OceanaGold Submits Permit Application and Provides Technical and Exploration Update Supporting Mine Life Extension at Macraes

OceanaGold Corporation has lodged a Fast-track Approvals Act application for the Macraes Phase 4 Project (MP4) at its Macraes operation in New Zealand. The company states the goal is to extend the mine’s life from the current reserve life ending in 2032 to the late 2030s. OceanaGold clarified that this is a permit and technical update rather than a discovery release.

The MP4 application covers the completion of the current reserve plan, extensions to the Southern Pit Innes Mills (SPIM), and extensions to the Golden Point Underground (GPUG) mine, along with flexibility to add future Mineral Resources. The company expects full permitting by mid-2027, subject to appeals, with an updated NI 43-101 technical report expected in early 2028. SPIM is described as potentially contributing meaningful production from 2032.

The release also provided data on 2026 Macraes drilling, which saw a record expected spend of US$13 million and 60,000 metres executed. Results are reported from Innes Mills, GPUG, Coronation, and Nunns. Key reported intercepts are downhole core lengths, not true widths.

Key reported intercepts: - Innes Mills: DDH8224 25.0 m @ 0.8 g/t Au; DDH8241 9.0 m @ 4.2 g/t Au; DDH8243 18.0 m @ 1.3 g/t Au; DDH8252 19.3 m @ 1.7 g/t Au; DDH8262 15.0 m @ 2.6 g/t Au. - GPUG: DDH8281 12.0 m @ 2.1 g/t Au; DDH8412 15.0 m @ 1.5 g/t Au; DDH8170 14.0 m @ 4.0 g/t Au; DDH8269 27.0 m @ 3.0 g/t Au; DDH8294 11.0 m @ 3.9 g/t Au; DDH8302 16.0 m @ 2.4 g/t Au. - Coronation: DDH8286 7.9 m @ 5.4 g/t Au; DDH8298 12.0 m @ 2.3 g/t Au; DDH8283 21.0 m @ 1.1 g/t Au; DDH8367 6.0 m @ 1.7 g/t Au and 4.0 m @ 1.8 g/t Au. - Nunns: RCH8374 14.0 m @ 2.5 g/t Au; RCH8375 8.0 m @ 4.2 g/t Au; RCH8344 4.0 m @ 7.9 g/t Au.

OceanaGold Corporation, a diversified producer with a market capitalization of roughly C$9.28 billion and 5.83 million ounces of reserves, released information regarding its Macraes operation that is viewed as incremental rather than transformational. The Macraes mine accounts for approximately 26% of the midpoint of the company’s 2026 gold production guidance, meaning a mine-life extension holds significance over time. However, the recent release does not add reserves, publish economics, or secure permit approval; it consists solely of an application supported by drill evidence.

The market was already aware of this permit submission, as the Q2 2026 transcript explicitly promised the filing of the Macraes Phase 4 fast-track application in Q3 2026. Although the share price has corrected from its February high of C$58.22, the application itself does not close the value gap, as final approval remains subject to appeals.

OceanaGold Corporation is a global intermediate gold and copper producer operating four mines: Haile in South Carolina, USA; Macraes and Waihi in Otago, New Zealand; and Didipio in the Philippines, which is 80% attributable to the company.

The company has issued 2026 guidance for gold production of 520,000–590,000 ounces at an all-in sustaining cost (AISC) of $1,750–$1,900 per ounce. As of December 31, 2025, OceanaGold reported reserves of 5.83 million ounces of gold, measured and indicated resources of 8.63 million ounces, and inferred resources of 2.5 million ounces. At the Macraes mine specifically, reserves stand at 0.77 million ounces, with measured and indicated resources of 1.49 million ounces and inferred resources of 0.7 million ounces. The life-of-mine AISC for Macraes is disclosed as $2,155 per ounce.

Recent financial statements indicate a strong balance sheet, with $654.8 million in cash, no drawn debt, and a second-quarter 2026 net income of $228.7 million.