OceanaGold Reports Full Year 2022 Financial Results And Provides 2023 Guidance and Multi-Year Outlook
21 February 2023 NEWS RELEASE
OceanaGold Reports Full Year 2022 Financial Results
And Provides 2023 Guidance and Multi-Year Outlook
(All financial figures in US Dollars unless otherwise stated)
(VANCOUVER) OceanaGold Corporation (TSX: OGC) ("OceanaGold" or the “Company”) reported its financial
and operational results for the three months and full year ended December 31, 2022. 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, "2022 was a successful year on multiple fronts for
OceanaGold. We achieved record low safety outcomes, outperformed at Haile, returned Didipio to full
production ahead of schedule, delivered on group guidance and generated strong free cash flow, which allowed
us to reduce net debt by nearly $70 million. We also successfully progressed our organic growth projects,
notably the completion of the permitting process for the Haile underground expansion and delivered some
exciting exploration results."
"Looking ahead to 2023 and beyond, our focus is to deliver on our near-mine, lower risk, organic growth profile,
notably the Haile expansion project. Our three-year outlook is for production growth to over 600,000 ounces of
gold by 2025, with a projected improvement in margins and declining capital spending leading to a significant
increase in projected free cash flow in that period. Additionally, we will continue to invest in the exciting
exploration opportunities across the business, with a focus on near-mine high return targets at Didipio, Haile
and Wharekirauponga."
"This strong operational and financial performance in 2022, strengthened balance sheet and the confidence we
have in our outlook has resulted in the Board determining to reinstate the Company's dividend policy and pay a
$0.01 per share semi-annual dividend payable in April 2023."
Full-Year 2022 Highlights
• Achieved a record low full year recordable injury frequency rate of 2.3 per million hours worked.
• Achieved consolidated full year guidance with gold production of 472,201 ounces at All-In Sustaining
Costs (“AISC”) of $1,407 per ounce on gold sales of 469,045 ounces.
• Fourth quarter consolidated gold production of 120,918 ounces at AISC of $1,602 per ounce on gold
sales of 118,667 ounces.
• Full year revenue of $967.4 million, EBITDA of $382.1 million and Net Profit of $132.6 million.
• Fourth quarter revenue of $238.4 million, EBITDA of $109.3 million and Net Profit of $41.0 million.
• Full year adjusted earnings of $0.21 per share and operating cash flow of $0.54 per share, including
$0.04 and $0.12 cents per share respectively in the fourth quarter.
• Generated full year free cash flow of $57.7 million, including $2.7 million in the fourth quarter.
• Repaid $100 million of the Company’s revolving credit facility, reducing drawn bank debt to $150 million.
• Net debt of $170.2 million as at December 31, 2022, at a leverage ratio of 0.45 times.
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• Haile SEIS Record of Decision and Mine Operating Permit received, completing the permitting process
for the expansion.
• Dividends reinstated, with a semi-annual dividend of $0.01 approved and payable in April 2023.
2023 Guidance and Multi-Year Outlook
• Consolidated 2023 gold production guidance of 460,000 to 510,000 ounces and 12,000 to 14,000 tonnes
of copper.
• Consolidated 2023 AISC guidance of $1,425 to $1,525 per ounce sold including cash costs of $800 to
$900 per ounce sold, both on a by-product basis.
• Multi-year consolidated gold production and AISC outlook of:
◦ 550,000 to 600,000 ounces of gold and 12,000 to 14,000 tonnes of copper at an AISC of $1,300 to
$1,450 per ounce sold in 2024; and
◦ 580,000 to 630,000 ounces of gold and 12,000 to 14,000 tonnes of copper at an AISC of $1,100 to
$1,250 per ounce sold in 2025.
• Three-year gold production growth rate of approximately 9% per year from 2022 at a decreasing AISC.
