Positive Preliminary Economic Assessment Results For Waihi District

AUSTRALIA - OceanaGold Corporation reported results the Waihi District Study Preliminary Economic Assessment (PEA) for the Waihi District located in New Zealand. The PEA is being disclosed in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). An NI 43-101 Technical Report of the PEA will be finalized and filed on SEDAR within the next 45 days. Readers are cautioned that the PEA is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Michael Holmes, President and CEO said, "We are very pleased to share the positive results of the Waihi District Study that represents the initial value creating potential of the district opportunities. The PEA indicates the potential for a robust project with an extended mine life for Waihi to 2036 from Martha Underground, Wharekirauponga Underground ("WKP"), Gladstone open pit and a cutback of the existing Martha open pit."

"Using our base case assumptions, the significant exploration potential recognized at Martha Underground and WKP, combined with the existing infrastructure and skilled workforce, the results of the study give us confidence to move forward in the Waihi District opportunities and as a result, we will continue advancing each forward. Additionally, we see potential for further significant growth through resource additions particularly at Martha Underground and WKP deposits. Resource expansion has the potential for sustained high levels of annual gold production and mine life extension.

Leveraging exploration potential through aggressive drill campaigns has been the key to our success since acquiring the Waihi asset in late 2015. This year, we have over 25,000 meters of exploration drilling planned and underway at Martha Underground where our focus is on resource conversion. At WKP, we have an additional 5,000 meters of drilling underway as we continue to drill the high-grade East Graben vein and related foot-wall and hanging wall structures. We expect to update the WKP resource mid-2021."

The critical path for success is expected to be resource consenting of WKP and surface projects including the Martha Open Pit Phase 5 and additional tailings storage capacity. The Company has successfully permitted projects in New Zealand over the past 30 years. Through our understanding of the regulatory regime, strong reputation as a responsible miner, demonstration of 30 years of responsible mining and rehabilitation and support from local communities, we are confident to advance these projects through the permitting phase.

"The results of the Waihi District Study also show significant socio-economic benefits for the rural communities in the Coromandel region and for New Zealand that can play a critical role in the post-COVID-19 economic recovery. With the potential to extend the mine life out to 2036, we can invest an estimated $1.4 billion in-country while adding 300 new jobs to our existing 700-person countrywide workforce. OceanaGold has operated responsibly for over 30 years and has already delivered significant benefits to New Zealand over that time."