Melbourne, Australia – September 25, 2026 – OceanaGold Corporation (TSX: OGC, ASX: OGC) has announced compelling assay results from its ongoing exploration program at the Wharekirauponga prospect, situated approximately 10 kilometers north of its established Waihi Operation in New Zealand. The update highlights a significant acceleration of drilling activities and underscores the potential for substantial resource expansion within the company's strategically important Waihi District. These developments, alongside steady progress at the Waihi North Project, position OceanaGold for a robust future in one of the world's premier gold-producing regions.

High-Grade Discoveries Propel Wharekirauponga's Potential

OceanaGold's latest disclosures include assay results from 16 completed drill holes at Wharekirauponga, a key component of its broader exploration and resource conversion efforts across the Waihi District. The reported intercepts demonstrate remarkable gold grades, signaling significant upside for the prospect. Specifically, drilling within the East Graben (EG) Vein has yielded some of the highest-grade results ever reported from the area.

Notable high-grade intercepts include:

  • 6.3 meters at 97.2 grams per tonne (g/t) gold from a depth of 481.5 meters in hole WKP146C. This particular intercept stands out for its exceptionally high gold content over a considerable width, indicating a very rich ore body.
  • 8.5 meters at 41.5 g/t gold from 399 meters in hole WKP150. Another strong result demonstrating both significant width and high-grade mineralization.
  • 4.2 meters at 32.4 g/t gold from 602.9 meters in hole WKP147A. This intercept, deeper within the deposit, confirms the continuity of high-grade mineralization at considerable depths.

Beyond the EG Vein, the company also reported an intercept of 9.6 meters at 18.5 g/t gold from the EG Hanging Wall veins, further indicating the presence of multiple mineralized structures within the prospect area.

These impressive results are a direct outcome of intensified exploration efforts at Wharekirauponga. OceanaGold has expanded its exploration fleet and constructed a new drill site, enabling it to increase its operational footprint to five drill rigs currently active at the prospect. This accelerated drilling activity is designed to systematically delineate the ore body, aiming to convert existing inferred resources into higher-confidence indicated categories. The continuity of these high-grade zones is paramount for future mine planning and economic assessments.

Strategic Resource Conversion and Growth

The recent drill results from Wharekirauponga are not merely isolated high-grade occurrences; they are reported to support the continuity of the southern high-grade zone within the EG Vein. Crucially, OceanaGold has indicated that this high-grade zone remains open along strike, up-dip, and at depth. In geological terms, this "open" status is highly significant, suggesting that the mineralized body extends beyond the currently drilled areas, offering substantial potential for future resource expansion through ongoing exploration.

Gerard Bond, President and CEO of OceanaGold, emphasized the strategic importance of these findings, stating, “Drill results from Wharekirauponga continue to demonstrate the exceptional grade and continuity of the EG Vein zone, and include some of the highest-grade intercepts reported to date. These results confirm further continuity and up-dip extension of the southern high-grade zone, which currently lies outside of reported reserves, therefore representing outstanding conversion and growth potential.”

This potential for resource conversion is a critical aspect of mine development. The upgrade of a portion of the southern high-grade zone from inferred to indicated mineral resources would significantly de-risk the project. Indicated resources carry a higher level of geological confidence, allowing for more detailed economic evaluations and a clearer path towards establishing proven and probable mineral reserves, which are essential for securing financing and making final investment decisions for mine construction. The presence of such high grades in a zone currently outside of reported reserves highlights the substantial opportunity for adding significant value to OceanaGold’s asset portfolio.

Advancements at the Waihi North Project

In addition to the promising exploration results from Wharekirauponga, OceanaGold provided a comprehensive update on the Waihi North Project, which is also integral to the company's Waihi District strategy. Construction and underground tunneling activities at Waihi North are progressing as planned, demonstrating the company's commitment to advancing its development pipeline.

Key milestones reported for the Waihi North Project include:

  • Decline Development: Underground decline development, which commenced in May 2026, has advanced approximately 350 meters. This decline is a fundamental component of the underground mine infrastructure, providing access for personnel, equipment, and ore extraction.
  • Ventilation Shaft: Construction of the first ventilation shaft has begun. Adequate ventilation is crucial for ensuring safe and productive underground mining operations, facilitating fresh air circulation and removal of exhaust fumes.
  • Expanded Fleet: OceanaGold anticipates adding a second jumbo drill rig in the first half of 2027. The introduction of an additional jumbo will significantly enhance the speed and efficiency of underground development, accelerating access to new mining fronts.
  • Tailings Storage Facility (TSF): Early-stage work on a new tailings storage facility is scheduled to begin in the fourth quarter of 2026. A TSF is a critical piece of infrastructure for any mining operation, designed for the safe and environmentally responsible storage of finely ground rock material remaining after the extraction of valuable minerals.

These concurrent advancements at Waihi North underscore a methodical and well-funded approach to developing the project, which complements the ongoing exploration success at Wharekirauponga.

The Waihi District: A Cornerstone for OceanaGold

The Waihi District, encompassing the established Waihi Operation, Wharekirauponga, and Waihi North, represents a cornerstone asset for OceanaGold. The company's strategic focus on this district-scale opportunity is evident through its integrated approach to exploration and development. The current Waihi Operation, with its proven track record, provides a strong operational base and significant existing infrastructure that can potentially be leveraged for new discoveries and developments within the district.

The culmination of these exploration successes and development progress will be detailed in an updated technical report for the Waihi District. OceanaGold confirmed that this report, compliant with National Instrument 43-101 (NI 43-101), is expected to be released in January 2027. NI 43-101 is a Canadian regulatory standard that governs the public disclosure of scientific and technical information about mineral projects. Its release is a crucial event for investors and industry stakeholders, as it will provide a transparent and comprehensive assessment of the district's mineral resources and reserves, along with detailed economic and operational projections. This report will be instrumental in informing future investment decisions and demonstrating the long-term value proposition of the Waihi District.

Market Implications and Future Outlook

For mining industry professionals and investors, OceanaGold's latest update from the Waihi District carries significant implications. The exceptional high-grade intercepts at Wharekirauponga, particularly the 97.2 g/t gold over 6.3 meters, are transformative. Such grades are rare in the global gold mining industry and can substantially improve project economics by potentially lowering cut-off grades, reducing processing costs per ounce, and increasing overall profitability. The potential to convert inferred resources to indicated resources, coupled with the open nature of the mineralization, suggests a strong organic growth pipeline for OceanaGold.

The steady advancement of the Waihi North Project further de-risks OceanaGold's growth strategy. Meeting development milestones, such as the decline advancement and TSF construction, demonstrates effective project management and execution capabilities. The planned addition of a second jumbo drill rig signifies an acceleration in achieving operational readiness, which could lead to earlier production timelines.

Collectively, these updates paint a picture of a company successfully executing on both its exploration and development fronts within a highly prospective gold district. The anticipated NI 43-101 technical report in January 2027 will provide the definitive context for these achievements, offering a consolidated view of the Waihi District's expanded resource base and future production potential. Investors will be keenly awaiting this report to fully grasp the long-term value implications for OceanaGold's portfolio. The ongoing success in New Zealand reinforces OceanaGold's position as a significant player in the global gold market, leveraging a combination of organic growth and operational excellence.