CORPORATE PRESENTATION April 2020 CONSISTENTLY DELIVERING ON - - PowerPoint PPT Presentation

corporate presentation
SMART_READER_LITE
LIVE PREVIEW

CORPORATE PRESENTATION April 2020 CONSISTENTLY DELIVERING ON - - PowerPoint PPT Presentation

CORPORATE PRESENTATION April 2020 CONSISTENTLY DELIVERING ON COMMITMENTS INNOVATION I PERFORMANCE I GROWTH Cautionary and Technical Statements Cautionary Notes - Information Purposes Only The information contained in this presentation is


slide-1
SLIDE 1

CORPORATE PRESENTATION

April 2020

CONSISTENTLY DELIVERING ON COMMITMENTS

INNOVATION I PERFORMANCE I GROWTH

slide-2
SLIDE 2

Cautionary and Technical Statements

Cautionary Notes - Information Purposes Only The information contained in this presentation is provided by OceanaGold Corporation (“OGC”) for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of OGC or

  • ther financial products. The information contained herein is not investment or financial product advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular
  • person. The views, opinions and advice provided in this presentation reflect those of the individual presenters only. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the

information, opinions and conclusion contained in this presentation. To the maximum extent permitted by law, none of OGC or any of its directors, officers, employees or agents accepts any liability, including, without limitation, any liability arising

  • ut of fault or negligence, for any loss arising from the use of the information contained in this presentation. Furthermore, this presentation does not constitute an offer of shares for sale in the United States or to any person that is, or is acting for

the account or benefit of, any U.S. person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")) ("U.S. Person"), or in any other jurisdiction in which such an offer would be illegal. OGC’s shares have not been and will not be registered under the Securities Act. Cautionary Statement Concerning Forward Looking Information Certain information contained in this presentation may be deemed “forward-looking” within the meaning of applicable securities laws. Forward-looking statements and information relate to future performance and reflect OGC’s expectations regarding the generation of free cash flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OGC 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 historical 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. They include, among others, the accuracy of mineral reserve and resource estimates and related assumptions, inherent operating risks, and those risk factors identified in OGC’s most recent annual information forms prepared and filed

with securities regulators which are available on SEDAR at www.sedar.com under OGC’s name. There are no assurances OGC can fulfil forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to management of OGC as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing OGC, some of which are beyond OGC’s control. Although OGC believes that any forward-looking statements and information contained in this presentation are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. OGC expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice. Technical Disclosure Mineral Resources for Macraes have been verified and approved by, or are based upon information prepared by or under the supervision of S. Doyle; that relating to Waihi by P. Church; that relating to Didipio by J. G. Moore; and that relating to Macraes by P. Doelman for open pit and T. Maton for the underground. Mineral Reserves for Macraes have been verified and approved by, or are based upon information prepared by, or under the supervision of, P. Doelman for open pit and T. Maton for the underground; for that relating to Waihi by T. Maton for open pit and D. Townsend for underground; and that relating to Didipio by C. Fawcett. The Mineral Reserves and Resources for Haile have been verified and approved by, or are based upon information prepared by or under the supervision of B. van Brunt. Information relating to Macraes exploration results in this presentation has been verified by, is based on and fairly represents information compiled by or prepared under the supervision of H. Blakemore; information relating to Waihi exploration results by L. Torckler; information relating to Didipio exploration results by J. Moore; and information relating to Haile exploration results by J. Jory.

  • P. Church, P. Doelman, S. Doyle, J. Jory, J. G. Moore, and T. Maton and are Members and Chartered professionals with the Australasian Institute of Mining and Metallurgy while H. Blakemore is a member of the Australian Institute of Geoscientists

