Oceanagold receives permit approval for Waihi North

Executive Summary

• Oceanagold Corp. has received final permit approval from the New Zealand government’s expert panel for its Waihi North Project (WNP), specifically enabling the development of the high-grade Wharekirauponga Underground mine (WUG).
• The permit covers the development of WUG, associated surface infrastructure, expansion of the current processing plant, a new water treatment plant, and a new tailings storage facility.
• The Board has approved the selection of a mining contractor for tunnelling and awarded contracts for bulk earthworks and power upgrades, with mobilization expected in the first half of 2026.

Key Details

• Permit Scope: Approval includes development of Wharekirauponga Underground mine (WUG), surface infrastructure, expansion of the existing processing plant, construction of a new water treatment plant, and a new tailings storage facility.
• Exploration Expansion: The permit allows an increase in the number of exploration drill pads and doubles the allowable drill rigs to six, facilitating accelerated definition and conversion drilling at Wharekirauponga in 2026 and beyond.
• Contracting & Construction:
  • Mining contractor selected for tunnelling of the underground mine.
  • Contracts awarded for bulk earthworks at the Willows portal site.
  • Contract awarded for a power upgrade project.
  • Construction of a 5 km services trench (conveying power, water, and communications) commenced in Q3 2025.
  • Civil works and fabrication are progressing at the expanded water treatment plant site.
• Project Timeline:
  • Mining contractor mobilization and start of tunnelling: First half of 2026.
  • Completion of services trench and water treatment plant: Second quarter of 2026.
  • Start of decline and underground development work: Post-Q2 2026.
  • Gold production from WUG: Expected to begin in 2032.
  • First stope ore: Expected in 2033.
• Funding Strategy: The company states it is in a strong net cash position and expects to internally fund the Waihi North Project over the coming years.
• Project Location & Context: WNP is located approximately 10 km north of the company's existing Waihi operation. Access will be via a 6.5 km twin incline from the Willows property, with ventilation shafts planned within the Coromandel Forest Park.

Notable Quotes

• Gerard Bond, President and CEO: "We are delighted to have received approval for our Waihi North project, which allows access to one of the best undeveloped, high-grade orebodies in our industry. This is a major milestone for Oceanagold and for the Waihi operation and is a testament to our 35-year history of safe and responsible mining in New Zealand."
• Gerard Bond, President and CEO: "We are grateful for the approval of this regionally significant project, for which we have done considerable work to ensure its compliance with all requirements of New Zealand's rigorous environmental laws. The development of WNP will provide meaningful gold production for years to come while bringing substantial investment, job creation, and economic and biodiversity benefits for the surrounding communities and New Zealand."