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Table 1 – Production and Cost Results Summary
Quarter ended
31 December 2022 Haile Didipio Waihi Macraes Consolidated
Q4 2022 Q4 2021
Production, Sales & Costs
Gold Produced koz 41.5 29.1 10.5 39.8 120.9 106.6
Gold Sales koz 42.3 24.5 11.2 40.6 118.7 105.3
Average Gold Price US$/oz 1,737 1,858 1,731 1,760 1,769 1,806
Copper Produced kt — 3.5 — — 3.5 2.3
Copper Sales kt — 3.5 — — 3.5 1.7
Average Copper Price (2) US$/lb — 3.91 — — 3.91 4.74
Cash Costs US$/oz 926 759 1,221 811 880 794
Site AISC (1) US$/oz 1,753 1,061 2,035 1,376 1,602 1,326
Operating Physicals
Material Mined kt 10,165 404 241 12,473 23,283 23,433
Waste Mined kt 9,016 42 141 10,254 19,453 20,759
Ore Mined kt 1,149 362 100 2,219 3,830 2,674
Mill Feed kt 836 1,018 97 1,530 3,481 3,084
Mill Feed Grade g/t 1.86 1.00 3.65 0.99 1.28 1.27
Gold Recovery % 83.1 89.1 91.9 81.9 84.6 83.4
Capital Expenditures
General Operations US$m 14.8 6.5 1.0 9.4 31.8 11.0
Pre-strip & Capitalised Mining US$m 18.6 0.5 6.8 12.0 37.9 30.4
Growth US$m 9.4 3.6 3.1 1.1 17.2 29.1
Exploration US$m 0.8 0.4 3.6 0.8 5.6 6.5
Total Capital Expenditures US$m 43.6 11.0 14.5 23.3 92.5 77.1
Full Year 31 December 2022 Haile Didipio Waihi Macraes
Consolidated
2022 2021
Production, Sales & Costs
Gold Produced koz 176.2 113.2 39.1 143.7 472.2 362.8
Gold Sales koz 175.4 109.4 39.8 144.5 469.0 381.6
Average Gold Price US$/oz 1,818 1,811 1,785 1,817 1,813 1,821
Copper Produced kt — 14.4 — — 14.4 2.3
Copper Sales kt — 14.7 — — 14.7 5.1
Average Copper Price (2) US$/lb — 3.82 — — 3.82 4.39
Cash Costs US$/oz 867 518 1,393 992 869 740
Site AISC (1) US$/oz 1,425 637 2,174 1,510 1,407 1,247
Operating Physicals
Material Mined kt 38,072 1,704 922 47,529 88,227 91,967
Waste Mined kt 34,061 153 563 39,342 74,120 83,227
Ore Mined kt 4,012 1,552 358 8,187 14,109 8,740
Mill Feed kt 3,490 3,996 355 5,880 13,721 9,294
Mill Feed Grade g/t 1.90 1.00 3.67 0.94 1.27 1.44
Gold Recovery % 82.1 88.5 93.1 80.3 83.5 83.3
Capital Expenditures
General Operations US$m 37.1 11.0 2.4 30.4 81.0 32.4
Pre-strip & Capitalised Mining US$m 55.4 1.2 24.5 36.6 117.7 116.4
Growth US$m 25.1 9.7 14.6 9.4 58.7 153.8
Exploration US$m 3.6 0.9 12.9 4.5 22.1 24.6
Total Capital Expenditures US$m 121.2 22.8 54.4 80.9 279.3 327.1
(1) Site AISC are exclusive of corporate general and administrative expenses, Consolidated AISC is inclusive of corporate general and administrative
expenses. Cash Costs and All-In Sustaining Costs are reported on ounces sold and net of by-product credits.
(2) The Average Copper Price Received calculated includes marked to market revaluations on unfinalized shipments as well as final adjustments
on prior period shipments per accounting requirements.
Notes:
• Consolidated capital excludes rehabilitation and closure costs at Reefton and corporate capital projects not related to a specific operating region; these
totalled $0.5 million and $0.6 million respectively in the fourth quarter.
• Capital and exploration expenditure by location excludes related regional greenfield exploration where applicable.
