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OceanaGold — OGC Results Presentation 2026 Q2 (company IR deck)
OceanaGold (OGC) · 16 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All OGC deck slides
Slide 1 — Financial Results
Second Quarter 2026 Operating and Financial Results August 6, 2026
Slide 2 — Today's Speakers
Today's Speakers BHUVANESH MALHOTRA GERARD BOND MARIUS VAN NIEKERK President & Chief Executive Officer EVP, Chief Financial Officer EVP, Chief Operating Officer VALERIE BURNS Director, Investor Relations
Slide 3 — Cautionary Statements
Cautionary Note Regarding Forward-Looking Statements This presentation 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 future financial and operating performance of OceanaGold Corporation (“OceanaGold” or the “Company”) and its mining projects, including the Company's planned production, cost and capital 2026 Guidance; the future price of gold, copper and silver; the development, expansion and operation of OceanaGold's mining projects and the anticipated benefits therefrom; anticipated results and developments in the operations of OceanaGold in future periods; anticipated production levels and mine life of operations; 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; the timing for access to ore at Coronation North at Macraes and submission of the Macraes Phase 4 Fast-track application; the potential for mine life extension at Macraes into the 2040s; the timing for ventilation shaft construction, water treatment plant expansion and power upgrade project at the Waihi North Project; costs and timing of future exploration and drilling programs; water management initiatives and strategies and tailings management initiatives at OceanaGold's operations; timing of filing of updated technical information and studies; the advancement of organic growth projects, including the Waihi North Project and Palomino Underground at Haile; the adequacy of current financial resources and cash reserves; requirements for additional capital; foreign operations and political, economic and regulatory conditions in the jurisdictions in which OceanaGold operates; expectations regarding the impacts of the U.S.-Iran international conflict on OceanaGold's operations, including with respect to prices for and delivery costs of certain consumable items, including diesel; governmental regulation of mining operations and exploration; timing and receipt of permits, certifications, approvals and licenses under applicable legislation; the payment of dividends in future periods; anticipated environmental risks; and the timing and possible outcome of pending legal proceedings, regulatory matters and other disputes. All statements in this presentation that address events or developments that OceanaGold 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 OceanaGold 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 OceanaGold's production estimates, forecasts or 2026 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; 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 OceanaGold's most recent Annual Information Form and OceanaGold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission, which are available under OceanaGold's profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov, respectively, and on OceanaGold's website at oceanagold.com. The list is not exhaustive of the factors that may affect OceanaGold's forward-looking statements. Although OceanaGold believes that any forward-looking statements are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. OceanaGold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except as required by applicable securities laws. Cautionary Note Regarding Non-IFRS Measures This presentation includes certain terms or performance measures commonly used in the mining industry that are not defined under IFRS, including All-In Sustaining Costs (“AISC“), Cash Costs, EBITDA, EBITDA Margin, Operating Cash Flow per share, Free Cash Flow and Free Cash Flow per share. Non-IFRS measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures employed by other companies. OceanaGold provides these non-IFRS measures as they are used by certain investors to evaluate OceanaGold's performance. Accordingly, the data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with OceanaGold's consolidated financial statements. Readers should refer to OceanaGold's Q2 2026 Management's Discussion & Analysis dated August 5, 2026 (“Q2 2026 MD&A“) available on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov under OceanaGold's name and OceanaGold's website at oceanagold.com under the heading "Non-IFRS Financial Information" and the “End Notes” in this presentation for a more detailed discussion of how OceanaGold calculates certain of such measures and a reconciliation of certain measures to IFRS terms. Qualified Persons In this presentation, each of: Mr. Greg Hollett, OceanaGold's Head of Mine Engineering, has reviewed and approved the disclosure of all scientific and technical information related to Haile operational matters; Mr. Euan Leslie, OceanaGold's Group Mining Engineer, and Mr. Knowell Madambi, OceanaGold's Manager – Technical Services & Projects, Macraes, have reviewed and approved the disclosure of all scientific and technical information related to Macraes operational matters; Messrs. Leslie and David Townsend, OceanaGold's Manager – Mining (Underground), Waihi, have reviewed and approved the disclosure of all scientific and technical information related to Waihi operational matters; Mr. Phillip Jones, OceanaGold's Head of Underground Mining, has reviewed and approved the disclosure of all scientific and technical information related to Didipio operational matters; and Mr. Keenan Jennings, OceanaGold's Executive Vice President and Chief Exploration Officer, has reviewed and approved the scientific and technical information related to exploration matters. Each of Messrs. Hollett, Leslie, Madambi, Townsend, Jones and Jennings is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. General Presentation Notes All AISC and Cash Costs are net of by-product credits unless otherwise stated. All financials are denominated in U.S. dollars unless otherwise stated. Cautionary Statements
Slide 4 — A Strong Second Quarter - In Line with Plan
Gold Production 138,800 ounces Copper Production 2,700 tonnes Cash Costs1 $1,362 per ounce AISC1 $2,151 per ounce Strong, safe production performance - up 7% on prior quarter On track to deliver on full year guidance 1. Non-IFRS financial measures. See “Non-IFRS Financial Information” in the Q2 2026 MD&A and "Cautionary Statements" in this presentation. Returned $78M to shareholders via buybacks & dividends A Strong Second Quarter - In Line with Plan Record Adjusted EBITDA Margin1 of 61% Generated $130M of Free Cash Flow1 Zero debt and cash balance increased to $655M Strong progress on the Waihi North Project High-grade drill results at Haile PRODUCTION BALANCE SHEET FINANCIALS RETURNS GROWTH
Slide 5 — On Track to Deliver 2026 Guidance
On Track to Deliver 2026 Guidance H2 production expected to increase, AISC expected to decrease GUIDANCE 520 - 590 koz H1 GOLD PRODUCTION 269 koz H1 COPPER PRODUCTION 5.9 kt H1 TOTAL CAPITAL INVESTMENT2 $309M GUIDANCE 13 - 15 kt GUIDANCE $645M GUIDANCE H1 $2,123/oz 48%1 42%1 48% H1 AISC3 $1,750/oz $1,900/oz 1. Percentages based on mid-point of annualized guidance ranges. 2. Includes deferred stripping and capitalized mining, sustaining, growth and exploration capital. 3. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q2 2026 MD&A and "Cautionary Statements" in this presentation.
