OceanaGold’s 97-gram hit backs Waihi expansion

AI desk brief

OceanaGold is assessing a 50% expansion of its Waihi processing plant to 1.2Mt/y from 800kt/y after drilling returned some of Wharekirauponga’s best intercepts, including 6.3m at 97.2g/t gold. The company says the extra capacity could let Martha Underground and Wharekirauponga run concurrently, lifting long-term production and improving infrastructure utilization; an updated Waihi District technical report is due in January.

Scotiabank called the expanded plant and longer Martha life a key catalyst for value. The latest drill program continues to extend the southern high-grade zone, with five rigs now operating, while OceanaGold shares fell 2% in Toronto to C$38.66; management also confirmed CEO Gerard Bond will retire in April.