CORPORATE PRESENTATION€¦ · this presentation reflect those of the individual presenters only. No representation or warranty, express or implied, is made as to the fairness, accuracy,

CORPORATE PRESENTATION

AUGUST 2020

CONSISTENTLY DELIVERING ON COMMITMENTS

INNOVATION I PERFORMANCE I GROWTH

Cautionary and Technical StatementsCautionary Notes - 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, securities of OGC or other financial products. The information contained herein is not investment or financial product advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. The views, opinions and advice provided in this presentation reflect those of the individual presenters only. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusion contained in this presentation, except as otherwise required by law. To the maximum extent permitted by law, none of OGC or any of its directors, officers, employees or agents accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. Furthermore, this presentation does not constitute an offer of shares for sale in the United States or to any person that is, or is acting for the account or benefit of, any U.S. person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")) ("U.S. Person"), or in any other jurisdiction in which such an offer would be illegal. OGC’s shares have not been and will not be registered under the Securities Act.

Cautionary Statement Concerning Forward Looking Information Certain information or statements contained in this presentation may constitute “forward-looking” information or statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect OGC’sexpectations regarding the generation of free cash flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OGC and its related subsidiaries. Any statements that express or involvediscussions with respect to predictions, expectations, beliefs, plans, forecasts, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does notanticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statementsare subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. They include, among others, the accuracy of mineral reserve and resource estimates andrelated assumptions, inherent operating risks, and those risk factors identified in OGC’s most recent annual information forms prepared and filed with securities regulators which are available on SEDAR at www.sedar.com under OGC’s profile.

In addition, all of the results of the preliminary economic analysis ("PEA") for the Waihi District constitute forward-looking statements or information, and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects and the Waihi District. Furthermore, OGC has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of gold; (vi) the cost of consumables and mining and processing equipment; (vii) unforeseen technological and engineering problems; (viii) changes in regulations; (ix) the regulation of the mining industry by various governmental agencies; and (x) changes in project scope or design, among others.

There are no assurances OGC can fulfil forward-looking statements and information or that results implied by such forward-looking statements or information will be achieved. Such forward-looking statements and information are only estimates or forecasts based on current information available to management of OGC as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing OGC, some of which are beyond OGC’s control. Although OGC believes that any forward-looking statements and information contained in this presentation are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. OGC expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws.

PRELIMINARY ECONOMIC ASSESSMENT CAUTIONARY STATEMENT

The PEA is a preliminary technical and economic study of the potential viability for the Waihi District project. The production target and financial forecast referred to in the PEA are comprised of 51% Indicated Mineral Resources and 49% Inferred Mineral

Resources. Inferred Mineral Resources are considered too geologically speculative to have economic considerations applied to them in order to be categorized as Mineral Reserves. There is no certainty that further drilling will convert Inferred Resources

to Indicated Mineral Resources or that the PEA will be realised. Mineral resources that are not mineral reserves do not have a demonstrated economic viability. Further drilling, evaluation and studies are required to provide any assurance of an economicdevelopment case.

Technical DisclosureMineral Resources for Waihi District Study have been verified and approved by, or are based upon information prepared by or under the supervision of, P. Church. Information relating to Waihi exploration results in this presentation has been verified by, is based on and fairlyrepresents information compiled by or prepared under the supervision of L. Torckler. Mine Designs, schedules and economic analysis for Waihi District Study have been verified and approved by, or are based upon information prepared by or under the supervision of, T. Maton.Metallurgical and mineral processing information for Waihi has been verified and approved by, or are based upon information prepared by or under the supervision of, D. Carr. D. Carr, P. Church, and T. Maton are Members and Chartered professionals with the AustralasianInstitute of Mining and Metallurgy while L. Torckler is a Fellow with the Australasian Institute of Mining and Metallurgy. Messrs Carr, Church, Maton and Torckler have sufficient experience, which is relevant to the style of mineralisation and type of deposits underconsideration, and to the activities which they are undertaking, to qualify as Competent Persons as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“JORC Code”) and all are Qualified Persons forthe purposes of the NI 43 101. Messrs Carr, Church, Maton and Torckler are employees of OceanaGold and they consent to the inclusion in this public presentation of the matters based on their information in the form and context in which it appears. For further scientific andtechnical information (including disclosure regarding Mineral Resources and Mineral Reserves) relating to the Waihi PEA and Operation, please refer to the PEA which will be filed on SEDAR within 45 days, and NI 43-101 compliant technical reports available at sedar.com underthe Company’s name.

