OceanaGold Extends Strike Length at Wharekirauponga
Drilling Highlights (estimated true width):
4.0 m @ 43.8 g/t Au from 467.5 m, EG vein (WKP137)
8.1 m @ 11.8 g/t Au from 646.4 m, EG FW vein (WKP124G)
5.9 m @ 14.7 g/t Au from 398.6 m, EG HWS vein (WKP137)
4.1 m @ 11.5 g/t Au from 532.4 m, EG vein (WKP124E)
6.1 m @ 5.6 g/t Au from 446.9 m, EG vein (WKP138)
Gerard Bond, President and CEO of OceanaGold, said "Today's results further reinforce the tremendous growth potential we have at Wharekirauponga. Gold mineralization continues to increase in scale and is now defined over a strike length of more than 1.4 km, including a further 240 metres to the south of previously intercepted mineralization, and remains open in all directions. Drilling is ongoing with three rigs targeting additional step outs, resource extension, resource conversion and geotechnical drilling for development of the Wharekirauponga underground mine, as we continue to invest in this exciting orebody. The expansion of Wharekirauponga underscores its position as a key asset in our portfolio and highlights the exciting role it will play in shaping the future of OceanaGold and shareholder returns."
Results can be viewed in 3D using VRIFY at the following link:
https://vrify.com/meetings/recordings/549f06b2-198b-4d9a-a72f-cdfbec316c14
VRIFY note: Drill results reflect only those set forth in OceanaGold's press release dated June 25, 2025, and do not include all historical results except those relevant to the current Wharekirauponga exploration target.
Wharekirauponga Drill Results Overview
EG Vein
Since the March 4, 2025 news release, a total of eight drill holes have been completed across the EG, hanging wall ("HW"), and footwall ("FW") veins, collectively referred to as the "EG vein zone", extending the known strike of mineralization to ~1.4 km. Results for seven of these holes have been received and continue to demonstrate the significant potential to expand the mineral resource associated with the EG vein zone. Drilling completed includes two exploration step-out holes from the most southern drill site, drill site 9, one resource conversion hole from drill site 8 and five resource extension holes from drill sites 1, 8 and 9 (Figure 1).
Two widely spaced exploration step-out holes, WKP138 (6.1 m @ 5.6 g/t Au) and WKP139 (2.9 m @ 0.5 g/t Au), have now extended mineralization a further 240 metres south of the current Inferred Resource and previously intercepted mineralization (WKP135 6.3 m @ 8.7 g/t Au, released March 2025). Another significant step-out hole (WKP140) is in progress and testing ~400 metres south of WKP135 (Figure 2). Importantly, the Hanging Wall Splay ("HWS") is well developed and mineralized (3.3 m @ 4.5 g/t Au) indicating significant potential remains in this part of the system for growth on both structures (more detail on the HW and FW structures below).
Resource conversion hole WKP124E intersected high-grade mineralization in the EG vein with 4.1 m @ 11.5 g/t Au, increasing confidence in the high-grade southern shoot (Table 1, Figures 2 and 3).
Five holes tested immediate extensions to high-grade mineralization, including WKP137 which intersected excellent grade and width (4.0 m @ 43.8 g/t Au) to the south at lower levels. Holes WKP129B and WKP129C successfully drilled across the projection of the EG vein structure at the top of the currently defined high-grade shoot intersecting minor quartz and fault structures, with hole WKP129B returning 2.8 m @ 2.6 g/t Au.
Hanging Wall and Footwall Veins
Notably, the HW and FW vein structures associated with the EG vein zone also yielded strong results and have expanded known mineralization. WKP139 confirmed the extension of the HWS and returned 3.3 m @ 4.5 g/t Au along with 5.9 m @ 14.7 g/t Au in WKP137 (Figure 4). The latter result being ~40 metres up dip of other high-grade intersections, including holes WKP134A (2.3 m @ 16.0 g/t Au, released November 2024) and WKP135 (1.7 m @ 24.6 g/t Au, released March 2025).
