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OceanaGold delivers strong operational and financial results in March quarter

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(Kitco News) - OceanaGold (TSX: OGC) announced today that for the quarter ended March 31, 2021, the company produced 83,191 ounces of gold, reflecting a 3% increase over the previous March quarter.

The company said that increased production relative to the first quarter of 2020 reflects stronger performance from Haile partly offset by lower production from the New Zealand operations.

In the three months ended March 31, 2021, the company generated $148.9 million in revenue and adjusted EBITDA of $66.5 million.  First quarter revenue and adjusted EBITDA increased 8% and 34% above the prior March quarter,
respectively, due to improved performance from Haile and an 18% higher average gold price received during the period.

Adjusted net profit (excluding Didipio carrying costs) was $21.8 million or $0.03 per share in the first quarter, benefitting from the improvement in average gold price received over the prior year quarter.

As at March 31, 2021, the company’s cash balance stood at $145.5 million and $50.0 million remains undrawn on the credit facility.

The company said it reaffirms its full-year 2021 guidance.

OceanaGold is an internationally diversified gold producer with established operating assets including Didipio mine in the Philippines; Macraes and Waihi operations in New Zealand; and Haile gold mine in the US.

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