General Presentation NotesAll AISC and cash costs are net of by-product credits unless otherwise statedAll financials are denominated in US Dollars unless otherwise stated

3

OceanaGold OverviewGLOBAL MID-TIER PRODUCER WITH SIGNIFICANT ORGANIC GROWTH PIPELINE

STRATEGIC

INVESTMENTS &

JOINT VENTURES

JOINT VENTUREMELBOURNE

DENVER

NUG EQUITY

HIGHLAND JV

SPRING PEAK JV

PEDERNALES JV

HAILE

DIDIPIO

WAIHI

MACRAES

12MMA TRIFR (2)

2.7per million hours worked

MSCI ESG RATING (3)

A

GOLD PRODUCTION

340 – 360koz

ALL-IN SUSTAINING COSTS

$1,050 – $1,100per oz sold

2020 REVISED GUIDANCE (1)

P&P RESERVES (4)

5.3 Moz Gold

160 kt Copper

M&I RESOURCES (4)(5)

9.6 Moz Gold

170 kt Copper

INFERRED RESOURCES (4)

4.6 Moz Gold

30 kt Copper1. 2020 Guidance provided excludes Didipio. Following resumption of operations at Didipio, the Company will update the 2020 guidance.

Combined AISC is inclusive of $20m of corporate overheads. Each site AISC excludes corporate overhead allocations. Only Haile and

Macraes exploration capital is included in the Company’s AISC. Guidance may also be impacted by operational restrictions or impacts

due to the Covid-19 virus

2. TRIFR = Total Recordable Injury Frequency rate

3. In 2020, OceanaGold received a rating of “A” in the MSCI ESG Ratings assessment

4. Reserves & Resources are reported as at Jun 2020 (for Waihi) and Dec 31 2019 (All over assets). Refer to www.oceanagold.com

5. M&I Resources are inclusive of P&P Reserves

4

Managing near term risks

13.06

8.09

5.49

4.56

2.69

3.99 3.994.50

3.602.70

0

2

4

6

8

10

12

14

2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2 2020

TOTAL RECORDABLE INJURY FREQUENCY RATE(12-Month Moving Average)

HAILE MACRAES WAIHI DIDIPIO

▪ 8 confirmed COVID-19 cases

to-date, 3 active and

quarantined (1)

▪ Approx. 170 employees have

self-imposed quarantine for

symptoms since March

▪ April shutdown in accordance

with gov’t regulations with

limited mining and restricted

milling

▪ No COVID-19 cases to date (1)

▪ Development of Martha UG

temporarily paused per gov’t

regulations in April


▪ Gov’t focus on COVID-19

response temporarily paused

review of FTAA renewal

▪ Gov’t initiative in place to

pursue economic growth post

pandemic


1. To date as of July 31, 2020.

5

Highly Ranked ESG Performance

Note: The use by OceanaGold of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks,

service marks or index names herein, do no constitute a sponsorship, endorsement, recommendation or promotion of OceanaGold by

MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided “as-is” and without warranty. MSCI

names and logos are trademarks or service marks of MSCI.

6

Financial Overview as at 30 June 2020

CONSERVATIVE APPROACH TO BALANCE SHEET MANAGEMENT

2020 SUSTAINING CAPITAL

$75 – $95 million

2020 GROWTH CAPITAL

$135 – $145million

2020 CAPITAL INVESTMENT PROGRAM

CASH

$148million

FACILITY DEBT

$200million

EQUIPMENT FINANCE

$117million

NET DEBT

$170million

2020 GOLD HEDGES

» 59,400 oz of Macraes zero-cost collar hedges

remaining

▪ NZ$2000/oz to NZ$2,100/oz (current:

NZ$2,760/oz)

» 48,000 oz advance gold sales @ US$1,635/oz

▪ Delivery: Sep to Dec 2020

REVOLVING CREDIT FACILITY

» $200m facility – fully drawn

» Maturing date – December 31, 2021

» Banking Syndicate – six international banks

7

MANAGING FOR THE NEAR-TERM

PLANNING FOR THE LONG-TERM

Strategic Focus

EXECUTE CURRENT OPERATIONAL PLANS1

RESTART DIDIPIO OPERATIONS 2

INVEST IN ORGANIC GROWTH 3

0

2

4

6

8

10

12

14

16

Oce

an

aG

old

En

de

avo

ur

Cen

terr

a

St

Barb

ara

Pre

tiu

m

Reg

is

SS

R M

inin

g

Ya

ma

na

B2

Go

ld

No

rthe

rn S

tar

Evolu

tio

n

Sa

race

n

Ala

mo

s

Ag

nic

o E

ag

le

2021 PRICE TO CASH FLOW (1)

0

2

4

6

8

10

12

Oce

an

aG

old

Reg

is

St

Barb

ara

Ce

nte

rra

SS

R M

inin

g

Nort

he

rn S

tar

Sa

race

n

Ya

ma

na

Pre

tiu

m

Evolu

tio

n

B2

Go

ld

Ala

mo

s

Ag

nic

o E

ag

le

2021 EV / EBITDA (1)

8

Valuation Disconnect

$3.91

$4.98

$3.51

$1,148

$1,283

$1,975

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

$5.50

Jan 1 2017 Jan 1 2019 July 31 2020

OG

C S

hare

Price (

CA

D)

