11:06 AM EDT, 09/12/2024 (MT Newswires) -- (Adds analyst comment.)

OceanaGold (OGC.TO) after trade Wednesday said it is on track to delineate two-million ounces underground at the Haile Gold Mine in the United States by the end of 2024, as it provided the latest results from exploration and resource conversion drilling there.

Chief executive Gerard Bond in a statement said: "Today's outstanding resource conversion and definition drill results support our goal of delineating two million ounces underground at Haile by the end of this year. Infill drill results at Ledbetter Phase 4 are exceptional in width and grade and inform the work evaluating whether to mine the last phase of Ledbetter from underground. Additionally, new resource conversion results announced today improve our confidence in Horseshoe mineralization at depth, and results from Horseshoe Extension have intersected new mineralization proximal to existing infrastructure."

National Bank of Canada maintained its outperform rating and $5.00 price target following the news.

The bank said it expects OceanaGold to outperform peers in today's trading due to the high-grade intercepts that support the delineation of additional underground ounces at Haile.

OceanaGold shares were last seen up $0.24 to $3.72 on the Toronto Stock Exchange.

Price: 3.71, Change: +0.23, Percent Change: +6.61