(All financial figures in United States dollars unless otherwise stated) VANCOUVER, BC, April 30, 2024 /CNW/ - OceanaGold Corporation (TSX:OGC) (OTCQX:OCANF) ("OceanaGold" or the "Company") reported its operational and financial  results for the three months ended March 31, 2024. The condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") are available at www.oceanagold.com. Gerard Bond, President and CEO of OceanaGold, said "2024 is expected to be a strong production growth and Free Cash Flow† delivery year for OceanaGold and our first quarter results are in-line with expectations. As outlined in our Guidance in February, we expect to see gold production increase each quarter throughout the year with stronger second half performance at all four of our operating sites." At Haile, the Horseshoe underground is ramping up on schedule with full mining rates expected to be achieved by mid-year, at the same time as we begin to access a higher proportion of open pit ore from Ledbetter pit, which positions Haile for a very strong second half. Similarly at Macraes, we have been stripping Innes Mills 7 to unlock the next phase of open pit ore, which we expect to be delivered to the mill in the second half of the year. At Didipio, the mining sequence had us in the lower grade areas of the underground during the quarter, and we expect to access higher grades by mid-year in line with plan.  The Company delivered exciting exploration results across our portfolio, including the first underground drilling into Horseshoe Extension at Haile, high grade results at the growing Wharekirauponga deposit in New Zealand, and we announced the start of a brand new exploration program at our regional Napartan target at Didipio. The balance sheet remains strong and we plan to apply the proceeds expected from the OceanaGold Philippines Inc. listing on the Philippines Stock Exchange this quarter to the repayment of debt. Mr Bond said, "Progressively stronger production in each remaining quarter of this year, and with strong gold and copper prices, we expect to be in a position to further strengthen the balance sheet, invest in our organic growth and consider additional returns to shareholders." † See "Non-IFRS Financial Information" in the MD&A. Highlights On-track to meet full-year 2024 consolidated production, cost and capital guidance. 12MMA Total Recordable Injury Frequency Rate ("TRIFR") has remained steady at 1.0 per 200,000 hours worked at March 31, 2024. Produced 104,800 ounces of gold and 3,000 tonnes of copper in the first quarter. All-In Sustaining Cost ("AISC")† of $1,823 per ounce for the first quarter. Gold sales of 116,800 ounces for Q1, which includes 12,000 ounces of 2023 production. Revenue of $270.3 million, driven by record average realized gold price of $2,092 per ounce. Ended the quarter with Net Debt† of $81.8 million (excludes finance leases) at a Leverage Ratio† of 0.21x. Released updated Mineral Reserves and Mineral Resources, including Indicated Resource growth to 1 million ounces of gold (2.0 million tonnes at 15.9 g/t) at Wharekirauponga and initial Mineral Reserves of 380,000 ounces (4.0 million tonnes at 2.9 g/t) at Palomino at Haile. Released updated technical report for Haile which, based on Mineral Reserves only, is expected to produce 2.3 million ounces of gold over a 12-year mine life at average gold production of 192,000 ounces per year with a life of mine average AISC† of $1,200 per ounce. Received regulatory approvals and permit to sell for the Initial Public Offering of 20% of OceanaGold Philippines Inc., which holds Didipio. Listing is expected to be completed on May 13, with proceeds applied to reduce OceanaGold's bank debt, further strengthening the balance sheet. Announced the sale of the Blackwater Project in New Zealand for $30 million in cash, with closing subject to regulatory approval. Semi-annual dividend of $0.01 per share was paid on April 26, 2024.  † See "Non-IFRS Financial Information" in the MD&A. Table 1 – Production and Cost Results Summary Quarter ended March 31, 2024 Haile Didipio Waihi Macraes Consolidated Q1 2024 Q4 2023 Q1 2023 Production, Sales & Costs Gold Produced koz 34.7 26.3 11.4 32.3 104.8 129.8 118.1 Gold Sales koz 41.2 31.8 11.6 32.2 116.8 118.8 112.0 Average Gold Price $/oz 2,092 2,136 2,096 2,046 2,092 1,993 1,919 Copper Produced kt — 3.0 — — 3.0 3.8 3.5 Copper Sales kt — 3.2 — — 3.2 3.9 3.3 Average Copper Price1 $/lb — 3.90 — — 3.90 3.80 4.29 Cash Costs† $/oz 1,569 742 1,601 1,016 1,194