Q4 2023 OceanaGold Corp Earnings Call

Operator: Good morning and afternoon, ladies and gentlemen, and welcome to the OceanaGold Q4 and year-end 2014 webcast. Thank you for your time. Please note that all lines are in the listen-only mode, and if at any time you have any questions, please do not hesitate to contact me.

Morning, and afternoon, ladies and gentlemen, and welcome to the Osha Nicole Q4.

2023 webcast M Conference call at this time note that all lines are in a listen only about following the presentation. We will conduct a question and answer session.

Anytime during this call you'll be quite immediate assistance. Please press star zero for the operator also know that this call is being recorded on Thursday February 22nd 2024 at 10 am Eastern time, and I would like to turn the conference over to Rebecca Harris. Please go ahead.

Estes Preston: Estes Preston, this call is being recorded on Thursday, February at 10 a.m., and now I would like to turn the call off. Thank you. Rebecca, Good morning and welcome to OceanaGold's fourth quarter and year-end 2023 results webcast and conference call. I'm Rebecca Harris, Director of Investor Relations. Today, we are joined by Jared Bond, President and Chief Executive Officer, Marius Van Niekerk, Chief Financial Officer, David Maldonado, Chief Operating Officer, Americas, Peter Sharp, Chief Operating Officer, Asia Pacific, and Craig Febree, Chief Exploration Officer. Also present is Brian Martin, Senior Vice President, Business Development and Investor Relations.

Good morning, and welcome to oceanic all its fourth quarter.

23 results Webcasting conference call I'm, Rebecca Harris director of Investor Relations.

Joined by Karen <unk>, President and Chief Executive Officer.

<unk> Chief Financial Officer.

Danielle Chief Operating Officer America.

Peter Sharp Chief operating officer.

And crazy very cheap expiration.

Also Friday is Brian Martin Senior Vice President does this development.

Sure.

The presentation that we won't be referencing during the conference call is available through the webcast in on your website I would also like to remind everyone that our presentation will be followed by.

Rebecca Harris: The presentation that we will be referencing during the conference call is available through the webcast and on our website. I would also like to remind everyone that our presentation will be followed by a Q&A session. As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release, and MD&A, as well as the risk factors set out in our annual information form. All dollar amounts discussed on this conference call are in U.S. dollars. I will now turn the call over to Jared for his opening remarks. Thank you, Rebecca, and good morning, everyone.

I will be making forward looking statements during the call.

The cautionary notes included in the presentation, Israeli and DNA as well as the risk factor sent out in our annual information farm.

Discuss on this conference call our U S dollars.

Now turn the call over to Gary for opening remarks.

Thank you Rebecca and good morning, everyone. Thank you for joining Nicole.

Jared Bond: Thank you for joining the call. I'd like to start by highlighting some of the 2023 highlights through the lens of the five pillars of our corporate strategy. 2023 was our third consecutive year of safely and responsibly delivering on consolidated production goals. We know that meeting production guidance is a key expectation of the market, and I'm pleased that each of our operations delivered a strong fourth-quarter result to get us solidly within the production guidance range. Our total recordable injury frequency rate was 4.4 per million hours worked.

I'd like to start by recognizing some of the 2023 horologe through the lens of the five pillows about corporate strategy.

2023.

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Now is it made me production Johnson is a key expectation with the market and I'm pleased that each of our prices delivered I strong fourth quarter results you get a solidly within the production dimes right.

A total recordable injury frequency right was 4.4 per million <unk> we.

Jared Bond: We remain committed to creating a safe workplace at OceanaGold, and in support of this, in 2023, we will commence the rollout of our refreshed behavioral-based safety program and our new stop and think risk assessment tool across all sites. These programs empower our workforce to work safely and to mindfully identify risks before performing a task. The second pillar of our strategy relates to making sure we have the right culture. Fortunately, the results of a new comprehensive survey of all our employees showed that we have a highly engaged workforce with a high intention to stay at OceanaGold. We will work with the detailed results of this survey to identify where and how we can improve our culture even further in 2024. Yesterday we also released our annual reserve and resource update, in which we declared an initial reserve at Palomino Underground at Hale and showed an increase in indicator resources at Farooq Kiriponga to over 1 million ounces at a world-class gold grade of 15.9 grams a tonne. Both the achievements at Palomino and Farrooq Kiribonga, in addition to successful ongoing exploration at Dipio, which we shared last year, demonstrate the upside potential of our asset base and our ability to add value through the drill bit. Craig Febry will speak more about this later.

We remain committed to creating a safer place you on a golden in support of this in 2023, we commenced the rollout of bad refreshed behavior by safety program.

Think risk assessment tool across all sites.

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Forced to work safely and to mindfully identify risk people put me to task.

The second pillar best strategy relates to making sure we have the right culture.

Leave the results of a new comprehensive valuable employees.

Do we have a highly engaged workforce with the high intention to stay at <unk>.

The detailed results of this survey to identify where and how we can improve that culture, even further into that.

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Yesterday, we also released out annual reserve and resource update, which we declared an initial reserve palomino underground the title.

I tried an increase of indicated resources at Farah Palmer to over 1 million ounces at a world class gold cries.

15.9 grams of <unk>.

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Cried Phoebe will speak more about this later on.

2023, we strengthen our balance sheet and increase returns to shareholders.

Jared Bond: In 2023, we strengthened our balance sheet and increased returns to shareholders. We generated free cash flow of $42 million, which is after the significant investment in building Hail Underground and increased exploration expenditure. We refinanced our debt facilities on improved terms, and we returned to paying dividends to shareholders.

We generated free cash flow of $42 million, which is after the significant investment in building high all underground and increased exploration spent.

We refinanced at Cdifficile, some improved terms and we returned to paying dividends to shareholders.

