Oceanagold Announces Management Changes
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MEDIA RELEASE
8 September 2021
OCEANAGOLD ANNOUNCES MANAGEMENT CHANGES
(BRISBANE) OceanaGold Corporation (TSX: OGC ) (ASX: OGC ) (the “Company”) advises that Mr. Michael
Holmes has resigned as the President and Chief Executive Officer (“CEO”) of the Company, as well as from the
Board of Directors (the “Board”) , effective September 8, 2021. The Board has engaged a leading executive
search firm to commence a global search for the Company’s next President and CEO. In recognition of leadership
continuity, the Board has appointed Mr. Scott Sullivan who has recently joined the Company as Chief Operating
Officer, to act as the Acting President and CEO of the Company.
Mr. Ian Reid, Chair man of the Board said “ On behalf of the Board, I wi sh to extend my sincere thanks and
gratitude to Michael for his service to the Company. Michael has had a long and valued career with OceanaGold,
having joined the Company as Chief Operating Officer in July 2012. As President and CEO, he demonstrated
tremendous resilience and commitment to the Company despite the challenges of an operating environment
disrupted by the onset of a global pandemic.”
Mr. Reid continued to say , “Under Michael’s leadership, the Company delivered on key growth milestones
including mine life extensions of the Macraes operation, advancement of the Waihi District projects and the Haile
Underground. Most significantly, the renewal of the Didipio FTAA wouldn’t have been possible without Michael’s
tenacious and focused leadership . The achievement of this strategic objective is expected to generate strong
free cash flows for our shareholders while continuing our legacy as a responsible, multinational gold miner. ”
Mr. Holmes said, “It has been a privilege to serve the Company over the past 9 years. I am proud to have led a
team of passionate and dedicated mining professionals who are committed to responsible mining and best ESG
practices while setting up the business to deliver long-term value for shareholders. Whilst it was a difficult decision
to leave OceanaGold, I am very proud of what we have achieved and more importantly in the significant value
embedded in the business. I wish everyone all the best.”
Mr. Scott Sullivan is a mining executive with over 30 years of broad-based industry experience spanning
Australia, New Guinea, Africa and North America. More specifically, h e has diversified experience in strategic
planning of mining operations and smelters, project development and commissioning, mine optimisation,
restructuring and expansion, sustainability and government relations. Prior to joining OceanaGold, Mr. Sullivan
was CEO of Paladin Energy Ltd, and prior to that, General Manager of Newcrest’s Telfer Gold Mine, CEO of
Attila Resources (now New Century Resources) and Managing Director of Minbos Resources. Mr . Sullivan is
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also a Fellow of the Australasian Institute of Mining and Metallurgy and Graduate of the Australian Institute of
Company Directors. He holds a Bachelor o f Engineering in Mining with first class honours and a Master’s in
Business Administration.
Mr. Paul Benson, who will succeed Mr. Reid as Chairman of the Board of the Company on October 1, expressed
his appreciation for Mr. Holmes’ leadership, particularly through the challenges posed by COVID-19. He said, “I
look forward to working with Scott Sullivan in the C hief Operating Officer and Acting CEO roles. I have known
Scott for over 30 years since we first worked together at the Renison Tin Mine in Tasmania. Scott is an
exceptional mining engineer and has the skills and experience to drive Oceana Gold’s operating performance to
the next level. Our focus will continue to be on maximising the value of our existing operations while seeking new
opportunities to drive profitable growth.”
The Company continues to make good progress with respect to the Didipio restart with current ramp-up schedule
ahead of original estimates. The Company commenced the trucking of gold -copper concentrate as several
shipments have arrived at the port and several more on the way. The Company continues the technical review
and enhancements of the Haile Mine however, operational performance is tracking to achieve full year guidance.
The New Zealand operations have recommenced full operations with ramp -up of the Martha Underground
continuing.
- ENDS -
Authorised for release to market by OceanaGold Corporate Company Secretary, Liang Tang.
For further information please contact:
Investor Relations Media Relations
Allysa Howell
Tel: +1 720 484 1147
Melissa Bowerman
Tel: +61 407 783 270
www.oceanagold.com | Twitter: @OceanaGold
Additional Information Pursuant to ASX Listing Rule 3.16.4
In accordance with ASX Listing Rule 3.16.4, the Company provides the following disclosure in relation to material
variations to Messrs Holmes and Sullivan’s employment contracts.
Arrangement for Mr Michael Holmes
● Mr Holmes will be paid notice o f six months in accordance with the terms and conditions of his current
employment contract. In addition, Mr Holmes will be paid and issued the following:
o Six months base salary in consideration of certain post -employment undertakings provided to the
Company.
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o Two thirds of his short-term incentive plan target eligibility for the year 2021.
o Shares equivalent to the Service Tranche of his 2021 Performance Rights grant.
● Mr Holmes will also be deemed a ‘Good Leaver’ for the purposes of the Performance Rights Plan.
Arrangement for Mr Scott Sullivan
● Whilst in the Acting President & Chief Executive Officer role, Mr Sullivan will be remunerated as following on
a pro-rata basis:
o Annual total base salary of A$780,000
o Eligibility to receive a bonus of up to A$702,000
● Mr Sullivan will also be granted additional long-term incentive reward of 200,000 performance rights as part
of his 2022 annual grant.
● All other key terms and conditions of Mr Sullivan’s employment as Acting President & Chief Executive Officer
will remain the same as his employment contract as the Chief Operating Officer.
About OceanaGold
OceanaGold is a multinational gold producer committed to the highest standards of technical, environmental and
social performance. For 30 years, we have been contributing to excellence in our industry by delivering
sustainable environmental and social outcomes for our communities, and strong returns for our shareholders.
Our global exploration, development, and operating experience has created a significant pipeline of organic
growth opportunities and a portfolio of established operating assets including Didipio Mine in the Philippines;
Macraes and Waihi operations in New Zealand; and Haile Gold Mine in the United States of America.
Cautionary Statement for Public Release
Certain information contained in this public release may be deemed “forward -looking” within the meaning of
applicable securities laws. Forward -looking statements and information relate to future performance and reflect
the Company’s expectations regarding the generation of free cash flow, achievement of guidance, e xecution of
business strategy, future growth, future production, estimated costs, results of operations, business prospects
and opportunities of OceanaGold Corporation and its related subsidiaries. Any statements that express or involve
discussions with re spect to predictions, expectations, beliefs, plans, 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 not antici pate", "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 statements are 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 outbreak of an
infectious disease, the accuracy of mineral reserve and resource estimates and related assumptions, inherent
operating risks and those risk factors identified in the Company’s most recent Annual Information Form prepared
and filed with securities regulators which is available on SEDAR at www.sedar.com under the Company’s name.
There are no assurances the Company can fulfil forward -looking statements and information. Such forward -
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looking statements and information are only predictions based on current information available to management
as of the date that such predictions are made; actual events or results may differ materially as a result of risks
facing the Company, some of which are beyond the Company's control. Although the Company believes that any
forward-looking statements and information contained in this press release is 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. The Company 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. The
information contained in this release is not investment or financial product advice.
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