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Table 2 – Financial Summary
Quarter ended 31 December 2022
(US$m)
Q4
31 Dec 2022
Q3
30 Sep 2022
Q4
31 Dec 2021 2022 2021
Revenue 238.4 213.9 208.5 967.4 744.7
Cost of sales, excluding depreciation and amortisation (129.0) (143.1) (98.7) (506.4) (324.2)
General and administration – indirect taxes (2) (3.5) (3.4) (1.8) (15.2) (6.0)
General and administration – idle capacity charges (1) — — (3.9) — (31.3)
General and administration – other (13.8) (12.3) (15.0) (51.7) (48.6)
Foreign currency exchange gain/(loss) 16.3 (15.7) (1.3) (14.2) (6.7)
Other income/(expense) 0.9 0.7 1.0 2.2 1.9
EBITDA (excluding impairment expense) (4) 109.3 40.1 88.7 382.1 329.8
Depreciation and amortisation (52.5) (46.3) (61.6) (201.2) (187.8)
Net interest expense and finance costs (4.8) (1.6) (3.4) (9.9) (11.6)
Earnings before income tax (excluding impairment expense)
(4) 52.0 (7.8) 23.8 171.0 130.3
Income tax (expense)/benefit on earnings (11.0) 1.4 (17.7) (34.0) (30.7)
Earnings after income tax (excluding impairment expense) (4) 41.0 (6.4) 6.1 137.0 99.7
Net impairment expense — — (162.2) — (162.2)
Tax benefit on impairment expense — — 60.1 — 60.1
Impairment of exploration/property expenditure / investment (3) — — — (4.4) (1.3)
Net Profit/(loss) after Tax 41.0 (6.4) (96.0) 132.6 (3.7)
Basic earnings/(loss) per share $0.06 $(0.01) $(0.14) $0.19 $(0.01)
Earnings/(loss) per share - fully diluted $0.05 $(0.01) $(0.14) $0.18 $(0.01)
(1) The Company did not record any revenue or cost of sales from the Didipio mine during the six months ended 30 June 2021. General and
Administration – idle capacity charges reflect non-production costs related to maintaining Didipio’s operational readiness to October 31, 2021.
(2) Represents production-based taxes in the Philippines, specifically excise tax, local business and property taxes.
(3) There was a $1.2m write-off related to the Sam’s Creek investment as at 30 June 2022.
(4) EBITDA, EBIT and Earnings after income tax are non-GAAP measures. Refer to the Accounting & Controls section of the MD&A report for an
explanation.
Table 3 - Cash flow Summary
Quarter ended 31 December 2022
(US$m)
Q4
31 Dec 2022
Q3
30 Sep 2022
Q4
31 Dec 2021 2022 2021
Cash flows from Operating Activities 100.2 45.0 109.0 368.7 261.4
Cash flows used in Investing Activities (90.2) (55.1) (79.8) (280.8) (315.8)
Cash flows from / (used) in Financing Activities (57.3) (6.9) (6.3) (130.2) 25.1
Free Cash Flow 2.7 (17.1) 22.9 57.7 (81.5)
Note: Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities less finance lease principal
payments which are reported as part of cash flow used in financing activities.
Operations
The Company achieved its consolidated full production and cost guidance, producing 472,201 ounces of gold
and 14,361 tonnes of copper at an AISC of $1,407 per ounce. Full year gold production was approximately 30%
higher than 2021 due to stronger gold production from the New Zealand Operations and the successful ramp-
up of operations at Didipio, where target underground mining rates were achieved ahead of schedule in the
second quarter of 2022. Fourth quarter consolidated production was 120,918 ounces of gold, a 15% quarter-on-
quarter increase due to higher grades at Haile and Macraes as expected.
On a consolidated basis, the Company recorded full-year AISC of $1,407 per ounce on gold sales of 469,045
ounces and copper sales of 14,699 tonnes. Fourth quarter consolidated AISC was $1,602 per ounce on gold
sales of 118,667 ounces and copper sales of 3,530 tonnes. AISC per ounce was similar year-on-year with the
benefit of higher sales being offset by increased sustaining capital investments. The Company’s AISC increased
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3% quarter-on-quarter due to higher sustaining capital, partially offset by higher gold sales and by-product
credits.
Haile produced 41,533 ounces of gold in the fourth quarter, resulting in 176,222 ounces of gold production for
the full year, which was just above the top end of guidance for the operation. The higher quarter-on-quarter
production reflected higher grades processed, and was achieved despite processing being interrupted for
approximately five days by the large scale, extreme cold weather event experienced in late December.
Consistent with the higher full year production, Haile’s full year AISC was below the low end of its full year AISC
guidance range at $1,425 per ounce, while fourth quarter AISC was $1,753 per ounce sold.
In the fourth quarter, the United States Army Corp of Engineers (“ACOE”) issued the Haile Supplemental
Environmental Impact Statement Record of Decision (“SEIS ROD”), and granted a permit under Section 404 of
the Clean Water Act (“404 Permit”). Receipt of the SEIS ROD and 404 Permit completed the federal permitting
process for the Haile expansion. In addition, the South Carolina Department of Health and Environmental
Control ("DHEC") issued the Mine Operating Permit ("MOP"), which completed the state permitting process.
