OceanaGold Reports Fourth Quarter and Full Year 2024 Operating and Financial Results
† See “Non-IFRS Financial Information”
1
February 19, 2025 News Release
OceanaGold Reports Fourth Quarter and Full Year 2024 Operating and
Financial Results
(All financial figures in United States dollars unless otherwise stated)
• Met 2024 updated production guidance and achieved record annual production at Haile
• Record annual Net Profit of $192 million and Free Cash Flow of $245 million
• Doubling of annual dividend and intend to repurchase up to $100 million of shares in 2025
(VANCOUVER) OceanaGold Corporation (TSX: OGC; OTCQX: OCANF) ("OceanaGold" or the
“Company”) reported its operational and financial results for the three months and year ended
December 31, 2024. The condensed interim consolidated financial statements and Management's
Discussion and Analysis (“MD&A”) are available at www.oceanagold.com.
Fourth Quarter and Full Year Highlights
• Fourth quarter production of 150,900 ounces of gold and 3,100 tonnes of copper, an increase in gold
production of 12% from the prior quarter
• Record quarterly and annual production at Haile and best quarterly production at Waihi since
production commenced at Martha Underground in 2021
• Full year 2024 production of 488,800 ounces of gold and 12,300 tonnes of copper, achieving updated
production guidance
• Quarterly and full year All-In Sustaining Cost (AISC)† of $1,563 and $1,777 per ounce, respectively
• Record quarterly and annual revenue of $427 million and $1.29 billion, respectively
• Record quarterly and annual Net Profit† of $103 million and $192 million, respectively
• Adjusted EPS† of $0.15, an increase of 67% from the prior quarter
• Fourth quarter EBITDA Margin† of 58% and Operating Cash Flow Per Share† of $0.36
• Record quarterly and annual Free Cash Flow† of $147 million and $245 million, respectively
• Repaid the remaining $85.0 million of the revolving credit facility during the quarter, ending the year
with Net Cash† of $192 million
• Repurchased 8.8 million common shares ($24.1 million) since July, 2024, at an average price of
CAD$3.79 per share
• Doubled annual dividend to $0.01 per share quarterly
• Declared an initial Mineral Reserve at Wharekirauponga of 4.1 Mt at 9.2 g/t for 1.21 Moz Au
• Total Mineral Reserves increased by 27% to 6.2 Moz Au, net of mining depletion
† See “Non-IFRS Financial Information”
2
Gerard Bond, President and CEO of OceanaGold, said "The fourth quarter was tremendous, delivering
numerous operational and Company records, highlighted by record quarterly Free Cash Flow of
$147 million. These strong results were driven by record production at Haile and a strong performance by
both Macraes and Waihi. We continued to invest at all four operations while increasing shareholders'
ownership of the Company by fully repaying the credit facility and actively buying back shares, finishing the
year with net cash of $192 million. In 2024 we also successfully completed a number of major milestones
notably the OceanaGold Philippines IPO, the ramp- up of Haile's Horseshoe underground mine, and the
release of exceptional results in the Waihi District pre-feasibility study.
Looking forward, we expect another year of strong Free Cash Flow in 2025, and a significant step- up in
gold production and Free Cash Flow in 2026. We will continue to invest in our organic growth and
exploration projects and increase capital returns to our shareholders via the dividend and share- buyback
programs. I am also very excited by the value enhancing catalysts we have in 2025, such as obtaining the
permits and commencing construction at the high-grade Wharekirauponga underground mine, and further
exploration success at each of our sites."
Multi-Year Outlook
The Company maintains a strong multi-year outlook, with 20% growth in gold production from 2024 levels
by 2026.