(AIG). Messrs Blakemore, Church, Doelman, Doyle, Jory, Moore, and Maton have sufficient experience, which is relevant to the style of mineralisation and type of deposits under consideration, and to the activities which they are undertaking, to qualify as Competent Persons as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“JORC Code”) and all are Qualified Persons for the purposes of the NI 43 101. Messrs Blakemore, Church, Doelman, Doyle, Jory, Moore, and Maton are employees of OceanaGold, and they consent to the inclusion in this public presentation of the matters based on their information in the form and context in which it appears. For further scientific and technical information (including disclosure regarding mineral resources and mineral reserves) relating the Macraes Operation, the Didipio Operation, the Waihi Operation and the Haile Operation, please refer to the NI 43- 101 compliant technical reports available at sedar.com under the Company’s name. General Presentation Notes All AISC and cash costs are net of by-product credits unless otherwise stated All financials are denominated in US Dollars unless otherwise stated

slide-3
SLIDE 3

STRATEGIC INVESTMENTS & JOINT VENTURES

JOINT VENTURE

WAIHI MACRAES DIDIPIO

MELBOURNE DENVER

HAILE

NUG EQUITY HIGHLAND JV SPRING PEAK JV PEDERNALES JV

3

OceanaGold Overview

1. As at April 13, 2020 2. 2020 Guidance provided excludes Didipio. Following resumption of operations at Didipio, the Company will update the 2020 guidance. Combined AISC is inclusive of $20m of corporate overheads. Each site AISC excludes corporate overhead allocations. Only Haile and Macraes exploration capital is included in the Company’s AISC. Guidance may also be impacted by operational restrictions or impacts due to the Covid-19 virus 3. Capital spend under review due to COVID-19 impacts 4. Reserves & Resources are reported as at December 31, 2019 5. M&I Resources are inclusive of P&P Reserves

MINERAL ENDOWMENT (4)

P&P RESERVES

5.3 Moz Gold | 160 kt Copper

M&I RESOURCES (5)

9.4 Moz Gold | 170 kt Copper

INFERRED RESOURCES

4.3 Moz Gold | 30 kt Copper

Reserves gold price assumptions: ▪ US$1300/oz & NZ$1806/oz Resources gold price assumptions: ▪ US$1500/oz & NZ$2,083/oz

2020 GUIDANCE (2)

GOLD PRODUCTION

360,000 – 380,000 oz

ALL-IN SUSTAINING COSTS

$1,075 – $1,125 / oz sold 2020 CAPITAL PROGRAM GUIDANCE (3)

SUSTAINING CAPEX

$110 – $135 million

GROWTH CAPEX

$110 – $120 million

CORPORATE PROFILE (1)

MARKET CAPITALISATION

C$1.16 billion

SHARES OUTSTANDING

622.3 million

slide-4
SLIDE 4

4

ESG Overview

ENVIRONMENT SOCIAL

13.06 8.09 5.49 4.56 2.69 3.99 3.99 4.50

3.60

2 4 6 8 10 12 14 2011 2012 2013 2014 2015 2016 2017 2018 2019

TOTAL RECORDABLE INJURY FREQUENCY RATE (12-MMA)

TOP ESG PERFORMER

  • MSCI (TOP 5)
  • SUSTAINALYTICS (TOP 10)
  • VIGEO EIRIS (TOP 5)
  • ISS-ESG (“High Relative Performer”)
slide-5
SLIDE 5

5

MICHAEL HOLMES

NEW, President & Chief Executive Officer

SIGNIFICANT MINING EXPERIENCE

30 years of global operational and projects experience

MINING ENGINEER

Bachelor of Engineering – University of Queensland Member of Australasian Institute of Mining & Metallurgy

OCEANAGOLD EXPERIENCE

Chief Operating Officer – appointed in 2012

OPERATIONS EXPERIENCE

GM of Glencore’s Alumbrera Mine in Argentina GM of Mount Isa Copper Mine in Australia

NEW PRESIDENT & CEO

slide-6
SLIDE 6

6

MANAGE NEAR-TERM RISKS EXECUTE CURRENT OPERATIONAL PLANS RESTART DIDIPIO OPERATIONS FOCUSED MANAGEMENT TEAM we know what we need to do & are doing it Managing for the near-term Planning for the long-term INVEST IN ORGANIC GROWTH

slide-7
SLIDE 7

7

COVID-19 Crisis Management

HEALTH & SAFETY OF WORKFORCE IS PARAMOUNT

MINIMISE EMPLOYEE EXPOSURE

»

