NEWS

Photo Courtesy: OceanaGold Philippines

Mr. Gerard Bond reports:

(All financial figures in United States dollars unless otherwise stated)

VANCOUVER, BC, Feb. 21, 2024 /CNW/ – OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) (“OceanaGold” or the “Company”) reported its operational and financial results for the three months and full year ended December 31, 2023. The consolidated financial statements and the Management Discussion and Analysis (“MD&A”) are available at www.oceanagold.com.

Gerard Bond, President and CEO of OceanaGold, said “Strong fourth quarter gold production, driven by increased quarter-on-quarter performance at all four of our operations, allowed us to deliver our full year production guidance.

At Haile, the Horseshoe Underground mine increased its production of higher-grade ore feed and, with the underground mine ramping up to full capacity and with access to ore in Ledbetter open pit improving through the first half of 2024, we expect improved performance quarter on quarter from Haile over the coming year. Didipio had an exceptional fourth quarter, beating increased guidance for the year due to earlier access into higher grade areas of the mine. Both New Zealand sites rebounded with improved fourth quarter performance, with Macraes also achieving the higher end of its increased production guidance for the year.

2024 is a transformational year for OceanaGold as we begin to deliver production growth, both for 2024 and beyond. Our 3-year outlook remains robust with organic, near-mine production growth of at least 30%1 through 2026 at a declining AISC per ounce, which in turn underpins OceanaGold’s projected improvement in Free Cash Flow generation.

This exciting profile positions the Company to continue strengthening the balance sheet, which we expect to be further enhanced this year with the completion of the monetization of 20% of Didipio. We will also continue to explore and invest in growth options such as Palomino and Wharekirauponga, especially with the improved investment climate in New Zealand. All of this will be in service of increasing the value of OceanaGold and improving returns to shareholders.”

Read more here: Junior Mining Network

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