OceanaGold : Q3 2023 MD&A

Management Discussion and Analysis

Third Quarter 2023 Results

October 25, 2023

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION IN MANAGEMENT DISCUSSION & ANALYSIS

This Management Discussion & Analysis contains "forward-looking statements and information" within the meaning of applicable securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its subsidiaries and affiliated companies, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realisation of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable mineral legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "plans", "expects", "projects", "is expected", "budget", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries and/or its affiliated companies to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, future prices of gold; general business, economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets), changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in GAAP or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits including the renewed Financial or Technical Assistance Agreement as well as those factors discussed in the section entitled "Risk Factors" contained in the Company's Annual Information Form in respect of its fiscal year-ended December 31, 2022, which is available on SEDAR at www.sedar.comunder the Company's name. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performance, achievements, or events to differ from those anticipated, estimated or intended. Also, many of the factors are outside or beyond the control of the Company, its officers, employees, agents, or associates. Forward-looking statements and information contained herein are made as of the date of this Management Discussion & Analysis and, subject to applicable securities laws, the Company disclaims any obligation to update any forward-looking statements and information, whether as a result of new information, future events, or results or otherwise. There can be no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information due to the inherent uncertainty therein. All forward-looking statements and information made herein are qualified by this cautionary statement. This Management Discussion & Analysis may use the terms "Measured", "Indicated" and "Inferred" Resources. U.S. investors are advised that while such terms are recognised and required by Canadian regulations, the Securities and Exchange Commission does not recognise them. "Inferred Resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resources will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into reserves. U.S. investors are also cautioned not to assume that all or any part of an Inferred Resource exists or is economically or legally mineable. This document does not constitute an offer of securities for sale in the United States or to any person that is, or is acting for the account or benefit of, any U.S. person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") ("U.S. Person"), or in any other jurisdiction in which such an offer would be unlawful.

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TECHNICAL DISCLOSURE

All Mineral Reserves and Mineral Resources were calculated as of 31 December 2022 and have been calculated and prepared in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101").

The exploration information contained in this MD&A has been reviewed and approved by C Feebrey; Mineral Resources for Macraes underground operations have been reviewed and approved by M Grant; Mineral Reserves for Macraes open pits have been reviewed and approved by P Doelman. The Mineral Reserves for Macraes underground have been reviewed and approved by S Mazza; Mineral Resources for Waihi's Martha open pit and Wharekirauponga Underground have been reviewed and approved by J Moore; Mineral Resources for Waihi's Gladstone open pit and Martha Underground have been reviewed and approved by L Crawford-Flett. The Underground Mineral Reserves for Waihi have been reviewed and approved by D Townsend. Mineral Resources for Haile open pit and underground have been reviewed and approved by J Moore. The Open-pit Reserves for Haile have been reviewed by G Hollett and the Underground Reserves by B Drury. Mineral Reserves for Didipio underground have been reviewed and approved by P Jones. The Mineral Resources for Didipio have been reviewed and approved by J Moore.

The above persons are employees of OceanaGold Corporation or its fully owned subsidiaries, and are "qualified persons" for the purposes of NI 43-101.

Readers should refer to the Company's most recent Annual Information Form and Resources and Reserves statement, as well as other continuous disclosure documents filed by the Company available at sedar.com for further information on the Mineral Reserves and Mineral Resources.

For further scientific and technical information relating to the Haile mine, the Waihi mine, the Macraes mine and the Didipio mine, please refer to the following NI 43-101 compliant technical reports available at sedar.com under the Company's name:

1. "NI 43-101 Technical Report, Macraes Gold Mine, Otago, New Zealand" dated 14 October 2020, prepared by D. Carr, Chief Metallurgist, of OceanaGold Management Pty Limited, T. Cooney, previously General Manager of Studies of OceanaGold Management Pty Limited, P. Doelman, Tech Services and Project Manager, S. Doyle, previously Principal Resource Geologist of Oceana Gold (New Zealand) Limited, and P. Edwards, Senior Project Geologist, of Oceana Gold (New Zealand) Limited;
2. "Technical Report for the Didipio Gold / Copper Operation Luzon Island" dated 31 March 2022, prepared by D. Carr, Chief Metallurgist, P. Jones, Group Engineer and J. Moore, Chief Geologist, each of OceanaGold Management Pty Limited;
3. "Waihi District Study - Martha Underground Feasibility Study NI 43-101 Technical Report" dated 31 March 2021, prepared by T. Maton, Study Manager of Oceana Gold (New Zealand) Limited, and P. Church, previously Principal Resource Development Geologist, of Oceana Gold (New Zealand) Limited, and D. Carr, Chief Metallurgist, of OceanaGold Management Pty Limited; and
4. "NI 43-101 Technical Report Haile Gold Mine Lancaster County, South Carolina" dated 31 March 2022, prepared by D. Carr, Chief Metallurgist, G. Hollett, Group Mining Engineer, and J. Moore, Chief Geologist, each of OceanaGold Management Pty Limited, Michael Kirby of Haile Gold Mine, Inc., J. Poeck, M. Sullivan, D. Bird, B. S. Prosser and J. Tinucci of SRK Consulting, J. Newton Janney-Moore and W. Kingston of Newfields and L. Standridge of Call and Nicholas.

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Third Quarter Highlights

• 12MMA total recordable injury frequency rate of 4.1 per million hours worked.
• Consolidated production of 99,028 ounces of gold and 3,413 tonnes of copper.
• Third quarter All-In Sustaining Costs ("AISC") of $1,911 per ounce on gold sales of 97,911 ounces
• YTD AISC of $1,563 per ounce on gold sales of 349,064 ounces.
• Revenue of $214 million, EBITDA of $59 million and NPAT of $(6) million.
• YTD revenue of $759 million, EBITDA of $312 million and NPAT of $102 million.
• Adjusted earnings of $0.00 per share and operating cash flow of $0.08 per share.
• Repaid $15 million on the revolving credit facility during the quarter.
• Net debt of $172 million as at September 30, 2023, at a leverage ratio of 0.41 times.
• First development ore from the Haile Underground delivered to surface and on track for first stope ore to the mill in October.
• Extended known mineralization approximately 100 metres below the existing resource at Didipio.
• Haile third quarter production adversely impacted by final stage of now complete Mill Zone Pit.
• Macraes ball mill fully repaired and milling returned to full capacity in August 2023.
• Semi-annualdividend of $0.01 per share paid October 6, 2023.

Period ended 30 September 2023	Q3 2023	YTD 2023
(US$m)
Gold Production (koz)	99.0	347.2
Copper Production (kt)	3.4	10.3
All-in Sustaining Costs ($/oz)	1,911	1,563
Revenue	214.1	759.0
EBITDA	59.2	311.7
Adjusted Net Profit/(Loss) After Tax	(1.6)	109.4
Net Profit/(Loss) After Tax	(5.5)	102.0
Free Cash Flow	(29.6)	26.3
Earnings per share - fully diluted	$(0.01)	$0.14
Adjusted earnings per share - fully diluted	$0.00	$0.15
Cash flow per share (before working capital movements) - fully diluted	$0.08	$0.44

Notes:

• All numbers in this document are expressed in USD unless otherwise stated.
• Adjusted Net Profit/(Loss), Cash Costs, All-In Sustaining Costs, All-In Sustaining Margin, EBITDA, Free Cash Flow and Adjusted earnings per share are non-GAAP measures. Refer to the Accounting & Controls section of this report for an explanation.
• Cash Costs and All-In Sustaining Costs are reported on ounces sold and net of by-product credits.
• Consolidated All-in Sustaining Costs are inclusive of Corporate general and administrative expenses; site All-in Sustaining Costs are exclusive of Corporate general and administrative expenses.
• Fully diluted cash flow per share before working capital movements is calculated as the Net cash provided by/(used in) operating activities adjusted for changes in working capital then divided by the adjusted weighted average number of common shares.

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Results for the quarter ended September 30, 2023

Health and Safety

OceanaGold reported a 12MMA Total Recordable Injury Frequency Rate ("TRIFR") of 4.1 per million hours at the end of the third quarter of 2023. There were 10 recordable injuries during the third quarter. This compared to 18 recordable injuries in the previous quarter.

