Oceanagold Corporation · TSX:OGC

Oceanagold — FY2011 Earnings Presentation

23 slides from Oceanagold's earnings presentation, Feb 17, 2012

1. Slide 1: 2011 Full Year Results Conference Call Presentation

   2011 Full Year Results Conference Call Presentation February 17, 2012

2. Slide 2: Cautionary Note

   Cautionary Note Cautionary Notes a) Information Purposes Only The information contained in this presentation is provided by OceanaGold Corporation (“OGC”) for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securiti

3. Slide 3: FY 2011 Highlights

   FY 2011 Highlights  Revenue $395.6m @ average gold price US$/oz Cash operating margin $/oz 1,800 Cash operating cost $/oz 1,600 Gold price rec'd (ave) $ of $1,587 per ounce 1,400 1,200 1,000  249,261 oz gold sold at cash operating 800 cost $875 per ounce 600 400  Produced 252,499 ounces of gold 2

4. Slide 4: FY 2011 Operational Summary

   FY 2011 Operational Summary  Safety: 1 Fatality, 5 Lost time injuries, 13.4 TRIFR (per million hours)  Gold production of 252,499 ounces, 6% lower vs 2010  Lower grades at Macraes & Reefton  Throughput increased 7%  Continued improvement in plant recovery to 82.9%  Cash costs $875 per ounce fo

5. Slide 5: Pro forma net cash flow per ounce sold

   Pro forma net cash flow per ounce sold Per ounce Au sold Q4 2011 Q3 2011 Q2 2011 Q1 2011 FY2011 FY2010 Average Gold Price Rec’d $1,705 $1,706 $1,546 $1,401 $1,587 $1,140 Cash Cost reported $8902 $956 $921 $687 $8751 $570 Pre strip cash expenditure $121 $147 $165 $256 $172 $234 capitalised to Balance

6. Slide 6: A closer look at cash costs 2011 vs 2010

   A closer look at cash costs 2011 vs 2010 Cash Cost (US$/oz) Analysis 1200 1000 54 76 800 87 88 600 400 875 570 200 0 FY2010 FX Capitalised Input Costs Ounces FY2011 mining costs & other dif f erence  Reported cash cost in 2011 increased to $875 per ounce  Strengthening of NZD vs USD during 2011 ($

7. Slide 7: Operations: Macraes Open Pit & Frasers Underground

   Operations: Macraes Open Pit & Frasers Underground Macraes Q4 2011 Q3 2011 Q4 2010 FY2011 FY2010 Goldfield Gold Produced (oz) 44,451 42,136 47,358 174,851 182,759 Mill Feed (Mt) 1.470 1.431 1.355 5.817 5.459 Mill Feed grade (g/t) 1.14 1.10 1.40 1.12 1.28 Recovery (%) 82.5% 83.1% 77.6% 83.3% 81.3% 

8. Slide 8: Operations: Reefton

   Operations: Reefton Reefton Q4 2011 Q3 2011 Q4 2010 FY2011 FY2010 Goldfield Gold Produced (oz) 21,299 16,954 19,649 77,648 85,843 Mill Feed (Mt) 0.432 0.458 0.408 1.771 1.623 Mill Feed grade (g/t) 1.89 1.54 1.98 1.67 2.01 Recovery (%) 81.3% 80.7% 79.0% 81.4% 82.5%  Gold production 10% lower vs 2010

9. Slide 9: Development: Didipio Project

   Development: Didipio Project  Construction activities in Q4 2011  Concrete pouring commenced on schedule in November  Mining contractor mobilised to site in December  Process plant site earthworks completed despite some heavy rain  Plant design > 90% complete  Mining commenced January 2012  C

10. Slide 10: Didipio: Construction Progress

    Didipio: Construction Progress January: Crushing filter materials January: First steel February: Ball Mill Plinth January: Sag mill base January: Tailings thickener foundation February: Flotation area 10

11. Slide 11: Didipio Project Key Schedule

    Didipio Project Key Schedule On track to commission Q4 2012, full year production 2013 2011 2012 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Site access road • First ore in mills • Commissioning Construction camp1 complete Operations village Mining infrastructure Tailings Storage Facility Storage Sheds Power station Crush

12. Slide 12: Didipio: Community Relations

    Didipio: Community Relations  Dicorp established for long term services  Education – scholarships, teacher salaries  Skills upgrade - business planning, compost technology  Medical missions – ongoing sponsorships  Environmental programs – National Greening Program  Agricultural initiatives – f

13. Slide 13: Exploration: New Zealand

    Exploration: New Zealand Macraes Goldfields Frasers Underground  Resources up 25%1 at main  Surface drill program to test potential Hangingwall Shear extension of mineralisation commenced  Updated resource statement Dec 2011,  Targeting open pit and underground mine life expected to extend to 20

14. Slide 14: Exploration: Philippines

    Exploration: Philippines Didipio Mogambos  Significant gold anomalies identified  4km north of Didipio mine  Drilling program planned MMB and TNN  Grid soil sampling  Au-Cu-As geochemical anomalies  Geochemical signature consistent with high level porphyry Cu–Au  Located ~10km NW of Didipio P

15. Slide 15: Financial Summary

    Financial Summary — » /

16. Slide 16: Q4 2011 Results

    Q4 2011 Results  Revenue up 3% to $106.6m vs. $103.5m in Q3 2011  increase ounces of gold sold by 3% to 62,515 ounces  Average gold price received $1,705/oz vs Q3 2011 of $1,706/oz  EBITDA1 was $43.7m for Q4 2011 vs. $43.3m in Q3 2011  Cash costs were $8902/oz, benefitting from  weaker NZD vs

17. Slide 17: Group Results Q4 2011

    Group Results Q4 2011 Q4 2011 Q3 2011 Q4 2010 $m $m $m Revenue 106.6 103.5 93.8 Operating Costs (62.9) (60.2) (44.5) EBITDA 43.7 43.3 49.3 Dep’n & Amortisation (21.5) (24.4) (15.4) Net Interest (3.5) (3.3) (3.4) Sub Total 18.6 15.5 30.4 Income Tax (4.3) (4.6) (9.4) Net Earnings 14.3 10.9 21.0 Note:

18. Slide 18: 2011 Results

    2011 Results  Revenue increased 29% to $395.6m vs $305.6m in 2010  Higher gold prices partly offset by lower sales volumes  Gold sales of 249,261 ounces (2010: 268,087 ounces)  EBITDA1 of $163.9m up 17% from $139.5m from increased cash operating margins  D&A $85.8m vs $69.3m in 2010  Increase

19. Slide 19: Group Results 2011

    Group Results 2011 2011 2010 $m $m Revenue 395.6 305.6 Operating Costs (231.7) (166.1) EBITDA 163.9 139.5 Dep’n & Amortisation (85.8) (69.3) Net Interest (12.9) (14.8) Sub Total 65.2 55.4 Fair Value of Hedges - 16.2 Income Tax (21.0) (27.2) Net Earnings 44.2 44.4 Note: Summation subject to rounding

20. Slide 20: 2011 Cash Flows

    2011 Cash Flows  Operating cash flows improved due to higher gold prices  Investing cash flows included:  Didipio Project construction $66m  Pre stripping capex: $45m  Sustaining & Rehab capex: $17m  Exploration: $11m  New Zealand operations generating positive free cash flows  Cash on hand

21. Slide 21: Cash Flows December 31, 2011

    Cash Flows December 31, 2011 Q4 2011 2011 2010 $m $m $m Opening cash balance 163.4 181.3 42.4 Operating cash inflows 56.0 154.6 52.3 Capital expenditure (47.7) (146.6) (94.5) Financing cash outflows (4.6) (16.1) 173.5 Forex effect 2.9 (3.2) 7.7 Net cash (decrease)/increase 6.6 (11.3) 138.9 Closing c

22. Slide 22: Outlook

    Outlook  Didipio construction ramping up and on schedule  2012 Guidance  FY Production guidance 230,000 to 250,000 ounces Au  FY cash costs of US$900 to $980 per ounce  Exploration  Drilling at Blackwater  Commence drilling at Didipio FTAA  Drilling to continue down dip at Frasers Undergroun

23. Slide 23: OceanaGold

    OCEANAGOLD INNOVATION, PERFORMANCE & GROWTH

OceanaGold — FY2011 Earnings Presentation on 6ix