OceanaGold Corporation ($OGC)

Hello, and welcome to the Annual General and Special Meeting of Shareholders of OceanaGold Corporation. [Operator Instructions]. It is now my pleasure to turn today's meeting over to Paul Benson, Chair of OceanaGold Corporation. Mr. Benson, the floor is yours.

Thank you, operator, and good afternoon, all. My name is Paul Benson, and as Chair of the Board of OceanaGold Corporation, I'd like to welcome you to today's Annual General and Special Meeting of Shareholders. In accordance with the articles of the company, I will act as Chair of this meeting and appoint Ms. Elizabeth Andy, Executive Vice President, General Counsel and Company Secretary, to act as a Secretary of the meeting. Later, she will take you through the voting process and formal business of the meeting. Please be advised that today's webcast is being recorded. . As I now pass 12 PM Canadian Eastern Time and a quorum is present, I declare the meeting open. To begin, I'll introduce my fellow directors on the call today, each of whom will be seeking real action to the Board at today's meeting. Mr. Gerard Bond, President and CEO and Director of OceanaGold since April 2022, Mr. Reese joined the company of the director in April 2018 and was the Chair of our Board between June 2019 and September 2021. Mr. Craig Nelson, who joined the company as a director in February 2019 and is Chair of our Remuneration, People and Culture Committee. Ms. [indiscernible], who joined the company as a director in November of 2020 and is Chair of our Audit and Risk Committee. Mr. Alan Pangbourne, who joined the company in October 2022 and is the Chair of our Technical Committee. Ms. Linda Broughton, who joined the company as a director in April 2023 and Ms. Stephanie Lowder, who joined the company as a director in February 2025 and is Chair of our Sustainability Committee. Also on the call today is Mr. Marius van Niekerk, Executive Vice President and Chief Financial Officer; as well as Mr. Eric Tolbert, representing our auditor, PricewaterhouseCoopers LLP. I'll now pass the floor to Ms. Andy, who will take you through the voting process.

Thank you, Chair, and good afternoon, everyone. For government purposes, particularly considering the various locations from which attendees are joining us and as provided for in the company's articles, I would like to advise that voting on all matters will be conducted by electronic ballot and registered shareholders and duly appointed proxy holders who have properly walk-in with their control numbers or user name will be able to vote. . When you are invited to vote, please click on the option to vote on the virtual meeting platform, and you can register your vote for each item of business. Importantly, if you are a registered shareholder and have already voted by submitting your proxy form in advance of the meeting, it is not necessary for you to vote again today. In addition, all attendees will be able to submit questions through the Q&A function on the virtual meeting platform. When we arrive at the formal business of the meeting, the Chair will call for a poll to be open on all items. When voting is closed, the final voting selection entered into the virtual meeting platform will be recorded. These votes will be added to the proxy votes received prior to the meeting. Results will be tabulated and announced at the conclusion of the meeting with detailed results of the meeting filed on CRs, EGR and by press release following the meeting. I will now turn the meeting back to the Chair, Mr. Benson

Thank you. Ms. Jenny Karim of Computershare Investor Services, the register and transfer agent of the company, is present and will act as scrutineer of the meeting. Computershare has provided confirmation that the meeting materials were mailed to shareholders on May 8, 2026, and that proper notice of the meeting has been given. . The scrutineer's preliminary report indicates that over 184 million shares of the company being voted at this meeting, representing approximately 82% of the total outstanding shares as of the record date of the meeting. A quorum of shareholders as required under the company's articles is present at this meeting. As such, I declare the meeting is regularly called, duly constituted and ready for the transaction of business. Unless there is an objection, I'll dispense with the reading with the notice of meeting. We will now deal with the business of this meeting. All resolutions are approved by a simple majority of votes cast, either in person or by proxy. In order to ensure this meeting covers the required business in an efficient manner, I will move all motions that are identified in the Notice of Meeting and we'll dispense with the seconding of such motions. This procedure is merely a way to expedite the proceedings. We will first consider the financial statements of the company for the fiscal year ended December 31, 2025, and the accompanying auditor's report. Copies of the financial statement and the auditor's report have been made available to shareholders. This is an item for discussion and does not require a vote. Are there any questions? If there's no discussion, I will now declare that OceanaGold's audited consolidated financial statements for the fiscal year ended December 31, 2025, and the accompanying auditor's report have been received by the shareholders as submitted to this meeting. We'll now open voting on all resolutions specified in the Management Information Circular. The virtual meeting platform will display your resolutions and your voting options. Voting will remain open during the discussion of the resolutions. I will provide you with notice that the polls are about to close. I'll ask Ms. Sandy to take you through the relevant resolutions.

Thank you, Chair. The first item of business is the election of directors of the company. The following individuals have been nominated and are prepared to stand for reelection of directors. Paul Benson, Ian Reid, Craig Nelson, Sandra Doug, Alan Banma, Linda Raton, Stephanie Loader and Jared Block. Are there any questions in relation to the revolution? .