In the FW zone, a previously unmodelled vein has been defined in WKP124G (8.1 m @ 11.8 g/t Au), 65 metres along strike from WKP124D (3.8 m @ 21.4 g/t Au, released in November 2024).
As we have experienced at Martha Underground, significant opportunity remains with further drilling for up-plunge, down-plunge and along-strike extensions on these and other attendant HW and FW veins.
2025 Wharekirauponga Exploration Program
Exploration drilling for the remainder of the 2025 program will continue to target resource growth on the EG vein zone from drill sites 1, 8 and 9, testing beyond the current southern extent of drilling, and up-dip of both current and future extensions in the south. The Fast-track application includes an increase in the number of exploration drill sites, expanding the programme by 8 new sites, as well as doubling the rate of drilling, with up to 6 rigs operating at any one time. This will further accelerate both growth and conversion drilling at Wharekirauponga. The EG vein zone remains the primary, near-term target for drilling in 2025 with approximately 5,000 metres remaining to be drilled this year.
Table 1: Wharekirauponga drill intersections subsequent to the March 4, 2025, results update
*WKP124H hole is completed although results have not yet been received
For further information relating to drill hole data please refer to the Company's website at https://investors.oceanagold.com/additional-drillhole-data.
About OceanaGold
OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; the Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.
Qualified Person Statement
The scientific and technical information relating to Waihi exploration results in this press release has been reviewed and approved by Mr. Leroy Crawford-Flett, a Chartered Professional Member of the Australasian Institute of Mining and Metallurgy, a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). Mr. Crawford-Flett is the Exploration & Geology Manager of OceanaGold.
Quality Assurance and Quality Control ("QA/QC")
All exploration samples are assayed for gold by 30g fire assay with AAS finish. Since mid-2022, drill core sample intervals where visible electrum is logged are followed up by a subsequent screen fire assay after the routine 30g fire assay. Core samples were prepared and analyzed at SGS Waihi NZ Ltd (Au by 30g fire assay and Ag by aqua regia digest and 0.3gm AAS finish. Samples post April 2024 with Ag, As, Sb. Hg and S by ICP-MS after DIG12R Digest). Selected pulps are periodically sent to ALS in Brisbane for a 4-acid digestion and 42 or 48 element ICP geochemical analysis.
Quality of exploration assay results has been monitored in the following areas:
Sample preparation at the SGS Waihi and Westport labs through sieving of jaw crush and pulp products;
Monitoring of assay precision through routine generation of duplicate samples from a second split of the jaw crush and calculation of the fundamental error; and
Monitoring of accuracy of the primary SGS assay and ALS results through insertion Certified Reference Materials ("CRMs") and blanks into sample batches.
Blank, duplicate and CRM results are reviewed prior to uploading results in the AcQuire database and again on a weekly basis. The protocol at Waihi requires CRMs to be reported to within 2 standard deviations of the certified value. The criterion for preparation duplicates is that they have a relative difference (R-R1/mean RR1) of no greater than 10%. Blanks should not exceed more than 4 times the lower detection value of the assay method. Failure in any of these thresholds triggers an investigation and, if appropriate, re-assay. Drill core is stored within secure facilities on site to which access is controlled. Site employees transport samples to the analytical laboratory which is also a secured facility. The SGS Waihi NZ Ltd laboratory is an independent commercial geochemistry and energy assay laboratory with ISO 17025: 2017 accreditation, audited by an external consultant in 2020, and is inspected on a quarterly basis by OceanaGold geologists. No sampling risks have been recorded during these visits.
Technical Report
For further information, please refer to the following NI 43-101 technical report available on the SEDAR+ website at www.sedarplus.com under the Company's profile or on the Company's website at www.oceanagold.com: "NI 43-101 Technical Report - Waihi District Study Pre-feasibility Study, New Zealand" dated December 11, 2024, with an effective date of June 30, 2024, prepared by D. Townsend, L Crawford-Flett, K. Hollis, E Leslie, and T. Maton;
Cautionary Statement for Public Release
This press release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to costs and timing of future exploration and drilling programs and the timing and receipt of Fast-track approval. Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of Free Cash Flow, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold and its related subsidiaries. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking. They include, among others, those risk factors identified in the Company's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR+ at www.sedarplus.com under the Company's name and on the Company's website. There are no assurances the Company can fulfil forward-looking statements. Such forward-looking statements are only predictions based on current information available to management as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. Although the Company believes that any forward-looking statements contained in this press release is based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws.
