OceanaGold (OGC) Status Update summary

Project overview and strategic significance

• Waihi District PFS supports a 15-year mine life extension to at least 2038, driven by high-grade Wharekirauponga Underground (WUG) and Martha Underground (MUG), with combined gold production of 1.6 Moz.

• Initial WUG reserve declared at 4.1 Mt at 9.2 g/t for 1.2 Moz gold, nearly 2.5 times current grades, with total Waihi District reserves now 1.7 Moz as of June 2024.

• Measured & Indicated Resource stands at 18.5 Mt at 5.0 g/t for 3.0 Moz gold; inferred resources total 4.3 Mt at 17.6 g/t for 1.0 Moz, with 400,000 oz at 9.6 g/t not in the mine plan.

• Projected to sustain over 1,100 jobs and generate NZD 360–482 million in corporate taxes, delivering significant socio-economic benefits.

• Project expected to be fully funded by internal free cash flow over eight years, with continued dividends and share buybacks.

Economic and operational highlights

• At $2,400/oz gold, after-tax NPV (5% discount) is $902 million and IRR is 24%; at $1,750/oz, NPV is $621 million.

• Life-of-mine AISC averages $994/oz; WUG-only AISC is $634/oz, placing it in the industry's first quartile.

• Peak annual gold production of 253 koz in 2035; mill expansion to 0.8 Mtpa planned for 2033.

• Growth capital totals $556 million over eight years, with $358 million for WUG development, funded from free cash flow.

• Total life-of-mine operating costs estimated at $1,200.8 million ($141.8/t ore processed).

Permitting, development, and ESG

• Waihi North Project, including WUG, is eligible for New Zealand's Fast-track Approvals Bill, with application planned for March 2025 and permits expected by year-end 2025.

• Early-works construction at Willows portal and water treatment plant to begin H2 2025; decline and underground development targeted for late 2026.

• First ore from WUG targeted for 2032–2033, with MUG as primary ore source until then.

• Project expected to deliver substantial economic and employment benefits to local communities.

• OceanaGold maintains high environmental and social standards, with over three decades of responsible mining in New Zealand.