Jared Bond: We expect to continue to strengthen our financial position in 2024, both through the generation of more free cash flow and with the proceeds of the upcoming listing of 20% of OceanaGold's Philippines. Finally, with the move of our corporate office to Vancouver, we're now closer to and more engaged with our investor and analyst community. We increased the number of investor site visits and upgraded our trading platform to provide better access for U.S. investors to trade our shares. Our strong performance across the business in 2023 allowed us to meet all 2023 consolidated guidance numbers, both the original and revised, with the exception of the original all-in sustaining cost guidance as a result of the impact of mill, zone, and hail, which we discussed last year.

We expect to continue to strengthen that financial position in 2024 by through the generations more free cash flow.

The proceeds of the upcoming listing of 20 per cent of <unk>.

Still a panic.

Finally, we can move that corporate office to Vancouver, when that closer to and more engage with our investor analyst community. We increase the number of investors Todd visits and we upgraded I've tried any platform to provide better access for you as an <unk> to try to ashes.

A strong performance across the business in 2000 twenty-three allowed us to meet all 2000 twenty-three consolidated gardens numbers.

Original and revised with the exception of the original always sustaining costs guidance as a result of the impact of design a title, which we discussed last year.

The successful delivery <unk> strong fourth quarter.

Jared Bond: This successful delivery of guidance was powered by a strong fourth quarter, which was driven by high-grade ore coming from horseshoe underground at tail, improved throughput from operational efficiencies at Macraes, and earlier than planned access into high-grade areas of the mine at the tip here. This slide shows what's truly unique about OceanaGold, being a strong rate of organic production growth and declining oil sustaining costs over the next three years.

Which was driven by high grade all coming from Holzschuh underground the title improve throughput from operational efficiencies that mccray's.

It'll even plan to access into high bright areas of the mine at <unk>.

This slide shows what's truly unique about osha on the golf being a strong right of organic production guards and declining always dining cost over the next few years.

Marius Van Niekerk: We are well into a high organic growth phase and expect to produce approximately 13% more gold in 2024 than we did in 2023, with production growth of at least 30% over the next three years. This increase is driven largely by a transformation in the production profile and the cost profile at Hale, which takes shape in 2024. This exciting organic growth profile and declining levels of growth capital, which is shown on the right-hand side of the slide, position the company to generate strong free cash flow over the coming years. I'll now turn the call over to Marius so he can discuss our 2023 financial results and 2024 guidance in more detail. Thank you, Jared, and good morning, everyone.

Yeah, well into a high organic advice and expect to produce approximately 13% mogul. In 2024, then we didn't do thousand twenty-three, which production growth of at least 30% over the next three years.

This increase is driven largely by a transformation in production profile and of course, probably volatile which takes shape in 2024.

This is exciting you'll get any credit profile and declining levels of growth capital, which stay on the right hand side slide positions company to generate strong free cash flow over the coming years.

And they actually have a cold I have it in Morris. So he can discuss out 2023 financial results in 2024 gardens in more detail.

Thank you and good morning, everyone.

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Marius Van Niekerk: I'm pleased to share that we generated a record full-year revenue of $1 billion in 2023, driven by strong gold sales at a record average realized price. As you can see on the slide, our annual gold sales, revenue, and adjusted EBITDA have increased each year since 2020, and at today's gold price combined with the three-year outlook, we expect our financial position to remain strong in the years to come. Our 2023 full-year operating cash flow per share of $0.56 and our adjusted earnings per share of $0.16 are in line with analyst consensus estimates. Our financial position remains strong with $170 million in net debt, good liquidity, and a low leverage ratio of 0.41 times at the end of the year.

As you can see on the slide annual golf sales revenue and adjusted EBITDA have increased each year since 2020.

And today is called price combined with the three outlook, we expect our financial position to remain strong in the years to come.

2023 full year operating cashflow, <unk> 56 cents an hour adjusted earnings per share of 16 savings are in line with analyst <unk>.

Financial position remains strong with $170 million in a date.

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Moving onto the 2024 48 gardens.

Marius Van Niekerk: Moving on to the 2024 four-year guidance, year-over-year production growth of 13% is driven by increased gold production at both Hale and Wahi. All benefit from an increased contribution from the Higher Grade Horseshoe Underground, as well as access to a high proportion of open-pit ore from the late Besser Pits in the second half of the year. YA production will also increase from the prior year as mining advances into an increased ratio of high-grade fresh stoked material. We have high pre-stripping at both Macraes and Hale in the first half of the year to allow for access to more open-pit ore in the second half. The impact of this on a consolidated basis is that the first quarter of 2024 is expected to be the weakest, with approximately 55 to 60 percent of 2024 gold production weighted to the second half of the year. The consolidated AISC profile follows the same trend and is expected to be significantly higher in the first quarter and higher than that in the fourth quarter of 2023. AIC is then expected to come down quarter over quarter through 2024.

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The impact of this on a consolidated biases is that the first quarter of 2024 is expected to be the weakest.

With approximately 55% to 60% of 2024 called production.

The second half of the yet.

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David Maldonado: We have taken the opportunity to bring forward some capital works and to optimize the lead benefit at Hale. This has resulted in the unit costs and that of the company being higher in 2024 than we projected this time last year, with benefits flowing into 2025 and 2026. We will also continue investing in our business through growth capital and exploration and expect to spend a similar amount in total as we did in 2023, although as we advance the decline at Horseshoe to access newly added reserves at Depp. I will now turn the call over to David to discuss health. Thank you, Marius, and good luck.

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Last year.

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David Maldonado: Fourth Quarter Call Protection at Gale, of Houston Polytechnic, Ovais Habib. Chris was driven by a significant contribution from higher grade ore on the Horseshoe. During the same period, Roberts continued in less than a phase two pre-stripping and this momentum. Virginia group.

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David Maldonado: From a cost perspective, we were impacted during the year by the shortfall in grade and out... Costs did rebound from the high in Q3. Looking ahead to 2020, we are expecting a greater contribution from low-grade stockpile material being processed through the mill in the first quarter while we continue advancing in the lead better pitch. Story, hearing the timing of the open door... ramp-up, of course, killing the gun.

