Announcement • 15h

Oceanagold Corporation Submits Permit Application for Macraes Phase 4 Project and Provides Technical and Exploration Update Supporting Mine Life Extension

OceanaGold Corporation has lodged its application for approval of the Macraes Phase 4 Project under New Zealand's Fast-track Approvals Act 2024. The MP4 application seeks to extend the mine life at Macraes from the current reserve life of 2032 to the late 2030s, consistent with Macraes' history of mine life extension since it commenced operation in 1990. The MP4 application includes permitting for all activities required to complete the current reserve mine plan; the development of Southern Pit Innes Mills (SPIM); extensions of the Golden Point Underground (GPUG); and flexibility to incorporate additional Mineral Resources into the future production profile. Approval of MP4 will enable the extension of the Macraes operation to the late 2030s. Under the 'one-stop shop' process of the New Zealand government, the Company expects MP4 to be fully permitted by mid-2027 (subject to appeals). MP4 permit approval is necessary for mine life extension, subject to achieving other ancillary permits, satisfactory technical and financial reviews, and market and operating conditions. Approval and subsequent execution of MP4 works will enable the Macraes operation to continue to have a strong positive impact on the Otago region and New Zealand more broadly for many more years, bringing substantial investment, maintaining current and future employment opportunities and continuing to provide meaningful social, environmental and economic benefits. The Company is familiar with the Fast-track approval process, having successfully permitted the Waihi North Project in 2025. The approval of MP4 will enable the Company to proceed with extensions to the Innes Mills, Coronation, Coronation North and Golden Bar open pits. A mine life extension of Golden Point Underground is also included in MP4, to provide additional flexibility for future development. MP4 also includes an extension to the north of the current Innes Mills open pit, referred to as SPIM. Advanced studies are underway to bring SPIM into Mineral Resources by year end 2026, supported by drilling completed in prior years. The Company believes that SPIM has the capability to contribute meaningful production at Macraes from 2032. Together with the extension of the Golden Point Underground, the Company is targeting to maintain production at Macraes above 100,000 ounces per year into the late 2030s. Details regarding Macraes' expected production profile, development timeline for SPIM, capital expenditures and overall economics will be included in an updated National Instrument – 43-101 Standards of Disclosure for Mineral Projects technical report that is expected to be released in early 2028. SPIM development capital will include waste stripping, rehandling and relocation of a portion of historic tailings into the current Frasers tailings storage facility, relocation of the open pit workshop, re-routing the public road, and upgrades to site power infrastructure. Advancing SPIM also has the benefit of enhancing the feasibility of mining the Round Hill deposit which was previously removed from Mineral Resources at year-end 2023. The Round Hill deposit is not included in MP4 and represents a potential opportunity for mine life extension into the 2040s. The 2026 exploration program at Macraes is focused on supporting the mine life extensions outlined in MP4 and beyond. Supported by a record expected expenditure of USD 13 million in 2026, a total of 60,000 metres of drilling is being executed at Macraes. The Innes Mills, Coronation and Nunns open pits, together with Golden Point Underground, continue to show significant potential for further resource conversion and growth. The Nunns prospect, containing a small resource defined in 2017, is located at the northwestern end of the Macraes property, approximately 6 km along strike from Coronation. Following the Company's additional land purchase in early 2026, a drill program focused on converting and growing the existing Mineral Resources, with 4,250 m of drilling across 48 drill holes was completed. The mineralization at Nunns represents a potentially low capital, future open pit ore source for Macraes, that is outside of the MP4 permit application. An updated resource estimate is expected to be included at the end of 2026.

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