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					Corporate Presentation
November 2011
          Cautionary Notes

Cautionary Notes - Information Purposes Only
The information contained in this presentation is provided by OceanaGold Corporation (“OGC”) for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue,
securities of OGC or other financial products. The information contained herein is not investment or financial product advice and has been prepared without taking into account the investment objectives, financial situation or
particular needs of any particular person. The views, opinions and advice provided in this presentation reflect those of the individual presenters only. No representation or warranty, express or implied, is made as to the fairness,
accuracy, completeness or correctness of the information, opinions and conclusion contained in this presentation. To the maximum extent permitted by law, none of OGC or any of its directors, officers, employees or agents
accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. Furthermore, this presentation does not constitute an
offer of shares 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 illegal. OGC’s shares have not been and will not be registered under the Securities Act.
Forward-looking Information or Statements:This presentation contains "forward-looking information" or “forward-looking statements”, which may include, but is not limited to, statements with respect to the future financial and
operating performance of OGC and its subsidiaries, its mining projects, the future price of commodities, the growth prospects of OGC and its subsidiaries, the estimation of mineral reserves and mineral resources, the realization 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, 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 “plans”, “expects”, “is expected”, “predicts”, “budget”, “scheduled”, “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 information or statements contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements of OGC and/or its affiliated companies to be materially different from any future results, performance or achievements expressed or
implied by the forward-looking information or statements. Accordingly, there is no assurance that forward-looking information or statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. OGC cautions that no undue reliance should be placed on forward-looking information or statements due to the inherent uncertainty therein. Please refer to OGC’s current annual information
form filed with Canadian securities regulators on sedar.com for further details of risk factors. Forward-looking information or statements contained herein are made as of the date of this presentation and OGC disclaims any
obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as may be required under applicable securities laws.

Cautionary Notes regarding Technical Information
Standards: This presentation includes disclosure of scientific and technical information, as well as information in relation to the calculation of reserves and resources, with respect to OGC’s mineral projects. OGC’s disclosure of
mineral reserve and mineral resource information is governed by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) under the guidelines set out in the Canadian Institute of Mining, Metallurgy
and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM (“CIM Standards”). The disclosure of mineral reserve and mineral
resource information relating to OGC’s properties is based on the reporting requirements of the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“JORC Code”).
CIM definitions of the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are substantially
similar to the JORC Code corresponding definitions of the terms “ore reserve”, “proved ore reserve”, “probable ore reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral
resource”, respectively. Estimates of mineral resources and mineral reserves prepared in accordance with the JORC Code would not be materially different if prepared in accordance with the CIM definitions applicable under NI 43-
101. There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted into mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated
economic viability. This presentation uses the terms “measured”, “indicated” and “inferred” resources. U.S. persons are advised that while such terms are recognized and required by Canadian regulations, the Securities and
Exchange Commission does not recognize 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 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. persons are cautioned not to assume that all or any
part of measured or indicated resources will ever be converted into reserves. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
Qualified Persons: The estimates of Mineral Reserves for New Zealand were prepared by, or under the supervision of R. Redden, whilst the Mineral Reserves for the Philippines were prepared by, or under the supervision of J.
Wyche. The estimates of Mineral Resources were prepared by, or under the supervision of J. G. Moore. J. G. Moore, R. Redden and J. Wyche are Members of the Australian Institute of Mining and Metallurgy and are the
Qualified Persons, as defined by NI 43-101. J.G. Moore, R. Redden and J. Wyche have sufficient experience, which is relevant to the style of mineralisation and type of deposits under consideration, and to the activities which they
are undertaking, to qualify as Competent Persons as defined in the JORC Code. J. G. Moore and R. Redden are full-time employees of Oceana Gold (New Zealand) Limited, whilst J. Wyche is a full-time employee of Australian
Mine Design and Development Pty Ltd. Technical Reports: For further information regarding OGC’s properties, reference should be made to the following NI 43-101 technical reports have been filed and are available at
sedar.com under the OGC’s name: (a) “Technical Report for the Macraes Project located in the Province of Otago, New Zealand” dated February 12, 2010, prepared by R. Redden and J. G. Moore, both of Oceana Gold (New
Zealand) Limited; (b) “Independent Technical Report for the Reefton Project located in the Province of Westland, New Zealand” dated May 9, 2007, prepared by J. S. McIntyre, I. R. White and R. S. Frew of Behre Dolbear Australia
Pty Limited, B. L. Gossage of RSG Global Pty Limited and R. R. Penter of GHD Limited; and (c) “Technical Report for the Didipio Project located in Luzon, Philippines” dated July 29,2011, prepared by R. Redden and J. Moore of
Oceana Gold (New Zealand) Limited. Each of the authors of the Technical Reports is a “qualified person” for the purposes of NI 43-101.




