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OceanaGold's Significant Steps for Mine Life Extension at Macraes

OceanaGold Corporation, a prominent player in the global mining sector, has recently taken a pivotal step towards enhancing the sustainability and profitability of its Macraes facility located in New Zealand. On September 9, 2026, the company announced the submission of its application for the Macraes Phase 4 Project (MP4) under the Fast-track Approvals Act 2024. This application is crucial as it aims to extend the current mine life, which is expected to last until 2032, into the late 2030s.

With a history of successful operations since 1990, Macraes has been a significant contributor to the local economy and has effectively sustained jobs and community welfare. The latest application signals OceanaGold's commitment to continuing its legacy of responsible mining and community engagement.

Key Objectives of the MP4 Project

The MP4 project encompasses several essential activities, including the development and permitting of critical mine expansions. These include:

• - Enhancing existing open-pit cutbacks to maximize resource extraction.
• - Development plans for the Southern Pit Innes Mills (SPIM).
• - Extending Current Mineral Resources to facilitate future production.

The approval process is streamlined under New Zealand’s “one-stop shop” framework, which anticipates the project receiving full permits by mid-2027, contingent upon satisfying technical and financial evaluations.

Gerard Bond, OceanaGold's President and CEO, expressed his enthusiasm about the MP4 application, stating that it is a significant move toward solidifying the long-term future of the Macraes mine. He remarked, “Recent drilling supports both the extensions included in MP4 and identifies further opportunities to potentially enable meaningful gold production into the 2040s.”

Exploring Beyond 2032: Drilling Successes

The technical studies accompanying the MP4 application highlight positive exploration results. Drilling has confirmed ongoing mineralization at depths previously unexplored, suggesting a promising future for resource extraction. For example, at the Innes Mills site, drilling revealed substantial intercepts, confirming that gold deposits extend well beyond the current reserve design.

In addition to focusing on the current mining operations, the company is investing significantly in its exploration programs, with around $13 million allocated for 2026. With plans for approximately 60,000 meters of drilling, the exploration endeavors are expected to yield further resource conversions and expansion growth across various deposits.

Broader Benefits to the Community and Environment

The continuing operations at Macraes can result in multiple benefits for the surrounding communities, including job creation and economic contributions through taxes and royalties. OceanaGold has maintained a strong focus on socio-economic impacts, contributing to the broader welfare of the Otago region.

Moreover, the mine is positioned within a geologically rich area of 14,000 hectares, which includes the Macraes Shear Zone—a 30 km mineralized structure that promises further resource potential.

Future of Macraes: Economic and Environmental Aspects

Looking ahead, the potential approval of the MP4 project not only reinforces OceanaGold's commitment to sustainable mining practices but also presents an opportunity to maintain gold production levels above 100,000 ounces annually into the late 2030s.

Additionally, the extension of the existing operations around the Innes Mills, Coronation, Golden Point Underground pits, complements the strategic long-term vision of the mine and looks to enhance economic value generation for all stakeholders involved.

In summary, OceanaGold's latest approach towards obtaining necessary permits for the Macraes mine signifies a proactive stance in securing its future while contributing positively to regional development. The updates on drilling and the broader economic impact create an optimistic outlook for both the company and the communities that benefit from its operations.