperture** | **Work Index** |
| | **µm** | **µm** | **(g/rev)** | **µm** | **kWh/t** |
| Breccia | 2239 | 86 | 1.455 | 106 | 12.8 |
| CV003 | 2239 | 83 | 1.246 | 106 | 14.3 |

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13.3.5Gravity Gold Recovery Test Work

Consistent gold recoveries were difficult to attain based on flotation test work alone. This is not unusual with gold-copper deposits that contain high levels of gold with a significant amount of free gold. Investigations with the use of gravity recovery techniques prior to flotation were conducted from the late 1990's under the studies coordinated by Minproc. Optimet carried out test work on the nine variability samples based on tabling and hand panning the table concentrates. The overall recovery to a gravity product was approximately 20% or more, indicating that gravity recovery to bullion was likely to be economically viable.

Subsequently, tests were undertaken using a laboratory Knelson high G-force concentrator followed by amalgamation of the Knelson concentrates. This work indicated that up to 40% of the gold could be concentrated into a low mass pull concentrate and amalgamation indicated a significant portion could be expected to be recovered by tabling. Gold particles observed in the panned concentrates were generally much finer than 100 µm in size.

When the Didipio Underground was developed in 2016, Gravity Recoverable Gold (GRG) test work was undertaken to determine mineralogy and grain size of future ore which consists of 60% low-medium grade stockpiled monzonite/diorite and 40% underground breccia.

The gold grain size of the future ore was determined to be significantly coarser at greater than 200 microns compared to earlier testwork and plant observations that free gold recovered in the plant treating open-pit ore was predominantly finer than 75 microns.

Two independent laboratories (Consep and Met-Solve) undertook the gravity test work and came to a similar conclusion, that earlier recovery of GRG is possible to prevent over grinding and losses of the GRG material.

Consep Australia's laboratory developed and provided a gravity gold recovery model using KC Mod\*Pro using their GRG results for the sample. From the modelling, the gold recovery to doré would be increased by more than 10% and the overall gold recovery benefit is estimated to increase by around 2% from incorporation of an additional coarse gravity recovery circuit on mill discharge compared to the current flowsheet utilizing gravity recovery on the flash flotation rougher concentrate stream.

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

Met-Solve Laboratories Inc in Canada also conducted test work on gravity recovery on samples from the underground resource and modelled simulated overall impact on gold recovery. Results of test work programs on gravity gold recovery on underground samples is presented in Table 13-5.

**Table 13-5: Gravity Test Work of Future Ore**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample Designation** | **Head Grade** | **Head Grade** | **Head Grade** | **Concentrate Grade** | **Concentrate Grade** | **Concentrate Grade** | **Recovery % Gold** | **Recovery % Gold** | **Recovery % Gold** |
| | **Cu (%)** | **Au (g/t)** | **Type** | **Cu (%)** | **Au**<br>**(g/t)** | **Copper** | **Total**  | **Gravity** | **Flotation** |
| LS0001 | 1 | 2.12 | Locked Cycle | 23.6 | 22.8 | 95.6 | 90 | 43.5 | 46.5 |
| LS0001 | 1 | 2.12 | Batch Locked | 28.4 | 16.7 | 94.3 | 88.1 | 39.5 | 48.6 |
| LS0002 | 1.09 | 2.4 | Cycle Batch | 26.5 | 23.1 | 94.8 | 91.2 | 49.4 | 41.8 |
| LS0002 | 1.09 | 2.4 | Locked Cycle | 28.5 | 24.2 | 93.6 | 91.8 | 51.0 | 40.8 |
| LS0003 | 0.81 | 1.17 | Batch | 29.2 | 17.6 | 95.9 | 92.9 | 46.6 | 46.3 |
| LS0003 | 0.81 | 1.17 | Batch | 26.5 | 23.2 | 95.7 | 90.5 | 41.0 | 49.5 |

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A smaller gravity recovery unit, a Falcon SB750, was installed in 2016 on the rougher concentrate to capture missed GRG from the primary gravity recovery unit Falcon SB2500. The addition of the Falcon SB750 gravity concentrator unit has increased gravity recovery by 5%.

An additional gravity recovery Falcon SB5200 unit to process Cyclone Underflow stream was installed and commissioned in August 2022 following resumption of operation. The additional unit is supplied with screened primary cyclone feed in parallel to the flash flotation circuit.

In addition to improvements to overall gold recovery the gravity recovered gold has a higher payable component than gold in copper concentrate, increasing overall revenue.

13.3.6Flotation Recovery Test Work

Flotation test work during the Pre-Feasibility stage from 1997-2000 was carried out in several phases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flotation Recovery Test Work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimisation Flotation Test Work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ore Variability Test Work; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pilot Plant Testing.

General conclusions were that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copper flotation kinetics were rapid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copper recoveries were generally high with acceptable concentrate grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over-grinding was detrimental to good metallurgical performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gold recovery to copper concentrate generally ranged from 80-90%.

Flotation test work was also conducted on site in 2016 to predict the recovery response of the different types of underground breccia ore, which is one of the predominant lithologies of the underground ore. In summary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recoveries are best at higher rates of sodium isobutyl xanthate (SIBX) dosage (maximum 15 g/t of SIBX compared to open-pit ores at around 5 g/t);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lime dosage is not necessary to increase recovery, as is the current process set-up;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimum recoveries are achieved at 140 µm grind; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paste backfill dilution could be detrimental to copper recovery only.

13.3.7Stockpile Flotation Recovery Test Work

Site conducted further test work programs on stockpiled ore after experiencing gradual reduction in copper recovery since 2017. It was found that the stockpile ore had partially oxidised due to being exposed to surface weathering conditions. Depending on the intensity of oxidation of the ore, there is a corresponding loss in copper recovery when compared to the fresh state. The oxidation degree was found to be correlated to the age of stockpile ore. Figure 13-3 illustrates the decreasing trend of copper recovery as an effect of oxidation as represented by the ratio of acid soluble copper to total copper in the ore, as well as the effect of Controlled Potential Sulphidisation (CPS) method using Sodium Hydrosulphide (NaHS) to minimize the effect.

Lab results indicate a recovery increase with CPS as the ore oxidation extent increases; however it will not restore recovery to the same level as the fresh ore. CPS presents a possible opportunity to increase recovery on rehandled stockpiled ore should validation testing and plant trials prove successful and can be effectively incorporated into the current flotation flowsheet.

![figure13-3a.jpg](figure13-3a.jpg)

**Figure 13-3: Relative Copper Recovery Change (With and Without CPS Compared to Fresh Ore)**

13.42024 – 2025 Didipio Underground Optimisation Test Work

A new geometallurgical test work program was initiated in 2024 to support the Didipio Underground Optimisation (DUO) Study, with planned processing feed to be increased from 3.5 Mtpa to 4.3 Mtpa and the underground portion to be increased from 1.6 Mtpa to >2.5 Mtpa, a proportional uplift of 15% (increasing from 45% of feed to 60%).

Two Bingo charts were developed in conjunction with the geology team – one for future ores from Panels 1 & 2 and another for future ores from Panel 3. These are summarized in Table 13-6. These

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bingo charts identified the main copper-gold geometallurgical domains and the minimum number of composites to be targeted for metallurgical test work.

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <br> <br> 

**Table 13-6: Bingo Charts for Didipio UG Panels 1, 2 and 3**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Tonnes (kt) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** | **Representative Samples (no.) for each Lithology and Domain** |
| **Ore Class** | **Low**<br>**Au/Low**<br>**Cu** | **Low**<br>**Au/High**<br>**Cu** | **Medium**<br>**Au/Low**<br>**Cu** | **Medium**<br>**Au/High**<br>**Cu** | **High**<br>**Au/Low**<br>**Cu** | **High**<br>**Au/High**<br>**Cu** | **Total** | **Low**<br>**Au/Low**<br>**Cu** | **Low**<br>**Au/High**<br>**Cu** | **Medium**<br>**Au/Low**<br>**Cu** | **Medium**<br>**Au/High**<br>**Cu** | **High**<br>**Au/Low**<br>**Cu** | **High**<br>**Au/High**<br>**Cu** | **Total** |
| &nbsp;&nbsp;Panel 1: DOM20 – Monzonite - Cu Mid=0.45%, Au Bins =<0.83, 0.83 to 1.41,>1.41g/t | 3089 | 1272 | 1841 | 1345 | 1316 | 2282 | **11145** | 3 | 2 | 2 | 2 | 2 | 3 | **14** |
| &nbsp;&nbsp;Panel 1: DOM40 – Syenite - Cu Mid=0.29%, Au Bins=<1.37, 1.37 to 2.13,>2.13 g/t | 124 | 2 | 50 | 38 | 24 | 77 | **315** | 1 | - | - | - | - | - | **1** |
| &nbsp;&nbsp;Panel 1: DOM51 – Balut – Cu Mid=0.75%, Au Bins=<2.82,2.82 to 3.94,>3.94 g/t | 22 | 2 | 11 | 9 | 5 | 13 | **62** | - | - | - | - | - | - | **0** |
| &nbsp;&nbsp;Panel 1: DOM60 – East Breccia – Cu Mid=0.72%, Au Bins=<0.57,0.57 to 0.67,>0.67 g/t | 2 | 2 | 4 | - | 0 | 6 | **15** | - | - | - | - | - | - | **0** |
| &nbsp;&nbsp;Panel 1: DOM61 – Breccia – Cu Mid=0.67%, Au Bins=<3.14,3.14 to 5.33,>5.33 g/t  | 250 | 36 | 174 | 108 | 87 | 266 | **919** | 1 | - | 1 | 1 | 1 | 1 | **5** |
| &nbsp;&nbsp;Panel 2: DOM20 – Monzonite – Cu Mid=0.42%, Au Bins=<0.81,0.81 to 1.28,>1.28 g/t | 2675 | 530 | 1230 | 1029 | 770 | 1604 | **7838** | 3 | 1 | 2 | 1 | 1 | 2 | **10** |
| &nbsp;&nbsp;Panel 2: DOM40 – Syenite – Cu Mid=0.19%, Au Bins=<0.67,0.67 to 0.94,>0.94 g/t | 337 | 32 | 226 | 135 | 92 | 273 | **1095** | 1 | - | 1 | 1 | 1 | 1 | **5** |
| &nbsp;&nbsp;Panel 2: DOM51 – Balut – Cu Mid=0.47%, Au Bins=<1.29,1.29 to 1.88,>1.88 g/t | 337 | 16 | 173 | 71 | 68 | 242 | **908** | 1 | - | - | - | - | 1 | **2** |
| &nbsp;&nbsp;Panel 2: DOM60 – East Breccia – Cu Mid=0.73%, Au Bins=<0.89, 0.89 to 1.10,>1.10 g/t | 64 | 5 | 13 | 21 | 1 | 71 | **176** | - | - | - | - | - | 1 | **1** |
| **Total (Panels 1 and 2)** | **6901** | **1896** | **3723** | **2756** | **2363** | **4835** | **22473** | **10** | **3** | **6** | **5** | **5** | **9** | **38** |
| &nbsp;&nbsp;Panel 3: DOM20 – Monzonite – Cu Mid=0.35%, Au Bins=<0.71,0.71 to 1.02,>1.02 g/t | 3101 | 646 | 2527 | 830 | 1444 | 3082 | **11630** | 3 | 1 | 2 | 1 | 1 | 3 | **11** |
| &nbsp;&nbsp;Panel 3: DOM40 – Syenite – Cu Mid=0.13%, Au Bins=<0.67,0.67 to 0.94,>0.94 g/t | 329 | 60 | 9 | 116 | 1 | 85 | **600** | 1 | - | - | 1 | - | - | **2** |
| &nbsp;&nbsp;Panel 3: DOM51 – Balut – Cu Mid=0.36%, AuBins=<1.02,1.02 to 1.61,>1.61 g/t | 161 | 6 | 79 | 74 | 34 | 131 | **486** | 1 | - | - | - | - | 1 | **2** |
| **Total (Panel 3)** | **3592** | **712** | **2614** | **1020** | **1479** | **3299** | **12716** | **5** | **1** | **2** | **2** | **1** | **4** | **15** |

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

Panels 1 & 2 contain 22.9 Mt or 81% of LoM underground processing feed - comprised of 85% Monzonite, 6% Syenite, 5% Breccia and 4% Balut. Panel 3 contains 5.4 Mt or 19% of future UG ore – comprised of 92% Monzonite, 5% Syenite and 4% Balut over the LoM.

All comminution test work was conducted off-site by JKTech and AMML, with the site laboratory not equipped for the full suite of tests. Seven samples were dispatched for comminution test work – five samples from Panels 1 & 2 and two from Panel 3, each representative of the five lithologies at Didipio.

Recovery test work was conducted on-site in the OGPI metallurgical laboratory. A total of thirty-five Panel 1 & 2 samples and fifteen Panel 3 samples were submitted for recovery test work. The head assays for these samples are shown in Table 13-7, Table 13-8, and Table 13-9.

**Table 13-7: Panel 1 Head Grades**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Panel 1** | **Au (g/t)** | **Cu (%)** | **Fe (%)** | **S (%)** | **Ag (ppm)** |
| P1-MON-LL-1 | 0.67 | 0.24 | 3.01 | 0.23 | 0.72 |
| P1-MON-LL-2 | 0.76 | 0.21 | 3.05 | 0.62 | 0.64 |
| P1-MON-LL-3 | 0.67 | 0.21 | 3.15 | 0.48 | 0.59 |
| P1-MON-LH-1 | 1.04 | 0.78 | 3.06 | 0.72 | 2.74 |
| P1-MON-LH-2 | 0.65 | 0.59 | 3.22 | 0.52 | 2.09 |
| P1-MON-ML-1 | 1.09 | 0.24 | 3.11 | 0.40 | 0.95 |
| P1-MON-ML-2 | 1.24 | 0.35 | 3.12 | 0.30 | 1.27 |
| P1-MON-MH-1 | 1.75 | 0.65 | 3.08 | 0.59 | 2.27 |
| P1-MON-MH-2 | 0.93 | 0.79 | 3.06 | 0.73 | 3.24 |
| P1-MON-HL-1 | 1.75 | 0.31 | 3.07 | 0.48 | 0.95 |
| P1-MON-HL-2 | 1.77 | 0.25 | 2.90 | 0.36 | 1.03 |
| P1-MON-HH-1 | 2.16 | 0.84 | 3.22 | 0.76 | 2.69 |
| P1-MON-HH-2 | 4.80 | 0.94 | 3.79 | 0.85 | 4.46 |
| P1-MON-HH-3 | 3.26 | 0.92 | 3.94 | 1.02 | 3.94 |
| P1-SYE-LL-0 | 1.43 | 0.19 | 1.45 | 0.41 | 0.25 |
| P1-QBX-LL-0 | 1.58 | 0.21 | 2.29 | 0.45 | 2.73 |
| P1-QBX-MH-0 | 4.49 | 0.93 | 3.00 | 1.08 | 4.54 |
| P1-QBX-HH-0 | 19.11 | 0.96 | 2.36 | 1.47 | 2.86 |
| P1-QBX-ML-0 | 4.21 | 0.67 | 2.67 | 0.88 | 2.95 |
| P1-QBX-HL-0 | 5.03 | 0.62 | 2.77 | 0.81 | 2.66 |

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

**Table 13-8: Panel 2 Head Grades**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Panel 2** | **Au (g/t)** | **Cu (%)** | **Fe (%)** | **S (%)** | **Ag (ppm)** |
| P2-MON-LL-1 | 0.72 | 0.29 | 2.90 | 0.19 | 0.84 |
| P2-MON-LH-0 | 0.75 | 0.52 | 2.86 | 0.44 | 1.63 |
| P2-MON-ML-1 | 1.03 | 0.31 | 2.94 | 0.30 | 1.07 |
| P2-MON-ML-2 | 0.94 | 0.27 | 2.90 | 0.28 | 1.11 |
| P2-MON-MH-0 | 1.01 | 0.57 | 2.98 | 0.60 | 2.00 |
| P2-MON-HL-0 | 1.68 | 0.31 | 2.58 | 0.28 | 1.07 |
| P2-MON-HH-1 | 2.16 | 0.71 | 3.35 | 0.49 | 3.22 |
| P2-SYE-LL-0 | 0.92 | 0.20 | 2.75 | 0.43 | 0.64 |
| P2-SYE-ML-0 | 0.65 | 0.13 | 1.31 | 0.50 | 0.57 |
| P2-SYE-MH-0 | 0.87 | 0.13 | 1.26 | 0.24 | 0.71 |
| P2-SYE-HL-0 | 1.66 | 0.25 | 1.31 | 0.46 | 0.80 |
| P2-SYE-HH-0 | 3.52 | 0.48 | 2.85 | 0.46 | 1.85 |
| P2-BAL-LL-0 | 0.78 | 0.31 | 6.41 | 0.13 | 1.09 |
| P2-BAL-HH-0 | 4.99 | 1.00 | 6.91 | 0.68 | 1.17 |
| P2-EBX-HH-0 | 2.37 | 1.11 | 3.11 | 1.07 | 2.84 |

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**Table 13-9: Panel 3 Head Grades**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Panel 3** | **Au (g/t)** | **Cu (%)** | **Fe (%)** | **S (%)** | **Ag (ppm)** |
| P3-MON-LL-1 | 0.30 | 0.17 | 2.81 | 0.17 | 0.70 |
| P3-MON-LL-2 | 0.44 | 0.20 | 2.77 | 0.20 | 1.00 |
| P3-MON-LL-3 | 0.25 | 0.14 | 2.75 | 0.14 | 0.50 |
| P3-MON-LH-0 | 0.58 | 0.43 | 2.86 | 0.42 | 1.40 |
| P3-MON-ML-1 | 0.76 | 0.21 | 2.46 | 0.18 | 1.10 |
| P3-MON-ML-2 | 0.66 | 0.24 | 2.53 | 0.27 | 1.20 |
| P3-MON-MH-0 | 0.86 | 0.53 | 2.66 | 0.52 | 1.50 |
| P3-MON-HL-0 | 2.85 | 0.22 | 2.12 | 0.21 | 0.70 |
| P3-MON-HH-1 | 1.79 | 0.60 | 2.58 | 0.64 | 2.80 |
| P3-MON-HH-2 | 1.97 | 0.81 | 2.78 | 0.75 | 2.40 |
| P3-MON-HH-3 | 2.05 | 0.88 | 2.69 | 0.95 | 2.70 |
| P3-SYE-LL-0 | 0.76 | 0.11 | 1.20 | 0.45 | 0.90 |
| P3-SYE-MH-0 | 0.81 | 0.22 | 1.06 | 0.40 | 0.70 |
| P3-BAL-LL-0 | 1.14 | 0.21 | 4.31 | 0.31 | 0.90 |
| P3-BAL-HH-0 | 5.37 | 1.31 | 4.11 | 0.75 | 6.10 |

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13.4.1Comminution Test Work

Seven hardness samples were dispatched to AMML for comminution test work – five samples from Panels 1 & 2 and two from Panel 3, each representative of the five lithologies at Didipio. The samples were made up of a mixture of half and full diamond drill core. Each sample was coarse crushed to produce pieces for SMC test work which were sent to JKTech for testing. The SMC samples were returned to AMML after testing and recombined with the remaining sample. Each sample was then crushed further to produce a sample for Abrasion Index (Ai) test work, which was completed at AMML. The Ai sample was then recombined with the remaining sample and crushed to -3.35mm for Bond Ball Mill Work Index which was also completed at AMML.

The results for the comminution test work are summarized in Table 13-10.

**Table 13-10: Comminution Test Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample** | **Abrasion (Ai)** | **Bond Ball BBWi (kWh/t)** | **SMC** | **SMC** | **SMC** |
| **Sample** | **Abrasion (Ai)** | **Bond Ball BBWi (kWh/t)** | **Dwi (kWh/m**<sup>3</sup>**)** | **A\*b** | **SCSE** |
| Panel 1&2 Monzonite | 0.3991 | 14.9 | 5.91 | 43.2 | 9.36 |
| Panel 1&2 Syenite | 0.2159 | 12.8 | 2.57 | 95.2 | 6.97 |
| Panel 1&2 Balut | 0.1187 | 12.8 | 2.12 | 135.9 | 6.27 |
| Panel 1&2 EBX | 0.3396 | 14.4 | 4.83 | 54.3 | 8.53 |
| Panel 1&2 QBX | 0.1127 | 14.0 | 1.92 | 135.4 | 6.22 |
| Panel 3 N Monzonite | 0.2796 | 14.8 | 3.67 | 67.9 | 7.81 |
| Panel 3 S Monzonite | 0.3583 | 14.9 | 5.81 | 44.6 | 9.24 |

---

The SMC and Bond Wi results indicate that the Didipio rock types can be classified as having a low to moderate level of competency, which suggests a relatively low power consumption to reduce the material to the required particle size distribution for processing. The abrasion indices also suggest relatively low levels of abrasive wear on grinding media, liners, plant chutes and pipes (although given the higher Ai results, Monzonite will be more abrasive than the other lithologies).

13.4.2Recovery Test Work

Recovery test work was conducted on-site at the OGPI metallurgical laboratory. The test work procedure replicates the Didipio process flowsheet and can be summarized as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grind to a P80 of 140 µm; then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pass through gravity unit; then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct rougher flotation test on gravity tails; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total recovery equals gravity concentrate plus flotation concentrate.

Recovery test work results are summarized by panel and geometallurgical domain in Table 13-11.

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**Table 13-11: Panels 1-3 Recovery Test Results**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Domain** | **Head Grade (Au g/t)** | **Au Recovery (%)** | **Head Grade (Cu %)** | **Cu Recovery (%)** |
| Panel 1 Monzonite | 1.62 | 91.55 | 0.53 | 91.71 |
| Panel 1 Syenite | 1.43 | 96.44 | 0.19 | 87.15 |
| Panel 1 Quartz Breccia | 6.88 | 96.20 | 0.68 | 94.47 |
| Panel 2 Monzonite | 1.19 | 87.50 | 0.42 | 91.57 |
| Panel 2 Syenite | 1.53 | 94.71 | 0.24 | 92.56 |
| Panel 2 Balut | 2.89 | 89.01 | 0.65 | 92.73 |
| Panel 2 East Breccia | 2.37 | 90.15 | 1.11 | 91.27 |
| Panel 3 Monzonite | 1.05 | 89.96 | 0.37 | 87.05 |
| Panel 3 Syenite | 0.74 | 96.04 | 0.15 | 94.81 |
| Panel 3 Balut | 3.06 | 94.62 | 0.71 | 95.09 |
| **Panel 1 (Average)** | **2.93** | **92.95** | **0.55** | **92.17** |
| **Panel 2 (Average)** | **1.54** | **89.82** | **0.44** | **91.96** |
| **Panel 3 (Average)** | **1.28** | **91.39** | **0.38** | **89.15** |

---

Key observations are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Both gold and copper demonstrate a strong grade-recovery relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rougher recovery results are comparable with current plant performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is an opportunity to revise the gold and copper recovery models to improve the accuracy of operational forecasting and study inputs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a minimum, it is recommended that two models are utilized – one for underground ore and another for open-pit stockpiles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Test results also indicate that lithology influences recovery, and it might be worth developing individual recovery models for the different lithological domains.

13.5Metallurgical Performance of the Process Plant

Site recovery models have been updated over time to reflect changes in plant feed and performance – with plant feed changing from 100% fresh open-pit ore to a blend of stockpiled (oxidized) open-pit ore and fresh underground ore. Plant improvements over time include additional gravity recovery capacity and pH control. Models have been developed from future ore test work results along with modifying factors correlated from plant operating data over 11 years of operation.

Figure 13-4 and Figure 13-5 illustrate plant recovery vs model recovery for gold and copper respectively. The models track well against plant performance and are considered suitable for forecasting purposes. In addition, site has identified an opportunity to improve model accuracy with the development of distinct models for open-pit and underground ores.

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13.5.1Gold Recovery Model

Key drivers of gold recovery include gold grade and grind size with recovery increasing with higher gold grade and decreasing with coarser grind size. Other factors incorporated into the model include uplift factors for improvements in gravity circuit operations and a penalty for paste contamination (a product of increasing levels of underground feed).

Current data shows that paste contamination reduces gold recovery by 2% due to depression of pyrite flotation with the increase in feed pH. To counter this, acid dosing was introduced at the head of the flotation circuit in November 2024 to mitigate this impact. Actual gold recovery (combined flotation and gravity) compared to the model has averaged within 1% over the last three years of production.

![figure13-4a.jpg](figure13-4a.jpg)

**Figure 13-4: Didipio Gold Recovery vs Model**

13.5.2Copper Recovery Model

Key drivers of copper recovery include copper grade and grind size – with recovery increasing with higher copper grade and decreasing with coarser grind size. An additional factor incorporated into the model includes a penalty for stockpile oxidation (with plant feed changing from 100% fresh open-pit ore to a blend of stockpiled (oxidized) open-pit ore and fresh underground ore).

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As with the gold model, the copper recovery model tracks well with plant performance and over the last three years predicts recovery within 1.1%.

![figure13-5a.jpg](figure13-5a.jpg)

**Figure 13-5: Didipio Copper Recovery vs Model**

13.6Forward Work Program

The forward work program will include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progressive test work on fresh core from drilling programs to confirm hardness and recovery estimates for any new reserves that are defined. This will inform forecasting assumptions and identify any high risk geometallurgical zones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Produce independent throughput and recovery models for open-pit stockpiles and underground ore. Evaluate developing individual recovery models for the different lithological domains;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify low throughput geometallurgical zones and evaluate processing options to increase throughput rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify low recovery geometallurgical zones and evaluate uplift opportunities via mineralogical analysis and optimization test work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing assessment of the use of pH control to mitigate the negative impact of paste contamination on flotation recovery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing evaluation of CPS potential to improve recovery of oxidised open-pit stockpiles.

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <u><br></u> <br> 

14Mineral Resource Estimates

14.1Introduction

The underground Mineral Resource estimate, "DP2410URR", was updated in October 2024 using Ordinary Kriging to estimate gold (Au), copper (Cu), and silver (Ag) grades. The Didipio model used implicit gold grade shells that were generated in Leapfrog software whilst grade estimation and block model construction were completed in Vulcan <sup>TM</sup> software

The estimates for the surface stockpiles were based upon the Ordinary Kriging of closely spaced grade control samples at the time of open-pit mining. This data, and monthly stockpile surveys were used to construct a 3D block model of the stockpiled grades.

14.2Database Analysis

The Mineral Resource estimation used a total of 725 drill holes, for an aggregated metreage of 141,733 m summarized in Table 14-1. Included also are 904 channel samples from mine development openings which total 27,879 m. Diamond drill hole (DDH) core recoveries average at 95%, ranging from 100% to as low as 50%. Low recoveries are typically associated with the areas of faulting and fracturing and there is no strong relationship with grade. As such, inclusion of drill intervals where there are low recoveries is not considered a material risk in the Resource estimation.

**Table 14-1: Holes and Channels Utilized for Resource Estimation**

---

| | | |
|:---|:---|:---|
| **Hole Type** | **Quantity** | **Metreage** |
| Diamond Drill Hole | 725 | 141,733 |
| Channel | 904 | 27,879 |

---

14.2.1Database Validation

AcQuire V4 is a Geoscientific Data Management software system that is both secure and streamlined to capture, manage, and deliver data, and provide analytical tools. Use of acQuire is restricted to select users to ensure that data cannot be adulterated or otherwise altered.

All assay reports are validated using the QA/QC processes described in Section 12, i.e. actual assay values are graphed and compared with certified assay values in the case of CRM Standards and blanks while primary assays are compared to secondary assays in the case of repeat check assaying. Geological logs are validated by geologists and acQuire. Some logging fields utilize pick lists to prevent errors in data encoding. Drill holes completed prior to 2008 were re-logged using OGPI procedures and uploaded into the acQuire database.

Downhole surveys reported by drillers are checked by geologists using stored data in Imdex Survey-IQ equipment and Imdex Hub. Results are also plotted in mining software. Surveyors provide the hole collar locations, and the geologist updates the database to ensure actual coordinates are utilized during the estimation process.

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14.3Mineral Deposit Model and Interpretation

The Didipio Porphyry copper-gold deposit consists of multiple alkaline porphyry intrusions that brought about and hosts the Au-Cu mineralization as shown in Figure 14-1. Two magmatic events are recognized that represent the evolution from a silica-undersaturated to a silica-saturated system. The silica-undersaturated mineralization consists of the intrusion of the Monzonite Porphyry that produced weak copper-gold mineralization and emplacement of Balut Dykes which appreciably supplemented this mineralization.

With the emplacement of the succeeding Feldspar Porphyry and Syenite, the system evolved to be silica-saturated. Quartz-sulphide veins formed and were later hydrothermally brecciated forming a high-grade breccia, rich in quartz fragments (QBX) bodies above the Balut Dykes and Syenite. The pipe-like mineralized Eastern breccia is most probably part of the silica-saturation event and consists of monzonite porphyry gradational to monzonite porphyry intrusion breccia, both intruded by a smaller cylindrical body of feldspar porphyry igneous breccia. Gold-copper mineralization remains open at depth.

![a1a.jpg](a1a.jpg)

**Figure 14-1: Oblique View (Looking NE) of Didipio Intrusions**

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Indicator grade shells were used for estimation domaining because lithological contacts generally do not correspond with hard grade boundaries, due to the controls on mineralization. The exception is the Eastern Breccia (EBX), for which logged geology was used to construct the domain wireframe.

Statistical analysis of grade populations, including log-probability plots, guided the selection of grade shell thresholds. Grade shell solids for domains were developed in Leapfrog Version 2024.1 using implicit modelling with a trend that matches the observed anisotropy of the respective mineralization. The following estimation domains were developed:

For gold (3 domains identified):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AUDOM=0 - < 0.1 g/t Au;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AUDOM=1 - >=0.1 g/t Au; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AUDOM=2 - within the EBX.

For copper (3 domains identified):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CUDOM=0 - < 0.09 %Cu;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CUDOM=1 - >=0.09 %Cu; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CUDOM=2 - within the EBX.

For silver (2 domains identified):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGDOM=0 - <0.7 g/t Ag; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGDOM=1 - >=0.7 g/t Ag.

The EBX consistently dips east-northeast in contrast to the main orebody's general orientation of north-northeast. Note that no hard grade boundary was implemented between the EBX and the main orebody for the silver estimation. An example of AUDOM 1 and 2 is shown in Figure 14-2.

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| |
|:---|
| ![figure14-21a.jpg](figure14-21a.jpg)<br>AUDOM 1 domain (blue) / AUDOM 2 domain (green); LHS – looking south / RHS – plan view. |
| ![figure14-2b.jpg](figure14-2b.jpg)<br>Plan view slice - 2360mRL ± 10m (left) / 2270mRL ± 10m (right) |

---

**Figure 14-2: Au Mineralized Domains (AUDOM 1 and 2)**

14.4Compositing

Compositing to 3 m downhole lengths was implemented in Vulcan software, honouring domain boundaries. The 3 m length was chosen to reflect mining selectivity and the parent block size used. All residual sample lengths of less than or equal to 1.5 m were included in the adjacent sample resulting in a minimum of 1.5 m and a maximum of 4.5 m composite length, with a mean of 3 m. Univariate statistics, log probability and histograms of the composite data for Au, Cu and Ag domains are summarized in Figure 14-2.

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**Table 14-2: Basic Statistics for 3m Composites (by Domain) Length Weighted**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Count** | **Minimum** | **Maximum** | **Mean** | **Std Dev** | **Variance** | **CV** |
| Au | audom=0 | 6047 | 0.003 | 13.92 | 0.10 | 0.35 | 0.12 | 3.39 |
| Au | audom=1 | 52651 | 0.005 | 215.7 | 1.06 | 2.94 | 8.64 | 2.76 |
| Au | audom=2 | 1136 | 0.02 | 54.02 | 0.96 | 2.17 | 4.70 | 2.26 |
| Cu | cudom=0 | 11202 | 0.005 | 3.38 | 0.06 | 0.08 | 0.01 | 1.39 |
| Cu | cudom=1 | 47565 | 0.005 | 14.91 | 0.38 | 0.45 | 0.20 | 1.17 |
| Cu | cudom=2 | 1135 | 0.013 | 14.32 | 0.65 | 0.96 | 0.92 | 1.48 |
| Ag | agdom=0 | 15481 | 0.06 | 45.90 | 0.58 | 0.68 | 0.46 | 1.17 |
| Ag | agdom=1 | 30822 | 0.07 | 233.0 | 1.94 | 3.04 | 9.25 | 1.56 |

---

14.5Top Capping

Top-capping for Au, Cu, and Ag values is based primarily on the grade distribution for each domain. Capped composites were plotted to check the spatial location of high-grade samples and confirmed that there was no clustering of outliers. Table 14-3 presents the statistical comparison of uncapped and capped composite values.

**Table 14-3: Top Capping 3m Composites (By Domain) Length Weighted**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **3m Composite** | **3m Composite** | **3m Composite** | **3m Composite** | **Top-Cut 3m Composite** | **Top-Cut 3m Composite** | **Top-Cut 3m Composite** | **Top-Cut 3m Composite** | **%** <br>**Change** |
| **Element** | **Domain** | **Count** | **Mean** | **Std Dev** | **CV** | **Upper Cut** | **Mean** | **Std Dev.** | **CV** | **%** <br>**Change** |
| Au | &nbsp;&nbsp;audom=0 | 6047 | 0.10 | 0.35 | 3.39 | 0.5 | 0.08 | 0.10 | 1.362 | -27 |
| Au | &nbsp;&nbsp;audom=1 | 52651 | 1.06 | 2.94 | 2.76 | 41 | 1.043 | 2.33 | 2.235 | -2 |
| Au | &nbsp;&nbsp;audom=2 | 1136 | 0.96 | 2.17 | 2.26 | 6.5 | 0.8549 | 0.94 | 1.11 | -11 |
| Cu | &nbsp;&nbsp;cudom=0 | 11202 | 0.06 | 0.08 | 1.39 | 0.45 | 0.0655 | 0.05 | 0.926 | -4 |
| Cu | &nbsp;&nbsp;cudom=1 | 47565 | 0.38 | 0.45 | 1.17 | 7 | 0.3879 | 0.43 | 1.126 | 0 |
| Cu | &nbsp;&nbsp;cudom=2 | 1135 | 0.65 | 0.96 | 1.48 | 4.5 | 0.61 | 0.60 | 0.993 | 6 |
| Ag | &nbsp;&nbsp;agdom=0 | 15481 | 0.58 | 0.68 | 1.17 | 4.6 | 0.57 | 0.36 | 0.632 | 2 |
| Ag | &nbsp;&nbsp;agdom=1 | 30822 | 1.95 | 3.04 | 1.56 | 28 | 1.92 | 2.31 | 1.204 | 1 |

---

14.6Variography

The variograms were generated for each domain, from the length-weighted, top-capped, and grade shell-coded drill hole composites. Ordinary Kriging estimation was used for gold, copper and silver.