                                                                                                                                                                                                                                                     2
Corporate Overview

 Market Overview
 (31 October 2011)

 Market Capitalisation                                                                ~US$650m

 Shares Outstanding                                                                     262.6m

 Non-listed Options                                                                       7.7m

 Average Daily Trading Volume (last 90 days)                                              1.7m

 Financial Overview (As at 30 Sep 2011)

 Cash                                                                                 US$163m

 Convertible Bonds*                                                                     A$163m
 A$53M 5.75% Dec 2012
 A$110M 7.0% Dec 2013

 * Conversion price ranges from A$3.87 - A$4.10/share




                                               Capital foundation for future growth
                                                                                                 3
OceanaGold Vision 2016

  High performing, growth orientated, Asia Pacific gold company

  Explore, develop and operate quality assets in a safe & sustainable manner


 Our Vision 2016                       Enablers
  Superior returns to shareholders     Innovative team culture
  Annual production of 600Koz gold     Acting on opportunities
  Pipeline of growth projects          Leveraging our capabilities
  Reputation as a gold producer of     Managing risk
   choice                               Engaging with communities and
                                         government


  Our Values: Respect Integrity Teamwork Innovation Action Accountability



                                                                                4
OceanaGold Investment Proposition

EXPERIENCED GOLD PRODUCER ORGANIC GROWTH STRATEGY   ASIA PACIFIC FOCUS

                                              Solid production growth with
                                               declining cash cost profile
                                              Largest gold producer in
                                               New Zealand
                                              Construction commenced of
                                               high grade gold - copper
                                               porphyry in Philippines to
                                               commission in Q4 2012
                                              Strong management team
                                               with proven track record in
                                               acquiring, developing and
                                               operating gold mines
                                              Extensive history of
                                               successful commitment to
                                               sustainability

                                                                              5
Organic Growth Potential

                                                  Project Development

                 Drilling               Scoping         Feasibility     Development         Production

                                                                                                     Macraes
Measured




                                          Didipio expansion                       Didipio
                                                                                                  Frasers
Indicated




                                              Macraes Superpit                                     Reefton
Inferred




                                                  Blackwater
Greenfield




                                                                                               Underground
                    Big River
                                                                                               Open Pit


                                                                                                               6
    Note: Conceptual growth potential
Production Growth Potential

                                            Our Vision: 600Koz gold production by 2016

                       700



                       600



                       500
 Gold Production Koz




                       400



                       300



                       200



                       100



                        0
                        2011E                   2012E                2013E                      2014E               2015E                 2016E

                             Didipio Stage II   Blackwater   Big River       Macraes Superpit      Didipio   Reef ton   Macraes Goldf ields




                                                                                                                                                  7
 Note: Conceptual growth potential
 Current Producing Assets

                               Successful long term presence in New Zealand




                    Macraes                                          Frasers                           Reefton


                                                               Macraes                     Frasers        Reefton

       Mine Type                                               Open Pit                  Underground      Open Pit

       Resources1                Gold (Moz)                       4.31                      0.90            1.20

       Reserves1                 Gold (Moz)                       1.53                      0.15            0.47


       Estimated Mine Life                                       ~2019                      ~2014       ~2015 - 2017

       Gold Production (ounces)                              ~130 – 150K                  ~45 – 55K      ~60 – 80K



1. As at December 31 2010. Full Resource/Reserve table available at www.oceanagold.com                                 8
     Didipio Gold/Copper Project

                                                   Construction commenced June 2011
                                                                                 Mine life: 16 years
                                                                                 Annual production 100Koz Au +
                                                                                  14Kt Cu (LOM Av.)
                                                                                 Gold reserves 1.68Moz
                                                                                 Copper reserves 229Kt
                                                                                 Ore reserves 50.7Mt @ 1.03g/t
                                                                                  Au and 0.45% Cu
                                                                                 Years 1-6: Negative cash
                                                                                  cost1 of US$(79)/oz Au
                                                                                 LOM: Cash cost1 US$356/oz
                                                                                  Au

   Commissioning Q4 2012                                                        CAPEX US$185m June 2011
   Contracts awarded for bulk earthworks, roads, camps
   Major equipment procurement complete
   Engineering 75% complete
   First concrete November 2011

    1. Using US$3.00/lb copper bi-product credit                                                                  9
 Didipio Project Key Milestones

                 On track to commission Q4 2012, full year production 2013

                      2011                                                                 2012
    Q2                 Q3                   Q4                    Q1               Q2                   Q3            Q4
                  `
• Construction          • Construction   • First concrete   • Mining commences     • Long lead time items    • First ore in mills
  commenced               camp             pour for         • Peak construction      mobilised on site       • Commissioning
                          completed        process plant                                                       complete


        Construction camp

             Plant site excavation

                 Mining contractor tender                                           Open pit mining

                 Process plant full design                                 Process plant construction

                      TSF detailed design                             TSF access & construction

                             Long lead time items relocation & mobilisation

                                Design & build operations village


                                                                                                                                    10
Didipio: Construction Progress




July: Road upgrade progressing well          August: Roadside gabion work                 September: Construction office fit out




                                      August: Ball mill shells being transferred from
   July: Process site preparation                  Singapore to Manila                  September: Earth moving equipment on site




                                                                                                                                    11
 Didipio Stage II Concept

                   6                                                                 300
                                                                                                        Increase plant from
                   5                                                                 250                 3.5Mtpa to 5Mpta
 Throughput Mtpa




                   4                                                                 200
                                                                                                        Nominal production




                                                                                            Gold Koz
                   3                                                                 150
                                                                                                         rate
                   2                                                                 100

                   1                                                                 50                     150koz Gold
                   0                                                                 0                      20kt Copper
                           2013E     2014E            2015E             2016E

                       Throughput   Gold Production           Total Gold Equivalent Production          Add ball mills,
                                                                                                         flotation, power
                                                                                                         supply, thickeners.
                                                                                                        Definitive feasibility
                                                                                                         study in 2013




Note: chart indicates conceptual throughput and production profile at current spot rates                                          12
Significant Near Mine Exploration Potential

            Drilling program to commence end 2011

                                                     Additional porphyry
                                                      systems in the
                                                      exploration lease
                                                     Multiple drilling
                                                      targets
                                                     Exploration team
                                                      established in
                                                      country
                                                     Forecast $5-10M
                                                      p.a.




                                                                            13
Culture of Sustainability & Community Engagement

      Delivering long term sustainable benefits to local communities
   Commitment to sustainability beyond life of mine is a key objective
   >20 years community and environmental track record in New Zealand
   Actively delivering health, environmental, social and community programs
    to remote communities in northern Luzon, Philippines
       Anti-Malaria program (in partnership with the Global Fund Movement Against Malaria)
       Medical Missions bringing medical, dental and optical assistance to remote communities
       Reforestation programs
       Scholarship programs for secondary and post-secondary students




                                                                                                 14
Macraes Superpit Concept

 Larger open pit

 New Process plant

 Higher mining rate and plant
  throughput

 Lower unit operating costs

 Possible Reserve increase to
  +2.6Moz

 Additional production circa 100koz
  p.a. + tungsten bi-product

 Significant potential for defining
  additional open pitable ore

 Definitive feasibility study 2012



Map: Red area: current LOM plan. Green and yellow areas: Superpit concept   15
Frasers Underground – It Keeps Growing




                                                   Step out surface drilling
                                                   continues to be successful
                                                   intersecting mineralisation
                                                   down-dip




                  Lower zone of mineralisation
                  approx 25 metres below Panel
                  2 extension discovered in 2010


                                                                                 16
Reefton – Enormous Potential in an Historic District

 30km strike
  length of
  goldfield
 10 million oz
  mined
  historically
 Reserves up
  28% in 2010
 High priority
  targets
  identified from
  new geological
  models




                                                       17
Blackwater Project


                      5km decline from surface
                      Narrow vein mining
                      Process at Reefton plant
                      Drilling commencing Q4
                       2011
                      Definitive feasibility study
                       2013
                      Construction from 2014 –
                       2 years
                      Potential production
                       50koz p.a. @sub $600/oz




                                                      18
Big River (Reefton) Discovery

                                                 Drilling targeting high
                                                  grade mineralisation
                                                  adjacent to historic mine

                                                 Several high grade
                                                  intersections some with
                                                  visible gold

                                                 Close to existing plant
                                                  and infrastructure at
                                                  Reefton

                                                 10,000m drilling
                                                  program continued in
                                                  Q3

                                                 Assay results received
                                                  for six holes

                                                 BR0009 promising
                                                  results
Note: BR0006 and BR0011 final results pending                                 19
Experienced Management Team

    Mick Wilkes MD & Chief Executive Officer                     Martyn Creaney Project Director Philippines
     • 27 years industry experience                              • >30 years construction and project management
     • Developed major projects in Australia and SE Asia           mainly in mining industry
     • Strong Operations background in hard rock mining          • Extensive history of worldwide project development
     • Strong in Community and Government relations              • Industry experience includes 25 years with Placer
     • Extensive SE Asian experience                               Dome



    Mark Chamberlain Chief Financial Officer                     Dr Michael Roache Head of Exploration
     • >30 years financial experience                            • 23 years SE Asian experience
     • Capital markets                                           • Focus on gold exploration and discovery
     • Financial and risk management expertise                   • Strong experience in gold deposit styles
     • 17 years industry experience incl. senior finance roles   • Extensive porphyry experience
       at Newcrest Mining and Western Mining Corp.               • Holds PhD in Economic Geology



    Mark Cadzow Chief Operating Officer
     • Metallurgist with >30 years industry experience
     • Mineral processing
     • Precious metals
     • Sulphide minerals
     • Joined predecessor company in 1991 and has held
       various technical and operations responsibilities




                                                                                                                        20
          EV/Reserve Multiples


                                                         EV/Reserve Au                                                                                                                                  EV/Reserve Au-Eq
          3,000                                                                                                                                             3,000



          2,500                                                                                                                                             2,500



          2,000                                                                                                                                             2,000
 US$/oz




                                                                                                                                                   US$/oz
          1,500                                                                                                                                             1,500



          1,000                                                                                                                                             1,000
                                                                                                                           Average:                                                                                                                               Average:
                                                                                                                          US$660/oz                                                                                                                              US$638/oz
           500                                                                                                                                               500



              -                                                                                                                                                 -
                           B2Gold




                                                                                          CGA




                                                                                                                                                                             B2Gold




                                                                                                                                                                                                                                            CGA
                                             Alamos



                                                               Kingsgate



                                                                                   Aura




                                                                                                                                                                                                                 Kingsgate
                                                                                                St Barbara

                                                                                                             OceanaGold

                                                                                                                            Allied




                                                                                                                                                                                               Alamos




                                                                                                                                                                                                                                     Aura



                                                                                                                                                                                                                                                  St Barbara

                                                                                                                                                                                                                                                               Allied



                                                                                                                                                                                                                                                                                      OceanaGold
                                                      AuRico



                                                                           Regis




                                                                                                                                                                                                        AuRico



                                                                                                                                                                                                                             Regis
                  Medusa



                                    SEMAFO




                                                                                                                                                                    Medusa



                                                                                                                                                                                      SEMAFO
                                                                                                                                     Golden Star




                                                                                                                                                                                                                                                                        Golden Star
Source: FactSet, company reports. As at 25 August 2011
Long term commodity prices for Au equivalent calculations: US$850/oz Au; US$12.50/oz Ag; US$4,850/t Cu

                                                                                                                                                                                                                                                                                                   21
    EV/EBITDA Multiples



                  EV/EBITDA (2011)                                                   EV/EBITDA (2012)                                               EV/EBITDA (2013)

         Regis                                                 19.3x       Alamos                                              9.1x       AuRico                                         9.34x

         Allied                                              17.6x         B2Gold                                              9.0x     SEMAFO                                          8.49x

       Alamos                                        14.7x                Medusa                                               8.7x       Alamos                                      7.92x

      SEMAFO                                 11.1x                       SEMAFO                                                8.4x       B2Gold                                7.29x

       B2Gold                            10.4x                               Regis                                      7.1x             Medusa                               6.67x

      Medusa                             10.2x                             AuRico                                  6.7x               Golden Star                     4.57x

     Kingsgate                        8.6x                                    CGA                                6.1x                       Regis                   4.31x

       AuRico                     7.9x                                   Kingsgate                        4.9x                          Kingsgate                  3.84x

          CGA                  6.5x                                    OceanaGold                  3.6x                                      CGA                 3.51x

         Aura                  6.1x                                    Golden Star            2.9x                                    OceanaGold            2.82x

   Golden Star            4.9x                                          St Barbara           2.7x                                      St Barbara          2.55x

  OceanaGold            3.7x                                                Allied          2.6x                                            Aura           2.47x

    St Barbara         3.3x                                                  Aura          2.2x                                            Allied        1.97x



Source: FactSet, company reports. As at 25 August 2011


                                                                                                                                                                                                 22
       Mineral Resources and Reserves


RESOURCE                          MEASURED                                            INDICATED                              MEASURED & INDICATED                               INFERRED RESOURCE

     AREA            Mt     Au g/t Au Moz Cu % Cu Mt                 Mt       Au g/t Au Moz Cu % Cu Mt                Mt       Au g/t Au Moz Cu %            Cu Mt        Mt      Au g/t Au Moz Cu %             Cu Mt
  MACRAES
   TOTAL
                   27.16 1.36            1.18          .    .       78.42        1.08    2.72      .               105.58      1.15      3.90         .           .      37.6       1.1      1.31         .          .

  REEFTON
   TOTAL
                   2.65     2.43         0.21          .    .        8.55        1.83    0.50      .                11.20      1.97      0.71         .           .      3.0        4.8      0.47         .          .

SAMS CREEK
  TOTAL
                      .       .           .            .    .         .           .                .                     .       .          .         .           .      13.5       1.8      0.77         .          .

    DIDIPIO
    TOTAL
                   15.96 1.67            0.86     0.56     0.09     54.21        0.73    1.27   0.37       0.20     70.17      0.95      2.13       0.41        0.29    30.73      0.44      0.44        0.23     0.07

   TOTAL
 RESOURCE
                   45.77 1.53            2.25          .   0.09     141.18       0.99    4.49      .       0.20    186.95      1.12      6.74         .         0.29    84.83       1.1      2.99         .       0.07

All resources are inclusive of reserves. Macraes open pit resources are reported at a 0.5 g/t Au cut-off, Reefton open pit resources at a 0.7 g/t Au cut-off and Sams Creek resource is at a 0.7 g/t Au cut-off.
Underground resources are reported within geological constraints. For Didipio: 0.4g/t EqAu >2390mRL and 1.5g/t <2390mRL. No resource reported below 2180mRL. Gold equivalence (eqAu) = Au g/t + 2.06 x Cu%,
based on US$950/oz gold & US$2.85/lb copper.



  RESERVE                                       PROVED                                                      PROBABLE                                                   PROVEN AND PROBABLE

     AREA             Mt       Au g/t         Au Moz       Cu %           Cu Mt          Mt       Au g/t       Au Moz         Cu %         Cu Mt           Mt          Au g/t      Au Moz         Cu %          Cu Mt
   MACRAES
    TOTAL
                    20.23         1.26          0.82            .                       24.43      1.09           0.86           .                        44.66        1.17          1.68
   REEFTON
    TOTAL
                     2.19         2.35          0.17            .                       5.08       1.86           0.30           .                         7.27        2.01          0.47
    DIDIPIO
    TOTAL
                    13.79         1.60          0.71       0.59           0.08          36.86      0.82           0.97         0.40         0.15          50.65        1.03          1.68          0.45         0.23

    TOTAL
   RESERVE
                    36.21         1.46          1.70            .         0.08          66.37      1.00           2.13           .          0.15          102.58       1.16          3.83            .          0.23

Macraes and Reefton cut-offs are based on US$950/oz gold (0.5 g/t Au for Macraes open pit, 1.9 g/t Au for Macraes underground and 0.7 g/t Au for Reefton open pit). Figures are in-situ delivered to ROM (no mill factor
applied) Didipio cut-off is based using US$950/oz gold and US$2.85/lb copper, using copper to gold equivalent factor of Au(g/t)eq = 2.06 x Cu(%). Cut –off grade for the open pit is 0.5g/t AuEq and for the underground
1.9g/t AuEq. Not depleted for 2011 production.


                                                                                                                                                                                                                           24
 Financial Summary

                                                                 Q3 2011   Q2 2011   9M 2011   FY2010
Statement of Operations
Revenue                                                US$m       103.5     94.8      289.0     305.6
EBITDA1                                                US$m       43.3      33.0      120.3     139.5
Operating profit / (Loss)1                             US$m       17.6      13.9      55.9      71.8
Net Earnings / (Loss)                                  US$m       10.9       4.1      29.8      44.4


Operations snapshot
Gold Produced                                           oz       59,090    61,335    186,749   268,602
Average Price Received                                US$ / oz    1,706     1,546     1,548     1,140
Cash Operating Cost                                   US$ / oz    956       921       851       570
Cash Operating Margin                                 US$ / oz    750       625       697       570




  1.   Excluding unrealised gain / (loss) on hedges                                                      25
Pro forma net cash flow per ounce sold

 Per ounce Au sold                 Q3 2011   Q2 2011      Q1 2011    YTD 2011
 Average Gold Price Rec’d          $1,706     $1,546       $1,401      $1,548
 Cash Cost reported                 $956       $921        $687         $851
 Pre strip cash expenditure         $147       $165        $256         $189
 capitalised to Balance Sheet
 Total Cost/oz (incl pre-strip )   $1,103     $1,086       $943        $1,040
 Pro forma net cash flow            $603       $460        $458         $508


    Reduced volume of capitalised pre-strip, resulted in increase of
     expensed waste stripping allocated to cash cost per ounce sold
    Higher gold price offset higher total costs (q on q) resulting in pro
     forma net cash flow per ounce of US$603/oz
    Steady operating costs => expanded margin


                                                                                26
A closer look at cash costs Q3 vs Q2

                                  Cash Cost (US$/oz) Analysis
              1050

              1000                                              (14)
                                                   11
                             25         13
               950

               900

               850

               800

               750   921                                               956

               700

               650

               600




   Reported cash cost increased by $35/oz to $956/oz for Q3
      Lower levels of pre strip capitalised to Balance Sheet
       (ie higher allocation of cash spend recognised in operating costs in P&L)
      Further strengthening of NZD during Q3
      Partly offset by other favourable movements

                                                                                   27
Costs in NZD


                       Q3 2011   Q2 2011    Q1 2011   9M 2011

    NZD per tonne       $37        $36        $31       $35
    milled


    Mining cost in local currency (NZD) slightly up on Q2

       Decrease in capitalised pre-strip

       Lower mill feed in part due to adverse weather impact

    Ramp up of mining rates expected to lead improve efficiencies




                                                                     28

				
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