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Adjusted results are also intended to provide the user with results that have greater consistency and comparability to those of other issuers. All adjusting items affect reported expenses. Adjusting items in this release include the following: Transformation costs and other provisions: charges in connection with the transformation of our business and other matters. These charges encompass a range of transformation initiatives, including refining our ongoing operating model, outsourcing our carrying broker operations, realigning parts of our real estate footprint, and rolling out new strategy across the Company. There have been no transformation costs recorded since Q2 2023. Amortization of acquired intangibles: amortization of intangible assets created on the acquisition of Richardson Wealth. The following items are not included as adjusting items in this release: Balance sheet revaluation adjustments such as mark-to-market adjustments on our share-based compensation (RSUs and DSUs) and FX translation Costs related to our 2024 leadership transition Other one-time expenses or recoveries that we consider to be normal course of business, unless otherwise specified Non-GAAP Financial Measures A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in our 2024 Annual Financial Statements. A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage, or similar representation and that has a non-GAAP financial measure as one or more of its components. The primary non-GAAP financial measures (including non-GAAP ratios) used in this document are: EBITDA EBITDA is commonly used in the wealth management industry. We believe it provides a more accurate measure of our core operating results and is a commonly used basis for enterprise valuation. EBITDA is used to evaluate core operating performance by adjusting net income/(loss) to exclude: Interest expense, which we record primarily in connection with debt Income tax expense/(recovery) Amortization and depreciation which we record in connection with leases, equipment, and leasehold improvements Amortization related to intangible assets Amortization in connection with investment advisor transition and loan programs. 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Adjusted operating expense ratio is a non-GAAP ratio defined as adjusted operating expenses divided by gross margin. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported total expenses to operating expenses and adjusted operating expenses. Adjusted Net Income Adjusted net income is defined as net income/(loss) from continuing operations less adjusting items. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported net income/(loss) to adjusted net income/(loss). Commissionable Revenue Commissionable revenue includes fee revenue, trading commissions, commission revenue earned in connection with the placement of new issues, and revenue earned on the sale of insurance products. We use commissionable revenue to evaluate advisor compensation paid on that revenue. Net Working Capital Net working capital represents the excess capital available to deploy in operations or growth and is comprised of current assets less current liabilities. We use net working capital to manage our liquidity as well as evaluate the efficiency of our operations. Net working capital is widely used across the wealth management industry and beyond to assess the financial health of entities and associated risks. Current assets include the non-client portion of cash and cash equivalents, securities owned by the Company, the non-client portion of net receivable from brokers, the current portion of employee loans and other receivables, and other assets. Current liabilities include accounts payable and accrued liabilities, the current portion of provisions, and the current portion of lease liabilities. The table in the "Quarterly Non-GAAP Information" section below provides our net working capital calculation. Free Cash Flow Commencing Q1 2025, we updated our free cash flow available for growth and free cash flow calculations to consider cash impacts of non-cash operating items and RF Capital preferred share dividends. Comparative periods have been revised to conform with the current period presentation. Free cash flow available for growth is the cash flow the Company generates from its continuing operations before any investments in growth or transformation initiatives. We use this metric to evaluate the efficiency of our operations and assess the capital available to reinvest in growth activities. It is calculated as cash provided by/(used in) operating activities per the Consolidated Statement of Cash Flows plus adjusting items and net outlays to attract new advisors to the firm, less lease payments, RF Capital preferred share dividends, and maintenance capital expenditures. Free cash flow is the net cash flow that the Company generates from its continuing operations after investments in growth and transformation initiatives. We use free cash flow to evaluate the efficiency of our growth initiatives and assess the capital available after investments in growth. It is calculated as free cash flow available for growth less net outlays to attract new advisors to the firm, capital expenditures on growth initiatives, and adjusting items. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported cash provided by/(used in) operating activities to free cash flow for growth and free cash flow. Supplementary Financial Measures An SFM is a financial measure that is not reported in our financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows. The Company's key SFMs disclosed in this release include AUA, average AUA per team, recruited assets, and asset yield. Management uses these measures to assess the operational performance of the Company. These measures do not have any definition prescribed under IFRS and do not meet the definition of a non-GAAP measure or non-GAAP ratio and may differ from the methods used by other companies and, therefore, these measures may not be comparable to other companies. The composition and explanation of an SFM is provided in this release where the measure is first disclosed if the SFM's labeling is not sufficiently descriptive. The following table presents select quarterly non-GAAP financial information for our eight most recently completed financial quarters. 2025 2024 2023 ($ thousands, except as otherwise indicated) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 EBITDA: Net income/(loss) from continuing operations - reported (2,109) (4,112) 1,290 (2,309) 2,714 (1,127) (2,882) (189) Income tax expense/(recovery) 179 811 1,804 1,751 (252) 1,190 713 2,281 Income/(loss) before income taxes - reported (1,930) (3,301) 3,094 (558) 2,462 63 (2,169) 2,092 Interest 3,191 3,322 3,649 3,725 3,413 3,750 3,994 3,527 Advisor award and loan amortization 3,022 3,125 3,211 3,103 2,909 3,161 5,844 4,457 Amortization and depreciation of premises and equipment 2,770 2,694 2,677 2,660 2,749 3,049 3,385 3,414 Amortization of intangibles 3,626 3,626 3,607 3,563 3,537 3,516 3,464 3,442 EBITDA 10,679 9,466 16,238 12,493 15,070 13,539 14,518 16,932 Operating expenses: Total expenses - reported 51,269 58,718 51,979 52,246 51,104 52,705 53,055 49,732 Interest 3,191 3,322 3,649 3,725 3,413 3,750 3,994 3,527 Advisor award and loan amortization 3,022 3,125 3,211 3,103 2,909 3,161 5,844 4,457 Amortization and depreciation of premises and equipment 2,770 2,694 2,677 2,660 2,749 3,049 3,385 3,414 Amortization of intangibles 3,626 3,626 3,607 3,563 3,537 3,516 3,464 3,442 Operating expenses 38,660 45,951 38,835 39,195 38,496 39,229 36,368 34,892 Adjusted net income: Net income/(loss) from continuing operations - reported (2,109) (4,112) 1,290 (2,309) 2,714 (1,127) (2,882) (189) After-tax adjusting items: Transformation costs and other provisions - - - - - - - - Amortization of acquired intangibles 2,398 2,398 2,398 2,398 2,398 2,398 2,399 2,398 Adjusted net income/(loss) 289 (1,714) 3,688 89 5,112 1,271 (483) 2,209 Net income/(loss) per common share from continuing operations: Basic (0.21) (0.33) 0.01 (0.22) 0.11 (0.14) (0.26) (0.10) Diluted (0.21) (0.33) 0.01 (0.22) 0.10 (0.14) (0.26) (0.10) Adjusted net income/(loss) per common share: Basic (0.05) (0.18) 0.17 (0.06) 0.26 0.01 (0.10) 0.09 Diluted (0.05) (0.18) 0.17 (0.06) 0.26 0.01 (0.10) 0.07 Cash flow: Cash provided by/(used in) operating activities 5,517 5,401 14,442 15,977 5,162 (11,826) 2,836 16,624 Add/(less): Advisor loans net of repayments 199 1,820 1,270 6,290 7,088 2,249 13,224 557 Capital expenditures - maintenance (644) (1,995) (1,004) (790) (901) (419) (797) (348) Lease payments (2,174) (2,172) (2,169) (2,196) (2,257) (2,266) (2,041) (2,044) Preferred share dividends (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) Free cash flow available for growth 1,825 1,981 11,466 18,208 8,019 (13,335) 12,149 13,716 Advisor loans net of repayments (199) (1,820) (1,270) (6,290) (7,088) (2,249) (13,224) (557) Capital expenditures - growth (net of lease inducements) (1,854) (1,969) (465) (115) 928 (82) 936 225 Free cash flow (228) (1,808) 9,731 11,803 1,859 (15,666) (139) 13,384 As at As at June 30, March 31, Increase/ December 31, Increase/ ($ thousands, except as otherwise indicated) 2025 2025 (decrease) 2024 (decrease) Net working capital: Current assets: Cash and cash equivalents (non-client portion) 86,520 86,748 (0 %) 88,556 (2 %) Securities owned 854 820 4 % 1,593 (46 %) Net receivable from brokers (non-client portion) 59,209 60,034 (1 %) 61,125 (3 %) Employee and other loans receivable (current portion) 1,035 1,113 (7 %) 1,244 (17 %) Other assets 17,840 15,156 18 % 14,758 21 % Current liabilities: Accounts payable and accrued liabilities 58,154 60,500 (4 %) 60,261 (3 %) Provisions (current portion) 12,364 12,030 3 % 13,587 (9 %) Lease liabilities (current portion) 5,021 4,676 7 % 4,699 7 % Net working capital 89,919 86,665 4 % 88,729 1 % YTD Non-GAAP Information The following table presents select year-to-date non-GAAP financial information for the current and prior fiscal years. For the six months ended June 30, June 30, ($ thousands, except as otherwise indicated) 2025 $ 2024 EBITDA: Net income/(loss) from continuing operations - reported (6,221) 1,587 Income tax expense/(recovery) 990 938 Income/(loss) before income taxes - reported (5,231) 2,525 Interest 6,512 7,163 Advisor award and loan amortization 6,147 6,070 Amortization and depreciation of premises and equipment 5,464 5,798 Amortization of intangibles 7,252 7,053 EBITDA 20,144 28,609 Operating expenses: Total expenses - reported 109,987 103,809 Interest 6,512 7,163 Advisor award and loan amortization 6,147 6,070 Amortization and depreciation of premises and equipment 5,464 5,798 Amortization of intangibles 7,252 7,053 Operating expenses 84,612 77,725 Adjusted net income: Net income/(loss) from continuing operations - reported (6,221) 1,587 After-tax adjusting items: Transformation costs and other provisions - - Amortization of acquired intangibles 4,796 4,796 Adjusted net income/(loss) (1,425) 6,383 Net income/(loss) per common share from continuing operations: Basic (0.54) (0.04) Diluted (0.54) (0.04) Adjusted net income/(loss) per common share: Basic (0.23) 0.27 Diluted (0.23) 0.27 Cash flow: Cash provided by/(used in) operating activities 10,918 (6,664) Add/(less): Advisor loans net of repayments 2,019 9,337 Capital expenditures - maintenance (2,640) (1,320) Lease payments (4,345) (4,523) Preferred share dividends (2,146) (2,146) Free cash flow available for growth 3,806 (5,316) Advisor loans net of repayments (2,019) (9,337) Capital expenditures - growth (net of lease inducements) (3,823) 846 Free cash flow (2,036) (13,807) About RF Capital Group Inc. RF Capital Group Inc. is a TSX-listed (TSX: RCG) wealth management-focused company. Operating under the Richardson Wealth brand, the Company is one of the largest independent wealth management firms in Canada with $40.4 billion in assets under administration (as of June 30, 2025) and 23 offices across the country. The firm's Advisor teams are focused exclusively on providing strategic wealth advice and innovative investment solutions customized for high net worth or ultra-high net worth families and entrepreneurs. The Company is committed to maintaining exceptional fiduciary standards and has earned certification – determined annually – from the Centre for Fiduciary Excellence for its Separately Managed and Portfolio Management Account platforms. For the seventh year in a row, Richardson Wealth has been certified as a "great place to work" by Great Place to Work®, a global authority on workplace culture. To learn more about the Company, please visit and to view our 2024 annual report and our latest recruiting brochure. SOURCE RF Capital Group Inc.