The refreshed "OurSafe Behaviours" safety behaviour program was launched at the end of the quarter, with leadership workshops occurring ahead of a cascade of the program at each site.

The OurSafe Behaviours program aligns people to identify key behaviours that they need to display and see in their workmates to create a safe workplace, prevent fatalities and reduce injuries.

Work also continues on critical control and hazardous energy management, with a refresh of the "Stop and Think" processes assisting employees and contractors to identify risks and critical control requirements prior to performing their work activities.

Operational and Financial Overview

The Company produced 99,028 ounces of gold and 3,413 tonnes of copper in the third quarter of 2023. Third quarter gold production was 24% lower than the previous quarter and 6% lower than the corresponding quarter in 2022. The quarter-on-quarter reduction was driven by decreased production at Haile, with lesser contribution quarter-on-quarter also from Macraes and Waihi. The Company has produced 347,207 ounces of gold and 10,324 tonnes of copper year-to-date ("YTD"), which was broadly in line with the corresponding period in 2022.

On a consolidated basis, the Company recorded a third quarter AISC of $1,911 per ounce on gold sales of 97,911 ounces and copper sales of 3,133 tonnes. This was a 45% increase in AISC compared to the previous quarter and a 23% increase compared to the corresponding period in 2022. The quarter-on- quarter increase was mainly driven by 30% lower comparative gold sales, especially from Haile. YTD the Company has recorded an AISC of $1,563 on sales of 349,064 ounces of gold and 9,877 tonnes of copper. AISC excludes the Additional Government Share of $13.9 million at Didipio for both the third quarter of 2023 and YTD 2023 related to the Financial or Technical Assistance Agreement ("FTAA").

Haile produced 22,961 ounces of gold in the third quarter. The 47% reduction compared to the previous quarter was due to lower than expected grades from the lower benches of the Mill Zone pit and a planned transition to waste stripping at Ledbetter pit; mining in Mill Zone was completed in the third quarter. Haile's third quarter AISC was $3,047 per ounce, a material increase compared to the previous quarter largely driven by the lower quarter-on-quarter gold sales. YTD Haile has produced 114,640 ounces of gold at an AISC of $1,755 per ounce sold.

During the third quarter, first development ore was mined and stockpiled from the Horseshoe Underground mine at Haile. First stope ore was achieved in mid-October and three production stopes are planned to be mined and delivered to the mill in the fourth quarter of 2023.

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Didipio produced 30,479 ounces of gold and 3,413 tonnes of copper in the third quarter. The 5% reduction in gold production compared to the previous quarter was mainly due to slightly lower grades consistent with the mine plan. Copper production was largely flat quarter-on-quarter. Didipio's third quarter AISC was $872 per ounce on gold sales of 29,657 ounces and 3,133 tonnes of copper, an 18% increase on the previous quarter due to lower by-product credits (mainly volume related) and higher production taxes. YTD Didipio has produced 95,720 ounces of gold and 10,324 tonnes of copper at an AISC of $727 per ounce.

Macraes produced 34,725 ounces of gold in the third quarter. The 12% reduction compared to the previous quarter was due to lower total mill feed with ball Mill No:2 ("ML-02") taken down for repair in July. The repair was completed in August and ML-02 was returned to service and operated at full capacity for the remainder of the third quarter. Macraes third quarter AISC was $1,550 per ounce, a 20% increase compared to the previous quarter mainly due to the lower quarter-on-quarter gold sales. YTD Macraes has produced 100,901 ounces of gold at an AISC of $1,611 per ounce.

Waihi produced 10,863 ounces of gold for the third quarter. The 27% decrease compared to the previous quarter was driven by a 36% decrease in feed grade, as mining encountered additional lower grade remnant ore material, partially offset by a 10% increase in ore tonnes mined. Waihi's third quarter AISC was $2,196 per ounce, a 36% increase compared to the previous quarter mainly driven by the lower quarter-on-quarter gold sales. YTD Waihi has produced 35,945 ounces of gold at an AISC of $1,949 per ounce.

The Company recorded third quarter consolidated revenue of $214.1 million, a 29% decrease compared to the previous quarter largely driven by 30% lower gold sales. The decrease in gold sales reflected the aforementioned performance at Haile, Macraes and Waihi. Third quarter revenue was broadly in line with the corresponding period in 2022.

The Company has YTD consolidated revenue of $759.0 million, a 4% increase relative to the corresponding period in 2022, driven by a 14% higher realized gold price for the Company and an 18% increase in gold sales at Macraes. This was partially offset by a 42% decrease in gold sales at Haile and a 18% decrease in gold sales at Waihi relative to the corresponding period.

Third quarter EBITDA was $59.2 million, a 61% decrease relative to the previous quarter mainly due to the lower revenue and the Additional Government Share of $13.9 million recognised for the first time at Didipio, partially offset by lower costs of sales. YTD consolidated EBITDA was $311.7 million, reflecting a 14% increase compared to the corresponding period in 2022 with higher revenue and lower foreign currency exchange losses, partially offset by higher general and administration costs including indirect taxes and the Additional Government Share at Didipio.

Third quarter Net Loss After Tax was $(5.5) million or $(0.01) per share fully diluted, compared with a Net Profit After Tax of $68.6 million and $0.09 per share fully diluted in the previous quarter.

Third quarter Adjusted Net Loss After Tax was $(1.6) million or $0.00 per share fully diluted compared with an Adjusted Net Profit After Tax of $70.4 million or $0.10 per share in the previous quarter.

YTD Net Profit After Tax was $102.0 million, a 6% increase compared to the corresponding period in 2022.

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Third quarter cash flows from operating activities were $62.5 million, which was 61% below the previous quarter reflecting both the lower revenue and EBITDA in the third quarter, in line with plan. YTD cash flows from operating activities totalled $289.4 million, which was 8% above the corresponding period in 2022.

Third quarter cash flows used in investing activities totalled $92.1 million, which was 3% above the prior quarter, due primarily to higher quarter-on-quarterpre-stripping and capitalised mining costs and growth capital expenditure primarily related to the Haile underground mine development.

The Company's Free Cash Flow ("FCF") for the third quarter was $(29.6) million. YTD FCF is $26.3 million.

As at September 30, 2023, the Company's available revolving credit facilities remained at $250 million, with $115 million undrawn following a discretionary repayment of $15.0 million during the third quarter. The Company had immediately available liquidity of $175 million including $60.3 million in cash.

The Company's Net Debt position, inclusive of equipment leases, increased to $171.6 million from $136.3 million in the previous quarter primarily due to the decrease in cash and cash equivalents as a result of negative FCF and payment of the semi-annual dividend. The Company's leverage ratio was 0.41 times as at September 30, 2023.

Capital and Exploration Expenditure

Consolidated capital and exploration expenditure for the third quarter of 2023 totalled $98.6 million, a 7% increase quarter-on-quarter primarily related to higher pre-stripping and capitalised mining costs and growth capital at Haile, partially offset by lower general operations capital mainly in New Zealand. Third quarter capital and exploration expenditure was 72% higher than the corresponding period in 2022 largely due to higher pre-stripping and capitalised mining costs, growth capital and general operations capital at Haile and Macraes.

During the quarter, general operations capital expenditure mainly related to the ongoing expansion of waste management infrastructure (tailings storage facility ("TSF") Stage 4 and West PAG) at Haile, plus capitalised major equipment rebuilds and resource conversion drilling at both Haile and Macraes. Growth capital expenditure mainly related to development of the Haile underground mine and activities associated with the consenting and technical studies related to the Waihi North Project.

Exploration expenditure of $7.0 million for the third quarter continued to focus primarily on conversion drilling at Wharekirauponga and Martha Underground (Waihi), resource expansion drilling at Ledbetter and Palomino (Haile) and Golden Point (Macraes), plus definition and concept validation drilling at Didipio.

