OceanaGold Corp (TSX/NYSE: OGC) has filed a permit application to extend production at its Macraes gold mine in New Zealand through the late 2030s, the company said Friday.
The application for the Macraes Phase 4 Project was submitted under New Zealand's Fast-track Approvals Act of 2024. It covers activities to complete the current reserve plan, develop the Southern Pit Innes Mills (SPIM) deposit, extend the Golden Point Underground operation, and retain flexibility to incorporate additional mineral resources.
Macraes currently holds reserves through 2032. The Phase 4 application, if approved, would push operations into the late 2030s while maintaining annual production above 100,000 ounces.
The company expects full permitting for Phase 4 by mid-2027, subject to any appeals. Approval remains conditional on securing ancillary permits, satisfactory technical and financial reviews, and favorable market and operating conditions. An updated technical report detailing the projected production profile, SPIM development timeline, capital expenditures and economics is expected in early 2028.
OceanaGold is conducting a 2026 exploration program at Macraes with a planned budget of $13 million and approximately 60,000 meters of drilling. More than 12,000 meters across 48 holes have been completed at Innes Mills, while over 13,000 meters across 37 holes have been drilled at Golden Point Underground since the last resource estimate. The company aims to bring SPIM into mineral resources by year-end 2026.
Macraes began production in 1990 with an initial seven-year mine life. In July, the mine reached a milestone of six million ounces of gold produced over its 36-year operating history. The operation is located on New Zealand's South Island, roughly 60 kilometers northwest of Dunedin.
