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Overview of OceanaGold Corporation
OceanaGold Corporation (OCANF) is an intermediate gold and copper producer with diversified mining operations in the United States, the Philippines, and New Zealand. With a portfolio that includes four operating mines, the company focuses on the safe and responsible extraction of minerals while striving to generate robust free cash flow. Its strategic approach combines rigorous exploration with disciplined operational management, employing advanced techniques and adhering to strict industry standards such as NI 43-101.
Core Business and Operations
The company operates by integrating both underground and open pit mining methods, enabling it to leverage its high-grade mineral deposits across multiple jurisdictions. Its primary mines, such as the Haile Gold Mine in the United States and the Didipio Mine in the Philippines, along with its New Zealand operations at Macraes and Waihi, form the cornerstone of its production and exploration strategy. OceanaGold’s business model centers on converting exploration insights into operational excellence, capitalizing on proven mineral resources while continuously exploring for new opportunities.
Mining Exploration and Resource Development
OceanaGold is deeply committed to maintaining a strong exploration program that reinforces its resource base. The company consistently employs state-of-the-art drilling and assay methodologies to maximize the definition of mineral resources. Regular updates to its resource models are conducted in accordance with industry standards, ensuring that all disclosed information remains consistent with NI 43-101 guidelines. This commitment underpins its operations and sustains its competitive edge in the global mining sector.
Operational Excellence and Safety
Safety and operational rigour are at the forefront of OceanaGold’s approach. The company adheres to stringent safety protocols and quality assurance processes across all its sites. Through comprehensive risk management programs and robust training initiatives, it works to ensure that every phase of its operations – from exploration to production – meets high safety and performance standards.
Competitive Position and Market Context
In the competitive landscape of gold and copper production, OceanaGold distinguishes itself by its diversified assets and its focus on generating steady free cash flow. Its balanced mix of mature operations and high-potential exploration projects provides a solid foundation for resilience in fluctuating market conditions. By emphasizing responsible mining practices and methodical exploration strategies, the company reinforces its standing among global mining peers without resorting to speculative claims.
Commitment to Quality and Industry Standards
The company’s adherence to internationally recognized engineering and auditing standards underscores its authority within the industry. Detailed reporting and frequent updates on exploration and operational performance exemplify its commitment to transparency and precision. Investors and industry professionals can appreciate the thorough explanation of mining processes and the measured approach to resource conversion that defines OceanaGold’s operations.
Investor Considerations
OceanaGold provides a wealth of technical information, clearly segmented into operational highlights, exploration milestones, and safety updates. This structure not only meets the needs of professional investors but also demonstrates the company’s deep-rooted expertise and dedication to operational excellence. With an emphasis on quality control and a balanced view of performance, the company presents a fact-based analysis that supports informed investment research.
OceanaGold (OCANF) has submitted a Fast-track approval application for the Waihi North Project and reported new drilling results at Wharekirauponga, New Zealand. The company expects full permitting by end of 2025.
Recent high-grade drill intercepts include: 6.3m @ 8.7 g/t Au, 1.7m @ 24.6 g/t Au, 3.5m @ 14.0 g/t Au, and 5.7m @ 5.3 g/t Au, demonstrating continuity beyond the 1.2 Moz of Reserves declared in December 2024.
Five drill holes have been completed, with four showing significant mineralization in the high-grade southern shoot of the East Graben vein zone. The 2025 exploration program will target resource growth with 8,600 metres planned, focusing on the EG vein zone for resource conversion and growth.
OceanaGold (OCANF) has announced significant exploration results from its Haile Gold Mine, including a new discovery called Pisces and additional high-grade drill results at Horseshoe. The Pisces discovery, located 300m from Horseshoe, showed impressive drill results including 44.2m @ 10.9 g/t Au and 9.4m @ 44.1 g/t Au.
The company has increased its 2025 exploration budget at Haile by 20% to $10M, the largest since the mine began production. The Pisces mineralization defines an exploration target area of approximately 300 x 250 x 25 metres, with mineralization remaining open in all directions.
At Horseshoe, eighteen additional resource definition holes totaling 5,587 metres have been completed, with notable results including 12.9m @ 50.1 g/t Au and 31.9m @ 11.7 g/t Au. An additional 10,500 metres of resource definition and conversion drilling is planned for 2025.
OceanaGold (OCANF) has appointed Stefanie Loader as Non-Executive Director to its Board of Directors, effective immediately. Ms. Loader brings significant expertise as a geologist and mining executive with experience in operations leadership, mineral exploration, and project development across multiple commodities and regions.