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Quarter ended 30 September 2023	Q3	Q2	Q3	YTD	YTD
(US$m)	30 Sep 2023	30 Jun 2023	30 Sep 2022	2023	2022
General Operations Capital	23.7	26.6	18.8	71.0	49.1
Pre-strip and Capitalised Mining	47.2	40.9	19.8	130.0	79.9
Growth Capital	20.7	17.9	13.3	54.5	45.8
Exploration	7.0	6.4	5.4	17.8	16.5
Capital and exploration expenditure	98.6	91.8	57.3	273.3	191.3

Notes:

• Capital expenditure is presented on an accruals basis and includes third quarter rehabilitation and closure costs of $0.9 million at Reefton and Junction Reefs.
• Capital and exploration expenditure by location includes related regional greenfield exploration where applicable. Corporate capital projects not related to a specific operating region are included; these totaled $0.3 million in the third quarter.

Capital and exploration expenditure by location are summarised in the following tables:

Quarter ended 30 September 2023 (US$m)	Haile	Didipio	Waihi	Macraes
General Operations	12.7	2.9	1.1	6.8
Pre-strip and Capitalised Mining	32.7	0.6	5.0	8.9
Growth Capital	14.9	2.4	1.7	0.5
Exploration	1.7	0.7	4.2	0.4
Capital and exploration expenditure	62.0	6.6	12.0	16.6
Year to date 30 September 2023 (US$m)	Haile	Didipio	Waihi	Macraes
General Operations	37.1	5.2	2.3	26.2
Pre-strip and Capitalised Mining	78.3	2.6	18.7	30.4
Growth Capital	38.9	5.1	5.8	1.3
Exploration	4.5	1.4	9.6	2.3
Capital and exploration expenditure	158.8	14.3	36.4	60.2

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Income Statement

A summary of the financial performance is provided below:

Quarter ended 30 September 2023	Q3	Q2	Q3	YTD	YTD
(US$m)	30 Sep 2023	30 Jun 2023	30 Sep 2022	2023	2022
Revenue	214.1	301.0	213.9	759.0	729.0
Cost of sales, excluding depreciation and amortisation	(113.3)	(121.1)	(143.1)	(352.9)	(377.4)
General and administration - indirect taxes (1)	(7.4)	(5.1)	(3.4)	(18.1)	(11.7)
General and administration - other	(16.9)	(18.8)	(12.3)	(53.9)	(37.9)
Additional Government Share (2)	(13.9)	-	-	(13.9)	-
Foreign currency exchange gain/(loss)	(3.4)	(3.2)	(15.7)	(8.7)	(30.5)
Other income/(expense)	-	(0.3)	0.7	0.2	1.3
EBITDA (excluding impairment expense) (3)	59.2	152.5	40.1	311.7	272.8
Depreciation and amortisation	(51.7)	(60.2)	(46.3)	(157.0)	(148.7)
Net interest expense and finance costs	(4.4)	(4.8)	(1.6)	(14.7)	(5.1)
Earnings before income tax (excluding impairment expense)	3.1	87.5	(7.8)	140.0	119.0
(3)
Income tax (expense)/benefit on earnings	(8.6)	(18.9)	1.4	(38.0)	(23.0)
Earnings after income tax (excluding impairment expense) (3)	(5.5)	68.6	(6.4)	102.0	96.0
Impairment of exploration/property expenditure/investment (4)	-	-	-	-	(4.4)
Net Profit/(loss) after Tax	(5.5)	68.6	(6.4)	102.0	91.6
Basic earnings/(loss) per share	$(0.01)	$0.10	$(0.01)	$0.14	$0.13
Earnings/(loss) per share - fully diluted	$(0.01)	$0.09	$(0.01)	$0.14	$0.13

1. Represents production-based taxes in the Philippines, specifically excise tax, local business and property taxes.
2. As at September 30, 2023, there was an initial recognition of the Additional Government Share. Under the addendum and renewal agreement of the FTAA under which the Company's Didipio mine in the Philippines operates, the Philippines government is entitled to the Additional Government Share. This is equal to 60% of the Net Revenue of the mine less taxes and fees paid to the government after the Company's recovery of the pre-operating expenditure. The Additional Government Share has been recognised on a life to date basis and has been recorded within Trade and other payables.
3. EBITDA, EBIT and Earnings after income tax are non-GAAP measures. Refer to the Accounting & Controls section of this report for an explanation.
4. There were two write-offs in 2022 totalling $4.4 million related to capital projects in New Zealand and the Sam's Creek investment.

