1. Calculated as the mid point of guidance for full year 2026 compared to the actual result of full year 2025.
† See “Non-IFRS Financial Information”
1. Calculated as the mid point of guidance for full year 2026 compared to the actual result of full year 2025.
2. Calculated as the trailing 12-month Free Cash F low † over the average trailing 12-month market capitalization in USD.
1
NEWS RELEASE
February 18, 2026
OceanaGold Achieves 2025 Guidance & Delivers Record Free Cash Flow
(All financial figures in United States dollars unless otherwise stated)
• 2025 production, AISC †, and capital all in line with Guidance
• Record quarterly and annual financial performance, with $477M of cash and no debt at year end
• 2026 Guidance projects 12% 1 increase in production at 7% 1 lower AISC †
• Dividend tripled and share buyback doubled, for a total capital return up to $432M in 2026
VANCOUVER, BC - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the
“Company”) reported its operational and financial r esults for the three months and year ended
December 31, 2025. The consolidated financial state ments and Management's Discussion and Analysis
(“MD&A”) are available at www.oceanagold.com .
Fourth Quarter and Full Year Highlights
• Full year 2025 production of 497,600 ounces of gold, above the mid-point of Guidance.
• Produced 157,400 ounces of gold and 3,200 tonnes of copper in the fourth quarter, an increase in gold
production of 52% from the prior quarter, with all four sites delivering an increase in gold production.
• All-In Sustaining Cost (“AISC”) † 25% lower in the quarter and at $1,966 per ounce for the full year.
• Record quarterly revenue of $652 million at a record average realized gold price of $4,227 per ounce.
• Quarterly Adjusted EBITDA Margin † of 57% and record Operating Cash Flow Per Share † of $1.21.
• Record quarterly attributable net profit of $328 mi llion and record EPS of $1.44. Record Adjusted
EPS † of $0.88, which excludes the post-tax net impairment reversal at Haile.
• Generated record annual and quarterly Free Cash Flo w † of $543 million and $259 million
respectively, resulting in a trailing 12-month Free Cash Flow † yield 2 of 15%.
• Cash balance increased by 42% from the prior quarter to $477 million with no debt.
• Completed $175 million in share repurchases in 2025 at an average price of CAD$24.54.
• The Board approved a tripling of the quarterly dividend to $0.09 per share.
• The Board approved a doubling of share repurchases to up to $350 million for 2026.
• Received final approval for the Waihi North Project permit, with development activity accelerating .
• The Company intends to list on the New York Stock Exchange (“NYSE”) in early April, 2026.
† See “Non-IFRS Financial Information”
1. Calculated as the mid point of guidance for full year 2026 compared to the actual result of full year 2025.
2026 Guidance
• Gold production growth of ~12% 1 to between 520,000 to 590,000 ounces, driven by Haile.
• 7% 1 reduction in AISC † to between $1,750 to $1,900 per ounce.
• Growth and exploration capital investment of $340 m illion, reflecting an acceleration of the Waihi North
Project, commencement of the Palomino Underground development and a ~50% increase in exploration.
Gerard Bond, President and CEO of OceanaGold, said: “2025 was a stellar year for OceanaGold, with stro ng
operational execution translating to record financi al outcomes and shareholder returns. We safely and
responsibly delivered production, cost and capital Guidance for the year. We generated record net prof it,
record EPS and record Free Cash Flow †, and further strengthened our balance sheet to nea rly half a billion
dollars of cash with no debt. We were able to inves t in our attractive organic growth opportunities, p ay an
increased dividend and return a substantial amount of capital to shareholders via an upsized share buyback.
Looking ahead to 2026, we expect higher production, lower unit costs, and expect another year of strong Free
Cash Flow † in the current gold price environment. We are exci ted to progress development and exploration
activity to accelerate one of the highest ‑grade undeveloped gold projects in our industry, th e Waihi North
Project, as well as commence development of Palomin o Underground at Haile. We are increasing our
investment in exploration in 2026 by 50%, to a Comp any record, in pursuit of high return, near mine op tions.