Only essential employees & contractors permitted on site

»

Travel ban implemented weeks ago

»

All employees directed to self-isolate after travel or if experiencing symptoms

INFORM & RESOURCE

»

Consistent engagement and sharing of information with employees via internal networks and social media

»

Increased education and awareness of COVID-19

SITE-SPECIFIC PLANS IN PLACE

»

Health screening for all persons entering the operations

»

Social distancing of all workers

»

Continuous, thorough disinfecting of equipment and PPE

slide-8
SLIDE 8

8

Cash and Liquidity

1. Unaudited cash balance as at March 26, 2020 2. Waihi growth and exploration capital subject to change due to temporary shut down of development due to Covid-19 NZ Govt restrictions 3. General operating and pre-stripping & capitalised UG capex included in corporate AISC + all Haile & Macraes exploration capex

2020 GOLD HEDGES

»

118,000 oz of Macraes zero-cost collar hedges in 2020

NZ$2000/oz to NZ$2,100/oz (current: NZ$2,760/oz)

»

48,000 oz advance gold sales @ US$1,635/oz

Delivery: Sep to Dec 2020

SHORT TERM CASH OPTIMISED REVOLVING CREDIT FACILITY

»

$200m facility – fully drawn

»

Maturing date – December 31, 2021

»

Banking Syndicate – six international banks

CASH & LIQUIDITY(1)

CASH

$183 million

FACILITY DEBT

$283 million

FCF BREAKEVEN GOLD PRICE

~ $1,450 million

Assumptions:

  • Midpoint of guidance: 370koz @ $1,100/oz (AISC)
  • Midpoint of capital: $240m
  • No Didipio or concentrate sales at Didipio
  • No further protraction of Covid-19 shutdowns

EQUIPMENT LEASES

$80 million

CAPITAL / COST REDUCTIONS »

Capital plan review well advanced, pending trigger

»

MUG/WKP suspension, $4.5m - $5.5m capital deferral

»

Operating costs: reviews, material diesel cost and FX benefits likely from oil/AUD/NZD at current levels

2020 DETAILED CAPITAL GUIDANCE (2)(3)

HAILE MACRAES WAIHI COMBINED

General Operating Capital

10 – 15 10 – 15 –

20 – 30 Pre-stripping & Capitalised UG Capital

50 – 55 20 – 25 –

70 – 80 (Growth) Capital

55 – 60 8 – 9 45 – 50

110 – 120 Exploration

2 – 3 6 – 7 10 – 15

20 – 25 TOTAL 115 – 130 45 – 55 55 – 65 220 – 255

slide-9
SLIDE 9

9

History of Balance Sheet Management

0% 5% 10% 15% 20% 25% 30%

$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

Total Debt / Total Assets USD '000

BALANCE SHEET HISTORY

Total Debt Net Debt Total Debt / Total Assets

DIDIPIO Peak Construction HAILE Peak Construction

slide-10
SLIDE 10

Current Analyst Consensus Valuation

10

Valuation Disconnect

Current Market Valuation (1)

» Market capitalisation →US$830m » Share price → C$1.86/sh or US$1.34/sh » Shares Outstanding → 622.3m (634.5m fully diluted)

Analyst Recommendations

» Global target price → C$3.33/sh or US$2.39/sh » North America target price → US$2.70/sh » Australia target price → US$2.07/sh

HAILE → US$850m DIDIPIO → US$380m WAIHI → US$200m MACRAES → US$250m EXPLORATION → US$200m NET DEBT → US$(150m)

ASSETS US$1,880m CORPORATE US$(350m)

1. As at April 13, 2020. CAD:USD → 0.718878

CORPORATE → US$(200m)

slide-11
SLIDE 11

11

Valuation Disconnect

$3.91 $4.98 $1.46 $1,148 $1,283 $1,617

$1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 Jan 1 2017 Jan 1 2019 Apr 3 2020