The receipt of the SEIS ROD, 404 Permit and the MOP allows for development and operation of the
underground mine and an expanded operating footprint to allow for additional waste containment facilities and
tailings storage capacity. To date, the Company has developed approximately 400 metres of the underground
decline and a combined 550 metres of work on two ventilation portals. First ore from Haile underground
remains on track for delivery to the mill in the fourth quarter of 2023.
Didipio produced 29,104 ounces of gold and 3,476 tonnes of copper in the fourth quarter, resulting in 113,198
ounces of gold and 14,361 tonnes of copper produced for the full year, which was in line with guidance for the
operation. The fourth quarter was the second consecutive quarter in which underground mining operated at full
target production rates. Didipio's full year AISC was $ 637 per ounce in line with guidance. Didipio’s fourth
quarter AISC was $1,061 per ounce, while cash costs were $759 per ounce. The quarter-on-quarter increase in
AISC was due to lower gold sales combined with higher sustaining capital investments. The lower gold sales
reflected 4,378 ounces of gold in doré unable to be transported for sale in late December due to inclement
weather (which was subsequently sold in January 2023).
Macraes produced 39,815 ounces in the fourth quarter, resulting in 143,672 ounces of gold for the full year.
Quarter-on-quarter production increased 35% due to higher grades and increased mill feed tonnes. Full year
production was 9% higher than the prior year, despite the impacts of inclement weather on the operation in
mid-2022, with higher annual mill throughput the main driver. In the fourth quarter, the operation delivered first
ore production from Golden Point Underground (“GPUG”) as planned. Despite the stronger fourth quarter, the
full year production result was marginally (1.3 koz or 0.9%) below guidance for the operation. Full year AISC at
Macraes was $1,510 per ounce while fourth quarter AISC was $1,376 per ounce.
The Waihi operation produced 10,466 ounces in the fourth quarter, resulting in 39,109 ounces of gold for the full
year which was in-line with revised guidance for the operation. Quarter-on-quarter production was 24% lower,
reflecting increased remnant ore mining in October. Annual production was impacted by various local and
regional COVID-19 restrictions and isolation requirements in the first half, in addition to the negative
reconciliation as previously communicated. For the full year, Waihi’s AISC was $2,174 per ounce while fourth
quarter AISC was $2,035 per ounce.
Financial
Consolidated full year 2022 revenue was $967.4 million, a record for the Company and a 30% increase on the
previous year which reflects the successful ramp-up of Didipio and higher gold sales from the New Zealand
operations. The average gold price received year-on-year was similar, while the average copper price received
was 13% lower than 2021. Fourth quarter revenue of $238.4 million was 11% above the previous quarter, with
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increased gold sales from Macraes and Haile, as expected, and higher average realised gold prices. This was
partly offset by lower sales from Didipio where inclement weather delayed the final planned 2022 gold doré
delivery until January 2023. This delayed Didipio sale also negatively impacted free cash flow for the quarter.
EBITDA for the full year 2022 was $382.1 million, reflecting a 16% increase year-on-year primarily driven by
higher revenue partially offset by the higher cost of sales. Fourth quarter EBITDA of $109.3 million was
significantly higher than the previous quarter, mainly due to the higher revenue combined with a lower cost of
sales and non-cash unrealised foreign exchange translation gains.
Full year 2022 earnings after tax were $137.0 million, $37.3 million or 37% higher than the prior year earnings
after tax of $99.7 million. Fourth quarter earnings after tax were $41.0 million.
Fourth quarter adjusted net profit after tax was $29.9 million or $0.04 per share fully diluted. Full year 2022
adjusted net profit after tax of $147.9 million or $0.21 per share fully diluted. The adjustments from statutory net
profit for the 2022 year relate primarily to $10.9 million of non-cash unrealised foreign exchange losses on U.S.
dollar denominated debt held by the New Zealand subsidiaries.
Cash flows from operating activities were $368.7 million for the full year 2022, $107.3 million or 41% higher
than the prior year. Operating cash flow was $100.2 million in the fourth quarter, 123% above the third quarter
due to strong EBITDA and favourable working capital movements. The resulting Free Cash Flow generated was
$57.7 million, $139.2 million higher than the prior year.
Cash flows used in investing activities totalled $280.8 million for the full year 2022, which was 11% below the
prior year, driven by lower growth capital at Haile and Waihi, partly offset by higher general operations
sustaining capital at Haile and Macraes combined with the resumption of capital expenditure at Didipio following
the restart.
Fully diluted cash flow per share was $0.54 for the full year 2022 and $0.12 in the fourth quarter . As of
December 31, 2022 , the Company had immediately available liquidity of $183.2 million , comprising
$83.2 million in cash and $100.0 million in undrawn credit facilities. Net Debt, inclusive of equipment leases,
was $170.2 million as at December 31, 2022, a 28% reduction relative to December 31, 2021.
2023 Guidance and Multi-Year Outlook
The 2023 full year guidance is stated in the tables below.
Production & Costs Haile Didipio Waihi Macraes Consolidated
Gold Production koz 170 - 185 120 - 130 50 - 60 120 - 135 460 - 510
Copper Production kt - 12 - 14 - - 12 - 14
All-in sustaining costs1 $/oz 1,500 - 1,600 750 - 850 1,400 - 1,500 1,625 - 1,725 1,425 - 1,525
Cash costs $/oz 725 - 825 525 - 625 1,000 - 1,100 1,000 - 1,100 800 - 900
Capital Investments
(US$m) Haile Didipio Waihi Macraes Consolidated 2 Included in
AISC
Pre-strip and Capitalised
Mining 75 - 85 4 - 6 15 - 20 45 - 50 145 - 165 145 - 165
General Operations 55 - 60 20 - 25 3 - 5 20 - 25 95 - 110 95 - 110
Growth 40 - 45 10 - 15 10 - 15 1 - 3 65 - 75 — - —
Exploration 6 - 8 3 - 5 13 - 18 2 - 4 25 - 35 7 - 9
Total Investments 180 - 200 35 - 50 45 - 55 75 - 85 330 - 385 245 - 285
Notes
1. Consolidated AISC include corporate costs. AISC guidance based on copper price of $3.75/lb .
2. Includes corporate capital and excludes Reefton Rehabilitation costs and equipment leases classified as non-sustaining at inception.
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Production is expected to be variable over the course of 2023, and weighted more strongly to the first half of the
year, driven by the grade profile at Haile as various ore sources are progressively accessed.
In 2023, Haile is expected to produce between 170,000 to 185,000 ounces of gold at an AISC between $ 1,500
to $ 1,600 per ounce. The production profile is expected to be first half weighted as mining continues in the
higher-grade Mill Zone which is scheduled for completion mid-year.
At Haile, total capital investments are expected to range between $ 180 to $ 200 million. General operating
capital includes construction of a further tailings storage facility lift and expansion of the West PAG storage
facility. Development of the Haile Underground Mine (“HUG”) is well underway and remains on track to deliver
first ore to the mill in the fourth quarter of 2023. Growth capital primarily relates to the development of HUG and
associated supporting infrastructure and is expected to be between $40 to $45 million.
Exploration expenditure at Haile is expected to range between $ 6 and $ 8 million this year with an increased
commitment to exploration drilling covering Palomino and the Horseshoe Extension, resource conversion
drilling of Horseshoe Inferred material, and new underground target development.
At Didipio, 2023 production is expected to be between 120,000 to 130,000 ounces of gold and 12,000 to 14,000
tonnes of copper, with AISC expected to range between $750 and $850 per ounce. Gold and copper production
is expected to be evenly weighted throughout the year. The AISC increase year-on-year is primarily as result of
higher sustaining capital and grid supplied energy costs, as well increases in consumables, labour and other
costs as a result of inflation.
Sustaining capital for the year includes a tailing storage facility lift and associated infrastructure plus
improvements to on-site accommodation.
Exploration at Didipio will focus on resource conversion drilling and continued definition drilling of the two new
mineralized structures recently discovered outside of the current resource.
