OceanaGold Corporation has lodged its application for approval of the Macraes Phase 4 Project under New Zealand's Fast-track Approvals Act 2024, seeking to extend mine life at the Macraes operation from 2032 to the late 2030s.

The application covers the permitting required for the current reserve mine plan, the development of the Southern Pit Innes Mills deposit, extensions of the Golden Point Underground, and flexibility to incorporate additional Mineral Resources into the future production profile. Under New Zealand's fast-track process, OceanaGold expects the project to be fully permitted by mid-2027, subject to appeals.

Production at Macraes commenced in 1990 with an initial seven-year mine life, and the operation celebrated the production of its 6 millionth ounce of gold in July 2026. Advanced studies are currently underway to bring the Southern Pit Innes Mills deposit into Mineral Resources by year-end 2026. Combined with the extension of the Golden Point Underground, OceanaGold is targeting production above 100,000 ounces per year into the late 2030s, with an updated NI 43-101 technical report expected in early 2028.

To support these mine life extensions, the 2026 exploration program features 60,000 metres of drilling backed by a record expected expenditure of US$13 million. Recent drilling at Innes Mills included hole DDH8224, which returned 25.0 metres at 0.8 g/t gold, confirming that mineralization continues at least 150 metres down dip beyond the current reserve open pit design. At the Golden Point Underground, step-out drilling returned 12.0 metres at 2.1 g/t gold in hole DDH8281 and 15.0 metres at 1.5 g/t gold in hole DDH8412.

“Submitting the MP4 application is an important step in securing the long-term future of Macraes through permitting of additional open pit cutbacks and a mine life extension to the late 2030s. Recent drilling supports both the extensions included in MP4 and identifies further opportunities to potentially enable meaningful gold production into the 2040s.”

“For 36 years Macraes has safely and responsibly produced gold, delivering multi-generational benefits to the surrounding communities and to New Zealand through sustaining many hundreds of jobs, socio-economic community contributions, taxes and royalties, and export earnings. Our permit application and exploration results show the potential for Macraes to continue its long history of value creation while generating strong returns for our stakeholders.”

— Gerard Bond, President and CEO

OceanaGold previously successfully permitted the Waihi North Project under the New Zealand Fast-track approval process in 2025.

Read the full announcement: OceanaGold Submits Permit Application and Provides Technical and Exploration Update Supporting Mine Life Extension at Macraes