OceanaGold Corporation (NYSE: OGC) has filed a permit application under New Zealand's Fast-track Approvals Act 2024 for its Macraes Phase 4 Project, known as MP4, which seeks to extend the mine's operational life from the current reserve limit of 2032 to the late 2030s.

The MP4 application covers extensions to the Innes Mills, Coronation, Coronation North, and Golden Bar open pits, as well as extensions to the Golden Point Underground mine. The company said it expects full permitting by mid-2027, subject to appeals. OceanaGold previously used the same fast-track process to permit its Waihi North Project in 2025.

A key component of MP4 is the Southern Pit Innes Mills project, referred to as SPIM. The company said it is targeting production from SPIM from 2032 and, combined with Golden Point Underground extensions, aims to maintain output above 100,000 ounces of gold per year into the late 2030s. An updated NI 43-101 technical report covering SPIM economics and capital expenditures is expected in early 2028.

The 2026 exploration program at Macraes is budgeted at US$13 million, with 60,000 meters of drilling planned. At the Innes Mills pit, drill hole DDH8224 returned 25.0 meters at 0.8 grams per tonne gold, confirming mineralization extending at least 150 meters beyond the current reserve pit design. At Golden Point Underground, step-out holes DDH8281 and DDH8412 intercepted 12.0 meters at 2.1 g/t gold and 15.0 meters at 1.5 g/t gold, respectively, both outside the current mine plan.

At the Nunns prospect, 4,250 meters of drilling across 48 holes confirmed mineralization extensions, with results including 4.0 meters at 7.9 g/t gold. An updated resource estimate for Nunns is expected by year-end 2026.

The company also noted that the Round Hill deposit, removed from mineral resources at year-end 2023, represents a potential mine life extension opportunity into the 2040s, though it is not included in the MP4 application. Macraes has produced six million ounces of gold since beginning operations in 1990.