OceanaGold Reports Significant Growth in Mineral Reserves and Resources
VANCOUVER, BC, February 19, 2025 – OceanaGold Corporation (TSX: OGC, OTCQX: OCANF) (“OceanaGold” or the “Company”) is delighted to announce the release of its Mineral Reserves and Mineral Resources (“R&R”) statement for the year ended December 31, 2024. This statement highlights several significant achievements for the Company.
Mineral Reserves Increase by 27%
OceanaGold reported an impressive 27% increase in total Mineral Reserves to 6.2 million ounces of gold (“Au”) net of mining depletion. This substantial growth was achieved at a higher average grade of 15%, demonstrating the Company’s commitment to maximizing the value of its mineral endowment.
Measured and Indicated Mineral Resources Grow by 8%
Measured and Indicated Mineral Resources also saw an increase of 8% to 8.9 million ounces of gold net of mining depletion. This growth was driven by several key discoveries, including:
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Wharekirauponga, Waihi: Initial Mineral Reserves of 4.1 million tonnes (“Mt”) at a grade of 9.2 g/t for 1.21 million ounces of gold were declared.
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Didipio: There was an increase in Mineral Reserves by 0.14 million ounces of gold net of mining depletion.
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Wharekirauponga, Waihi: Indicated Mineral Resources increased by 0.17 million ounces of gold to 2.4 Mt at a grade of 17.9 g/t.
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Macraes: Indicated Mineral Resources also saw an increase of 0.17 million ounces of gold.
Impact on Individuals
For individuals invested in OceanaGold or the gold mining sector, this news is a positive sign. The increase in Mineral Reserves and Resources indicates that OceanaGold’s operations are robust and continue to produce valuable resources. This growth may lead to potential share price appreciation and long-term value for shareholders.
Impact on the World
On a larger scale, this growth in Mineral Reserves and Resources could have a significant impact on the global gold market. With the world’s gold demand projected to reach 4,600 metric tons in 2025, according to the World Gold Council, any increase in available gold resources can help meet the demand and maintain a stable gold price.
Gerard Bond’s Statement
Gerard Bond, President and CEO of OceanaGold, expressed his satisfaction with the Company’s achievements, stating, “It is very pleasing that total Mineral Reserves increased by 27% to 6.2 million ounces of gold net of mining depletion, at a much higher average grade. This underscores the potential for continued growth and value creation for OceanaGold shareholders.”
Conclusion
OceanaGold’s significant growth in Mineral Reserves and Resources is a positive sign for the Company and the gold mining sector. With the increase in gold demand and finite resources, discoveries and expansions like OceanaGold’s are crucial in maintaining a stable gold market and providing value for investors. As OceanaGold continues to explore and develop its mineral endowment, it will be an essential player in the global gold industry.
