FAST TRACK APPROVAL FOR NEW WAIHI MINE

Approval today under the fast track process for the Waihi North Mining Project under the Coromandel Forest Park.

The project includes the Wharekirauponga underground mine which is located approximately 10km north of OceanaGold’s current Waihi Operation.

The operation will extend mining at Waihi to around 2040, with the mining company OceanaGold saying it will provide significant economic benefits for Waihi, the Hauraki District and New Zealand.

Company President and CEO, Gerard Bond, said the Waihi North Project is the largest investment project in the Company’s portfolio.

“We are investing around NZ$1 billion in this project, which will deliver high-paying jobs and contribute to economic growth for New Zealand. It will generate substantial taxes and royalties, support communities and boost exports, whilst also making a net positive contribution to the environment.”

Alison Paul, OceanaGold’s Senior Vice President in New Zealand for Legal and Public Affairs, said that the Waihi North Project will both add to and extend the current operations at Waihi.

“Once producing, the Wharekirauponga Underground mine will generate over NZ$8 billion of export revenue for New Zealand.

The Company expects to generate hundreds of additional, high-paying jobs associated with the project.

“About 80% of our expenditure is expected to be spent in New Zealand, including over 30% of that within the Hauraki District.” Mr Bond praised the Fast-track Approvals Act 2024 which he said was tough, but welcome.

“This new legislation provides the efficiency and certainty of a very clear timeline, while maintaining stakeholder involvement and the necessary rigour, oversight and expert scrutiny of the Company’s proposals.”

The company has previously indicated that work will start almost immediately on the new mine.