Oceanagold Corporation · TSX:OGC
Oceanagold — Investor Presentation (December 2025)
46 slides from Oceanagold's investor presentation, December 2025
Slide 1: Delivering Returns and Growth
Delivering Returns and Growth December 2025 CARE | RESPECT | INTEGRITY | PERFORMANCE | TEAMWORK
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Note Regarding Forward-Looking Statements This presentation 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 i
Slide 3: Global Intermediate Gold and Copper Producer with Significant Growth Potential
Global Intermediate Gold and Copper Producer with Significant Growth Potential Mining gold for a better future Committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders Four operating mines in Tier 1 jurisdi
Slide 4: Our Purpose, Our Vision, Our Values
Our Purpose Mining gold for a better future Our Vision To be a company people trust, want to work and partner with, supply and invest in, to create value Our Values Care Respect Integrity Performance Teamwork 4
Slide 5: Diversified Portfolio: 2025 Guidance
Diversified Portfolio Four operating assets producing GOLD & COPPER with significant organic growth opportunities HAILE, United States of America 170-200 koz 20% 450 – 520 koz 38% DIDIPIO, Philippines 2025 GUIDANCE Gold production 85-105 koz 2025 Gold 13 – 15 kt Production1 Copper production MACRAES
Slide 6: Well Positioned for the Next Stage of Our Growth
Well Positioned for the Next Stage of Our Growth Executing our strategy Investing in low-risk organic growth Strong balance sheet No debt, strengthening cash balance and robust FCF generation The right leaders in place Strong, capable and aligned leaders to deliver the next phase of the business 6
Slide 7: Strong, Capable & Aligned Leadership Team
GERARD MARIUS BHUVANESH KEENAN Strong, Capable BOND President & VAN NIEKERK EVP, Chief Financial MALHOTRA EVP, Chief Operating JENNINGS EVP, Chief Exploration & Aligned Chief Executive Officer Officer Officer Officer Leadership Team MICHELLE LIANG RICHARD EDELSON TANG SAVAGE EVP, Chief People & EVP,
Slide 8: Executing on Our Corporate Strategy
Executing on Our Corporate Strategy Five Pillars to Increase and Sustain a Higher Value for OceanaGold Shares 1 2 3 4 5 Safely and A Caring, Increase Deliver Financial Premium Responsibly Deliver Inclusive and Resources and Strength and Rating with Gold Production Winning Culture Reserves Cost Retur
Slide 9: Gold Production (koz)
2026 guidance Organic, low-risk, production to be issued in this February growth expected over the which will include our next 2 years1 updated Technical Reports2 1 650 600 620 Safely and 550 Responsibly Deliver Gold Production (koz) 520 550 489 Gold Production 500 450 450 400 350 300 2024 Actual 20
Slide 10: Operating and Investing in Top Quartile Jurisdictions
Operating and Investing in Top Quartile Jurisdictions1 New Zealand and the Philippines ranked as 1st and 2nd New Zealand ranked New Zealand (in Australia and Oceania)1 #12 82 global jurisdictions 12th overall, out of Philippines (up from 43rd last year) Western Australia South Australia The Philippi
Slide 11: Sustainability is Central to Business Performance
Sustainability is Central to Business Performance Produced by MSCI ESG Research as of July 2025 High importance on delivering 36% of 2024 short-term incentive KPIs results in a responsible way are sustainability related1 Safety of the workforce, care for the 5% Production environment, positive relat
Slide 12: A Caring, Inclusive and Winning Culture