The variogram parameters utilized in Ordinary Kriging estimation of the individual blocks are presented in Table 14-4 and search parameters are shown in Table 14-5.

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**Table 14-4: Variogram Parameters (By Estimation Domain)**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Dom** | **Nugget** | **No. Of**<br>**Structure** | **Model Type** | **Sill 1** | **Bearing** | **Plunge** | **Dip** | **Major** | **Semi**<br>**Major** | **Minor** | **Model Type** | **Sill 2** | **Bearing** | **Plunge** | **Dip**  | **Major** | **Semi**<br>**Major** | **Minor** |
| &nbsp;&nbsp;Au | 0 | 0.4584 | 2 | Spherical | 0.4015 | 340 | -85 | 0 | 30 | 28 | 15 | Spherical | 0.1401 | 340 | -85 | 0 | 60 | 110 | 44 |
| &nbsp;&nbsp;Au | 1 | 0.3316 | 2 | Spherical | 0.4315 | 340 | -85 | 0 | 45 | 34 | 17 | Spherical | 0.2369 | 340 | -85 | 0 | 300 | 255 | 83 |
| &nbsp;&nbsp;Au | 2 | 0.4481 | 2 | Spherical | 0.3537 | 320 | -78 | 0 | 9 | 7 | 6.5 | Spherical | 0.1981 | 320 | -78 | 0 | 65 | 32 | 16 |
| &nbsp;&nbsp;Cu | 0 | 0.5492 | 2 | Spherical | 0.3130 | 347 | -79 | 0 | 37 | 45 | 30 | Spherical | 0.1378 | 347 | -79 | 0 | 187 | 187 | 90 |
| &nbsp;&nbsp;Cu | 1 | 0.3334 | 2 | Spherical | 0.3690 | 347 | -79 | 0 | 45 | 25 | 25 | Spherical | 0.3084 | 347 | -79 | 0 | 310 | 232 | 75 |
| &nbsp;&nbsp;Cu | 2 | 0.3206 | 2 | Spherical | 0.4860 | 320 | -78 | 0 | 17 | 11 | 11 | Spherical | 0.1935 | 320 | -78 | 0 | 136 | 23 | 18 |
| &nbsp;&nbsp;Ag | 0 | 0.8039 | 2 | Spherical | 0.0921 | 340 | -85 | 0 | 25 | 20 | 20 | Spherical | 0.1040 | 340 | -85 | 0 | 350 | 250 | 250 |
| &nbsp;&nbsp;Ag | 1 | 0.3580 | 2 | Spherical | 0.5283 | 340 | -85 | 0 | 31 | 10 | 9 | Spherical | 0.1137 | 340 | -85 | 0 | 150 | 88 | 40 |

---

**Table 14-5: Search Parameter (By Estimation Domain)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Passes** | **Bearing** | **Plunge** | **Dip** | **Major Axis** | **Semi-Major**<br>**Axis** | **Minor**<br>**Axis** | **Discretisation** | **Min**<br>**Samples**<br>**per Est** | **Max**<br>**Sample**<br>**per Est** | **Max**<br>**Samples**<br>**per Octant** | **Max**<br>**Samples**<br>**Per DH** |
| Au | 0 | 1 | 340 | -85 | 0 | 60 | 60 | 42 | 5x5x5 | 5 | 22 | 3 | 3 |
| Au | 0 | 2 | 340 | -85 | 0 | 200 | 200 | 150 | 5x5x5 | 4 | 22 | 3 | 3 |
| Au | 1 | 1 | 340 | -85 | 0 | 80 | 40 | 20 | 5x5x5 | 8 | 22 | 3 | 3 |
| Au | 1 | 2 | 340 | -85 | 0 | 250 | 150 | 50 | 5x5x5 | 3 | 22 | 3 | 3 |
| Au | 2 | 1 | 320 | -78 | 0 | 65 | 25 | 16 | 5x5x5 | 5 | 22 | 3 | 3 |
| Au | 2 | 2 | 320 | -78 | 0 | 140 | 60 | 40 | 5x5x5 | 4 | 22 | 3 | 3 |
| Cu | 0 | 1 | 347 | -79 | 0 | 150 | 130 | 85 | 5x5x5 | 5 | 22 | 0 | 3 |
| Cu | 0 | 2 | 347 | -79 | 0 | 450 | 450 | 250 | 5x5x5 | 4 | 22 | 0 | 3 |
| Cu | 1 | 1 | 347 | -79 | 0 | 250 | 100 | 60 | 5x5x5 | 8 | 22 | 3 | 3 |
| Cu | 1 | 2 | 347 | -79 | 0 | 400 | 200 | 80 | 5x5x5 | 4 | 22 | 3 | 3 |
| Cu | 2 | 1 | 320 | -78 | 0 | 100 | 25 | 15 | 5x5x5 | 8 | 22 | 3 | 3 |
| Cu | 2 | 2 | 320 | -78 | 0 | 200 | 60 | 40 | 5x5x5 | 4 | 22 | 3 | 3 |
| Ag | 0 | 1 | 340 | -85 | 0 | 290 | 245 | 60 | 5x5x5 | 5 | 22 | 3 | 3 |
| Ag | 0 | 2 | 340 | -85 | 0 | 500 | 450 | 100 | 5x5x5 | 4 | 22 | 3 | 3 |
| Ag | 1 | 1 | 340 | -85 | 0 | 63 | 25 | 25 | 5x5x5 | 8 | 22 | 3 | 3 |
| Ag | 1 | 2 | 340 | -85 | 0 | 180 | 75 | 60 | 5x5x5 | 4 | 22 | 3 | 3 |

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14.7Block Model Dimensions

The block model dimensions, origin and cell size are provided in Table 14-6. The total number of blocks is 750,000. The model is created with a Vulcan rotation of Bearing = 90, Dip = 0, Plunge = 0. The Didipio Underground Mine Grid Coordinate system is used.

**Table 14-6: Block Model Limits**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Minimum** | **Maximum** | **Block Size (m)** | **No. of Blocks** |
| Eastings (X) | 1050 | 1800 | 10 | 75 |
| Northings (Y) | 5200 | 5700 | 5 | 100 |
| Elevation (Z) | 1500 | 3000 | 15 | 100 |

---

14.8Estimation Strategy

The model has been estimated in Vulcan software using Ordinary Kriging. Estimations were constrained to individual grade shell domains using length weighted 3 m downhole composites into parent cells of 10m E x 5m N x 15 mRL with sub-celling down to 5 m E x 2.5 m N x 5 mRL.

Aside from grade shell domains, the individual blocks are coded with lithology and bulk density values using lithological wireframes.

The summary of methodology that was used for the mineralized domains for Au, Cu and Ag is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Build a variogram for the top-capped grade in the respective grade shell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Set search orientation to match variogram direction within respective grade shell

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimate Au grade within mineralized / background shells (hard boundary) via Ordinary Kriging

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limit data to three samples per DH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quadrant restriction applied (except CUDOM 0)

The search parameters used are summarized in Table 14-5.

The Au equivalent (AuEq) for each block is computed using the following formula: AuEq g/t = Au g/t + 1.27 x Cu %. The formula considered metal prices of US$2,450/oz Au and US$4.50 per pound Cu and processing recoveries of 89.4% for copper and 88.1% for gold.

14.9In Situ Bulk Density Determinations

In-situ density determinations have been carried out at regular intervals on a number of drill core samples from different lithologies. Each sample comprised approximately 10 cm of half drill core or a 5 cm whole core sample. The density values were determined through gravimetric buoyancy method involving drying and sealing the selected sample with a waterproofing compound, then weighing the sample both in air and in water. The measurements were then averaged for each lithology. Data from a total of 2,803 samples were statistically analyzed. The average bulk density (BD), calculated by rock type, was then loaded into Leapfrog for 3D geological coding. The BD statistics and values used in the resource model are tabulated in Table 14-7.

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**Table 14-7: Assigned Lithological Bulk Density Values**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lithology Code** | **Lithology** | **Count** | **Mean** | **Std Dev** | **Median** | **Value Used** |
| 10 | Diorite | 775 | 2.76 | 0.27 | 2.78 | 2.76 |
| 11 | Biak Shear Zone | 38 | 2.55 | 0.24 | 2.57 | 2.65 |
| 12 | Biak Hanging Wall | 60 | 2.72 | 0.16 | 2.75 | 2.65 |
| 20 | Monzonite Composite | 1530 | 2.55 | 0.22 | 2.55 | 2.55 |
| 51 | Balut | 138 | 2.61 | 0.26 | 2.55 | 2.61 |
| 40 | Syenite | 140 | 2.40 | 0.26 | 2.42 | 2.40 |
| 60 | Eastern Breccia  | 78 | 2.59 | 0.13 | 2.59 | 2.59 |
| 61 | Quartz Breccia | 44 | 2.49 | 0.08 | 2.48 | 2.49 |

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14.10Resource Classification

Resource classification is a reporting-based categorization scheme that relates to the confidence of estimates made within reasonable range of the reporting cut-off grades. A combination of geological confidence and drill hole spacing are used, supplemented by Kriging variance (KV), average distance of samples used to inform block (AVD), and slope of regression (SOR). No single criterion is used in isolation to define the classification.

Mineral Resource categories are then simplified by constructing wireframed solids that group regions of class. This ensures against scattered and discontinuous block classification.

Drill hole spacing defines the base classification to which the following steps are applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Inferred Mineral Resource (approx. >45 m x 45 m)</u> is defined where the AVD approximately less than or equal to 75 m and where the SOR is approximately greater than 0.2,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Indicated Mineral Resource (approx. < 45 m x 45 m)</u> is defined where a minimum of 10 samples and 4 holes are found inside the search; KV is less than 0.26, the AVD is less than 45 m, and the SOR is greater than 0.65,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Measured Mineral Resource (approx. < 25 m x 25 m)</u> is defined with a similar method as Indicated, except the KV is less than 0.135. Within the volume defined as Measured, the AVD is less than 25 m and the SOR is greater than 0.75.

14.11Model Validation

Validation of the Mineral Resource block model includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statistics comparison of composite vs block model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global grade and tonnage comparisons with the previous model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A visual sectional validation of the block model with drillhole composites; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swath plots comparing the grades in the block model with the drillhole composites.

A review of all macros used in the estimation process was performed to ensure all appropriate files were used and correct naming conventions were followed. Model estimation parameters were reviewed to evaluate the performance of the model with respect to supporting data.

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Comparison of the 3 m composited top capped drill data (with an appropriate declustering weighting applied of 90 m E x 90 m N x 90 mRL for audom=1, cudom=1, and agdom=1), was compared to the final calculated block grade (block volume weighted) in each estimation domain. This shows good correlation as shown in Table 14-8.

**Table 14-8: Statistical Comparison DDH Composites vs Mineral Resource Model by Domain**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **BM/DDH Data** | **Count** | **Min** | **Max** | **Mean** | **% Diff BM vs DDH** |
| Au | Audom1 | Block Model (vol. weight.) | 354758 | 0.017 | 19 | 0.456 | -9% |
| Au | Audom1 | DDH 3m comp top cap (len. weight.) | 52651 | 0.005 | 41 | 1.046 | -9% |
| Au | Audom1 | DDH 3m comp top cap (len. weight.) | 52651 | 0.005 | 41 | 0.496 | -9% |
| Au | Audom2 | Block Model (vol. weight.) | 1699 | 0.221 | 3.1 | 0.785 | -6% |
| Au | Audom2 | DDH 3m comp top cap (len. weight.) | 1136 | 0.02 | 6.5 | 0.831 | -6% |
| Cu | Cudom1 | Block Model (vol. weight.) | 221660 | 0.056 | 3.8 | 0.248 | -6% |
| Cu | Cudom1 | DDH 3m comp top cap (len. weight.) | 47565 | 0.005 | 7 | 0.379 | -6% |
| Cu | Cudom1 | DDH 3m comp top cap (len. weight.) | 47565 | 0.005 | 7 | 0.265 | -6% |
| Cu | Cudom2 | Block Model (vol. weight.) | 1861 | 0.139 | 2.1 | 0.472 | -17% |
| Cu | Cudom2 | DDH 3m comp top cap (len. weight.) | 1135 | 0.013 | 4.5 | 0.567 | -17% |
| Ag | Agdom1 | Block Model (vol. weight.) | 654244 | 0.169 | 3.5 | 0.710 | -1% |
| Ag | Agdom1 | DDH 3m comp top cap (len. weight.) | 15481 | 0.06 | 4.6 | 0.567 | -1% |
| Ag | Agdom1 | DDH 3m comp top cap (len. weight.) | 15481 | 0.06 | 4.6 | 0.720 | -1% |

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A sample of the visual validation of the drillhole composite data against estimated final block grades is shown in Figure 14-3 for Au.

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![figure14-3a.jpg](figure14-3a.jpg)

**Figure 14-3: Section 1370 m E of Block Model, looking west**

Swath plots (by Easting (X), Northing (Y) and RL (Z)) were used to compare the estimates with underlying top capped composite grades for all domains and grades. The correlation between the composites and the block estimation grade was found to be acceptable for all domains.

As an example, audom=1 and cudom=1 swath plots are shown in Figure 14-4 and Figure 14-5 respectively, where the green line represents the block model (volume weighted) and the red line represents DDH (declustered weighted).

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![figure14-4b.jpg](figure14-4b.jpg)

**Figure 14-4: Swath Plot (audom 1)**

![figure14-5a.jpg](figure14-5a.jpg)

**Figure 14-5: Swath Plot (cudom 1)**

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14.12Reconciliation

Table 14-9 summarizes the performance of the underground Mineral Resource model against mill-adjusted trucked ore. Mill feed comprises both rehandled surface stockpiles, from earlier open-pit mining, and direct feed from underground stopes and development. The positive tonnage reconciliation reflects stope overbreak, in both primary and secondary stopes, variously barren paste fill and mineralized wall rock. The generally negative gold and copper grade reconciliation (but positive contained gold and copper reconciliation) is interpreted to be a result of stope overbreak and potentially also negative stockpile performance, however stockpile grade estimates are based on closely spaced open pit grade control sampling, with better support than the underground estimates. The underground Resource model performance is acceptable for the purposes of medium- and long-term mine planning.

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**Table 14-9: Underground Resource Model vs Mill Adjusted Mine**

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Resource Model** | **Resource Model** | **Resource Model** | **Resource Model** | **Resource Model** | **Mine (Mill Reconciled)** | **Mine (Mill Reconciled)** | **Mine (Mill Reconciled)** | **Mine (Mill Reconciled)** | **Mine (Mill Reconciled)** | **Mine/Model Factor%** | **Mine/Model Factor%** | **Mine/Model Factor%** | **Mine/Model Factor%** | **Mine/Model Factor%** |
| **Year** | **Mt** | **Au (g/t)** | **Cu (%)** | **Au (Moz)** | **Cu (Mt)** | **Mt** | **Au (g/t)** | **Cu (%)** | **Au (Moz)** | **Cu (Mt)** | **Mt** | **Au (g/t)** | **Cu (%)** | **Au (Moz)** | **Cu (Mt)** |
| 2025 | 1.42 | 1.53 | 0.50 | 0.07 | 0.01 | 1.48 | 1.56 | 0.49 | 0.07 | 0.01 | 105% | 102% | 97% | 107% | 102% |
| 2024 | 1.37 | 1.77 | 0.50 | 0.08 | 0.01 | 1.52 | 1.69 | 0.47 | 0.08 | 0.01 | 111% | 95% | 93% | 106% | 104% |
| 2023 | 1.42 | 2.62 | 0.55 | 0.12 | 0.01 | 1.58 | 2.43 | 0.52 | 0.12 | 0.01 | 111% | 93% | 94% | 103% | 105% |
| 2022 | 1.59 | 1.94 | 0.53 | 0.10 | 0.01 | 1.61 | 1.89 | 0.57 | 0.10 | 0.01 | 101% | 98% | 108% | 99% | 108% |
| 2021 | 0.64 | 1.07 | 0.38 | 0.02 | 0.00 | 0.63 | 0.92 | 0.43 | 0.02 | 0.00 | 98% | 86% | 113% | 95% | 111% |
| 2020 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 2019 | 2.23 | 1.26 | 0.44 | 0.09 | 0.01 | 2.33 | 1.21 | 0.44 | 0.09 | 0.01 | 104% | 96% | 100% | 96% | 95% |
| 2018 | 2.27 | 1.16 | 0.49 | 0.08 | 0.01 | 2.22 | 1.26 | 0.49 | 0.09 | 0.01 | 98% | 109% | 100% | 107% | 100% |
| **2018-2025** | **10.9** | **1.61** | **0.50** | **0.56** | **0.05** | **11.4** | **1.58** | **0.50** | **0.58** | **0.06** | **104%** | **98%** | **98%** | **102%** | **106%** |

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14.13Surface Stockpiles

The estimates for the surface stockpiles were based upon the Ordinary Kriging of closely-spaced open-pit grade control samples at the time of open-pit mining. This data, and monthly stockpile surveys, were used to construct a 3D block model of the stockpiled grades by attributing the monthly stockpiled volume increment with the averaged monthly grade sent to stockpiles.

14.14Risks

The Mineral Resource Estimates that form the basis of this report are based on assumptions that are subject to a variety of risks and uncertainties which could cause actual results to differ from those reflected in this report. Potential geologic risks include unusual or unexpected geological complexities, variation in estimation and modelling of grade, tonnes, geologic continuity of mineral deposits, the possibility that future exploration, development, or mining results will not be consistent with expectations and the potential for historic mine workings to be materially different to that assumed in these studies. Many of these risks are reflected in the classification of the resources.

Measured Mineral Resource as defined under the CIM Definition Standards is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit.

Indicated and Inferred Mineral Resources both have inherent risk. The term Indicated Mineral Resource refers to that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The geological and grade continuity to be reasonably assumed. The term Inferred Mineral Resource refers to that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.

The Qualified Person is not aware of environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant issues that will materially affect the resource estimate.

14.15Mineral Resource Statement

Mineral Resource estimates, as at 31 December 2025, are presented in Table 14-10 and are classified in accordance with CIM Definition Standards. Mineral Resources are inclusive of Mineral Reserves and are reported at a metal price of $2,450 /oz gold.

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**Table 14-10: Didipio Measured, Indicated and Inferred Mineral Resources as at December 31, 2025**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
|<br>**Gold** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 14.3 | 1.53 | 0.71 | 17.7 | 0.89 | 0.51 | 32 | 1.18 | 1.21 | 9.2 | 0.9 | 0.3 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 0.29 | 0.12 | - | - | - | 13.2 | 0.29 | 0.12 | - | - | - |
| **Didipio Total** | **27.5** | **0.94** | **0.83** | **17.7** | **0.89** | **0.51** | **45.2** | **0.92** | **1.34** | **9.2** | **0.9** | **0.3** |
|  | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Silver** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 14.3 | 1.8 | 0.8 | 17.7 | 1.4 | 0.8 | 32 | 1.6 | 1.6 | 9.2 | 1.2 | 0.4 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 1.9 | 0.8 | - | - | - | 13 | 1.9 | 0.8 | - | - | - |
| **Didipio Total** | **27.5** | **1.8** | **1.6** | **17.7** | **1.4** | **0.8** | **45** | **1.7** | **2.4** | **9.2** | **1.2** | **0.4** |
|  | **Measured** | **Measured** | **Measured** | **Indicated** | **Indicated** | **Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Measured & Indicated** | **Inferred** | **Inferred** | **Inferred** |
| **Copper** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 14.3 | 0.43 | 0.06 | 17.7 | 0.33 | 0.058 | 32 | 0.37 | 0.12 | 9.2 | 0.3 | 0.02 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 0.28 | 0.0 | - | - | - | 13.2 | 0.28 | 0.037 | - | - | - |
| **Didipio Total** | **27.5** | **0.36** | **0.1** | **17.7** | **0.33** | **0.058** | **45.2** | **0.35** | **0.16** | **9.2** | **0.3** | **0.02** |

---

Notes:

• Mineral Resources are reported on a 100% basis. OceanaGold holds an 80% attributable interest in the Didipio Mine

• Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

• All Resources are based on the follow assumptions: Metal prices of US$2,450/oz gold, US$4.50/lb copper and US$28.50/oz silver.

• Underground resources are reported within volumes guided by conceptual stope designs which are based upon economic assumptions above and exclude mining modifying factors.

• Gold equivalence (AuEq) is based upon the presented gold and copper prices as well as processing recoveries (89.4% for copper and 88.1% for gold). AuEq = Au g/t +1.27 x Cu%

• 13.2 Mt surface stockpile inventory is based on mining cut-off grades ranging from 0/27 g/t to 0.40 g/t AuEq

• Underground resources are reported at a cut-off grade of 0.67 g/t AuEq and between the 2460 mRL and 1800 mRL

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15Mineral Reserve Estimates

Mineral Reserves at Didipio are sub-divided for reporting purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surface stockpiles resulting from open-pit mining between 2012 to 2017 which are lower grade and provide supplemental processing feed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underground which incorporates material from the 2460 mRL down to the 1980 mRL.

The inclusion of modifying factors (dilution and recovery) to the Mineral Resources results in a reduction in ounces (due to the inclusion of mining recovery factors) and a reduction in grade (due to a combination of dilution and mining recovery factors).

15.1Open-pit Stockpile Reserve Estimate

Major open-pit mining was completed in May 2017. Low grade stockpiles, which were mined prior to the cessation of open-pit mining, provide supplementary processing feed to underground ore. For Mineral Reserves reporting purposes, these stockpiles are defined as Open-pit Reserves at Didipio.

15.2Underground Reserve Estimate

15.2.1Methods

The Underground Mineral Reserves are derived from the Measured and Indicated Mineral Resource category blocks in the Mineral Resource estimate. Proven Mineral Reserves are taken from Measured Mineral Resources and Probable Reserves are taken from Indicated Resources. Inferred Resources have not been considered in mining schedules or financial analyzes in this report, except where Inferred material is within Proved and/or Probable stopes and is assigned zero grade. Mining dilution and recovery have been applied to the Reserves using the methodologies described below

15.2.2Ore Recovery and Dilution

The underground mine plan is based on a Long Hole Open Stoping (LHOS) mining method, with paste backfill incorporated to enable a primary/secondary extraction sequence. Stope designs vary depending on their location within the orebody. Stopes located in the monzonite zone are in generally good ground and have dimensions up to 20 m W x 20 m L x 60 m H, though more commonly having dimensions of 20 m W x 20 m L x 30 m H. Stopes located within the breccia zone are subject to poorer ground conditions and therefore smaller dimensions of between 5 m W x 10 m L x 30 m H to 20 m W x 20 m L x 30 m H. Paste dilution is anticipated to be higher for secondary stopes compared to primary stopes, however for LoM planning purposes, all stopes are assigned a 105% tonnage factor and 95% metal recovery factor. Loss and dilution factors were applied as follows in Table 15-1.

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**Table 15-1: Ore Recovery and Dilution Parameters**

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| | | | |
|:---|:---|:---|:---|
| **Item** | **Dilution (%)** | **Tonnage (%)** | **Metal (%)** |
| Lateral Development – Waste | 10 | 110 | - |
| Lateral Development - Ore | 0 | 100 | 100 |
| Vertical Development - Waste | 0 | 100 | - |
| Stope - Primary | 5 | 105 | 95 |
| Stope - Secondary | 5 | 105 | 95 |

---

15.3Mineral Reserve Statement

Mineral Reserves were classified in accordance with the 2014 CIM Definition Standards. Open-pit stockpile Mineral Reserves are estimated at 13.2 Mt (diluted) with an average gold grade of 0.30 g/t and an average copper grade of 0.28%. Underground Mineral Reserves are estimated at 28.3 Mt (diluted) with an average gold grade of 1.11 g/t and an average copper grade of 0.35%. The Mineral Reserve Statement as at December 31, 2025, is summarized in Table 15-2.

**Table 15-2: Didipio Proven and Probable Reserves as at December 31, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Gold** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Au (g/t)** | **Contained Ozs (Moz)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 13.5 | 1.39 | 0.60 | 14.7 | 0.85 | 0.40 | 28.3 | 1.11 | 1.01 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 0.30 | 0.13 | - | - | - | 13.2 | 0.30 | 0.13 |
| **Didipio Total** | **26.7** | **0.85** | **0.73** | **14.7** | **0.85** | **0.40** | **41.5** | **0.85** | **1.13** |
|  | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Silver** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** | **Tonnes (Mt)** | **Ag (g/t)** | **Contained Ozs (Moz)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 13.5 | 1.7 | 0.7 | 14.7 | 1.3 | 0.6 | 28.3 | 1.5 | 1.4 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 1.9 | 0.8 | - | - | - | 13.2 | 1.9 | 0.8 |
| **Didipio Total** | **26.7** | **1.8** | **1.6** | **14.7** | **1.3** | **0.6** | **41.5** | **1.7** | **2.2** |
|  | **Proven** | **Proven** | **Proven** | **Probable** | **Probable** | **Probable** | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** |
| **Copper** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** | **Tonnes (Mt)** | **Cu (%)** | **Contained Tonnes (Mt)** |
| **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** | **Didipio** |
| &nbsp;&nbsp;Didipio Underground | 13.5 | 0.38 | 0.1 | 14.7 | 0.31 | 0.05 | 28.3 | 0.35 | 0.10 |
| &nbsp;&nbsp;Didipio Open Pit Stockpile | 13.2 | 0.28 | 0.0 | - | - | - | 13.2 | 0.28 | 0.04 |
| **Didipio Total** | **26.7** | **0.33** | **0.1** | **14.7** | **0.31** | **0.05** | **41.5** | **0.32** | **0.13** |

---

Notes

• Mineral Reserves are reported on a 100% basis. OceanaGold holds an 80% attributable interest in the Didipio Mine.

• Mineral Reserves are defined by mine designs based upon the following assumptions: Metal prices of US$2,200/oz gold, US$4.00/lb copper and US$25/oz silver.

• Reported estimates of contained metal are not depleted for processing losses.

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• Cut-off grades are applied to diluted grades.

• Gold equivalence (AuEq) is based upon the presented gold and copper prices as well as processing recoveries (89.4% for copper and 88.1% for gold). AuEq = Au g/t +1.27 x Cu%.

• 13.2 Mt surface stockpile inventory is based on mining cut-off grades ranging from 0/27 g/t to 0.40 g/t AuEq

• Underground cut-off grade is 1.16 g/t AuEq whilst incremental stopes proximal to development already planned to access main stoping areas are reported to a lower cut-off grade of 0.76 g/t AuEq.

• The Mineral Reserves were estimated under the supervision of P. Jones AusIMM CP (Min), a Qualified Person.

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16Mining Methods

This Technical Report relates only to the Didipio deposit. No other nearby deposits are included in the evaluation of mining methods. Since commencement of the project, mining has transitioned from open-pit mining to underground mining. With the completion of open-pit mining in 2017, this section focuses primarily on underground mining with some discussion on existing open-pit infrastructure and surface geotechnical monitoring programs.

16.1Status of Current Underground Mine Development

In April 2015 construction of the underground portal and development began, with first production in December 2017. Since portal establishment in 2015, 39 km of lateral development has been completed with the main decline advanced to the 2133 mRL. Production is currently occurring from seven levels (2430 mRL to the 2250 mRL) with Reserve designs extending down to the 1980 mRL. Figure 16-1 shows an oblique view of current and planned Didipio underground designs.

![figure16-1b.jpg](figure16-1b.jpg)

**Figure 16-1: Didipio Underground – Oblique view Looking North- West**

The stoping front at Didipio is divided into three panels as shown in Figure 16-1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Panel 1:&nbsp;&nbsp;&nbsp;&nbsp;2430 mRL to 2280 mRL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Panel 2:&nbsp;&nbsp;&nbsp;&nbsp;2250 mRL to 2100 mRL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Panel 3:&nbsp;&nbsp;&nbsp;&nbsp;2070 mRL to 1980 mRL

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Inferred Resources below the 1980 mRL (Panel 4) have not been included in mining schedules or financial models for this report and are currently the subject of in-fill drilling programs through 2026.

In earlier versions of the Didipio LoM plan, a bottom-up sequence beginning at the bottom of Panel 1 was planned with a sill pillar at 2250 mRL (top of Panel 2). However, with the subsequent implementation of a top-down mining sequence in 2018, the designation between Panels is now made in relation to the drainage catchment zones for the capital pump stations, as opposed to the mining zones separated by a sill pillar as in previous mining plan iterations. Production is currently focused on Panel 1 and the top of Panel 2. The breakdown of material by Panel is summarized in Table 16-1.

**Table 16-1: Underground Mining Inventory By Panel**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Panel** | **Tonnes (Mt)** | **Au (g/t)** | **Au (Moz)** | **Ag (g/t)** | **Ag (Moz)** | **Cu (%)** | **Cu (Mt)** |
| 1 | 10.8 | 1.28 | 0.44 | 1.5 | 0.5 | 0.36 | 0.04 |
| 2 | 12.1 | 1.03 | 0.40 | 1.6 | 0.6 | 0.35 | 0.04 |
| 3 | 5.4 | 0.97 | 0.17 | 1.3 | 0.2 | 0.29 | 0.02 |
| **Total** | **28.3** | **1.11** | **1.01** | **1.5** | **1.4** | **0.35** | **0.10** |

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16.2Cut-off Grade Strategy

Breakeven cut-off grades for Didipio, based on latest OceanaGold Reserve gold price assumptions ($2,200/oz) is summarized in Table 16-2.

**Table 16-2: Breakeven Cut-off Grade Calculations**

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| | | |
|:---|:---|:---|
| **Parameter** | **Operating CoG** | **Incremental CoG** |
| Mining Costs ($/t) | $32.00 | $28.02 |
| Process Costs ($/t) | $7.65 | $7.65 |
| G&A ($/t) | $10.63 | - |
| **Total Cost ($/t)** | **$50.28** | **$35.48** |
| Gold Price | $2200 | $2200 |
| Average Recovery | 88.1% | 88.1% |
| Gold Payability | 98.17% | 98.17% |
| Gold Royalty | 2.37% | 2.37% |
| Refining Charge | $3.61/oz | $3.61/oz |
| **Cog (g/t AuEQ)** | **0.84** | **0.66** |

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Breakeven cut-off grades as summarized in Table 16-2 are not utilized at Didipio. A Hill of Value analysis was undertaken in 2024 which involved a review of cut-off grade and underground production rates to determine optimal future mining strategies. Results from the study were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lowering the cut-off grade at Didipio has a detrimental effect on financial outcomes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Introduction of lower grade stopes on the northern side of the deposit delays higher grade stopes to the south, resulting in a reduction in NPV due to the deferment of higher-grade ore sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional lower-grade material introduces a long underground tail with very low annual production towards the end of the mine life, as the production sequence becomes constrained by available mining fronts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining the previously utilized 1.16 g/t AuEq cut-off grade (compared to a lower breakeven cut-off grade), along with a targeted 2.5 Mtpa throughput from the underground delivers superior financial returns and provides for greater scheduling flexibility.

Based on the Hill of Value analysis, an operating cut-off grade of 1.16 g/t AuEq and an incremental cut-off grade of 0.76 g/t AuEq is utilized at Didipio (as opposed to lower breakeven cut-off grades) as a strategic tool to deliver the highest overall value to the operation.

Each stope in the LoM schedule is interrogated against the Resource block model with material broken down by Resource category. Dilution and recovery factors are applied, and the average grade of each stope is reassessed, allowing contribution of metal from Measured and Indicated Mineral Resource categories. Any Inferred Resource material within a mining block is effectively included as diluting material at zero grade. Any stope above 1.16 g/t AuEq is retained for inclusion in the Mineral Reserve schedule. Lower grade incremental stopes (>0.76 g/t AuEq) are also included. Incremental stopes are included in the Mineral Reserve schedule only when lateral development costs have already been sunk to access higher grade stopes and are generally located on the southern side of the orebody close to the footwall drive.

16.3Geotechnical – Open-Pit

Although open-pit mining ceased in 2017, Didipio utilizes an array of geotechnical instruments across the open-pit and surrounding landforms to monitor surface and sub-surface ground displacement. Monitoring frequencies are risk-based and have been adjusted over time and are summarized in Table 16-3.

