OceanaGold Reports Mineral Reserves and Resources for the Year Ended 2024
www.oceanagold.com
February 19, 2025
News Release
OceanaGold Reports Mineral Reserves and Resources
for the Year Ended 2024
(VANCOUVER) OceanaGold Corporation (TSX:OGC, OTCQX:OCANF) (“OceanaGold” or the “Company”)
is pleased to provide its Mineral Reserves and Mineral Resources (“R&R”) statement for the year -ended
December 31, 2024.
Highlights
• Mineral Reserves increased by 27% to 6.2 Moz Au net of mining depletion at a 15% higher grade
• Measured and Indicated Mineral Resources increased by 8% to 8.9 Moz Au net of mining depletion
• Initial Mineral Reserves of 4.1 Mt at 9.2 g/t for 1.21 Moz Au declared for Wharekirauponga at Waihi
• Increase in Mineral Reserves at Didipio by 0.14 Moz Au net of mining depletion
• Increase in Indicated Mineral Resources to 2.4 Mt at 17.9 g/t for 1.4 Moz Au at Wharekirauponga
• Increase in Indicated Mineral Resources by 0.17 Moz Au at Macraes
Gerard Bond, President and CEO of OceanaGold, said "I t is very pleasing that total Mineral Reserves
increased by 27% to 6.2 million ounces of gold net of mining depletion, at a much higher average grade.
This fantastic outcome includes the initial 1.2 million ounces of reserves we declared at Wharekirauponga
in December 2024, with further reserve additions at Macraes, Waihi, and Didipio.
Today’s reserve and resource additions are a testament to our strategy of creating value through
exploration and the skill of our talented exploration and technical teams who have delivered another year
of tremendous return on investment. I look forward to further successes and value creation in 2025 from
our planned $40M investment in exploration across all four sites, our highest exploration budget in
five years."
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Mineral Reserves
The Proven and Probable Mineral Reserves estimates as at December 31, 2024 are presented in Table 1
below.
Table 1: Proven and Probable Reserves as at 31 December, 2024
Gold
Proven Probable Proven & Probable
Tonnes
(Mt)
Au
(g/t)
Contained
Ozs (Moz)
Tonnes
(Mt)
Au
(g/t)
Contained
Ozs (Moz)
Tonnes
(Mt)
Au
(g/t)
Contained
Ozs (Moz) Cut-off grade
Horseshoe underground 1.12 4.72 0.17 2.66 4.49 0.38 3.78 4.56 0.55 1.79 g/t Au
Palomino underground - - - 4.33 2.73 0.38 4.33 2.73 0.38 1.79 g/t Au
Haile open pits 4.12 1.44 0.19 30.8 1.53 1.52 34.9 1.52 1.71 0.50 g/t & 0.60 g/t Au
Haile Total 5.25 2.14 0.36 37.8 1.88 2.28 43.0 1.91 2.64
Didipio underground 15.0 1.40 0.67 14.8 0.85 0.40 29.8 1.12 1.08 0.76 g/t & 1.16 g/t AuEq
Didipio open pit stockpile 15.8 0.31 0.16 - - - 15.8 0.31 0.16 0.40 g/t AuEq
Didipio Total 30.8 0.84 0.83 14.8 0.85 0.40 45.7 0.84 1.23
Macraes underground 0.16 1.86 0.01 3.81 1.79 0.22 3.96 1.79 0.23 1.20 g/t & 1.01 g/t Au
Macraes open pits 11.5 0.58 0.22 8.02 0.70 0.18 19.5 0.63 0.40 0.30 g/t Au
Macraes Total 11.6 0.60 0.22 11.8 1.05 0.40 23.5 0.83 0.62
Martha underground - - - 4.13 3.80 0.50 4.13 3.80 0.50 2.60 g/t & 3.10 g/t Au
Wharekirauponga - - - 4.10 9.20 1.21 4.10 9.20 1.21 2.40 g/t & 1.40 g/t Au
Waihi Total - - - 8.23 6.49 1.72 8.23 6.49 1.72
Total Gold 47.7 0.92 1.42 72.7 2.06 4.80 120 1.61 6.22
Silver
Proven Probable Proven & Probable
Tonnes
(Mt)
Ag
(g/t)
Contained
Ozs (Moz)
Tonnes
(Mt)
Ag
(g/t)
Contained
Ozs (Moz)
Tonnes
(Mt)
Ag
(g/t)
Contained
Ozs (Moz)
Horseshoe underground 1.12 1.8 0.1 2.66 2.0 0.2 3.78 2.0 0.2
Palomino underground - - - 4.33 2.5 0.3 4.33 2.5 0.3
Haile open pits 4.12 1.8 0.2 30.8 2.3 2.3 34.9 2.3 2.6
Haile Total 5.25 1.8 0.3 37.8 2.3 2.8 43.0 2.3 3.1
Didipio underground 15.0 1.8 0.8 14.8 1.3 0.6 29.8 1.5 1.5