OGC SHARE PRICE vs GOLD PRICE

Spot Gold

1. RBC Capital Markets May 2020

C$3.91/sh

Australian Analyst

Consensus

C$4.76/sh

North American

Analyst Consensus

9

History of Consistent Strong Returns

Source: Bloomberg

1. From 2011 to 2019

6.75%

5.20%

0%

1%

2%

3%

4%

5%

6%

7%

8%

OceanaGold Peer Avg

AVG RETURN ON EQUITY(1)

8.65%

6.50%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

OceanaGold Peer Avg

AVG RETURN ON INVESTED CAPITAL(1)

42.93%

25.87%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

OceanaGold Peer Avg

AVG EBITDA MARGIN (1)

$507.44

-$414.38

$73.64

$98.84

-$600

-$400

-$200

$0

$200

$400

$600

$800

OceanaGold Peer Avg

CUMULATIVE RETURNS (1)

Retained Earnings Cumulative Dividends Paid

WAIHI North Island, New Zealand

Martha UGWaihi District

Permitting

EXPLORATION STUDY PERMITTING DEVELOPMENT

HAILE South Carolina, United States

Open Pit,

Regional

Haile

Underground

Haile Expansion

Horseshoe UG

MACRAES South Island, New Zealand

Macraes Goldfield Golden Point UG

WKP

Martha

Underground

Organic Growth Pipeline

WKP

Waihi

11

Waihi District PEA OverviewOVER 12 MILLION OUNCES OF GOLD MINED FROM COROMANDEL DISTRICT

WAIHI DISTRICT PEA HIGHLIGHTS

BASE CASE SPOT SCENARIO

GOLD PRICE

ASSUMPTIONUS$1500/oz US$1750/oz

PRE-TAX NPV5% US$931m US$1,273m

AFTER-TAX NPV5% US$665m US$915m

AFTER-TAX IRR 51% 75%

LOM AISC US$627/oz sold US$641/oz sold

LOM Free Cash Flow $1.1 Bn $1.3 Bn

LIFE OF MINE (LOM) 2036+ 2036+

WKP U/G

MARTHA U/G

MARTHA O/P

GLADSTONE

PRELIMINARY ECONOMIC ASSESSMENT CAUTIONARY STATEMENT

The PEA is a preliminary technical and economic study of the potential viability for the Waihi District project. The production target and financial forecast referred to in the

PEA are comprised of 51% Indicated Mineral Resources and 49% Inferred Mineral Resources. Inferred Mineral Resources are considered too geologically speculative to

have economic considerations applied to them in order to be categorized as Mineral Reserves. There is no certainty that further drilling will convert Inferred Resources to

Indicated Mineral Resources or that the PEA will be realised. Further drilling, evaluation and studies are required to provide any assurance of an economic development

case. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.

12

Waihi District Opportunities Overview

WAIHI DISTRICT OPPORTUNITIES

MARTHA UG WKP GLADSTONE MARTHA OP

PERMITTING STATUS Fully Permitted Commenced Commenced Commenced

FIRST PRODUCTION 2021 2026 2024 2027

INITIAL MINE LIFE 2028+ 2031+ 2027 2036

STEADY STATE PRODUCTION koz 90 – 100 190 – 230 15 – 30 80 – 100

LOM GROWTH CAPITAL USDm $48 $139 $20 $116

GROWTH CAPITAL TIMING(2) 2020 – 2021 2022 – 2026 2024 2025 – 2028

-

200

400

600

800

1,000

1,200

1,400

-

50

100

150

200

250

300

350

202

0

202

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202

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202

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203

6

Unit C

osts

(U

SD

/ o

z)

Gold

Pro

duction (

koz)

PRODUCTION & COSTS

Martha UG WKP Gladstone Martha Open Pit Cash Costs AISC

13

PEA Cash Flow Overview (1)

-$100

-$50

$0

$50

$100

$150

$200

$250

$300

$350

$400

202

0

202

1

202

2

202

3

202

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202

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202

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202

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202

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202

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203

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203

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203

7

203

8

203

9

US

Dm

WAIHI DISTRICT CASH FLOW PROFILE

Operating Cash Flow Tax Capex Free Cash Flow

CUMULATIVE FCF (2)

$1.1 billion

AVERAGE LOM ANNUAL FCF (3)

$65 million

1. The PEA is a preliminary technical and economic study of the potential viability for the Waihi project. The financial forecast above is comprised of 51% Indicated Mineral Resources and 49% Inferred Mineral Resources. Inferred Mineral

Resources are considered too geologically speculative to have economic considerations applied to them in order to be categorized as Mineral Reserves.

2. Cumulative Free Cash Flow is undiscounted and represents the LOM potential free cash flow in the Base Case scenario as represented in the 43-101 Technical Report.