Her notable positions include serving as Managing Director of Northparkes copper and gold mine in Australia (2012-2017), Chair of the NSW Minerals Council (2015-2017), and various roles with Rio Tinto including Exploration Executive. Ms. Loader holds a B.Sc. Honours in Geology and was recognized among Australian Financial Review's 100 Women of Influence in 2013. She recently won the 2024 Outstanding Contribution to NSW Mining Award.
OceanaGold has reported significant growth in its Mineral Reserves and Resources for 2024. The company's Mineral Reserves increased by 27% to 6.2 Moz Au net of mining depletion at a 15% higher grade, while Measured and Indicated Mineral Resources grew by 8% to 8.9 Moz Au.
Key highlights include the declaration of initial Mineral Reserves at Wharekirauponga (Waihi) of 4.1 Mt at 9.2 g/t for 1.21 Moz Au, and an increase in Mineral Reserves at Didipio by 0.14 Moz Au. The company also reported an increase in Indicated Mineral Resources at Wharekirauponga to 2.4 Mt at 17.9 g/t for 1.4 Moz Au, and a 0.17 Moz Au increase at Macraes.
The company plans to invest $40M in exploration across all four sites in 2025, representing its highest exploration budget in five years.
OceanaGold (TSX: OGC, OTCQX: OCANF) has announced it will release its fourth quarter and full year 2024 operational and financial results after market close on Wednesday, February 19, 2025. The company will host a conference call and webcast to discuss the results on Thursday, February 20, 2025, at 10:00 am Eastern Time.
The results will be available on the company's website, and investors can participate in the discussion through various dial-in numbers provided for North America, Toronto, and Australia. A recording of the call will be made available on OceanaGold's website for those unable to attend.
OceanaGold welcomes New Zealand Parliament's passing of the Fast-track Approvals Bill for significant infrastructure projects. The new process, opening for applications on February 7, 2025, includes the Waihi North Project and proposed Wharekirauponga underground mine (WUG) among 149 listed projects. The company plans to submit its Fast-track application in early 2025, expecting full permits by year-end 2025, allowing underground development work to begin in 2026. $40-45 million of early works not requiring Fast-track approvals are planned for 2025. The WUG project, validated by recent pre-feasibility study results, aims to deliver long-term benefits for shareholders, workforce, local communities, and New Zealand's economy.
OceanaGold has announced Pre-feasibility Study (PFS) results for the Waihi District, including the existing Waihi operation and proposed Wharekirauponga underground mine in New Zealand. Key highlights include:
- Initial Mineral Reserve of 4.1 Mt at 9.2 g/t for 1.2 Moz of gold at Wharekirauponga
- After-tax NPV5% of $621M at $2,400/oz gold, or $138M at $1,750/oz
- IRR of 24% at $2,400/oz gold, or 9.2% at $1,750/oz
- Total gold production of 1.6 Moz over 15-year mine life
- Average All-in Sustaining Cost of $994/oz
- Growth capital of $556M over 8 years
- First ore expected in 2032
The project includes significant exploration upside with ~400 koz of Inferred Resources and recent results showing mineralization extends further. Early-works 2025 capital budget of $40-45M has been approved for design and construction activities.
OceanaGold has announced significant exploration results from its Wharekirauponga project, located 10 kilometers from the Waihi operation in New Zealand. Notable high-grade drill intercepts include 34.7 g/t Au over 4.2m and 54.9 g/t Au over 1.4m from the East Graben (EG) vein zone. The company plans to release a NI 43-101 pre-feasibility study for the Waihi North Project on December 11, 2024. Drilling results demonstrate continued potential for extensions to the EG vein and numerous hanging wall and footwall veins, with significant mineralization found in all six holes.
OceanaGold reported strong Q3 2024 results with gold production of 134,900 ounces, a 37% increase from Q2, and 3,400 tonnes of copper. The company achieved record gold production at Haile (64,900 ounces) and improved All-In Sustaining Cost to $1,729 per ounce. Financial highlights include Net Profit of $61 million, EPS of $0.08, and Free Cash Flow of $66 million. The company repaid $40 million on credit facility and increased Net Cash to $72 million. Looking ahead, Q4 2024 guidance projects gold production between 142,000-162,000 ounces with AISC between $1,400-$1,650 per ounce.
OceanaGold (TSX: OGC) (OTCQX: OCANF) has announced that it will release its operational and financial results for the third quarter of 2024 after market close on Wednesday, November 6th, 2024. The results will be available on the company's website at www.oceanagold.com.
A conference call and webcast will be held on Thursday, November 7th, 2024, at 10:00 am Eastern Time to discuss the results. Senior management will host the event. Interested parties can register for the webcast using the provided link. Toll-free access for North America is available at +1-888-510-2154, while international participants can dial +1 437-900-0527.
For those unable to attend, a recording of the call will be made available on the company's website.
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