Didipio open pit stockpile 15.8 2.0 1.0 - - - 15.8 2.0 1.0
Didipio Total 30.8 1.9 1.9 14.8 1.3 0.6 45.7 1.7 2.5
Martha underground - - - 4.13 16 2.2 4.13 16 2.2
Wharekirauponga - - - 4.10 16 2.1 4.10 16 2.1
Waihi Total - - - 8.23 16 4.3 8.23 16 4.3
Total Silver 36.1 1.9 2.2 60.8 4.0 7.8 96.9 3.2 9.9
Copper
Proven Probable Proven & Probable
Tonnes
(Mt)
Cu
(%)
Contained
(Mt)
Tonnes
(Mt)
Cu
(%)
Contained
(Mt)
Tonnes
(Mt) Cu (%)
Contained
(Mt)
Didipio underground 15.0 0.40 0.1 14.8 0.31 0.05 29.8 0.36 0.11
Didipio open pit stockpile 15.8 0.29 0.0 - - - 15.8 0.29 0.05
Didipio Total 30.8 0.34 0.1 14.8 0.31 0.05 45.7 0.33 0.15
Total Copper 30.8 0.34 0.1 14.8 0.31 0.05 45.7 0.33 0.15
Mineral Reserves are defined by mine designs based upon the following assumptions: metal prices of US$1, 750/oz gold, US$3. 50/lb copper and
US$20/oz silver; NZD/USD exchange rate of 0.61.
• Reported estimates of contained metal are not depleted for processing losses.
• For underground reserves, cut-offs applied to diluted grades.
• Haile:
o Open Pit: the primary cut-off grade is 0.5 g/t Au, while oxide material is assigned a cut-off grade of 0.6 g/t Au.
o Underground: the cut-off grade is 1.79 g/t Au, with adjacent lower grade stopes included in the reserves estimate based on an incremental stope
cut-off grade of 1.69 g/t Au.
• Didipio:
o Gold equivalence (AuEq) is based upon the presented gold and copper prices as well as processing recoveries. AuEq = Au g/t + 1.37 x Cu%.
o The 15.8 Mt surface stockpile inventory includes 5.3 Mt of low-grade stocks mined at an approximate cut-off grade of 0.27 g/t AuEq.
o Underground: incremental stopes proximal to development already planned to access main stoping areas are reported to a lower cut -off grade of
0.76 g/t AuEq.
• Macraes:
o Golden Point underground cut-off grade is 1.20 g/t Au. Stopes for which access already exists are reported to a lower cut -off grade of 1.01 g/t.
• Waihi:
o Martha underground cut-off grade for previously unmined stoping areas is 2.6 0 g/t Au, increasing to 3. 0 g/t Au for stoping areas in close proximity
to remnant workings, while development cut-off grade is 0.90 g/t Au.
o Wharekirauponga underground cut-off grade for stopes is 2.40 g/t Au, while development cut-off grade is 1.40 g/t Au.
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Mineral Reserves
Mineral Reserves increased at Waihi, largely due to the initial Mineral Reserve declaration at
Wharekirauponga underground. An updated Prefeasibility Study technical report in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”) was released on
December 11, 2024.
Reserves at the Didipio increased by 0.14 Moz, after mine depletion, due to reserve extensions at depth in
Panel 3 as well as mine design optimization in Panel 1 and Panel 2 (Figure 1). Reserve additions net of
mining depletion also occurred at Macraes, Waihi and the Haile underground. An increase in gold price
assumption to $1,750 per ounce contributed to a minor increase in total Reserves across the Company
(see “Economic Factors” in Figure 1 below).
Figure 1: Changes to Proven and Probable Reserves
Notes:
• "Depletion" refers to 2024 mining depletion.
• "Reserve Model Updates" represent drilling and/or model updates to reserve or initial reserve declarations.
• "Economic Factors" relate to gold price, mining cost and cut -off grade changes.
• "Adjustments" relate to changes not captured in other categories.
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Mineral Resources
The Measured, Indicated and Inferred Mineral Resource estimates (inclusive of Mineral Reserves) as of
December 31, 2024 are presented in Table 2 below.