Spot Gold Price (USD) OGC Share Price (CAD)

OGC SHARE PRICE vs GOLD PRICE

1. RBC Capital Markets March 24, 2020

2 4 6 8 10 12 OceanaGold St Barbara B2Gold Yamana Regis Resources Evolution Alamos SSR Mining Northern Star Agnico Eagle

PRICE TO CASH FLOW(1)

2020E 2021E 0.0 0.5 1.0 1.5 2.0 2.5 OceanaGold St Barbara Regis Resources SSR Mining Alamos B2Gold Yamana Northern Star Evolution Agnico Eagle

PRICE TO NET ASSET VALUE(1)

Producer Avg Mid-Cap Avg

slide-12
SLIDE 12

12

History of Consistent Strong Returns

Source: Bloomberg

  • 1. From 2011 to 2019

6.75% 5.20%

0% 1% 2% 3% 4% 5% 6% 7% 8%

OceanaGold Peer Avg

AVG RETURN ON EQUITY(1)

8.65% 6.50%

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

OceanaGold Peer Avg

AVG RETURN ON INVESTED CAPITAL(1)

42.93% 25.87%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

OceanaGold Peer Avg

AVG EBITDA MARGIN (1)

$507.44

  • $414.38

$73.64 $98.84

  • $600
  • $400
  • $200

$0 $200 $400 $600 $800

OceanaGold Peer Avg

CUMULATIVE RETURNS (1)

Retained Earnings Cumulative Dividends Paid

slide-13
SLIDE 13

Organic Growth Pipeline

WAIHI DISTRICT STUDY (WKP, MARTHA OP) HORSESHOE UNDERGROUND HAILE EXPANSION MARTHA UNDERGROUND GOLDEN POINT UG

EXPLORATION STUDY PERMITTING DEVELOPMENT

slide-14
SLIDE 14

14

Haile Gold Mine South Carolina, United States

ENHANCED OPEN PIT MINING

Accelerated mining; open pits brought forward

UPGRADED MINING FLEET

15 new large Komatsu haul trucks in service

FOCUSED ON IMPROVED RECOVERIES

Increasing throughput rates while increasing recoveries throughout the year

CURRENT MINE LIFE ORIGINAL MINE LIFE 2031+ 2028 2020 GUIDANCE 2019 ACTUAL

GOLD PRODUCTION

koz

180 – 190 146.1

CASH COSTS

per oz sold

$650 – $700 $859

SITE AISC (1)

per oz sold

$1,080 – $1,130 $1,262

PHYSICALS

TOTAL WASTE MINED

Mt

50 – 55 21.7

TOTAL ORE MINED

Mt

3.5 – 4.0 3.12

MILL FEED

Mt

3.6 – 3. 7 3.20

GOLD HEAD GRADE

g/t

1.85 – 1.90 1.80

RECOVERY

%

83 – 84 78.6

CAPITAL PROGRAM GENERAL OPERATING

US$m

10 – 15 9.6

PRE-STRIP & CAP MINING

US$m

50 – 55 25.7

EXPLORATION

US$m

2 – 3 6.2

GROWTH CAPITAL

US$m

55 – 60 51.4

TOTAL CAPITAL

US$m

115 – 130 92.9

HORSESHOE OPTIMISATION

Opportunity to enhance mine plan

HAILE EXPANSION

Advancing expansion of mining and processing

1. 2019 Actual AISC includes corporate allocations. 2020 Site AISC excludes corporate allocations

slide-15
SLIDE 15

15

Haile Physicals

$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 H1 2019A H2 2019A H1 2020E H2 2020E

Per tonne mined

MINING UNIT COSTS

0.0 0.2 0.4 0.6 0.8 1.0 1.2 5,000 10,000 15,000 20,000 25,000 30,000 35,000 H1 2019A H2 2019A H1 2020E H2 2020E

Material Mined (kt)

MINING PHYSICALS

Waste Mined Ore Mined

Ore mined grade (g/t)

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 50 100 150 200 250 2017A 2018A 2019A 2020E 2021E 2022E

