NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES.

BRISBANE, Australia, Oct. 14, 2020 (GLOBE NEWSWIRE) -- OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company”) announces that it has today filed a final short form prospectus in connection with its previously announced bought deal financing. The Company previously entered into an agreement with a syndicate of underwriters (the “Underwriters”), led by Scotiabank and BMO Capital Markets, who have agreed to purchase, on a bought deal basis, an aggregate of 73,000,000 common shares (the "Offered Shares") of the Company at a price of C$2.06 per Offered Share (the "Offering Price"), for aggregate gross proceeds of C$150 million (the “Offering”).

The Company has also granted the Underwriters the option, exercisable in whole or in part from time to time until and including 30 days following the Closing Date, to purchase up to an additional 10,950,000 common shares (representing an additional 15% of the Offered Shares) at the Offering Price and on the same terms and conditions as the Offered Shares to cover over-allotments, if any, and for market stabilization purposes.

The closing of the Offering is expected to occur on October 19, 2020 (the "Closing Date"), or such other date as may be agreed by the Underwriters and the Company, acting reasonably.

The Toronto Stock Exchange has conditionally approved the Offering and the listing of the Offered Shares, subject to its customary conditions.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Amended Technical Reports

In addition, as a result of a review by staff of the Ontario Securities Commission in connection with the Offering, the Company is also today re-filing the NI 43-101 Technical Report Macraes Gold Mine Otago, New Zealand originally dated September 25, 2020 and the Waihi District Study Preliminary Economic Assessment NI 43-101 Technical Report originally dated August 30, 2020, in order to amend Section 3 of each report relating to reliance on certain experts. There are no changes to the mineral reserves, mineral resources or any economic outcomes in either report.

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Authorised for release to market by Acting Company Secretary, Chris Hansen.

For further information please contact:

Investor Relations	Media Relations
Sam Pazuki Tel: +1 720 602 4880 IR@oceanagold.com	Melissa Bowerman Tel: +61 407 783 270 info@oceanagold.com

www.oceanagold.com | Twitter: @OceanaGold

About OceanaGold

OceanaGold is a multinational gold producer committed to the highest standards of technical, environmental and social performance.

For 30 years, we have been contributing to excellence in our industry by delivering sustainable environmental and social outcomes for our communities, and strong returns for our shareholders. Our global exploration, development, and operating experience has created a significant pipeline of organic growth opportunities and a portfolio of established operating assets including Didipio Mine in the Philippines; Macraes and Waihi operations in New Zealand; and Haile Gold Mine in the United States of America.