OceanaGold Reports Second Quarter 2026 Results (All financial figures in United States dollars unless otherwise stated)
NEWS RELEASE
August 5, 2026
OceanaGold Reports Second Quarter 2026 Results
(All financial figures in United States dollars unless otherwise stated)
• Produced 138,800 ounces of gold, on track to deliver on full year guidance.
• Strong Free Cash Flow† of $130 million, with cash of $655 million and no debt at quarter end.
• Advanced growth projects and returned $78 million to shareholders via buybacks and dividends.
VANCOUVER, BC - OceanaGold Corporation (TSX: OGC, NYSE: OGC) ("OceanaGold" or the “Company”)
reported its operational and financial results for the three and six months ended June 30, 2026 . The
consolidated financial statements and Management's Discussion and Analysis (“MD&A”) are available at
www.oceanagold.com.
Second Quarter Highlights
• On track to achieve full year production, cost and capital guidance, with production expected to
increase and costs to decrease in the second half of 2026.
• Safely and responsibly produced 138,800 ounces of gold and 2,700 tonnes of copper, an increase in
gold production of 7% from the prior quarter.
• All-In Sustaining Cost (“AISC”) † of $2,151 per ounce in the quarter, expected to decrease in the second
half of 2026 with higher gold production and lower sustaining capital.
• Revenue of $647 million at an average realized gold price of $4,433 per ounce, reflecting gold sales
weighted towards the end of the quarter as gold production increased at Haile.
• Net profit1 of $222 million, EPS of $0.99 and record adjusted EBITDA Margin† of 61%.
• Generated strong quarterly Operating Cash Flow of $314 million.
• Free Cash Flow† of $130 million, and $385 million year to date.
• Cash balance increased by 6% to $655 million with no debt and revolving credit facility undrawn.
• Returned $78 million to shareholders in the quarter, via dividends and share buybacks.
• Completed $58 million in share buybacks during the quarter and $134 million year to date, with up to
$350 million approved for 2026.
• Listed on the New York Stock Exchange ("NYSE") on April 7, 2026, with trading volumes increasing.
• Reported additional high-grade drill results at Haile, highlighting the ongoing success of drilling to support
resource growth and conversion, and continuing to demonstrate upside potential.
• Development of the decline towards Wharekirauponga commenced in May 2026, progressing to plan.
• Macraes produced its 6 millionth ounce of gold in July 2026, since beginning production in 1990.
† See “Non-IFRS Financial Information”
1 Attributable to the shareholders of the Company.
1
Gerard Bond, President and CEO of OceanaGold, said “We are pleased to deliver another quarter of solid
gold production, generating strong free cash flow which allows us to invest in our attractive organic growth
projects, strengthen our balance sheet and still return meaningful capital to shareholders. During the quarter
we commenced development of the decline towards the high-grade Wharekirauponga orebody, a significant
milestone in advancing the Waihi North Project, and are progressing to plan. At Haile, we continued to
progress the Palomino decline and released additional high-grade drill results that further demonstrate our
ability to add value through the drill bit. With increased gold production expected in the second half of the
year we remain focused on delivering on our guidance, reducing our unit costs, generating further free cash
flow and continuing to create value for our shareholders."
2
Results Overview
Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025
Gold Produced1
Haile koz 59.5 41.6 47.7 101.1 99.3
Macraes koz 41.4 51.5 30.0 92.9 58.4
Waihi koz 16.5 16.6 17.3 33.1 34.1
Didipio koz 21.4 20.4 24.5 41.8 45.1
Total gold produced1 koz 138.8 130.1 119.5 268.9 236.9
Gold Sales
Haile koz 53.1 47.3 49.5 100.4 106.7
Macraes koz 45.9 47.9 34.8 93.8 58.5
Waihi koz 16.4 17.6 16.4 34.0 32.3
Didipio koz 20.4 22.6 20.6 43.0 38.4
Total Gold sales koz 135.8 135.4 121.3 271.2 235.9
Average Gold Price $/oz 4,433 4,894 3,293 4,663 3,082
Copper Produced1 - Didipio kt 2.7 3.2 3.7 5.9 7.1
Copper Sales1 - Didipio kt 2.6 3.3 3.0 5.9 6.2
Average Copper Price $/lb 6.40 6.10 4.36 6.23 4.32
Silver Produced koz 126.8 130.7 160.1 257.5 322.8
Cash Costs†
Haile $/oz 1,442 1,779 997 1,601 846
Macraes $/oz 1,237 970 1,496 1,101 1,444
Waihi $/oz 2,262 1,556 1,670 1,896 1,559
Didipio $/oz 706 748 873 728 872
Consolidated Cash Costs† $/oz 1,362 1,292 1,210 1,327 1,096
AISC†
Haile $/oz 1,953 2,637 1,890 2,275 1,708
Macraes $/oz 1,932 1,506 2,146 1,715 2,213
Waihi $/oz 2,840 2,155 2,190 2,485 2,106
Didipio $/oz 1,589 1,298 1,287 1,436 1,214
Consolidated AISC† $/oz 2,151 2,094 2,027 2,123 1,915
Free Cash Flow† $M 130.1 255.2 120.1 385.3 188.9
Net profit2 $M 222.2 228.4 114.1 450.6 213.8
Adjusted net profit†2 $M 221.2 229.5 116.5 450.7 217.2
EBITDA† $M 399.0 416.7 217.1 815.7 409.1
Adjusted EBITDA† $M 398.0 417.8 219.5 815.8 412.5
Earnings per share - diluted2,3 $/share $0.99 $1.01 $0.49 $1.99 $0.91
Adjusted earnings per share - diluted†2,3 $/share $0.98 $1.01 $0.51 $2.00 $0.94
1 Production is reported on a 100% basis as all operations are controlled by OceanaGold.
2 Attributable to the shareholders of the Company.
3 Quarterly amounts do not sum to year-to-date amounts due to the weighting of the number of shares outstanding.
† See “Non-IFRS Financial Information”
3
Outlook
The Company’s 2026 production, cost and capital Guidance is outlined in the table below and remains
unchanged.
Production is expected to increase in the second half of the year, with consolidated third quarter production
expected to be similar to the second quarter, and the fourth quarter being the strongest of the year.
At Haile, gold production is expected to increase in the third quarter, then again in the fourth quarter driven
by higher grades mined in the Ledbetter Phase 3 open pit and the Horseshoe Underground. Macraes
production is expected to be lower in the third and fourth quarters as per plan, while production at Waihi is
expected to remain relatively consistent through the remainder of the year. At Didipio, production is expected
to be higher in the third and fourth quarters driven by an increase in underground mining rates.
Consolidated AISC † is anticipated to be near the upper end of the Company’s 2026 Guidance range,
reflecting labour cost inflation, continued investment in maintenance and reliability improvements,
unhedged energy costs and lower silver by-product credits. Consolidated AISC † is expected to be lower in the
third quarter and again in the fourth quarter, underpinned by lower sustaining capital and higher production
at Haile. AISC † at each of Haile, Didipio and Waihi is expected to reduce in the second half of the year. AISC †
at Macraes is expected to increase in the second half, with its full-year AISC † expected to be within its
Guidance range.
Total capital investment guidance remains unchanged, with spending on growth capital expected to increase
in the second half of the year, primarily driven by the continued investment in the Waihi North and Palomino
Underground Projects and waste stripping activities at Haile, while sustaining capital across the portfolio is
expected to decrease in the second half of the year.
2026 Full-Year Guidance
Production & Costs1 Haile Macraes Waihi Didipio Consolidated
Gold Production koz 235 - 260 135 - 155 60 - 75 85 - 105 520 - 590
Copper Production kt — — — — — — — — — 13 - 15 13 - 15
Cash Costs†,2 $/oz 970 - 1,070 1,275 - 1,375 1,600 - 1,800 615 - 715 1,050 - 1,200
AISC†,2 $/oz 1,500 - 1,700 1,950 - 2,150 2,100 - 2,300 975 - 1,100 1,750 - 1,900
† See “Non-IFRS Financial Information”
4
Capital Investments1,3,4
($M) Haile Macraes Waihi Didipio Consolidated Included in
AISC†
Sustaining capital 95 30 15 25 170 170
Pre-strip and Capitalized
Mining 45 65 15 10 135 135
Growth 90 10 160 20 280 —
Exploration 10 10 25 10 60 15
Total Investments 240 115 215 65 645 320
1 Production is on a 100% basis as all operations are controlled by OceanaGold. Assumes a NZD to USD exchange rate of 0.58.