We are confident this growth investment will continue to drive value creation for shareholders.
We are committed to maximizing returns to shareholders via our disciplined capital allocation framework and
will do so by tripling the dividend from 2025 level s, and doubling our share buyback program to $350 m illion.
To further broaden our investor base and enhance li quidity, we are also excited to be listing on the N YSE in
April this year."
† See “Non-IFRS Financial Information”
3
Results Overview
Q4 2025 Q3 2025 Q4 2024 2025 2024
Gold Produced 1
Haile koz 55.6 30.0 75.2 184.8 212.6
Macraes koz 55.8 32.8 37.9 147.0 125.4
Waihi koz 22.2 18.8 18.1 75.1 53.8
Didipio koz 23.8 21.9 19.7 90.7 97.0
Total gold produced 1 koz 157.4 103.5 150.9 497.6 488.8
Gold Sales
Haile koz 50.3 33.4 73.9 190.4 208.5
Macraes koz 53.7 32.7 36.6 144.9 124.8
Waihi koz 21.1 20.4 19.0 73.8 54.0
Didipio koz 20.6 29.7 20.8 88.7 100.4
Total Gold sales koz 145.7 116.2 150.3 497.8 487.7
Average Gold Price $/oz 4,227 3,476 2,665 3,509 2,433
Copper Produced 1 - Didipio kt 3.2 3.1 3.1 13.3 12.3
Copper Sales - Didipio kt 2.9 4.4 2.8 13.5 11.7
Average Copper Price $/lb 5.35 4.44 4.16 4.57 4.16
Cash Costs †
Haile $/oz 1,529 1,981 598 1,225 955
Macraes $/oz 885 1,345 1,214 1,215 1,192
Waihi $/oz 1,584 1,539 1,130 1,561 1,427
Didipio $/oz 883 787 1,033 846 851
Consolidated Cash Costs † $/oz 1,207 1,420 875 1,204 1,047
AISC †
Haile $/oz 2,295 3,464 1,287 2,171 1,628
Macraes $/oz 1,286 2,171 1,535 1,861 1,906
Waihi $/oz 2,068 2,039 1,557 2,077 2,087
Didipio $/oz 1,422 1,213 1,389 1,255 1,140
Consolidated AISC † $/oz 1,761 2,333 1,563 1,966 1,777
Free Cash Flow † $M 259.4 94.4 146.5 542.7 245.2
Net profit 2 $M 327.7 87.2 102.0 628.7 187.4
Adjusted net profit †2 $M 201.7 92.9 106.9 511.8 203.6
EBITDA † $M 543.2 205.0 246.4 1,157.3 587.7
Adjusted EBITDA † $M 374.0 210.7 251.3 997.2 604.0
Earnings per share - diluted 2 $/share $1.42 $0.37 $0.42 $2.69 $0.78
Adjusted earnings per share - diluted †2 $/share $0.88 $0.40 $0.44 $2.19 $0.84
Operating Cash Flow per share - diluted † $/share $1.21 $0.93 $1.08 $3.96 $2.48
Free Cash Flow per share-diluted † $/share $1.13 $0.41 $0.61 $2.32 $1.01
1 Production is reported on a 100% basis as all op erations are controlled by OceanaGold.
2 Attributable to the shareholders of the Company.
4
Dividend
OceanaGold has declared a $0.09 per share dividend, which is tripled compared to the prior quarter.
Shareholders of record at the close of business in each jurisdiction on March 4, 2026 (the "Record Dat e") will
be entitled to receive payment of the dividend on A pril 2, 2026. The dividend payment applies to holde rs of
record of the Company's common shares traded on the Toronto Stock Exchange.
Declaration of Dividend
Wednesday, February 18, 2026
Record Date
Wednesday, March 4, 2026
Dividend Payment Date
Thursday, April 2, 2026
Dividends are payable in United States dollars. Sha reholders in other jurisdictions can elect to parti cipate in
Computershare’s international payments service if t hey want to receive dividends in an alternative cur rency.
This dividend qualifies as an ‘eligible dividend’ for Canadian income tax purposes.
Share Buyback
In 2025, the Company completed the planned $175 mil lion of share repurchases for the full year at an
average price of CAD$24.54 . The Board has approved a doubling of the share buyback program for 2026, with
up to $350 million in share buybacks planned.
Management Update
The Company is pleased to announce that Mr. David B ickerton will assume the position of Executive Vice
President and Chief Sustainability Officer (CSO) st arting in April 2026, based in Brisbane. David join ed
OceanaGold in 2011 and has completed numerous roles in Brisbane, USA, New Zealand and the Philippines.
Since August 2022, David has been Asset President of the Didipio Mine. David brings a deep understanding of
our business, culture and Company objectives to this critical role and to the Executive Leadership team.
Conference Call and Webcast:
Senior management will host a conference call and w ebcast to discuss the quarterly results on Thursday ,
February 19, 2026 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the
following methods:
• Webcast: https://app.webinar.net/jg9VnRpdZO4
• Toll-free North America: +1 888-510-2154
• International: +1 437-900-0527
If you are unable to attend the call, a recording will be made available on the Company's website.
5
About OceanaGold
OceanaGold is a global intermediate gold and copper producer committed to safely and responsibly
maximizing the generation of Free Cash Flow from ou r operations and delivering strong returns for our
shareholders. We have a portfolio of four operating mines: the wholly-owned Haile Gold Mine in the Uni ted
States of America; the wholly-owned Macraes and Wai hi operations in New Zealand; and the 80%-owned
Didipio Mine in the Philippines.
For further information please contact:
Investor Relations:
Rebecca Henare, Vice President, Investor Relations
Tel: +1 604-678-4095
Valerie Burns, Manager, Investor Relations
Tel: +1 604-235-0742
Media Relations:
Louise Burgess, Vice President, Communications
Tel: +1 604-403-2019
6
Cautionary Statement for Public Release
This public release contains certain “forward-looki ng statements” and “forward-looking information”
(collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws which
may include, but is not limited to, statements with respect to the future financial and operating perf ormance
of the Company, its mining projects, the future pri ce of gold, the estimation of mineral reserves and mineral
resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial
capital, sustaining capital, operating and explorat ion expenditures, costs and timing of the developme nt of
new deposits, costs and timing of the development o f new mines, costs and timing of future exploration and
drilling programs, timing of filing of updated tech nical information, anticipated production amounts,
requirements for additional capital, governmental regulation of mining operations and exploration operations,
timing and receipt of approvals, consents and permi ts under applicable legislation, environmental risks, title
disputes or claims, limitations of insurance covera ge and the timing and possible outcome of pending
litigation and regulatory matters. All statements i n this public release that address events or develo pments
that we expect to occur in the future are forward-l ooking statements. Forward-looking statements are
statements that are not historical facts and are ge nerally, although not always, identified by words s uch as
“may”, “plans”, “expects”, “projects”, “is expected ”, “scheduled”, “potential”, “estimates”, “forecast s”,
“intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations ) of such
words and phrases, or may be identified by statemen ts to the effect that certain actions, events or re sults
“may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements involve known and unknow n risks, uncertainties and other factors which may
cause the actual results, performance or achievemen ts of the Company to be materially different from a ny
future results, performance or achievements express ed or implied by the forward-looking statements. Su ch
risks include, among others: future prices of gold; general business; economic and market factors (inc luding
changes in global, national or regional financial, credit, currency or securities markets); changes or
developments in global, national or regional politi cal and social conditions; changes in laws (includi ng tax
laws) and changes in IFRS or regulatory accounting requirements; the actual results of current product ion,
development and/or exploration activities; conclusions of economic evaluations and studies; fluctuatio ns in
the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso
or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations
of ore grade or recovery rates; failure of plant, e quipment or processes to operate as anticipated; ac cidents,
labour disputes and other risks of the mining indus try; political instability or insurrection or war; labour force
availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or g overnmental
approvals; inability or delays in the completion of development or construction activities or in the r e-
commencement of operations; legal challenges to min ing and operating permits including the FTAA as wel l
as those factors identified and described in more detail in the section entitled “Risk Factors” contained in the
Company’s most recent Annual Information Form and t he Company’s other filings with Canadian securities
7
regulators, which are available on SEDAR+ at sedarplus.com under the Company’s name. The list is not
exhaustive of the factors that may affect the Company's forward-looking statements.
