Slide 1: Macraes Site Visit
Macraes Site Visit January 20, 2025 CARE | RESPECT | INTEGRITY | PERFORMANCE | TEAMWORK 1
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. Forward-looking stateme
Slide 3: Macraes Management Team
JAMES HAMISH PIETER TOM JOLYON QUENTON Macraes ISLES Asset President BLAKEMORE Manager, Geology DOELMAN Manager, Open Pit GUY Manager, Continuous JARDINE Manager, Underground JOHNSTON Manager, Process Plant Management Mining Improvement Mining Team KNOWELL CINDY LANCE DEANNE SUZANNE PAUL MADAMBI NAI
Slide 4: Responsibly Mining at Macraes for 35 Years
Responsibly Mining at Macraes for 35 Years Prospective Pressure oxidation Golden Point drilling begins and autoclave underground commissioned commissioned 1987 1999 2021 2028+ Potential for mine life extension Current mine life1 Reserve only 1862 1990 2007 2024 First gold was discovered in the Macra
Slide 5: Macraes Strategic Priorities
Macraes Strategic Priorities The Macraes Operation has been mining gold for 35 years and has produced over 5 million ounces to date Continue operating safely and responsibly, while delivering near-term production growth Enhance Free Cash Flow generation through value capture programs and operational
Slide 6: Macraes Site Overview
Macraes Site Overview +14,000 ha prospective land package Open Pit Mining Currently mining phase 7 & 8 of the Innes Mills open pit Underground Mining Currently mining from Golden Point Underground Carbon in Leach (CIL) & Pressure Oxidation Processing +6.5Mt per annum at ~80% Au recovery1 Permitted T
Slide 7: Safety Performance
Continue to ensure a safe Our commitment to Mental health is fundamental workplace by approaching operating safely stretches to our employees’ well-being. every task with OurSafe from leadership to the We continue to expand our Behaviours — emphasizing frontline. Leadership will mental health suppor
Slide 8: Stakeholder Engagement
Macraes Community Fishing Day Stakeholder Engagement Focused on building and sustaining strong relationships with all stakeholders. We seek the input of the local Macraes and broader Otago communities, and indigenous peoples in shaping our operations. Proactive Engagement & Education Macraes Mine Se
Slide 9: Environment & Climate
Environment & Climate Strong focus on regulatory compliance Compliance Level 2 corporate Responsible Gold Sustainability Baseline reports submitted assurance Mining Principles data external environmental to Council (RGMP) external assurance surveys for assurance permits (including MP4) Carbon Reduct
Slide 10: Surface Operations Overview and Pit Sequencing
Surface Operations Overview and Pit Sequencing Current Mineral Reserves at $1500/oz • Innes Mills 6 (completed) • Innes Mills 7 (2025) • Innes Mills 8 (2025-2026) Potential Mine Life Extension1 • Innes Mills 9 (2026-2029) • Innes Mills 10 (2028-2030) Mining Fleet • Drill: 3x top hammer, 1 x rotary •
Slide 11: Potential For Mine Life Extension at Coronation and Golden Bar
Potential For Mine Life Extension at Coronation and Golden Bar Potential Mine Life Extenstions1 • Coronation 6 (2026-2028) CO6 • Coronation 7 (2028-2029) CO7 Potential Mine Life Extensions1 GB3 • Golden Bar 2 (2027) GB2 • Golden Bar 3 (2029-2030) 1. Potential mine life extensions in Coronation North
Slide 12: Industry-Leading Low Mining Unit Costs
Industry-Leading Low Mining Unit Costs Surface Mining LOM Tonnes vs. Costs1 Mining costs by area 60 Contractors $1.60 8% $1.54 Other $1.48 50 5% $1.33 Labour 40 $1.13 31% Maintenance Q3 2024 YTD USD/t 30 16% Mt 20 $1.48 / tonne 10 Tyres 4% 0 Explosives 2020 2021 2022 2023 2024 7% Energy Movement OP
Slide 13: Golden Point Underground
Golden Point Underground Leveraged knowledge Golden Point Underground Quick Facts from previously mined Development began 2020 Frasers Underground to optimize production at Mining method Longhole open stoping Golden Point Development rates 750m/month Annualized ore tonnage 800ktpa Reserve grade 1.97
Slide 14: Process Plant
Process Plant Milling & Crushing Sag mill & ball mill, ROM crusher and jaw crusher Carbon in Leach (CIL) Circuit Crushing/Grinding Processing +6.5Mtpa at ~80% Au recovery1 Circuits Pressure Oxidation Circuit (Autoclave) est.1999 and improved gold recovery Flotation & Regrind Circuits CIL/Elution/Ele
Slide 15: Macraes Mill Optimization
Macraes Mill Optimization Strategic 2023 mill repair – Identified & efficiently rectified Timeline 2023 grinding circuit improvements initiated – comprising of 7 projects 2024 Macraes Process Plant achieves over +6.5Mtpa1, an all-time record 2025 line switching for new tailings storage facility in F
Slide 16: 25 Years of Autoclave Operation
25 Years of Autoclave Operation Macraes orebody is carbonaceous & refractory (double-refractory) The autoclave operates at high pressure (3140kPa) and high temperature (225⁰C) to liberate the gold Entire process is completed in 57 minutes, compared to a natural process that takes millions of years T
Slide 17: Macraes Geology
Macraes Geology Orogenic gold hosted within schist A Continuous mineralization along a shallow dipping B regional scale (30km+) shear zone C Four main mineralization styles D A) Cataclasite B) Lode schist C) Silicified breccia/ Quartz veining D) Sheeted veining 100m 17
Slide 18: 30km of Mineralized Strike Extent
30km of Mineralized Strike Extent 40 years of exploration data to leverage off Broad halo of low-grade mineralization surrounding higher grade lodes within thick shear zone Higher gold prices provide opportunity to expand existing open pits and establish new open pits along strike Mineralization is
Slide 19: Appendix
a) OCEANAGOLD APPENDIX
Slide 20: Mineral Reserves Estimate
Mineral Reserves Estimate As at December 31, 2023 Class Mt Au (g/t) Ag (g/t) Au (Moz) Ag (Moz) Proven 0.2 2.0 - 0.01 - Macraes Underground Probable 2.8 1.97 - 0.18 - Underground Total 3.0 1.97 - 0.19 - Proven 6.0 0.51 - 0.10 - Macraes Open Pits Probable 13.6 0.71 - 0.31 - Open Pits Total 19.6 0.65 -
Slide 21: Mineral Resources Estimate
Mineral Resources Estimate As at December 31, 2023 Class Mt Au (g/t) Ag (g/t) Au (Moz) Ag (Moz) Measured 0.3 2.6 - 0.03 - Macraes Underground Indicated 7.6 2.43 - 0.59 - Underground Total 7.9 2.44 - 0.62 - Measured 10.2 0.73 - 0.24 - Macraes Open Pits Indicated 23.5 0.63 - 0.48 - Open Pits Total 33.
Slide 22: Technical Disclosure
Technical Disclosure Qualified Persons Except as otherwise stated herein, Peter Sharpe, Executive Vice President, Chief Operating Officer Asia-Pacific, a qualified person under NI 43-101, has reviewed and approved the disclosure of all scientific and technical information related to operational matt
Slide 23: ir@oceanagold.com oceanagold.com
400 Burrard Street #1020 Vancouver, British Columbia V6C 3B7 Brian Martin Canada SVP, Business Development & Investor Relations +1 604 678 4123 Rebecca Harris ir@oceanagold.com Vice President, Investor Relations oceanagold.com 23