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**Table 16-3: Surface Geotechnical Monitoring**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument** | **Capabilities** | **Location** | **Quantity** | **Monitoring Frequency** |
| Vibrating Wire Piezometers (VWP) | Monitors change in ground water pressure | Saprolite layers in north and south pit boundaries | 7 | Weekly/ Monthly |
| Vertical Inclinometer | Monitor subsurface deformation and shearing | Southern and northern saprolite boundaries of the pit | 5 | Weekly |
| Electronic Distance Monitoring (EDM) Prisms | Calculates slope distance from survey pillars to the targeted prisms to monitor slope movement | Final benches in the pit | >200 | Weekly/ Monthly |
| IBIS Radar System | Synthetic aperture radar (SAR) that uses interferometric technology to scan the walls of the pit and generate displacement and velocity maps | East Wall current location (Radar is mobile and can be moved anywhere) | 1 | Every 2 minutes |
| InSAR | Geodetic technique that can identify movements of the Earth's surface. Produced velocity maps showing average surface motion and time-series products that track displacement history | Open-pit and surface areas | 2 | Every 11 days |

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Several slope stabilisation measures have been implemented in the open-pit to minimise the potential for damage to critical infrastructure due to slope failures. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• North Wall Gabions - The gabion wall and intensive ground support works at its base provides adequate support to the weak clays and silts on which the main haul road is located and prevents the Dinauyan River diversion from breaking through into the pit. Geotechnical monitoring is conducted weekly (prism monitoring, inclinometer monitoring and visual inspections of the gabion wall). The north wall is monitored continuously by the slope monitoring radar system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Northwest Fault Zone Stabilisation - Pressure grouting has been used to enhance the shear strength and interlocking strength of the moderately poor ground encountered at this location. Cable bolts have also been installed to improve ground stability and act as a passive long-term support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Biak Shear Ground Support - Underground ground support techniques were used on the pit-bottom section of the Biak Shear slope to stabilise and improve the ground conditions while activities are being conducted for the Crown Stabilisation Project (CSP). The ground support used were 3-m friction bolts, drape mesh, 9.3-m triple strand cable bolts, and 12-m-deep drain holes. Shotcrete spraying of the slope was also completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rockfall Barrier/Fence - A rockfall fence has been constructed above the lower underground portal in the pit. It is engineered to protect and provide safety to all personnel from rockfall events while using the portal, whilst at the same time protecting the Capital Pump Station 3 infrastructure that is located nearby; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rock Buttressing of Saprolite Areas – Weak, silty clays (saprolite) are prevalent along the north, southeast and south margins of the pit. This slope stabilisation technique provides long-term stability for these areas and minimises erosion of loose and non-cohesive soils. Installation of several prisms on the rock buttresses, and installation of inclinometer holes in strategic locations were completed to monitor ground movement and effectiveness of the design.

To facilitate the transition from open-pit mining to underground mining, a Crown Stabilisation Project (CSP) was initiated in 2017, whereby small amounts of material were mined from the pit floor before an engineered crown pillar consisting of cemented rock fill (CRF) were placed in the bottom of the pit to maintain stability and maximize recovery of ounces from the underground. The extent of the open-pit CRF activities is shown in Figure 16-2 with 101,927m<sup>3</sup> remaining to ensure a 25m crown pillar is maintained above the Eastern crown stopes and is due for completion in Q3 2026.

![figure16-2a.jpg](figure16-2a.jpg)

**Figure 16-2: Section View of CSP (Looking East)**

16.4Geotechnical – Underground

16.4.1Data Collection

Didipio maintains a comprehensive database of consolidated technical data to characterize rock mass properties and support underground geotechnical design. Foundational information was established through multi-disciplinary drilling programs, which integrated geotechnical and geological logging, packer testing, acoustic televiewer surveys, and geomechanical core sampling. Additional critical data sources include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Historical Performance: Documented observations of existing open-pit walls, underground development drives, and stope behaviour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mapping: Geotechnical evaluations and structural data collection via scanline and face mapping within underground drives;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LiDAR Scanning: High-resolution mapping of open stopes used to analyze large-scale structural features.

16.4.2Laboratory Testing

Geomechanical testing has been conducted on core samples collected from diamond drilling to help determine the strength characteristics of the in-situ materials. Since 2016, a total of 712 samples were tested at multiple laboratories. A summary of laboratory testing programs is summarized in Table 16-4.

**Table 16-4: Geomechanical Laboratory Testing** 

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| | | | |
|:---|:---|:---|:---|
| **Test Type** | **Samples** | **Laboratory** | **Year** |
| Direct Shear | 33 | E-Precision | 2016 |
| Triaxial Compressive Strength | 74 | E-Precision | 2016 |
| Uniaxial Compressive Strength | 180 | E-Precision and Geotechnica | 2016 |
| Uniaxial Tensile Strength (Brazilian) | 312 | E-Precision and Geotechnica | 2016 |
| Cerchar Abrasivity Index | 3 | E-Precision | 2016 |
| Hardness | 3 | E-Precision | 2016 |
| Hoek Triaxial Compressive Strength | 24 | GPI | 2024 |
| Uniaxial Compressive Strength | 20 | GPI | 2024 |
| Uniaxial Tensile Strength (Brazilian) | 49 | GPI | 2024 |
| Uniaxial Compressive Strength (With Young's Modulus) | 14 | GPI | 2024 |
| **Total** | **712** |  |  |

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16.4.3Underground Geotechnical Structures

The Didipio structural model is updated by integrating photogrammetry, core logging, LiDAR stope scans, and mapping data. This approach ensures that interpreted fault planes are accurately projected from the surface down to current underground production levels.

A primary regional feature is the Biak Shear, a 60 m-thick fractured zone that displaces mineralization. Accordingly, production stopes are located outside this zone, and underground development is designed to minimize traversing this structure. More immediate operational impacts are caused by the Northwest (NW) Fault, where 5–10 m wide zones of weak, slicken-sided rock and clay gouge require heavy ground support. Additionally, the East-West (EW) Fault's characteristic intermittent water flow was strategically used to orient the 2250 mRL water storage stope.

As development continues, the geological model incorporates newly identified features like the TJM Fault. This structure defines the lithological contact between Monzonite and Breccia from 2400 mRL to 2280 mRL, and between Monzonite and Syenite from 2250 mRL downward. Furthermore, the 270G Shear Zone has been identified as a significant source of ground weakening between the 2370 mRL and 2340 mRL levels. Major faults are illustrated in plan view in Figure 16-3.

Structures are classified as "major" if they meet one or more of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cause significant changes or damage to ground conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Produce substantial water inflow exceeding 5 L/s; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demonstrate persistence and continuity across multiple mine levels

![figure16-3a.jpg](figure16-3a.jpg)

**Figure 16-3: Didipio Faults - Plan View**

16.4.4Underground Geotechnical Domains

Geotechnical domains are areas where the aggregation of lithology, structural geology, geomechanical and defect properties combine to form rock mass conditions that are broadly similar.

Values for the geotechnical domains are calculated and classified using Barton's Q-system, which quantitatively characterizes the rock mass around underground excavations. The Dark Diorite (DKD) domain is intruded by the monzonite and bounded by the Biak Shear to the west. This comprises mostly Dark Diorite, with minor dykes of Monzodiorite and Monzonite porphyry. This domain is comprised of north and south DKD with extremely high rock strength but heavily jointed and fractured. The Monzonite (TJM) domain, which hosts the ore body, is bounded by the Biak Shear to the west and Dark Diorite domains along the north and south regions of the mine. There

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are relatively fewer joint sets in this domain due to its later intrusion into the dark diorite, thus post-dating some of the deformation events. The intact rock strength is far lower than the dark diorite, but it is still classified as strong rock. The East and West Monzonite (MONZ-E and MONZ-W) are relatively similar in terms of rock mass rating, whereas the Faulted Breccia (FBX) is characterized by the rock mass within or adjacent to Biak Shear.

The Breccia domain is located on the western side of the ore body, bound within the Didipio intrusive complex. It is composed of multiple breccia groups: Cemented breccias (CBX), Igneous breccias (IBX), Fault breccias (FBX), Monomictic breccias (MBX), and Quartz-fragment rich breccias (QBX). Breccia is classified as very poor in terms of Q-system rock mass rating. The Balut (BAD) domain is a relatively strong rock mass, next to DKD. Geotechnical domains are summarized in Table 16-5 and illustrated in Figure 16-4 and Figure 16-5.

**Table 16-5: Geotechnical Domain Summary**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Geotech Domain** | **Material Type** | **Strength** | **Axial Stiffness** | **Q'_25**<sup>th</sup> | **Q'_50**<sup>th</sup> | **Q_50**<sup>th</sup> |
| Dark Diorite (DKD) | Waste | Extremely Strong | Extremely Stiff | 8.3 | 11.1 | Fair |
| Balut (BAD) | Waste | Strong | Stiff | 4.4 | 11.9 | Fair |
| Faulted Breccia (FBX) | Waste | Medium Strong | Medium Stiff | 1.8 | 2.7 | Very Poor |
| East Monzonite (MONZ-E) | Ore | Very Strong | Stiff | 11.1 | 14.8 | Fair |
| West Monzonite (MONZ-W) | Ore | Strong | Medium Stiff | 5 | 11.1 | Very Poor |
| Syenite (SYE) | Ore | Medium Strong  | Medium Stiff | 3.3 | 8.3 | Poor |
| Breccia (QBX/MBX) | Ore  | Weak | Low Stiff | 1.4 | 10.0 | Very Poor |

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![figure16-4b.jpg](figure16-4b.jpg)

**Figure 16-4: Didipio Geotechnical Domains (Plan View: 2280-2430 mRL)**

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![figure16-5b.jpg](figure16-5b.jpg)

**Figure 16-5: Didipio Geotechnical Domains (Plan View: 2280 mRL and below)**

16.4.5Ground Conditions

Ground support requirements for lateral development are governed by anticipated ground conditions, excavation size, and the type of development. Ground conditions at Didipio are classified into three types and summarized in Table 16-6.

**Table 16-6: Rock Mass Quality Classifications**

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| | | | |
|:---|:---|:---|:---|
| **Rock Type** | **Q-Rating** | **Rock Mass Quality** | **Typical Cut Length** |
| 1 | Q≥10 | Fair to Good | 4.3 m |
| 2 | 10>Q>4 | Poor | 4.3 m |
| 3 | Q≤4 | Very Poor Ground | 2.5 m |

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Type 1 ground (fair to good ground conditions) is a moderately strong rock mass with two to three well developed joint/structure sets. Joints/structures are usually tight, and the ground generally remains intact. Approximately 66% of planned development is in Type 1 ground with the majority (80%) of capital decline and access development located within Type 1 ground.

Type 2 ground (poor ground conditions) is a weak rock mass which typically has more than three well developed joint/structure sets and distinct weak foliation, faults and/or shears. Deterioration of ground can occur quickly after excavation, and/or with time due to stress changes. Approximately 21% of planned development is in Type 2 ground with 30% of ore drives being excavated in Type Two ground.

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Type 3 ground (very poor ground conditions) typically occur in the weak Breccia rock mass and can easily disintegrate and soften when disturbed and mixed with water and at its weakest (500kPa) can behave more like a soil than soft rock. Approximately 13% of planned development is in Type 3 ground which is almost exclusively located within Breccia zones on the west of the orebody.

16.4.6Ground Support

A Ground Control Management Plan (GCMP) is in place at Didipio which aims to establish minimum ground control standards for new underground development and rehabilitation areas, and develop standards for use of ground control systems, including quality assurance programs. Ground support standards are designed based on heading profile/size, purpose of excavation, service life, ground condition type, and stress changes expected during the service life.

Didipio uses several different rock bolts (installed with a suitable washer and plate or combination plate). These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resin bolts, which range from 2.4 - 3.0 m in length with a 24 mm diameter (used in long term capital development and ore drives);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Galvanised friction bolts, which are either 0.9 m long (used for pinning mesh sheets) or 2.4 m long (used for temporary support, or for lower sidewall areas); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cable bolts, which are required in all new development intersections, pillars and stope brows. Existing intersections are continuously re-assessed, and designs issued as required. Lengths vary, however the standard length used for support of intersections is 6.3 m (6 m hole length and 0.3 m for tensioning).

Surface ground support at Didipio consists of mesh and fibrecrete. The mesh used for standard surface support of headings is galvanised, 100 mm aperture, 5.6 mm welded mesh. Installed mesh sheets have a minimum overlap of three squares, with rock bolts used to pin the sheets. Face meshing is mandatory for all development headings. Fibrecrete is used as the primary surface support and is manufactured on site at a batch plant, with sprayed thickness as per the ground support design plans or as specified by geotechnical engineers.

Pull testing of rock bolts is undertaken by geotechnical engineers and geotechnicians. Pull tests are carried out on approximately 1% of all bolts installed. Test locations include the walls, shoulders and the backs. Fibrecrete testing is undertaken to demonstrate that it routinely meets the minimum mix design requirements. These tests are slump and UCS tests and are conducted at the batch plant, slump tests are undertaken for every load batched, UCS (cylinder) tests are undertaken every 200m<sup>3</sup> of fibrecrete batched and UCS (core) tests are undertaken every 300m<sup>3</sup> of fibrecrete batched. The minimum UCS requirements for fibrecrete at Didipio are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Early strength: 1MPa must be achieved within two hours after spraying;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The minimum 28-day strength must not be less than 30 MPa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The slump prior to spraying should be approximately 220 mm.

Ongoing monitoring of the performance and condition of excavations is conducted by geotechnical engineers as part of routine inspections. The frequency of the routine inspections varies according to the type of excavation. The following inspections frequencies are used as a guideline:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current active faces – once every 72 hours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level development – every three months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decline development and adjacent development – every six months; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ventilation rises – every four months.

16.4.7Seismicity

A small seismic monitoring system was installed and commissioned at Didipio in November 2018 to build up a base line of actual seismic activity. This system is used to quantify rock noise and rock deformation in terms of "micro-seismic" events (time, magnitude, and location) as the mine progresses, whilst also being used to monitor crown pillar stability, and the performance of underground stopes and development headings. The seismic network consists of three substations – open-pit pontoon sump, 2430 Substation and 2310 Substation with a total of seven geophones. Each substation consists of one triaxial and two uniaxial geophones. The triaxial geophone in the pit was recently removed due to the works involved with the CSP, with the seismic monitoring system temporarily decommissioned. When the CSP project is completed, the geophone will be reinstalled.

Based on seismic data to date, the Didipio underground mine is not seismically active, with no large events measured (m >= 0.5) and no damage to critical infrastructure noted. Small, minor seismic events clustered in the decline area have been recorded, which is hosted mainly by the Dark Diorite rock mass, and have caused no damage to major development and infrastructure.

Beck Engineering undertook a stability and deformation assessment in 2025. Based on numerical modelling, the magnitude of stress and rate of energy released (RER) induced by mining will not result in increased levels of seismicity as the mine expands at depth. High levels of strain localised to poorer rock mass or large faults is expected to remain the leading cause of potential instability with underground excavations.

16.4.8LoM Stability and Deformation Assessment

Several studies have been undertaken to assess LoM stability. In 2017, Beck Engineering conducted underground stability and deformation assessments which identified geotechnical risks associated with a bottom-up stoping sequence that led to the recommendation of a top-down sequence beneath pastefill crowns. In 2025, AMC Consultants completed a geotechnical review of the Breccia stoping and extraction sequence, as well as the Didipio crown pillar and mining at depth study.

More recent analysis utilized finite element methods to perform a numerical stability assessment of the planned mining activities at Didipio. The assessment concluded that mine stability is primarily governed by structural controls, with a direct correlation between major fault zones and high plastic shear strain (>5%). The current large-scale models accurately predict global deformation, but they lack the resolution to identify localised, small-scale failures.

The northern abutment and crown pillars face increasing risk as mining advances. Accumulating strain and degradation of CRF are expected to cause progressive overbreak and higher water permeability. Conversely, the Monzonite domains remain stable, enabling larger stope designs.

AMC Consultants' assessment undertaken in 2025 showed that relaxation of the rock mass could cause large deformations that may compromise the stability of drives and stopes in some areas of the Western Breccia zone. This is in line with demonstrated performance where, following the commencement of underground operations, challenges have been encountered when mining

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stopes in the Breccia zone. These challenges include excessive overbreak and uncontrolled crown propagation that has historically impacted ore recovery and the mining cycle.

Key findings and recommendations from recent studies, including changes to Breccia Zone stope shapes, size and orientation, are discussed in detail in Section 16.6.5.

16.5Mine Dewatering and Hydrogeology

16.5.1History

Didipio is located in an area with high seasonal rainfall, with high connectivity between regional structures exposed at surface and the underground operation. The engineered CRF pillar in the base of the open-pit limits the inflow of surficial water however the CRF pillar is not impermeable. Significant rain events during typhoons in late 2024 resulted in the inundation of the lower levels of the mine due to surface water entering the underground through the open-pit, loss of power to the main underground pump station, and significant recharge of the aquifer. Remediation efforts were undertaken throughout 2025 to re-establish access to the lower levels of the mine, with all water from the decline pumped out by September 2025.

During the typhoons in 2024 the 2310 mRL to 2250 mRL water storage stope flooded, which resulted in silt accumulation and rendered the facility unserviceable. Engineering works to remediate the stope and improve its performance are currently underway. Key lessons regarding silt accumulation in water storage stopes are being incorporated into the final design for Capital Pump Station 1 (CPS1) water storage stope, ensuring appropriate settlement of silt and management of settled material.

In November 2025, Didipio experienced sustained periods of significant rainfall with ~970 mm recorded during the month. Following upgrades to the dewatering system during 2025, water entering the underground via the open-pit was minimized and removed promptly with only minor delays to production.

16.5.2Active Dewatering Strategy

Aquifer depressurization remains critical to the safe development of underground workings. A combination of vertical borefields and in-level active dewatering stations, in conjunction with additional major pump stations is required at depth to ensure sustained production. A series of vertical borefields targeting the Biak Shear, a major water bearing structure at Didipio, are planned to facilitate aquifer drawdown via six holes each quipped with a 10-stage Lowara bore pump driven by a 150 kW Franklin motor. Pumps are set approximately 130 m below collar depth and are capable of delivering up to 50 L/s per well, giving the borefield a combined dewatering capacity of 300 L/s. The first of the borefields has been partially constructed on the 2250 mRL with two holes drilled and commissioned, and producing ~90 L/s. The remaining four holes in the 2250 mRL will be commissioned in 2026.

As mining progresses at depth, the bore pumps, headworks, and associated electrical controllers will be relocated to the 2100 mRL horizon, where they will connect to CPS1.

In addition to the borefields, dedicated active dewatering galleries will be re-established where a series of directed drill holes, typically arranged in a fan configuration, are drilled into water-bearing structures. Standpipes are installed into these holes and grouted in place to resist high water

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pressures and prevent injection. Each standpipe is collared with a steel pipe fitted with an isolation valve, allowing controlled connection to booster pumps or direct discharge lines. This arrangement enables the water table to be drawn down in a regulated manner, keeping water clean and channelling it directly into the pump station. Active dewatering galleries can be tailored regarding number of holes and groundwater pressure. Historically, 132 kW Pioneer Pumps have been used for active dewatering, with six Pioneer Pumps achieving up to 250 L/s.

This method has proven to be both efficient and reliable in lowering groundwater levels at Didipio, with active dewatering galleries at depth currently being re-established following inundation in 2024.

The planned sequence for borefields, active dewatering galleries, and additional major pumping infrastructure is illustrated in Figure 16-6. Note that preliminary dewatering designs have been completed for Panel 4 (below 1980 mRL) although material from this horizon is not included in this report as material below 1980 mRL is classified as Inferred Resources.

All Mineral Reserves from Panel 3 can be recovered through the commissioning of CPS 1, installation of Borefield #2 where six holes are planned to be drilled with borehole pumps installed at the 2100 mRL, and installation of active dewatering galleries from the lower levels of the mine where capacity has been designed to ensure the infrastructure is suitably robust to support mining down to the 1980 mRL.

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![figure16-6b.jpg](figure16-6b.jpg)

**Figure 16-6: Underground Dewatering Strategy Schematic**

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16.5.3Pumping Infrastructure

A dewatering system study was undertaken in 2025 to enable a robust dewatering configuration to support mining to the 1980 mRL Level (the bottom level of current Reserves). Extensions to the dewatering system at depth preserves existing strategies at Didipio including gravity drainage, large storage/settling capacity, and staged capital pumps.

The cornerstone is the construction and commissioning of CPS 1 at 2160 mRL, with no fundamental changes proposed to current major pumping infrastructure - CPS 2 at the 2250 mRL and CPS3 at SP12 in the open-pit remain relay stations to move water from the underground to the surface and is illustrated in Figure 16-7.

During periods of high demand (during the wet season) total pumping rates from the underground have exceeded 600 L/s with total capacity of 750 L/S, through both capital pump stations and a secondary pumping arrangement that allows approximately 150L/s of dewatering capacity discharging to the pit if the capital pump stations are inoperable for a period. In the event of unplanned downtime of the capital pump station network, the mine plan provides approximately 20 ML of flood-storage capacity within development located at the bottom of the mine, below active mining areas. This storage allows water to be temporarily contained, enabling safe and timely reactivation of the capital pumping network once operational capacity is restored.

![figure16-7a.jpg](figure16-7a.jpg)

**Figure 16-7: Didipio Dewatering Schematic**

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The planned CPS 1 installation will be equipped with three 630 kW Keto 10x10DW-400JH horizontal end-suction pumps, each with a design capacity of 225 L/s and configured for duty, assist, and standby operation. These pumps are identical to those proven in CPS 2 operations, standardising equipment specification across the capital p0umping system. The design of CPS 1 allows for the installation of an additional fourth pump if deemed necessary as mining progresses.

Once commissioned, CPS 1 will transfer mine water to the CPS 2 Vertical Dam through two DN300 rising mains. This water is then pumped by CPS 2 through existing infrastructure to CPS 3, the system of all capital pump stations balance with one another ensuring consistent dewatering achieved from the network.

Figure 16-8 and Figure 16-9 shows the proposed layout and system flow sheet for the Planned CPS 1 facility.

![figure16-8b.jpg](figure16-8b.jpg)

**Figure 16-8: CPS1 Layout**

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![figure16-9b.jpg](figure16-9b.jpg)

**Figure 16-9: CPS1 System Flow Sheet**

In-pit pumping is currently undertaken via a pontoon pump and an additional skid mounted pump to remove water build up in the base of the open-pit. In 2026, in-pit dewatering infrastructure will be modified to increase pump capacity from 200-220 L/s to 280-320 L/s and is illustrated in Figure 16-10. Along with the changes in the designs to the in-pit dewatering, a project to capture and divert surface water sources reporting to the open-pit is underway and is due for completion in H1 2026 prior to the wet season.

![figure16-10b.jpg](figure16-10b.jpg)

**Figure 16-10: 2026 In-Pit Dewatering Set-Up**

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16.5.4Groundwater Monitoring

Groundwater monitoring is maintained through underground piezometers, observation wells, and quarterly seep mapping to track groundwater levels, pore pressures, and uncontrolled inflows. In addition to area-based Water Inflow Risk Zones (WIRZ), a separate inflow risk zone for drillhole intercept is incorporated into the Mine Instruction Plans (MIP's) and Development Work Plans (DWP's). Drillholes are risk rated based on the assessed zone of influence and grouting status, with defined hold points applied to high-risk drillholes prior to exposure. Hydrogeology inspections and controls, including probing and grouting, are implemented as required.

16.5.5Groundwater Modelling

Groundwater modelling remains a core tool for dewatering strategy development, inflow risk management, and assessment of groundwater behaviour associated with underground mining at Didipio. The numerical groundwater flow model was updated in 2025 and developed using a staged approach.

Stage 1 involved a comprehensive review of the previous groundwater model and refinement of the conceptual hydrogeological understanding. Stage 2 focused on model calibration, incorporating observed groundwater levels, underground inflow measurements, and active dewatering pumping data. Stage 3 comprised predictive modelling, applying the calibrated model to assess groundwater behaviour under updated LoM plans.

Model simulations included a comparative scenario of the current LoM plan against the relative drawdown impacts associated with the proposed 300 L/s extraction rate from the Borefields Project.

Modelled groundwater inflows and drawdown responses for the two scenarios, simulated using the WEL software package which simulates the inflows and outflows specified to individual cells to model global pumping rate requirements and aquifer response to pumping, are presented in Figure 16-11. Groundwater modelling predicts limited long-term drawdown from the Borefields but highlights its operational value in generating localized drawdown and intercepting inflows that would otherwise enter active mine workings.

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![figure16-11b.jpg](figure16-11b.jpg)

**Figure 16-11: 2025 Modelled Flows with Proposed Underground Borefield**

16.6Mine Design

16.6.1Underground Access

Access to the underground at Didipio is via a portal (Portal 1) from a bench in the upper open-pit. Portal 1 is the main travelway for personnel, materials and haulage equipment. A second portal (Portal 2) is located at the 2450 mRL on the southern side of the open-pit and provides fresh air for ventilation and secondary means of egress, with occasional use by some personnel and mobile equipment.

16.6.2Mining Method

Didipio employs a Long Hole Open Stoping mining method (LHOS) which is a commonly employed method suitable for steeply dipping orebodies. The method allows a high degree of mechanisation and offers good mining selectivity, good recovery and is relatively flexible to suit variable geometries and ground conditions. A transverse primary/secondary stoping sequence is predominantly used at Didipio. The sequence progresses from the top down beneath paste backfill, with personnel and equipment working on top of insitu rock (the exception to this is some stopes in the upper levels on the west of the orebody in the Breccia Zone that is discussed in further detail below).

Primary stopes are mined first and are separated by secondary stopes. Extraction of the secondary stope can only occur after the two immediately adjacent primary stopes, and the stopes directly above in the crown, have been mined, pastefilled, and have had sufficient time to cure. The primary/secondary sequence employed at Didipio allows for stoping to be undertaken concurrently

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in multiple working areas, allowing for increased production rates compared to other methods such as longitudinal retreat.

16.6.3Modifying Factors

Major sources of stope dilution at Didipio are associated with overbreak from pastefill, either from the walls of backfilled adjacent stopes or from the crown below a previously backfilled stope. The Didipio orebody is a gradational orebody so sidewall overbreak in primary stopes will generally carry some grade, and with the exception of the perimeter stopes, the dilution will be from an adjacent, yet to be mined, secondary stope.

With a predominantly top-down stoping sequence, dilution from the floor is negligible, as the majority of stopes are working on top of in situ ore. A backfill dilution skin of 0.5m is typical for long hole stoping operations which use paste backfill as their main source of backfill, and where a full height of paste backfill wall is exposed.

Average tonnage factors for stopes at Didipio are 105%. Whilst this figure will vary for primary and secondary stopes, for long-term planning purposes an average factor of 105% is applied to all stopes during the LoM sequencing and scheduling phase. Waste development is assigned a tonnage factor of 110%, whilst ore development is assigned a tonnage factor of 100%, as any overbreak tonnes here are accounted for in the stope tonnes. This removes the risk of either double counting or under calling ore tonnes.

Metal recovery factors consider the difficulties associated with recovering all the ore from a stope, particularly under remote-control operations. Additionally, it allows for the potential loss of metal due to excess dilution burying ore (i.e., a pastefill failure) and not recovering all the ore and metal. Average ounce recovery factors applied to stopes for LoM plans at Didipio is 95%.

Stope reconciliations at Didipio are undertaken following the completion of each stope and prior to pastefilling. A thorough database of individual stope performance is maintained. Planned tonnes, grade and metal has reconciled well against resource models over time, indicating that the current modifying factor assumptions are reasonable. However, site continues to refine drill and blast and planning practices to improve stope performance and amendments may be made in the future to current dilution and recovery factors based on future performance.

All modifying factors are summarized in Table 16-7.

**Table 16-7: Underground Modifying Factors**

---

| | | | |
|:---|:---|:---|:---|
| **Activity** | **Dilution (%)** | **Tonnage (%)** | **Metal Recovery (%)** |
| Lateral Development – Waste | 10 | 110 | - |
| Lateral Development – Ore | - | 100 | 100 |
| Stope - Primary | 105 | 105 | 95 |
| Stope - Secondary | 105 | 105 | 95 |

---

16.6.4Level Development

Vertical sublevel spacing (floor to floor) is 30 m. Decline stand-off from the footwall drive varies based on the infrastructure requirements. Generally, stand-off distance is between 80-100 m to

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accommodate capital infrastructure in the level access including fresh air, emergency egress, sumps/dewatering infrastructure and electrical infrastructure. Return air development and infrastructure is located on the east and west of each level.

Dedicated truck loading stockpiles are not included in capital development designs. Instead, backs are stripped at intervals along the footwall drive and ore drive development is mined strategically to provide stockpile capacity. Generally, all ore drives are developed in a short distance (~20m) as the footwall drive advances however some ore drives will be extended earlier than required to provide additional stockpile capacity to accommodate remote bogging over shift change.

The minimum stand-off distance between the footwall drive and the orebody is 20 m. Where possible, the footwall drive is located in waste to allow for additional footwall stopes should lower grade material become economic. This may occur with lower cut-off grades resulting from more favourable economic conditions, such as an increase in metal prices. In some levels, previously uneconomic stopes that are now above cut-off are in reasonably close proximity to the footwall drive (less than 20 m standoff). In these instances, these stopes are included in the LoM plan but are mined towards the end of the schedule to ensure access and infrastructure in footwall drives is not compromised.

Ore drives are spaced at 20 m centres throughout the orebody. Slot drives are developed to the planned width of the stope and are not scheduled to be developed until the adjacent stope has been backfilled with pastefill and sufficiently cured.

Figure 16-12 shows the planned 2100 mRL Level in plan view.

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![figure16-12a.jpg](figure16-12a.jpg)

**Figure 16-12: Plan View - Didipio Underground Level Layout (2100 mRL Level Plan View)**

Drive size and profile consider likely ground conditions, equipment size, services, and required activity. Decline, level access, footwall drives, and initial ore drive stubs (initial 20 m off the footwall) are designed at 5.8 m W x 6.0 m W to accommodate truck loading and haulage. Ore drives and slot drives (excluding the first 20 m off the footwall) are designed at 5.5 m W x 5.5 m H to provide adequate overhead clearance between mine equipment (production drill/rhino drill) and services. Development design parameters are summarized in Table 16-8.

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**Table 16-8: Lateral Development Profiles**

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| | | | |
|:---|:---|:---|:---|
| **Design**  | **Profile** | **Width (m)** | **Height (m)** |
| Level Access | Lateral – A | 5.8 | 6.0 |
| Decline | Lateral – A | 5.8 | 6.0 |
| Decline Stockpile | Lateral – B | 5.8 | 6.0 |
| Escapeway Drive | Lateral – D | 5.0 | 5.0 |
| Fresh Air/Return Air Drive | Lateral – B | 5.8 | 6.0 |
| Footwall Drive | Lateral – B | 5.8 | 6.0 |
| Pastefill Cuddy | Lateral – K | 5.5 | 5.5 |
| Ore Drive (first 20 m) | Lateral – B | 5.8 | 6.0 |
| Ore Drive (beyond 20 m) | Lateral – K | 5.5 | 5.5 |

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16.6.5Stope Design

On the eastern side of the orebody in the Monzonite zone where competent ground conditions are prevalent, standard stope sizes are nominally 20 m W x 20 m L x 30 m H. Double lift stopes up to 60 m high have been mined successfully and result in increased stope productivity and a reduction in ore drive development requirements. A slot drive is developed, either at the northern or southern end of the stope, which provides the initial void for subsequent stope firings. Approximately 82% of underground Reserve ounces are located in the Monzonite zone.

On the western side of the orebody, in the Breccia zone, poorer ground conditions are prevalent. Various Breccia stope sizes and extraction sequences have been trialled since underground production commenced, generally with limited success due to an inability to maintain stability in the walls and stope crowns during extraction. Approximately 18% of underground Reserves ounces are located in the Breccia zone, which is also generally higher grade compared to Monzonite stopes.

In 2024, a study was undertaken focusing on a re-sequence of the Breccia area stopes. The main objectives from this study were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimize the extraction design and sequence to provide a reliable and executable mine plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure stability of Breccia stopes throughout the mining cycle (including backfilling) and optimize resource recovery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduce the likelihood of personnel or equipment exposure risks due to unstable stope geometries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate extraction options for previously failed stope excavations and adjacent areas.

The following recommendations were made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish paste containment walls on the Northern and Western sides of previously failed zones to minimise the potential consequences of stope excavation failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change the orientation of stopes forming the West paste wall from North-South to East-West;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish multiple work areas/levels on the West paste wall through the deployment of drift and pastefill development mining to establish artificial paste crowns; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adoption of a probe drilling campaign to validate surveyed and unsurveyed void shapes in the Western Breccia and adjacent areas.

Recommendations from the study have been incorporated into the LoM plan. The extraction sequence has been optimized to provide a geotechnically sound and executable mine plan. The sequence is deliberate and rigorous to ensure geotechnical integrity. However, the plan provides an opportunity for optimisation based on stope performance as overall rates are significantly slower compared to previous iterations of the LoM plan and the paste walls are mined out by 2030. Some modifications have been made, including the addition of bypass drives that allows decoupling of northern retreat monzonite stopes in the middle of the orebody (330 corridor) whilst the Breccia Zone stopes are being extracted. Figure 16-13 shows a plan view of the 2370 Level showing the location of currently paste filled stopes on the east and centre of the level, previously failed breccia panels, and the smaller western breccia stopes on the west of the level.

![figure16-13a.jpg](figure16-13a.jpg)

**Figure 16-13: 2370 Level Plan View**

Figure 16-14 shows the reconfigured design in-line with study recommendations, with significantly reduced stope sizes on the Western edge coloured red (nominally 5 m W x 15 m L), and smaller stopes on the Northern edge coloured green (nominally 20 m W x 10 m L).

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![figure16-14a.jpg](figure16-14a.jpg)

**Figure 16-14: Oblique View Looking South-East of Reconfigured Breccia Mine Design (2430 to 2340 Levels)**

16.7Productivities and Mine Production Schedule

The Didipio underground schedule is based on productivity assumptions using a combination of historical rates achieved at Didipio and first principles based on expansion of the mine at depth and associated infrastructure that will facilitate an increase in throughput.

The schedule was completed using Deswik mine planning software and is based on operations occurring 365 days/year, seven days/week, with two 12-hour shifts each day. Productivity rates used for mine scheduling are shown in Table 16-9.

**Table 16-9: Schedule Productivity Rates**

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| | |
|:---|:---|
| **Activity Type** | **Rate** |
| Lateral Development  | 5 m / day / jumbo |
| Vertical Development (Rhino Boxhole) | 10 m / day |
| Production Drilling  | 300 m / day |
| Stope Bogging | 1500 t /day / loader |
| Pastefill | 3000 m<sup>3</sup> /day |
| Haulage | 1,200,000 TKM/year/truck<sup>7</sup> |

---

Several critical enablers are required to facilitate increased throughput from the underground mine.