The following table provides a quarterly financial summary:

Quarter ended 30 September 2023	Sep 30	Jun 30	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31	Dec 31
(US$m)	2023	2023	2023	2022	2022	2022	2022	2021
Average Gold Price Received (US$/oz)	1,934	1,967	1,919	1,769	1,699	1,856	1,915	1,806
Average Copper Price Received (US$/lb) (1)	3.76	3.67	4.29	3.91	3.14	3.34	4.89	4.74
Revenue	214.1	301.0	243.9	238.4	213.9	229.4	285.7	208.5
EBITDA (excluding impairment expense)	59.2	152.5	100.0	109.3	40.1	74.7	158.0	88.7
Earnings/(loss) after income tax and before	(5.5)	68.6	38.9	41.0	(6.4)	20.6	81.8	6.1
impairment expense
Net Profit/(loss) After Tax	(5.5)	68.6	38.9	41.0	(6.4)	19.4	78.6	(96.0)
Net Earnings/(loss) per share
Basic	$(0.01)	$0.10	$0.06	$0.06	$(0.01)	$0.03	$0.11	$(0.14)
Earnings/(loss) per share - fully diluted	$(0.01)	$0.09	$0.05	$0.05	$(0.01)	$0.03	$0.11	$(0.14)

1. The Average Copper Price Received includes mark-to-market revaluation on shipments not yet finalised and final adjustments on prior period shipments.

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Revenue

The Company reported third quarter revenue of $214.1 million which was 29% below the previous quarter mainly due to 30% lower quarter-on-quarter gold sales volumes. The decrease in gold sales were mainly from Haile, Macraes and Waihi. Third quarter revenue was in line with the comparative quarter of 2022, reflecting higher sales of gold from Macraes combined with 14% higher average realised gold prices, these partly offset by lower gold sales from Haile.

The Company's YTD revenue of $759.0 million is 4% above the corresponding period in 2022, mainly reflecting higher gold sales from Didipio and Waihi and higher average gold and copper price received of 6% and 3% respectively. This was partially offset by lower gold sales from Haile.

EBITDA

Analysis of revenue and costs for each operating site is contained within the Business Summary section of this report.

The Company's EBITDA was $59.2 million in the third quarter of 2023, which was 61% lower than the second quarter of 2023 mainly reflecting the 29% lower revenue and the $13.9 million initial recognition of the Additional Government Share at Didipio, partially offset by lower costs of sales. Third quarter EBITDA was 48% higher than the corresponding quarter in 2022 mainly due to lower cost of sales and lower foreign currency exchange translation losses, partially offset by higher general and administration expenses and the new Additional Government Share at Didipio.

YTD consolidated EBITDA was $311.7 million, reflecting a 14% increase compared to the corresponding period in 2022 driven by higher revenue and lower foreign currency exchange translation losses, partially offset by higher general and administration costs including indirect taxes and the $13.9 million initial recognition of the Additional Government Share at Didipio.

Depreciation and Amortisation

Depreciation and amortisation charges include amortisation of mine development and deferred pre- stripping costs plus depreciation of property, plant and equipment. Depreciation and amortisation charges are mostly calculated on a mining or processing units of production basis (tonnes) that consider the life of mine. Amortisation of deferred pre-stripping further considers completion of related mining stages. Depreciation of some assets is on a straight-line basis.

Third quarter 2023 charges of $51.7 million were 14% below the previous quarter of 2023, consistent with the decreased quarter-on-quarter gold production and sales volumes as well as Haile's Ledbetter Phase 2 pit pre-stripping having been fully amortized early in the quarter.

YTD charges of $157.0 million were 6% above the corresponding period in 2022 mainly due to increased amortisation in New Zealand and Didipio associated with higher production, partly offset by lower amortisation of capitalised pre-stripping costs at Haile.

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