Haile Site Visit: Outlining the Path Forward

研报英文原文证据摘录

Haile Site Visit: Outlining the Path Forward

Gold and Precious Minerals - Mid and Small Cap Golds

OceanaGold

TD SECURITIES INC. - CANADA COMPANY UPDATE

May 15, 2026

Price: C$45.91 (05/14/2026) Haile Site Visit: Outlining the Path Forward

Price Target: C$56.00

BUY (1)

ESG SCORE: 59/100

Wayne Lam, CFA^ THE TD COWEN INSIGHT

416 983 9588

Our site visit to the Haile Mine in South Carolina reiterated our constructive view of the asset

wayne.lam@tdsecurities.com

with consistency of open pit operations supported by optimizations underground. OGC has

Jennifer Mao^ done significant work to prepare for the ramp-up of future mining operations underground via

416 308 2360 Palomino, supported by the recent transition of Ledbetter Phase 4 to underground.

jennifer.mao@tdsecurities.com

Key Data Impact: Neutral

Symbol TSX: OGC-T

TD Cowen Associate Jennifer Mao attended the recent site visit to the Haile Mine in South

12-Month Div (Est.): $0.36

Carolina

Beta: 1.53

12-Month Total Open pit operations performing well and ramping up through the year

23.1%

Return:

We view current open pit operations at Haile performing well as the mine enters the peak

52-Week Range: C$58.22-C$16.77

years of the current plan, supported by completed stripping activities on Ledbetter Phase

Market Cap: C$10.3B

3 last year. Management has implemented a Maintenance Transformation Plan focused on

Net Debt (MM): C$(788.8)

improved fleet availability with mining from Ledbetter Phase 3 complemented by Snake Phase

Cash/Share: C$4.41

3. At the plant, focus has centred around improvements in mill availability and increased

Dil. Shares Out (MM): 226.6

throughput driven by improvement in crusher performance and debottlenecking activities.