These nominees are the only persons who have been nominated to stand for the election as directors of the company. Accordingly, no further nominations will be accepted and I declare the nominations closed. As the polls are open, I now direct that we proceed to take out by ballot. Please vote now. [Voting]

We now move to the second item business.

The next item is to appoint PricewaterhouseCoopers as the auditor of the company and to authorize the directors to fix the remuneration payable to the auditor as set out in the management information circular.

Are there any questions in relation to this resolution? If not, please on now. [Voting]

We now move to the third item of business.

The next item of business is to consider a nonbinding advisory resolution on the company's approach to executive compensation as set out in the management information circular.

Are there any questions in relation to this resolution? If not, please vote now. . [Voting]

We now move to the final item of business.

The last item is to approve the holding of the company's AGM in 2027 in a virtual only format.

Are there any questions in relation to this resolution? if not, please vote now. [Voting]

As there is no further discussion, I'll close the poll on the final resolutions in the next 30 seconds. I now declare the polls closed. Ladies and gentlemen, I'm pleased to announce that all resolutions have passed. I'd like to take this opportunity to thank all shareholders for attending the meeting and for your continued support of the company. As there is no further formal business to be brought before the meeting at this time, I declare the meeting closed. I will now invite Mr. Gerard Bond, President and CEO, to provide an update on the company.

Thank you, Paul, and hello to all shareholders listening in, thank you for joining us today. Although today's discussion focuses on 2025, I will also make forward-looking statements relating to our 2026 priorities. So please refer to these cautionary notes as well as the risk factors said out in our year-end 2025 annual information form. As you know, 2025 was a superb year for OceanaGold with numerous achievements across the board. The company as a whole and each of our core assets delivered on or exceeded 2025 production guidance, reflecting disciplined execution and a strong focus on safe and responsible operating performance. The company also delivered on its cost and capital expenditure guidance. Our strong operational performance, together with a favorable gold price environment at an average gold price for the year of around $3,500 per ounce led to a record financial results and significant value creation for OceanaGold shareholders. Notably, we set numerous financial records this year, including record annual EBITDA margin record annual adjusted net profit, record annual adjusted earnings per share, record annual operating cash flow and record annual free cash flow. We progressed our organic growth opportunities in the year, including receiving all [indiscernible] necessary for advancing the world-class Waihi North Project. We also continue to add value, life and optionality through our exploration programs at all sites. With strengthening our balance sheet by increasing our cash balance substantially, we have no debt, no gold hedges, no prepaid, no financing royalties. And at the end of 2025 and today, we have the strongest balance sheet in the company's 37-year history. Importantly, and very pleasingly, we returned a record amount of capital to shareholders in 2025, over $200 million in the form of dividends and share buybacks. In a year of strong execution and value creation, we allocated capital in a balanced way in 2025, reinvesting in the business, advancing growth and returning capital to shareholders as shown on the diagram on the left. On the right-hand side, you can see how we expect that to look in 2026. In the sustaining capital work, the low level of operating spend year-on-year is driven by us spending much less on open big waste removal in 2026. Dolat completion of 2025 production stripped campaigns. On other elements of sustaining capital, we're actually spending more in 2026 on improving the integrity and availability of fixed plant and mobile equipment at our sites, which provides a strong payback at higher gold price. We are substantially increasing our investment in growth and exploration in 2026. This is primarily through the development of the world-class Waihi North Project, commencing the builds of the Palomino underground mine at Haile and increasing our operation spend by 50%. All this makes for a stronger and brighter future. And we are materially looking returns to shareholders. In 2026, we are tripling our quarterly dividend and doubling our share buybacks, resulting in up to $432 million of capital returns to shareholders. This is a 112% increase year-over-year. We expect to do all of this and still have a substantial amount of cash to the balance sheet at current gold prices, making OceanaGold even financially stronger in 2026 and giving us plenty of optionality for future growth. In summary, 2025 was an outstanding year, where we safely and responsibly delivered record financial returns. Going forward, we will continue to focus on saving responsible mining and delivering on our guidance commitments. Notably, in 2026, we expect to generate significant free cash flow and add to our already strong balance sheet. We expect to continue to advance our attractive growth projects and exploration programs all while delivering increased returns to shareholders with a tripling of our dividend and doubling of our share buybacks. I do want to acknowledge that our stellar 2025 results were only possible through the dedicated efforts of the many talented people who work at OceanaGold and a big call out of thanks to them. That concludes my formal remarks, and I'd like to open up the meeting to any questions from shareholders. As there are no questions, this concludes our presentation. And I'll now turn the call back to the operator. Thank you for joining us today and for your continued support for OceanaGold.

This concludes the meeting. Thank you for your attendance. You may now disconnect.