Slide 6 — Balanced Capital Allocation
H1 2026 Capital Allocation1 Balanced Capital Allocation Buybacks & Dividends $174M Sustaining $165M2 Growth $118M Exploration $25M Cash Increase $178M 1. Allocation of first half 2026 Operating Cash Flow. 2. Includes sustaining capital as well as deferred stripping and capitalized mining. Share Buybacks & Dividends Bought back $134M of shares, up to $350M buyback program for 2026 Paid dividends of $40M Sustaining, Growth & Exploration Cash Increase Advancing the Waihi North Project and Palomino Underground Investing in mine and plant resilience Increased by 37% from year end Progressing record exploration spend
Slide 7 — Strong Financial Performance and Per Share Metrics
Strong Financial Performance and Per Share Metrics +102% +43% +14% 1. Non-IFRS financial measures. See “Non-IFRS Financial Information” in the Q2 2026 MD&A and "Cautionary Statements" and "End Notes" in this presentation. 2. Operating Cash Flow per share has been calculated as cash flows provided by operating activities divided by fully diluted weighted average number of common shares issued and outstanding. See "Cautionary Statements" and "End Notes" in this presentation. EPS ($/share) Operating CFPS1,2 ($/share) Free Cash Flow1 ($/share) EBITDA1 ($M) Operating Cash Flow ($M) Free Cash Flow1 ($M) +84% +38% +8% Record Adjusted EBITDA Margin1 61% Cash Balance $655M Revenue $647M
Slide 8 — Haile Delivers to plan, stronger H2 expected
Q2 YTD 2026 Guidance Safety (TRIFR)1 0.8 Gold Production koz 59.5 101.1 235 - 260 AISC2 $/oz 1,953 2,275 1,500 - 1,700 Total Capex3 $M 58.2 114.5 240 1. Total Recordable Incident Frequency Rate (“TRIFR”) per 200,000 hours worked, 12 month moving average. 2. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q2 2026 MD&A and "Cautionary Statements" in this presentation. 3. Includes deferred stripping and capitalized mining, sustaining, growth and exploration capital. Haile Delivers to plan, stronger H2 expected Further increase in production expected in Q3 and Q4, AISC expected to decrease Development of decline toward Palomino Underground progressing well, in line with plan for first ore in 2028 Strong gold production supported by increased access to Ledbetter OP ore and higher-grade Horseshoe UG ore Additional high-grade drill results continue to demonstrate upside potential Achieved record monthly mill throughput in June as a result of mill optimization initiatives
Slide 9 — Macraes
Q2 YTD 2026 Guidance Safety (TRIFR)1 1.4 Gold Production koz 41.4 92.9 135 - 155 AISC2 $/oz 1,932 1,715 1,950 - 2,150 Total Capex3 $M 34.3 69.2 115 Innes Mills continued to deliver to plan, at 64% of the midpoint of full year production guidance Waste stripping progressing at Coronation North in preparation for ore access later in 2026 Exploration programs completed across several areas focused on resource conversion and expansion Macraes Phase 4 Fast-track application to extend mine life expected to be submitted in Q3 2026 Further mine life extension opportunities are being evaluated to potentially extend mine life to the 2040's Macraes 6 millionth ounce produced in July 1. Total Recordable Incident Frequency Rate (“TRIFR”) per 200,000 hours worked, 12 month moving average. 2. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q2 2026 MD&A and "Cautionary Statements" in this presentation. 3. Includes deferred stripping and capitalized mining, sustaining, growth and exploration capital.