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David Maldonado: Moore, Drinks with Diablo A presentation of TheFNDC.com and are all in sustaining. Nesbitt, Our annual production update. Bye, towards the second half, talking about behavior.

Our production profile of 2024 is expected to increase order.

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Our annual production is projected to be 62 65 <unk>.

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David Maldonado: In 2023, I experienced a remarkable change in my life, starting operations at the Horseshoe, and Juan Guillen, establishing the ground mining at two different levels. Optimizing Ore Extractions, efforts that resulted in 83,000 tons of ore. In 2023, a grade of 5.3, mentioned earlier, underground operations continued to ramp up. Philly Richards-Poole and Elias Rondrejk, approximately 750,000 tons per annum by the new year.

23, and experience as a remarkable transformation with the starting of operations at the Horseshoe underground mine.

In one year, we stablish underground mining into deeper levels of.

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David Maldonado: I would like to highlight that we now have added an additional 380,000 ounces of underground ore with a target to start mining in 2020. The impact of this will be detailed in an NI 43-101 technical report released at the end of March. Spartans!

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David Maldonado: completed the expanded water treatment plant in 2012. This was an important milestone in my life, and it has now treated over 75% of the historic contact water inventory, and it is anticipated that the remaining contact water inventory. Some of these might be, possible appraisal.

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Peter Sharp: The final point I would like to talk about is currently working on a trade-off study that evaluates the potential for the lead-benefit space to be mined as an underground. While it is currently included in the mine plan as an open pit, even at a high stripping ratio. I believe it could improve the site economics to mine these repositories underground, and I will keep you updated as this work progresses, including our additional drilling tool. I will now turn the call over to Peter to discuss the DPO and add New Zealand. Thank you, David, and good morning, everyone.

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Thank you and good morning, everyone.

Peter Sharp: Zadipio had an exceptional fourth quarter, delivering gold production of 43,000 ounces and copper production of 3,800 tonnes, which helped us to deliver and exceed the top end of our annual production guidance. Our fourth-quarter results were underpinned by the ability to mine high-grade stopes in the top of the ore body, enabled in part by earlier-than-planned progress on our crown-pillar strengthening. This strong production for the year helped to deliver an all-in sustaining cost of $730 an ounce, which was within guidance that we lowered with our Q3 results. Last month, we also announced the results of the underground optimization work at the DPO, which indicates an ability to increase underground mining rates from the current 1.75 million tonnes per annum to approximately 2.5 billion tonnes per annum, which would deliver a major benefit by offsetting lower grade stockpile feed through the mill.

The G. P O had an exceptional fourth quarter delivery gold production of 43000 ounces.

Copper production with straight thousand 800 tonnes, which helped us to deliver and exceeds the top into that annual production gardens.

Fourth quarter results were under pinball the ability to mourn hard right stopes in the top of your body.

In part by earlier than planned progress severe cramps pillows strengthening project.

The strong production for the help to deliver on only sustaining cost of $730, an ounce, which was within garden. So we loaded with a few three results.

Last month, we also announced the results of the underground optimization work at the <unk>, which is indicating an ability to increase underground morning writes from the current 1.75 million times random to approximately 2.5 billion ton per annum, which.

Deliver major benefit.

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This in combination with some impressive exploration results in depth philosophy.

Peter Sharp: This, in combination with some impressive exploration results at depth last year, will inform an updated NI43-101 report that is planned to be released early next year. I'm very proud of the DDPO team for all they've accomplished over the last year, and I think we all look forward to what 2024 brings. Now on to McRae. McRae produced 36,000 ounces of gold in the fourth quarter.

I'm an update identify forty-three 101 report that is planned to be released early next G.

I'm very proud of the <unk> dream for all they've accomplished over the last year.

I'll look forward to what 2024 brings.

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Cries produced 36000 answers have gone to the fourth quarter.

Peter Sharp: Last year the team delivered an increase in the average daily volume of tonnes milled through the year, which we believe can continue to be delivered sustainably going forward. These efficiencies came about through the implementation of a number of continuous improvement initiatives and resulted in Macrae's producing near the top end of its 2023 production guidance and the lower end of its all-in sustaining cost guidance. As announced in our Resource and Reserve Update released yesterday, we took the decision to remove the Round Hill Open Pit from reserves in Macraes as a result of the identified geotechnical risks and low economic riches. An updated NI43-101 technical report on Macraes is expected to be released by March 31st, 2021. The Macrae site has a track record of mining lower-grade material at low unit costs, and one of our key focus areas during the 2024 year will be to identify areas of mineralisation that exist outside of our current mine plans, which could be considered for future mining if gold prices were maintained around current levels. Now onto the North Island in New Zealand, where Wahi produced approximately 13,000 ounces of gold this quarter.

Last year, the dream delivered an increase in the average daily volume tons meal through the years, which we believe can continue to be delivered sustainably going forward.

These efficiencies came about through the implementation of a number of continuous improvement initiatives and resulted in mccray's, producing <unk> 2023 production guns and lower end of its own interests dining Costco Adams.

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Christ has a track record of morning, lower grade material that low unit costs and wanted to actually focus areas. During the 2024, you will be to identify areas of mineralization that exists. So all of our current plans, which could be considered <unk> tightened around current levels.

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He produced approximately 30000 answers of godless quota.

Peter Sharp: The fourth quarter was an improvement from the third quarter, as the mining sequence included ore from the higher grade skins of remnant stoke. 2023 was a challenging year, however, as we started the year with significant rainfall in the first half, which restricted access to high-grade areas of the mine for a prolonged period. For our 2024 guidance, you'll see that we've increased our expected production output compared to 2023. We've also widened our guidance range to reflect the ongoing variability that we expect to encounter as we continue to mine the remnant stopes in the historic workings of Martha Underground. I also want to take the opportunity to highlight the Resource Edition at Martha Underground here as well.

There was an improvement from the third quarter is the morning secrets include it all from the hard drive schemes of remnants types.

2023 was a challenging year.

We started the year with significant rainfall in the first half with restricted access to hard right ear as of the moment for prolonged period.

For a 2024 gardens, you'll see that we've increased their expected production compared to 2023.

One they're goin' range to reflect the ongoing variability that we expect to encounter as we continue to mourn the remnants types.

The historic workings of math or underground.

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Peter Sharp: This ability to add ounces in close proximity to our existing operation helps to extend current mine life at Martha Underground, which in turn bridges the gap to when we can access Farooq Iroponga. As a reminder, Wherakura Ponga is part of the Waihi North project, and yesterday we announced an increase in indicated resources at Wherakura Ponga. The other development that occurred in 2023 was a change in the national level government in New Zealand. The new incoming government has made public statements in support of development across multiple sectors, including mining, and plans to accelerate timelines for getting major projects consented and permitted. We are watching closely as the new government unveils its plans to establish what they are referring to as a fast-track, one-stop-shop process.

This ability that answers in close proximity to an existing operation helps to explain countermand lots and lots of underground.

Bridges the gap when we can access for your appointment.

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The other development that occurred in 2023 was the change in the National Liberal government in New Zealand.

The new incoming government is made public statements in support of development across multiple sectors, including morning, and claims to accelerate tomlinson getting major projects consented and permitted.

We are watching closely as a new government on violence planes to establish what <unk>, what they are referring to as a fast track one stop shop prices.

Peter Sharp: Sarah Kiriponga continues to demonstrate impressive exploration results, and with the change in government, we look forward to what this could mean as we continue to advance the Wahi North project. I will now hand it over to Craig to provide an exploration overview. Thanks, Peter.

[noise] your appointment continues to demonstrate impressive exploration results.

Changing government, we look forward to what this could mean as we continue to advance the wall He north project.

Oh may I handed over to try to provide an exploration overview.

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Craig Febree: As mentioned, we released our annual reserve and resource update yesterday. I'm very pleased to say reserve additions more than offset group depletion through mining before assessment. Pale contributed significantly to group reserves with the addition of almost half a million ounces from Horseshoe Underground and Palomino.

We released a new reserve and resource update yesterday, and I'm very pleased to say reserve additions more than offset group depletion reminding before assessments.

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Craig Febree: This year was also a milestone year, delivering over 1 million ounces of new measured and indicated resources, with 350,000 ounces of that coming from our growing Wharakura Ponga deposit in New Zealand. We've been undertaking the Roundhill Options Study at Macraes to understand the geotechnically complex plan for tailings empowerment removal. However, ultimately, the economic return didn't justify the technical risk of undertaking this project, and it was removed from reserves and resources.

She was also a milestone year delivering over 1 million ounces of new messages indicated resource <unk>.

350000 ounces of that coming from algae growing darker panga deposit in New Zealand.

Undertakings around he'll operations, sorry round Hill options study.

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Then the G technically complex plan tailings impoundment removal.

Ultimately the economic return it didn't justify the technical risk is undertaking this project.

Moved from reserves and resources.

Craig Febree: As we look at 2024, drilling at each of the sites is off to a great start. At HALE, we have 32,000 metres planned to build on the success of 2023 and continue to expand our underground opportunities. Drilling is focused on Lead-Better Phase IV conversion, testing the down-dip extension of the high-grade horseshoe mineralization.

Cause we looked at 224 trillion at each of the science is up to a great stuff.

We have 32000 meters plan to build on the success of 2023 and continued to expand on the ground opportunities.

Drilling is closest one is a bit of faithful conversion testing.

Testing is down this extension of the high grade Horseshoe mineralization.

Craig Febree: Testing the northeast extension to Palomino where we intersected further mineralization last year, as well as testing several early stage targets. Leonard Fabrizio, Copper, Gold, Porphyry Mineralization lends itself to continuation at death, as we're confirming through exploration. Here we've been focused on expanding the underground with conversion of mineralization in panel 2 and defining an initial resource on panel 3. With approximately 28,000 metres planned at the mine this year, we're well positioned to continue the expansion of Panel 3's resource and further define the depth extensions recently intersected. We also have some exceptional regional targets both within the FTAA and the Neighbouring Exploration Licence that are in the final stages of approval, and we'll share more about these as approval is granted and land access agreements are finalized in the coming months.

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With roughly 28000 metres plan that the mind. This year, we're well positioned to continue the expansion of panels free resource.

Define the depth extensions recently infected.

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Regional targets those within the F D a and the neighboring exploration license. That's in the final stages of approval Mmm share more about these his approval is granted land access agreements are finalized you'll be coming months.

Craig Febree: And finally, at Waihi, we have 36,000 metres of drilling underway where we continue to grow the Marta underground and test the size potential of the EG vein at Farroo-Kirra-Ponga, where we've just reported over 1 million ounces at 15.9 grams per tonne gold and an indicated resource and another 350,000 ounces at 9 grams per tonne gold as inferred. With high-grade mineralization continuing as we step south on the EG vein, we're excited and looking forward to what this year's drill program will deliver. And with that, I'll now turn the presentation back to Jared. Thanks, Craig. I'll take the opportunity to remind you all that we recently strengthened our management team with the addition of Bhuvanesh Malhotra as the Chief Technical and Projects Officer, who joined us a month ago. Bhuvanesh has over 25 years of experience in technical and operational roles across multiple commodities and most recently was with Rio Tinto.

And finally, we have 36000 meters of drilling underway, where we continue to grow the amount of underground and test the science potential E. G. Vang <unk>, where we've just reported 1 million ounces 15.9 grams per ton gull indicated re.

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Thanks, Craig.

I'll take the opportunity to remind you all that we recently strengthen our management team with the addition of Bhubaneswar Malhotra, the chief technical and projects officer Rejoinder some months ago.

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Jared Bond: His experience will be instrumental as he drives value for our technical projects and studies teams at OceanaGold. In summary, we safely and responsibly delivered on our 2023 production guidance, which I'm very pleased about. We remain focused on our goals for 2024, including increasing the high-grade underground ore feed from both Highland and Zipio, continuing to advance the Wahi North project, safely and responsibly maximizing the free cashflow generation of the company, growing reserves and resources by investing in exploration, and finally, reducing debt and increasing returns to shareholders. I'll now return the call to the operator and the OTAP online for any questions. Ladies and gentlemen, if you would, Starr, followed by one.

<unk> will be instrumental as he drives <unk> technical projects and studies things <unk>.

In summary, we safely and responsibly delivered on that 2023 production gardens, which I'm very pleased with.

We remained focused on their goals for 2024, including increasing dehydrated underground or feed from boats Highland in G. P. L. Continuing to advance Hawaii, North project safely and responsibly maximizes at free cash flow generation of the company.

And reserves and resources by investing in exploration, and finally, reducing debt and increasing returns to shareholders.

On that return the call to the operator and I just have the line for any questions.

Thank you, Sir ladies and gentlemen, if you would like to ask a question. Please press star followed by one on your Touchtone phone you will then hear a three tone prompt acknowledging your request and if you would like to withdraw from the question to you.

Operator: You will then hear a three-tone prompt asking you what you would like to witness. If you are using a speakerphone, you will, for example, for, Let's go ahead and press star 1 at Arby's. Hey, morning guys. Just wondering on the updated three-year outlook, maybe on the cost side, aside from the deferral at Leadbetter, if there's other drivers of that on inflation pressures? Or is that also a function of higher realized costs as you've actually had a quarter now mining underground? Thanks Wayne. Fair question. There are probably three main drivers of costs that are different from what we had this time last year. One is what everyone's experiencing, and that's labor rate inflation. And our labor rate inflation, which will impact directly through employee wages but also indirectly through contractors and other service providers, sits in the mid-single digits.

<unk> followed by two and if you are using a speaker phone you'll need to lift the handset first before pressing keys. Please go ahead and press Star one now if you do have any questions.

And your first question will be some weighing lamb at RBC. Please go ahead.

Okay morning, guys. Just wondering on the updated three year outlets mm maybe on the cost side effects from the deferral that like better.

If there's other drivers of that on inflation pressures or is that also a function of higher realized cost as we've actually had a quarter now minding underground.

Thanks for your question.

Probably three main drive is a cough that that say that are different from what we had this time last year, one one which is what everyone's experiencing labor rights inflation in a library right inflation, which will impact directly through employee wages, but also indirectly through contractors another service.

Providers sits in the middle.

Mid single digits. So.

Jared Bond: So when your exposure to your cost base is, I don't know, 40 odd percent in terms of labor costs, you do have that pressure. As it relates to things like procurement and what we're spending on goods and services, with the exception of activity-driven costs such as ground support, as we develop Horseshoe Underground, we're actually really pleased with the control and moderated level of inflation there. So it tends to be activity-driven rather than cost inflation outside of labor rates. Secondly, as it relates, the biggest shift in unit costs actually comes from the activity level.

That exposure to your cost basis 40 per cent intensive live of course, you do have that that that pressure as it relates to things like procurement and what we're spending.

Through a goods and services.

With the exception of activity driven cause such as ground support as we develop.

Oh sure underground we're actually.

Really please with with the control and moderated level of inflation days. So it tends to be activity driven by cost inflation outside of labor right.

Secondly, as it relates to the biggest shifted in the Ah unit cause actually comes from the activity level.

Jared Bond: We have, as a result of optimizing the plants, particularly Hale and McRae, you're seeing some shift in expenditures that impact oil and sustaining costs. So at Hale, for example, we've optimized the lead better pit, and some of the costs associated with Westpac Phases 2 and 3 have been brought forward into earlier years, which increases the cost. The dividend of that is greater flexibility, and you really start to see it in, say, 2026 onwards. And you can see that big lift there in production and also the reduction in oil and sustaining costs as a result of that investment. As we're producing more, obviously, we want to get ahead of the curve on lifts, tailings lifts. And then the other is a mixed issue.

We have as a result of optimizing the plan set at particularly <unk> and the cries, you'll see some shifting in expenditures that does impact your dining hall. So it is higher for example, we've optimized ledbetter pit and some of the.

Costs associated with.

Westpac phases, two and three have been brought forward into early years, which increases the cost of the dividend of that is greater flexibility and and do you really start <unk> 2026 onwards, and you can see see that <unk> in in production and also the the reduction in order.

Signing costs as a result of that that investment as we are producing more obviously, we want to get ahead of the curve on this Titans with and then the other is is a mixed issue. The third issue would be I I mix issue as we've.

Jared Bond: The third issue would be a mixed issue as we've taken a more modest outlook on Wahi's contribution and then the removal of... and McCrae's Round Hill open pit, that has shifted the shape of some of the production as well. So a bit of a dip and increase in the unit cost in, say, 2024-2025 before better access to ore out of McCrae's in later years. So in summary, labour rate inflation, a bit of activity mix, and then a reshaping of things such as Westpac and stripping and tailings. Matthew Murphy, you're great.

I'm, taking a more modest outlook on why he's contribution and then the removal of.

Mccray's round he'll open pit that has shifted the shape of of some of the production as well so a bit of a deep and uhm increasingly unit cost in sight 24, 25 before better access tool asthma crisis in life. So.

So in summary libraries inflation.

A bit of activity mix and then a reshaping of.

Things, such as the Westpac and stripping entitled.

Okay, great. Thanks for that detailed plan, that's really helpful. Maybe just stomach pains you guys in.

Jared Bond: Thanks for that detail. That's really helpful. Maybe just on the craze, you guys had noted an increase in production outlook over the three-year period, but at the same time, you know, Round Hill was removed from the reserves. How many ounces does Round Hill kind of account for?

An increasing production what's over the three year period.

But at the same time <unk>.

<unk> was removed from the reserves.