3. Excludes 2037 – 2039 (Site reclamation & closure years); represents the LOM average annual free cash flow in the Base Case scenario as represented in the 43-101 Technical Report.

4. Years where WKP is in production

AVERAGE ANNUAL FCF (2026 – 2031)

$140 million (4)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Q4 2019A Q1 2020A Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Deve

lop

me

nt (m

etr

es)

MARTHA UG DEVELOPMENT RATES

Actual Planned

14

Martha Underground Development

PEA MARTHA UNDERGROUND PHYSICALS

MILL FEED Mt 5.0

AVG GOLD GRADE g/t 4.4

CONTAINED GOLD Moz 0.71

CONTAINED SILVER Moz 2.3

DILUTION % 14

INITIAL MINE LIFE 2028+

MARTHA UNDERGROUND RESOURCES (1)

MILL FEED(Mt)

GOLD GRADE(g/t)

GOLD(Moz)

MEASURED & INDICATED 4.4 5.2 0.74

INFERRED RESOURCES 3.7 4.6 0.55

NOTE: Only half of Martha UG resource used for Waihi District Study

1. As at Jun 2020

First Production:

Q2/21 start up

Impact from COVID

15

Martha Underground Exploration

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

2016 Jun 2020R

esourc

es (

koz)

MARTHA UG RESOURCE GROWTH

M&I Resource Inferred Resource

EXPLORATION TARGET(1)

Additional 6 – 8 Mt @ 4-6 g/t

M&I: 740 koz

Inferred: 550 koz

1. This exploration target is based on the assessment of surface and underground drill data collected by the Company in addition to the significant

amount of historical and archived geological and mine data from over a century of mining activity at Waihi. The exploration target is conceptual

in nature and insufficient exploration has been undertaken in the areas that this exploration target relates to estimate a mineral resource. It is

uncertain if further exploration will result in the estimation of a mineral resource

15

1. This exploration target is based on the assessment of surface and underground drill data collected by the Company in addition to the significant

amount of historical and archived geological and mine data from over a century of mining activity at Waihi. The exploration target is conceptual

in nature and insufficient exploration has been undertaken in the areas that this exploration target relates to estimate a mineral resource. It is

uncertain if further exploration will result in the estimation of a mineral resource.

Rex

Edward

RoyalEmpire

Development

to date

‘target areas’

Martha

Martha Phase 5 Pit

Martha Pit

Exploration Target (1)

Mineral Resources

16

WKP Underground

PEA WKP PHYSICALS

MILL FEED Mt 3.5


INDICATIVE MET RECOVERY % 90



DILUTION % 14

INITIAL MINE LIFE 2031+

WKP RESOURCES (1)

MILL FEED(Mt)

GOLD GRADE(g/t)

GOLD(Moz)

MEASURED & INDICATED 1.0 13 0.42

INFERRED RESOURCES 1.9 12 0.72

TECHNICAL DETAILS

» State-of-the-art underground operation

» Decline under Department of Conservation (“DOC”) land

from private land

o Multiple options under consideration to minimise

surface disturbance

o Portal and infrastructure on private land

o Ventilation only surface expression along decline

route

» Minimise carbon footprint by investigating use of electric

vehicles

1. As at Dec 31, 2019

17

WKP Exploration

CURRENT EAST GRABEN VEIN PARAMETERS

» CURRENT STRIKE → 1,000 metres and open

» VERTICAL EXTENT → 200 metres defined and open

» VEIN WIDTH → 5 to 17 metres

» Significant exploration upside potential

Cross Section WKP Vein System

Long Section EG Vein from the Southeast (SE)

New (current) drill sites #6

#7

18

Martha Open PitPEA MARTHA OPEN PIT PHYSICALS

TOTAL WASTE MINED Mt 37.4

MILL FEED Mt 8.8

LOM STRIP RATIO 4.2 : 1




MINE LIFE 2036

MARTHA OPEN PIT RESOURCES

MILL FEED(Mt)

GOLD GRADE(g/t)

GOLD(Moz)



TECHNICAL DETAILS

» Incremental cut-back to previously permitted Phase 4

» Final cut-back of the pit; shell size defined

» Provides potential flexibility in processing capacity with

exploration success in Martha & WKP undergrounds

19

Gladstone Open Pit

PEA GLADSTONE PHYSICALS

TOTAL WASTE MINED Mt 10.1

MILL FEED Mt 3.2

LOM STRIP RATIO 3 : 1



CONTAINED SILVER <pz 0.39

MINE LIFE 2027

GLADSTONE RESOURCES (1)

MILL FEED(Mt)

GOLD GRADE(g/t)

GOLD(Moz)



TECHNICAL DETAILS

» Small open pit near process plant

» Provides early access to open pit ounces and

stockpiles for future processing

» Rock mined to be used for backfill for

underground mines & TSF construction material

1. June 2020

GLADSTONE

OPEN PIT

PROCESS

PLANT

ROM

PAD

20

Planned Process Plant Expansion

Installed H2/21

Installed H2/22Installed H2/23 Installed H2/23

EQUIPMENT CAPEX(USDm)

2021 – 2022

REEFTON JAW CRUSHER

(150 kW)4

INSTALL REEFTON SAG MILL

(3.6 MW)13

2023

INSTALL NEW BALL MILL

(3 MW)8

CONVERT EXISTING SAG MILL TO

BALL MILL4

INSTALL NEW PRE-LEACH

THICKENER (20 m3)2

INSTALL NEW LEACH TANK

(1500 m3)5

21

Tailings Storage

CURRENT TAILINGS STORAGE FACILITIES

CONSTRUCTION TYPE CAPACITY

TSF #1 DOWNSTREAM 2.2M tonnes

TSF #2 DOWNSTREAM 0.3M tonnes

TAILINGS REQUIREMENTS

CURRENT CAPACITY 2.5M tonnes

LOM CAPACITY REQUIRED 20.7M tonnes

TSF #1 LIFT

Up to 8.0M tonnes

TSF #2 LIFT

+ 1.5M tonnes

NEW TSF (#3)

+ 20.2M tonnes

GLADSTONE TSF

+ 4.9Mt

TSF EXPANSION OPTIONS

22

Operating Costs Estimates

LOM OPERATING UNIT COSTS

MARTHA UG MINING UNIT COSTS per tonne mined $31

WKP MINING UNIT COSTS per tonne mined $30

MARTHA OP MINING UNIT COSTS per tonne mined $4.4

GLADSTONE MINING UNIT COSTS per tonne mined $3.2

PROCESSING UNIT COSTS per tonne milled $19

SITE G&A UNIT COSTS per tonne milled $8.1

AISC BREAKDOWN ($ / oz sold)

DIRECT CASH COSTS $545

BY-PRODUCT CREDITS ($45)

ROYALTY $57

SUSTAINING CAPITAL $70

ALL-IN SUSTAINING COSTS $627

1

201

401

601

801

1,001

1,201

1,401

-

50

100

150

200

250

300

350

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Unit C

osts

(U

SD

/ o

z)

Gold

Pro

duction (

koz)

PRODUCTION & COSTS

Martha UG WKP Gladstone Martha Open Pit Cash Costs AISC

23

Capital Investment Overview

LOM CAPITAL INVESTMENTS(million)

GROWTH CAPITAL $447

SUSTAINING CAPITAL $105

SITE RECLAMATION & CLOSURE $50

LOM CAPITAL INVESTMENTS BREAKDOWN(million)

PROJECT SUSTAINING GROWTH

MARTHA UG $61 $48

WKP UG $25 $139

GLADSTONE OP $- $20

MARTHA OP $2 $116

GENERAL(including Site Reclamation & closure)

$55 $16

PROCESS PLANT $4 $33

OTHER $8 $75 -

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

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Capital U

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('0

00)

TOTAL CAPITAL INVESTMENT PROFILE

Total Sustaining Capital Total Growth Capital

Site Reclamation

& Closure

24

Planned Growth Capital by ProjectUNIT: ‘000

-

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20,000

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MARTHA UNDERGROUND

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WKP UNDERGROUND

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8

202

9

203

0

203

1

203

2

203

3

203

4

203

5

203

6

203

7

203

8

203

9

MARTHA OPEN PIT

-

10,000

20,000

30,000

40,000

50,000

60,000

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

203

0

203

1

203

2

203

3

203

4

203

5

203

6

203

7

203

8

203

9

GLADSTONE, PROCESS PLANT & OTHER

Gladstone General Growth Capex Total Other Growth Capex Process Plant Capex

25

Resource Consenting Process

INDICATIVE CONSENTING PROCESS & TIMELINES

ACTIVITY INDICATIVE TIMELINE

STAKEHOLDER ENGAGEMENT Up to 4 months

LODGEMENT OF CONSENT APPLICATIONS

PUBLIC NOTIFICATION AND SUBMISSIONS

COUNCIL RECOMMENDATION

7 to 12 months

(Expected to start Sep/Oct 2020)

COUNCIL HEARING and DECISION 3 to 4 months

TIME FOR APPEAL 1 to 2 months

ENVIRONMENT COURT OF APPEAL & DECISION

(if required)~ 12 months

CONSENTING OVERVIEW

» Permits approved under Crown Minerals Act

» Resource consents for all activities required under Resource Management Act

» OceanaGold has successfully consented several projects over last 30 years +

26

General Timelines

2020 2021 2022 2023 2024 2025 2026 2027 +

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4+

Consenting

Exploration

Initial

Development

Production

Exploration

Initial Development

Production

Initial Development

Production

MARTHA UG

WKP

Initial Development

Production

GLADSTONE

MARTHA OP

MUG Feasibility Study

WKP Pre-feasibility Study

OP Projects, TSF Feasibility Study

-

50

100

150

200

250

300

350

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

203

0

203

1

203

2

203

3

203

4

203

5

203

6

Gold

Pro

duction (

koz)

PEA PRODUCTION SUMMARY BY DEPOSIT

Martha UG WKP Gladstone Martha Open Pit

27

Significant Upside Potential

EXPAND MARTHA UG RESOURCES

EXPAND WKP RESOURCES

» Exploration target ➔ 6-8 Mt @ 4-6 g/t

» Only half of reported resource used for PEA

» Resource remains open

» Exploration drilling expected to continue for several

years

» Exploration ➔ EG, T-Stream & Western veins

» Only 35,000 metres of drilling to-date

» Majority of resource reported is on East Graben vein

which remains open

» Exploration drilling expected to continue for several

years

MARTHA OPEN PIT MILL FEED

» Discovery / extension of MUG & WKP resources pushes

out Martha OP plant feed

Martha UG

Expansion

Martha OP

Mill Feed

WKP

Expansion

28Operations Data OverviewHAILE MACRAES WAIHI DIDIPIO

CURRENT MINE LIFE 2031 + 2021 + 2030 + 2032 +

2020 GUIDANCE

GOLD PRODUCTION koz 180 – 190 160 – 170 18 – 20 NA

CASH COSTS per oz sold $650 – $700 $725 – $775 $700 – $750 NA

SITE AISC (1) per oz sold $1,020 – $1,070 $1,100 – $1,150 $715 – $765 NA

H1 2020 RESULTS

GOLD PRODUCED koz 60.1 67.1 12.2 NA

CASH COSTS per oz sold $1,073 $784 $432 $443(2)

SITE AISC (1) per oz sold $1,482 $1,106 $376 $444(2)

CAPITAL PROGRAM

GENERAL OPERATING US$m 10 – 15 10 – 15 – NA

PRE-STRIP & CAP MINING US$m 40 – 45 20 – 25 – NA

EXPLORATION US$m 2 – 3 6 – 7 10 – 15 NA

GROWTH CAPITAL US$m 80 – 85 8 – 9 45 – 50 NA

TOTAL CAPITAL US$m 130 – 145 45 – 55 55 – 65 NA

1. 2019 Actual AISC includes corporate allocations. 2020 Site AISC excludes corporate allocations

2. Didipio cash costs & AISC relate to 6.8koz of doré sales from Q1/20. Gold was produced in 2019

29

Haile Operations OverviewQ2 2020 Q1 2020 H1 2020 H1 2019

TRIFR (12-MMA)per million work

hours 6.3 5.7 2.7 7.7

GOLD PRODUCTION koz 30.7 29.4 60.1 62.9

GOLD SALES koz 31.7 33.3 65.0 58.8

CASH COSTS per oz sold $994 $1,147 $1,073 $902

SITE AISC per oz sold $1,410 $1,551 $1,482 $1,492

OPERATING PHYSICALS

MATERIAL MINED kt 10,155 8,602 18,757 9,425

WASTE MINED kt 9,416 7,941 17,357 8,242

ORE MINED kt 738 661 1,399 1,183

MILL FEED kt 934 869 1,803 1,506

MILL FEED GRADE g/t 1.33 1.36 1.34 1.65

RECOVERIES % 77.1 77.3 77.2 77.8

OPERATING COSTS

MINING COSTS per tonne mined $2.25 $2.89 $2.55 $4.44

PROCESSING COSTS per tonne milled $11.07 $12.82 $11.92 $14.42

SITE G&A COSTS per tonne milled $5.47 $5.78 $5.62 $6.08

0.0

0.5

1.0

1.5

2.0

2.5

0

2,000

4,000

6,000

8,000

10,000

12,000

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Ore

Min

ed G

rade (

g/t

)

Mate

ria

l M

ined (

kt)

MINING PHYSICALS

Waste Mined Ore Mined Ore Mined Grade

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Per

tonne m

ined

MINING UNIT COSTS

2020 OUTLOOK

H2 production = 2/3 of total 2020 production

Increasing production, decreasing AISC

Q4 strongest quarter of production; lowest AISC

30

Haile’s Continuous Improvement

12.5

6.9

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

May-20 Q4-2018

inches

AVERAGE MONTHLY RAINFALL

Mining unit costs $2.55 vs $4.44per tonne mined

Material mined 18,757 vs 9,425

kt

Processing unit costs $11.92 vs $14.42per tonne milled

Mill feed 1,803 vs 1,506

kt

+100%

(17%)

+20%

DRIVERS H1 2020 vs. H1 2019

3,086 3,107

$2.48

$5.55

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

0

500

1,000

1,500

2,000

2,500

3,000

3,500

May-20 (1 Month) Q4-2018 (Total Qtr)

Min

ing u

nit c

ost ($

/tonne)

To

tal m

ate

ria

l min

ed (

kt)

OPERATING PHYSICALSTotal Movement $/tonne

(43%)

Red Hill Pit

31

Haile Open Pit SequencingDepleted ore sources

» Mill Zone Phase 1

» Snake Phase 1

2020 ore sources

» Red Hill

» Snake Phase 2

» Ledbetter Phase 1

» Haile


2021 ore sources

» Snake Phase 2


» Haile



» Horseshoe - TBD

Future ore sources

» Ledbetter 1/2/3/4


» Haile

» Snake Phase 3

» Small

» Champion

» Horseshoe

32

Horseshoe Underground

» Development deferred to 2021

» Optimisation currently underway

▪ Investigating the appropriate back-fill

▪ Re-evaluating mine sequence

▪ UG mining fleet selection

HORSESHOE UNDERGROUND RESOURCES

Tonnes

(Mt)

Gold grade

(g/t)

Gold Ounces

(koz)

P&P RESERVES 3.1 4.4 440

M&I RESOURCES (1) 2.7 5.7 490

INFERRED RESOURCES 1.2 5.0 200

1. M&I Resources are inclusive of reserves

Horseshoe UG extension

Palomino

1 km

33

1 km

Horseshoe

NN

0.45 – 0.82

0.82 – 1.25

1.25 – 5.00

> 5.00

Au grade (g/t)Palomino

UGHorseshoe

Deeps

Ledbetter pit

Mustang UG

Snakeshoe

Snake pitSurface growth

UG growth

1 km

Haile UG Targets and Reserve Growth

34

Macraes Operations OverviewQ2 2020 Q1 2020 H1 2020 H1 2019

TRIFR (12-MMA)per million work

hours 1.5 3.1 1.5 5.4

GOLD PRODUCTION koz 27.9 39.2 67.1 89.1

GOLD SALES koz 30.2 37.8 68.0 91.9

CASH COSTS per oz sold $896 $695 $784 $682

SITE AISC per oz sold $965 $1,218 $1,106 $1,040

OPERATING PHYSICALS

MATERIAL MINED kt 10,495 12,531 23,028 26,683

WASTE MINED kt 9,218 10,898 20,177 23,248

ORE MINED kt 1,277 1,633 2,910 3,435

MILL FEED kt 1,247 1,338 2,585 2,981

MILL FEED GRADE g/t 0.88 1.12 1.00 1.12

RECOVERIES % 79.2 81.6 80.4 83.2

OPERATING COSTS

OP MINING COSTS per tonne mined $0.86 $1.15 $1.02 $1.17

UG MINING COSTS per tonne mined $40.29 $44.22 $42.36 $40.94

PROCESSING COSTS per tonne milled $6.63 $6.64 $6.64 $7.01

SITE G&A COSTS per tonne milled $2.10 $2.15 $2.13 $2.02

2020 OUTLOOK

H2 production > H1 production

Now expecting 140 – 150koz production in 2020

Golden Point UG study expected in Q3

1. Free cash flow estimates are approximate and based on midpoint of 2020 guidance. It

excludes corporate overheads and is inclusive of zero-cost collar hedges

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

2017A 2018A 2019A 2020E

MACRAES FREE CASH FLOW (1)

Gold@$1500

Gold@$1600

Gold@$1700

Gold@$1800

$255/oz from refinancing of equipment

35

Macraes Plan

Coronation

CURRENT LIFE OF MINE ORE SOURCES

» Coronation North

» Coronation

» Frasers West

» Gay Tan Phase one

» Frasers Underground

ADVANCING GROWTH OPPORTUNITIES

» Golden Point Underground

» Deepdell

» Innes Mills

» Gay Tan – multiple phases

END OF MINE LIFE OPTIONALITY

» Round Hill Project

» Tungsten

After all exploration and other

opportunities have been exhausted

SIGNIFICANT RESOURCE UNDERPINS LEVERAGE TO THE GOLD PRICE

36

Golden Point Underground

100+ gm

80-100 gm

30-80 gm

10-30 gm

5-10 gm

2-4 gm

LEGEND

GRAM-METRES

GOLDEN POINT UNDERGROUND STUDY EXPECTED IN H2/20

37

Round Hill Opportunity

1. As at Dec 31, 2019

2. M&I Resources are inclusive of reserves

M&I RESOURCES (1)(2)

GOLD: 53.3 Mt @ 1.0 g/t → 1,670,000 oz

INFERRED RESOURCES (1)

