Horshoe Underground At Hailey Is Ramping Up On Schedule

VANCOUVER - Gerard Bond, President and CEO of OceanaGold Corporation, said, “At Haile, the Horseshoe underground is ramping up on schedule with full mining rates expected to be achieved by mid-year, at the same time as we begin to access a higher proportion of open pit ore from Ledbetter pit, which positions Haile for a very strong second half. Similarly at Macraes, we have been stripping Innes Mills 7 to unlock the next phase of open pit ore, which we expect to be delivered to the mill in the second half of the year. At Didipio, the mining sequence had us in the lower grade areas of the underground during the quarter, and we expect to access higher grades by mid-year in line with plan.

The Company delivered exciting exploration results across our portfolio, including the first underground drilling into Horseshoe Extension at Haile, high grade results at the growing Wharekirauponga deposit in New Zealand, and we announced the start of a brand new exploration program at our regional Napartan target at Didipio.

2024 is expected to be a strong production growth and Free Cash Flow delivery year for OceanaGold and our first quarter results are in-line with expectations. As outlined in our Guidance in February, we expect to see gold production increase each quarter throughout the year with stronger second half performance at all four of our operating sites."