Production & Cost Outlook 2025 2026
Gold production koz 450 - 520 550 - 620
Copper production kt 13 - 15 13 - 15
AISC† $/oz 1,900 - 2,050 1,400 - 1,600
Growth & Exploration Capital1 $M 120 - 130 190 - 215
1 Excludes sustaining exploration capital.
† See “Non-IFRS Financial Information”
3
Q4 2024 Q3 2024 Q4 2023 2024 2023
Gold Produced1
Haile koz 75.2 64.9 37.6 212.6 152.5
Didipio koz 19.7 27.9 42.8 97.0 138.5
Macraes koz 37.9 28.3 36.1 125.4 137.0
Waihi koz 18.1 13.8 13.3 53.8 49.3
Total gold produced1 koz 150.9 134.9 129.8 488.8 477.3
Gold Sales
Haile koz 73.9 53.6 29.6 208.5 146.2
Didipio koz 20.8 28.9 39.7 100.4 135.7
Macraes koz 36.6 29.5 36.3 124.8 137.1
Waihi koz 19.0 12.8 13.2 54.0 48.9
Total gold sales koz 150.3 124.8 118.8 487.7 467.9
Average Gold Price $/oz 2,665 2,511 1,993 2,433 1,955
Copper Produced1 - Didipio koz 3.1 3.4 3.8 12.3 14.2
Copper Sales - Didipio koz 2.8 3.5 3.9 11.7 13.8
Average Copper Price $/lb 4.16 4.15 3.80 4.16 3.87
Cash Costs†
Haile $/oz 598 683 1,521 955 884
Didipio $/oz 1,033 824 549 851 614
Macraes $/oz 1,214 1,458 901 1,192 996
Waihi $/oz 1,130 1,538 1,345 1,427 1,300
Consolidated Cash Costs† $/oz 875 987 987 1,047 883
AISC†
Haile $/oz 1,287 1,537 2,570 1,628 1,921
Didipio $/oz 1,389 1,103 737 1,140 730
Macraes $/oz 1,535 2,099 1,468 1,906 1,570
Waihi $/oz 1,557 2,252 1,829 2,087 1,914
Consolidated AISC† $/oz 1,563 1,729 1,658 1,777 1,587
Free Cash Flow†2 $M 146.5 65.7 16.1 245.2 42.4
Net profit (loss) $M 102.7 60.6 (18.9) 192.0 83.1
Adjusted net profit† $M 107.6 66.4 6.6 208.3 120.1
Adjusted EBITDA† $M 251.3 162.8 91.6 604.0 413.6
Earnings (loss) per share3 $/share $0.14 $0.08 $(0.03) $0.26 $0.12
Adjusted earnings per share†3 $/share $0.15 $0.09 $0.01 $0.29 $0.16
Operating Cash Flow per share† $/share $0.36 $0.22 $0.12 $0.83 $0.56
Free Cash Flow per share† $/share $0.20 $0.09 $0.02 $0.34 $0.06
1 Production is reported on a 100% basis as all operations are controlled by OceanaGold.
2 Includes proceeds of $30.0 million from the sale of the Blackwater project in the second quarter of 2024.
3 Attributable to the shareholders of the Company.
4
Management Update
The Company advises that David Londono, Chief Operating Officer Americas, is leaving OceanaGold to
return to Colombia for family reasons. His last day with the Company will be April 4, 2025. David has been
a valued member of OceanaGold since he joined Haile in July 2021 and has guided Haile through
operational improvements, permitting of the Haile expansion and mostly recently delivery of the Horseshoe
Underground mine into production.
Bhuvanesh Malhotra, Chief Technical and Projects Officer, will permanently assume David's executive
accountabilities for the Haile Gold Mine upon David’s departure. Mr. Malhotra has been with the company
since early 2024 and has over 25 years of experience in operational and technical roles across multiple
commodities and mining methods, driving safety performance, operational excellence, and sustainable
transformational change.
Dividend & Share Buyback
The Company is pleased to announce a doubling of the annual dividend payment, to $0.01 per common
share payable quarterly.
The Board has also approved the repurchase of up to $100 million of common shares in 2025. Under the
current NCIB ("Normal Course Issuer Bid") program announced in July 2024, the Company had
repurchased 8.8 million common shares as of December 31, 2024.