Table 2: Measured and Indicated Resources as of 31 December, 2024
Measured Indicated Measured & Indicated Inferred
Cut-off grade
Gold
Tonnes
(Mt)
Au
(g/t)
Contained
(Moz)
Tonnes
(Mt)
Au
(g/t)
Contained
(Moz)
Tonnes
(Mt)
Au
(g/t)
Contained
(Moz)
Tonnes
(Mt)
Au
(g/t)
Contained
(Moz)
Horseshoe underground 1.47 4.90 0.23 3.93 4.53 0.57 5.40 4.63 0.80 0.8 3.7 0.09 1.50 g/t Au
Palomino underground - - - 4.72 3.18 0.48 4.72 3.18 0.48 1.1 2.3 0.08 1.50 g/t Au
Haile open pits 4.14 1.44 0.19 30.8 1.53 1.52 34.9 1.52 1.71 2.2 0.8 0.06 0.50 g/t & 0.60 g/t Au
Haile Total 5.61 2.35 0.42 39.4 2.03 2.57 45.1 2.07 2.99 4.1 1.7 0.2
Didipio underground 15.6 1.57 0.79 17.6 0.88 0.50 33.2 1.20 1.28 6.4 0.8 0.2 0.67 g/t AuEq
Didipio open pit stockpile 15.8 0.31 0.16 - - - 15.8 0.31 0.16 - - - 0.27 g/t AuEq
Didipio Total 31.4 0.93 0.94 17.6 0.88 0.50 49.0 0.92 1.44 6.4 0.8 0.2
Macraes underground 0.30 2.34 0.02 7.91 2.23 0.57 8.22 2.23 0.59 3.0 1.7 0.2 0.90 g/t Au
Macraes open pits 13.7 0.66 0.29 25.1 0.69 0.56 38.8 0.68 0.85 23 0.7 0.5 0.30 g/t Au
Macraes Total 14.0 0.69 0.31 33.1 1.06 1.12 47.1 0.95 1.44 26 0.8 0.7
Martha underground - - - 6.71 5.18 1.12 6.71 5.18 1.12 2.4 4.5 0.4 2.15 g/t Au
Wharekirauponga - - - 2.42 17.9 1.40 2.42 17.9 1.40 1.9 9.8 0.6 2.10 g/t Au
Waihi open pits - - - 9.72 1.76 0.55 9.72 1.76 0.55 3.1 1.8 0.2 0.50 g/t & 0.56 g/t Au
Waihi Total - - - 18.9 5.06 3.06 18.9 5.06 3.06 7.4 4.7 1.1
Total Gold 51.0 1.02 1.68 109 2.07 7.26 160 1.74 8.94 44 1.6 2.2
Measured Indicated Measured & Indicated Inferred
Silver
Tonnes
(Mt)
Ag
(g/t)
Contained
(Moz)
Tonnes
(Mt)
Ag
(g/t)
Contained
(Moz)
Tonnes
(Mt)
Ag
(g/t)
Contained
(Moz)
Tonnes
(Mt)
Ag
(g/t)
Contained
(Moz)
Horseshoe underground 1.47 1.9 0.09 3.93 2.1 0.3 5.4 2.1 0.4 0.8 2.0 0.05
Palomino underground - - - 4.72 2.7 0.4 4.7 2.7 0.4 1.1 2.0 0.07
Haile open pits 4.14 1.4 0.18 30.8 2.3 2.3 35 2.2 2.5 2.2 2.2 0.2
Haile Total 5.61 1.5 0.27 39.4 2.4 3.0 45 2.3 3.3 4.1 2.1 0.3
Didipio underground 15.6 1.9 1.0 17.6 1.4 0.8 33.2 1.6 1.7 6.4 1.1 0.2
Didipio open pit stockpile 15.8 2.0 1.0 - - - 15.8 2.0 1.0 - - -
Didipio Total 31.4 2.0 2.0 17.6 1.4 0.8 49.0 1.7 2.7 6.4 1.1 0.2
Martha underground - - - 6.71 21 4.4 6.7 21 4.4 2.4 22 1.7
Wharekirauponga - - - 2.42 28 2.2 2.4 28 2.2 1.9 15 0.9
Waihi open pits - - - 9.72 10 3.2 9.7 10 3.2 3.1 9.6 1.0
Waihi Total - - - 18.9 16 9.8 19 16 9.8 7.4 15 3.6
Total Silver 37.0 1.88 2.2 75.9 5.6 14 113 4.4 16 18 7.1 4.1
Measured Indicated Measured & Indicated Inferred
Copper
Tonnes
(Mt)
Cu
(%)
Contained
(Mt)
Tonnes
(Mt)
Cu
(%)
Contained
(Mt)
Tonnes
(Mt)
Cu
(%)
Contained
(Mt)
Tonnes
(Mt)
Cu
(%)
Contained
(Mt)
Didipio underground 15.6 0.44 0.07 17.6 0.32 0.056 33.2 0.38 0.12 6.4 0.3 0.02
Didipio open pit stockpile 15.8 0.29 0.05 - - - 15.8 0.29 0.046 - - -
Didipio Total 31.4 0.36 0.11 17.6 0.32 0.056 49.0 0.35 0.17 6.4 0.3 0.02
Total Copper 31.4 0.36 0.11 17.6 0.32 0.056 49.0 0.35 0.17 6.4 0.3 0.02
• Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability.
