09:49 AM EDT, 10/07/2024 (MT Newswires) -- OceanaGold ( OCANF ) was at last look down 1.6% in early Monday trade after it over the weekend said that its Waihi and Macraes mines have been included on the list of proposed projects to get fast-track approval by New Zealand government for regionally and nationally significant infrastructure and development projects.
A statement noted the Waihi North Project includes the highly prospective Wharekirauponga (WKP) proposed underground mine, as well as the Macraes Phase 4 Project, involving a mine extension permit.
The Fast-track Approvals Bill is expected to be passed into law later this year, allowing listed projects to apply directly to a Government-appointed expert panel for final decision, OceanaGold ( OCANF ) said.
"Expediting the permitting of our projects will preserve the jobs of 1,000 employees we have in New Zealand, provides new jobs and will deliver wider economic benefits for the local communities and the country," said OceanaGold ( OCANF ) President and CEO Gerard Bond.
National Bank, which has an Outperform rating and C$55 Target on OGC, said the impact of the should be "positive."
The bank said OceanaGold ( OCANF ) remains its 'Top Pick' in the Intermediate precious metal space for its significant near-term production and EBITDA growth due to the completion of the Haile U/G ramp-up earlier this year. National derived its C$5.00 target price for OceanaGold ( OCANF ) from a 100% weighted 3.25x NTM EV/EBITDA target multiple, which implies a 1.05x P/NAV multiple. As of Friday's close, OceanaGold ( OCANF ) was trading at 3.4x and 2.8x National's 2024 and 2025 estimates on an EV/EBITDA basis and 0.82x NAV on a cash-adjusted basis.
Price: 3.69, Change: -0.07, Percent Change: -1.86