Average lateral development rates of 615 m/month in 2026, and 660 m/month in 2027, 2028 and 2029 are required to open additional stoping fronts at depth in Panels 2 and 3. Increased lateral development rates will be achieved through several initiatives including an additional jumbo drill

<sup>7</sup> Unit of transport measurement representing the movement of material (tonne) over a distance (kilometre). TKM = Total Tonnes x Distance

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being mobilized to the fleet in 2026, an increase in equipment availability through a targeted fleet management strategy, quality control to maximize advance per cut, and an increase in available headings.

Main decline development, whilst not on the critical path for production, is being prioritised in drier months to enable approximately 20 ML of emergency water storage during the wet season.

Pastefill placement volumes averaged approximately 55,000 m<sup>3</sup> per month in 2026, increasing to ~74,000 m<sup>3</sup> per month in 2028, then ~90,000 m<sup>3</sup> per month from 2030 onwards for the remainder of the LoM. Pastefill increases will be achieved following planned upgrades to the surface paste plant, upgrades of the underground reticulation, and extensions of infrastructure at depth.

The mining sequence is shown in by year in Figure 16-15.

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| | | | |
|:---|:---|:---|:---|
| ![a2025a.jpg](a2025a.jpg)<br>**End of 2025** | ![a2026a.jpg](a2026a.jpg)<br>**End of 2026** | ![a2027a.jpg](a2027a.jpg)<br>**End of 2027** | ![a2028a.jpg](a2028a.jpg)<br>**End of 2028** |
| ![a2029a.jpg](a2029a.jpg)<br>**End of 2029** | ![a2030a.jpg](a2030a.jpg)<br>**End of 2030** | ![a2031a.jpg](a2031a.jpg)<br>**End of 2031** | ![a2032a.jpg](a2032a.jpg)<br>**End of 2032** |
| ![a2033a.jpg](a2033a.jpg)<br>**End of 2033** | ![a2034a.jpg](a2034a.jpg)<br>**End of 2034** | ![a2035a.jpg](a2035a.jpg)<br>**End of 2035** | ![a2037a.jpg](a2037a.jpg)<br>**End of 2036/2037** |

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**Figure 16-15: Underground Sequence By Year - Section Looking North-West**

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16.8Ventilation

The current ventilation system at Didipio is based on the initial underground ventilation study that was undertaken in 2014, with minor modifications as the mine has progressed at depth. The vertical nature of the deposit allows for a relatively simple ventilation system which currently consists of three intakes (2 x portals, 1 x shaft) and two exhausts (2 x shafts). This system operates a pull or exhausting ventilation system whereby primary ventilation fans are located on top of the exhaust shafts and create sufficient pressure to provide ventilation to all workings.

16.8.1Updated System Design

Two ventilation studies have been undertaken to determine ventilation requirements for production rates in excess of 2.5 Mtpa - Ozvent Consulting in April 2024 and MineSol Consulting in September 2025.

The assessment undertaken by MineSol was based upon the updated LoM plan, where data and key mining assumptions were broken down across the entire period to calculate the maximum ventilation requirement over a scheduled week. Following this assessment the recommended total airflow requirement for Didipio is 825 m<sup>3</sup>/s, a total increase from the current ventilation capacity of approximately 258 m<sup>3</sup>/s, or 45% increase. The requirement for the additional airflow is from the second half of 2028 and airflow requirements peak in May 2031.

As a requirement to enable the increase in total airflow, additional surface openings are required and will take the form of three raisebored shafts with a diameter of 5.5 m each. A Fresh Air Rise (FAR) from the current ventilation bench on the surface to the 2100 mRL will be constructed before an internal shaft from the 2100 mRL to the 1980 mRL is constructed to deliver adequate fresh air to the lower levels. One Return Air Rise (RAR) is planned from the surface ventilation bench to the 2100 mRL and will link in with the current and future planned return air network. The updated ventilation design schematic is shown in Figure 16-16.

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![a1616a.jpg](a1616a.jpg)

**Figure 16-16: Ventsim Model - Primary Ventilation Upgrades**

In addition to primary ventilation upgrades, a detailed assessment of the current secondary ventilation network was undertaken by MineSol Consulting. A recommendation was made to install a ventilation on demand (VOD) system, which is being implemented with orders for long lead procurement items placed, The VOD system is planned for completion in Q4 2026, at which time the required infrastructure will be installed across upcoming production areas. Following this, system integration, commissioning, and validation activities will proceed across the remainder of the mine, with the full VOD system expected to be operational by Q4 2027. Due to the vertical, tabular nature of the orebody a VOD system suits the purposes of the mine and will enable real-time control of airflow through regulators to focus air and minimise leakage, optimising the underground environment for production activities whilst maintaining a safe working environment.

16.8.2Ventilation Approach

Each underground level at Didipio is designed to have its own ventilation circuit and ventilated through the overall pull exhausting type ventilation system. Fresh air enters production levels via the decline and internal FAR's. This air is exhausted to the surface via two dedicated RAR's on the

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east and west side of each level. Figure 16-17 shows the secondary ventilation layout highlighting fresh air and return air paths.

![a1617a.jpg](a1617a.jpg)

**Figure 16-17: Planned Level Ventilation Layout**

16.9Pastefill

Pastefill is utilized at Didipio through the mixing of thickened tailings, water and binder. This process is essential for the management of regional stability and high recovery of the resource utilizing the top-down mining approach. Pastefill designs ensure structural strength to support the chosen mining method and mitigates liquefaction potential. The use of tailings material aids in reducing TSF emplacement and is considered in tailings volume calculations.

The paste plant, shown in Figure 16-18, was commissioned in 2018 and delivers paste to underground stopes by a gravity distribution piping system. The current paste plant sizing, based off earlier iterations of the LoM, was 150 m<sup>3</sup>/hr at 60% utilization. Future pastefill requirements have increased in-line with planned increased production rates from the underground. Engineering studies have been completed to increase the capacity of pastefill delivery to 100,000 – 110,000 m<sup>3</sup>/month to match planned increases in underground throughput and is discussed further in Section 18.7.

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![a1618a.jpg](a1618a.jpg)

**Figure 16-18: Didipio Paste Plant**

16.9.1Paste Reticulation

Pastefill is delivered from the paste plant to the underground workings via a borehole from the surface to the 2430 mRL level. Pastefill reticulation is installed underground and in place down to the 2280 mRL level. A section view of the current installed reticulation network is shown in Figure 16-19.

![a1619a.jpg](a1619a.jpg)

**Figure 16-19: Underground Pastefill Reticulation**

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Pastefilling was switched to a secondary borehole in December 2024 after the primary surface borehole failed due to wear on the steel casing over time. The establishment of a new secondary surface borehole is underway. An additional surface borehole is planned to commence in Q2 2027 to mitigate wear rates on steel casing. This borehole will incorporate a water filled annulus and rotating top and bottom well assemblies as illustrated in Figure 16-20.

![a1620a.jpg](a1620a.jpg)

**Figure 16-20: Basic Schematic of Proposed BH04 Primary Borehole**

At the base of the surface boreholes on the 2430 mRL level, infrastructure is installed to deliver pastefill into the underground reticulation network. A study was undertaken in 2025 by Quattro Project Engineering that evaluated the suitability of installed infrastructure for paste delivery rates in-line with pastefill delivery requirements of 100,000 – 110,000 m<sup>3</sup>/month. This study focussed on ensuring flows for pastefill were adequate across the LoM and paste reticulation infrastructure underground could sustainably deliver rates required to achieve an uplift in paste delivery. Several recommendations were made, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redesign paste delivery cuddies to minimise stope changeover and blockage downtime;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Installation of friction loops at 2430 mRL level and 2190 mRL level to improve paste flow control and operational safety; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shutdown flushes to be a minimum of 12 m<sup>3</sup> and receival of clean water to be confirmed at the fill point wherever possible.

Engineering and procurement are well advanced to undertake the recommendations outlined in the review with scheduled completion of upgrades in 2027.

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16.10Emergency Preparedness

Emergency egress from the underground mine is via a series of escapeway rises located within the fresh air ventilation system. Ladders are installed at between 80 degrees and vertical, fully enclosed, and with rest points spaced at appropriate intervals. The system is extended as the mine extends at depth and provides vertical egress from any level to Portal 2 within the open-pit.

In addition, five permanent refuge chambers are currently established adjacent to the main decline which is sufficient for personnel numbers underground. Three portable refuge chambers are also utilized and placed at strategic locations throughout the mine depending on the status and location of development in relation to already established escapeway rises and permanent chambers.

16.11Mine Services

Compressed air is reticulated throughout the mine via surface compressors. Clean mine water supply is via three tanks installed above Portal 1. A digital VHF leaky feeder system is installed for two-way communications. A data network is installed throughout the mine, reticulated by fibre optic media to switches at various mine levels. An underground service bay is located at the 2370 mRL for basic servicing however major repairs are still carried out at the surface workshop.

16.12Underground Electrical Distribution

Underground electrical supply is reticulated via a 13.8 kV high-voltage feeder line, routed through service holes from an overhead power line to a ring main unit (RMU). An alternate underground feeder, consisting of an overland power cable and an optical-fibre communication cable connected to the main 13.8 kV supply, was commissioned in February 2026. An interlocked changeover facility will allow for switching between the aerial system and the overland cable system, enhancing supply reliability to the RMU located at the ventilation bench ensuring minimal interruption to underground power supply during typhoons. Future extensions of the high-voltage distribution system will continue via additional service holes between levels, maintaining the ring-feed arrangement for redundancy.

Underground transformers are located on each level, where power is stepped down and distributed at 400 V/60 Hz to starters for drilling equipment, auxiliary ventilation fans, and pumping systems. Primary pump stations are equipped with 690 V transformers and motors to accommodate higher load requirements.

16.13Mobile Equipment

Mobile Equipment schedules are built from first principles, based on equipment specifications, benchmark data, operational efficiency assumptions, and schedule requirements. The equipment fleet schedule is created including timing for additional fleet to support mine uplift and replacement requirements based on monthly usage hours across the LoM for all key fleet items.

Additional fleet including one jumbo drill, one production drill, and three trucks are required to meet planned throughput increases with orders already placed.

Fleet hours are calculated based on mine schedule physicals as an input too a major rebuild and replacement schedule for the fleet across the LoM. All rebuilds and purchases of replacement fleet are included in capital cost estimates. Mobile equipment requirements are summarized Table 16-10.

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**Table 16-10: LoM Mobile Equipment Fleet**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mobile Mining Fleet** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** |
| Twin boom jumbo | 5 | 5 | 5 | 5 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 |
| Production Drill | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 |
| Cabolter | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Raise bore (Rhino) | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Loaders | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Trucks | 9 | 10 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Ancillary<sup>8</sup> | 14 | 14 | 14 | 14 | 13 | 13 | 12 | 11 | 11 | 11 | 9 | 9 |
| **Total** | **40** | **41** | **42** | **42** | **38** | **38** | **37** | **36** | **36** | **36** | **33** | **32** |

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16.14Underground Production Schedule

Annual underground gold mined ranges from 82 koz to 99 koz from 2026 to 2036, before tailing off in 2037 (19koz). Annual copper mined ranges from 8 kt to 10 kt before similarly tailing off in 2037 (2kt). Figure 16-21 (gold) and Figure 16-22 (copper) illustrate the annual underground mined production profiles.

![a1621a.jpg](a1621a.jpg)

**Figure 16-21: Annual Underground Production – Gold**

<sup>8</sup> Ancillary equipment includes integrated tool carriers, charge-up vehicles, agitator trucks and fibrecrete sprayers

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![a1622a.jpg](a1622a.jpg)

**Figure 16-22: Annual Underground Production - Copper**

Annual gold produced ranges from 82 koz to 101 koz from 2026 to 2031 while surface stockpiles subsidise underground feed. Surface stockpiles are exhausted from 2032, and annual gold production ranges from 72 koz to 90 koz before a tailing off in 2037 (29 koz), when approximately 1.5 Mt of stockpile material that currently forms the ROM is processed. Annual copper produced is steady at 14 kt in 2026, 2027 and 2028 before lower stockpile grades from 2029 to 2031 result in annual production of 10 kt to 11 kt. Following the completion of surface stockpiles in 2032, average annual copper production is approximately 7 kt. Figure 16-23 (gold) and Figure 16-24 (copper) illustrate annual metal production.

Table 16-11 provides an annual summary of mining and processing production.

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![a1623a.jpg](a1623a.jpg)

**Figure 16-23: Processing Production Profile – Gold**

![a1624a.jpg](a1624a.jpg)

**Figure 16-24: Processing Production Profile - Copper**

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**Table 16-11: Annual Production Profile**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Unit** | **Total** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** |
| **Lateral Development – UG** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Lateral Development | km | **47.4** | 7.4 | 7.9 | 8.0 | 8.0 | 3.2 | 2.2 | 2.0 | 2.4 | 1.9 | 2.0 | 1.6 | 0.7 |
| Lateral Development Capital | km | **9.1** | 1.6 | 2.8 | 2.5 | 1.9 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Lateral Development Operating | km | **38.3** | 5.8 | 5.1 | 5.5 | 6.1 | 3.0 | 2.2 | 2.0 | 2.4 | 1.9 | 2.0 | 1.6 | 0.7 |
| Lateral Development Waste | km | **27.4** | 4.7 | 4.0 | 3.7 | 4.6 | 2.1 | 1.5 | 1.2 | 1.6 | 1.3 | 1.4 | 1.0 | 0.4 |
| Lateral Development Ore | km | **20.0** | 2.7 | 4.0 | 4.3 | 3.4 | 1.1 | 0.7 | 0.8 | 0.9 | 0.6 | 0.6 | 0.6 | 0.3 |
| **Mined Tonnes – UG** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Material Moved | kt | **30065** | 2193 | 2488 | 2600 | 2893 | 2890 | 2588 | 2474 | 2684 | 2761 | 2818 | 2704 | 971 |
| Total Ore Production | kt | **28298** | 1915 | 2091 | 2168 | 2558 | 2800 | 2551 | 2435 | 2636 | 2727 | 2786 | 2674 | 957 |
| Total Waste | kt | **1768** | 278 | 397 | 432 | 336 | 90 | 37 | 39 | 49 | 34 | 33 | 30 | 15 |
| Stoping Ore | kt | **26381** | 1582 | 1817 | 1913 | 2229 | 2656 | 2451 | 2354 | 2528 | 2640 | 2686 | 2600 | 925 |
| Development Ore | kt | **1916** | 333 | 275 | 255 | 329 | 144 | 101 | 81 | 107 | 87 | 99 | 74 | 32 |
| **Metal and Grade – UG**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gold Grade | g/t | **1.11** | 1.32 | 1.31 | 1.28 | 1.05 | 0.95 | 1.20 | 1.26 | 0.95 | 1.13 | 1.08 | 0.95 | 0.63 |
| Silver Grade | g/t | **1.53** | 1.90 | 1.82 | 1.73 | 1.55 | 1.43 | 1.76 | 1.71 | 1.32 | 1.34 | 1.36 | 1.29 | 1.08 |
| Copper Grade | % | **0.35** | 0.43 | 0.41 | 0.37 | 0.37 | 0.33 | 0.39 | 0.42 | 0.35 | 0.29 | 0.28 | 0.28 | 0.19 |
| Gold Contained Metal | koz | **1006** | 82 | 88 | 89 | 87 | 86 | 98 | 99 | 81 | 99 | 97 | 82 | 19 |
| Silver Contained Metal | koz | **1389** | 117 | 122 | 120 | 128 | 128 | 144 | 134 | 112 | 117 | 122 | 111 | 33 |
| Copper Contained Metal | kt | **98** | 8 | 9 | 8 | 9 | 9 | 10 | 10 | 9 | 8 | 8 | 8 | 2 |
| **Processing Schedule – Total** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ore Tonnes – Surface Stockpiles | kt | **13198** | 2285 | 2209 | 2132 | 1742 | 1500 | 1749 | 120 | - | - | - | - | 1462 |
| Ore Tonnes – Underground | kt | **28298** | 1915 | 2091 | 2168 | 2558 | 2800 | 2551 | 2435 | 2636 | 2727 | 2786 | 2674 | 957 |
| Ore Tonnes – Total  | kt | **41496** | 4200 | 4300 | 4300 | 4300 | 4300 | 4300 | 2555 | 2636 | 2727 | 2786 | 2674 | 2419 |
| Gold Grade – Total | g/t | **0.85** | 0.80 | 0.83 | 0.84 | 0.70 | 0.68 | 0.78 | 1.21 | 0.95 | 1.13 | 1.08 | 0.95 | 0.46 |
| Copper Grade – Total | % | **0.32** | 0.38 | 0.37 | 0.36 | 0.28 | 0.27 | 0.29 | 0.41 | 0.35 | 0.29 | 0.28 | 0.28 | 0.34 |
| Gold Recovery – Total | % | **88.2** | 87.7 | 87.8 | 87.8 | 87.1 | 87.0 | 87.8 | 90.3 | 89.2 | 89.6 | 89.2 | 89.2 | 82.4 |
| Copper Recovery – Total | % | **90.4** | 88.7 | 88.7 | 95.6 | 89.4 | 88.9 | 89.7 | 93.2 | 92.0 | 90.6 | 90.4 | 90.6 | 85.5 |
| Gold Recovered – Total | koz | **998** | 95 | 100 | 101 | 84 | 82 | 95 | 90 | 72 | 89 | 86 | 73 | 29 |
| Copper Recovered – Total | kt | **122** | 14 | 14 | 15 | 11 | 10 | 11 | 10 | 8 | 7 | 7 | 7 | 7 |

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17Recovery Methods

17.1Introduction

Recovery of copper and gold at Didipio is achieved from the use of a combination of flotation following a conventional SAG mill/ball mill grinding circuit and gravity gold recovery. The design criteria for the process plant was established from test work outlined in Section 13 of this report. The plant was successfully running and exceeding the 3.5 Mtpa nameplate since the 2014 processing plant upgrade, with a well-established workforce and management team in place until June 2019 when operations were suspended.

Following renegotiation of the FTAA in July 2021, the plant was restarted in November 2021 with full production achieved by Q2 2022. An amendment to ECC in 2022 incorporated a processing rate limit increase from 3.5 Mtpa to 4.3 Mtpa. Process plant throughput was ramped up to 4 Mtpa by late 2022 and has been operating in the 4-4.1 Mtpa rate since with progressive debottlenecking studies undertaken to ramp up to the permit limit utilising stockpiled ore to fill capacity.

17.2Process Flowsheet

Ausenco produced a detailed design for the 2.5 Mtpa processing plant in February 2011 and site construction of the plant commenced in November 2011. First ore was introduced to the plant on December 14, 2012, and the plant commenced commercial production on April 1, 2013.

A ramp-up project to de-bottleneck the plant with the aim of achieving 40% above plant design to 3.5 Mtpa was completed in Q4 2014. Further improvements and fine-tuning during 2015 and 2016 increased processing capacity to 4.0 Mtpa, with potential to achieve 4.3 Mtpa with further minor improvements and minor capital outlay. In 2024, formal engineering design was completed for throughputs of up to 4.3 Mtpa, depending on the ore competency of blends available. Execution of the design changes is scheduled to be completed in 2026.

The process flowsheet is shown in Figure 17-1. Ore is processed using a conventional SAG/Ball mill/Pebble Crusher (SABC) grinding circuit with a secondary pebble crusher circuit followed by froth flotation for recovery of gold/copper concentrate. Gravity circuits are incorporated within the grinding and flotation circuits to produce gold doré on site. Copper concentrate is transported by road to the San Fernando port facilities for export.

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![a171a.jpg](a171a.jpg)

**Figure 17-1: Process Plant Flowsheet 2025**

17.3Process Plant Facilities, Description and Design Characteristics

17.3.1Primary Crushing

The crushing circuit is situated next to the ROM pad. Mining trucks haul ore from the open -pit stockpiles or from the underground portal to the ROM pad and dump on separate finger stockpiles to allow blend control. ROM ore is fed by a front-end loader (FEL) through an 800 mm square aperture static grizzly into a 100-tonne live capacity ROM bin. The FEL is required to remove oversize material retained by the static grizzly.

The ROM ore is reclaimed from the ROM bin by an apron feeder and is discharged on to a static grizzly into a single toggle crusher. Fines will bypass the crusher. Static grizzly bars are set at a nominal 100 mm clearance.

The single toggle crusher, selected to handle 900 mm maximum lump size, crushes the ROM ore to a typical P80 product size of 100 mm. An overhead travelling crane is provided for changing out crusher jaw plates and for maintenance on other adjacent equipment. Dust suppression water sprays are provided at the ROM bin and at the head of the transfer bin feed conveyor, emergency stockpile feed conveyor and SAG mill feed conveyor. The sprays can be automatically turned on/off from the plant control system.

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17.3.2Crushed Rock Handling and Storage

The ore from the crusher is transported via conveyor CV-001 and CV-006 to a transfer bin. The transfer bin has a live capacity of approximately 15 minutes of mill feed. An apron feeder located beneath the bin transfers the crushed ore onto the mill feed conveyor CV-003. If CV-003 (or the SAG mill) is offline a diverter gate at the top of the bin directs the ore onto CV-002, the Extra Fine Ore (EFO) conveyor. CV-002 discharges ore onto an emergency stockpile with 20,000 tonnes maximum operating capacity that can cover crusher downtime of more than 24 hours.

If the crusher is offline, then the ore from this emergency stockpile is fed onto CV-003 via the emergency feeder which is a low-profile belt feeder. The ROM front-end-loader is utilized to feed this emergency feeder as required. This allows crusher maintenance to be done outside of mill shutdowns and to reduce overall manning levels.

17.3.3Primary and Secondary Crushing

The 7.3 m diameter by 4.57 m effective grinding length (EGL) SAG mill is fitted with steel liners and vortex discharge grate and pulp discharges. The SAG mill is equipped with a 4,300 kW wound rotor induction motor and Liquid Resistance Starter (LRS) and has capability to provide speed variation through a Slip Energy Recovery (SER) unit.

Media charging is from 900 kg drums of 125 mm grinding balls via a kibble to the mill feed chute. A target ball charge of 13% is maintained with a media addition rate of 0.20 kg/tonne of feed. Mill load is determined from monitoring the hydrostatic pressure in the trunnion mill lube system. A rock sizing camera is installed on the SAG feed conveyor to monitor feed size distribution, and a vibration meter is placed at the outside shell of the SAG mill. The vibration meter or scanner can measure intensity/vibration energy, toe of the charge, and impacts (number of events whereby the ball is directly hitting the steel liner). The scanner gives live and accurate reading of the condition inside the mill. The integration of feed size, inside mill parameters (intensity, toe, and impact), mill weight, and SAG power is used to control the mill speed and feed rate.

Discharge from the SAG mill flows through a rubber-lined trommel and into a common mill discharge hopper. Oversize from the trommel screen (scats) is directed to a Sandvik CH-440 pebble crusher through the scats recycle conveyor to reduce the scats size to -12 mm. A portion of the recirculating load (cyclone underflow) is fed back to the SAG mill to assist with the transfer of the scats out of the discharge end of the mill.

The 5.5 m diameter by 8.38 m rubber-lined ball mill is fitted with a 4,300 kW wound rotor induction motor, LRS, trommel screen and retractable feed spout/chute. Discharge from the ball mill flows through a rubber-lined trommel into the common mill discharge hopper. The combined SAG and ball mill discharge is pumped to a nest of nineteen Cavex 15-inch hydro cyclones. The hydro cyclone underflow is split, with approximately 30% reporting to ball mill feed and 10% reporting to the SAG mill. The other 60% reports to an Outotec SK-500 Flash Flotation Rougher cell for recovery of the coarse liberated gold and copper particles. The concentrate from the Flash Flotation Rougher reports to a gravity circuit and the hydro cyclone overflow gravitates on to the flotation rougher circuit.

The Flash Flotation Rougher utilizes a twin outlet design with the low-density top valve tailings reporting to the common mill discharge hopper to maintain ball mill density.

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17.3.4Gravity Circuit

The purpose of the gravity circuit is to recover free gold from the mill discharge and flotation concentrate streams. The primary gravity circuit utilizes a Falcon SB2500 batch concentrator. A bypass option allows the Flash Flotation Rougher concentrate to bypass the concentrator and report directly to the Flash Flotation Cleaner when the concentrator is in a rinse cycle or is offline. Other gravity circuit components consist of a surge bin for the concentrate, a Gemini and a Deister table treating all the concentrate, and a further Falcon model SB250 concentrator on the table tails, all of which are located in the secured area of the gold room.

The concentrate from the SB2500 concentrator unit gravitates to the gold room for further processing. The tailings from the concentrator reports to the Flash Flotation Cleaner TC-10 flotation cell where the coarse copper and gold particles are recovered with the concentrate, then report to the combined final concentrate hopper with the re-cleaner concentrate and pumped to the concentrate thickener. The tailings from the Flash Flotation Cleaner report to a hopper and are then pumped back to the combined mills discharge hopper to be pumped back to the cyclones.

An additional Falcon SB750 batch concentrator was installed in November 2016 in the fine flotation circuit and was fully operational in February 2017. This gravity concentrator treats the Rougher concentrate stream prior to entering the Cleaner circuit. The concentrate from SB750 reports directly to the surge bin in the gold room while the tailing goes to the Cleaner circuit. A bypass option allows the Rougher concentrate to bypass the concentrator and report directly to the Cleaner circuit when the concentrator is in a rinse cycle or is offline.

In August 2022, a third coarse gravity circuit was commissioned in the grinding circuit fed from a dedicated feed pump on the mills discharge hopper feeding a vibrating screen adjacent to the primary cyclone cluster. Screen undersize reports to a Falcon SB5200 concentrator with screen oversize and Falcon tail returning back to the mills discharge hopper. Concentrate flows via gravity to the gold room coarse gravity hopper. The coarse gravity concentrate is treated with a Diester table and table tails passing through a separate SB250 Falcon concentrator located in the gold room.

17.3.5Flotation Circuit

Cyclone overflow reports by a gravity line to the first of six rougher flotation cells. Outotec TC-40 tank cells are used for the roughers with progressively increasing froth crowders installed down the train. Rougher concentrates are pumped to the Falcon SB750 fine gravity concentrator (GC003), while rougher tailings report to the flotation tailings hopper for pumping to the tailings thickener. Tails of the GC003 feed the cleaner bank, and its concentrate is discharged to the gold room.

Concentrate from the cleaner cells feeds the bank of re-cleaner cells. Tailings from the re-cleaner cells mix with the GC003 tails as feed to the cleaner cells. Concentrate from the re-cleaner cells is directed to the final concentrate pump box and then transferred to the concentrate thickener. The tails from the cleaner cells feed into the cleaner-scavenger cells, while the tails from the last cleaner-scavenger cell report to the cleaner tails hopper, and then pumped back to the rougher feed bank. The concentrate from the cleaner/cleaner-scavenger cleaner cells can be fed to either the feed of the re-cleaner cells or the cleaner cells dependent on concentrate grade. The concentrate from the cleaner- scavenger cells report back to the feed of the cleaner cells. A control system called FrothSense was installed in 2016 to automatically control the operating parameters of the flotation cells. A Metso Courier 6 On Stream Analyzer monitors key flotation circuit streams continuously for copper, iron and solids concentrations. With the increasing proportion of

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underground ore in the processing feed, paste backfill contamination (consisting of 6-12% binder) occurs when mining secondary stopes and leads to increase in the natural pH of the flotation feed slurry. At times, slurry pH has exceeded 10 causing depression of gold bearing pyrite in the flotation circuit. Following laboratory testing and plant trial, a sulfuric acid dosing system was installed to control slurry pH to flotation to below 9.5 to ensure gold recovery is maximized from the recovery of pyrite to the flotation concentrate.

17.3.6Concentrate Handling

Final concentrate is thickened in a 12 m diameter high-rate thickener fitted with a vane feed well and de-aeration tank. The underflow is pumped at about 60-70% solids to a pair of 450 m<sup>3</sup> storage tanks. A Outotec PF-930 horizontal plate pressure filter press produces a concentrate filter cake at about 8% moisture, which is suitable for transport and sea freight to smelter customers. As part of the efforts to increase the annual throughput to 3.5 Mtpa, four additional plates were installed in the concentrate filter in 2014 to increase its capacity by 20% to a total of 26 plates. With the decreasing copper head grade in the underground ore and stockpiles compared to upper open-pit or the 4.3Mtpa milling rate requires less filtration capacity than is currently installed.

The filter cake discharges to a concentrate stockpile of about 15 days capacity located within the concentrate storage shed. The concentrate is loaded into dump trucks using a front-end-loader with a nominal payload of 20 wet tonnes per truck. Composite samples are prepared from trucks as they are loaded, testing for moisture and metal content. A weighbridge weighs all trucks leaving site to account for movement, inventory control of material, and tracking for permit requirements.

Concentrate is trucked by road to a storage shed located at Poro Point, La Union with the capacity to hold up to 15 kt of material. Ships are loaded periodically in 5.5 kt or 11 kt shipments. Turnaround time for the concentrate trucks averages 27-32 hours.

17.3.7Tailings Handling

Flotation tailings from the hopper are pumped to a 20 m diameter high-rate thickener with a vane feed well. Flocculant (Nasfloc 2286) is dosed to the thickener feed box by variable speed helical rotor pumps to aid in the settling of tails and to provide necessary clarity in thickener overflow.

Three stage variable speed thickener underflow pumps pump thickened tails to the TSF through a 250 mm steel/HDPE line approximately 2 km to the TSF crest. Tailings then move through a spigot manifold along the length of the dam wall allowing formation and control of the tailings beach. In 2024 a tailings booster pump station was installed after the paste plant diversion valves to accommodate the increased head from progressive TSF lifts and the increased throughput of the plant to 4.3 Mtpa.

Approximately 340 m<sup>3</sup>/h of decant water (a mixture of tailings transport water and rainfall in the catchment) is pumped back to the process plant for makeup water. Excess water in the catchment is pumped to the water treatment plant before permitted discharge and release.

Approximately 40-50% of tailings from the process plant are fed to the paste backfill plant. This is achieved by diverting the full tailings stream periodically to the paste plant surge tank along with draining the upper portion of the tailings line into the tank. When the tanks are full, the flow is diverted back to the TSF. With increasing rates of paste backfill the delivery of more tailings flow will be achieved by full diversion of the flow to the tank for longer periods.

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17.3.8Gravity Gold Concentrate Treatment

The concentrates from the Falcon SB2500 and Falcon SB750 concentrators are screened with a Amkco Vibra-screen. The screen oversize product reports to the Gemini shaking table while the undersize product is treated using the Deister shaking table. Concentrate from the Falcon SB5200 concentrator are tabled separately on a Deister shaking table. Concentrates from the tables are filtered and dried prior to smelting in a standard diesel-fired barring furnace. The tailings and middling products from both table circuits are retreated in small Falcon SB250 concentrators, with the concentrate joining the Deister feed. The tailings from the combined SB2500/SB750 Falcon concentrators are returned to the final concentrate pump box to minimise any gold losses from the gravity cleaning circuit. Table tailings from the SB5200 circuit are pumped back to the mill discharge hopper.

The dried gravity concentrates are mixed in batches with fluxes designed to allow the best separation of the gold and silver into doré. These batches are smelted and poured into molds to produce gold/silver doré bars, which typically assay 85% gold and up to 15% silver. Iron and base metal levels in the bars are typically less than 3%.

17.3.9Reagents

Flocculant is delivered in 25 kg bags. This powder is mixed in a Ciba Jetwet mixing unit to 0.25% solution strength and then stored in a storage tank. Flocculant distribution is by a variable speed pump.

Coagulant is also contained in 1,000 L Intermediate Bulk Containers (IBC). It is used to aid in the settling of solids in the water treatment plant and settling ponds.

Two collectors are currently used in the process plant. CMS2500 is delivered to site in 1,000 L IBC containers and is dosed to the flash flotation feed as a primary copper collector to minimize issues with natural hydrophobicity. Sodium Isobutyl Xanthate (SIBX) is delivered in pellet form in two 400 kg bags sealed inside wooden crates and mixed on site to a 5% target strength. A header tank with a control valve and flow meter controls dosing of SIBX to three points in the rougher circuit as a secondary copper collector.

Flotanol 10379 frother comes in 1000 L IBC containers and is distributed to the selected flotation points with peristaltic dosing pumps.

Sulfuric acid 98% is delivered to site via road tanker to a storage Isotainer for dosing to the flotation feed to maintain pH in the stream below 9.5.

17.3.10Control Room and Maintenance Shop

A Yokogawa CentumVP Distributed Control System (DCS) is utilized throughout the process plant and power station for process control. A permanently staffed control room monitors and controls the process from the primary crusher to the TSF return water pumps. The PI Historian from Aveva collects process and alarm data from the DCS for reporting and analysis.

A maintenance workshop facility is located adjacent to the process plant allowing for overhaul of equipment on site.

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17.3.11Metallurgical Laboratory

A metallurgical laboratory is located within the Process Plant precinct and is provisioned with a laboratory rod mill, L40 Falcon Concentrator, flotation cells, pressure filters, ovens, rotary splitter laboratory Bond ball mill, laboratory crusher, and cyclosizer. The laboratory undertakes routine diagnostic testing on the process plant, processes survey samples, and future ore testing programs on drill core samples.

17.4Production Performance

Figure 17-2 shows the Didipio processing plant throughput and head grades from the start of operations through to the end of 2025, with processing feed tonnes split between open-pit/stockpiles and underground (commencing in 2018). Due to the suspension of operations in October 2019 only 2.7 Mt of the scheduled 3.5 Mt was processed.

Following renegotiation of the FTAA in July 2021 the plant was restarted in November 2021 with full production achieved by Q2 2022. An amendment to the ECC in 2022 incorporated a processing rate limit increase from 3.5 Mtpa to 4.3 Mtpa. Process plant throughput was ramped up to 4 Mtpa by late 2022 and has been operating in the 4-4.1 Mtpa rate since with progressive debottlenecking studies undertaken to ramp up to the permit limit utilising stockpiled ore to fill capacity.

Progressive studies and plant trials have proceeded to improve overall utilization with changes to designs and materials in the SAG feed chute, scats screen, trommel screens, and the like, along with mill load control to focus on both increasing instantaneous milling rates and run time.

![a172a.jpg](a172a.jpg)

**Figure 17-2: Process Plant Throughput 2012 - 2025**

Concentrate production data is shown in Figure 17-3 from the commencement of operations. Concentrate grade has remained consistently within the target range of 21-24% copper, with recent offtake agreements more favourable to lower copper grades allowing maximization of gold bearing

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pyrite recovery slightly reducing concentrate copper grade. Gold grade in concentrate varies in line with head grade and improved gravity recovery, with the improved utilization and optimization of the GC-004 coarse gravity concentrator from late 2023 diverting more gold from concentrate to doré.

Silver content of the concentrate has been tracking around 80-90 g/t and is a payable credit. No penalty elements have been recorded in the concentrate that affect the calculation of payable metal. Declining concentrate production is in line with the Resource estimate, with historically higher copper/lower gold grades in the upper open-pit and mined portions of the orebody versus higher gold/lower copper grades seen as the feed transitioned into underground areas.

![a173a.jpg](a173a.jpg)

**Figure 17-3: Annual Didipio Concentrate Production Data**

Recoveries of copper and gold to concentrate since the project started is shown in Figure 17-4 and have been fairly consistent since 2013. As noted in Section 13.5, the achieved recoveries have tracked well with the budget forecast models, at an average copper recovery of 91.8% and an average gold recovery of 89.1% over the project life to date. Copper recovery started to decrease from 2017 due to partial oxidation of the rehandled stockpile ore component of mill feed, while gold recovery was mainly affected by the head grade and the grind size. Gold recovery sensitivity to grind size is reasonably flat with coarsening of the primary grind from 120 µm to 150 µm resulting in an increase in flotation tail grades equivalent to a 0.4% reduction in overall gold recovery. Gold recovery shown is the combined recovery of gold to gravity bullion and gold contained in concentrate.

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![a174a.jpg](a174a.jpg)

**Figure 17-4: Annual Gold and Copper Recovery Data**

Mill utilization has historically been in the 87-94% range during 2013-2021 operating within the permit criteria of 3.5 Mtpa and annual availability and utilization is shown in Figure 17-5. The maintenance team is supported by both planning and condition monitoring teams assisting in maintaining the high asset utilization.

Following the restart of operations in 2022 and the increase in the permitted processing rate to 4.3 Mtpa, mill utilization is targeted at 92-93%. In 2024, calendar utilization was lower due to unplanned downtime for the replacement of the SAG mill gearbox and motor issues.

Ongoing continuous improvement projects such as optimization of the SAG mill feed chute liners, SAG mill shell liners, and SAG and scats screens are targeting the reduction of the number and frequency of maintenance outages through the year to increase operating hours to match the 4.3 Mtpa throughput target.

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![a175a.jpg](a175a.jpg)

**Figure 17-5: Annual Plant Availability and Utilisation**

17.5Energy, Water and Consumable Requirements

17.5.1Energy

Process plant power requirements are approximately 10.2 MW out of a total site power requirement of approximately 19 MW.

17.5.2Water

Raw water is currently sourced from the underground mine dewatering discharge water that has undergone treatment. From the settling ponds pumps transfer water to the mine dewatering tank which transfers water to the plant raw water tank for use in gland water systems, gravity and gold room operation, reagent mixing, and potable water treatment. Raw water requirement is approximately 80 m<sup>3</sup>/h.

Process water is recovered within the plant from the tailings and concentrate thickeners, with makeup sourced from the TSF pond at 340 m<sup>3</sup>/h. Recycle rates of process water are high, exceeding 80%, with the only raw water makeup into the system being for services requiring higher quality water.

The paste plant requires approximately 140 m<sup>3</sup>/h clean water supply for its operation. To supply this requirement, underground dewatering water is used from the mine dewatering tank that supplies the process plant.

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17.5.3Water Treatment Plant

The level of the decant water pond in the TSF is maintained by discharging excess water to the Dinauyan River via a Water Treatment Plant (WTP). The WTP currently consists of a 34 m diameter Outotec clarifier located remote from the plant capable of treating up to 2,000 m<sup>3</sup>/h of decant water to reduce the total suspended solids to below 30 ppm prior to discharge to the river. Local coagulant and flocculent dosing systems are provided with periodic transfer of solids underflow pumped back to the TSF.

In addition to treatment of the TSF decant, water underground mine water is treated separately to remove arsenic via oxidation and precipitation with ferric chloride addition via a series of agitated ponds followed by coagulant addition and further settling ponds before release to the Dinauyan River. Treatment rates up to 2,000m<sup>3</sup>/h can be accommodated.

17.5.4Consumables

Key consumables in the plant are the flotation reagents and grinding media. These are generally transported to site from Manila. Consumption rates of key consumables during 2025 period of operation are listed in Table 17-1. Collector consumption rates have reduced significantly from pre-commissioning estimates owing to a natural hydrophobicity in the orebody.

**Table 17-1: Consumable Consumption Rates**

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| | |
|:---|:---|
| **Item** | **g/tonne** |
| SAG Media | 204 |
| Ball Media | 295 |
| CIMS2500 | 3 |
| SIBX | 4.6 |
| Frother IF6510B | 19.1 |
| Flocculant (MAN4510 + 4520) | 25 |
| Coagulant | 2.7 |

---

17.6Process Unit Costs

Process plant unit cost history is shown in Figure 17-6 for the period since recommencing steady state production in 2022. Unit costs increased over those historically reported from 2013-2019 due to inflationary pressures in the last 5 years related to labour, power, and consumable costs. Inflation has been partially offset by the increase in throughput to around 4.1 Mtpa impacting the fixed cost component.

Key consumable rates going forward are based on actual consumption rates. Power cost is estimated based on historical power consumption model and operating time. Operating experience since 2013 has allowed benchmarking of maintenance parts consumption and cost along with long-term maintenance schedules such as for reline activities based on actual lifetime of the parts.

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![a176a.jpg](a176a.jpg)

**Figure 17-6: Processing Plant Unit Cost Performance** 

17.7Future Development Projects

17.7.1Copper Flotation Recovery Improvements

AMTEL deportment studies of flotation tail indicates 49% of the tailings copper is lost to sulphides <7 μm. This is consistent with the plant data from the tailings copper loss size analysis. To improve the slime fraction copper recovery technology such as ProFloteTM magnetic conditioning technology selectively aggregates paramagnetic minerals has been successfully tested by FLSmidth in other copper porphyry circuits. The technology comprises a proprietary designed, high-strength, rare-earth, permanent magnet encased in a rubber-lined stainless-steel tube and laboratory scale testing has been undertaken with potential plant trials to be investigated in 2026 to better evaluate this as an alternative to CPS.

17.7.23.5 Mtpa to 4.3 Mtpa Throughput Increase

An amendment of the ECC to lift the processing limit to 4.3 Mtpa was granted in 2022 and has allowed the plant throughput to increase with the LoM plans in recent years seeing rates of 4.1 Mtpa scheduled and achieved. Monthly throughput and utilization data is shown in Figure 17-7 along with the target throughput needed to meet 4.3 Mtpa of 522 tpoh (tonnes per operating hour, red line in Figure 17-7). The plant has exceeded the required processing rate several times and been within 7% over the three-year period, allowing identification of bottlenecks restricting throughput.

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![a177a.jpg](a177a.jpg)

**Figure 17-7: Historic Throughput and Utilisation**

Ausenco was engaged to conduct a preliminary assessment on the current operating envelope and provide a list of equipment/circuits that potentially limit throughput to below 4.3 Mtpa. The "4.3 Mtpa Upgrade Process and Pumping Report" was completed by Ausenco in November 2023. Further, Ausenco were commissioned to undertake the detailed engineering design and costings for the minor upgrades to ensure that 4.3 Mtpa at 94% utilisation, i.e. an average 522 tpoh, can be reliably achieved. The detailed engineering was finalized in December 2024 covering the equipment/circuit upgrade with capital cost estimates to a ±10% level of accuracy.

The planned process plant upgrade includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade motor and drive for CV-002 Stockpile conveyor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade motor and drive for CV-003 SAG feed conveyor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade motor and drive for CV-004 Scats conveyor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade motor and drive for CV006 Transfer conveyor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade of rougher flotation dart valves and seats to larger size

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade of flotation tails pumps and pipelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade motors and drives of the process water pumps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade of motor and drive of fresh water distribution pumps

The capital budget for the upgrade works is $3 million, and execution is currently underway with completion expected by the end of Quarter 3 2026.

Budgeted utilization is between 94% to 95% with the anticipation of extending the mill reline frequency from 5 months to 10 months. This concept proved to be viable through SAG discharge grate trials conducted between February and July in 2024, indicating the rate limiting component

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life can be achieved. A shutdown optimization project is currently underway to reduce the number of planned outages each year from 5 to 4 and the number of reline activities from every second to every third outage, leading to a further improvement in utilization of 0.5%.

Several further opportunities have been identified to improve utilization including upgrades to the mill bearing and mill cooling systems along with modification to the SAG mill gearbox bearings to allow full power draw and extend component life.

17.7.3Increased Underground Feed

Increased underground ore feed from 1.6 Mtpa also increases the amount of contaminated paste overbreak fed to the processing plant with 2.5-2.7 Mtpa expected from the underground in the LoM plan. The inclusion of a pH modifier (sulfuric acid) in the head of rougher flotation circuit commissioned in November 2024 negating the impact of this risk to recovery going forward with higher underground feed proportions with the capacity to accommodate the increased underground proportion of mill feed.

Hardness and recovery test work was completed as part of the Didipio Underground Optimisation Study considering the increase in underground ore production to 2.5 Mtpa as outlined in Section 13.4.1. Response of the samples from the underground test program was similar to historical testing and plant operation and it is not envisaged that a higher proportion of underground ore will have an impact on plant operation or recovery response. Compared to plant operation from 2012-2017 on 100% fresh ore from the open-pit the underground ore is generally lower in copper grade but higher in gold but overall at the proposed LoM schedule copper concentrate production rate remains lower than in the first 4 years of operation and well within the capacity of the flotation, concentrate dewatering and filtration circuits.

17.7.4De-Risking Processing Plant Throughput

With ongoing future ores testing and variations in ore competency several initiatives are being progressed that could be incorporated into the flowsheet to derisk the throughput target.

Ore sorting presents an opportunity to reject barren material in the processing feed stream to reduce the full tonnage requiring grinding to 150 µm and reduce tailings storage capacity. Investigations are underway considering the ability to use an ore sorter on the SAG mill scats recycle stream to reject barren or uneconomic grade rock from this stream. Scoping work in 2024 and 2025 considering microwave breakage amenability identified that the heterogeneity of the scats was significant. Barren particles were easily identified from the lack of any significant heating, meaning temperature might be used as a measurement input for sorting. A bulk sample of scats is currently being tested for its ability to replicate the bench scale results.

Rehandled stockpile feed transferred to the ROM pad from historical open-pit mining has variable fragmentation related to different operational practices in the pit. Trials with a mobile crusher have been undertaken to pre-crush this material before being added to the main ROM pad to reduce oversize issues with the primary crusher. This has the potential to reduce the size distribution of this portion of processing feed to assist the SAG mill breakage rates. Permanent utilization of a crusher is currently awaiting final operational permit approval and operating costs of approximately USD1M per year have been incorporated into the operating budget to utilize this strategy going forward.

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A potential extension of this initiative is to add an ore sorter to the discharge of the mobile crushing unit to remove uneconomic material and upgrade the grade to the processing plant, reducing the tonnage that requires full grinding while reducing the storage requirements in the TSF. Whilst the tonnages are modest in the overall LoM plan, if proven it will provide more certainty that the volumes of ore and contained metal scheduled each year can be achieved.

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18Project Infrastructure

18.1Clean Water

All of the water used in the processing plant is recycled using the overflow water from thickeners, the decant water from the TSF tailings pond, and underground mine dewatering after being treated at the Arsenic Treatment Plant. Any fresh makeup water was sourced previously from the five deep bores around the perimeter of the open-pit mine. In the third quarter of 2018, these boreholes were decommissioned. The current source of domestic and raw water supply for the camp and processing plant comes from either the Madadag levee or from the WTP.

18.2Power Supply

Since November 2015, the Didipio Mine has been operating on National Grid Power as its main operational power supply. A 25 MVA high voltage transformer was installed as part of a new incoming HV Sub-station to step down the 69 kV National Grid Power to the Didipio Mine voltage of 13.8 kV. The power from the substation now feeds into the original power station substation from where power is distributed to the main consumers on-site at 13.8 kV. The on-site diesel power generation remains as a backup power supply with a capacity of 16 MVA and operational voltage of 13.8 kV.

Current power demand for the Didipio Mine is ~19 MW. Several infrastructure projects are required to support increased production from the underground including ventilation and dewatering upgrades. It is anticipated that the average total power demand to support planned infrastructure upgrades for Didipio will be ~24 MW, with peak usage exceeding 27 MW.

To meet the anticipated power demand, construction of an additional 25 MVA substation is planned to commence in 2026, with commissioning targeted for mid-2027. This new substation will be a dedicated feed to the underground mine and will provide Didipio up to a total of 50 MVA capacity. The new 25 MVA substation installation will include two primary feeds to the underground mine to enable a ring feed supply. Capital costs associated with future power upgrades have been included in financial models.

18.3Sewage

Sewage from the project site is piped to a site-based sewage treatment plant. Sewage from small, isolated locations is held in holding tanks and then transferred to the sewage treatment plant. Sewer pump stations, septic tanks and leach fields are located in the camp. Didipio holds a Discharge Permit allowing current discharge of wastewater not exceeding a flow rate of 400 m<sup>3</sup>/day.

18.4Refuse Disposal

Best practices in waste management include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refuse wastes generated by the operation are disposed into a category II type sanitary landfill which caters for both biodegradable and residual wastes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recyclable wastes are housed in a Material Recovery Facility operated by the local corporation (Dicorp). Scrap metals generated are temporarily housed in a metal scrap yard. Collection is carried out via communication to local waste bidders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In compliance with the Environmental Compliance Certificate, specifically hazardous waste management, hazardous waste (used oil, lubricants etc.) being generated is temporarily stored in individual hazardous waste storage areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A centralized hazardous waste area is scheduled for construction in 2026. These wastes are sent to DENR accredited transporters and hazardous waste treatment facilities for final disposal and treatment in accordance with the Philippine Government regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Waste management policies implemented on site utilize the principles of reuse and recycle.

18.5Accommodation

Accommodation is covered in Section 5.4.7.

18.6Port Facilities

The existing copper concentrate storage and shipment facility at Poro Point is sufficient to handle the concentrate shipments from the Didipio Mine. Shipment entails a 365 km truck haul over an existing, well-maintained, sealed-pavement national highway, prior to storage at the port. The storage facility has capacity for 15,000 tonnes of concentrate.

18.7Paste Plant

Increased capacity in the paste plant is required to support higher underground throughput as discussed in Section 16.9. A preliminary assessment of paste plant capacity to support higher underground throughput was completed in Q3 2023. The assessment detailed upgrades required for the cement delivery system, paste mixer, vortex pumping system, vacuum motor, and introduction of filtration system for the cooling water.

A two-stage approach was identified with the first stage progressed through detailed engineering in 2025. Procurement of new equipment is well advanced with construction works due for completion by the end of Q2 2026. Within this phase modifications will be completed including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improvements to the binder addition system to increase addition rates (screw feeder, mass measurement etc);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New larger capacity paste mixer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New larger capacity vortex mixer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Addition of standby pumps to improve plant utilization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improved electrical and instrumentation upgrades.

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18.8Tailings Storage Facility (TSF)

18.8.1TSF Summary

Didipio has a single Tailings Storage Facility (TSF). The TSF is located approximately 1.7 km to the southwest of the process plant and current underground mine as shown in Figure 18-1.

The TSF is formed by a zoned earth and rockfill embankment constructed via staged raising utilising downstream construction methods. The embankment has been constructed from overburden and mine waste materials obtained from open-pit and underground mining along with surface clay borrow sources. The TSF abuts and keys into elevated ground to the east and west of the Didipio TSF.

Tailings are pumped from the tailings thickener (sited near the processing plant) as discussed in Section 17.3.7. Deposition of tailings into the TSF is via high-density polyethylene tailings pipeline located along the perimeter of the basin and along the embankment crest. Deposition locations are moved progressively along the distribution line, as required, to maintain design beach lengths and pond volumes. The tailings beach forms with a slighted graded deposition of tailings towards the decant pond that is located in the western margin of the facility.. Water is reclaimed via vertical turbine pumps mounted on a floating barge in the decant pond.

The TSF has provided tailings storage from 2013 and continues to provide tailings storage for the operation. The Didipio TSF currently has a final crest elevation of 2820 mRL, which is sufficient for the LoM plan. If the LoM at Didipio is extended, there is capacity to raise the TSF above its current final design height, subject to necessary approvals.

The TSF is designed with an overtopping emergency spillway designed to safely store/pass the Probable Maximum Flood and support design freeboard requirements.

The Didipio TSF is designed and constructed in accordance with the recommendations and guidelines of the Australian National Committee on Large Dams (ANCOLD) and Philippine Standards. The TSF is classed as a High Consequence Category Assessment (CCA) under ANCOLD.

18.8.2Seismic Design Criteria

A seismic hazard assessment of the site has been undertaken by Knight Piésold, which shows that the site is located in a seismically sensitive zone. Three major sources of seismic activity are present within 200 km radius of the site: the Philippine Fault (40 km to the west); the Manila Trench (125 km to the west); and the East Luzon Trench (70 km to the east).

The results of the seismic hazard evaluation have been used to determine a design ground acceleration value for the TSF and for a waste rock dump stability analysis. The TSF embankment has been assigned a dam failure consequence category of "High C" and has therefore been designed to sustain a 1:1,000 Annual Exceedance Probability (AEP) Operating Basis Earthquake (OBE) and a 1:10,000 AEP Maximum Design Earthquake (MDE). The OBE design has increased from 1:475 used in earlier designs due to a change in the applicable ANCOLD guidelines, which were issued in May 2012. The design allows limited deformation of the tailings dam under seismic loading from the MDE, provided that the overall stability and integrity of the facility is maintained and there is no release of stored tailings or water.

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![picture4b.jpg](picture4b.jpg)

**Figure 18-1: Didipio Site Plan with Major Surface Infrastructure Including TSF**

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18.8.3Planned Tailing Storage

The Didipio TSF design has a remaining 22.1 Mm<sup>3</sup> of tailings storage capacity with an estimated in-situ tailings dry density of 1.3 t/m<sup>3</sup> as summarized in Table 18-1.

**Table 18-1: Didipio Tailings Storage Plan**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Facility** | **Tailings Storage (2025 – 2037)** | **Tailings Storage (2025 – 2037)** | **Embankment Fill Required (RL2807 – RL2820)** | **Embankment Fill Required (RL2807 – RL2820)** |
| **Facility** | **Storage Mm**<sup>3</sup> | **Storage Mt** | **Fill Required Mm**<sup>3</sup> | **Fill Required (Mt)** |
| **Didipio TSF** | 22.1 | 28.7 | 0.6 | 1.1 |

---

TSF Construction has been scheduled to ensure the TSF meets the minimum freeboard conditions and provides adequate tailings capacity for the current LoM plan and is summarized in Figure 18-2.

![a182a.jpg](a182a.jpg)

**Figure 18-2: LoM Storage Requirements and Scheduled TSF Development**

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19Market Studies and Contracts

This section details major contracts, contractors, and supply agreements required to achieve the Didipio LoM plan.

19.1Mining

Delta provides civil works and ancillary services to the Didipio Mine under an industry standard contract with OGPI. The contract covers the provision of equipment and personnel to support the TSF construction, maintenance of haul roads and drainage systems, rehandling of stockpiled ore, crusher feeding, and various other projects around the mine.

The underground mining fleet is owned by OGPI, with the majority of the equipment acquired from Sandvik. OGPI has a contract with Sandvik for the provision of supplies and services.

19.2Processing

OGPI owns the on-site processing plant and undertakes all processing directly. Supply contracts with typical terms of one to three years are in place for a range of the main reagents, grinding media and other consumables used in processing the ore. These supply contracts set prices or contain mechanisms for the setting of prices for the relevant commodities under terms and conditions which generally comply with industry norms.

19.3Gold Hedging and Forward Sales

There are no hedge contracts in respect of production from the Didipio Mine. Refer to Section 19.4 and Section19.5 for a description of the gold/copper concentrate offtake arrangements.

Market predictions and discussions on gold and copper price are beyond the scope of this document.

19.4Transportation and Refining of Bullion

19.4.1ABC Refinery

On March 28, 2022, OGPI entered into a Refining Agreement with ABC Refinery (Australia) Pty. Ltd. (ABC Refinery) for the refining and treatment of gold doré (ABC Refinery Agreement). ABC Refinery is the only independent London Bullion Market Association (LBMA) accredited gold and silver refinery in Australia.

The ABC Refinery Agreement was renewed from 1 April 2025 for a further term of three (3) years, during which rates, fees and charges are fixed. Under the ABC Refinery Agreement, OGPI agrees to deliver gold doré to a pre-agreed transportation arrangement and location that conform to the assay ranges specified in the agreement, while ABC Refinery agrees to weigh then refine the goods to a level specified in the agreement. ABC Refinery also agrees to deliver the refined goods to OGPI's nominated metal account with the latter having the option to sell to the former. ABC Refinery is also required to purchase all silver metal from the refining and may set-off against refining, transport and other pertinent charges.

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19.4.2Bangko Sentral ng Pilipinas

In compliance with the terms and conditions of the FTAA Addendum and Renewal Agreement dated July 14, 2021, OGPI offers for sale to the Bangko Sentral ng Pilipinas (BSP) at least 25% of its annual doré production. The parties entered into a purchase agreement dated May 5, 2022 (BSP Purchase Agreement).

OGPI is responsible for the risk and costs of transporting the gold doré to the Gold Buying Station (GBS), while BSP acquires title and ownership over the goods and all associated metals and impurities upon the delivery of the goods at the GBS and BSP's receipt of said goods. Aside from value of the gold, no additional price was previously due and payable on all associated metals and impurities of the gold doré delivered by OGPI.

The BSP Purchase Agreement was renegotiated in 2024 for a further three (3) year term. An agreed improvement to commercial terms was implemented starting July 2024 when BSP commenced paying for the value of the silver previously not payable under the existing agreement. Deliveries are paid based on the prevailing PHP/USD buying rate set by the BSP Financial Markets.

BSP is accredited with the LBMA and operate to the policies and procedures consistent with LBMA Standards to prevent contributing to conflict, human rights abuses, terrorist financing practices, and to combat money laundering.

19.5Transportation and Refining of Concentrate

On February 18, 2026, OGPI entered into an Offtake Agreement with Transamine SA which takes effect on April 1, 2026. Under the agreement, a continuation of the existing agreement which took effect in April 2024, Transamine SA is entitled to the concentrates produced by OGPI from the project and available at the port of Poro, La Union in saleable parcels of 5,000 wet metric ton or 11,000 wet metric ton +/- 10%. The price of the goods is determined based on its metal content: gold, silver and copper. The final price of gold and silver per unit of measure is based on market rates prevailing at the agreed quotational period. For the purposes of calculating the final metal content of a shipment, assaying for copper, gold and silver is conducted by three appointed independent and internationally recognized laboratories as agreed by OGPI and Transamine.

OGPI may elect to receive advance payment under certain conditions and are subject to interest rates specified in the agreement. Transamine is allowed to deduct from the sales proceeds applicable treatment and refining charges at final settlement.

19.6Power

The Didipio Mine is powered through a long-term Power Purchase Agreement (PPA) with San Miguel Global Power, drawing electricity from the Luzon grid via a dedicated 69-kV transmission line commissioned in 2022. This connection enables secure delivery of contracted supply, predominantly sourced from the Sual coal-fired plant, supplemented at times by renewable generation from San Miguel's hydropower assets when available. With the planned addition of another substation as noted in Section 18.2, delivery capability is increased to 50 MW.

Didipio's annual consumption currently ranges from approximately 150 to 170 GWh, supporting both process plant operations and underground mining. The site's grid-connected infrastructure provides strong baseload reliability supporting 24-hour operational mining and milling, billed on a fixed rate basis in recognition of low variability in power generation requirements.

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Although Didipio's physical electricity supply is largely grid-sourced thermal coal generation, the operation is actively increasing the renewable share of its certified electricity to 100% through the purchase of International Renewable Energy Certificates (IRECs) from hydroelectric facilities on the same grid. This approach allows Didipio to match its consumption with verified renewable attributes and aligns with OceanaGold's broader decarbonisation objectives.

The Philippines is undergoing a significant expansion of grid-connected renewable energy, with government policy targeting 35% renewable power by 2030 and 50% by 2040<sup>9</sup>. This is supported by more than 25 GW of new capacity scheduled for delivery through competitive renewable energy auctions over the next decade<sup>10</sup>. Didipio's established grid infrastructure positions it to consider future low-carbon supply options while maintaining the reliability required for safe and efficient mining.

19.7Fuel

OGPI has a contract with Petron Corporation (Petron) for the supply and delivery of diesel for use in mining activities, power generation, and general vehicle and equipment use at the Didipio Mine. Under the contract, Petron delivers fuel to the Didipio site into OGPI's modular, transportable "Transtank" brand fuel-farm consisting of two 60,000 L tanks and twelve 12,000 L tanks. The contract contains a pricing scheme based on international fuel-oil pricing and is consistent with industry norms.

19.8Supply of Explosives

Orica supplies bulk emulsion, initiating systems, and packaged explosives, and provides associated down the hole loading services under a five-year contract that commenced on 1 December 2022 and will remain in effect until 30 November 2027.

The site-based emulsion manufacturing facility is owned, operated, licensed, and maintained by Orica. This facility will be demobilized and removed from site upon completion of the contract term, unless the contract is renewed. The site-based magazines used for the storage of initiating systems and packaged explosives are owned, licensed, and maintained by OGPI.

Pricing for explosives and related services under the contract consists of a combination of fixed charges and unit rates, incorporating applicable price adjustment mechanisms. The pricing structure is consistent with standard industry practice.

19.9Project Financing

There is no external third-party project financing in place for the Didipio Mine. The Didipio Mine is funded out of operating revenues and equity held within the OGPI entity.

19.10Other

SGS provides laboratory services whilst the camp is operated by Dicorp.

<sup>9</sup> Source: https://prod-cms.doe.gov.ph/documents/d/guest/doe-renewable-energy

<sup>10</sup> Source: https://www.bworldonline.com/corporate/2025/12/10/717543/renewable-project-pipeline-hits-120-gw-doe/

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20Environmental Studies, Permitting, and Social or Community Impact

20.1Permitting

20.1.1Permits Required

The Didipio Mine holds the permits, certificates, licences, and agreements required to conduct its current operations. Refer to Section 4 of this document for a list and discussion of the most materially significant of these.

20.1.2Environmental Permits

OGPI is required to ensure that mining activities are managed in a safe and responsible manner. The DENR requires an ECC for any mining activity based on an EIS prepared by the company in accordance with procedures stated under Presidential Decree No. 1586 or the Philippine Environmental Impact Statement System (EISS). An ECC obliges the company to comply with a comprehensive set of conditions, including submission and implementation of an EPEP and FMR/DP for the LoM. The EPEP forms the parent document for the development and implementation of an Annual Environmental Protection and Enhancement Program (AEPEP). As an operating condition, OGPI is required to allocate 3-5% of its direct mining and processing costs for EPEP implementation.

The Philippine EIS System and the Implementing Rules and Regulations of the Mining Act (DENR Administrative Order No. 2010-21) regulate a funding structure to ensure the company's compliance with its commitments and ensure immediate funding in the form of an Environmental Guarantee Fund (EGF), Mine Rehabilitation Fund (MRF), and Final Mine Rehabilitation and Decommissioning Fund (FMRDF) is available for rehabilitation in the event of environmental damage during mining operations. These funds are held in a government depository bank and administered by the Contingent Liability and Rehabilitation Fund Steering Committee (CLRFSC).

*20.1.2.1Environmental Compliance Certificate* 

The current revised ECC (No. ECC-CO-1112-0022) issued on December 10, 2012, covers the full 975 ha area covered by the PDMF.

The revised ECC specifies the project mining methods, production rate, processing methods and other aspects of the mining operation on which it is based. Following its revision in 2012, a Utilization Work Program (UWP) was submitted to the DENR on March 27, 2013, to cover the first three years of commercial production. Thereafter, OGPI continued to submit three Year Utilization Work Programs with the last one being valid until 2025. On October 30, 2025, OGPI submitted its UWP for years 2026-2028. The ECC allows for operation of (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mine facilities including the open-pit and underground mine workings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Milling and processing plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tailings storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Waste rock dumps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Activated sludge sewage treatment plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Explosive mixing and storage facility;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Powerhouse (diesel powered generator sets up to 16 MW);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Road networks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administration and housing facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other support facilities and infrastructures.

On July 4, 2016, OGPI requested for the amendment of the ECC to increase its throughput from 3.5 Mtpa to 4.3 Mtpa. The application, however, was impacted by the moratorium under DENR Memorandum Order No. 2016-01 which also includes the processing of any ECC related applications. Following issuance of the DENR's clarificatory memorandum dated December 22, 2017, eliminating the processing of ECC applications from the coverage of the moratorium, the ECC amendment application was resubmitted on February 19, 2018, and the first review was completed on January 21, 2019, followed by the conduct of the public hearing on March 7, 2019. Subsequently, the Environmental Impact Assessment Review Committee (EIARC) completed the review of the ECC amendment application and endorsed the approval thereof. After the confirmation of the renewal of the FTAA, the EIARC conducted final deliberation of the ECC amendment in September 2021 and the approved amended ECC was released on 26 April 2022, reference number ECC-CO-1901-0002.

*20.1.2.2Environmental Protection and Enhancement Program and the Annual Environmental Protection and Enhancement Program* 

An EPEP is a regulatory requirement and involves a conceptual environmental management plan for the LoM, including an estimated total cost. An EPEP was approved by the MGB in January 2005. There has been a series of revisions to this document since that time. OGPI has engaged a consultant, AECOM, to assist in finalizing the most recent revisions to the EPEP and associated FMRDP. The EPEP and FMRDP have received a technical review by both OGPI and MGB and have been presented to the Mine Rehabilitation Fund Committee (MRFC) body, comprising representatives of the DENR, local authorities, community representatives and a representative of OGPI, for their acceptance and endorsement to the CLRFSC.

On June 17, 2017, OGPI submitted the revised EPEP and FMRDP excluding an underground mine which was approved on March 20, 2018 with Certificate of Approval No. 129-2018-08. As the underground mine was not included, OGPI updated and resubmitted a LoM EPEP and FMRDP to include the underground mine on April 15, 2018 and this was approved on October 18, 2021 with Certificate of Approval No. 193-2021-18.

The EPEP provides a description of the expected impacts and proposed mitigation of the activities comprising the Didipio Mine, sets out the LoM environmental protection and enhancement strategies based on best practice in environmental management in mining, and presents the environmental management program for the operation. The most recently approved EPEP was on February 25, 2025 with Certificate of Approval 250-2025-08.

An AEPEP is an annual environmental management work plan based upon the EPEP, which OGPI is required to lodge with the MGB. The AEPEP makes provision for monitoring meteorological data, noise levels, and water quality data from designated measurement stations within the river and TSF systems, water quality and flow velocity data from the stream gauging stations, and groundwater data. Air and water quality monitoring is carried out to ensure compliance with Philippine ambient and water/air quality objectives during both construction and operation activities, and similarly noise and vibration monitoring checks for compliance with noise and vibration standards. OGPI has submitted AEPEPs annually since 2007.

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*20.1.2.3Contingent Liability and Rehabilitation Fund* 

A CLRF is required to be established and maintained with regular contributions under the terms of the Mining Act and its Implementing Rules and Regulations. It is a financial requirement in the form of an environmental guarantee fund to provide for rehabilitation and compensation costs arising from any potential adverse environmental impacts of the Didipio Mine. It ensures the availability of funds to comply with the commitments and performance standards stipulated in the EPEP and AEPEP. The CLRF comprises the MRF, the payment of Mine Waste and Tailings Fees, and FMRDF. The CLRF is administered by the CLRF Steering Committee.

Prior to the commencement of commercial production, under a Memorandum of Agreement signed by OGPI with the Mine Rehabilitation Fund Committee established by MGB dated October 18, 2004, OGPI has established bank deposits to service the Monitoring Trust Fund (MTF), Environment Trust Fund (ETF) and the Rehabilitation Cash Fund (RCF), which collectively form the MRF. As of January 12, 2026, the balance of the MRF associated with the Didipio Mine amounts to approximately $125k.

20.1.3Other Permits

Clearance was obtained for the Didipio Mine from the National Irrigation Authority during the ECC permitting process. In accordance with Philippine requirements for the grant of water rights, OGPI has entered into an agreement with a Philippines company covering the water requirements for the operations, including securing the water permits necessary for the development and operation of the project.

Permits were obtained to construct and operate various infrastructure, including for Pollution Source Equipment (PSE) and Pollution Control Equipment (PCE), primarily comprising the power station, the crushing plant, the TSF and the camp. Permits to construct and operate any new installations will be required on an ongoing basis. Securing these permits requires all design details to have been finalized, allowing the various construction permits, and subsequent permits-to-operate, to be granted. Zoning and Location Clearances were also required and obtained from the Housing and Land Use Regulatory Board (HLUR (Region 2)) covering the PDMF area in March 2007. There were likewise local permits (such as locational clearances, construction permits, and occupation permits) obtained from the Municipality of Kasibu for the construction of the structures at the Didipio Mine. Other related permits such as water discharge permits and permit to operate, are continuously secured/renewed as required under Philippine laws.

20.1.4Environmental Impact Statements

*20.1.4.1Baseline Studies*

An EIS was submitted in 1998, in support of an application for an ECC. An amended application was lodged a few months later. There followed an EIS (reference Environmental Impact Statement Amendments for CAMC's Didipio Gold-Copper Project – Gaia South Inc., July 1999 and April 2004) completed by Gaia South Inc, environmental consultants, on behalf of OGPI in April 2004. This formed the basis for a revised ECC issued on August 8, 2004.

On November 23, 2011, ahead of commencement of operations, OGPI submitted its Environmental Performance Report and Management Plan (EPRMP), comprising the updated EIS for the Didipio Mine. The EPRMP included survey work completed in November 2011 in conjunction with the

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Nueva Vizcaya State University which established updated baseline conditions for ambient air and water quality. The revised ECC was issued on December 10, 2012.

An updated EPRMP was subsequently submitted to further amend the ECC to include increase in throughput rate from 3.5 Mtpa to 4.3 Mtpa. The amended ECC was approved on April 26, 2022. These studies establish the baseline environmental survey pre-dating the commencement of operations as the basis for future environmental assessment. The studies note that the natural environment in the vicinity of the site had been highly modified by human land use, dominated by slash and burn or "kaingin" agriculture and small-scale mining activity. In terms of water quality (surface water and groundwater) the surface waters within and adjacent to the project area were compromised by forest clearance and small-scale mining. Baseline sediment monitoring similarly indicated effects on rivers of surrounding activities.

Ambient air quality parameters monitored included total suspended particles (TSP), SO2, NO2 and noise level. Overall, the air quality of the Didipio Mine prior to operations was satisfactory and typical of that for a rural area.

Flora and fauna surveys indicated a low-populated wildlife environment in the vicinity of the project.

*20.1.4.2Potential Impacts Identified in the Environmental Impact Statements* 

Potential environmental impacts were assessed for surrounding land, water, terrestrial and aquatic biota, and people. Primary impacts assessed for land included change in geomorphology or topography of the mine area, loss of topsoil, increased sedimentation, potential subsidence in relation to the underground mine workings and potential slope stability. Impacts assessed for the water environment included potential impacts to water quality and flow. Potential impacts identified for the terrestrial and aquatic biota included loss of vegetation due to clearing activities and possible encroachment or loss of habitat for both terrestrial and aquatic fauna as mine development progresses. Changes in air quality and elevation of noise levels particularly during the construction phase were anticipated for the air quality module. As for the socio-economic concerns, potential in-migration and competition of social services were anticipated as potential negative impacts. On the other hand, generation of employment opportunities and improvement of basic social services and utilities were anticipated as positive impacts that could be realized from the mine development and the company's corporate social responsibility initiative. Appropriate mitigation measures were recommended in the EPEP and monitoring parameters by which the efficacy of these measures may be assessed were presented in the document.

The EIS concluded that the predicted change in land use for the open-pit, underground mine, excavations, adits, and related engineering structures and installations, where permanent mine facilities are established, are expected to result in consequential impacts brought about by identified environmental aspects associated with this mining operation although are considered to lie within acceptable regulatory limits.

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20.2Environmental Performance

20.2.1Tailings Disposal

Tailings are stored in an engineered TSF as discussed in Section 18.7.

The TSF is a contained catchment and all precipitation within the catchment is collected within the TSF. Water collected in the TSF is used, as required, in the process plant. Water in excess to this requirement flows into a controlled decant system and is discharged into the Dinauyan River at a standard suitable for discharge and in accordance with a discharge permit DP-R02-25-07760. Monitoring ensures any water that is released complies with discharge standards for Class B waterways and DENR approval needs to be obtained prior to release.

Tailings liquor samples from test work indicate alkaline liquor, with low levels of Pb, Cu, Zn, and Hg. Tailings waste characterization studies have been undertaken and indicate that the tailings are low in both total and soluble metals. Monitoring throughout the LoM will continue to ensure that the tailings characterization is understood, and potential changes are managed throughout the life of the operation.

The spillway draining into the Dinauyan River is constructed on the western side of the TSF wall and adjacent waste rock dump as a "last line of defense" for managing surplus decant/rainfall waters. After mine decommissioning, this spillway is planned to carry water to the Dinauyan River, once the decant system is removed. The hydrologic design storm event for the TSF storage volume (below the spillway) is a one in 100 years average return interval for a 24-hour event, over and above maximum operating volume of tailings and water. The hydrologic design storm event for the spillway design (which is available to pass major storm events greater than the 1:100 average return intervals) is sufficient to contain and pass a probable maximum precipitation rainfall event. Ongoing monitoring and risk reviews are undertaken, as required by DENR, to ensure compliance and TSF containment integrity.

The TSF is designed to be decommissioned as a mainly dry facility, with final tailings generated from the processing of oxide material to provide suitable capping for re-establishment of vegetation. Upon closure, the decant system will be decommissioned. Surface run-off and seepage from the capped dam will be allowed to flow to the downstream river system via a permanent spillway. A post-decommissioning monitoring program will monitor water quality to ensure that water quality criteria are met.

20.2.2Waste Dumps

Waste rock material is used in construction of the TSF and other infrastructure. In addition, a waste rock dump has been established across the Dinauyan River Valley and was operational throughout open-pit mining. Waste generated from underground mining is crushed and available for road maintenance, with capacity to store surplus waste from underground mining operations in the waste dump if required. No additional waste rock dumps are planned.

A flow through drain has been designed and constructed into the waste rock dump to allow the Dinauyan River to pass through the waste rock dump at a rate exceeding the average annual flow of the river. This flow through drain was designed to have an effect of attenuating flood flows in the Dinauyan River during the peak of the flood and increasing the duration of slightly higher than average flows after the flood event has passed.

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Currently, monitoring of the flow through performance is undertaken monthly through the Dinauyan weir. A weir monitoring station was constructed downstream of the WRD in August 2014 to monitor the flow through rates. Flows have been measured at the weir with a daily manual reading since construction and drain performance has more than sufficient capacity to manage rainfall events.

20.2.3Open-Pit and Underground

The permitted final open-pit footprint is 52 ha. Dewatering of the pit and its environs is by perimeter boreholes and by pumping from a sump located in the pit. Access to the open-pit is restricted by fencing, however cut-off drains will be maintained to minimise surface water flow through the base of the pit and into the underground zone.

Under the approved FMRD Plan, there is a provision for the surface and groundwater flows to enter and be retained in the open-pit and the remaining open underground workings, eventually flooding the pit to the level of the lowest point on the pit crest. The pit is intended to become a permanent lake and sediment trap for water flowing over the tailings dam and waste rock areas. Overflows from the pit are planned to be directed to a reinstated river channel that flows into the Didipio River.

Given the potential for some minor wall rock acid drainage to develop during and after mining, and in view of the high rainfall in this area, it is proposed that the final pit will be flooded, which will submerge any potential acid-generating pit wall rock. Surface flow from the completed pit will be tested to ensure it continues to meet the water quality discharge criteria. Environmental monitoring of water quality in the vicinity of the closed open-pit will be undertaken by a long-term, multi-partite committee funded by the company (see CLRF section above).

20.2.4Water Management

*20.2.4.1Baseline Water Quality*

The Didipio Mine is sited along the Dinauyan River, which has a catchment area generating some 27 Mm<sup>3</sup> maximum annual water flow. The Dinauyan River flows into the Didipio River and is joined by flow from the Camgat and Surong Rivers, which contribute 36 Mm<sup>3</sup> maximum annual water flow. The Didipio River becomes the Diduyon River, downstream of the confluence with the Alimit River.

Baseline water surveys undertaken prior to the commencement of development at the Didipio Mine and updated in 2011 concluded that the existing water quality of the Dinauyan River, Camgat River, Surong River, Didipio River, Alimit River and Diduyon River is compromised by sediment runoff from forest clearing and agriculture and that sediment containing elevated heavy metals (copper and others) were a result of long-term small-scale mining in the area. Elevated mercury levels have also been recorded in sediments of the Dinauyan and Didipio Rivers attributed to small scale mining in the catchment. The water is generally highly turbid and home to a reduced range of aquatic biota and riparian vegetation.

*20.2.4.2Water Takes*

The daily water demand for the Didipio Mine at a 4.3 Mtpa processing rate is approximately 20,000 m<sup>3</sup>, of which the majority is recycled water for the process plant, sourced from decant water from the thickeners and the tailings pond.

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Any fresh make-up raw water that is required for processing or other site use is sourced from silt pond 06 from the underground active dewatering. Raw water from the underground dewatering being used at camp after passing to the Arsenic Treatment Plant and captured at silt pond 06.

*20.2.4.3Water Discharges*

The overall approach to water management at the Didipio Mine is to minimise uncontrolled discharge from the operating site and direct all mine affected surface water flows including any waste rock seepage to a series of settlement ponds to remove suspended solids before discharge to the Didipio River. Water is monitored prior to release to ensure compliance with the DENR Administrative Order No. 2016-08.

The majority of the water used on site is recycled from the TSF via floating pontoon mounted pumps to the plant for reuse in the process cycle. A project design water balance was completed in the development stage by Knight Piésold and this was updated by MWES Consulting, covering the range of possible rainfall events. This determined that a net discharge would be necessary in most years, and this is managed via the decant system discharging to the processing plant and the water treatment plant.

A water discharge permit for the TSF (Permit No. DP-R02-25-07760) is currently held to allow the release of up to 47,520 m<sup>3</sup> per day of clean water from the decant pond on the surface of the TSF. A water treatment plant with capacity to process 48,000 m<sup>3</sup> per day ensures OGPI meets the required discharge standards for the TSF.

Analyzes of the groundwater show some elevation of arsenic and boron. To address these elevations, a Compliance Action Plan (CAP) was submitted to EMB R02 in accordance with Section 10 of DAO 2016-08 to implement the enhancement and mitigating measures. The Arsenic Treatment Plant was constructed and commissioned in 2023 to address elevated arsenic from underground dewatering flows. Treated water is conveyed from the settling pond 06 (SP06) inlet and subsequently discharged to Didipio River through an 880 m length pipe with a diameter of 630 mm. Daily water sampling is conducted and monitoring results remain within the limits as prescribed under the Discharge Permit DP-R02-25-01027.

A water discharge permit (Permit No. DP-R02-22-02691) for the sewage treatment plant (STP MSA) allows the discharge of wastewater not exceeding a flow rate of 400 m3 per day. A minor discharge associated with the vehicle wash-down pad also has a water permit (Permit No. DP-R02-22-04471).

Prior to mining, test work undertaken by the Mineral Resources Development Laboratory of the Department of Mineral Resources, NSW, Australia using waste material samples indicated that the dominant rock types excavated from the open-pit have negative acid producing potential (NAPP) and that leachate from the weathered material would be alkaline, thereby having an acid-neutralizing capacity. Similarly, tailings liquor samples have also been found to be slightly alkaline. If potentially acid-generating material is identified in the waste (e.g., from low-grade stockpile reject material), it will be placed in engineered cells and encapsulated in non- acid forming waste. No acid-forming waste requiring sequestration has been encountered to date.

A 2023 study found no evidence of acid mine drainage (AMD), with field inspections showing no visible signs of acidity and all in-situ pH readings remaining neutral to basic. Static tests indicated that most samples were non-acid forming, with only a few showing low acid forming potential, while kinetic column tests confirmed that leachates stayed above pH 7.0 and demonstrated natural neutralization from minerals such as calcium, magnesium, and manganese. Environmental assessments similarly showed no soil oxidation, no drop in river pH, and no AMD related erosion or

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sedimentation. Overall, the results suggest that the waste rocks are generally non-acid forming and that existing mitigation measures are effectively preventing AMD at the site.

20.2.5Noise and Impacts

A noise assessment has been conducted, and noise mitigation measures are implemented. Noise effects of the power station have been assessed and comply with DENR standards and statutory requirements.

Noise level monitoring at the community is conducted monthly, any exceedances of applicable standards are promptly investigated to identify the source and engage affected community members in addressing the issue. All issues and concerns are lodged and tracked in INX InForm database.

20.2.6Health and Safety Issues Associated with Road Transport

The use of existing roads in the project area by mine vehicles and the construction of access, service and haul roads raises positive health, safety and environmental issues including concreted roads, which has improved the travel or residents and mitigated dust issues. OGPI also maintains provincial roads that are used by company trucks/vehicles. Multiple daily trips hauling concentrate from the plant site to the port have potential effects on villages located along the route. The extent of the impact on affected settlements is closely monitored and measures are taken to mitigate the risk of accidents and damage to infrastructure associated with these haulage operations including GPS tracking systems and fatigue management monitoring.

20.2.7Biodiversity Impacts

Biodiversity and Ecological Assessment and Monitoring is conducted within established sampling sites. The results assist in determining the effective management, and mitigation plans to be undertaken to manage the impacts of the mining activities on the ecosystem and further enhance biodiversity in the surrounding areas of the Didipio Mine. The assessment is conducted once every three years.

20.2.8Archaeological, Historical and Cultural Impacts

On November 21, 2003, the National Museum issued certification to the effect that the PDMF area was inspected for possible archaeological remains by the Archaeological, Cultural and Environmental Consultancy, Inc. The finding was that the area has no visible archaeological resources based on the overall negative result of the archaeological assessment survey.

OGPI was likewise mandated to report to the National Museum, should archaeological materials be found in earth-moving activities. No reports have been made to date.

20.2.9Refuse Disposal

Waste management policies implemented on site utilize the principles of reuse and recycling, where possible. The site operates a Sanitary Landfill Facility (SLF) for disposal of residual wastes. The SLF has an approved ECC (ECC-OL-RO2-2016-0083). The amended ECC (ECC-CO-1901-0002) that was approved on April 26, 2022 already covers the operation of onsite Sanitary Landfill.

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20.3Site Monitoring

DENR officials conduct routine inspections and audits of the operation. There is also a quarterly Multi Partite Monitoring Team, involving various government agencies, non-government organizations and local government units, which conducts inspection of the operation.

The MEPEO Environment Section of the Didipio Mine conducts regular internal monitoring which includes inspections of pollution control facilities, daily, monthly, quarterly water quality monitoring, monthly noise monitoring and monthly air quality monitoring. A semi-annual stack emission testing is conducted at the power station, while annual testing is performed for small generator sets above 500 kVA. Results of site environmental monitoring are made available to the DENR. Ecological surveys are also undertaken once every three years.

DENR officials conduct routine inspections and audits of the operation.

20.4Community Development

All fund amounts and expenditure reported in Sections 20.4 and 20.5 is due in Philippine Peso (PHP) however for the purposes of this report have been converted to United States dollars using an exchange rate of 58 PHP/USD.

20.4.1Social Development and Management Program

Under the PMA, OGPI is required during mining operations to allocate annually a minimum of 1.5% of its operating costs for the development of the host and neighbouring communities, advancement of mining technology and geosciences, and development of information, education, and communication programs under a SDMP. The SDMP is a comprehensive five-year plan for the sustained improvement in the living standards of the host and neighboring communities by creating responsible, self-reliant and resource-based communities capable of developing, implementing and managing community development programs, projects, and activities in a manner consistent with the principle of people empowerment. An annual SDMP is prepared and approved by the MGB identifying the projects, programs and activities for the yearly implementation of the SDMP.

On September 17, 2013 and with the start of the commercial operations at the Didipio Mine, the MGB approved the first five-year SDMP covering 2013 to 2017, with a total estimated SDMP fund in the amount of $3.7 million. The current five-year SDMP covering years 2023 to 2027 was approved by MGB on April 14, 2023 with a projected fund amount of $8.6 million.

The 75% of the 1.5% SDMP fund apportioned for the development of host and neighboring barangays is currently being shared among the host barangay, ten adjacent barangays, and the two municipalities of Kasibu and Cabarroguis from the FTAA host provinces of Nueva Vizcaya and Quirino. The sharing of the SDMP among the communities was reached after consultation with the barangays and finalized in a Memorandum of Agreement signed by all parties.

In 2024, another Memorandum of Agreement was executed among Barangay Alimit, Barangay Didipio and OGPI for an amended sharing agreement. The host barangay of Didipio agreed to decrease its SDMP share from 45% to 40.46% and increase Barangay Alimit's share from 4.5% to 9.04%.

Since 2013, OGPI have funded various SDMP projects covering education, infrastructure, sports and socio-cultural, enterprise development and agriculture, health and capacity building. The bulk of the projects include infrastructure such as farm-to-market roads, road upgrading, construction

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of rice sheds, bridges, concrete fences and pathways, construction of day care centres, levelling of school grounds, construction and improvement of irrigation systems and rehabilitation of water systems. On education, OGPI has provided scholarship grants, salary and subsidy for day care workers, teachers and utility workers, provision of various sports equipment and school facilities, assistance to training and seminars of teachers. There was also the initial capital assistance for different livelihood projects. On health, there was the provision of first aid kits, assistance to medical missions, procurement of medicines and clinic facilities, salary assistance to community health workers and adoption of a mother and child health program. OGPI likewise funded the conduct of a population census as well as for the training and seminars of various local government leaders, including assessment and planning workshops to prepare the community leaders for implementing the SDMP.

From commencement of operations in 2013 to end of 2025, a total of $26.6 million was spent for community development initiatives from the SDMP fund.

20.4.2Community Development Fund and Provincial Development Fund

On July 14, 2021, the Philippine Government confirmed the renewal of the FTAA. The renewed FTAA provided additional benefits to the regional communities and provinces that host the operation.

To assist in the development of the other 396 communities outside of the 11 host and neighbouring communities covered by the SDMP, OGPI allocates annually each calendar year (starting from 2021):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A CDF equivalent to 1% of the gross mining revenues of the preceding calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A PDF equivalent to 0.5% of the gross mining revenues of the preceding calendar year.

The provision for additional social development funds shall contribute to the sustainable social, economic and cultural development of the communities in the region.

A Technical Working Group and a Steering Committee composed of representatives from the Government, both national and local, OGPI, communities and organizations have been organized to assist in the implementation of the CDF.

For the PDF, the Company entered into a Memorandum of Agreement with the provincial governments of Quirino and Nueva Vizcaya relating to the implementation of the PDF, which will fund projects aligned with the respective provincial development plans of the two provinces.

From 2021 to 2025, the CDF and the PDF are approximately $10.6 million and $5.3 million, respectively.

20.4.3Community Development Program (CDP) and Company's Corporate Social Responsibility Initiatives

For the conduct of its exploration activities outside of the PDMF and within the FTAA, OGPI is mandated to implement a CDP for communities hosting the activities supported by a fund equivalent to 10% of the exploration work program budget.

In addition to the community development programs and funds discussed above, there were also agreements executed by OGPI with the Didipio community and various local government units for their respective community development priorities. These agreements include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Memorandum of Agreement (MoA) with the Didipio community was executed in 2013 and supersedes the earlier MoA's signed in 1999, 2001 and 2006;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MoA with the Municipality of Kasibu executed in 2012 for the improvement, rehabilitation, and maintenance of various barangay roads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MoA with the Province of Quirino executed in 2012 for the concreting of 22 km Provincial Road (Dibibi-Tucod-Didpio); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MoA with the Province of Quirino executed in 2017 and amended in 2020 for the Quirino Provincial Development Fund.

A significant number of the projects under the MoAs have been completed while the remaining commitments related to the road projects and barangay water system are being progressed.

From 2013 to 2025, approximately $33.6 million was spent on the projects under the various MoA's and other corporate social responsibility programs that are on top of the SDMP, CDF and PDF commitments.

OGPI has continued to partner with and seek the full support of the Didipio community through an open consultation process. OGPI continues to hold regular information meetings for community members to raise their concerns and resolve any issues in an open forum, as well as the daily interaction between community members and the personnel of the OGPI's Community Relations and Development Department who are members of the community. In addition, Didipio have implemented a community grievance mechanism where community members can raise concerns directly with the company. OGPI is committed to assisting the long-term development of the Didipio community through its social development programs and effective stakeholder engagement.

20.5Mine Closure

Conceptual mine closure planning is included within the FMR/DP and approved by the CLRFSC.

In September 2021, the CLRFSC approved the EPEP and FMR/DP for the LoM with Certificate of Approval No. 193-2021-18.

In February 2025, the CLRFSC approved the updated EPEP and FMR/DP for the LoM with Certificate of Approval No. 250-2025-08. The closure plan will be refined and finalized throughout the LoM in consultation with various stakeholders.

Under the FMRDP submitted by OGPI, the estimated total fund amounts to US$15.4 million. The company anticipates reduced activities and costs for progressive rehabilitation in the coming years following the transition to underground mining and a reduction in the impact on new surface areas.

The main rehabilitation and closure work will be the closure of the waste rock dumps, the open-pit and TSF. Closure planning will ensure that these structures are geotechnically and geochemically stable. OGPI also implements progressive rehabilitation which is included in annual plans and budgets. Rehabilitation is being undertaken progressively during the operating phase and is considered an operating expense.

In 2025, the company undertook a technical review of the closure plan with support from OGC – Centre and developed a Closure Execution Plan to improve detailed planning and refine closure costs. This work will continue to be updated and refined as closure planning progresses.

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21Capital and Operating Costs

All costs, unit costs and prices in Section 21 are in United States dollars unless otherwise noted.

21.1Capital Expenditure Estimates

The capital expenditure items have been separated into sustaining and non-sustaining (growth) categories. The capital cost estimates throughout this section have a base or effective date of December 31, 2025. The LoM capital expenditure estimate is $258.2 million, includes 10% contingency from 2028 onwards, and is summarized in Table 21-1 and Table 21-2.

21.1.1Basis of Estimate

The capital cost estimate is based on a combination of equipment supplier quotations, supplier pricing, and OceanaGold operational experience. Capital cost estimates for enhancement of operations and growth projects are based on the current 2025 Didipio LoM estimates.

21.1.2Underground

Significant underground capital infrastructure is already in place at Didipio, with the main decline developed down to the 2133 mRL level as at December 31, 2025. Major additional underground capital expenditure required for the underground mine includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lateral development. Cost estimates have been built up from equipment running costs, ground support, explosives, ventilation, dewatering, and labour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dewatering including installation of the lower pump station (CPS 1), active dewatering installation, and upgrades to other dewatering infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobile equipment, which are based on operational experience and supplier quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crown strengthening project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ventilation including primary ventilation (shafts and primary fan upgrades), ventilation on demand installation, and additional secondary fans.

Other underground capital costs include safety equipment, mine communications and survey equipment. Underground capital costs are estimated at $198.9 million. Table 21-1 provides a breakdown of these costs.

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**Table 21-1: Underground Capital Costs**

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| | | | |
|:---|:---|:---|:---|
| **Description – Underground Capital Costs** | **Non-Sustaining Capital ($M)** | **Sustaining Capital ($M)** | **Total Capital ($M)** |
| Capitalized Mine Development | 13.9 | 27.2 | **41.1** |
| Mining Projects | 4.3 | 71.4 | **75.7** |
| Mobile Equipment | 3.6 | 14.3 | **17.9** |
| Infrastructure – Electrical | 5.8 | 10.1 | **15.9** |
| Infrastructure – Dewatering | 10.5 | 5.9 | **16.4** |
| Infrastructure – Ventilation | 13.3 | 2.0 | **15.3** |
| Exploration | 3.6 | 3.3 | **6.9** |
| Underground Other | - | 9.7 | **9.7** |
| **Total Capital Costs (Underground)** | **55.0** | **143.9** | **198.9** |

---

21.1.3Surface and Other Capital

Major LoM capital expenditure outside of the underground includes TSF design and construction, processing plant upgrades, and community relations projects. Table 21-3 below provides a summary of departmental capital expenditure.

**Table 21-2: Surface and Other Capital Costs**

---

| | | | |
|:---|:---|:---|:---|
| **Description – Surface & Other Capital Costs** | **Non-Sustaining Capital ($M)** | **Sustaining Capital ($M)** | **Total Capital ($M)** |
| Surface Assets and Equipment | 7.3 | 20.2 | **27.5** |
| TSF Design and Construction | - | 15.0 | **15.0** |
| Community Relations | 7.4 | - | **7.4** |
| Process Plant Infrastructure | 2.6 | 2.2 | **4.8** |
| Exploration | 2.3 | - | **2.3** |
| Rehabilitation | - | 2.4 | **2.4** |
| **Total Capital Costs (Surface/ Other)** | **19.6** | **39.8** | **59.4** |

---

21.2Operating Costs

The operating cost estimates throughout this section have a base or effective date of December 31, 2025. All values are in United States dollars ($). No contingency has been applied to operating cost estimates for mining, processing, or general and administrative costs.

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21.2.1Operating Cost Estimates

The total operating cost unit rate of $41.42/tonne processed is summarized in Table 21-3.

**Table 21-3: Operating Cost Summary (Excluding Selling Costs)**

---

| | | |
|:---|:---|:---|
| **Description** | **Total ($M)** | **$/t Mined** |
| Surface Operations  | 39.3 | 1.32 |
| Underground Mining | 774.2 | 27.33 |
| **Subtotal Mining<sup>11</sup>** | **813.5** | **28.65** |
| **Description** | **Total ($M)** | **$/t Processed** |
| Processing | 349.9 | 8.43 |
| General and Administration | 555.5 | 13.38 |
| **Total Operating Costs<sup>12</sup>** | **1719** | **41.42** |

---

21.2.2Surface Operating Costs

Surface operating costs are based on rehandle of surface stockpiles. A summary of surface operating costs is presented in Table 21-4.

**Table 21-4: Surface Operating Cost Breakdown**

---

| | | |
|:---|:---|:---|
| **Description** | **Total ($M)** | **$/t Mined** |
| Contract Services | 15.9 | 0.53 |
| Diesel | 13.2 | 0.45 |
| Labour | 3.8 | 0.13 |
| Mobile Fleet Operation and Maintenance | 3.6 | 0.12 |
| Other | 2.8 | 0.09 |
| **Total Surface Operating Costs** | **39.3** | **1.32** |

---

21.2.3Underground Operating Costs

A detailed cost model provides the basis for the estimate of underground operating costs. The cost model was developed using first principles derived from realized operational underground mining cost data and supplier quotations. Breakdown of underground operating cost by activity is presented in Table 21-5.

<sup>11</sup> Mining unit costs are calculated using mined ore tonnes as the denominator

<sup>12</sup> Processing, G&A and Total Operating unit costs are calculated using processed tonnes as the denominator

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**Table 21-5: Underground Operating Cost Breakdown**

---

| | | |
|:---|:---|:---|
| **Description** | **Total ($M)<sup>13</sup>** | **$/t Mined** |
| Mobile Fleet Operation / Maintenance | 143.6 | 4.81 |
| Ground Support | 140.8 | 4.72 |
| Power | 129.7 | 4.35 |
| Labour | 93.3 | 3.13 |
| Explosives | 68.3 | 2.29 |
| Contract Services & Consultants | 66.4 | 2.23 |
| Diesel | 45.0 | 1.51 |
| Drill Consumables | 25.3 | 0.85 |
| Computer Systems & Hardware | 24.7 | 0.83 |
| Tyres | 11.5 | 0.39 |
| Ventilation Materials | 2.1 | 0.07 |
| Others | 64.5 | 2.16 |
| **Total Underground Operating Costs** | **815.6** | **27.33** |

---

21.2.4Ore Processing Costs

A breakdown of processing costs by activity is presented in Table 21-6.

**Table 21-6: Processing Operating Cost Breakdown**

---

| | | |
|:---|:---|:---|
| **Description** | **Total ($M)** | **$/t Processed** |
| Power | 106.0 | 2.55 |
| Maintenance Parts Supplies | 63.2 | 1.52 |
| Labour | 61.6 | 1.49 |
| Grinding Media & Liners | 36.0 | 0.87 |
| Reagents & Chemicals | 23.1 | 0.56 |
| Diesel | 10.7 | 0.26 |
| Others | 49.3 | 1.18 |
| **Total Processing Operating Costs** | **349.9** | **8.43** |

---

21.2.5General and Administration Costs

General and Administration costs refer to operational costs rather than costs directly associated with operational departments. These costs are summarized in Table 21-7 below.

<sup>13</sup> Excludes capitalized mine development

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**Table 21-7: General and Administration Cost Breakdown**

---

| | | |
|:---|:---|:---|
| **Description** | **Total ($M)** | **$/t Processed** |
| Operations Support<sup>1</sup> | 127.6 | 3.07 |
| Government Relations & Public Company Costs | 92.0 | 2.22 |
| Health, Safety & Environment | 47.0 | 1.13 |
| Community Partnership | 46.8 | 1.13 |
| Insurance | 29.2 | 0.70 |
| Asset Protection | 23.8 | 0.57 |
| Personnel and Overhead | 21.6 | 0.52 |
| Other<sup>2</sup> | 57.7 | 1.39 |
| **G&A Direct Operating Costs** | **445.3** | **10.73** |
| Corporate Allocation | 97.8 | 2.36 |
| **Total G&A Operating Costs** | **543.1** | **13.09** |

---

<sup>1</sup>Includes camp, catering and travel, fuel, warehousing and logistics and communication costs.

<sup>2</sup> Includes site services, concentrate haulage and other mining services support costs.

21.2.6Indirect Costs (Transportation, Refining and Selling)

Several cost items are excluded from the operating cost which OceanaGold does not consider to be direct operating costs, but the operation does incur. These costs are classified as indirect costs in-line with industry norms and include costs associated with transport, handling, and refining. Sales refining charges are incurred during the transport and sale of material to the refiner and are summarized in Table 21-8 and Table 21-9.

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**Table 21-8: Payable Product Sales Assumptions**

---

| | |
|:---|:---|
| **Description** | **%** |
| **Doré Composition (Typical)** | |
| Gold | 85% |
| Silver | 11% |
| Copper | 4% |
| **Doré Payable** |  |
| Gold | 99.975% |
| Silver | 99.20% |
| **Concentrate Payable** |  |
| Gold<sup>14</sup> | 98.00% |
| Silver | 90% |
| Copper | Contained Copper minus 1% |

---

**Table 21-9: Transport & Refining Charges**

---

| | |
|:---|:---|
| **Description** | **Cost** |
| **Refining** | |
| Gold Doré Refining Charge | $0.23/oz |
| Gold Concentrate Refining Charge | $4.00/oz |
| Silver Concentrate Refining Charge | $0.40/oz |
| Copper Concentrate Refining Charge | $2.00/lb |
| Copper Concentrate Treatment Cost | $20/dmt<sup>15</sup> |
| **Transportation** |  |
| Mine to Port Transport Cost | $69/wmt<sup>16</sup> |
| Shipping Port to Smelter Cost | $30/wmt |

---

LoM costs associated with transport, handling and refining are presented in Table 21-10.

**Table 21-10: Indirect Cost Summary**

---

| | | |
|:---|:---|:---|
| **Description** | **Total ($M)** | **$/t Processed** |
| Gold Doré Freight, Handling and Refining | 3.13 | 0.10 |
| Concentrate Freight, Handling and Refining | 56.39 | 1.89 |
| **Total Indirect Costs** | **59.52** | **1.99** |

---

<sup>14</sup> Gold in concentrate payability determined on a sliding scale dependent on content, with maximum payability at 98% above 35 g/t.

<sup>15</sup> Dry metric tonne

<sup>16</sup> Wet metric tonne

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22Economic Analysis

All costs, prices and financial indices in Section 22 are in United States dollars unless otherwise noted. Economic analysis is undertaken in real terms, i.e. constant 2026 dollars. No inflation or escalation is included.

22.1Principal Assumptions and Input Parameters

The indicative economic results summarized in this section are based upon work performed by OceanaGold in 2025. Assumptions used have been considered by OceanaGold as appropriate and used across the group for evaluation purposes. All costs incurred prior to January 2026 are considered sunk with respect to this analysis. Financial models start from January 1, 2026, with a mine life of 12 years.

In the financial summary presented below, cash flows and NPV as presented are OGPI's share after taking into account all of the estimated local and production-based taxes, royalties, payments to local and national government, and income tax where defined.

Selected discount rate is 5%. As the project is operating and is valued on a total project basis with prior capital treated as sunk, and not by an incremental analysis of the underground mine, an Internal Rate of Return (IRR) value is not relevant in this analysis.

Two pricing scenarios have been analyzed for the economic analysis of the project – an OceanaGold Reserves case and an alternative price case. The alternative price case assumes metal prices closer to current spot prices as at January 1, 2026 and is shown in Table 22-1.

**Table 22-1: Metal Price Assumptions**

---

| | | |
|:---|:---|:---|
| **Description** | **Reserves Case** | **Alternative Price Case** |
| Gold ($/oz) | 2200 | 4000 |
| Silver ($/oz) | 25 | 45 |
| Copper ($/lb) | 4.00 | 5.00 |

---

22.2Taxes, Royalties and Other Interests

22.2.1Taxation

The corporate income tax rate in the Philippines is 25% from July 1, 2020, as per the Bureau of Internal Revenue (BIR) CREATE Act.

22.2.2Third Party Interest

OGPI has an agreement (known as the Gonzales Addendum Agreement) with a Philippine claim owner syndicate which covers that portion of the FTAA previously included in a block of mineral claims held by the Addendum Claimowners, including the PDMF area in its entirety. Once certain conditions have been met, the Gonzales Addendum Agreement provides that the Addendum Claimowners will be entitled to an 8% interest in OGPI. The 8% interest will entitle the Addendum

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Claimowners to a proportionate share of any dividends declared from the net profits of the operating vehicle, but not until all costs of exploration and development have been recovered.

The Addendum Claimowners are also entitled to a 2% NSR royalty on production from the area of interest. There is currently legal proceedings involving the claim owner syndicate and a third party on beneficial ownership of the mining claims. Any such dividends paid to the claim owner form part of the Government Share as detailed below.

22.2.3Government Share Under the FTAA

Under the terms of the FTAA, Net Revenue is shared between the Government and OGPI on a 60/40 basis; that is, the Government receives 60% of Net Revenue and OGPI takes the remaining 40%. In the financial summary presented in this section of this report, cash flows and NPV as presented are OGPI's share after inclusion of all estimated local and production based taxes, royalties and payments to local and national government and income tax where defined.

Under the FTAA Addendum and Renewal Agreement, with effect from July 14, 2021, the 2% NSR Syndicate royalty is treated as an allowable deduction from Net Revenue and no longer part of the additional Government Share. Unrecovered pre-operating expenses as defined in the FTAA are being amortized equally for thirteen (13) years starting in 2021, the calendar year of the addendum date. Table 22-2 illustrates the calculation of the additional Government Share.