OceanaGold declared a $0.01 per share dividend in February 2025, payable in April 2025. Shareholders of
record at the close of business in each jurisdiction on March 5, 2025 (the "Record Date") will be entitled to
receive payment of the dividend on April 25, 2025. The dividend payment applies to holders of record of
the Company's common shares traded on the Toronto Stock Exchange.
Declaration of Dividend Wednesday February 19, 2025
Record Date Wednesday March 5, 2025
Dividend Payment Date Friday April 25, 2025
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.
5
Conference Call and Webcast:
Senior management will host a conference call / webcast to discuss the quarterly results on Thursday
February 20th at 10:00 am Eastern Time.
To register, please copy and paste the link into your browser: https://app.webinar.net/xO8eQlPQnKN
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 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 in 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
Tel: +1 604-678-4095
Media Relations:
Louise Burgess, Director, Communications
Tel: +1 604-403-2019
6
Cautionary Statement for Public Release
This public release contains certain “forward- looking 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 performance
of the Company, its mining projects, the future price 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 exploration expenditures, costs and timing of the development of
new deposits, costs and timing of the development of new mines, costs and timing of future exploration and
drilling pro grams, timing of filing of updated technical information, anticipated production amounts,
requirements for additional capital, governmental regulation of mining operations and exploration
operations, timing and receipt of approvals, consents and permits under applicable legislation,
environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible
outcome of pending litigation and regulatory matters. All statements in this public release that address
events or developments that we expect 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: future prices of gold; general business; economic and market factors (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; changes in laws (including tax
laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production,
development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations 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, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war;
labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or
governmental approvals; inability or delays in the completion of development or construction activities or in
the re-commencement of operations; legal challenges to mining and operating permits including the FTAA
as well 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 the Company’s other filings with
7
Canadian securities 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 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: development
and exploration activities; the timing, extent, duration and economic viability of such operations, including
any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections,
forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and
forecasts; the availability and cost of inputs ; the price and market for outputs, including gold; foreign
exchange rates; taxation levels; the timely receipt of necessary approvals 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 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 law. There can be no assurance that forward- looking statements will prove to be accurate, an d
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 transp ire 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 underlying operating performance of the Company.
Management believes these measures provide information that is useful to investors because they are
important indicators of the strength of the Company’s operations and the performance of its core business.
Accordingly, such measures are intended to provide additional information and should not be considered
in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net
Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses, write-downs, foreign
exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring costs related to
transitioning certain corporate activities from Australia to Canada.
8
Prior to the first quarter of 2024, Adjusted Net Profit/(Loss) was calculated using an adjustment for a specific
portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The
comparative quarters have been recalculated adjusting for all foreign exchange gains/ losses.
The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per
share:
$M, except per share amounts Q4 2024 Q3 2024 Q4 2023 2024 2023
Net profit (loss) 102.7 60.6 (18.9) 192.0 83.1
Foreign exchange (gain) loss 3.0 (1.3) (6.9) 7.9 1.8
Write-down of assets 1.9 1.7 38.3 8.3 41.1
Gain on sale of Blackwater project — — — (17.6) —
Tax expense on sale of Blackwater project — — — 4.9 —
OGP listing costs — 5.4 — 10.9 —
Restructuring costs — — 3.7 1.9 3.7
Adjusted net profit 107.6 66.4 6.6 208.3 120.1
Adjusted weighted average number of common
shares - fully diluted
724.6 726.5 722.6 724.8 722.6
Adjusted earnings per share 0.15 0.09 0.01 0.29 0.17
EBITDA and Adjusted EBITDA
The Company’s 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, write- downs,
gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non- recurring
costs. EBITDA Margin is calculated as EBITDA divided by revenue.
Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific portion
of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The
comparative quarters have been recalculated adjusting for all foreign exchange gains/losses.
The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin: