News: OGC Oceanagold Reports Full Year 2021 Financial Results, page-2

Highlights

• Full year revenue of $744.7 million with adjusted Earnings before Interest, Depreciation and Amortisation (“EBITDA”) of $351.8 million and adjusted net profit of $141.0 million or $0.20 per share
• Fourth quarter revenue of $208.5 million with adjusted EBITDA of $92.6 million and adjusted net profit of $29.3 million or $0.04 per share.
• Total immediately available liquidity of $163 million, including $133 million in cash and $30 million in available undrawn credit facilities as of December 31, 2021.
• Three-year guidance demonstrates a 15% compounded annual production growth rate from 2021 levels at increasing free cash flow margins.
• Consolidated 2022 gold production guidance of 445,000 to 495,000 ounces and 11,000 to 13,000 tonnes of copper.
• Consolidated 2022 AISC guidance of $1,275 to $1,375 per ounce sold including cash costs between $675 to $775 per ounce sold, both on a by-product basis.
• Multi-year consolidated gold production of:• 490,000 to 530,000 ounces plus 12,000 to 14,000 tonnes of copper at an AISC of $1,150 to $1,300 per ounce sold in 2023; and • 580,000 to 620,000 ounces plus 12,000 to 14,000 tonnes of copper at an AISC of $1,000 to $1,150 per ounce sold in 2024.

Scott Sullivan, Acting President and CEO of OceanaGold said, “This release brings to close a successful year of operational and financial performance for the Company on the back of record production from Haile and the re-start of the Didipio operation. Following a challenging year in 2020, financial performance rebounded in 2021 with revenues increasing almost 50% and EBITDA increasing almost 155%. Importantly, the fourth quarter saw the Company report positive free cash flow, the first in over two years.”

“Additionally, we completed the Financial or Technical Assistance Agreement renewal with the Government of Philippines, paving the way for the restart of operations at Didipio. The subsequent ramp-up of operations has progressed ahead of our expectations and we completed the transport and sale of copper and gold inventory on-hand before the end of the year. The return of Didipio compliments the suite of gold producing assets in New Zealand where we are advancing significant growth projects, Wharekirauponga (‘WKP‘) in particular and the Haile Gold Mine where we seek to commence construction of the underground upon securing the necessary permits.

”“With the release of our 2022 guidance and multi-year outlook, we have set the stage to generate significantly more free cash flow each year on higher consolidated production. We remain focused on driving costs lower while allocating capital prudently to drive stronger risk-adjusted returns.