Key Highlights • Gold production from the United States and New...

Key Highlights
• Gold production from the United States and New Zealand operations increased by nearly 20% quarter-on-quarter on the back of stronger production from Haile and Macraes. • Haile gold production increased by 26% quarter-on-quarter with 46,420 ounces produced in the fourth quarter. • Annual gold production of 470,601 ounces including 108,151 ounces produced in the fourth quarter, in-line with revised 2019 consolidated production guidance of 460,000 to 480,000 ounces. • Annual copper production of 10,255 tonnes of copper, in line with revised 2019 consolidated production guidance of 10,000 to 11,000 tonnes. • Full year 2019 All-In Sustaining Costs (“AISC”1 of $1,061 per ounce including $980 per ounce in the fourth quarter, compared to 2019 revised AISC guidance of $1,040 to $1,090 per ounce sold. • Full year 2019 cash costs of $733 per ounce sold including $757 per ounce sold in the fourth quarter, compared to revised 2019 guidance of $710 to $760 per ounce sold. • Continued to advance Martha Underground with approximately 830 metres of development and construction of the raise bore between the 800-RL and 920-RL drives completed in the fourth quarter. • Achieved a Total Recordable Injury Frequency Rate (“TRIFR” of 3.6 per million hours worked compared to 4.5 per million hours worked in 2018.

“Last year was challenging for us particularly in the Philippines. We continue to have positive engagement with the National Government and we continue to see very strong support from our local communities. The FTAA renewal is currently with the Office of the President for review, and we remain committed to providing the market with updates related to the advancement of the renewal and other impacts related to Didipio’s operating status.”
“We are focused on resolving the suspension of Didipio as soon as we can, executing at our operations and the timely delivery of key projects. We are progressing and prioritising our robust project pipeline in New Zealand and North America in accordance with our principle to always pursue opportunities that can deliver strong economic returns.”
On a consolidated basis, the Company produced 470,601 ounces of gold for the full year 2019, including 108,151 ounces in the fourth quarter. Gold production from Haile and the New Zealand operations increased nearly 20% quarter-on-quarter. Copper production for 2019 was 10,255 tonnes while silver production was 385,853 ounces. Full year gold and copper production were within the Company’s revised 2019 production guidance ranges.
The Company also achieved its revised 2019 cost guidance with AISC of $1,061 per ounce on sales of 448,430 ounces of gold and 6,901 tonnes of copper. The Company’s AISC for the fourth quarter was $980 per ounce on sales of 107,330 ounces of gold and no copper sales. The AISC decreased 13% quarter-onquarter on lower costs across each operation and from higher gold sales.

Didipio, Philippines
In the Philippines, Didipio produced 83,913 ounces of gold and 10,255 tonnes of copper in 2019 before processing was suspended in October. The Company continues to work constructively with regulatory stakeholders related to the renewal of Didipio’s FTAA, which is currently under review with the Office of the President with no specific timeline on when a decision will be made. The mine currently remains in a state of operational readiness.
The Didipio operation continues to receive strong community support. A community coalition comprising Indigenous Peoples from the host community of Didipio and 10 adjacent communities have held numerous rallies to demonstrate their support for the continued operation of the mine. The most recent, held at Malacañang (the Presidential Palace) in Manila.