How many ounces does that all kind of account for it and just wondering what's driving essentials growing collection profile that mccray's and how soon do you think of the side of remaining reserve like that.

Jared Bond: And just wondering what's driving a potential growing production profile at McRae's, and how should we think of the remaining reserve life there? Yeah, great question Wayne.

Yeah, So have a great Christian wine I mean, the a lot of that detailed answer will come when with the 43 101 that will come out at the end of March seven if you can hold your breath to six weeks for the data it'll come but if you look at in terms of the removal around he'll that cost us half a million ounces in reserves.

Jared Bond: I mean, a lot of that detailed answer will come with the 43-101 that will come out at the end of March. So if you can hold your breath for six weeks for the details, they'll come. But if you look at in terms of the removal of Roundhill, that cost us half a million ounces in reserves. And where some of the clawback of that effect is coming from a production perspective is some of the learnings that we got through 2023 in terms of milling rates and the improvement in recoveries that we're getting from that higher milling rate. So holding or improving recoveries at this higher milling rate, which is great testimony to the team there. Whilst we suffer a bit of a dip in access to the Roundhill pit, with a bit of investment, we'll get access to all on the outer boundaries of that three-year period. And combined with this increase in milling rate, it's kind of offsetting in part or moderating the effect of the loss of Roundhill. And to the reserve question again, that will come out; a reserve life, that'll come out in the 43-101. I think Macrae's first minted its first ore in December 2000, sorry 1990.

And what were some of the call back to that effect is coming from a production perspective as some of the learning that we got through 2023 in terms of <unk> right and the improvement in recoveries that we're getting from that high right, sorry, holding or improving.

Recoveries at this at this high right, which is great chest and 90 to the <unk>.

Last week, we suffer I like a bit of a deeply and access.

To the <unk> <unk> with a bit of investment will get access to war in the outer boundaries of those.

That three periods and combined with this increasing million right, it's kind of off sitting in part moderate infected the loss of of <unk> to the reserve question again that will come out a reserve lost that'll come out in the 43 101, Uhm Mccray's first <unk> first or.

In December 2000, sorry, 1990.

Jared Bond: I don't think its life was supposed to be the 34 years that it's got so far, and I think the reserve life is circa 2028 based on the last extrapolation of reserve info. We will continue to explore and go deeper and nearer where we exist presently. And, of course, it'll all depend on price. So at around current price levels, Macrae's can make money at reserve prices, which are presently $1,500 an ounce.

To get his life was supposed to be the city for years and it's got to you. So far and I think the reserve losses circa 2020 <unk> based on the last you know extrapolation of of <unk>. We will continue to explore and go deeper in a new way we exist presently.

And of course, it'll depend on price so at around current price levels Uhm. The price can make Monday at reserve prices, which are presently $1500 an ounce obviously, it's reserve life will be.

Jared Bond: Obviously, its reserve life will be shorter than longer. So it's kind of a long answer, not wishing to obfuscate anything, but rather showing you the kind of drivers of what you'll see in the 43-101 when it comes out. Okay, great. Thanks. Yeah, certainly a long history there. Hopefully, more to come. Maybe this last one for me.

Shorter than than longer.

So <unk>, it's kind of a long answer not wishing dropped describe anything but the show you the kind of drive is that what you'll see in the 40 311 when it comes out.

Okay, great. Thanks, Yeah, so long as <unk> Uhm, maybe this last one for me.

Jared Bond: Can you just provide a bit of color on the government share payable at Dipio? I'm just curious, when is it paid out in cash through the year as accrued? And then just on the historical tax receivable, can you shed some light on kind of what happened there on the write-down? And is there any read through to the overall relationship in the country?

That'll be the color on the government Sir payable at the <unk>.

Uhm when is it <unk>.

Yeah.

Crude and then just on the so-called packs receivable can you shed some light on what happened there on the breakdown and is there any read through to the overall relationship in country.

So the government share in summary, we are crude quarterly.

Jared Bond: So the government share in summary, we accrue quarterly and pay annually. The payment occurs in April. So that's straightforward. The tax case, I'll hand it over to Marius for all the detail, but in summary, we paid taxes that we didn't feel we needed to under the FDAA, but the way the tax laws work in most jurisdictions, it's better to pay and then try and get a refund. We've been trying to get a refund for a decade on some of those taxes paid. But just as time has passed, and particularly now that we're in the recovery period of the additional government share, we in essence became cash neutral by not persisting with the case. We already had the credit, and if we got a refund, it would go to the government anyway.

Hi annually <unk> April that so that's straightforward the the tax case <unk> for all the details but in summary, we had we paid taxes that we didn't feel we needed to under the F D I I, but the way the.

Tax laws work in most jurisdictions, it's better to pay and then try and get a refund.

We've been trying to get a refund for a decade on some of those taxes paid just as as time has passed in particular like now that we're in the recovery period of the additional government sure. We we in essence became cash neutral by not persisting with a K. So it it it's and we already had the credit and if we got a refund would go to the government and.

Anyway. So we we found itself in a position where there was no merit to continue.

Marius Van Niekerk: So we found ourselves in a position where there was no merit in continuing. And to your third point, absolutely nothing as a read through in relation to the relationship with the government there. It is strong. It is good. And this was, this was a tidy up of a legacy matter. Marius, anything you want to cover on the government or the tax case? I've got nothing to add.

And to your third coin absolutely nothing <unk> in relation to the relationship with the the government. There. It is strong. It is good. This was this is totally off with a legacy Madam.

And you wanted to cover the government the text guys.

Mmm.

Okay perfect. Thanks for answering my questions.

Marius Van Niekerk: Okay, perfect. Thanks for answering my question. Thank you, Wayne. Once again, ladies and gentlemen, if you would like... Starr, followed by

Thank you <unk>.

Once again, ladies and gentlemen, if you would like to ask a question. Please press star followed by one touched on the phone.

Operator: Hi Gerard and the Oceana Gold team, congratulations on a strong end to 2023. And also great to see both the DPO and McCrae's increase or exceed guidance. A couple of questions for me.

