Production / Operations
OceanaGold Reports Mineral Reserves and Resources for the Year Ended 2025
OGC · Price
Executive Summary
- OceanaGold disclosed its 2025 year‑end mineral reserves of 5.83 Moz Au and measured & indicated resources of 8.63 Moz Au, with inferred resources of 2.5 Moz Au.
- Reserve additions stem from open‑pit extensions at Macraes (mine life now to 2032) and underground growth at Haile’s Horseshoe zone; an initial underground reserve of 0.44 Moz Au was declared for Ledbetter Underground.
- The company raised its gold price assumptions to US$2,200/oz for reserves and US$2,450/oz for resources, increasing net present value (NPV) and extending projected mine lives (Haile to 2036, Macraes to 2032).
Key Details
- Total Mineral Reserves: 5.83 Moz Au (net decrease of 0.39 Moz YoY, driven by Haile depletion and mining‑method change).
- Measured & Indicated Resources: 8.63 Moz Au (net decrease of 0.31 Moz YoY).
- Inferred Resources: 2.5 Moz Au (net increase of 0.3 Moz YoY).
Reserve Highlights by Asset
| Asset | Proven (Moz) | Probable (Moz) | Total (Moz) |
|---|---|---|---|
| Haile – Horseshoe Underground | 0.21 | 0.36 | 0.57 |
| Haile – Palomino Underground | — | 0.34 | 0.34 |
| Haile – Ledbetter Underground | — | 0.44 | 0.44 |
| Haile – Open Pits | 0.10 | 0.84 | 0.94 |
| Haile Total | 0.31 | 1.98 | 2.29 |
| Didipio – Underground | 0.60 | 0.40 | 1.01 |
| Didipio – Open Pit Stockpile | 0.13 | — | 0.13 |
| Didipio Total | 0.73 | 0.85 | 1.13 |
| Macraes – Underground | 0.00 | 0.16 | 0.16 |
| Macraes – Open Pit | 0.20 | 0.40 | 0.61 |
| Macraes Total | 0.21 | 0.56 | 0.77 |
| Waihi – Martha Underground | 0.42 | — | 0.42 |
| Waihi – Wharekirauponga | 1.21 | — | 1.21 |
| Waihi Total | 1.64 | — | 1.64 |
| Consolidated Gold Reserves | 5.83 Moz |
Resource Highlights (Gold)
- Haile Total Measured & Indicated: 4.56 Mt @ 2.91 g/t Au = 0.43 Moz; Probable 27.1 Mt @ 2.63 g/t Au = 2.30 Moz.
- Didipio Total Measured & Indicated: 27.5 Mt @ 0.94 g/t Au = 0.83 Moz; Probable 17.7 Mt @ 0.89 g/t Au = 0.51 Moz.
- Macraes Total Measured & Indicated: 12.7 Mt @ 0.63 g/t Au = 0.26 Moz; Probable 42.1 Mt @ 0.91 g/t Au = 1.23 Moz.
- Waihi Total Measured & Indicated: 18.7 Mt @ 5.13 g/t Au = 3.08 Moz; Probable 18.7 Mt @ 5.13 g/t Au = 3.08 Moz.
Inferred Resources (Gold)
- Added 0.3 Moz YoY, primarily from Wharekirauponga underground (Waihi) and depth extensions at Didipio.
Operational & Economic Assumptions
- Gold price: US$2,200/oz for reserves, US$2,450/oz for resources.
- Copper price: US$4.00/lb (reserves), US$4.50/lb (resources).
- Silver price: US$25/oz (reserves), US$28.50/oz (resources).
- NZD/USD exchange rate assumed 0.60.
Mine‑Life & Development Plans
- Haile: Transition of Ledbetter Phase 4 to underground; portal construction starts 2028, first ore 2029, steady‑state production 2030; mine life extended to 2036. Expected average production 210,000 oz Au/yr (2027‑2031) with open‑pit mining continuing until 2033.
- Macraes: Higher gold price enables additional open‑pit phases (Innes Mills, Coronation, Golden Bar); mine life now to 2032.
Upcoming Technical Reports
- NI 43‑101 reports for Haile and Macraes to be filed on SEDAR+ by 31 Mar 2026 (reserve‑only life‑of‑mine plans).
- Didipio NI 43‑101 report expected in the first half of 2026.
Notable Quotes
“Our 2025 Reserves and Resources reflect the value added through our successful exploration efforts… we are increasing our investment in exploration by 50%, with a planned expenditure of $60 M in 2026.” – Gerard Bond, President & CEO
All figures are presented on a 100 % basis; OceanaGold holds an 80 % attributable interest in the Didipio Mine.
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Jun 02, 2026 · 10:00