• All resources are based on the following assumptions: metal prices of US$1,950/oz gold, US$4.0/lb copper and US$23/oz silver; NZD/USD exchange
rate of 0.61.
• Open Pit resources are constrained by shells based upon economic assumptions above. Waihi Open Pit resources reported within a pit design limited
by infrastructure considerations. Haile Open Pit resources reported within reserve design pit.
• Underground resources are reported within volumes guided by optimized stope designs based upon economic assumptions above and exclude dilution.
• Haile Open Pit primary cut-off grade is 0.50 g/t Au, while oxide cut-off grade is 0.60 g/t Au. Palomino resources and Horseshoe resources cut-off grade
is 1.50 g/t Au.
• For Didipio, the 15.8 Mt surface stockpile inventory includes 5.3 Mt of low -grade stocks mined at an approximate cut-off grade of 0.27 g/t AuEq.
• Didipio underground resources reported at a cut-off grade of 0.67 g/t AuEq between the 2,460mRL and 1, 965mRL with AuEq cut-off grade based on
presented gold and copper prices. AuEq = Au g/t + 1.39 x Cu %.
• Macraes: Open Pits cut-off grade is 0.3 g/t Au. Golden Point underground cut-off grade is 0.9 g/t Au.
• Waihi: Martha underground cut-off grade is 2.15 g/t Au, Wharekirauponga cut-off grade is 2.10 g/t Au, Martha Open Pit cut-off grade is 0.5 g/t Au and
Gladstone Open Pit cut-off grade is 0.56 g/t Au.
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The increase in Measured and Indicated Mineral Resources of 0.62 Moz, net of mining depletion, is largely
due to resource updates at Wharekirauponga underground at Waihi, a gold price- related pit expansion for
Innes Mills open pit at Macraes, and extensions for Horseshoe underground at Haile (Figure 2).
Figure 2: Changes to Measured and Indicated Resources
Notes:
• "Depletion" refers to 2024 mining depletion.
• "Resource Model Updates" represent drilling and/or model updates to reserve or initial reserve declarations
• "Economic Factors" relate to gold price, mining cost and cut -off grade changes.
• "Adjustments" relate to changes not captured in other categories.
Decreases in Inferred Resources is due to conversion and mining depletion offset by gold price- related
open pit expansions for Macraes (Figure 3).
Figure 3: Changes to Inferred Resources
Notes: See notes for figure 2
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About OceanaGold
OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly
maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our
shareholders. We have a portfolio of four operating mines: the Haile Gold Mine i n the United States of
America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.
For further information please contact:
Investor Relations:
Rebecca Henare, Vice President, Investor Relations
Media Inquiries:
Louise Burgess, Director, Communications
Notes to Mineral Reserves and Mineral Resources Estimates
All Mineral Reserves and Mineral Resources were estimated as of December 31, 2024 and have been
prepared in accordance with NI 43-101.
All tonnage, grade and contained metal content estimates have been rounded; rounding may result in
apparent summation differences between tonnes, grade, and contained metal content.
Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability. It is reasonably expected that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
The updates to the Mineral Resources estimate for Haile open pit and underground have been verified and
approved by, or are based on information prepared by, or under the supervision of, J. Moore, the Company’s
Head of Resource Development. The updates to the Mineral Reserves estimate for Haile open pits have
been verified and approved by, or are based on information prepared by, or under the supervision of, D.
Londono, the Company’s Executive Vice President and Chief Operating Officer Americas, and the Min eral
Reserves estimate for Haile underground has been verified and approved by or is based upon information
prepared by, or under the supervision of, B. Drury, Superintendent - Engineering Services (underground),
Haile.
The Mineral Resources estimate for Didipio has been verified and approved by, or is based on information
prepared by, or under the supervision of, J. Moore, while the Mineral Reserves estimate for Didipio
underground has been verified and approved by or is based upon information prepared by, or under the
supervision of, P. Jones, the Company’s Head of Underground Mining.