And your next question will be from office Habib.

Bank. Please go ahead.

<unk> team congrats on a strong and 220 23 and I also agree to see both of <unk> increase or exceeding guidance.

A couple of questions for me.

Ovais Habib: Just to follow up on Wayne's question regarding the production increase and kind of cost increase going into 2025. You know, is the sustaining capital that you're kind of bringing forward, essentially assisting you to get higher production in 2026? Is that kind of what you were trying to explain?

Just a follow up on Williams question regarding the production increase and kind of cost increase going into 2025.

Is the sustaining capital that you're kind of breaking Ford essentially assisting you to get higher production. In 2026 is that is that kind of what you were trying to explain.

Correct.

Jared Bond: Alright. Okay, so in terms of production increasing in 2026, where do we see the bump coming from? Is it essentially from hail, then?

Okay. So so in terms of production increasing in 2026, where do we see the bump coming from if it essentially for me here then.

990 from <unk>, and and a little bit from the price as well.

Jared Bond: mainly from Hale and a little bit from McRae as well. Thanks, thanks for the clarity on that. Then just kind of moving, you know, sticking with hail, I guess.

Okay. Thanks, Thanks for 30 on that.

Then just kind of bobbing, you know sticking with here I guess.

David Maldonado: You know, Hail Underground seems to be performing well. That's great to see. Any color you or David can provide on drilling and development, essentially, you know, just want to figure out how far ahead of production you are on both ends. David, do you want to take that? I can take that one.

Underground it seems to be performing well, that's great to see any color U or W. Can provide on drilling and development essentially you know I just wanted to figure out how far ahead of production Ah are you Ah on both ends.

Do you want do you want to take that.

Alright, I can take that guy so we actually coin on plan available and and the drinking too.

David Maldonado: So we are actually going on a plan of development and drilling too. So for the year, we have mined three stops in Q4 of 2023. And then we're ready to mine the next two stops in Q1. We are advancing right on, and drilling also. We're a little bit ahead of the budget that we planned for the year, and we're getting some good intercepts done. How paid are they? And, and, David, in terms of the first three strokes that your mind seemed like, I was kind of in line with your expectations above your expectations.

For the year so.

Mine three stops in the queue for 2033, and then when you're ready to mind can extra stops and pier one.

<unk> <unk> <unk> <unk>, how 'bout yet.

Thrilling also where you'll get a head of the project Tammy plan for the year.

And we're getting some good to intercept down at the bottom at okay. Okay awesome.

That.

And W. In terms of you know in terms of the first Street Stokes that your mind seemed like you know it was.

Line with their expectations above your expectations and and also in terms of what you're drilling. So far how is that you know kind of reconciling in terms of you know I'll be getting some positive reconciliation or are still fairly in line.

David Maldonado: And also, in terms of what you're drilling so far, how is that, you know, kind of reconciling in terms of, you know, are we getting some positive reconciliation or still fairly in line? Some of the stops are coming in line, and we got a stop that was actually a positive reconciliation, and the same thing is on the next two stops that we're going to be running. We have slightly, awesome. And the training that we're doing down at the bottom is also either in line or like, Okay, good, good color.

Cause I'm gonna piss toss a coin in line, we gotta stop <unk>.

Reconciliation on Saturday in case, something extra stops that we <unk> we have slightly.

Perfect and reconciliation pasta.

And and the training that'd be coin Duane.

<unk>, it's also <unk> in line or at the.

Perfect it.

Okay. Good good color. Thank you for that and just moving onto Palomino. Then you know a great to see an initial reserve that you always are looking to come out with I believe a tech support at the end of March.

David Maldonado: Thank you for that. And just moving on to Palomino, then, great to see an initial reserve there. You guys are looking to come out with, I believe, a tech report at the end of March. I mean, just kind of initial thoughts here, David. How are you looking to kind of develop Palomino? Is it kind of through a drift from Horseshoe or a separate ramp?

Just kind of initial thoughts here W. How you're looking kind of developed into palomino is it is it kind of two of drips from offshore separate drive.

David Maldonado: Can you give us a little bit more color on any sort of initial thoughts there? So we have the initial, like, we're working on the pre-feasibility now, and the idea is to drive a decline from Horseshoe into Palomino, and then a bent shaft from there. So that's our initial thought. Obviously, that may change.

Give us a little bit more color on on any sort of initial thoughts there.

So we have <unk> <unk> <unk> <unk>. The idea is to drive at the time from from <unk> and <unk> shaft from the <unk>.

So I've got that initial thoughts obviously, it that night changed on the disability support.

David Maldonado: And that's what we do. Okay, perfect. That's it for me, guys, and thanks for taking my question. And thank you, Ovais. Appreciate it. The next question will be from Farooq Hamed at Rainbow. Oh, hey. Good morning, everyone.

But.

That's the only thing correctly, that's lovely planet currently.

Okay perfect that that's it for me you guys and thanks for taking my questions.

Okay. Thank you advice I appreciate it.

Next question will be fun.

Raymond James Please go ahead.

Oh, Hey, good morning, everyone.

Farooq Hamed: Apologies if this question was asked; maybe I didn't catch it. Jordan, I have a question for you, just kind of, about the bigger picture. You know, as your production ramps up here and over the next couple of years, and your balance sheet starts to, you know, kind of clean up, or it already has been fairly cleaned up, but then you've got proceeds coming from the DPO IPO, and you have proceeds from that sale of the asset in New Zealand, and that balance sheet starts to look pretty clean. What's your kind of hierarchy of where you're going to start spending your, you know, excess capacity or excess liquidity and free cash flow as your operations start to kind of hit their stride here and probably towards the back end of the year? You start to see much cleaner liquidity.

I apologize. This question was asked I, maybe I didn't catch it but.

Charge me a question for you just kind of what kind of bigger.

Bigger picture.

As in your production ramps up.

You're in over the next couple of years.