Plant Throughput (Mt) Production (koz)

HAILE PLANT EXPANSION AND GROWTH(1)(2)

Gold Production Plant Throughput 1. Refer to Haile 43-101 Technical Report located at www.oceanagold.com for additional details on Haile Expansion 2. Refer to Cautionary Statements: 2020E – 2022E are approximate expectations based on the Haile 43-101 Technical Report and is not to be used as formal guidance

TARGET EXPANSION THROUGHPUT BETWEEN 3.5 – 4.0 MTPA

Nameplate capacity

25% INCREASED PRODUCTION YoY EXPECTED AT DECREASED AISC

slide-16
SLIDE 16

16

Haile Open Pit Sequencing

Depleted ore sources

»

Mill Zone Phase 1

»

Snake Phase 1

2020 ore sources

»

Red Hill

»

Snake Phase 2

»

Ledbetter Phase 1

»

Haile

»

Mill Zone Phase 2

2021 ore sources

»

Snake Phase 2

»

Ledbetter Phase 1

»

Haile

»

Mill Zone Phase 2

»

Ledbetter Phase 2

»

Horseshoe - TBD

Future ore sources

»

Ledbetter 1/2/3/4

»

Mill Zone Phase 2

»

Haile

»

Snake Phase 3

»

Small

»

Champion

»

Horseshoe

slide-17
SLIDE 17

17

Horseshoe Underground

» Development deferred to 2021 » Optimisation currently underway

Investigating the appropriate back-fill

Re-evaluating mine sequence

UG mining fleet selection

HORSESHOE UNDERGROUND RESOURCES

Tonnes (Mt) Gold grade (g/t) Gold Ounces (koz)

P&P RESERVES

3.1 4.4 440

M&I RESOURCES (1)

2.7 5.7 490

INFERRED RESOURCES

1.2 5.0 200

1. M&I Resources are inclusive of reserves

slide-18
SLIDE 18

Horseshoe UG extension Palomino 1 km

18

1 km Horseshoe N N 0.45 – 0.82 0.82 – 1.25 1.25 – 5.00 > 5.00 Au grade (g/t) Palomino UG Horseshoe Deeps Ledbetter pit Mustang UG Snakeshoe Snake pit Surface growth UG growth 1 km

Haile UG Targets and Reserve Growth

slide-19
SLIDE 19

19

Waihi Gold Mine North Island, New Zealand

STRONG DISTRICT POTENTIAL

Waihi District Study expected in Q2/20

EXPLORATION UNDERPINS GROWTH

Drilling at Martha UG & WKP targets

WKP UNDERGROUND

Major discovery with new upgraded resource

DEVELOPMENT AHEAD OF 10+ YEARS

Martha UG project underway

1. Mining at Waihi commenced in 1988 however, the mine life at time of OGC acquisition in 2015 was 2018 2. 2019 Actual AISC includes corporate allocations. 2020 Site AISC excludes corporate allocations

CURRENT MINE LIFE ORIGINAL MINE LIFE 2030+ 2018 (1) 2020 GUIDANCE 2019 ACTUAL

GOLD PRODUCTION

koz

18 – 20 68.1

CASH COSTS

per oz sold

$700 – $750 $682

SITE AISC (2)

per oz sold

$715 – $765 $826

PHYSICALS

TOTAL WASTE MINED

Mt

– 141

TOTAL ORE MINED

Mt

115 – 130 433

MILL FEED

Mt

115 – 130 436

GOLD HEAD GRADE

g/t

5.9 – 6.0 5.61

RECOVERY

%

86 – 88 86.6

CAPITAL PROGRAM GENERAL OPERATING

US$m

– 1.9

PRE-STRIP & CAP MINING

US$m

– 3.0

EXPLORATION

US$m

10 – 15 23.3

GROWTH CAPITAL

US$m

45 – 50 23.9

TOTAL CAPITAL

US$m

55 – 65 52.1

slide-20
SLIDE 20

20

Waihi District Study

WAIHI DISTRICT STUDY MARTHA UNDERGROUND WKP UNDERGROUND OTHER OPPORTUNITIES

»