The Didipio FTAA is not covered by the new fiscal regime mandated by Republic Act No. 12253 of the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, which was signed into law in September 2025.

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**Table 22-2: Calculation Methodology for Additional Government Share**

---

| |
|:---|
| **FTAA Calculation** |
| **Gross Mining Revenue** |
| **Less Allowable Deductions (As listed below):** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining costs (including capitalized mining costs) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing costs |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and Administrative costs |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freight, Handling and Refining Costs |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of Capex (not otherwise deducted under FTAA) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community and Social Development Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on Intercompany Loans |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% Net Smelter Royalty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrecovered pre-operating expenses (amortized equally for 13 years) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fees |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration Costs (Within FTAA area) |
|  **= Net Revenue**  |
| **Then: 60% of Net Revenue** |
| **Less As Listed Below:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise Tax |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Added Tax |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Property Tax |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local Business Tax |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Income Tax |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Philippines taxes as applicable e.g. Withholding tax, Stamp duties etc |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid relating to the 8% free carried interest |
|  **= AdditionalGovernmentShare** |

---

22.3Pricing Model Results - Reserves Case

At OceanaGold Reserve prices ($2,200/oz gold price, $4.00/lb copper price) Didipio delivers post-tax financial metrics of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $517 million undiscounted cashflow (UCF)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $384 million net present value (NPV)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,082 /oz Cash Costs (C1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,275 /oz All-In Sustaining Cost (AISC)

Annualized financial performance is summarized in Figure 22-1 and Table 22-3.

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![post-taxmetricsreservecasea.jpg](post-taxmetricsreservecasea.jpg)

**Figure 22-1: Post-Tax Metrics (Reserve Case)**

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**Table 22-3: Financial Performance Summary (Reserve Case)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Unit** | **Total** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** |
| **Market Prices** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gold Price | $/oz |  | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 | 2200 |
| Copper Price | $/lb |  | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 |
| Silver Price | $/oz |  | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| **Produced Metal** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Payable Gold | koz | 998 | 95 | 101 | 101 | 84 | 82 | 95 | 90 | 72 | 89 | 86 | 73 | 29 |
| Payable Copper | koz | 122 | 14 | 14 | 15 | 11 | 10 | 11 | 10 | 8 | 7 | 7 | 7 | 7 |
| Payable Silver (by-product credit) | koz | 924 | 133 | 128 | 121 | 103 | 88 | 120 | 61 | 28 | 31 | 34 | 26 | 51 |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Gold Revenue | $M | 2197 | 209 | 222 | 223 | 186 | 181 | 209 | 197 | 158 | 195 | 190 | 161 | 65 |
| Gross Copper Revenue | $M | 1072 | 126 | 125 | 131 | 96 | 90 | 99 | 85 | 74 | 62 | 62 | 60 | 61 |
| Silver By-Product Credit | $M | 18 | 3 | 3 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| **Total Revenue** | **$M** | **3287** | **337** | **350** | **357** | **283** | **272** | **311** | **284** | **233** | **258** | **252** | **222** | **127** |
| **Operating Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Underground Mining | $M | 814 | 76 | 86 | 72 | 71 | 76 | 77 | 71 | 71 | 68 | 65 | 56 | 25 |
| Processing | $M | 350 | 34 | 32 | 31 | 32 | 30 | 30 | 28 | 26 | 27 | 27 | 26 | 26 |
| General and Administration | $M | 555 | 65 | 61 | 54 | 54 | 51 | 50 | 40 | 38 | 38 | 37 | 35 | 33 |
| **Total Operating Costs** | **$M** | **1719** | **175** | **180** | **158** | **157** | **157** | **157** | **139** | **135** | **132** | **129** | **117** | **84** |
|  Selling Costs | $M | 159 | 17 | 17 | 17 | 14 | 13 | 15 | 13 | 11 | 11 | 11 | 10 | 9 |
| Royalties, Production Taxes, Levies, Government Payments | $M | 468 | 41 | 46 | 54 | 27 | 26 | 45 | 44 | 28 | 42 | 51 | 45 | 19 |
| Stock Movement (Cash) | $M | 52 | 15 | 14 | 13 | 10 | (0) | (0) | 0 | 0 | (0) | (0) | 0 | 1 |
| **EBITDA** | **$M** | **889** | **89** | **94** | **115** | **76** | **77** | **95** | **87** | **59** | **73** | **61** | **49** | **15** |
| Income Tax | $M | 135 | 15 | 16 | 21 | 8 | 8 | 14 | 13 | 5 | 10 | 10 | 7 | 7 |
| Capital Expenditure | $M | 258 | 61 | 54 | 42 | 30 | 22 | 22 | 12 | 8 | 4 | 2 | 1 | - |
| Other Working Capital | $M | (21) | 6 | (19) | (23) | 13 | (1) | (17) | 0 | 12 | (13) | (8) | 4 | 26 |
| **After-Tax Net Cashflow** | **$M** | **517** | **7** | **43** | **75** | **25** | **47** | **75** | **62** | **33** | **71** | **58** | **38** | **(17)** |
| **After-Tax NPV @ 5%** | **$M** | **384**  | **7** | **39** | **65** | **20** | **37** | **56** | **44** | **23** | **46** | **36** | **22** | **(10)** |
| **AISC<sup>17</sup>** | **$/oz** | **1275**  | **1459** | **1361** | **1056** | **1565** | **1459** | **1193** | **1109** | **1355** | **1164** | **1144** | **1153** | **1412** |

---

<sup>17</sup> Variances between 2026 Full-Year Guidance and NI 43-101 Technical Report cases reflect differences in metal price assumptions impacting by-product credits

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22.4Sensitivity Analysis - Reserve Case

A sensitivity analysis (±25%) on after-tax NPV is summarized in Figure 22-2. Didipio is most sensitive to gold price and operating costs, and least sensitive to capex due to the significant amount of surface and underground infrastructure already established.

![aftertaxnpvsensitivityanala.jpg](aftertaxnpvsensitivityanala.jpg)

**Figure 22-2: After Tax NPV Sensitivity Analysis**

Additional metal price sensitivity analyzes are shown with cumulative after-tax NPV 5% at constant ±25% sensitivity prices of $1,650/oz gold and $3/lb copper (-25%), $2,750/oz gold and $5/lb copper (+25%) and an alternative price case that is more in line with the current metal price environment which is a flat price deck at $4,000/oz gold and $5/lb copper. Figure 22-3 shows the metal price sensitivity analysis.

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![metalpricesensitivityanalya.jpg](metalpricesensitivityanalya.jpg)

**Figure 22-3: Metal Price Sensitivity Analysis**

22.5Pricing Model Results - Alternative Case

For the Alternative Price Case ($4,000/oz gold price, $5.00/lb copper price) Didipio delivers post-tax financial metrics of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,323 million UCF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,018 million NPV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,000 /oz Cash Costs (C1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,161 /oz AISC

Post-tax LoM economic metrics for the alternative price case are summarized in Table 22-4.

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**Table 22-4: LoM Post-tax Economic Financial Metrics (Alternative Price Case)**

---

| | |
|:---|:---|
| **Description** | **Alternative Price Case** |
| **Metal Prices** | **Metal Prices** |
| Gold ($/oz) | 4000 |
| Silver ($/oz) | 45 |
| Copper ($/lb) | 5.00 |
| **Revenue ($M)** | **Revenue ($M)** |
| Gross Gold Revenue | 3994 |
| Gross Copper Revenue | 1340 |
| Silver by-product Credit | 42 |
| **Total Revenue** | **5375** |
| **Costs ($M)** | **Costs ($M)** |
| Underground Mining | 814 |
| Processing | 350 |
| General and Administration | 555 |
| **Total Operating Costs** | **1719** |
| Treatment and Refining Charges (TCRC), Deductions & Selling Costs | 206 |
| Royalties, Production Taxes, Levies, Government Payments | 1229 |
| Stock Movement (Cash) | 20 |
| **EBITDA** | **2201** |
| Income Tax and Other Finance Cost | 616 |
| Capital Expenditure | 258 |
| Other Working Capital | 4 |
| **Financial Metrics ($M)** | **Financial Metrics ($M)** |
| Pre-Tax Net Cash Flow | 1939 |
| **After Tax Net Cash Flow** | **1323** |
| Pre-Tax NPV @ 5% | 1491 |
| **After Tax NPV @ 5%** | **1018** |
| **All-In Sustaining Cost ($/oz)** | **All-In Sustaining Cost ($/oz)** |
| AISC | 1161 |

---

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23Adjacent Properties

There are no adjacent properties that are being explored, have identified resources or have any potential impact on the Didipio Mine. The area of the renewed Didipio FTAA title held fully contains all the known significant gold-copper mineralization associated with the operation in the area.

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24Other Relevant Data and Information

The QP knows of no other relevant data or information available at this time, other than what has been presented, to make the Technical Report understandable and not misleading.

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25Interpretation and Conclusion

25.1Geology and Mineralization

The Didipio gold-copper deposit is hosted within the multiphase Didipio Stock, which is in turn part of a larger alkalic intrusive body, the Didipio Igneous Complex. The deposit is an alkalic gold-copper porphyry system, roughly elliptical in shape at surface (480 m long by 180 m wide) and with a vertical pipe-like geometry that extends to at least 800 m below the surface. The local geology comprises a north-northwest trending, steeply (80° to 85°) east-dipping composite monzodiorite intrusive, in contact with volcaniclastics of the Mamparang Formation.

Porphyry-style mineralization is closely associated with a zone of K-feldspar alteration within a small composite porphyritic monzonite stock intruded into the main body of diorite (Dark Diorite).

Chalcopyrite, gold and silver (as electrum) are the main economic minerals in the deposit. Chalcopyrite occurs as fine-grained disseminations, aggregates, fracture fillings and veins. Fine grained gold occurs as micro-inclusions in sulphides, as well as free gold, electrum and telluride. Visible gold is rare.

All economic oxide and transitional mineralization has now been mined.

25.2Resource Geology

The Qualified Person (QP) considers that the sample preparation, security and analytical procedures used for the Didipio Mine are appropriate and adequate for the style of mineralization being assessed.

The underground Mineral Resource estimate, "DP2410URR", was updated in October 2024 using Ordinary Kriging to estimate gold (Au), copper (Cu), and silver (Ag) grades. The Didipio model used implicit gold grade shells, generated in Leapfrog software whilst grade estimation and block model construction were completed in Vulcan<sup>TM</sup> software. The underground Resources are reported within a volume guided by conceptual stope designs.

The estimates for the surface stockpiles were based upon the Ordinary Kriging of closely spaced open-pit grade control samples at the time of open-pit mining. These data, and monthly stockpile surveys were used to construct a 3D block model of the stockpiled grades.

The Mineral Resources are reported using economic assumptions of US$2,450/oz gold, US$4.50/lb copper and US$28.50/oz silver and are inclusive of Mineral Reserves. Gold equivalence (AuEq) is based upon the presented gold and copper prices as well as processing recoveries. AuEq = Au g/t +1.27 x Cu%. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Mineral Resources are classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves.

Underground infill drill programs at depth will restart in early 2026 with a focus on conversion of material at depth in Panel 3 and Panel 4 to Measured and Indicated Resources. Extensional drilling will also be undertaken.

Geological understanding and classification of the high-grade Breccia complex and Balut complex at depth will continue to be advanced.

The Resource estimates are believed to provide an acceptable basis for medium to long term mine planning purposes. Nonetheless, a comprehensive model to mine to mill reconciliation review is

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recommended to more closely attribute fluctuations to stope over / underbreak, surface stockpile performance, or other potential factors.

25.3Status of Exploration, Development and Operations

Open-pit mining commenced at Didipio in July 2012, with commercial production declared on April 1, 2013 at a 2.5 Mtpa processing rate, which increased to 3.5 Mtpa in 2015. Large scale open-pit mining ceased in April 2017. In April 2015, the underground portal was cut and stoping commenced in December 2017. Current operations consist of an underground mine and lower grade surface stockpiles which resulted from open-pit mining and provide supplemental processing feed. In 2025, Didipio produced 90.7 koz of gold and 13.3 kt of copper at a 4 Mtpa processing rate.

Prior to the acquisition of the Didipio Project by OceanaGold, previous explorers had drilled a total of 230 diamond drill holes totalling 62,769 m. The historic drilling were mostly for resource delineation of the Didipio porphyry Au-Cu deposit, with a small percentage in nearby prospects that include True Blue, D'Fox, San Pedro, D'Beau, and Morning Star. While there were mineralized drill intersections at True Blue and D'Fox, there was no exhaustive follow-up program to delineate resources on these prospects. These prospects are all within 3 km of the Didipio deposit. A total of 13,019 m have been drilled at True Blue (including 5,470 m drilled during 2025), which is located approximately 700 m from Didipio.

OceanaGold continued follow-up works on some of the targets previously identified. The work included detailed investigation of the Mogambos, Papaya, Upper Tucod, MMB, and TNN prospects. Grid soil sampling over these prospects have delineated coincident Au-Cu anomalies over prospective lithologies that require further investigation.

OceanaGold also conducted exploratory drilling within the PDMF area in 2013 and 2014 to test near-mine targets. The drilling programs hit several low-grade mineralized intersections at D'Beau, San Pedro and Chinichinga prospects. These intersections were considered to potentially indicate separate mineralized bodies from Didipio or peripheral low-grade occurrences.

Exploration from 2015 to 2019 at the Didipio project involved fieldwork and a series of drilling campaigns within the FTAA area. The drilling was focused on testing potential targets generated from the completed deep imaging geophysical survey, technical review of available data, and follow-up on anomalous intersections from historical drilling. A total of 35 diamond drill holes were drilled totalling 13,224.8 m and was carried out over the prospect area of the San Pedro, Dinkidi South, Morning Star, Chinichinga, Luminag, Mogambos, Radio and True Blue prospects.

In 2024 exploration drilled 624.1 m in 4 diamond drill holes at the Napartan prospect prior to the expiration of the 5-year exploration permit in August 2024. Approval of the renewal of the exploration permit was received in September 2024. Additional drilling at Napartan, True Blue and D'Fox was carried out to reassess the prospects and test areas adjacent to the existing drillholes. The drilling from these prospects completed a total of 12,946 m from 35 holes in 2025. The Napartan drillholes returned insignificant assay results and the drilled area was included in the Annual Relinquishment Report of FTAA 001 submitted in 2025.

Drilling to gain early insights on the potential for resource development at Panel 5 is planned for 2026. In addition, drilling at the near-mine target True Blue is ongoing. The D'Fox is expected to also continue in 2026.

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As at December 31, 2025 the drill hole database for the Didipio FTAA area contained records of 3,452 holes for a total of 278,888 m drilled. The drill hole database for the Didipio Mine comprises 2,684 holes totalling 172,252 m for surface holes and 768 underground holes totalling 106,636 m.

25.4Geotechnical, Hydrology, Mining Reserves

The Didipio Mine has progressed through several development stages, including construction commencing in 2008, open-pit mining beginning in 2012, and underground mining from 2017. Since commencement of operations, extensive work has been undertaken to understand the geotechnical, hydrological, and operational constraints affecting the mine.

These studies have supported the development of an integrated mining strategy aimed at managing geotechnical and water-related risks. Key measures include optimisation of the mine extraction sequence, implementation of capital projects to improve water management resilience, and initiatives to increase underground throughput.

Increased lateral development rates are planned to open additional mining fronts, supporting higher underground production rates. This approach is consistent with the selected mining method, the planned layout, and the geometry of the underground orebody, which is considered amenable to production rates in excess of 2.5 Mtpa.

Based on the operating history, current mine design, and the geotechnical and hydrological controls described above, the Qualified Person considers the planned extraction sequence and mining method to be appropriate for the deposit. The implemented and planned controls are expected to support the safe and economic recovery of the Mineral Reserves as scheduled, subject to the assumptions and modifying factors outlined in this report.

25.5Mineral Processing, and Water Treatment

The process plant has successfully operated for over 11 years since commissioning and since the recommencement of operations and amendment of the ECC has operated at 4-4.1 Mtpa of ore processed. A well-established workforce is in place to efficiently operate and maintain the facilities and current debottlenecking projects underway should enable throughput to 4.3 Mtpa to be achieved.

Plant recoveries of copper and gold have been in line with historical performance and budget forecast models and future ores programs are in place to inform the production scheduling process. A future ores program is in place to continue standardized testing of new resources as drill core becomes available to evaluate the viability of processing through the existing plant.

25.6Project Infrastructure

The Didipio Mine has established infrastructure that supports current underground mining and processing activities. This infrastructure has been progressively upgraded over the life of the mine. Recent studies have focused on accommodating increased underground mining rates and higher process plant throughput, and a number of key capital projects related to infrastructure upgrades have been incorporated into the LoM plan to support the planned production increase.

These initiatives include active dewatering, installation of additional capital pump stations, primary and secondary ventilation upgrades, and improvements to the surface pastefill plant and underground reticulation network to address operational constraints. Additional projects are

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planned to support increased process plant throughput. Electrical upgrades are ongoing with the overall system requirements understood and mapped out whilst final engineering is being completed.

While the existing infrastructure is considered adequate to support current operations, the planned infrastructure projects are intended to support the LoM plan and enable the economic recovery of Mineral Reserves as scheduled.

25.7Mineral Tenure, Surface Rights, Royalties, Environment, Social and Permits

The Didipio Mine holds the permits, certificates, licenses, and agreements required to conduct its current operations. The tenement size, at 5,000 hectares, now stands within the maximum retained holding as stipulated by law and no further land reductions are planned.

OGPI is required to ensure that mining activities are managed in a technically, financially, socially, culturally, and environmentally responsible manner. The DENR requires an ECC for any mining activity based on an EIS prepared by the company in accordance with procedures stated under Presidential Decree No. 1586 or the Philippine Environmental Impact Statement System. An ECC obliges the company to comply with a comprehensive set of conditions, including submission and implementation of an EPEP and FMR/DP for the life of the mine.

The ECC system and the Implementing Rules and Regulations of the Mining Act regulate a funding structure to ensure company compliance with EPEP and FMR/DP commitments and ensure immediate funding in the form Mine Rehabilitation Fund, and Final Mine Rehabilitation and Decommissioning Fund is available for rehabilitation in the event of environmental damage during mining operations. These funds are held in a government depository bank and administered by the Contingent Liability and Rehabilitation Fund Steering Committee.

OGPI's Environmental Performance Report and Management Plan submitted in November 2011 includes survey work completed in November 2011 in conjunction with the Nueva Vizcaya State University, which establishes baseline conditions for ambient air and water quality, together with other studies that establish the basis for future environmental assessment. The studies note that the natural environment in the vicinity of the site had been highly modified by human land use which is dominated by agriculture and small-scale mining activity. In terms of water quality (surface water and groundwater) the surface waters within and adjacent to the operational area were compromised by forest clearance and small-scale mining. Baseline sediment monitoring similarly indicated effects on rivers of surrounding activities. Changes in land use to allow for the open-pit, underground mine, and related engineering structures and installations are permanent land use modifications and will result in consequential impacts that are within acceptable regulatory limits.

25.8Economic Analysis

Project economics are cashflow positive at OceanaGold Reserve price of $2,200/oz and robust at alternate pricing scenario that is closer to spot metal prices as at January 1, 2026.

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26Recommendations

Recommended work program costs are included in cost models and financial analysis. Based on the conclusions of the Technical Report, the following actions are recommended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A comprehensive model to mine to mill reconciliation review is recommended to better attribute fluctuations to mining modifying factors, surface stockpile performance, or other potential causes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restart underground in-fill resource drilling programs in early 2026 with focus on conversion of material at depth in Panel 3 and Panel 4 to Measured and Indicated Resources and further assessment of Panel 5 at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advance geological understanding and classification of the high-grade Breccia complex and Balut complex at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to pursue district-wide opportunities on a number of prospects within the FTAA, including additional drilling (underway) to further characterize the potential at True Blue as a near-mine future ore source;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure adequate skilled labour is sourced to facilitate increased lateral development rates in the lower levels of the mine in 2026 and 2027 to open up additional stoping fronts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prioritise the re-establishment of active dewatering in the lower levels of the mine to enable aquifer drawdown;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure the main decline development is supported by fit-for-purpose dewatering infrastructure and restarted in 2026 to supplement emergency flood water storage during the wet season;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further refinement of the groundwater model is recommended to improve the reliability of predicted regional aquifer drawdown resulting from planned infrastructure installation, including model recalibration using updated hydrogeological data and evaluation of uncertainty through sensitivity analyses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Focus on quality mining and schedule discipline during the embedment of a more conservative mining sequence in the Western Breccia zone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete processing plant upgrades to plant material handling and pumping systems to allow treatment at 4.3 Mtpa rates by Q4 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the benefits of alternative technology to improve copper recovery in surface stockpiles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue future ore testing for recovery variability on underground drill core as it becomes available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete surface water diversion projects and upgrades to the in-pit pumping system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue upgrade works to the surface paste plant and underground reticulation system to facilitate increased pastefill rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prioritize primary ventilation upgrades including geotechnical investigation programs for additional shafts and early engagement with raisebore contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure dedicated project management and procurement plans are in place for other ventilation related upgrades including ventilation on demand implementation, and upgrades to the primary surface fans to facilitate increased volumes required for additional haulage fleet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain a high priority on aquifer depressurization programs including establishment and commissioning of the 2250 mRL borefields and active dewatering at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure critical components are sourced to enable construction and commissioning of Capital Pump Station 1 in 2027.

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27References

AMC Consultants, Breccia Stoping Geotechnical Review and Extraction Sequence, January 2025

AMC Consultants, Didipio Geotechnical Study, October 2014

AMC Consultants, Didipio Waste Dump Stability Assessment, July 14

AMC Consultants, Didipio Geotechnical Study UG, August 2014

AMC Consultants, Didipio Backfill test work, October 2014

AMC Consultants, Didipio Crown Pillar and Mining at Depth Study, June 2025

AMC Consultants, Didipio Detailed Ventilation Study, October 2014

AMC Consultants, Didipio Backfill Review, April 2016

Arimco Mining, Aug. 1995. The Geology and Mineralisation of the Dinkidi Porphyry Related Au Cu Deposit: (unpublished company report).

Ausenco, Didipio Process Plant 4.3Mt/y Upgrade Detail Engineering, March 2024

Australian Mining Consultants, 2008, Preliminary Geotechnical Assessment – Open Stoping Conditions (prepared for OceanaGold)

Baker, E.M., and associates, 1998a. Progress report on targeting in the Didipio Area. Unpublished report prepared for Climax.

Baker, E.M., and associates, 1998b. Targeting Linear Magnetic Lows for Dinkidi Type Mineralisation – 2nd Progress Report. Unpublished report prepared for Climax.

Baker, E.M., and associates, 1998c. The Exploration Potential of Didipio and Surrounding Areas, Northern Luzon. Unpublished report prepared for Climax.

Baker, E.M., and associates, 1998d. Summary Report on the Regional Exploration Potential of the Didipio Area. Unpublished report prepared for Climax.

Baker, E.M., Mutton, R., Gana, L., Visperas, R., 1998. Proposed Ongoing Exploration Programme for Didipio Project. Unpublished report prepared for Climax.

Beck Engineering, Didipio Life of Mine Stability, January 2026

Beck Engineering, Evaluation of Alternative Life Of Mine Plans for Didipio, June 2017

Beck Engineering, Life Of Mine Deformation & Stability Assessment for Didipio, September 2018

Business World, 2025, Renewable Project Pipeline hits 120 GW – DOE, https://www.bworldonline.com/corporate/2025/12/10/717543/renewable-project-pipeline-hits-120-gw-doe/

CAMC (Joyce, P.J., Haggman, J.A., Arrojo, A.O., Quinones, V.T., Nepomuceno, F.R.) 2001(?). Dinkidi Conceptual Study. Unpublished report prepared for Climax.

Chamberlain, C.M., Jackson, M., Jago, C.P., Pass, H.E., Simpson, K.A., Cooke, D.R., Tosdal, R.M., 2006. Toward an Integrated Model for Alkalic Porphyry Copper Deposits; in British Columbia (NTS 093A, N; 104G).

Climax Arimco Mining Company, 1993. Geology and Resource Calculations (unpublished company report).

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Corbett, G., 1995. Comments on Gold-Copper Mineralisation at Didipio. Unpublished report prepared for Climax by Corbett Geological Services.

Cox, S.F. (undated). Comments on structural interpretation of the Didipio Intrusive Complex and associated mineralization. Unpublished report prepared for Climax.

Gammons, C.H. and Williams-Jones, A.E., 1997. Chemical Mobility of Gold in the Porphyry- Epithermal Environment. Econ. Geol., V. 92, p. 45-59.

Garrett, S.J., 1995. The Geology and Mineralisation of the Dinkidi Porphyry-Related Au-Cu Deposit – A Report to Arimco Mining Corporation on the Logging of Dinkidi Drill Holes, Didipio, Republic of the Philippines (unpublished company report).

Garrett, S.J., 1997. The Geology and Mineralisation of the Dinkidi Porphyry-Related Au-Cu Deposit – A Report to Arimco Mining Corporation on the Logging of Dinkidi Drill Holes, Didipio, Republic of the Philippines (update to unpublished company report).

GHD Pty Ltd, 2025 Didipio Groundwater Modelling Support Report, September 2025

GHD Pty. Ltd, May 2011, Report for Didipio Project ECC - Concept Design Report GHD Pty Ltd,

Hydrogeological Investigations (draft), October 2014

GHD Pty Ltd, Dewatering Management Plan (draft), October 2014 GHD Pty Ltd, Hydrology & Water Balance Study, July 2014

GHD Pty Ltd, Didipio Groundwater Modelling Support, November 2019

GHD Pty Ltd, Surface Water Management Plan, July 2014

GHD Pty Ltd, Didipio Opt Study Impacts on TSF, September 2014 Hellman and Schofield, 2007

Hutchinson and Diederichs (1996).

IME Consultants, Didipio Dewatering Project Recommendation Report, July 2024

IME Consultants, Didipio Underground Uplift Dewatering System – Current System Review, September 2025

IME Consultants, Didipio Underground Uplift Study – LOM Dewatering System, October 2025

Joint Ore Reserves Committee's publication Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves.

Joyce, P., Dec. 1993. Didipio Project, The Philippines – Geology and Resource Calculations (unpublished Climax Mining report).

Kevin Rosengren and Associates, July 2005, Proposed Dinkidi Open Pit Geotechnical Review. (prepared for AMDAD)

Leach, T., 1996. Preliminary Report on the Alteration and Mineralisation and a Review of Previous Petrological Work and a Field Review of Drillcore. Unpublished report prepared for Climax.

Leach, T., 1997. Petrological evaluation of Drillcore and Subsurface Samples from Various Regional Prospects in the Didipio Project Area. Unpublished report prepared for Climax.

Longitude/Latitude – World Geodetic System 1984

Minefill Services, Paste System Upgrade Assessment to Support Uplift Mine Production, April 2024

MineSol Mining Engineering Solutions, Didipio Ventilation Study Enabling Uplift, September 2025

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Minproc, 1998. Didipio Project, Definitive Feasibility Study – Interim Report.

Mitsui Mining & Smelting Co. Ltd., 1993. Unpublished petrological report. Meywer West Consulting, June 2011

Groundwater Flow Model – Mine Dewatering & Site Water Supply Didipio Project

Municipal Nutrition Office, Cabarroguis, Quirino

NI 43-101 "Technical Report for the Didipio Project" dated 29th July, 2011

NI 43-101 "Technical Report for the Didipio Project" dated 29th October, 2014.

NI 43-101 "Technical Report for the Didipio Project" dated 31st March, 2022

Ozvent Consulting, Didipio Production Study Ventilation Design Review, April 2024

Paterson and Cooke, Didipio Backfill Site Visit Report, April 2025

Quattro Project Engineering, OceanaGold – Didipio Reticulation Design Report, October 2025

Quattro Project Engineering, OceanaGold – Didipio Specification of Borehole, May 2025

Resource Development Consultants, Nov. 2008, Proposed Didipio Open Pit Geotechnical Review Roy Cox and Associates (RCA), Jun. 1995. Due Diligence Report on Geological Database and 3D Models of Dinkidi Deposit, Didipio Project, Luzon, Philippines (unpublished report to Climax Mining Limited).

Renewable Energy, DOE, https://prod-cms.doe.gov.ph/documents/d/guest/doe-renewable-energy

Sillitoe, R.H., 1999. Comments on Geology and Exploration, Didipio Project, Luzon, Philippines. Unpublished report prepared for Climax.

Sillitoe, R.H., and Gappe, I.M., 1984. Philippine porphyry copper deposits: geologic setting and characteristics. CCOP Technical Publication, 14, 89pp.

Snowden Associates, 1995. Pre-Development Study (PDS). Unpublished report prepared for Climax.

Wolfe, R., 1996. The Geology of Didipio and The Paragenesis of Dinkidi. Unpublished report prepared for Climax.

Wolfe, R.C. and Cooke, D. R., 2011. Geology of the Didipio Region and Genesis of the Dinkidi Alkalic Porphyry Au-Cu Deposit and Related Pegmatites, Northern Luzon, Philippines. Economic Geology, v. 106, pp. 1279-1315.

Wolfe, R., 1999. Vein Assemblages as an Exploration Guide in the Didipio Region, October 1999.Unpublished report prepared for Climax.

Wolfe, R.C., 2001. Geology of the Didipio region and paragenesis of the Dinkidi Au-Cu porphyry deposit. Unpublished PhD thesis, University of Tasmania, Australia, 200 pages.

Wolfe, R.C., and Cooke, D.R., 2004. The Dinkidi alkalic porphyry gold-copper deposit, Philippines. Abstract.17th Australian Geological Convention, Hobart, 8-13 February 2004.

Wolfe, R.C., Cooke, D.R., Joyce, P., 1999. Geology, mineralization and genesis of the alkaline Dinkidi Au Cu porphyry, North Luzon, Philippines. PACRIM'99, Bali, Indonesia, p.509-516.

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28Glossary

The following general mining terms may be used in this report.

**"AAS"** atomic absorption spectroscopy

**"ABC Refinery"** Gold refining company located on east coast of Australia

**"AEP"** Annual Exceedance Probability

**"AEPEP"** Annual Environmental Protection and Enhancement Programs

**"Ag"** silver

**"AISC"** All-in sustaining cost

**"AMC"** AMC Consultants Pty Ltd, a mining consultancy

**"AMD"** Acid Mine Drainage

**"Amdel"** an assay and metallurgical testing laboratory

**"Analabs"** Analabs Proprietary Limited, an assay laboratory

**"AMMTEC"** a metallurgical testing and consultancy firm

**"APMI"** Australasian Philippines Mining Incorporated

**"Arimco MC"** Arimco Mining Corporation

**"ASX"** Australian Securities Exchange

**"ATV"** Acoustic Televiewer

**"ANCOLD"** means the Australian National Committee on Large Dams Inc., which is an Australian based non-government, non-profit association of professional practitioners and corporations with a professional interest in dams. ANCOLD is a member of the International Commission on Large Dams (ICOLD) and publishes internationally recognised guidelines for the sustainable development and management of dams and water resources.

**"ATP"** Arsenic treatment plant

**"Au"** gold

**"AU$"** Australian dollar

**"AuEq."** gold equivalent

**"AusIMM"** Australian Institute of Mining and Metallurgy is a professional body representing geologists and engineers

**"Ausenco"** a metallurgical testing and consultancy firm

**"Barangay"** is the smallest administrative division in the Philippines and is the native Filipino term for a village, district or ward.

**"BD"** Bulk density

**"BFPP"** Back Fill Paste Plant

**"BIR"** Bureau of Internal Revenue

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**"Block Model"** is a computer based representation of a deposit in which geological zones are defined and filled with blocks which are assigned estimated values of grade and other attributes. The purpose of the block model is to associate grades with the volume model. "bulk density" is the dry in situ tonnage factor used to convert volumes to tonnage.

**"BSP"** Bangko Sentral ng Pilipinas is the Philippines Central Bank

**"CAMC"** Climax-Arimco Mining Corporation

**"CCO"** Contractor Camp

**"CDF"** Community Development Fund which is part of the FTAA agreement

**"CIM"** the Canadian Institute of Mining, Metallurgy and Petroleum

**"CIP"** carbon in pulp

**"CIM Definition Standards"** are the CIM Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on 27th December, 2010, for the reporting of Mineral Resource, Mineral Reserve and mining studies used in Canada. The Mineral Resource, Mineral Reserve, and Mining Study definitions are incorporated, by reference, into NI 43-101, and form the basis for the reporting of reserves and resources in this Technical Report.

**"Climax"** Climax Mining Limited and, as the context requires, its related bodies corporate

**"CLRF"** Contingent Liability and Rehabilitation Fund

**"CLRFSC"** Contingent Liability and Rehabilitation Fund Steering Committee

**"cm"** centimetre(s)

**"CMS"** Cavity measuring system

**"CPS"** Controlled Potential Sulphidisation is a process to reduce recovery losses due to the oxidation of sulphide ore.

**"CPS"** Capital pump station

**"CSP"** Crown Strengthening/Stabilisation Project – Mining project to strengthen and stabilise the ground above the underground mine

**"CRF"** cemented rockfill placed above the underground mine

**"CSR"** corporate social responsibility

**"Cu"** copper

**"Cut-off grade"** or CoG is the lowest grade value that is included in a Mineral Resource statement, being the lowest grade, or quality, of mineralised material that has reasonable prospects for eventual economic extraction.

**"CWC"** Credible Worst Case

**"Cyprus"** Cyprus Philippine's Corporation

**"DCS"** Distributed Control System is a platform for automated control and operation of industrial process

**"DFS"** Definitive Feasibility Study is an economic study that indicates a project is economically viable

**"Delta"** Delta Earthmoving, Inc

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**"DOE"** Philippines Department of Energy

**"DENR"** is the Department for the Environment and Natural Resources. The DENR is the Philippines government agency primarily responsible for implementing the government's environmental policy and for regulating the exploration, development, utilization and conservation of the Philippine's natural resources.