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Any updates to the Mineral Resources estimate for Macraes open pits have been verified and approved by,
or are based on information prepared by, or under the supervision of, J. Moore. The updates to the Mineral
Resources estimate for Macraes underground operations have been verified and approved by, or are based
on information prepared by, or under the supervision of, M. Grant, the Company’s Senior Geologist –
Resource Development, Macraes. The Mineral Reserves estimate for Macraes open pits has been verified
and approved by, or is based on information prepared by, or under the supervision of, K. Madambi, the
Company’s Manager – Technical Services & Projects, Macraes. The Mineral Reserves estimate for
Macraes underground has been verified and approved by, or is based upon information prepared by, or
under the supervision of, E. Leslie, the Company’s Group Mining Engineer.
Any updates to the Mineral Resources estimate for Waihi’s Wharekirauponga underground, Martha
underground, Gladstone open pit and Martha Open Pit have been verified and approved by, or are based
on information prepared by, or under the supervision of, L. C rawford-Flett, the Company’s Manager –
Exploration and Geology, Waihi. The Mineral Reserves estimates for the Martha underground, Waihi
underground has been verified and approved by, or is based on information prepared by, or under the
supervision of, D. Townsend, the Company’s Manager – Mining (Underground), Waihi. The Mineral
Reserves estimate for the Wharekirauponga underground has been verified and approved by, or is based
upon information prepared by, or under the supervision of, E. Leslie, the Company’s Group Mining
Engineer.
All such persons noted above are “qualified persons” for the purposes of NI 43- 101. D. Londono is a
registered member of the Society of Mining Engineers with the Society of Mining, Metallurgy & Exploration.
Messrs Crawford- Flett, Madambi, Jones, Leslie, Moore and Townsend are Members and Chartered
Professionals with the Australasian Institute of Mining and Metallurgy. M. Grant is a member of the
Australian Institute of Geoscientists. B. Drury is a Registered Member with the Society of Mining, Metallurgy
& Exploration.
For further scientific and technical information supporting the disclosure in this news release (including
disclosure regarding Mineral Resources and Mineral Reserves, data verification, key assumptions,
parameters, methods used to estimate the Mineral Res ources and Mineral Reserves, and risks and other
factors), please refer to the following NI 43- 101 technical reports available on the SEDAR+ website at
www.sedarplus.com under the Company’s name:
a) “NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand” dated March 28, 2024 with
an effective date of December 31, 2023, prepared by M. Grant, J. Moore, K. Madambi, E. Leslie
and D. Carr (OceanaGold);
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b) “NI 43-101 Technical Report Didipio Gold / Copper Operations Luzon Island, Philippines” dated
March 31, 2022 with an effective date of December 31, 2021, prepared by D. Carr, P Jones, and
J. Moore (OceanaGold);
c) “NI 43-101 Technical Report – Waihi District Pre-feasibility Study, New Zealand" dated December
11, 2024 with an effective date of June 30, 2024, prepared by D. Townsend, L. Crawford- Flett, K.
Hollis, E. Leslie, and T. Maton (OceanaGold); and
d) “NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina” dated March 28,
2024 with an effective date of December 31, 2023, prepared by D. Carr, D. Londono, J. Moore and
B. Drury (OceanaGold), L. Standridge and R. Cook (Call & Nicholas, Inc.), J. Newton Janney-Moore
and W. Lucas Kingston (NewFields Mining & Technical Services LLC) and M. Sullivan and B. Miller
Clarkson (SRK Consulting (U.S.), Inc.).
Cautionary Statement Regarding Mineral Resources and Mineral Reserves
The disclosure in this news release has been prepared in accordance with NI 43- 101, which differs
significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and
resource and reserve information contained or referenced in this news release may not be comparable to
similar information disclosed by public companies subject to the technical disclosure requirements of the
SEC. Historical results or feasibility models presented herein are not guarantees or expectations of future
performance.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this news release may be deemed "forward-looking" within the meaning of
applicable securities laws. All statements other than statements of historical facts included in this news
release constitute forward -looking statement s, including but not limited to, the estimation of Mineral
Reserves and Mineral Resources , the realization of Mineral Reserves and Mineral Resources estimates,
estimates of exploration expenditures, costs and timing of future exploration programs and information
relating to future performance and reflect the Company's expectations regarding the execution of business
strategy, future growth, estimated costs, results of operations, business prospects and opportunities of
OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect
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 anticipate", "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 histo rical 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 , including , among others, the