And your balance sheet starts to you know kind of clean up right. It already has been fairly cleaned up at the new card proceeds coming from the W. I P O and your proceeds from that sale.

New Zealand.

And that balance she starts to look pretty clean what's your kind of hierarchy of where you're gonna start spending your excess capacity your excess liquidity and free cash flow kind of as your operation start to kind of hit their stride here and probably towards the back into the area you start to see.

Farooq Hamed: Yeah, thanks Farooq. And I'll leverage one word you use, which is clean, and just to re-emphasize the point that, you know, relative to many other companies in our space, our balance sheet is as clean as it can be. We have bank debt, and we have finance leases. We have very few and only minor legacy royalty arrangements on a couple of our assets. It's a very simple, clean balance sheet on paper.

Much cleaner.

Liquidity position.

Yeah, Thanks for it and I'll I'll I'll take I'll leverage one word you use it which is clean and just reemphasize the point.

Relative to many other companies and ask <unk> balance sheet as clean as I can be we have <unk>, we have financed places.

We had to have very few and only minor legacy royalty arrangements on on a couple of <unk>. It's a very simple clean balance sheets on standard that compressibility of that bank debt and then the finance places <unk> free cashflow during the year and getting.

Jared Bond: That compressibility of that bank debt and then the finance leases means that, as you say, as we generate free cash flow during the year and get the proceeds from the DPO partial listing, depending on what the gold price is and subject to our performance, we could be in a net cash position by the end of 2024. If you look at slide five in the presentation, you can see that the visible committed growth capital in 2025-2026 is a step change from what it was in 2023 and what we expected it to be in 2024, progressing things like the Palomino development, the drift and shaft and development that David just spoke of. That would be a good growth capital investment option that will provide us attractive returns. As and when we progress deeper and into the development of DDPO, there'll be some money required to do that. Both of those are strong paybacks, and DDPO is a particularly strong payback.

Proceeds from the G. P O a partial listing depending on what the gold price is subject to a performance.

We could be and I cash position.

Four if you if you look at what slide five on the presentation. You can see that you know the visible committed Grove capital.

25, 26 is is a step change lower than what it was and 23 and what would you expect to be in 24 as we <unk>.

Progressing locked the palomino.

Development, the drifts and shop at and development that <unk> that would be a good growth capital investment options that will be.

Provide us retractive returned them as and when we progress.

Going deeper and and any in into the development of the D. P O.

There'll be some.

Some money required to.

To do that both of those are strong pay it back and particularly the <unk>, particularly strong payback and then you know in the outer areas for reasons that paid it said with the potential for I.

Jared Bond: And then in the outer areas, for reasons that Peter said, with the potential for a are asked to be included on the fast-track list of New Zealand government projects, you know, the opportunity to spend or invest in the building of Wherakira Ponga, which, you know, given the grades that you saw announced yesterday, make that an exciting project for us. I guess that all summarises to say we have growth capital options that are attractive, and then, beyond that, you can expect that we will, you know, keep the balance sheet strong, and then you can expect that we will look to increase shareholder return. So in summary, invest in attractive growth options, keep the balance sheet strong, and return capital to shareholders, and that capital return can take the form of either increasing the dividend or share buybacks depending on the price of the shares at the day and again their future choices that we have once we get into that position of having that choice.

Asked to be included on the fast track list of New Zealand government projects the opportunity to spend on <unk> and the building of Farah Palmer, which given the <unk> that you saw.

<unk> yesterday make that an exciting project for us.

That all summarizes <unk>, we have growth capital options that are attractive and then beyond that you can expect that we will keep the balance sheets strong and then what you can expect that we will look to increase shareholder, which so in summary invest into attractive growth ops.

<unk> keep the balance sheets strong and returned capital to shareholders and then capital return can take a form of either increase the dividend or share buybacks, depending on the price of the shares at the at the day and again they are the future future choices that we have once we get into that position of having that choice.

Jared Bond: That's great messaging, George. Thanks for that. And then, maybe just a little bit of housekeeping.

That's great method drink drive thanks for that and then maybe just a little bit of housekeeping in terms of the timing of the of the the <unk> New Zealand when that will close and the timing of the closure of the partial I P. O P O.

Jared Bond: In terms of the timetable for the asset sale in New Zealand when that will close and the timing of the partial IPO of DeVitio, are both of those events expected to close with proceeds being received in the first half of this year? Well, the sale of Blackwater, that's the $30 million, that will happen sometime during the year. It's a little bit out of our control, subject to regulatory approvals. So we expect that during the year, probably in the early second half.

That are both of those events expected to close with proceeds being received in the first half of this year.

Well the style of the Blackwater, that's the end of the $30 million that that will happen. Some time during the year, it's a little bit out about Ah control subject to regulatory approvals. So we expect that.

During the year, probably really second half.

Jared Bond: But we're not in control of that one so much. With Didipio or OceanaGold Philippines Inc., we're expecting that or targeting that to be listed in May of this year. Okay, great. Thanks. Thank you for it. I appreciate it. And at this time, we have no other questions registered. Look, thank you everybody for joining the call. It's on behalf of everyone at OceanaGold Management and Employees Board. We appreciate your interest in and support of the company. Wish you the best for the rest of the day. Have a nice day. Ladies and gentlemen, this is Comfitcalls. LOGO Again, thank you for your time. We are

We're not in control of that one so much with the <unk>.

Oh, I I I.

Trying to go to a painting, we're expecting that target and that should be listed in my <unk>.

Okay. Okay, great. Thanks, that's that's it for me.

Thank you for it I appreciate it.

And at this time, we have no other questions registered please proceed.

Uhm look thank you everybody for joining the call. It's on behalf of everyone at <unk> management and employees Board. We appreciate your interest and support of the company wish you. The best for the rest of the day have a safe day.

Thank you, Sir ladies and gentlemen, this doesn't need conclude your conference call for today. Once again, thank you for attending and at this time, we ask that you. Please disconnect your lines.

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