The Company’s forward-looking statements are based on the applicable assumptions and factors
Management considers reasonable as of the date here of, based on the information available to Management
at such time. These assumptions and factors include, but are not limited to, assumptions and factors related
to: the Company’s ability to carry on current and f uture operations, including: development and explor ation
activities; the timing, extent, duration and econom ic viability of such operations, including any mine ral
resources or reserves identified thereby; the accur acy and reliability of estimates, projections, fore casts,
studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the
availability and cost of inputs; the price and mark et for outputs, including gold; foreign exchange ra tes;
taxation levels; the timely receipt of necessary ap provals or permits; the ability to meet current and future
obligations; the ability to obtain timely financing on reasonable terms when required; the current and future
social, economic and political conditions; and othe r assumptions and factors generally associated with the
mining industry.
The Company’s forward-looking statements are based on the opinions and estimates of Management and
reflect their current expectations regarding future events and operating performance and speak only as of the
date hereof. The Company does not assume any obliga tion to update forward-looking statements if
circumstances or Management's beliefs, expectations or opinions should change other than as required b y
applicable law. There can be no assurance that forw ard-looking statements will prove to be accurate, a nd
actual results, performance or achievements could d iffer materially from those expressed in, or implie d by,
these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the
forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the
Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on
forward-looking statements.
Non-IFRS Financial Information
Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share
These are used by Management to measure the underly ing operating performance of the Company.
Management believes these measures provide informat ion that is useful to investors because they are
important indicators of the strength of the Company ’s operations and the performance of its core busin ess.
Accordingly, such measures are intended to provide additional information and should not be considered in
isolation as a substitute for measures of performan ce prepared in accordance with IFRS. Adjusted Net
Profit/(Loss) is calculated as Net Profit/(Loss) le ss the impact of impairment expenses and reversals, write-
downs, foreign exchange (gains)/losses, gain on sale of assets, listing costs and restructuring costs related to
transitioning certain corporate activities from Australia to Canada.
8
The following table provides a reconciliation of Ad justed Net Profit/(Loss) and Adjusted Earnings/(Los s) per
share:
$M, except per share amounts Q4 2025 Q3 2025 Q4 2024 2025 2024
Net profit 1 327.7 87.2 102.0 628.7 187.4
Foreign exchange (gain) loss (1.9) 2.0 3.0 3.3 7.9
Write -down of assets 8.0 0.6 1.9 8.8 8.3
Gain on sale of Blackwater project — — — — (17.6)
Impairment reversal (176.2) — — (176.2) —
Tax expense on impairment reversal and sale of
Blackwater project 43.2 — — 43.2 4.9
NYSE / PSE listing costs 0.9 1.6 — 2.5 10.9
Restructuring / Other costs — 1.5 — 1.5 1.9
Adjusted net profit 1 201.7 92.9 106.9 511.8 203.7
Weighted average number of common shares
- fully diluted 230.2 233.0 241.5 233.5 241.6
Adjusted earnings per share 0.88 0.40 0.44 2.19 0.84
1 Attributable to the shareholders of the Company.
EBITDA and Adjusted EBITDA
Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by
producing operating cash flows to fund working capital needs, service debt obligations and fund capital
expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted
EBITDA is calculated as EBITDA less the impact of impairment expenses and reversals, write-downs,
gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non-recurring
costs. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue.
The following table provides a reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin: