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OGC
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OceanaGold Corporation is a British Columbia corporation headquartered in Vancouver, Canada. Q1 2026 financial performance was much stronger than Q1 2025 and broadly comparable with Q4 2025 on cash generation. The key review question is whether OceanaGold can translate this operating and financial setup into durable cash generation while managing the mining and project risks disclosed in the AIF and Q1 MD&A.
OceanaGold reaffirmed 2026 full-year guidance after Q1 2026. Consolidated guidance is 520,000 to 590,000 ounces of gold, 13,000 to 15,000 tonnes of copper from Didipio, cash costs of $1,050 to $1,200 per ounce, and AISC of $1,750 to $1,900 per ounce. The production profile is expected to be slightly higher in the second half, with the strongest quarters in Q2 and Q4. Haile is expected to increase to about 60,000 ounces in Q2 and improve further in Q3 and Q4, helping drive consolidated production and lower AISC through the year. Macraes is expected to remain within its 135,000 to 155,000 ounce annual guidance, Waihi is expected to deliver 60,000 to 75,000 ounces, and Didipio is expected to deliver 85,000 to 105,000 ounces of gold plus the copper contribution. Capital investment guidance totals $645 million, including $170 million of sustaining capital, $235 million of pre-strip and capitalized mining, $180 million of growth capital, and $60 million of exploration.
OceanaGold is a gold and copper producer with four operating mines: Haile in the United States, Macraes and Waihi in New Zealand, and 80%-owned Didipio in the Philippines. The approved sources support a thesis centered on high gold-price leverage, operating delivery to plan, strong free cash flow, a debt-free balance sheet, and organic growth from Waihi North, Wharekirauponga, Palomino Underground at Haile, and mine-life extension work. In Q1 2026, the company produced 130,100 ounces of gold and 3,200 tonnes of copper, generated record quarterly revenue of $714.5 million, reported adjusted EBITDA of $417.8 million, and generated free cash flow of $255.2 million. Cash increased to $620.1 million at March 31, 2026, there was no debt, and the revolving credit facility was undrawn. The World Gold Council source shows Q1 2026 gold demand at record value levels, with investment and central bank demand supported by geopolitical risk and high prices, providing relevant industry context for a gold producer.
Requires analyst review. Source-backed watch items include delivery against 2026 production and AISC guidance, the expected step-up in Haile production after Q1, the planned decline in consolidated AISC through the year, continued free-cash-flow generation, the June 2026 dividend and ongoing 2026 share repurchase program, the NYSE listing completed on April 7, 2026, and updated technical reports for Haile, Macraes, and Didipio that demonstrate stable production profiles and longer mine lives. Growth and development milestones include Waihi North services trench and water treatment plant work, underground tunnelling at Waihi North, Wharekirauponga drilling after the newly defined southern high-grade zone, Palomino Underground development at Haile, Macraes Phase 4 Fast-track permitting work, and Didipio lower-level development after dewatering enabled resumed activity.
Street
bullMarket-Implied
bearMost Likely
baseConfidence
MediumAs of 2026-06-06, the current price of 35.85 compares with a low/mean/high consensus range of 51.71, 65.43, and 78.98 across 11 analysts. That setup points to a bull street case because the mean and high ends of the range remain materially above the current quote.
The market-implied case is bear because the current quote sits below the low end of the target range, showing that investors still discount material delivery or cycle risk.
The overall case is base because OceanaGold must convert its gold and copper-gold mining portfolio into durable evidence around multi-asset execution, cash generation, cost control, and reserve conversion. The report context is constructive enough to keep the scenario live, but gold prices, permitting, mine sequencing, and country risk keep the range from being a one-way read.
Current Price
$35.85
Expected Value
$65.39
Implied Move
+82.4%
Current vs low/median/mean/high target prices
OceanaGold’s operating results depend on mining, processing, development and exploration performance at Haile, Didipio, Macraes and Waihi, including production levels, mine lives, reserve and resource estimates, geotechnical conditions, water management, tailings, labour, safety, equipment, construction and project execution. The annual and quarterly MD&A filings identify operating, consenting, permitting, water, safety, health, social, environmental and climate-related risks that could harm operations, investments and prospects.
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Financial performance is sensitive to gold, copper and silver prices, foreign exchange rates, taxation, capital and operating costs, exploration spending, credit facility terms, debt service, financing availability and assumptions used in impairment or recoverability testing. The financial statements show significant judgment around Haile recoverable value and life-of-mine plans, while the reserve update and MD&A identify risks around the ability to meet forecasts, obtain financing when required and satisfy current and future obligations.
Gold mining is inherently speculative and exposed to commodity prices, reserve and resource accuracy, exploration results, input availability and cost, financing conditions, foreign exchange rates, taxation levels and broader mining-industry assumptions. OceanaGold’s sources also show that project economics depend on reliable estimates, studies, forecasts, mineral reserve conversion and market prices for outputs, while competition for labour, services and capital can affect costs and execution.
OceanaGold operates a multi-asset mining model focused on exploring, developing and operating gold and gold/copper mines. The company generates revenue from gold dore bars containing gold and silver and, at Didipio, copper-gold concentrate. Its business model depends on controlled mine operations, reserve and resource conversion, sustaining and growth capital, exploration, mine-life extension projects, processing facilities, third-party logistics and contractor services, and exposure to world-market prices for gold, copper and silver. The company does not hedge current or future gold sales, while using diesel hedging to reduce input cost volatility at Haile and Macraes.
OceanaGold Corporation is a British Columbia corporation headquartered in Vancouver, Canada. The company is a global gold and copper producer engaged in the exploration, development and operation of gold and gold/copper mines. It operates four mines: the wholly owned Haile Gold Mine in South Carolina, United States; the wholly owned Macraes Operation in the South Island of New Zealand; the wholly owned Waihi Operation, including the Waihi North Project, in the North Island of New Zealand; and the 80 percent-owned Didipio Mine in Luzon, Philippines. OceanaGold's common shares trade on the Toronto Stock Exchange under OGC and, since April 7, 2026, on the New York Stock Exchange under the same symbol.
OceanaGold's cost structure includes mine site operating costs, indirect taxes, selling costs, by-product allocations, mining, processing, site general and administrative costs, sustaining capital, deferred stripping, capitalized mining, growth capital, exploration, corporate general and administrative costs, depreciation and amortization, leases, asset retirement obligation accretion, royalties and government shares. Q1 2026 cost of sales excluding depreciation and amortization was $226.8 million, depreciation and amortization was $84.0 million, general and administration was $36.3 million, indirect taxes were $9.0 million and the Didipio Additional Government Share was $22.1 million. Q1 2026 total capital and exploration expenditure was $141.6 million, including sustaining capital, deferred stripping and capitalized mining, growth capital and exploration across Haile, Macraes, Waihi and Didipio.
Barriers include mineral rights, technical studies, permits, processing facilities, tailings and water infrastructure, closure obligations, capital, skilled labour and long community relationships. Substitutes include other gold or copper producers, recycled metal and financial gold exposure, but operating mines and permitted deposits remain scarce and location-specific assets.
OceanaGold's advantages are asset and operating-system based: producing mines in multiple jurisdictions, established processing infrastructure, NI 43-101 technical documentation, mineral reserves and resources, and brownfield growth options at assets such as Haile, Macraes, Waihi and Didipio. The moat depends on reserve conversion, permit renewals, cost control and continued access to land, water and community support.
OceanaGold competes with other gold and copper miners for mineral tenure, exploration ground, technical labour, contractors, equipment, development capital and community support. Gold and copper are globally priced commodities, so differentiation comes from reserve quality, mine life, operating reliability, permitting record, jurisdictional mix, cost control and exploration delivery.
OceanaGold operates in gold and copper mining with producing assets in the Philippines, the United States and New Zealand. Its source packet covers Didipio, Haile, Macraes and Waihi, annual information filings, Q4 and Q1 financial materials, sustainability reports, mineral reserve updates and NI 43-101 technical reports for the operating mines.
Capital structure composition and liquidity ratios
At March 31, 2026, OceanaGold had $620.1 million of cash and cash equivalents, up from $476.5 million at December 31, 2025. Current assets increased to $891.8 million from $731.8 million, and total assets increased to $3.47 billion from $3.26 billion, with mineral properties, plant and equipment rising to $2.37 billion from $2.30 billion. Current liabilities increased to $615.4 million from $505.7 million, mainly alongside higher trade and other payables of $364.7 million and current tax liabilities of $157.5 million. Total liabilities were $979.5 million, total shareholders' equity attributable to OceanaGold shareholders was $2.39 billion, and non-controlling interest was $103.5 million.
The balance sheet and cash flow profile strengthened during Q1 2026. Cash increased by $143.6 million during the quarter after operating cash flow of $381.5 million more than covered $126.3 million of investing cash outflow and $108.4 million of financing cash outflow. The company reported no drawn debt, an undrawn $200.0 million revolving credit facility, and liquidity of $820.1 million at March 31, 2026. Net current assets were $276.4 million, up from $226.1 million at December 31, 2025. Contracted capital commitments were $85.5 million at quarter-end, including $23.8 million for property, plant and equipment, $48.9 million for development of mining assets, and $12.8 million of leases not yet commenced.
Operating, investing, and financing cash flow by period
OceanaGold generated $381.5 million of operating cash flow in Q1 2026, compared with $171.6 million in Q1 2025. Operating cash flow included net profit of $235.4 million, depreciation and amortization of $84.0 million, deferred tax expense of $11.6 million, and a $46.9 million working capital inflow. Investing activities used $126.3 million, made up of $54.2 million for property, plant and equipment and $72.1 million for mining assets. Financing activities used $108.4 million, including $76.7 million of share buybacks, $20.3 million of dividends to OceanaGold shareholders, $7.6 million of dividends to non-controlling interests, and $3.8 million of lease repayments. Cash ended the quarter at $620.1 million.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| OR | 184.4% | OR Royalties Inc. | 87.3% |
| BTO | 250.3% | B2Gold Corp. | 117.7% |
| DPM | 294.7% | DPM Metals Inc. | 115.3% |
| ELD | 97.9% |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Total Revenue | 2,247,800 | 1,893,200 | 1,294,000 | 1,026,300 | 967,400 |
| All numbers in thousands (USD) | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
•Total Assets | 3,255,400 | 2,489,100 | 2,446,300 | 2,290,600 |
•Current Assets |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 1,194,100 | 984,200 | 593,900 | 384,200 | 368,700 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 390,059,225 | 9,509,001 | mutual_fund | VanEck ETF Trust-VanEck Gold Miners ETF | Apr 2026 | 4.25% |
| 219,211,046 | 5,344,004 | mutual_fund | VanEck ETF Trust-VanEck Junior Gold Miners ETF | Apr 2026 | 2.39% |
| 179,706,324 | 4,380,944 | mutual_fund |
OceanaGold reports environmental factors through its 2025 Sustainability Report, with material topics including biodiversity, water and effluents, climate change and decarbonization, tailings storage management, and closure planning. The company reported no category 3, 4 or 5 environmental events and maintained its record of no material environmental incidents in 2025, while recording 86 low-severity non-compliance incidents mainly related to short-duration localized water-related discharge events. Environmental stewardship metrics included 98 hectares of disturbed land rehabilitated in 2025, approximately 200 hectares progressively rehabilitated over the prior 24 months, 1,636 hectares of protected and restored habitat, and a 60% average water re-use/recycling rate across operating mine sites. OceanaGold reported total freshwater withdrawn of 34,102 ML, total water withdrawal of 37,223 ML and total water discharge of 42,828 ML for 2025, and said all operating mine sites updated site-specific water management plans against the Group Water Performance Standard. Climate work included a renewed aspiration to reduce absolute Scope 1 and Scope 2 GHG emissions by 30% by 2030 from a 2022 base year, a longer-term net-zero Scope 1 and Scope 2 aspiration by 2050, a 38% GHG emissions reduction versus the 2022 base year, 100% of operating-mine electricity covered by renewable energy certificates, Scope 1 emissions of 195,708 tCO2e and Scope 2 emissions of 160,375 tCO2e. Tailings controls include alignment with GISTM, ICMM and ICOLD standards, a Tailings Governance Committee, independent tailings review, dam safety reviews, credible failure-mode assessments, and use of InSAR deformation monitoring at operational sites.
OceanaGold's ESG risks include permitting and regulatory approvals, health and safety, environmental compliance, water availability, tailings and waste management, climate physical and transition risks, reclamation and closure obligations, labour relations, human rights, Indigenous Peoples, community acceptance, cybersecurity and data privacy. The Annual Information Form says the company is exposed to geotechnical risks, tailings dam failures, challenges associated with effective water management, environmental, health and safety and climate-related risks, community acceptance, stakeholder engagement, social licence to operate, and legal or regulatory challenges to permits, certifications, approvals or licences. It also says exploration, development, mining and processing are subject to laws and plans covering environmental consents, employee relations, socio-economic, cultural, heritage and historic matters, health and safety, land acquisitions and related matters, with delays, varied plans or rejected permits possible through consultation and third-party participation. Water risks include over-extraction, water scarcity and site water-management failures, while tailings and waste facilities can create health and safety, environmental and reputational consequences if controls fail. Climate physical risks include drought, storm events, flooding, resource shortages and changing rainfall or temperature patterns; transition risks include emissions regulation, fuel limits, water access restrictions, carbon or water taxes, activism and reputational disruption. The sustainability report identifies related improvement areas in the Climate Transition Plan, renewable-energy certificates, fleet decarbonization studies, site water plans, biodiversity governance, closure execution plans, GISTM alignment, critical-control verification, community engagement and human-rights due diligence.