2 Includes by-product allocations based on a copper price of $5.85 per pound and a silver price of $95 per ounce.
3 Excludes capital leases.
4 Capital Investments Guidance range of ±5%; Consolidated includes corporate capital.
Waihi North Project
OceanaGold is permitted to develop and operate the Waihi North Project, which includes the high-grade
Wharekirauponga Underground mine. Construction and underground tunnelling activity to the underground
mine continues to ramp up with overall project development progressing on schedule for first ore in 2032.
Following completion of the portal, decline development commenced in May 2026 and is progressing in line
with plan, nearing 200 metres to date. The next key milestone involves the addition of a second jumbo to
begin the twin incline towards the Wharekirauponga orebody.
Execution of bulk earthworks accelerated at the Willows Portal site in the second quarter and earthwork
activities related to drainage, dams, roads, magazine and the surface facilities area remain on track for
completion by year-end. Construction of the services trench connecting the existing Waihi operations with
the Willows surface facilities, providing power, water and communications infrastructure, was completed in
July. Construction of the water treatment plant remains ongoing, with commissioning expected by the end of
the third quarter. Early works activities on TSF 3 are expected to commence in the fourth quarter.
Dividend
OceanaGold has declared a $0.09 per share dividend payable in September 2026. Shareholders of record at
the close of business in each jurisdiction on August 19, 2026 (the "Record Date") will be entitled to receive
payment of the dividend on September 18, 2026. The dividend payment applies to holders of record of the
Company's common shares traded on the TSX and the NYSE.
Declaration of Dividend Wednesday August 5, 2026
Record Date Wednesday August 19, 2026
Dividend Payment Date Friday September 18, 2026
Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in
Computershare’s international payments service if they want to receive dividends in an alternative currency.
This dividend qualifies as an ‘eligible dividend’ for Canadian income tax purposes.
5
Share Buyback
In the first half of 2026, the Company completed $134 million of share repurchases. In February, the
Company announced approval to apply up to $350 million towards share buybacks in 2026. The Company
recently renewed its Normal Course Issuer Bid for another 12 months.
Conference Call and Webcast:
Senior management will host a conference call and webcast to discuss the quarterly results on Thursday,
August 6, 2026 at 10:00 am EDT (7:00 am PDT). To participate in the conference call, please use one of the
following methods:
• Webcast: https://app.webinar.net/Px0arqjVm9v
• 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.
About OceanaGold
OceanaGold is a global 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 wholly-owned Haile Gold Mine in the United
States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned
Didipio Mine in the Philippines.
For further information please contact:
Investor Relations:
Brian Martin, SVP, Business Development and Investor Relations
Tel: +1 604-678-4096
Valerie Burns, Director, 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 news release contains certain “forward-looking statements” and “forward-looking information” (collectively,
“forward-looking statements”) within the meaning of applicable Canadian and United States securities laws which may
include, but are not limited to, statements with respect to: the Company’s planned production, cost and capital
Guidance for 2026; the future financial and operating performance of the Company and its mining projects and the
anticipated benefits therefor; the development, expansion and operation of the Company’s mining projects; anticipated
production levels and mine lives; the estimation, realization and classification of Mineral Reserves and Mineral
Resources; costs of production; estimates of growth capital, sustaining capital, operating and exploration expenditures;
costs and timing of the development of new deposits and mines; the availability of, and access to, labour, equipment,
power, diesel, water and other inputs; the timing, cost and outcome of development, construction and expansion
activities; timing for the execution of bulk earthworks, construction and commissioning of the water treatment plant and
first ore at the Waihi North Project; costs and timing of future exploration and drilling programs, including the Company’s
site and regional exploration programs; water management initiatives and strategies and tailings management initiatives
at the Company’s operations; requirements for additional capital; the adequacy of current financial resources and cash
reserves; governmental regulation of mining operations and exploration operations; the timing and receipt of required
permits, certifications, approvals, consents and renewals under applicable legislation; the amount of and timing for
anticipated purchases under the NCIB program; the payment of dividends in future periods; compliance with applicable
environmental, social, health and safety and other regulatory requirements; geotechnical and operational conditions;
social licence to operate and stakeholder relationships; competition for mineral properties; the availability and terms of
financing; foreign operations and political, economic and regulatory conditions in the jurisdictions in which the Company
operates; expectations regarding the impacts of the U.S.-Iran international conflict on the Company’s operations,
including potential impacts to operating and capital costs; governmental regulation of mining operations and exploration
operations; fluctuations in commodity prices, including gold, copper and silver, and foreign exchange rates; anticipated
environmental risks; the limitations and adequacy of insurance coverage; title matters, disputes, claims and land access;
changes in laws, taxation and accounting standards; and the timing and possible outcome of pending legal proceedings,
regulatory matters and other disputes, including the appeal to the permit approval for the Waihi North Project.
