1. Total Mineral Reserves increased by 27% to 6.2 million ounces of gold. 2. Mineral Reserve additions include 1.2 million ounces at Wharekirauponga. 3. OceanaGold plans $40 million investment in exploration for 2025. 4. Higher average grades lead to increased resource estimates at multiple sites. 5. Reserves improved with higher gold price assumptions of $1,750/oz.
The significant increase in mineral reserves reflects strong operational potential, likely enhancing investor confidence in OCANF, similar to previous boosts seen with similar fundamentals in mining companies.
The article provides critical information about reserve growth and future investments, which can directly influence OCANF's valuation.
Sustained investment in exploration can yield long-term returns, similar to trends observed with companies increasing reserves out of new explorations.
/PRNewswire/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") is pleased to provide its Mineral Reserves and Mineral Resources ("R&R") statement for the year-ended December 31, 2024.
Gerard Bond, President and CEO of OceanaGold, said, "It is very pleasing that total Mineral Reserves increased by 27% to 6.2 million ounces of gold net of mining depletion, at a much higher average grade. This fantastic outcome includes the initial 1.2 million ounces of reserves we declared at Wharekirauponga in December 2024, with further reserve additions at Macraes, Waihi, and Didipio.
Today's reserve and resource additions are a testament to our strategy of creating value through exploration and the skill of our talented exploration and technical teams who have delivered another year of tremendous return on investment. I look forward to further successes and value creation in 2025 from our planned $40M investment in exploration across all four sites, our highest exploration budget in five years."
The Proven and Probable Mineral Reserves estimates as at December 31, 2024, are presented in Table 1 below.
| Gold | Proven | Probable | Proven & Probable |
|---|---|---|---|
| Horseshoe underground | 1.12 Mt, 4.72 g/t, 0.17 Moz | 2.66 Mt, 4.49 g/t, 0.38 Moz | 3.78 Mt, 4.56 g/t, 0.55 Moz |
| Palomino underground | - | 4.33 Mt, 2.73 g/t, 0.38 Moz | 4.33 Mt, 2.73 g/t, 0.38 Moz |
| Total Gold | 47.7 Mt, 0.92 g/t, 1.42 Moz | 72.7 Mt, 2.06 g/t, 4.80 Moz | 120 Mt, 1.61 g/t, 6.22 Moz |
Mineral Reserves are defined by mine designs based upon the following assumptions: metal prices of US$1,750/oz gold, US$3.50/lb copper, and US$20/oz silver; NZD/USD exchange rate of 0.61.
OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.
The disclosure in this news release has been prepared in accordance with NI 43-101, which differs significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and resource and reserve information contained or referenced in this news release may not be comparable to similar information disclosed by public companies subject to the technical disclosure requirements of the SEC.
Certain information contained in this news release may be deemed "forward-looking" within the meaning of applicable securities laws. All statements other than statements of historical facts included in this news release constitute forward-looking statements, including but not limited to, the estimation of Mineral Reserves and Mineral Resources...