At Macraes, 2023 production is expected to be between 120,000 to 135,000 ounces with an AISC of between
$1,625 to $ 1,725 per ounce. Production guidance at Macraes was impacted by approximately 15,000 ounces
due to the discovery of a crack in the feed end trunnion in one of two ball mills (ML-02), which was identified in
mid-February 2023 during a planned plant shutdown. The Macraes team is working to develop the optimal
recovery plan to reinstate the mill back into full operation. Contingency plans have been developed and some
are in the process of being implemented to minimize the overall impact on production, including processing of
higher grade ore in the short term to offset a reduced mill rate. Open pit ore is expected to be sourced from
Deepdell, Gay Tan and Innes Mill. Underground ore in the first half of the year will be sourced from both Frasers
Underground and GPUG before being solely mined from GPUG in the second half of the year.
Waihi is expected to deliver improved performance in 2023 with production expected to be between 50,000 to
60,000 ounces of gold at an AISC between $1,400 to $1,500 per ounce sold. The production profile is expected
to be second half weighted as mining transitions to higher-grade material combined with an increase in ore
tonnes mined.
It is also noted that Waihi has experienced abnormally high rainfall since the beginning of 2023 (over 850mm in
January followed by over 250mm in the first two weeks of February). This has impacted productivity in the
underground mine, especially in the remnant mining areas of Edward and Empire West. On the expectation that
rainfall will moderate, the Company expects any first quarter production impacts may be recovered across the
balance of 2023.
Exploration at Waihi is expected to range between $13 and $18 million and will focus on resource conversion
drilling and growth at Martha Underground (“MUG”), plus continued resource conversion drilling at
Wharekirauponga. A target Indicated Resource size of 1.1 million ounces has been determined as optimal for
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initial development plans which provide improved mine design opportunities in support of pre-feasibility study.
Due slower than expected drilling at Wharekirauponga in 2022 related to weather and poor ground conditions,
the Company now expects to release a NI 43-101 compliant PFS in the first half of 2024. On current schedules
we are expecting first ore from WKP in late 2031 with stoping fully underway in 2032.
Three-Year Outlook
Production & Costs 2023 2024 2025
Gold Production koz 460 - 510 550 - 600 580 - 630
Copper Production kt 12 - 14 12 - 14 12 - 14
All-in sustaining costs1 $/oz 1,425 - 1,525 1,300 - 1,450 1,100 - 1,250
Capital Investments
Capitalised Mining US$m 145 - 165 130 - 150 130 - 150
General Operating US$m 95 - 110 120 - 130 70 - 80
Growth Capital US$m 65 - 75 20 - 30 25 - 35
Exploration US$m 25 - 35 20 - 30 15 - 25
Total Investments US$m 330 - 385 290 - 340 240 - 290
Notes:
1. AISC guidance is based on a copper price of $4.00/lb in 2023 and $3.25/lb for 2024 and 2025. The New Zealand dollar exchange rate applied is 0.65 for
2023, 0.68 for 2024 and 0.70 for 2025.
Over the next three years, the Company expects to deliver a compound annual production growth rate of
approximately 9% from 2022 levels at a decreasing AISC per ounce. This reflects the contribution from growth
investments, including Haile Underground, Martha Underground and Golden Point Underground mines.
On a consolidated basis, the Company expects to produce between 460,000 to 510,000 ounces of gold in
2023. Gold production is expected to increase to between 550,000 and 600,000 ounces in 2024 and between
580,000 and 630,000 ounces in 2025.
Consolidated AISC guidance ranges in 2023 are expected to be from $1,425 and $1,525 per ounce. In 2024
AISC is expected to be between $1,300 and $1,450 per ounce sold and between $1,100 and $1,250 per ounce
in 2025.
At Haile, due to open-pit mine sequencing optimisation the Company now anticipates a smoother production
and cost profile in 2024 and 2025 relative to the 2022 Haile Technical Review where production levels varied
significantly over this period.
Dividend
The Company is pleased to announce a semi-annual dividend payment of $0.01 per common share.
Shareholders of record at the close of business in each jurisdiction on 9 March 2023 (the "Record Date") will be
entitled to receive payment of the dividend on 28 April 2023. The dividend payment applies to holders of record
of the Company's common shares traded on the Toronto Stock Exchange.
Declaration of Dividend Tuesday, 21 February 2023
Common shares trade on an ex-dividend basis (TSX) Tuesday, 7 March 2023
Record Date Thursday, 9 March 2023
Dividend Payment Date Friday, 28 April 2023
OceanaGold will send a letter to each registered shareholder giving them an opportunity to elect to have their
dividends paid in United States, Canadian, Australian or New Zealand dollars, or Philippine Pesos.
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