Gold producer OceanaGold has received final permitting approval to develop its Waihi North Project (WNP) in New Zealand, unlocking access to one of the industry’s highest-grade undeveloped gold orebodies and underpins long-term growth at the Waihi operation.

The Expert Panel appointed by the New Zealand government has approved the development and operation of WNP, which includes the Wharekirauponga Underground mine (WUG), located about 10 km north of the existing Waihi operation. The approval also covers associated surface infrastructure, an expansion of the current processing plant and water treatment plant, and the construction of a new tailings storage facility.

The decision concludes a multi-year permitting process and enables OceanaGold to move decisively into the execution phase. The company’s board has already approved the selection of a mining contractor to undertake underground tunnelling, alongside the award of contracts for bulk earthworks at the Willows portal site and for a power upgrade project. The mining contractor is expected to mobilise and begin tunnelling in the first half of 2026.

“We are delighted to have received approval for our Waihi North Project, which allows access to one of the best undeveloped, high-grade orebodies in our industry. This is a major milestone for OceanaGold and for the Waihi operation and is a testament to our 35-year history of safe and responsible mining in New Zealand,” OceanaGold president and CEO Gerard Bond.

He added that the project had been rigorously assessed under New Zealand’s environmental framework and would deliver broad benefits beyond gold production.

“We are grateful for the approval of this regionally significant project, for which we have done considerable work to ensure its compliance with all requirements of New Zealand's rigorous environmental laws. The development of WNP will provide meaningful gold production for years to come while bringing substantial investment, job creation, and economic and biodiversity benefits for the surrounding communities and New Zealand,” Bond said.

The permit approval also expands exploration flexibility at Wharekirauponga, allowing an increase in the number of drill pads and a doubling of allowable drill rigs to six. This is expected to accelerate both definition and conversion drilling from 2026 onwards, supporting resource growth and mine planning.

Early works at WNP are already under way. Construction of a 5 km services trench to deliver power, water and communications from the existing Waihi operations commenced in the third quarter of 2025, while civil works and fabrication at the expanded water treatment plant are progressing. These works are scheduled for completion by the second quarter of 2026, enabling decline development and underground works to commence thereafter.

Gold production from WUG is currently expected to begin in 2032, with first stope ore in 2033. The project has the potential to materially extend the life of the Waihi operation, which sits within a historic gold district that has produced an estimated 8-million ounces of gold to date.

OceanaGold, which trades on the Toronto exchange, said it was in a strong net cash position and expects to internally fund the development of WNP over the coming years, while continuing to advance other organic growth opportunities across its portfolio.