GOLD: 10.9 Mt @ 0.7 g/t → 240,000 oz

END OF MINE LIFE OPPORTUNITY

» Objective to unlock Round Hill resource currently

sterilised by location of process plant

» Requires plant relocation

» Includes potential Tungsten by-product

POST-MINE LIFE REDEVELOPMENT OPPORTUNITY

38Didipio Gold Copper Mine Luzon, Philippines

COMMUNITY SUPPORTCommunity coalition supporting mining has

been established

TECHNOLOGYState-of-the-art technology deployed in the UG

FTAA RENEWALCurrently with the Office of the President

39

Didipio – FTAA Renewal Update

FTAA Renewal

» FTAA renewal currently with the Office of the President – no decision timeline provided

» Tangible Philippine Government Actions (eg.100,000 litres of diesel delivered in early April for back-up power)

» DENR re-endorsed FTAA renewal to the Office of the President end of Q2/20

Workforce Status

» Workforce (Direct & Contractor) Impacted: 1,500 (97% Filipinos, 59% local) Indirectly impacted: > 4,000

» Approximately 500 of 750 direct workforce temporarily laid-off; lay-offs commenced mid-April

» Six month workforce stand down ends ~circa mid-Oct/20; ongoing employee status decision required

Access Road Restrictions

» Local Government Units and anti-mining activists continue to restrict access road movements; discussions ongoing

» Company appealing recent Court of Appeals decision

OFFICE OF THE PRESIDENT CURRENTLY REVIEWING RENEWAL

40

QUALITY ASSETS

QUALITY TEAM

CONSISTENT LONG-TERM PERFORMANCE

Corporate Headquarters

Level 14, 357 Collins Street

Melbourne, Victoria, 3000

Australia

T: +61 3 9656 5300

F: +61 3 9656 5333

[email protected]

oceanagold.com

Americas Corporate Office

Suite 3504725 South Monaco StreetDenver, Colorado, 80237United States of America

Financial Results OverviewQ2 2020 Q1 2020 H1 2020 H1 2019

REVENUE million $96 $138 $234 $366

EBITDA million $12 $42 $55 135

NPAT million ($31) ($26) ($57) $28

ADJUSTED NET PROFIT /

(LOSS) (1)million ($32) ($11) ($42) $38

ADJUSTED EPS(1) $/share ($0.05) ($0.02) ($0.07) ($0.06)

AVG GOLD PRICE (2) US$/oz $1,523 $1,509 $1,515 $1,320

GOLD SALES koz 61.9 91.4 153.3 246.8

CASH FLOW OVERVIEW

OPERATING CASH FLOW million $17 $121 $137 $125

INVESTING CASH FLOW million ($51) ($34) ($85) ($134)

FINANCING CASH FLOW million $4 $45 ($48) ($13)

ADJUSTED CFPS (3) $/share $0.02 $0.07 $0.09 $0.21

42

1. Earnings after tax and before gains/losses on undesignated hedges and impairment

2. Average prices received include adjustments associated with the NZD gold hedging

3. CFPS = Cash flow per share and adjusted before working capital movements and gold presale

» Revenue decreased QoQ on lower sales volume,

partly offset by higher gold price

» EBITDA decreased QoQ on lower revenue, partially

offset by lower operating costs

» Net profit decreased QoQ on lower EBITDA and

investment write-down, partially offset by lower

amortisation and gain on MtM of hedges

» Operating cash flow lower QoQ given Q1 reflected

gold pre-payment and other gold sales

» Investing cash flows reflect lower capex spend

» Financing cash flow reflects proceeds from finance

leases, partially offset by payments

PROFIT & LOSS

CASH FLOWS

43

Capital Investment Overview

MACRAES

WAIHI

CONSOLIDATED (USDm) Q2 2020 Q1 2020 H1 2020 2020 GUIDANCE

GENERAL OPERATING 4.2 9.3 13.5 20 – 30

PRE-STRIP & CAPITALISED MINING 12.3 18.3 30.6 55 – 65

GROWTH CAPITAL 33.5 27.1 60.6 135 – 145

EXPLORATION 4.0 4.9 8.9 20 – 25

TOTAL(1)

54.1 59.6 113.7 230 – 265

H1 2020 (USDm) HAILE DIDIPIO WAIHI MACRAES

GENERAL OPERATING 1.9 0.3 0.1 11.3

PRE-STRIP & CAPITALISED MINING 16.9 - - 13.7

GROWTH CAPITAL 31.0 5.2 21.6 1.0

EXPLORATION 1.4 - 4.5 2.8

TOTAL(2)

51.2 5.5 26.2 28.8

1. Capital expenditure presented on an accruals basis and excludes current period rehabilitation and closure costs of $0.7 million at Reefton

2. Capital and exploration expenditure by location includes related regional greenfield exploration where applicable. Corporate capital projects and other greenfield exploration spend including costs associated with Joint Venture

arrangements not related to a specific operating region are excluded. These totaled $0.1 million in the quarter.

Documents

CORPORATE PRESENTATION€¦ · this presentation reflect those of the individual presenters only. No representation or warranty, express or implied, is made as to the fairness, accuracy,