Achieves Record EBITDA and Strong Free Cash Flow
(All financial figures in US Dollars unless otherwise stated)
(BRISBANE) OceanaGold Corporation (TSX: OGC) (ASX: OGC) (“OceanaGold” or the “Company”) reported
its financial and operational results for the quarter ended March 31, 2022. Details of the consolidated financial
statements and the Management Discussion and Analysis (“MD&A”) are available on the Company’s website
at www.oceanagold.com.
Highlights
• Produced 134,035 ounces of gold, a 26% increase quarter-on-quarter.
• Consolidated All-In Sustaining Costs (“AISC”) for the quarter of $1,084 per ounce on gold sales of 129,191
ounces.
• Record quarterly revenue of $286 million and record quarterly EBITDA of $158 million.
• Net profit after tax of $79 million or $0.11 per share fully diluted.
• Generated $63 million in free cash flow.
• Net debt, inclusive of equipment leases, reduced by 29% quarter on quarter to $168m with a resulting
leverage ratio of 0.40 times and period-end gearing of 9%.
• Haile delivered record quarterly gold production of 60,249 ounces.
• Didipio achieved full underground mining rates in March, and in the quarter produced 29,446 ounces of
gold and 3,510 tonnes of copper at first quartile All-In Sustaining Costs of $40 per ounce sold.
• Wharekirauponga (“WKP”) Indicated Resource increased 53% to 1.5 million tonnes (“Mt”) at 13.5 g/t gold
for 0.64 million ounces (“Moz”) gold including 1.27 Moz silver. Inferred Resources of 2.3 Mt at 9.4 g/t gold
for 0.7 Moz of gold including 1.6 Moz of silver, presenting a significant opportunity for further resource conversion.
• Gerard Bond commenced as President and Chief Executive Officer on April 4, 2022.
• Reaffirm full year consolidated guidance of 445,000 to 495,000 ounces of gold and 11,000 to 13,000 tonnes of copper, at an AISC of $1,275 to $1,375 and cash costs between $675 to $775 per ounce sold.

Gerard Bond, President and CEO of OceanaGold, said “OceanaGold has started the year strongly with the first quarter safely delivering record quarterly revenue and EBITDA and significant Free Cash Flow. This strong Free
Cash Flow generation allowed us to achieve a 29% reduction in net debt and reduce our leverage ratio to 0.40 times. Our stronger balance sheet puts us in a solid financial position from which we can invest in attractive
growth projects to create value for our shareholders.”
“This quarter’s performance was underpinned by record quarterly gold production at our Haile operation in the United States and a very strong first quarter of full production at our Didipio operations in the Philippines. At
Haile, we are continuing to see the benefits of operational and productivity improvements that began in mid2021. At Didipio, the operation achieved full underground mining rates at the end of the first quarter, ahead of
schedule by nearly one quarter.”
“Though there is a lot to celebrate in the quarterly results, we also know that there is a lot of work ahead of us to fully optimise the potential of the business. At Waihi, poor grade reconciliation at Martha underground had an
impact on its quarterly performance. A grade control drill programme is currently underway to deliver improved resource definition and allow for more optimal mine planning and stope sequencing, which we expect will
improve the performance of this orebody and mining operation overall.”
“We also have a pipeline of organic growth projects that have the potential to create additional value for shareholders. Once we commence development of the underground mine at Haile, we believe we will begin to
unlock the true upside potential of this orebody. Looking further ahead, Wharekirauponga (“WKP”) has the potential to be a significant, high-grade mine within our portfolio.”
“We remain focused on safely and responsibly delivering on our production guidance for 2022, maximising Free Cash Flow generation and progressing the attractive growth options in our portfolio.” said Mr Bond.

Table 1 – Production and Cost Results Summary
see & read more on
https://ogc.irmau.com/site/PDF/06af0e2e-4e21-4061-9646-c13e4954091f/OceanaGoldReportsFirstQuarter2022FinancialResults