Slide 10 — Waihi
Q2 YTD 2026 Guidance Safety (TRIFR)1 1.6 Gold Production koz 16.5 33.1 60 - 75 AISC2 $/oz 2,840 2,485 2,100 - 2,300 Waihi only Capex3 $M 10.7 22.1 215 WNP Capex3 $M 38.7 58.6 1. Total Recordable Incident Frequency Rate (“TRIFR”) per 200,000 hours worked, 12 month moving average. 2. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q2 2026 MD&A and "Cautionary Statements" in this presentation. 3. Includes deferred stripping and capitalized mining, sustaining, growth and exploration capital. Consistent production in Q2, on track for guidance AISC in Q2 impacted by processing of lower grade stockpile, expected to decrease in H2 Achieved record quarterly mill throughput, since becoming an underground only operation in 2016 Drilling to accelerate at Wharekirauponga in the second half of the year Waihi Record mill throughput drives consistent production
Slide 11 — Waihi North Project Well on Track
Waihi North Project Well on Track Advancing toward the high-grade Wharekirauponga Underground Decline development - July 2026 KEY MILESTONES - COMPLETED KEY MILESTONES - UPCOMING Permits received to develop the Waihi North Project Q4 2025 Tunnelling contractor mobilized to site Q1 2026 Willows portal opening Q2 2026 Commencement of decline development Q2 2026 Services trench commissioning July 2026 5 drill rigs mobilized at Wharekirauponga July 2026 Water treatment plant expansion Commissioning - Q3 2026 Early works on TSF 3 Commencement - Q4 2026 Exploration drilling from underground Mid-2027
Slide 12 — Didipio
Q2 YTD 2026 Guidance Safety (TRIFR)1 0.2 Gold Production koz 21.4 41.8 85 - 105 Copper Production kt 2.7 5.9 13 - 15 AISC2 $/oz 1,589 1,436 975 - 1,100 Total Capex3 $M 25.1 44.2 65 1. Total Recordable Incident Frequency Rate (“TRIFR”) per 200,000 hours worked, 12 month moving average. 2. Non-IFRS financial measures. See “Non-IFRS Financial Information” in the Q2 2026 MD&A and "Cautionary Statements" in this presentation. 3. Includes deferred stripping and capitalized mining, sustaining, growth and exploration capital. Didipio Improved underground mine performance Improved production despite mill downtime, due to higher grade mill feed reflecting increased UG tonnes Production expected to be higher, and AISC expected to decrease in H2 Decline development resumed with access to lower levels of the mine Exploration drilling accelerated, with up to 3 rigs targeting panel 3 from underground and drilling at True Blue continued
Slide 13 — Investment
Commitment to delivery of Guidance Production expected to increase, AISC1 expected to decrease in H2 2026 Investment Thesis Attractive shareholder returns Increased dividends and increased share buybacks in 2026 Generate robust Free Cash Flow1 & maintain a strong balance sheet High gold price provides significant upside to cash generation potential Advancing our organic growth projects Progressing development of Waihi North Project and Palomino Underground Focused on growing our reserves and resources Increasing exploration spend Focused on safe and responsible mining Committed to a safe workplace & high standards of environmental stewardship 1. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q2 2026 MD&A and "Cautionary Statements" in this presentation.
Slide 14
Slide 15 — Diesel Price Sensitivity and Supply
Diesel consumption comprises ~6% of consolidated 2026 AISC1 guidance Majority of diesel consumption is at Haile and Macraes 80% of diesel is hedged at ~$65/bbl at Haile and Macraes, to the end of 2026 Diesel Price Sensitivity and Supply No disruptions to operations to date due to Iran conflict 6% Consolidated AISC1 Diesel Oil prices at $100/bbl are expected to have ~$25/oz impact on AISC1, with hedges in place Electricity Other Materials & Consumables Labour & Related Costs 1. Non-IFRS financial measure. See “Non-IFRS Financial Information” in the Q1 2026 MD&A and "Cautionary Statements" in this presentation. Consolidated AISC represented here assumes 80% hedging. Hedging program expanded to include 80% of diesel at Waihi and Didipio starting Q1 2027
Slide 16 — End Notes
End Notes Non-IFRS Financial Information $M, except per share amounts Q2 2026 Q2 2025 Cash provided by operating activities 313.6 226.9 Weighted average number of common shares - fully diluted 225.1 234.8 Operating Cash Flow per share $1.39 $0.97 Operating Cash Flow per share Operating Cash Flow per share has been calculated as cash flows provided by operating activities divided by the fully diluted weighted average number of common shares issued and outstanding. The following table provides a reconciliation of total fully diluted Operating Cash Flow per share: $M, except per share amounts Q2 2026 Q2 2025 Cash flows provided by Operating Activities 695.1 226.9 Cash flows used in Investing Activities (309.8) (106.8) Free Cash Flow 130.1 120.1 Weighted average number of common shares - fully diluted 225.1 234.8 Free Cash Flow per share $0.58 $0.51 Free Cash Flow per share Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted weighted average number of common shares issued and outstanding. The following table provides a reconciliation of Free Cash Flow per share: