Vancouver – September 13, 2026 -- OceanaGold Corporation (TSX: OGC, NYSE: OGC) has lodged an application under New Zealand's Fast-track Approvals Act 2024 to extend the operating life of its Macraes gold mine from the current 2032 reserve horizon into the late 2030s.
OceanaGold targets late-2030s mine life through Phase 4 permitting
The Macraes Phase 4 Project (MP4) application, filed September 9, 2026, covers permitting for the existing reserve mine plan, development of the Southern Pit Innes Mills (SPIM) extension, extensions to the Golden Point Underground (GPUG), and flexibility to add further Mineral Resources to future production. Under New Zealand's 'one-stop shop' fast-track process, OceanaGold expects full permitting by mid-2027, subject to appeals. The company previously used the same mechanism to secure approval for its Waihi North Project in 2025.
Macraes has produced 6 million ounces of gold over 36 years
Located roughly 60 km northwest of Dunedin on New Zealand's South Island, Macraes began production in 1990 with an initial seven-year mine life and reached its 6 millionth ounce of gold in July 2026. The site holds a 14,000-hectare land package that includes the 30 km Macraes Shear Zone, host to multiple gold deposits and exploration targets. CEO Gerard Bond said the permit application and recent drilling point to potential gold production extending into the 2040s.
SPIM development targets production above 100,000 ounces annually
OceanaGold expects SPIM to contribute meaningful output starting in 2032, and together with the GPUG extension aims to sustain Macraes production above 100,000 ounces per year through the late 2030s. SPIM development capital will cover waste stripping, relocation of historic tailings into the Frasers tailings facility, relocation of the open pit workshop, a public road re-route, and power infrastructure upgrades. An updated NI 43-101 technical report detailing the production profile, timeline and capital costs is scheduled for early 2028. Advancing SPIM also improves the feasibility of the Round Hill deposit, removed from Mineral Resources at year-end 2023, which OceanaGold now views as a potential 2040s extension opportunity outside MP4.
Record US$13 million exploration budget backs 60,000-metre 2026 drill program
OceanaGold's 2026 exploration spend at Macraes is a record US$13 million, funding 60,000 metres of drilling across Innes Mills, Coronation, Nunns and GPUG. At Innes Mills, which accounted for approximately 39% of Macraes' Measured and Indicated Mineral Resource ounces as of December 31, 2025, hole DDH8224 returned 25.0 m at 0.8 g/t gold, confirming mineralization at least 150 m down dip beyond the current reserve pit design. At GPUG, step-out holes DDH8281 (12.0 m at 2.1 g/t Au) and DDH8412 (15.0 m at 1.5 g/t Au) confirmed mineralization 40 m beyond the existing mine plan in both the north and south. Coronation drilling returned intercepts including 7.9 m at 5.4 g/t Au and 12.0 m at 2.3 g/t Au, pointing to a higher-grade zone plunging southeast. At Nunns, following a 2026 land acquisition, results included 4.0 m at 7.9 g/t Au and 8.0 m at 4.2 g/t Au, supporting a potential low-capital future open pit ore source outside the MP4 application. An updated resource estimate for Nunns is expected by year-end 2026.