11:01 AM EDT, 03/28/2024 (MT Newswires) -- National Bank of Canada noted Thursday OceanaGold Corp. (OGC.TO)'s updated technical reports for the Haile mine in South Carolina and the Macraes mine in New Zealand.

According to the bank, the reports include the Palomino underground deposit into the mine plan at Haile, as well as the exclusion of the Round Hill deposit at Macraes due to its lack of economic viability.

The bank said Haile's net present value of US$1.04 billion based on a 5% discount aligned with its estimate of US$1.03 billion.

Meanwhile, the Macraes technical report came in slightly below the bank's estimates largely due to the shorter mine life, with management continuing to investigate opportunities to extend the mine life throughout 2024. But this was offset by lower-than-expected capex, the bank said.

National Bank expects OceanaGold's ( OCANF ) share price to trade in line with peers today following the update.

The bank gave OceanaGold ( OCANF ) an outperform rating with a $3.75 price target.

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