1Y cumulative return vs XIC
Requires analyst review. The approved sources do not provide a market price, independent valuation model, target return, or peer comparison, so no price-based mispricing claim is made. A source-backed review frame is whether the market is adequately reflecting OceanaGold's record Q1 2026 revenue, $255.2 million of free cash flow, no-debt balance sheet, cash balance of $620.1 million, high gold-price exposure without current gold sales hedges, increased shareholder returns, and organic growth pipeline, while also accounting for elevated Q1 AISC, planned mine sequencing, capital intensity, permitting, operating, commodity-price, jurisdictional, and development risks.
The investment case is exposed to the mining and project risks disclosed in the AIF and Q1 MD&A. These include failure to achieve production, cost, and capital guidance; inaccuracies in Mineral Reserve and Mineral Resource estimates; ore grade, metallurgy, recovery-rate, mine-plan, and project-parameter variability; delays or inability to complete development, construction, expansion, or permitting activities; failures or underperformance of plant, equipment, infrastructure, and processes; geotechnical, tailings, water-management, environmental, health, safety, climate, and social-licence risks; legal and regulatory challenges to permits and licences; commodity-price and foreign-exchange volatility; labour and supply-chain constraints; inflation; trade policy and geopolitical disruptions; limitations of insurance coverage; litigation and administrative proceedings, including Didipio matters and Waihi North permit appeal risk; and the need to execute growth projects such as Waihi North and Palomino within expected cost and timing.
OceanaGold reported Q1 2026 production of 130,100 ounces of gold and 3,200 tonnes of copper, with consolidated annual production tracking in line with guidance. Q1 revenue was $714.5 million, net profit attributable to shareholders was $228.4 million, adjusted EBITDA was $417.8 million, operating cash flow was $381.5 million, and free cash flow was $255.2 million. Cash increased 30% to $620.1 million, with no debt and an undrawn revolving credit facility. The company completed $77 million of share repurchases in Q1 under its 2026 program and declared a $0.09 per-share dividend payable in June 2026. It released updated NI 43-101 technical reports for Haile, Macraes, and Didipio, confirmed continuity and extension of the southern high-grade zone at Wharekirauponga, began decline development at Waihi North, and listed on the NYSE on April 7, 2026.
Requires analyst review. The source-only action stance is to route OceanaGold for analyst review focused on whether Q1 cash generation can persist as production steps up and AISC declines through 2026, whether Haile, Waihi North, Macraes, and Didipio deliver against guidance and development schedules, and whether the debt-free balance sheet plus capital-return program adequately offsets capital intensity and operating risk. The approved source packet supports monitoring and analyst review only; it does not support an automated rating, target, or definitive portfolio action.
Requires analyst review. The approved packet provides financial and operating inputs but does not include an independent valuation model or approved market-comparable analysis. Relevant source-backed inputs for analyst review include Q1 2026 revenue of $714.5 million, adjusted EBITDA of $417.8 million, free cash flow of $255.2 million, net profit attributable to shareholders of $228.4 million, cash of $620.1 million, no debt, liquidity of $820.1 million, consolidated 2026 gold production guidance of 520,000 to 590,000 ounces, consolidated AISC guidance of $1,750 to $1,900 per ounce, and capital investment guidance of $645 million. The gold-market context source adds that Q1 2026 gold demand reached a record value of $193 billion and that the LBMA PM quarterly average gold price reached $4,873 per ounce, which is relevant for reviewing realized price sensitivity and cash-generation durability.
Confidence is medium because the prepared report sections are source-backed and the street-target inputs are current, but scenario outcomes still depend on gold prices, permitting, mine sequencing, and country risk.
Bear Case
In the bear case, OceanaGold remains tied to its gold and copper-gold mining portfolio, but investors put more weight on gold prices, permitting, mine sequencing, and country risk than on the consensus range. The stock can lag even with source-backed report coverage in place if cash generation, project delivery, or operating momentum falls short of what the current report context implies.
What Must Go Right: To avoid the bear case, OceanaGold needs to preserve liquidity, keep operating and capital plans within the boundaries described in the report, and show that multi-asset execution, cash generation, cost control, and reserve conversion are progressing without adding balance-sheet strain.
What Must Go Wrong: The bear case develops if gold prices, permitting, mine sequencing, and country risk weaken confidence, if cost or capital needs absorb the financial flexibility shown in the report, or if investors decide the target range was too dependent on favorable market conditions.