Culture survey achieved strong employee Strength in technical expertise engagement scores for the second consecutive and across our business year Focused on creating an inclusive and Living Our Values program respectful workplace experience for our celebrates outstanding role 2 workforce models of o
Slide 13: Increase Resources & Reserves Cost Effectively
Net increase of Mineral Declared an initial Reserve Increasing exploration Reserves by 27% in at Wharekirauponga underground in 2024 investment across all sites 20241 3 2024 Reserve Changes1 1.21 Increase -0.48 6.22 Resources & Reserves Cost Effectively 0.23 0.09 0.13 0.16 4.89 $49/oz Au Average Res
Slide 14: Attractive Organic Growth Projects
Attractive Organic Growth Projects Project Catalyst Expected Timing1 Ledbetter 4 UG Study & Technical Report (NI 43-101) March 2026 Updated Haile Mine Plan HAILE Palomino Underground First Ore 2028 Underground optimization Technical Report DIDIPIO to achieve 2.5 Mtpa (NI 43-101) H1 2026 Potential fo
Slide 15: Growing the Exploration Pipeline
Growing the Exploration Pipeline Project Status Haile Didipio Waihi Macraes 1. Horseshoe UG 1. Didipio Panel 2, 3 & 4 1. Martha UG 1. Golden Point UG 1. Ledbetter UG 3. True Blue 1. EG Vein (Wharekirauponga) 1. Coronation 6, 7 & 8 Studies 1 Reserve Conversion 4. Pisces 4. Napartan 3. T-Stream (WNP)
Slide 16: Deliver Financial Strength and Returns
Significant improvement Strong financial performance Disciplined capital allocation in financial performance provides flexibility to to drive shareholder since 2021 allocate capital returns 4 Capital Allocation Framework Deliver Financial Strength and Strong Share Returns Growth Balance Sheet Divide
Slide 17: Increasing Cash Balance and Enhanced Shareholder Returns
Increasing Cash Balance and Enhanced Shareholder Returns Adding Cash to the Balance Sheet 335 299 228 192 Robust financial position 72 30 (77) (82) No debt (136) (191) (172) Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Net Cash (debt) ($M) Increasing shareholder returns Returnin
Slide 18: A Focus on Per Share Metrics
A Focus on Per Share Metrics Production (oz/‘000 share) Operating Cash Flow1 ($/share) 2.76 2.0 2.0 2.0 2.48 1.5 1.5 1.69 Strong per share metrics 1.62 1.11 Free Cash Flow powered by strong production and high 2021 2022 2023 2024 YTD 2025 2021 2022 2023 2024 YTD 2025 gold price environment Free Cash
Slide 19: Delivering Strong Returns on Capital
Delivering Strong Returns on Capital Generated $422M in Free Cash Flow over the last 12 months Return on Capital Employed1 Free Cash Flow Yield2 1. Source: Capital IQ. Last 12 months after-tax EBIT over total assets less current liabilities. 2. Calculated as trailing 12 month Free Cash Flow over the
Slide 20: A Premium Rating with the Investment Community
Independent Chair and Strong Management NYSE listing in strong technical team April 2026 Directors 5 Consensus Price to Net Asset Value 1.30x OGC Peer Average A Premium Rating 1.20x with the Investment 1.10x Community 1.00x 1.06x 1.04x 0.90x 0.80x 0.70x 1-Jan-25 10-Feb-25 22-Mar-25 1-May-25 10-Jun-2
Slide 21: Attractive Relative Valuation
Attractive Relative Valuation 2025E Capital Returned Yield1 2026E FCF Yield2 2026E EV EBITDA3 CG 5.9% NGD 25.5% LUG 11.3x IMG 20.8% AGI 7.1x OGC 3.7% EDV 19.2% EVN 6.9x EDV 3.0% SSRM 17.8% NST 6.2x LUG 2.9% BTO 17.7% DPM 6.2x DPM 2.9% RRL 14.6% CDE 6.1x K 2.5% TXG 14.4% PAAS 5.8x ELD 2.2% OGC 14.0%
Slide 22: Investment Thesis
Global intermediate gold and copper producer with deep expertise in operations, development and exploration Committed to safe and responsible mining managing our impacts and contributing to our host communities and society Investment Attractive financial outlook with significant production growth an
