OceanaGold is eschewing common investment banking advice and pursuing what the company’s CEO thinks is a winning strategy: A “boring” US listing without selling additional shares.

Vancouver-based OceanaGold, which has seen its shares more than double over the last year on the Toronto Stock Exchange, completed a three-for-one stock consolidation this week as part of its preparation to debut on a US exchange. The gold mining company’s plan comes as Toronto investment bankers say they are fielding more calls from Canadian firms looking to dual list in the US as they advise those firms to raise money at the same time.

But OceanaGold President and CEO Gerard Bond said his company doesn’t need more cash. Still, he admits that “the bankers are right: if you list in the US and at the same time are issuing new shares, there’s a bit more fanfare and sizzle and so forth.”

“So we are kind of a little bit boring for the banker and the banker won’t get fed as a result of this listing,” Bond added, referring to the additional advisory fees.

Bond said he expects to see a measurable boost to the stock’s liquidity and investor base without having to issue more shares. The stock has been outperforming gold prices over the last year.

According to Scotia Capital analyst Ovais Habib, with free cash flow that will total $400-million this year and $580-million next year OceanaGold has enough money.

Its shares also currently trade at a discount to its Toronto-listed peers that have gone for US listings, and the expectation is the new listing will help provide liquidity and close the gap. OceanaGold’s shares trades at 11 times its earnings, compared with 18 times for New Gold and nearly 14 times for Iamgold.

Canadian materials companies looking to dual list in the US are driven by a combination of institutional and retail investor demand, the potential for inclusion in US indexes and “having a paper currency” in the US that is useful for acquisition, said Brendan Spinks, managing director of equity capital markets at Scotiabank.

Bond said he hopes the company’s stock will debut on a US exchange in the first or early second quarter of 2026. Meantime, there are plenty of other dual-listing deals to keep investment bankers busy, including in the precious metals space. TSX-listed Aura Minerals has filed with the US Securities and Exchange Commission to add a US ticker and also raise a still undisclosed amount of money through a share sale. In May, New York-based Galaxy Digital Inc. raised $683.6-million shortly after it added a US listing and began trading on the Nasdaq.

There are also relatively few US-listed gold companies that produce bullion within the US, according to Bond. OceanaGold operates a gold mine in South Carolina, and Bond said he plans to market the company to retail investors as a home-grown producer. So the stock would fill a hole in the US equity market, where gold miners have a smaller weighting than they do in Canada.

“US retail loves a homegrown gold company,” Bond said.