Base Case
In the base case, OceanaGold executes broadly in line with the prepared report context. The business continues to show credible support from its gold and copper-gold mining portfolio, while the market waits for clearer evidence that multi-asset execution, cash generation, cost control, and reserve conversion can compound through the cycle.
What Must Go Right: The base case requires steady operating delivery, disciplined capital allocation, and risk control. Management needs to keep the balance sheet usable, protect margins or cash conversion, and make the report thesis more visible through measurable progress.
What Must Go Wrong: The base case weakens if execution becomes uneven, if external market conditions overpower company-specific progress, or if the risk section begins to matter more than the investment-summary thesis.
Bull Case
In the bull case, OceanaGold converts the strengths identified in the report into clearer market evidence. Investors give more credit to multi-asset execution, cash generation, cost control, and reserve conversion, and the current quote moves closer to the stronger part of the consensus range without needing a new unsupported valuation claim.
What Must Go Right: The bull case requires sustained execution, clean capital allocation, and proof that the company can turn its gold and copper-gold mining portfolio into durable earnings, cash flow, or asset-value progress. The more management reduces uncertainty around gold prices, permitting, mine sequencing, and country risk, the easier it becomes for the target range to matter.
What Must Go Wrong: The bull case fails if the positive setup depends mainly on external markets rather than company delivery, if costs or capital intensity rise, or if the report risks limit how much credit investors are willing to assign.
The company operates in the United States, the Philippines and New Zealand, creating exposure to permitting, consents, approvals, environmental regulation, safety and health laws, tax rules, political conditions, social obligations, community relations, product and reporting requirements, and possible litigation or regulatory action. The AIF and MD&A describe risks from operating in foreign jurisdictions, compliance with applicable laws and regulations, political and social conditions, approvals or permits, and environmental, social and climate-transition obligations.
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Company-specific risk is concentrated in sustaining Haile value and production, managing Didipio in the Philippines, executing Macraes and Waihi development and permitting in New Zealand, and replacing or expanding mineral reserves and resources across the portfolio. The selected sustainability and reserve sources also highlight water, tailings, closure, safety, community, climate and environmental stewardship risks, any of which could affect operating continuity, public acceptance, costs or future mine plans.
OceanaGold sells gold, silver and copper products into global metals markets where prices are principally set in U.S. dollars. Its operations produce gold dore bars and Didipio produces copper-gold concentrate, with all concentrate sales generated by Didipio. The company uses third-party contractors for services including maintenance of mining equipment and heavy machinery, trucking, blasting, road and infrastructure repair and maintenance, brokerage and logistics services, secured transportation of gold dore and copper concentrate, and transportation and treatment of hazardous wastes. The company reports treatment, refining and selling costs in revenue reconciliation and does not hedge current or future gold sales.
OceanaGold is domiciled in British Columbia, Canada, and conducts mining, development and exploration activities in the United States, New Zealand and the Philippines. Haile is in South Carolina in the United States. Macraes is in Otago on the South Island of New Zealand. Waihi, including the Waihi North Project and Wharekirauponga Underground development, is in the North Island of New Zealand. Didipio is in Luzon in the Philippines and is held through OceanaGold (Philippines), Inc., in which 20 percent of the common shares were listed on the Philippine Stock Exchange in 2024. The company also has workforce presence across Canada, Australia, the United States, New Zealand, the Philippines and Singapore.
Key operating levers include gold and copper production volumes, ore tonnes mined, ore grades, mill feed, recoveries, gold and copper sales volumes, realized metal prices, cash costs, all-in sustaining costs, sustaining capital, deferred stripping, growth capital, exploration drilling, mine sequencing, processing throughput, planned maintenance, labor costs, stock-based compensation, government royalties and the Didipio Additional Government Share. Q1 2026 production was 130,100 ounces of gold and 3,200 tonnes of copper, with consolidated AISC of $2,094 per ounce on 135,400 ounces of gold sales. The 2026 outlook remains tied to production increases at Haile, Macraes mine sequencing, Waihi North Project development, Didipio copper by-product credits, diesel costs, capital investment and regulatory or permitting progress for mine-life extension projects.
OceanaGold's principal products are gold dore bars containing gold and silver and copper-gold concentrate from the Didipio Mine. Gold is the company's primary product and represented 79 percent of 2025 product revenue as gold bullion and 13 percent as gold concentrate, while copper concentrate represented 7 percent and silver represented 1 percent. All concentrate sales are generated by Didipio. The company also carries out exploration, development and mine-life extension activities at its operating mines and related projects, including Haile underground opportunities, Macraes mine-life extension work, Waihi North and Wharekirauponga Underground development, and exploration drilling at each operating district.
OceanaGold operates under Canadian corporate and securities requirements and mining, environmental, health, safety, labor, tax, permitting, cultural heritage and land-use regimes in the United States, New Zealand and the Philippines. Its operations require regulatory approvals, permits and certifications and are subject to environmental rules covering air emissions, water discharges, waste and hazardous substances, greenhouse gas reporting, tailings facilities, cultural heritage, reclamation and closure. The Didipio Mine operates under a Financial or Technical Assistance Agreement with the Republic of the Philippines, renewed in 2021 until June 2044, under which the Philippine Government is entitled to a share of net revenue after deductions. The operating environment also includes foreign-jurisdiction risks, royalties and taxes, export controls, local ownership requirements, Indigenous Peoples and community relations, mine safety, labor relations, tailings and waste management, power and water supply, climate risk, commodity price cycles and competition for mineral properties and qualified personnel.
OceanaGold's revenue is driven by gold, copper and silver sales volumes and realized market prices, with gold as the primary revenue source and Didipio contributing copper and gold concentrate revenue. Q1 2026 net revenue was $714.5 million, consisting of $662.6 million of gold revenue, $44.1 million of copper revenue, $11.5 million of silver revenue and $3.7 million of treatment, refining and selling costs, with an average realized gold price of $4,894 per ounce and average realized copper price of $6.10 per pound. Revenue was higher than the prior quarter because a higher realized gold price more than offset lower gold sales volumes, and was approximately double the prior-year quarter because of higher realized gold prices, higher gold sales volumes and record realized copper and silver prices.
Growth depends on gold and copper prices, reserve replacement, underground development, mine-life extensions, permitting, capital projects and exploration conversion. The cycle is commodity-driven: higher gold prices can support reserves and cash generation, while grade variability, geotechnical conditions, cost inflation, weather, water, permitting and community issues can affect production timing and costs.
Operations are governed by mining, environmental, water, tailings, closure, labour, tax, royalty, securities and health-and-safety rules in the Philippines, the United States, New Zealand and Canada. Structural risks include permit appeals or delays, title and land access, FTAA and government-share exposure at Didipio, environmental incidents, mine closure obligations, community relations, geotechnical events and metal-price volatility.
OceanaGold is mostly a price taker for gold and copper. Cost position depends on ore grade, recoveries, mining method, strip ratios, underground development, fuel, power, reagents, labour, contractors, royalties, sustaining capital, foreign exchange and logistics. The source packet also shows sensitivity to gold price assumptions in reserve planning and to diesel and site operating costs.
Suppliers include mining contractors, equipment providers, power, fuel, reagents, transport, refining and technical services. Customers and counterparties include bullion refiners and smelter customers for concentrate, including Didipio concentrate suitable for sea freight to smelter customers. The company manages product specifications, refining or treatment terms, logistics and working capital rather than retail customer relationships.
Normalized cash conversion and accrual quality metrics
Cash Conversion
1.67x
Good
Accrual Intensity
-21.4%
Good
Earnings Margin
32.0%
Good
OCF Margin
53.4%
Good
Cash Conversion
1.67x
Accrual Intensity
-21.4%
Earnings Margin
32.0%
OCF Margin
53.4%
Revenue
$715K
Net Income
$228K
Operating CF
$382K
Q1 2026 earnings were supported by cash generation rather than only accounting gains: net profit of $235.4 million reconciled to $381.5 million of operating cash flow through non-cash depreciation and amortization, deferred tax expense, and a working capital inflow. Adjusted net profit attributable to shareholders was $229.5 million versus reported attributable net profit of $228.4 million, with adjustments limited to a $0.1 million foreign exchange loss and $1.0 million of NYSE listing costs. Adjusted EBITDA was $417.8 million compared with EBITDA of $416.7 million. The Q4 2025 comparison includes larger adjustment items, including a $176.2 million impairment reversal, an $8.0 million asset write-down, and $43.2 million of tax expense on the impairment reversal, so reported and adjusted figures should be read separately. The interim statements were prepared under IFRS Accounting Standards for IAS 34 reporting, and the company stated that accounting policies were consistent with the audited 2025 annual statements.
