OceanaGold (OGC) Study update summary

Project overview and study highlights

• Initial Mineral Reserve at Wharekirauponga Underground declared at 4.1 Mt grading 9.2 g/t for 1.2 Moz gold.

• Waihi District projected to produce 1.6 Moz gold over a 15-year mine life (2024–2038).

• Permits expected in 2025 via New Zealand's Fast-track Approvals process, with early works to begin by year-end 2025.

• Significant exploration upside remains, with mineralization open in all directions at Wharekirauponga.

• Waihi North Project named as a proposed Fast-track Project in government legislation.

Economic and operational results

• Life of Mine AISC is $994/oz, with WUG AISC at $634/oz during peak production.

• IRR of 24% at $2,400/oz gold price; NPV (after-tax) of $621M at reserve case ($1,750/oz gold).

• Growth capital expenditure of $556M projected over 8 years, funded from free cash flow.

• Peak annual gold production expected to reach ~253koz in 2035.

• 253% increase in Waihi District reserves compared to December 2023 estimates.

Exploration and future potential

• $8 million exploration budget allocated for 2025, targeting extensions at Wharekirauponga.

• EG Vein mineralization extended over 200m beyond known resources since June 2024.

• T-Stream and Western Veins identified as highly prospective targets near WUG.

• Potential for additional drill pads through Fast-track Approvals.

• Updated Waihi District Measured & Indicated Resource at 5.1 Moz as of June 2024.