IN DEVELOPMENT

(Temporarily Suspended due to COVID-19 restrictions)

»

FIRST PRODUCTION: Q2 2021 (2)

»

PRODUCTION RAMPING UP TO 90-100koz

»

EARLY-STAGE EXPLORATION

»

10-KM NORTH OF WAIHI PLANT

»

HIGH-GRADE GROWING RESOURCE

»

MARTHA OPEN PIT

»

GLADSTONE

»

REGIONAL EXPLORATION

WAIHI DISTRICT STUDY UNDERWAY – EXPECTED IN Q2 2020 (1)

1. Timing of the Waihi District Study may be impacted by social distancing restrictions related to the COVID-19 virus 2. Martha UG development was temporarily suspended on March 26 2020 following the NZ Govt order to shut down non-essential businesses. The timing of first production from Martha UG will be dependent on when restrictions are lifted and construction resumed

slide-21
SLIDE 21

21

Martha Underground Project

Empire Edward Empire West Rex

Green – planned development Blue – Planned Stopes Gold – Backfilled historical stopes

100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 2016 2017 2018 2019

Resources (koz)

MARTHA UG RESOURCE GROWTH

M&I Resource Inferred Resource

M&I: 20 koz Inferred: 140 koz M&I: 331 koz Inferred: 667 koz

EXPLORATION TARGET(1) Additional 6 – 8 Mt @ 4-6 g/t

M&I: 824 koz Inferred: 614 koz

Development of Martha UG temporarily suspended due to NZ Government COVID-19 restrictions

1. This exploration target is based on the assessment of surface and underground drill data collected by the Company in addition to the significant amount of historical and archived geological and mine data from over a century of mining activity at Waihi. The exploration target is conceptual in nature and insufficient exploration has been undertaken in the areas that this exploration target relates to estimate a mineral resource. It is uncertain if further exploration will result in the estimation of a mineral resource

slide-22
SLIDE 22

Dome Field North Dome Field South Twin Hills Ohui White Bluffs Glamorgan

WKP

WAIHI

Golden Cross Karangahake

22

WKP (WHAREKIRAUPONGA) Underground Project

1. Resources as at Dec 31, 2019 – refer to news release dated Feb 24, 2020 2. Refer to OGC news releases at www.oceanagold.com

OVER 12 MILLION OUNCES OF GOLD MINED FROM COROMANDEL DISTRICT

Waihi North Waihi North

~10-km

SELECT DRILL RESULTS (2) 25.4 metres @ 38.7 g/t gold

8.7 metres @ 24.5 g/t gold 5.0 metres @ 39.0 g/t gold 10.2 metres @ 19.2 g/t gold

100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 2017 2018 2019

Resources (koz)

WKP RESOURCE GROWTH

M&I Resource Inferred Resource

M&I: 234 koz Inferred: 401 koz M&I: 421 koz Inferred: 717 koz

»

RESOURCE BASED ONLY ON 35,000m OF DRILLING

»

INDICATED RESOURCE GRADE → 13.4 g/t Au

»

INFERRED RESOURCE GRADE → 12 g/t Au

slide-23
SLIDE 23

23

WKP Exploration

1. Historical drilling at WKP includes Newmont drilling (East Graben 2.7km, T Stream 4.4km, Western 1.9km)

CURRENT EAST GRABEN VEIN PARAMETRES

»

CURRENT STRIKE → 1,000 metres and open

»

VERTICAL EXTENT → 200 metres defined and open

»

AVG EAST GRABEN WIDTHS → up to 17 metres

DRILLING HISTORY AT WKP(1)

»

EAST GRABEN VEIN → 24,800 metres

»

T STREAM VEIN → 7,800 metres

»

WESTERN VEIN → 4,100 metres

slide-24
SLIDE 24

24

Macraes Gold Mine South Island, New Zealand

1. 2019 Actual AISC includes corporate allocations. 2020 Site AISC excludes corporate allocations 2. Macraes currently operating under restrictions related to COVID-19 NZ Govt order. Protraction of Govt order may impact steady operations

