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OceanaGold Announces Management Changes

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(BRISBANE) OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company” - ) advises that Mr. Michael Holmes has resigned as the President and Chief Executive Officer (“CEO”) of the Company, as well as from the Board of Directors (the “Board”), effective September 8, 2021. The Board has engaged a leading executive search firm to commence a global search for the Company’s next President and CEO. In recognition of leadership continuity, the Board has appointed Mr. Scott Sullivan who has recently joined the Company as Chief Operating Officer, to act as the Acting President and CEO of the Company.

Mr. Ian Reid, Chairman of the Board said “On behalf of the Board, I wish to extend my sincere thanks and gratitude to Michael for his service to the Company. Michael has had a long and valued career with OceanaGold, having joined the Company as Chief Operating Officer in July 2012. As President and CEO, he demonstrated tremendous resilience and commitment to the Company despite the challenges of an operating environment disrupted by the onset of a global pandemic.” 

Mr. Reid continued to say, “Under Michael’s leadership, the Company delivered on key growth milestones including mine life extensions of the Macraes operation, advancement of the Waihi District projects and the Haile Underground. Most significantly, the renewal of the Didipio FTAA wouldn’t have been possible without Michael’s tenacious and focused leadership. The achievement of this strategic objective is expected to generate strong free cash flows for our shareholders while continuing our legacy as a responsible, multinational gold miner.”

Mr. Holmes said, “It has been a privilege to serve the Company over the past 9 years. I am proud to have led a team of passionate and dedicated mining professionals who are committed to responsible mining and best ESG practices while setting up the business to deliver long-term value for shareholders. Whilst it was a difficult decision to leave OceanaGold, I am very proud of what we have achieved and more importantly in the significant value embedded in the business. I wish everyone all the best.”

Mr. Scott Sullivan is a mining executive with over 30 years of broad-based industry experience spanning Australia, New Guinea, Africa and North America. More specifically, he has diversified experience in strategic planning of mining operations and smelters, project development and commissioning, mine optimisation, restructuring and expansion, sustainability and government relations. Prior to joining OceanaGold, Mr. Sullivan was CEO of Paladin Energy Ltd, and prior to that, General Manager of Newcrest’s Telfer Gold Mine, CEO of Attila Resources (now New Century Resources) and Managing Director of Minbos Resources. Mr. Sullivan is also a Fellow of the Australasian Institute of Mining and Metallurgy and Graduate of the Australian Institute of Company Directors. He holds a Bachelor of Engineering in Mining with first class honours and a Master’s in Business Administration.

Mr. Paul Benson, who will succeed Mr. Reid as Chairman of the Board of the Company on October 1, expressed his appreciation for Mr. Holmes’ leadership, particularly through the challenges posed by COVID-19. He said, “I look forward to working with Scott Sullivan in the Chief Operating Officer and Acting CEO roles. I have known Scott for over 30 years since we first worked together at the Renison Tin Mine in Tasmania. Scott is an exceptional mining engineer and has the skills and experience to drive OceanaGold’s operating performance to the next level. Our focus will continue to be on maximising the value of our existing operations while seeking new opportunities to drive profitable growth.”

The Company continues to make good progress with respect to the Didipio restart with current ramp-up schedule ahead of original estimates. The Company commenced the trucking of gold-copper concentrate as several shipments have arrived at the port and several more on the way. The Company continues the technical review and enhancements of the Haile Mine however, operational performance is tracking to achieve full year guidance. The New Zealand operations have recommenced full operations with ramp-up of the Martha Underground continuing.

- ENDS -

Authorised for release to market by OceanaGold Corporate Company Secretary, Liang Tang.

For further information please contact:

Investor Relations

Media Relations

Allysa Howell

#BBD0E0 »

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