Slide 23: Haile Overview
HAILE HAILE Growth in the USA ~38% of OGC’s Annual Production2 Location South Carolina, USA Metals Gold OVERVIEW Mine Type Open Pit & 2025 Guidance Underground 170 - 200 koz Au Processing Carbon-in-leach Type flotation plant Mine Life1 2035+ 2025 AISC: $2,050 - $2,200/oz 1. Based on the technical re
Slide 24: Haile: Delivering Growth
Delivering Growth HAILE Grade driven production growth1 Optimize and extend Horseshoe Underground Opportunity First ore from Palomino Underground expected 2028 Pisces and Ledbetter Phase 4 as potential future underground ore sources Additional drilling at the early-stage Clydesdale target Deliver on
Slide 25: Haile Exploration
EXPLORATION $10M 2025 Exploration HAILE Guidance Strategic Multi-million ounce mine with further Position upside potential Only gold producer in under-explored gold district History of low $24 discovery cost per ounce1 Opportunity Continue exploration with focus on underground Leverage growing knowl
Slide 26: Didipio Overview
DIDIPIO DIDIPIO A Strong Free Cash Flow Generator with Upside Location Luzon Island, ~20% Philippines of OGC’s Annual Production2 Metals Gold & Copper Ownership 80% OceanaGold, OVERVIEW 20% PSE Listed 2025 Guidance 85 - 105 koz Au Mine Type Stockpile & 13 - 15 kt Cu Underground Processing Gravity, F
Slide 27: Potential to Increase Mining from Underground
Potential to Increase Mining from Underground DIDIPIO Maximize recovery of high-grade breccia Underground stopes Reserve Grades2: 40% 60% Optimization work suggests ability to 1.12 g/t Au increase mining rates from Current Potential 0.36% Cu mill feed mill feed Opportunity underground1 mix1 mix1 60%
Slide 28: Didipio Exploration
EXPLORATION $10M 2025 Exploration DIDIPIO Guidance Strategic High-margin Copper - Gold porphyry Position Multi-million-ounce deposit with large and prospective land holding ~7,000 ha Low $34 discovery cost per ounce1 Opportunity Continued growth through resource conversion and discovery Regional dis
Slide 29: Macraes Overview
MACRAES MACRAES The Foundation Asset ~29% of OGC’s Annual Production1 Location South Island, New Zealand OVERVIEW Metals Gold 2025 Guidance Mine Type Open Pit & 135 - 150 koz Au Underground Processing Carbon-in-leach, Type Pressure oxidation 2025 AISC: $1,800 - $1,950/oz 29 1. Based on the mid-point
Slide 30: Potential for Mine Life Extension
Potential for Mine Life Extension MACRAES Spot Gold Price2 vs Reserve & Resource Price1 4,500 Current gold prices are significantly higher 4,000 than reserve prices 3,500 US$/oz 3,000 Potential for pit shell expansions Opportunity 2,500 at higher gold prices 2,000 Current measured and indicated 1,50
Slide 31: Macraes Exploration
EXPLORATION $5M 2025 Exploration MACRAES Guidance Strategic 5 Moz produced from 11 deposits1 Position 30km highly mineralized structure Large >14,000 ha prospective land holding Opportunity Significant ounce potential with leverage to higher gold prices Continuing target generation utilizing data-ri
Slide 32: Waihi Overview
WAIHI WAIHI The Gateway to Wharekirauponga ~13% Location North Island, of OGC’s Annual Production2 New Zealand Metals Gold, Silver OVERVIEW 2025 Guidance2 Mine Type Underground 55 - 70 koz Au Processing Carbon-in-pulp Type Mine Life1 2038+ (MUG+WUG) 2025 AISC: $2,000 - $2,200/oz 1. Based on the tech
Slide 33: Future High-Grade Feed to Existing Process Plant
Future High-Grade Feed to Existing Process Plant WAIHI Wharekirauponga is ~10km north of the Waihi process plant Wharekirauponga Underground with exceptional Reserve grade of 9.2 g/t1 Opportunity Drilling to-date focused largely on the East Graben vein zone only The deposit is open along recently ex
