Hello, welcome to the Annual General and Special Meeting of Shareholders of OceanaGold Corporation. During the meeting, we'll have a question-and-answer session. You can submit questions or comments at any time by clicking on the Q&A icon. It is now my pleasure to turn today's meeting over to Paul Benson, Chair of OceanaGold Corporation. Mr. Benson, the floor is yours.
Thank you. Good morning, ladies and gentlemen. My name is Paul Benson, and as Chair of the Board of OceanaGold Corporation, I'd like to welcome you to today's Annual General and Special Meeting of Shareholders. In accordance with the articles of the company, I will act as chair for this meeting. Please be advised that today's webcast is being recorded. Some of the statements made at this meeting may be considered forward-looking. We caution you that the results of future operations may differ from those anticipated. We urge you to review the cautionary statements and other information contained in our filings on SEDAR, which identifies a number of factors that could cause actual results to differ materially from those mentioned in any forward-looking statements made at the meeting.
As it is now past 9:00 A.M., Canadian Eastern Daylight Time, and a quorum is present, I declare the meeting open. To begin, I will introduce my fellow directors on the call today. Mr. Ian Reid joined the company in April 2018, and was Chair of the Board between June 2019 and September 2021. Ian brings more than 30 years experience in managing the successful growth and operations of major multinational companies. Ian Chairs the Sustainability Committee and is a member of the Governance and Nominations Committee and the Technical Committee. Mr. Craig Nelsen joined the company in February 2019. Craig brings extensive exploration, management and capital markets experience. He Chairs our Remuneration, People and Culture Committee, and is a member of our Sustainability Committee and Technical Committee. Ms.
Catherine Gignac joined the company in August 2019, with more than 30 years of capital markets experience, including an extensive career as a mining equity research analyst with leading global brokerage firms. Catherine Chairs our Governance and Nominations Committee, and is a member of our Audit and Financial Risk Management Committee, and Remuneration, People and Culture Committee. Ms. Sandra Dodds was appointed a Non-Executive Director of the company in November 2020. She has over 25 years of operational and financial experience as an executive responsible for the strategy, operations, and performance across Australia, New Zealand, and Asia. Ms. Dodds is the Chair of the Audit and Financial Risk Management Committee, and is a member of the Remuneration, People and Culture Committee, as well as the Governance and Nominations Committee. Mr. Alan Pangbourne was appointed Non-Executive Director in October 2022. Mr.
Pangbourne has over 35 years of experience in global mining operations. Alan is Chair of the Technical Committee and is a member of the Audit and Financial Risk Management Committee, as well as the Sustainability Committee. Ms. Linda Broughton was appointed Non-Executive Director on 24th of April, 2023. Ms. Broughton is an experienced and highly successful mining executive with over 35 years of experience in both corporate and operations roles in a variety of environmental and mining-related fields throughout North and South America. Linda is a member of the Sustainability Committee and the Technical Committee. Mr. Gerard Bond, President and CEO of OceanaGold since April 2022. Mr. Bond is a seasoned mining executive with an extensive background in corporate finance, mergers and acquisitions, treasury and human resources, and has held numerous senior roles across North America, Europe and Australia.
For today's meetings, all of the current directors of OceanaGold, including myself, will be seeking election or re-election to the board. I will also introduce members of our executive leadership team. Marius van Niekerk, Chief Operating Officer. Peter Sharpe, Chief Operating Officer, Asia Pacific. David Londono, Chief Operating Officer, Americas. Scott Sullivan, Chief Technical and Projects Officer. Michelle Du Plessis, Chief Operating People and Technology Officer. Craig Feebrey, Chief Exploration Officer. Megan Saussey, Chief Sustainability Officer, and Liang Tang, General Counsel and Company Secretary. OceanaGold's most recent Chief Financial Officer, Scott McQueen, is also on the call with us today, as is Ben Gargett, signing partner of OceanaGold's audit, annual audit from our auditor, PricewaterhouseCoopers in Australia.
At this point, I advise that for governance purposes, particularly considering the various locations from which attendees are joining us, and as provided for in the company's articles, voting on all matters will be conducted by electronic ballot. Registered shareholders and duly appointed proxy holders who have properly logged in with their control numbers or username will be able to vote. When you are invited to vote, click on the option to vote on the Computershare virtual interface, and you can register your vote for each item of business. If you are a registered shareholder or a duly appointed proxy holder and have already voted by submitting your proxy form in advance of the meeting, it is not necessary for you to vote again today.
Today, we will be using Computershare virtual interface to allow attendees to view the webcast, submit questions, and for registered shareholders and proxy holders to cast votes on the items of business. Pressing the Q&A icon will open the messaging facility. From here, you can send in questions and comments. Please note that due to the time available, we may not address all questions sent through. When we arrive at the formal business of the meeting, I'll call for a poll to be opened on all items.
For the registered shareholders and proxy holders, the resolutions will appear on the Computershare virtual interface, along with for and withhold or for and against voting options, depending on the resolution. Simply select one of these options to cast your vote. You can change your vote as many times as you wish up to the close of the polls.
When voting is closed, the final voting selection entered into your app will be recorded. These votes will be added to the proxy votes received prior to the meeting. The results of the meeting will be tabulated and announced on the Toronto Stock Exchange after the conclusion of the meeting. If you're logged in with Computershare, you can switch between screens of the presentation, voting resolutions, and messages, and questions from attendees. If there is a pertinent question from the shareholders through Computershare dashboard, I will voice this at the meeting as appropriate and respond to that.
We'll now move to the formal business of the meeting. I've requested Liang Tang, Company Secretary, to serve as Recording Secretary for the meeting. Jenny Karim of Computershare Investor Services, the registrar and transfer agent for the company, is present and will act as scrutineer for the meeting.
As noted, our attendance records indicate that the required quorum is present. Computershare has provided a declaration that the notice calling this meeting of shareholders and a form of proxy or voting instruction form were mailed to all the shareholders on the record as of 1 May 2023, on 8th of May 2023. The other meeting materials, including the management information circular, were made available to shareholders per the notice and access provisions under the applicable securities laws. Notice having been properly given and a quorum present, I now declare the meeting to be regularly called and properly constituted for the transaction of business. Unless there is an objection, I'll dispense with the reading of the notice of meeting.
As specified in the notice of meeting, the items of business for the meeting, being receiving the financial statements of the company, the election or re-election of eight directors of the company, the appointment of PricewaterhouseCoopers as the auditor of the company, and the approval of a non-binding advisory resolution regarding executive compensation, must be approved by a simple majority of votes cast, either in person or by proxy. In order to ensure this meeting covers the required business in an efficient manner, I'll move all motions that are identified in the notice of meeting and will dispense with the seconding of such motions. This procedure is merely a way to expedite proceedings. We'll first consider the financial statements for the company for the fiscal year ended 31 December 2022, and the auditor's report.
Copies of the financial statements and the auditor's report have been delivered to shareholders as requested. They have also been filed under the company's SEDAR profile. This is an item for discussion and does not require a vote. Are there any questions? If there is no discussion, I now declare that OceanaGold's audited consolidated financial statements for the fiscal year ended December 31, 2022, and the accompanying auditor's report, have been received by the shareholders as submitted to this meeting. We will move to the next order of business.
We will now open the voting on the three resolutions specified in the AGM notice of meeting and management information circular. You can only vote for or withhold on the first two resolutions. The app will now display the resolutions and your voting options. Voting will remain open during the discussion of the resolutions.
I will also provide you with notice that the polls are about to close. Resolution one: election of directors. The first item of business is to consider, and if thought fit, pass the following eight items as ordinary resolutions to elect or re-elect directors. The board has set the number of directors at eight. Details of the persons seeking election and re-election are set out in the notice of meeting and management information circular. I hereby propose the following eight motions to nominate the proposed directors, whose names appear in the meeting materials, to be elected or re-elected as directors to hold office until the next annual meeting of shareholders. Item one, that I, Paul Benson, be re-elected as a director.
I note that management holds 457,612,057 proxy votes in favor, 3,157,081 withholding votes. Are there any questions in relation to the resolution? Item two, that Mr. Ian Reid be re-elected as a director. I note that management holds 457,171,270 proxy votes in favor, 3,597,868 withholding votes. Are there any questions in relation to the resolution? Item three, that Mr. Craig Nelsen be re-elected as a director. I note that management holds 457,588,604 proxy votes in favor, 3,180,534 withholding votes.
Are there any questions in relation to the resolution? Item four, that Ms. Catherine Gignac be reelected as a director. I note that management holds 448,061,865 proxy votes in favor, and 12,707,272 withholding votes. Are there any questions in relation to the resolution? Item five, that Ms. Sandra Dodd s be reelected as a director. I note that management holds 457,598,565 proxy votes in favor, 3,170,572 withholding votes. Are there any questions in relation to this resolution? Item six, that Mr. Alan Pangbourne be elected as a director.
I note that management holds 459,790,497 proxy votes in favor, and 978,640 with withholding votes. Are there any questions in relation to the resolution? Item seven, that Ms. Linda Broughton be elected as a director. I note that management has 460,139,907 proxy votes in favor, and 629,232 withholding votes. Are there any questions in relation to this resolution? Item eight, that Mr. Gerard Bond be reelected as a director.
I note that management holds 458,531,344 proxy votes in favor, and 2,237,794 withholding votes. Are there any questions in relation to this resolution? These eight nominees are the only persons who have been nominated to stand for election or reelection as directors of the company, in accordance with the procedures set out in the Advance Notice Policy of the company. Accordingly, no further nominations will be accepted, and I declare the nominations closed. Because a poll has been demanded, I now direct that we proceed to take a vote by ballot. Please vote now. Resolution two, appointment of auditor.
The next item of business is to consider, and if thought fit, pass the following resolution as an ordinary resolution. I hereby propose that the following resolution be approved and adopted. To appoint PricewaterhouseCoopers as auditor of the company for the ensuing year and authorize the directors to fix their remuneration. I note that management hold 473,761,545 votes- proxy votes in favor, and 9,072,725 withholding votes. Are there any questions in relation to the resolution? As there is no discussion, because a poll has been demanded, I now direct that we proceed to take a vote by ballot. Please vote now. Resolution three, advisory vote on executive compensation. We now move to the final resolution. You can only vote for or against on the final resolution.
Voting will remain open during the discussion of this resolution. I will also provide you with notice that the polls are about to close. The final item of business is to consider, and if thought fit, pass the following resolution as an ordinary resolution. I hereby propose that the following resolution be approved and adopted. Be it resolved on an advisory basis, not to diminish the role and responsibility of the board of directors, that shareholders accept the approach to executive compensation disclosed in the company's management information circular, delivered in advance of the 2023 annual general and special meeting of shareholders. I note that management holds 453,262,935 proxy votes in favor, and 7,506,204 votes against.
Are there any questions in relation to the resolution? As there is no further discussion, because the poll has been demanded, I now direct that we proceed to take a ballot, a vote by ballot. Please vote now, and I will close the poll on each of the resolutions in the next 30 seconds. Ladies and gentlemen, I now declare the polls closed. We are pleased to announce that all resolutions have been passed. Detailed results of the meeting will be announced to the Toronto Stock Exchange later today. Finally, I'd like to take this opportunity to thank all shareholders for your continued support of the company. Thank you once again for attending the meeting. I now declare this annual general meeting closed. I'll now invite Mr. Gerard Bond, President and CEO, to provide an update on the company.
Thank you, Paul, and hello to everyone on the call. Thank you for joining us today. As I'll be making forward-looking statements during the presentation, please refer to these cautionary notes, as well as the risk factors set out in our annual information form. I'd like to start with sustainability and highlight that 2022 was another successful year for OceanaGold. Our purpose is mining gold for a better future, and I'm happy to report that we made good progress in 2022. Our annual sustainability report was released last month and highlights some of the fantastic work we did and continue to do in relation to health and safety of our workforce, engaging with and supporting our host communities, human rights, our people and culture, and the environment, a number of which are highlighted on this slide.
I'm very pleased to be able to report that in 2022, we once again had no fatalities, and our total recordable injury frequency rate was 2.3 per million hours worked, making it the safest year on record for the company. At a community level, we were once again a very significant contributor to local economies, with over $194 million spent with around 2,200 local suppliers, plus another $4.2 million spent delivering social investment projects to address local community-identified needs in 2022. As part of our commitment to the World Gold Council's Responsible Gold Mining Principles, we obtained independent assurance of our conformance to these principles. During the 2022 year, we finalized and launched our new company vision and values.
Our vision is to be a company that people trust, want to work for and partner with, supply, and invest in to create value. Delivery of this vision will be underpinned by our values of care, respect, integrity, performance, and teamwork. Finally, we remain committed to reducing our carbon emissions across all operations and have action plans in place, which strive to help us reach our goal of a 30% reduction by 2030, and net zero operational carbon emissions by 2050. Our corporate objective is to increase and sustain a higher value of OceanaGold shares. This slide provides some highlights from 2022 against each of the five pillars of our corporate strategy. I'm pleased to say that we safely delivered on our 2022 production guidance.
This was driven by the DPO successfully achieving its full target mining and processing rates ahead of schedule, and Haile delivering another strong year, beating its increased production guidance. In New Zealand, we had a challenging first half of the year at Waihi, but we had a stronger second half and are guiding to improve performance in 2023. At Macraes, we had some weather-related downtime mid-year, but rebounded with a very strong fourth quarter result. The first quarter of this year, 2023, showed we remain on track to deliver on our 2023 guidance, and we remain ever vigilant in delivering on our commitments in a safe and responsible manner. Our second pillar is about making sure we have the right culture for us to deliver on our potential, and we've made some important steps forward here.
In addition to the revised company vision and values I mentioned earlier, we also made measurable improvement in regards to employee turnover and community relations. There have also been some excellent additions to our management team, as Paul highlighted, and at other levels in the company. From a growth perspective, we successfully progressed our organic growth projects. In December 2022, we obtained all the permits necessary for the Haile expansion, and the team there are well underway with the underground development, water treatment plant commissioning, expansion of the tailings storage facility, and waste facility construction. At the end of 2022, we released some exciting exploration results, highlighting the fabulous near mine potential we have at Haile, the Didipio, and Ferrocarril Poma. From a financial perspective, we had a very good 2022.
We were able to progress our growth options and still generated meaningful free cash flow, which allowed us to further strengthen our balance sheet by reducing debt and to return to paying a dividend in early 2023. This financial strength underlines our ability to grow the business in the near term by enabling the execution of our organic growth options, which powers a compelling outlook of near-term production growth, unit costs and CapEx reduction, and free cash flow generation.
From a market rating perspective, we enacted a number of tactical changes, which have improved senior management's proximity to investors and concentrated our share registry in North America, including the ASX delisting and relocation of our corporate office, including myself, to Vancouver, Canada. All of this is in service of our objective, of increasing and sustaining the higher value of OceanaGold shares.
The share price appreciation enjoyed by shareholders in 2022 was a pleasing reflection of this strategy being executed. As you can see from the bar graph on this slide, it's clear that our business is trending in the right direction, with year-on-year increases in revenue, EBITDA, and profitability. This included record full-year revenue of $967 million in 2022, which was a 30% increase relative to the prior year. The record revenue reflects underlying operational performance, with higher production and sales as the driver. Full-year EBITDA of $382 million was 16% above the prior year, driven by the higher revenue, partially offset by an increase in cost of sales, which again, was mainly attributable to a full year of operations at the Didipio, as well as inflation.
Adjusted net profit for the year was $148 million. This equated to earnings per share of $0.21 for the full year, $0.03 above analyst consensus estimates of $0.18. Pleasingly, we generated $58 million in free cash flow for the year. Strong free cash flow generation allowed us to decrease our net debt to $117 million at the end of the year, whilst at the same time, allowing us to reinstate a $0.01 per share semi-annual dividend, which was paid in April this year. I'm happy to observe that our strong operational and financial performance in 2022 also resulted in strong share price performance, with our share price increasing 17% over the year and well ahead of the average returns of the peer group.
Going forward, shareholders can be certain we remain focused on creating value in a safe and responsible manner, maximizing free cash flow generation, and delivering on the full operational growth potential of the business. We believe this to be the best way to generate strong returns for shareholders in the future. Moving forward to 2023, the slide here shows some highlights from the first quarter. We produced 118,000 oz of gold and 3,500 tons of copper in Q1, both in line with full-year guidance. Our all-in sustaining costs for the quarter were $1,567 per oz on 112,000 oz of gold sold. From a financial perspective, we reported an adjusted net profit after tax of $40 million, which equates to an adjusted DPS of $0.06 per share, fully diluted.
We reported negative free cash flow of $16 million, reflecting the impacts of the timing of gold sales and working capital movements, both of which are expected to normalize across the balance of the year. Working capital movements in the quarter included planned Philippines annual tax payments and annual employee incentive payments for the whole of 2022. At the end of Q1, we remained in a strong financial position, with $191 million net debt, a leverage ratio of 0.3x, and liquidity of $158 million, giving us the financial flexibility to continue investing in the exciting growth projects across our business. Looking further ahead, OceanaGold is one of the few mid-tier gold producers that has a significant near-term organic growth profile.
We project a production growth rate of 9% per annum over the next three years, which gets us to over 600,000 ounces of gold by 2025. In addition, we have a projected decline in both unit costs and capital spending over the three year period. Haile is the primary growth engine, though Waihi's production growth is also projected to contribute. Sourcing higher-grade ore from underground and lowering the material handling at Haile is a key driver of the unit cost reduction over the next three years. Growth CapEx expenditures are also expected to decrease over the next three years, as expenditure on the Haile underground and surface expansion winds down. Together with higher gold production at lower unit costs, this should in turn lead to significant free cash flow generation at current gold prices over our three year outlook period.
In summary, we're proud of our 2022 accomplishments. Remain committed to our goal of safely and responsibly delivering on the production and financial expectations set at the beginning of the year, which we know to be a key requirement of the market. We are focused on safely and responsibly maximizing the free cash flow generation of the company. Have made good progress in our journey of realizing the organic growth potential in our portfolio. Thank you, everyone, for joining us today. I'll now turn the call over to the operator for any questions the shareholders may have.
Ladies and gentlemen, this concludes the meeting. You may now disconnect.