All statements in this news release that address events or developments that the Company expects to occur in the future
are forward-looking statements. Forward-looking statements are statements that are not historical facts and are
generally, although not always, identified by words such as “may”, “plans”, “expects”, “projects”, “is expected”,
“scheduled”, “potential”, “estimates”, “forecasts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations
(including negative variations) of such words and phrases, or may be identified by statements to the effect that certain
actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking statements. Such risks include, among
others: the risk of not achieving the Company’s production estimates, forecasts or Guidance; inaccuracy of Mineral
Reserves, Mineral Resources and operating and capital cost estimates; the actual results of current and future
production, development and/or exploration activities; possible variations of ore grade, metallurgy or recovery rates;
changes in mine plans, project parameters or assumptions as plans continue to be refined; delays in, or inability to
complete, development or construction or expansion activities or to re-commence or sustain operations as planned;
7
failures or underperformance of plant, equipment, infrastructure or processes; geotechnical risks or events, including
open pit wall stability, crown pillar failure, land subsidence and tailings dam failures; scarcity in and disruption of global
supply chain and/or increases in prices, including as a result of international conflicts, such as the U.S.-Iran conflict;
challenges associated with effective water management; environmental, health and safety and climate-related risks;
risks related to community acceptance, stakeholder engagement and social licence to operate; competition for mineral
properties and other growth opportunities; legal and regulatory challenges to current and future permits, certifications,
approvals or licences; adverse judicial, regulatory or governmental decisions; delays in, or inability to obtain, financing or
governmental approvals on acceptable terms; changes in laws, regulations, taxation regimes, regulated accounting
standards or their interpretation or application; the risks associated with operating in foreign jurisdictions, including
political instability, changes in policy or law, civil unrest, blockades or conflict; fluctuations in the prices of gold, copper
and silver; general business, economic and market conditions (including changes in global, national or regional financial,
credit, currency or securities markets); changes or developments in global, national or regional political and social
conditions; fluctuations in foreign exchange rates, including the value of the U.S. dollar relative to the Canadian dollar,
the New Zealand dollar or the Philippine peso; trade policies and tensions, including tariffs; inflationary pressure; labour
availability, retention and turnover; accidents, labour disputes, work stoppages and other operational risks of the mining
industry; limitations of insurance coverage or uninsured risks; the conclusions of economic evaluations, studies and
models; information technology, artificial intelligence and cybersecurity risks; and those other factors identified and
described in more detail in the section entitled “Risk Factors” contained in the Company’s most recent Annual
Information Form and the Company’s other filings with Canadian securities regulators and the U.S. Securities and
Exchange Commission (“SEC”), which are available under the Company’s profile on SEDAR+ at sedarplus.ca and on
EDGAR at sec.gov, respectively, and on the Company’s website at oceanagold.com. 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 hereof, 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 future operations, including: exploration and development activities; the timing, extent, duration and
economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and
assessments; the Company’s ability to meet or achieve Guidance, estimates, projections and forecasts; the availability
and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation
levels; the timely receipt of necessary permits, certifications, approvals or licences; 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 other 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 obligation to update forward-looking statements if circumstances or Management's
beliefs, expectations or opinions should change other than as required by applicable laws. There can be no assurance
that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ
materially from those expressed in, or implied 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
8