Slide 34: Waihi District PFS Highlights
Waihi District PFS Highlights OceanaGold is a safe and responsible operator with a 30-year history of exploring, operating, and developing projects in New Zealand Declared an initial Mineral Reserve at Wharekirauponga Underground of 4.1 Mt at 9.2 g/t for 1.2 million ounces of gold1 Draft decision an
Slide 35: New Zealand Fast-track Approvals Process
New Zealand Fast-track Approvals Process Expect Approval Year-End 2025 WNP named as a proposed Fast-track Fast-track Expected final Underground Fast-track application application Comments decision from development Project submitted deemed complete Closed Fast-track panel1 commences2 Oct Mar May Sep
Slide 36: Waihi Exploration
EXPLORATION $15M 2025 Exploration WAIHI Guidance Strategic 8 Moz high-grade epithermal district1 Position Large land holding centered on 3 major epithermal deposits Wharekirauponga $39 discovery cost per ounce2 Opportunity Significant reserve growth potential at Wharekirauponga and Martha Additional
Slide 37: Wharekirauponga: Continued Exploration Success
Wharekirauponga: Continued Exploration Success1 37 1. See news release titled “OceanaGold Extends High-Grade Mineralization at Wharekirauponga and Receives Draft Decision and Conditions to Approve the Waihi North Project”, dated November 25, 2025.
Slide 38: Appendix
APPENDIX
Slide 39: Capital Structure
Capital Structure Capitalization1,2 Top Shareholders2 Analyst Coverage TSX / OTCQX OGC / OCANF BMO Capital Markets Brian Quast Issued and Outstanding Shares1: 228M Canaccord Genuity Jeremy Hoy Fully Diluted Shares1: 234M Current Share Price (CAD)2: $36.62 CIBC World Markets Cosmos Chiu 52-Week Low /
Slide 40: On Track to Achieve 2025 Guidance
On Track to Achieve 2025 Guidance YTD Gold Production YTD Copper Production YTD Total Capital Investment2 340 koz 10.2 kt $345M YTD YTD YTD 70%1 73%1 68%1 Guidance: 450 - 520 koz Guidance: 13 - 15 kt Guidance: $485 - $530M $2,052/oz YTD AISC3 YTD Guidance: $1,900/oz $2,050/oz 1. Percentages based on
Slide 41: Macraes Surface Operations Overview and Pit Sequencing
Macraes Surface Operations Overview and Pit Sequencing Current Mineral Reserves at $1750/oz • Innes Mills 7 (2025) • Innes Mills 8 (2025-2026) Potential Mine Life Extension1 • Innes Mills 9 (2026-2030) • Innes Mills 10 (2028-2031) 1. Potential mine life extensions at Innes Mills are based on Mineral
Slide 42: Board of Directors
Board of Directors PAUL GERARD LINDA SANDRA STEFANIE CRAIG ALAN IAN BENSON BOND BROUGHTON DODDS LOADER NELSEN PANGBOURNE REID Chairman Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director 42
Slide 43: Proven and Probable Reserves
Proven and Probable Reserves As at December 31, 2024 Proven Probable Proven & Probable 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 0.17 2.66 4.49 0.38 3.78 4.56 0.55 1.79 g/t
Slide 44: Measured, Indicated & Inferred Resources
Measured, Indicated & Inferred Resources As at December 31, 2024 Measured Indicated Measured & Indicated Inferred Cut-off grade Tonnes (Mt) Au (g/t) Contained (Moz) Tonnes (Mt) Au (g/t) Contained (Moz) Tonnes (Mt) Au (g/t) Contained (Moz) Tonnes (Mt) Au (g/t) Contained (Moz) Horseshoe Underground 1.
Slide 45: Technical Disclosure
Technical Disclosure 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 ha
Slide 46: Investor Relations Contacts
Brian Martin SVP, Business Development & Investor Relations 400 Burrard Street #1020 Vancouver, British Columbia V6C 3B7 Haley Mayers Canada Vice President, Investor Relations +1 604 678 4123 ir@oceanagold.com Valerie Burns oceanagold.com Manager, Investor Relations