News Bureau

February 17, 2020

25% more of gold production in 2020 at Oceana

OceanaGold Corporation announces its production and cost guidance and capital investment program for 2020.

Mick Wilkes, President, and CEO said, "OceanaGold is highly committed to regaining its status as one of the best gold mining companies by focusing on what we do well and controlling what we can.

This means operating our existing portfolio in the most optimal way while doing so to the highest environmental and health and safety standards that we have successfully operated to for the past 30 years. We have always been focused on enhancing profitability and delivering strong returns to shareholders and we remain disciplined in allocating capital."

"For 2020, Haile is expected to deliver an additional 25% of gold production from last year to offset the year-on-year decline in production at Waihi, which is transitioning from Correnso to the Martha Underground. The Haile mine plan continues to evolve to further enhance open-pit operations and increase mine productivity. As a result of these changes that we are currently implementing, the mine is expected to gain operational flexibility, which also allows us to revisit the Horseshoe underground mine plan."

"Waihi will transition from Correnso, the main ore source that we purchased five years ago, to the Martha Underground, our discovery from three years ago. With the development of Martha Underground going to plan and expected to be in production in the second quarter of 2021, we continue to advance the Waihi District Study, which is scheduled for completion in the second quarter of 2020. We are very excited about the work we're doing at Waihi as we set up the operation for at least a decade of production."

"Macraes remains a stable operation delivering consistently positive performance and free cash flows. We continue to advance our organic growth opportunities at Macraes, particularly the Golden Point underground study which is expected to be completed in the second half of 2020."

"In the Philippines, the FTAA renewal process continues to progress with the Office of the President currently reviewing the renewal. We remain actively engaged with key regulatory agencies and government officials, stakeholders from the communities and our employees. We continue to receive strong support for the FTAA renewal from the national and local governments and from the local communities.

More recently, approximately 1,200 members of the local Didipio and host communities including Indigenous Peoples traveled 10 hours each way to rally in support of the FTAA renewal, OceanaGold, the Didipio Mine and their livelihoods in front of the Presidential Palace in Manila. This unprecedented show of support was a humbling experience and a clear demonstration of the strong social license we have to operate in this remote, rural community in the northern Philippines."

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