**"DH"** drill hole

**"Diamond Drilling"** is a rotary drilling technique using diamond set or impregnated bits, to cut a solid, continuous core sample of the rock.

**"Dicorp"** Didipio Community Development Corporation is an organization formed to mange the Didipio Camp and its facilities

**"dmt"** dry metric tonne

**"DWi"** drop weight index is a measure of ore hardness

**"DWP"** Development and Utilisation Work Program

**"E"** East

**"ECC"** means an Environmental Compliance Certificate, issued by the DENR, certifying compliance with the EISS.

**"EFO"** Extra fine ore

**"EGF"** Environmental Guarantee Fund which is an amount paid to the Philippines government to guarantee funds are available for environmental clean ups.

**"EGL"** effective grinding length

**"EIARC"** Environmental Impact Assessment Review Committee

**"EIS"** Environmental Impact Study

**"EISS"** means the Environmental Impact Statement System, established under the Mining Act for classifying projects in terms of their potential impact on the environment. A project that is classified as environmentally critical or located in an environmentally critical area requires an ECC from the DENR, certifying that the operator will not cause a significant negative environmental impact and has complied with all of the requirements of the EISS.

**"EMB"** means the Philippine Environmental Management Bureau, established within the Department of Environment and Natural Resources, as the Philippines national authority responsible for pollution prevention and control, and environmental impact assessment.

**"EOM"** end of month

**"EOY"** end of year

**"EPEP"** means the Environmental Program and Enhancement Program for the Didipio Mine submitted under the conditions of the ECC

**"EPRMP"** Environmental Performance Report and Management Plan

**"ERT"** Emergency Response Team

**"ESE"** East South East

**"FAR"** fresh air rise

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**"Fe"** iron

**"FEL"** font end loader

**"ETF"** means the Environmental Trust Fund established for the Didipio Mine under the conditions of the ECC

**"ELT"** means Executive Leadership Team which is made up of a group of managers who oversee OceanaGold's business affairs

**"Fibrecrete"** combination of concrete and carbon fibres which is sprayed onto wall

**"FMR/DP"** Final Mine Rehabilitation Plan / Decommissioning Plan

**"FMRDF"** Final Mine Rehabilitation and Decommissioning Fund

**"FMRDP"** means the Final Mine Rehabilitation/Decommissioning Plan which is reviewed by the Mine Rehabilitation Fund Committee

**"FOREX"** foreign exchange

**"FTAA"** Financial or Technical Assistance Agreement

**"FTD"** Flow through drain

**"g"** gram(s)

**"G&A"** general and administration costs

**"GCMP"** A Ground Control Management Plan – a plan for management of underground mine openings

**"GHD"** GHD (Australia) Pty Ltd

**"GRG"** gravity recoverable gold

**"g/t"** grams per metric tonne

**"GTA"** graphite tube atomisation

**"h"** hour

**"H"** height

**"H&S"** Hellman and Schofield

**"ha"** hectare(s)

**"HDPE"** high density polyethylene

**"Hg"** mercury

**"HLUR"** Housing and Land Use Regulatory Board

**"HV"** is High Voltage

**"IBC"** Intermediate Bulk Container used for transport of chemicals

**"HQ"** is a reference to the ~ 96 mm diameter of drill rods used to recover diamond drill core

**"Implementing Rules and Regulations"** means DENR Administrative Order No. 2010- 21, 28th June, 2010, issuing Revised Implementing Rules and Regulations of Republic Act No. 7942, Otherwise Known as the "Philippine Mining Act of 1995"

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**"Indicated Mineral Resource"** as defined under the CIM Standards is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, channels, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

**"Inferred Mineral Resource"** as defined under the CIM Standards is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, channels, pits, workings and drill holes.

**"IRR"** internal rate of return

**"IP"** is an electrical geophysical exploration method

**"JK"** JK Tech Proprietary Limited

**"K"** Potassium

**"kg"** kilogram(s)

**"km"** kilometre(s)

**"km**<sup>2</sup>**"** square kilometre(s)

**"koz"** thousand troy ounces

**"kPa"** kilo pascals – a measure of force

**"kt"** thousand metric tonnes

**"kV"** kilovolts

**"kW"** Kilowatt

**"kWh"** kilowatt hour(s)

**"kWh/t"** kilowatt-hours per tonne

**"lb"** pound(s)

**"L"** length

**"L"** litre

**"L/s"** litre per second

**"Level"** a mining term to describe the location of a mine working

**"LHD"** Load Haul Dump loaders – underground mining equipment

**"LHOS"** Long hole open stoping is an underground mining method

**"LBMA"** Bullion Market Association

**"LoM"** or **"LoMP"** Life of Mine – Life of Mine Plan

**"LRS"** liquid resistance starter

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <br>  

**"μm"** micron or micrometre

**"m"** metre(s)

**"M"** million(s)

**"MM"** Measurement scale for earthquakes Mercalli Scale

**"m**<sup>3</sup>**"** cubic metre(s)

**"m**<sup>3</sup>**/h"** cubic metres per hour

**"m**<sup>3</sup>**/d"** cubic metres per day

**"m/s"** metres per second

**"m/day"** metres per day

**"m/month"** metres per month

**"m**<sup>3</sup>**/s"** cubic metres per second

**"Ma"** million years

**"MDE"** Maximum Design Earthquake

**"MDT"** Mine dewatering tank

**"Measured Mineral Resource"** as defined under the CIM Standards is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, channels, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

**"Mesh"** a sieve hole size for sieves used in laboratories

**"Metso"** Metso Technology PTSI Pty Ltd

**"MGB"** means the Mines and Geosciences Bureau, established under the DENR to administer the Mining Act.

**"Mineral Reserve"** as defined under the CIM Standards is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined. The term "Mineral Reserve", when used in this Technical Report, is consistent with "Ore Reserve" as defined by the JORC Code.

**"Mineral Resource"** as defined under the CIM Standards is a concentration or occurrence of diamonds, natural solid inorganic material or natural solid fossilized organic material including base and precious metals, coal and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated

Released: 27 March 2026 Page 228 of 234

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <br>  

and Measured categories. **"Mineralization"** means the concentration of minerals in a body of rock. **"Mining Act"** means Republic Act No. 7942, also known as the Philippine Mining Act 1995, which governs the granting of rights to explore and mine for minerals in the Philippines. **"Minproc"** A mining consultancy firm

**"Ml"** million litres

**"Mlb"** million pounds. The unit of measure for copper is pounds lb

**"mm"** millimetre(s)

**"MMT"** Multipartite Monitoring Team

**"MoA"** Memorandum of Agreement

**"Moz"** million troy ounces

**"MRF"** Mine Rehabilitation Fund

**"MPa"** million pascals

**"MRFC"** means Mine Rehabilitation Fund Committee established to administer the EPEP and FMRDP and comprising representatives of the DENR, local authorities, community representatives and a representative of OGPI

**"mRL"** metres above sea level. Note: for technical reasons all mRL coordinates described in this Technical Report have had 2000m added, ie: 2000m represents sea level.

**"Mt"** million metric tonnes

**"MTF"** Monitoring Trust Fund

**"Mtpa"** million tonnes per annum

**"MW"** megawatt(s)

**"MWT"** Mine Waste and Tailing Fees

**"N"** North

**"NAPP"** Negative acid producing potential

**"NATA"** National Association of Testing Authorities, the body which accredits laboratories and inspection bodies within Australia

**"NE"** Northeast

**"NGCP"** National Grid Corporation of Philippines

**"NI 43-101"** National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

**"NNE"** North Northeast

**"NPV"** Net present value

**"NQ"** is a reference to the ~ 76 mm diameter drill rods used to recover diamond drill core.

**"NSR"** Net smelter return

**"NUVELCO"** Nueva Vizcaya Electric Cooperative

**"ODBC"** Internationally accepted data base standard for storing information in computer software

Released: 27 March 2026 Page 229 of 234

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <br>  

**"OBE"** Operating Basis Earthquake

**"OceanaGold"** means OceanaGold Corporation and/or any of its subsidiaries.

**"OCEANAGOLD"** or **"OGC"** or OGL means OceanaGold Corporation

**"OHPL"** Overhead Power Line

**"OGPEC"** means OceanaGold (Philippines) Exploration Corporation (previously Arimco Mining Corporation, then Climax Arimco Mining Corporation)

**"OGPI"** means OceanaGold (Philippines) Inc, 80% of which is owned by OceanaGold Corporation, (previously Australasian Philippines Mining Inc)

**"Ordinary Kriging"** is a grade estimation technique.

**"OP"** Open pit

**"OREAS"** certified gold and copper reference standards produced by Australian-based company Ore Research and Exploration and used internationally in the assay of samples.

**"Orica"** Orica Philippines Inc.

**"oz"** Troy ounce (31.103477 grams)

**"Pb"** Lead

**"PCE"** Pollution Control Equipment

**"PDF"** Provincial Development Fund

**"PDMF"** Partial Declaration of Mining Feasibility

**"PDS"** Project Development Study – a study into economic viability of a project

**"PIMA"** Portable Infrared Mineral Analyser

**"PHP"** Philippine Peso

**"PLI"** Point Load Index is a measure of rock strength

**"PoF"** Probability of a rock mass failing

**"ppm"** Parts per million

**"PQ"** is a diamond drill tube size equivalent to 85 mm inside diameter.

**"Preliminary Feasibility Study"** as defined under the CIM Standards is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental considerations and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve. The CIM Standards require the completion of a Preliminary Feasibility Study as the minimum prerequisite for the conversion of Mineral Resources to Mineral Reserves.

**"Probable Mineral Reserve"** as defined under the CIM Standards is the economically mineable part of an Indicated Mineral Resource and, in some circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This study must include adequate

Released: 27 March 2026 Page 230 of 234

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <br>  

information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. The term "Probable Mineral Reserve", when used in this Technical Report, is consistent with "Probable Ore Reserve" as defined by the JORC Code.

**"Proven Mineral Reserve"** as defined under the CIM Standards is the economically mineable part of a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified. The term "Proven Mineral Reserve", when used in this Technical Report, is consistent with "Proved Ore Reserve" as defined by the JORC Code.

**"PSE"** Pollution Source Equipment

**"Pull"** a ventilation term for a ventilation system that sucks are into an opening

**"PWT"** Process water tank

**"pXRF"** portable X-ray fluorescence

**"Q1"** Quarter beginning 1 January and ending 31 March

**"Q2"** Quarter beginning 1 April and ending 30 June

**"Q3"** Quarter beginning 1 July and ending 30 September

**"Q4"** Quarter beginning 1 October and ending 31 December

**"QA/QC"** quality assurance / quality control

**"QP"** A qualified person as defined by the relevant reporting code or certification authority/body "Qualified Person" or "QP" as defined under the CIM Standards means an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the Technical Report; and is a member or licensee in good standing of a professional association.

**"QQ"** Quantile-Quantile graph is used to measure repeatability of assays

**"RAR"** Return air rise

**"RC"** Reverse circulation

**"RCF"** Rehabilitation Cash Fund

**"RCP"** Reinforced concrete pipe

**"RL"** Relative level. Note: for technical reasons all mRL coordinates described in this Technical Report have had 2000m added, ie: 2000m represents sea level.

**"ROM"** Run of mine ore

**"RMU"** Ring Main Unit is a term for a method of distributing power

**"S"** South

**"RSCE"** RSC Mining and Mineral Exploration is a geological consulting firm

**"RQD"** the Rock Quality Designation index of rock quality

**"SAG"** Semi-autogenous grinding

Released: 27 March 2026 Page 231 of 234

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <br>  

**"Sandvik"** Sandvik Tamrock Philippines Inc

**"Saprolite"** Strongly weathered rock

**"SCSR"** Self-contained self-rescuer

**"SDF"** Social Development Fund with is part of the FTAA conditions

**"SDMP"** means the Social Development and Management Program prescribed by the Mining Act and its implementing rules and regulations and approved by the MGB.

**"SE"** Southeast

**"SER"** Slip energy recovery

**"SG"** Specific gravity

**"SGS"** SGS Philippines Inc. SGS is a global analytical laboratory company and provides analytical services to all of OceanaGold's operating mines.

**"SIBX"** Sodium Isobutyl Xanthate is a reagent used in gold and copper recovery

**"Sirovision"** a measurement system that digitally captures images of rockfaces

**"SLC"** Sub-level cave is an underground mining method

**"STDEV"** Standard deviation

**"STP"** Sewage treatment plant

**"t"** Metric tonne (1,000 kilograms)

**"TIN"** Irregular triangulated network of point data

**"t/m**<sup>3</sup>**"** Tonnes per cubic metre

**"tpa"** Tonnes per annum

**"t/day"** Tonnes per day

**"TSF"** Tailings storage facility

**"TSP"** The total suspended particulate

**"TSS"** Total suspended solids

**"TSX"** Toronto Stock Exchange

**"TWL"** Temperature/thermal work limit – a work standard for underground mines

**"UCS"** Uniaxial Compressive Strength

**"UG"** Underground

**"US$"** United States dollars

**"UTM"** Universal Transverse Mercator – an internationally recognised surveying grid

**"VCRC"** Victoria Consolidated Resources Corporation

**"VHF"** Very high frequency

**"W"** West

**"(W)"** Width

Released: 27 March 2026 Page 232 of 234

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <br>  

**"Water Code"** means Presidential Decree No. 1067, enacted in 1976, which regulates the taking of water from and discharges to rivers and waterways in the Philippines.

**"WIRZ"** Water Inflow Risk Zone is a volume of rock that contains substantial water and is identified as a risk to underground mining operations

**"WGS84"** An internationally recognised survey grid which is divided up into zones

**"WMP"** Water Management Plan documents how water is managed at the Didipio Mine

**"wmt"** Wet metric tonne

**"WRD"** Waste rock dump

**"WTP"** Water treatment plant

**"wt"** Weight

**"XRF"** X-ray fluorescence

**"Yr"** Calendar year

**"Zn"** Zinc

**"3D"** Three-dimensional

**"@"** At

**"%"** Percent

**"feet"** Imperial unit of length

**"°"** Degrees

**"°C"** Degrees Celsius

**"μm"** Micron There are 1000 microns to the millimetre

Released: 27 March 2026 Page 233 of 234

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NI 43-101 Technical Report – Didipio Mine, Luzon, Philippines <br>  

**APPENDIX A – Qualified Persons Certificates**

Released: 27 March 2026 Page 234 of 234

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**CERTIFICATE OF QUALIFIED PERSON** 

I, **David Read Carr**, MAusIMM CP (Met), do hereby certify that:

1. I am the Head of Metallurgy of OceanaGold Corporation ("**OceanaGold**"), Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report, Didipio Mine, Luzon Island, Philippines" with an effective date of December 31, 2025 (the "**Technical Report**").

3. I graduated with a degree in Bachelor of Engineering in Metallurgical Engineering (Hons) from the University of South Australia in 1993. I am a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy. I have worked as a metallurgist for a total of 33 years since my graduation from university. My relevant experience includes base metal flotation, flotation and leaching of gold ores, pressure oxidation of refractory sulphide ores, ultrafine grinding, process plant design, project evaluation and plant commissioning.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**Nl 43- 101**") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in Nl 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of Nl 43-101.

5. I have visited the site in numerous times from 2003 to 2025 with the most recent visit in September 2022.

6. I have been employed by OceanaGold or its subsidiaries since **January 21, 2003**.

7. I am responsible for mineral processing, all of Sections 13,17,18 and 19, the process plant capital and operating costs of section 21, and portions of Sections 1, 25 and 26 summarized therefrom, of this Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of Nl 43-101 as I have been a full time employee of OceanaGold since **January 21, 2003**.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read Nl 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated: March 27, 2026

"Signed and Sealed"

**David Read Carr, MAusIMM CP (Met)** <br>

**OceanaGold Corporation**

Suite 1020 – 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada

T: 604-678-4123

www.oceanagold.com

------

**CERTIFICATE OF QUALIFIED PERSON** 

I, Jonathan Moore, BSc (Hons) Geology, GradDip (Physics), MAusIMM CP, do hereby certify that:

1. I am the Head of Resource Development of OceanaGold Corporation ("OceanaGold"), Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report, Didipio Mine, Luzon Island, Philippines" with an effective date of December 31, 2025 (the "Technical Report").

3. I graduated with an honours degree in Geology from Otago University in 1985. In addition, I obtained a Graduate Diploma in Physics from Otago University in 1993. I am a member and Chartered Professional of the AusIMM (#227252) and have worked as a geologist for over 30 years since my graduation from university. My relevant experience includes open pit and underground resource and mine geology.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("NI 43- 101") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of NI 43-101.

5. I have visited the site on August 5-13, 2025 and have completed numerous site visits between 2009 and 2024.

6. I have been employed by OceanaGold or its subsidiaries since 6 May 1996.

7. I am responsible for the preparation of Sections 6 to 12, 14 and 20, of this Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of NI 43-101 as I have been a full-time employee of OceanaGold since May 6, 1996.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated: March 27, 2026.

"Signed and Sealed"

Jonathan Moore, BSc (Hons) Geology, MAusIMM CP.

**OceanaGold Corporation**

Suite 1020 – 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada

T: 604-678-4123

www.oceanagold.com

------

**CERTIFICATE OF QUALIFIED PERSON** 

I, Phillip Jones, MAusIMM CP (Min), do hereby certify that:

1. I am the Head of Underground Mining of OceanaGold Corporation ("**OceanaGold**"), Suite 1020, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6, Canada.

2. This certificate applies to the technical report titled "NI 43-101 Technical Report Didipio Mine, Luzon Island Philippines" with an effective date of December 31, 2025 (the "**Technical Report**").

3. I graduated with a degree in Bachelor of Mining Engineering (Hons IIB) from the University of Queensland in 2001. In addition, I obtained a Master of Business Administration from Victoria University in 2024. I am a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy (MAusIMM CP 2098971). I have worked as a mining engineer for a total of 21 years since my graduation from university. My relevant experience includes underground operational management, underground mine design, underground project implementation, short-and long-term scheduling, cost estimation, budgeting, and project evaluation.

4. I have read the definition of "qualified person" set out in National Instrument 43-101 ("**NI 43- 101**") and certify that by reason of my education, affiliation with a professional/technical association, (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements of a "qualified person" for the purposes of NI 43-101.

5. I have visited the site on numerous occasions since 2020 with the most recent visit in November 2025.

6. I have been employed by OceanaGold or its subsidiaries since March 2019.

7. I am responsible for the preparation of Sections 1,2,3,4,5,15,16,21,22,23,24,25 &26 of the Technical Report.

8. I am not independent of the issuer applying all the tests in Section 1.5 of NI 43-101 as I have been a full time employee of OceanaGold since March 2019.

9. Prior to my employment with OceanaGold, I had no prior involvement with the property that is the subject of the Technical Report.

10. I have read NI 43-101 and Form 43-101F1 and the sections of the Technical Report I am responsible for have been prepared in compliance with NI 43-101 and Form 43-101F1.

11. As of the aforementioned effective date, to the best of my knowledge, information and belief, the sections of the Technical Report I am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

**Dated: March 27, 2026** 

"Signed and Sealed"

 <br> Phillip Jones, MAusIMM CP 2098971

**OceanaGold Corporation**

www.oceanagold.com

## Exhibit 99.64

**Exhibit 99.64**

**Consent of Independent Auditor** 

We hereby consent to the incorporation by reference in this Registration Statement on Form 40-F of OceanaGold Corporation (the Company) of our report dated February 18, 2026, relating to the consolidated financial statements as at and for the year ended December 31, 2025, which appears in Exhibit 99.12 to this Registration Statement on Form 40-F.

We also consent to reference to us under the heading "Interest of Experts" in the Annual Information Form for the year ended December 31, 2025, filed as Exhibit 99.2 which is incorporated by reference to this Registration Statement on Form 40-F.

/s/PricewaterhouseCoopers LLP

Vancouver, Canada

March 27, 2026

## Exhibit 99.65

**Exhibit 99.65**

**Consent of Independent Auditor**

We hereby consent to the incorporation by reference in this Registration Statement on Form 40-F of OceanaGold Corporation (the "Company") of our report dated February 19, 2025 (except as to Note 11 which is as of February 18, 2026) relating to the consolidated financial statements as at and for the year ended December 31, 2024 which appears in Exhibit 99.12 to this Registration Statement on Form 40-F.

We also consent to the incorporation by reference in this Registration Statement on Form 40-F of the Company of our report dated February 19, 2025 as at and for the years ended December 31, 2024 and 2023, relating to the consolidated financial statements, which appears in Exhibit 99.4 to this Registration Statement on Form 40-F.

We also consent to the references to us under the heading "Interest of Experts" in the Annual Information Form for the year ended December 31, 2024, filed as Exhibit 99.1 and the Annual Information Form for the year ended December 31, 2025, filed as Exhibit 99.2 which are incorporated by reference to this Registration Statement on Form 40-F.

/s/PricewaterhouseCoopers

Melbourne, Australia

27 March 2026

## Exhibit 99.66

**Exhibit 99.66**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Reports identified below (collectively, the "**Technical Reports**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina*" with a report date of March 28, 2024, and with an effective date of December 31, 2023, originally prepared for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical report titled "*NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand*", with a report date of March 28, 2024, and with an effective date of December 31, 2023, originally prepared for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina*", with a report date of March 27, 2026, and with an effective date of December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report – Macraes Operation, Otago, New Zealand*", with a report date of March 27, 2026, and with an effective date of December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report – Didipio Mine, Luzon Island, Philippines*", dated March 27, 2026, with an effective date of December 31, 2025.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Reports in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**David Carr**

---

| |
|:---|
| */s/ David Carr* |
| David Carr, BEng (Hons) Metallurgical, MAusIMM CP (Met) Metallurgy<br>**OceanaGold Corporation** |

---

## Exhibit 99.67

**Exhibit 99.67**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Report titled "*NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina*", with a report date of March 27, 2026, and with an effective date of December 31, 2025.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Report in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Douglas Corley**

---

| |
|:---|
| */s/ Douglas Corley* |
| Douglas Corley, MAIG RPGeo.<br>**OceanaGold Corporation** |

---

## Exhibit 99.68

**Exhibit 99.68**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Report titled "*NI 43-101 Technical Report Waihi District Pre-feasibility Study, New Zealand*", with a report date of December 11, 2024, and with an effective date of June 30, 2024, originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Report in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Leroy Crawford-Flett**

---

| |
|:---|
| */s/ Leroy Crawford-Flett* |
| Leroy Crawford-Flett, BCA/BSc. (Management/Geology), MPM, MAusIMM CP (Geo)<br>**OceanaGold Corporation** |

---

## Exhibit 99.69

**Exhibit 99.69**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Reports identified below (collectively, the "**Technical Reports**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina*" with a report date of March 28, 2024, and with an effective date of December 31, 2023, originally prepared for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina*", with a report date of March 27, 2026, and with an effective date of December 31, 2025.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Reports in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Brianna Drury**

---

| |
|:---|
| */s/ Brianna Drury* |
| Brianna Drury, BEng Mining, RM-SME<br>**OceanaGold Corporation** |

---

## Exhibit 99.70

**Exhibit 99.70**

**CONSENT**

**To**: OceanaGold Corporation (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "Reviewed Information") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Craig Feebrey**

---

| |
|:---|
| */s/ Craig Feebrey* |
| Craig Feebrey |

---

## Exhibit 99.71

**Exhibit 99.71**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Reports identified below (collectively, the "**Technical Reports**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical report titled "*NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand*", with a report date of March 28, 2024, and with an effective date of December 31, 2023, originally prepared for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report – Macraes Operation, Otago, New Zealand*", with a report date of March 27, 2026, and with an effective date of December 31, 2025.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Reports in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Matthew Grant**

---

| |
|:---|
| */s/ Matthew Grant* |
| Matthew Grant, PhD Applied Geology, MAIG, MAusIMM<br>**OceanaGold Corporation** |

---

## Exhibit 99.72

**Exhibit 99.72**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Report identified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina*", with a report date of March 27, 2026, and with an effective date of December 31, 2025.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Report in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Gregory Hollett**

---

| |
|:---|
| */s/ Gregory Hollett* |
| Gregory Hollett, P.Eng <br>**OceanaGold Corporation** |

---

## Exhibit 99.73

**Exhibit 99.73**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Keenan Jennings**

---

| |
|:---|
| */s/ Keenan Jennings* |
| Keenan Jennings<br>OceanaGold Corporation |

---

## Exhibit 99.74

**Exhibit 99.74**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Report titled "*NI 43-101 Technical Report Waihi District Pre-feasibility Study, New Zealand*", with a report date of December 11, 2024, and with an effective date of June 30, 2024, originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Report in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Kirsty Hollis**

---

| |
|:---|
| */s/ Kirsty Hollis* |
| Kirsty Hollis, BEng Mineral Processing, FAusIMM CP (Met) <br>**OceanaGold Corporation** |

---

## Exhibit 99.75

**Exhibit 99.75**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Report titled "*NI 43-101 Technical Report – Didipio Mine, Luzon Island, Philippines*", with a report date of March 27, 2026, and with an effective date of December 31, 2025.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Report in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Phillip Jones**

---

| |
|:---|
| */s/ Phillip Jones* |
| Phillip Jones, MAusIMM (CP)<br>**OceanaGold Corporation** |

---

## Exhibit 99.76

**Exhibit 99.76**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Reports identified below (collectively, the "**Technical Reports**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical report titled "*NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand*", with a report date of March 28, 2024, and with an effective date of December 31, 2023, originally prepared for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical report titled "*NI 43-101 Technical Report Waihi District Pre-feasibility Study, New Zealand*", with a report date of December 11, 2024, and with an effective date of June 30, 2024, originally prepared for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report – Macraes Operation, Otago, New Zealand*", with a report date of March 27, 2026, and with an effective date of December 31, 2025.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Reports in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Euan Leslie**

---

| |
|:---|
| */s/ Euan Leslie* |
| Euan Leslie, BEng Mining, BCom Economics, MAusIMM CP (Min) <br>**OceanaGold Corporation** |

---

## Exhibit 99.77

**Exhibit 99.77**

**CONSENT**

**To**: OceanaGold Corporation (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "Reviewed Information") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the report titled "NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina" with a report date of March 28, 2024, and with an effective date of December 31, 2023 (the "Expert Report"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Expert Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Expert Report in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Expert Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Expert Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**David Londoño**

---

| |
|:---|
| */s/ David Londoño* |
| David Londoño<br>OceanaGold Corporation |

---

## Exhibit 99.78

**Exhibit 99.78**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Reports identified below (collectively, the "**Technical Reports**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical report titled "*NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand*", with a report date of March 28, 2024, and with an effective date of December 31, 2023, originally prepared for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report – Macraes Operation, Otago, New Zealand*", with a report date of March 27, 2026, and with an effective date of December 31, 2025.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Reports in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Knowell Madambi**

---

| |
|:---|
| */s/ Knowell Madambi* |
| Knowell Madambi, BSc Eng (Hons) Mining, MAusIMM CP (Min)<br>**OceanaGold Corporation** |

---

## Exhibit 99.79

**Exhibit 99.79**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Report titled "*NI 43-101 Technical Report Waihi District Pre-feasibility Study, New Zealand*", with a report date of December 11, 2024, and with an effective date of June 30, 2024, originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Report in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Trevor Maton**

---

| |
|:---|
| */s/ Trevor Maton* |
| Trevor Maton, ARSM, BSc. (Eng) Mining (Hons), MSc. Economics, MAusIMM CP (Min)<br>**OceanaGold Corporation** |

---

## Exhibit 99.80

**Exhibit 99.80**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Reports identified below (collectively, the "**Technical Reports**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina*" with a report date of March 28, 2024, and with an effective date of December 31, 2023, originally prepared for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical report titled "*NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand*", with a report date of March 28, 2024, and with an effective date of December 31, 2023, originally prepared for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina*", with a report date of March 27, 2026, and with an effective date of December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical Report titled "*NI 43-101 Technical Report – Didipio Mine, Luzon Island, Philippines*", dated March 27, 2026, with an effective date of December 31, 2025.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Reports in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Jonathan Moore**

---

| |
|:---|
| */s/ Jonathan Moore* |
| Jonathan Moore, BSc Geology (Hons), MAusIMM (CP) (Geo)<br>**OceanaGold Corporation** |

---

## Exhibit 99.81

**Exhibit 99.81**

**CONSENT**

**To**: OceanaGold Corporation (the "Company")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "Reviewed Information") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "Form 40-F"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Peter Sharpe**

---

| |
|:---|
| */s/ Peter Sharpe* |
| Peter Sharpe |

---

## Exhibit 99.82

**Exhibit 99.82**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned has reviewed and approved certain technical and scientific information (the "**Reviewed Information**") contained in, referenced in, or incorporated by reference into the Form 40-F (as defined below).

Additionally, the undersigned is an author of the Technical Report titled "*NI 43-101 Technical Report Waihi District Pre-feasibility Study, New Zealand*", with a report date of December 11, 2024, and with an effective date of June 30, 2024, originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the Reviewed Information and the Technical Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Reviewed Information and the Technical Report in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Reviewed Information and the Technical Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Reviewed Information and the Technical Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**David Townsend**

---

| |
|:---|
| */s/ David Townsend* |
| David Townsend, Assoc Deg (Surveying), GDip (Mining), MAusIMM CP (Min)<br>**OceanaGold Corporation** |

---

## Exhibit 99.83

**Exhibit 99.83**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of each of the reports titled "*NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina*" with a report date of March 28, 2024, and with an effective date of December 31, 2023 and "*NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina*", dated March 27, 2026 with an effective date of December 31, 2025" (collectively, the "**Expert Reports**"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the Expert Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Expert Reports in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Expert Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Expert Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Larry Standridge**

---

| |
|:---|
| */s/ Larry Standridge* |
| Larry Standridge, PE, MSE Geotechnical <br>**Call and Nicholas, Inc.** |

---

## Exhibit 99.84

**Exhibit 99.84**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of each of the reports titled "*NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina*" with a report date of March 28, 2024, and with an effective date of December 31, 2023 and "*NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina*", dated March 27, 2026 with an effective date of December 31, 2025" (collectively, the "**Expert Reports**"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the Expert Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Expert Reports in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Expert Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Expert Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Robert Cook**

---

| |
|:---|
| */s/ Robert Cook* |
| Robert Cook, PE, RM-SME<br>**Call and Nicholas, Inc.** |

---

## Exhibit 99.85

**Exhibit 99.85**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of each of the reports titled "*NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina*" with a report date of March 28, 2024, and with an effective date of December 31, 2023 and "*NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina*", dated March 27, 2026 with an effective date of December 31, 2025" (collectively, the "**Expert Reports**"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the Expert Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Expert Reports in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Expert Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Expert Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Jay Newton Janney-Moore**

---

| |
|:---|
| */s/ Jay Moore* |
| Jay Newton Janney-Moore, PE, RM-SME<br>**NewFields Mining Design & Technical Services, LLC** |

---

## Exhibit 99.86

**Exhibit 99.86**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of each of the reports titled "*NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina*" with a report date of March 28, 2024, and with an effective date of December 31, 2023 and "*NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina*", dated March 27, 2026 with an effective date of December 31, 2025" (collectively, the "**Expert Reports**"), originally prepared for the Company.

The undersigned understands that the Company wishes to make reference to my name and the Expert Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use extracts and/or information from the Expert Reports in the Form 40-F. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Expert Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Expert Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**William Lucas Kingston**

---

| |
|:---|
| */s/ William Lucas Kingston* |
| William Lucas Kingston, MSc, P.G., RM-SME, Hydrogeology and Groundwater Management<br>**NewFields Mining Design & Technical Services, LLC** |

---

## Exhibit 99.87

**Exhibit 99.87**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of the report titled "*NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina*" with a report date of March 28, 2024, and with an effective date of December 31, 2023 (the "**Expert Report**"), originally prepared for the Company.

The undersigned understands that the Expert Report has been superseded by another technical report, therefore, the Expert Report shall be taken for historical references only.

The undersigned understands that the Company wishes to make reference to my name and the Expert Report in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use in the Form 40-F extracts and/or information from the Expert Report. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Expert Report in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Expert Report, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Matthew Sullivan**

---

| |
|:---|
| */s/ Matthew Sullivan* |
| Matthew Sullivan, RM-SME <br>**SRK Consulting (U.S.), Inc.** |

---

## Exhibit 99.88

**Exhibit 99.88**

**CONSENT**

**To**: OceanaGold Corporation (the "**Company**")

**Re**: *Registration Statement on Form 40-F of the Company*

The undersigned is an author of each of the reports titled "*NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina*" with a report date of March 28, 2024, and with an effective date of December 31, 2023 (the "**Old Haile Expert Report**") and "*NI 43-101 Technical Report – Haile Gold Mine, Lancaster County, South Carolina*", dated March 27, 2026 with an effective date of December 31, 2025 (the "**New Haile Technical Report**" and collectively with the Old Haile Technical Report, the "**Expert Reports**"), originally prepared for the Company.

The undersigned understands that the Old Haile Expert Report has been superseded by the New Haile Technical Report, therefore, the Old Haile Expert Report shall be taken for historical references only.

The undersigned understands that the Company wishes to make reference to my name and the Expert Reports in the Registration Statement on Form 40-F and any amendments or supplements and/or exhibits thereto or the documents incorporated by reference therein (collectively, the "**Form 40-F**"). The undersigned further understands that the Company wishes to use in the Form 40-F extracts and/or information from the Expert Reports. The undersigned has been provided with a copy of the Form 40-F and has reviewed the proposed disclosures identified above.

Accordingly, in respect of the Form 40-F, the undersigned does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, my name, including my status as an expert or "qualified person";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of, and references to, the Expert Reports in the Form 40-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use, in the Form 40-F, of any quotation from, or summarization of, or extracts and information from the Expert Reports, or portions thereof, that were prepared by the undersigned, that the undersigned supervised the preparation of and/or that the undersigned has reviewed and approved.

Dated: March 27, 2026

**Brooke J. Miller**

---

| |
|:---|
| */s/ Brooke J. Miller* |
| Brooke J. Miller, MSc., CPG<br>**SRK Consulting (U.S.), Inc.** |

---

<br>