CURRENT MINE LIFE ORIGINAL MINE LIFE 2021+ 1996 2020 GUIDANCE 2019 ACTUAL

GOLD PRODUCTION

koz

160 – 170 172.5

CASH COSTS

per oz sold

$725 – $775 $736

SITE AISC (1)

per oz sold

$1,000 – $1,050 $1,115

PHYSICALS

TOTAL WASTE MINED

Mt

45 – 50 45.2

TOTAL ORE MINED

Mt

7.0 – 7.5 6.46

MILL FEED

Mt

5.8 – 6.0 5.92

GOLD HEAD GRADE

g/t

1.04 – 1.06 1.10

RECOVERY

%

82 – 83 82.5

CAPITAL PROGRAM GENERAL OPERATING

US$m

10 - 15 18.3

PRE-STRIP & CAP MINING

US$m

20 – 25 32.9

EXPLORATION

US$m

6 – 7 6.3

GROWTH CAPITAL

US$m

8 – 9 1.1

TOTAL CAPITAL

US$m

45 – 55 58.6

TARGETING MINE LIFE INCREASE

Exploration & mine planning

TARGETING NEW UNDERGROUND

Golden Point Underground study underway

ADDITIONALLY OPTIONALITY

Round Hill project is end of life opportunity

STEADY OPERATIONS (2)

Expecting steady production and costs

slide-25
SLIDE 25

25

Macraes Plan

Coronation

CURRENT LIFE OF MINE ORE SOURCES

» Coronation North » Coronation » Frasers West » Gay Tan Phase one » Frasers Underground

ADVANCING GROWTH OPPORTUNITIES

» Golden Point Underground » Deepdell » Innes Mills » Gay Tan – multiple phases

END OF MINE LIFE OPTIONALITY

» Round Hill Project » Tungsten

After all exploration and other

  • pportunities have been exhausted

SIGNIFICANT RESOURCE OF 3.3 MOZ(1) OF GOLD REPRESENTS STRONG LEVERAGE TO THE GOLD PRICE

1. M&I Resources as at 31 Dec 2018

slide-26
SLIDE 26

26

Golden Point Underground

GOLDEN POINT PRE-FEASIBILITY STUDY UNDERWAY WITH TARGET COMPLETION IN H2/20

100+ gm 80-100 gm 30-80 gm 10-30 gm 5-10 gm 2-4 gm

LEGEND GRAM-METRES

slide-27
SLIDE 27

27

Longer-Term Opportunity

1. As at 31 Dec 2019 2. M&I Resources are inclusive of reserves

OPTIONALITY AFTER ALL OTHER OPPORTUNITIES AT MACRAES HAVE BEEN EXHAUSTED M&I RESOURCES (1)(2)

GOLD: 53.3 Mt @ 1.0 g/t → 1,670,000 oz

INFERRED RESOURCES (1)

GOLD: 10.9 Mt @ 0.7 g/t → 240,000 oz

END OF MINE LIFE OPPORTUNITY

» Objective to unlock Round Hill resource currently

sterilised by location of process plant

» Requires plant relocation » Includes potential Tungsten by-product

slide-28
SLIDE 28

28

Didipio Gold Copper Mine Luzon, Philippines

CURRENT MINE LIFE ORIGINAL MINE LIFE 2032+ 2028 2020 GUIDANCE 2019 ACTUAL

GOLD PRODUCTION

koz

NA 83.9

COPPER PRODUCTION

Kt

NA 10.3

CASH COSTS

per oz sold

NA $481

SITE AISC (1)

per oz sold

NA $694

TOTAL ORE MINED

Mt

NA 1.17

MILL FEED

Mt

NA 2.66

GOLD HEAD GRADE

g/t

NA 1.11

COPPER HEAD GRADE

%

NA 0.36

GOLD RECOVERY

%

NA 88.3

COPPER RECOVERY

%

NA 89.5

OPERATIONAL READINESS

Allows for faster ramp-up of operations

COMMUNITY SUPPORT

Community coalition supporting mining has been established

TECHNOLOGY

State-of-the-art technology deployed in the UG

FTAA RENEWAL

Currently with the Office of the President

1. 2019 Actual AISC includes corporate allocations. 2020 Site AISC excludes corporate allocations

slide-29
SLIDE 29

29

Didipio – A World Class Operation

» FTAA renewal with Office of the President » Strong support from regulatory agencies, national & local

governments

» Workforce Impacted: 1,500 (97% FILIPINOS, 59% LOCAL) Indirect

impacted: > 15,000

» Tangible Philippine Government Actions in March:

Gold Dore approved and shipped in early March

100,000 litres of diesel for back-up power delivered in early April

» Temporary lay-off of non-essential workers due to COVID-19,

continued restraints by anti-mining activists

DIDIPIO IS THE TEMPLATE FOR RESPONSIBLE MINING; HAS VERY STRONG SOCIAL LICENSE

RAMP-UP SCHEDULE

(under state of operational readiness)

  • Approx. Timing

TRUCKING

~ 1 week

PROCESSING

1 – 2 weeks

MINING

3 – 4 weeks

FULL PRODUCTION

4 – 6 weeks RAMP-UP SCHEDULE

(from full care & maintenance)

  • Approx. Timing

FULL PRODUCTION

~ 12 months

slide-30
SLIDE 30

30

The Voice of the Host Communities

DEMONSTRATES OUR STRONG SOCIAL LICENSE TO OPERATE

slide-31
SLIDE 31

31

Didipio Underground Technology

SURFACE REMOTE CONTROLLED UNDERGROUND BOGGING LIVE PRODUCTIVITY ANALYSIS

IMPLEMENTED STATE-OF-ART TECHNOLOGY TO BOOST PRODUCTIVITY

slide-32
SLIDE 32

32

Environment Social Governance

slide-33
SLIDE 33

33

ESG Performance & Programs

CLIMATE CHANGE & GHG EMISSIONS CYANIDE TSF MANAGEMENT HIGHLY RATED FOR ESG PERFORMANCE

SUSTAINABILITY REPORTING SINCE 2009 (third-party verified)

GHG EMISSION REPORTING SINCE 2009 (third-party verified)

LEADING-EDGE POLICIES, PROGRAMS & STANDARDS

NEW STATEMENTS OF POSITION

slide-34
SLIDE 34

34

Responsible Gold Mining Principles

GOVERNANCE SOCIAL ENVIRONMENT

REFLECTS THE COMMITMENT OF THE WORLD’S LEADING GOLD MINERS TO RESPONSIBLE MINING

slide-35
SLIDE 35

Environmental Performance Framework

Statements of Position Environmental Standards Specific Operational Procedures Monitoring and Measuring Auditing

Environment Policy 35

Environmental Performance Framework

STATEMENTS OF POSITION

»

Tailings Management

»

Biodiversity

»

Water Management

»

Mine Closure

»

Cyanide

»

Climate Change

ENVIRONMENTAL STANDARDS

»

Minimum requirements across Company

»

Reference against international frameworks

slide-36
SLIDE 36

36

Key Elements - Social Performance

LOCAL EMPLOYMENT

PROMOTING WOMEN EMPOWERMENT

INVESTING IN SCHOLARSHIPS & EDUCATION

PROVIDING TRAINING & CERTIFICATION

CONTINUOUS ENGAGEMENT & COMMUNICATIONS BASED ON RESPECT

CLOSE ENGAGEMENT WITH COMMUNITIES AND OTHER STAKEHOLDERS

slide-37
SLIDE 37

37

QUALITY ASSETS QUALITY TEAM CONSISTENT LONG-TERM PERFORMANCE

slide-38
SLIDE 38

Corporate Headquarters Level 14, 357 Collins Street Melbourne, Victoria, 3000 Australia T: +61 3 9656 5300 F: +61 3 9656 5333 info@oceanagold.com

  • ceanagold.com

Americas Corporate Office Suite 350 4725 South Monaco Street Denver, Colorado, 80237 United States of America