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OceanaGold left its 2026 production, cost, and capital guidance unchanged in the Q1 2026 MD&A. Consolidated guidance is 520,000 to 590,000 ounces of gold, 13,000 to 15,000 tonnes of copper, cash costs of $1,050 to $1,200 per ounce, and AISC of $1,750 to $1,900 per ounce. The annual production profile is expected to be slightly higher in the second half, with the strongest production in the second and fourth quarters, and consolidated AISC is expected to step down through the year. Haile production is expected to increase to approximately 60,000 ounces in Q2 and then increase further in Q3 and Q4. Capital investment guidance totals $645 million, including $170 million of sustaining capital, $135 million of pre-strip and capitalized mining, $280 million of growth capital, and $60 million of exploration, with $320 million included in AISC. The company continues to monitor diesel cost pressure and noted that diesel represents about 6% of 2026 AISC guidance, with roughly 80% of planned consumption at Haile and Macraes hedged on a rolling 12-month basis.
Q1 2026 financial performance was much stronger than Q1 2025 and broadly comparable with Q4 2025 on cash generation. Gold production was 130,100 ounces, down from 157,400 ounces in Q4 2025 but up from 117,400 ounces in Q1 2025; copper production was 3,200 tonnes versus 3,200 tonnes in Q4 2025 and 3,400 tonnes in Q1 2025. Revenue was $714.5 million, compared with $652.4 million in Q4 2025 and $359.9 million in Q1 2025. Adjusted EBITDA was $417.8 million, up from $374.0 million in Q4 2025 and $193.0 million in Q1 2025, while free cash flow was $255.2 million versus $259.4 million and $68.8 million, respectively. The quarter-over-quarter production decline reflected planned mine sequencing at all four operations, while the year-over-year production increase was driven by Macraes, partly offset by lower Haile output. Consolidated AISC was $2,094 per ounce, compared with $1,761 per ounce in Q4 2025 and $1,796 per ounce in Q1 2025.
Revenue (USD) and profitability margins (% of revenue)
OceanaGold reported Q1 2026 revenue of $714.5 million, up from $359.9 million in Q1 2025, supported by higher realized gold and copper prices and higher gold sales. The income statement shows cost of sales excluding depreciation and amortization of $226.8 million, depreciation and amortization of $84.0 million, general and administration expense of $36.3 million, indirect taxes of $9.0 million, and a $22.1 million Additional Government Share at Didipio. Operating profit was $336.3 million versus $140.4 million a year earlier. Profit before income tax was $333.7 million, income tax expense was $98.3 million, and net profit was $235.4 million. Profit attributable to OceanaGold shareholders was $228.4 million, or $1.01 per diluted share.
Key Q1 2026 metrics show high margins and a net cash position. Adjusted EBITDA margin was 58%, compared with 57% in Q4 2025 and 54% in Q1 2025. Consolidated cash costs were $1,292 per ounce and consolidated AISC was $2,094 per ounce on gold sales of 135,400 ounces. The average gold price received was $4,894 per ounce and the average copper price received was $6.10 per pound. Net cash was $620.1 million, liquidity was $820.1 million, and the leverage ratio was 0.00x. Diluted earnings per share and adjusted diluted earnings per share were both $1.01. Segment operating profit was $103.7 million at Haile, $157.1 million at Macraes, $50.1 million at Waihi, and $61.6 million at Didipio, before corporate and other costs of $36.2 million.
Q1 2026 adjusted measures were close to reported measures because adjustment items were small: adjusted net profit added back a $0.1 million foreign exchange loss and $1.0 million of NYSE listing costs, resulting in adjusted net profit of $229.5 million versus reported attributable net profit of $228.4 million. Q4 2025 comparability is affected by a $176.2 million impairment reversal, an $8.0 million asset write-down, and $43.2 million of tax expense on the impairment reversal, which helps explain the gap between Q4 2025 reported attributable net profit of $327.7 million and adjusted net profit of $201.7 million. Didipio's Additional Government Share was $22.1 million in Q1 2026, up from $7.5 million in Q1 2025 and $2.9 million in Q4 2025, and is treated by the company as in the nature of income tax and excluded from AISC. Q1 2026 AISC also reflects stock-based compensation and planned capital and sustaining spend, so current-quarter unit costs should be interpreted alongside mine sequencing, realized prices, the capital plan, and company guidance.
| Eldorado Gold Corporation |
| 49.9% |
| EQX | Equinox Gold Corp. | 224.3% |
| IMG | 822.9% | IAMGOLD Corporation | 115.9% |
| LUG | 79.4% | Lundin Gold Inc. | 59.2% |
| AGI | 1144.7% | Alamos Gold Inc. | 79.2% |
| PAAS | 131.6% | Pan American Silver Corp. | 49.3% |
| K | 133.9% | Kinross Gold Corporation | 60.8% |
| 140.5% | Subject (OGC) | 98.5% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 10.3% | 18.9% | OR | 78.1% | OR Royalties Inc. | 96.7% | 85.4% |
| 16.9% | 16.5% | BTO | 14.8% | B2Gold Corp. | 65.5% | 45.0% |
| 16.6% | 25.5% | DPM | 44.9% | DPM Metals Inc. | 69.4% | 59.3% |
| 8.8% | 14.0% | ELD | 28.6% | Eldorado Gold Corporation | 62.8% | 48.8% |
| 6.9% | 5.2% | EQX | 25.2% | Equinox Gold Corp. | 58.9% | 45.3% |
| 16.9% | 28.0% | IMG | 29.5% | IAMGOLD Corporation | 48.0% | 52.8% |
| 46.5% | 68.5% | LUG | 45.7% | Lundin Gold Inc. | 77.8% | 68.9% |
| 12.0% | 25.9% | AGI | 51.2% | Alamos Gold Inc. | 70.2% | 52.4% |
| 10.6% | 20.8% | PAAS | 31.6% | Pan American Silver Corp. | 55.7% | 48.1% |
| 20.3% | 35.5% | K | 36.0% | Kinross Gold Corporation | 68.7% | 55.1% |
| 21.8% | 34.6% | 33.7% | Subject (OGC) | 62.3% | 50.2% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 4.79 | 27.54 | 29.36 | OR | 32.77x | 29.37x | $9.6bn | 21.90 | OR Royalties Inc. | $9.6bn |
| 1.71 | 12.28 | 2.35 | BTO | 4.41x | 2.38x | $8.7bn | 4.07 | B2Gold Corp. | $8.8bn |
| 2.82 | 13.51 | 9.44 | DPM | 13.92x | 8.94x | $10.5bn | 8.02 | DPM Metals Inc. | $10.0bn |
| 1.48 | 11.28 | 5.82 | ELD | 10.77x | 6.19x | $11.6bn | 5.42 | Eldorado Gold Corporation | $12.4bn |
| 1.62 | 34.02 | 5.67 | EQX | 10.18x | 5.92x | $13.7bn | 6.88 | Equinox Gold Corp. | $14.3bn |
| 2.31 | 10.04 | 4.04 | IMG | 7.65x | 4.11x | $13.8bn | 6.87 | IAMGOLD Corporation | $14.0bn |
| 11.42 | 16.90 | 10.70 | LUG | 14.55x | 10.37x | $21.3bn | 12.52 | Lundin Gold Inc. | $20.7bn |
| 3.65 | 15.88 | 11.17 | AGI | 16.91x | 11.04x | $23.1bn | 11.99 | Alamos Gold Inc. | $22.9bn |
| 3.33 | 17.31 | 8.01 | PAAS | 16.35x | 7.96x | $32.0bn | 10.09 | Pan American Silver Corp. | $31.8bn |
| 3.86 | 12.46 | 6.07 | K | 9.60x | 5.98x | $48.3bn | 8.29 | Kinross Gold Corporation | $47.6bn |
| 2.87 | 9.24 | 4.18 | 7.17x | 4.00x | $9.4bn | 6.87 | Subject (OGC) | $9.0bn |
| 2,262,700 |
| 1,907,200 |
| 1,307,400 |
| 1,044,600 |
| 984,700 |
Cost of Revenue | 1,129,900 | 1,015,700 | 921,700 | 727,600 | 707,600 |
Gross Profit | 1,117,900 | 877,500 | 372,300 | 298,700 | 259,800 |
•Operating Expense | 129,900 | 100,000 | 89,800 | 90,600 | 66,900 |
•Selling General and Administrative | 99,500 | 73,800 | 64,200 | 64,300 | 51,700 |
•General & Administrative Expense | 99,500 | 73,800 | 64,200 | 64,300 | 51,700 |
Other G and A | 99,500 | 73,800 | 64,200 | 64,300 | 51,700 |
Other Taxes | 30,400 | 26,200 | 25,600 | 26,300 | 15,200 |
Other Operating Expenses | -- | -- | 10,900 | -- | -- |
Operating Income | 988,000 | 777,500 | 282,500 | 208,100 | 192,900 |
•Net Non Operating Interest Income Expense | -1,500 | -4,300 | -19,100 | -21,000 | -9,900 |
Interest Income Non Operating | 10,500 | 8,500 | 3,100 | 1,600 | 1,200 |
Interest Expense Non Operating | 12,000 | 12,800 | 22,200 | 22,600 | 11,100 |
•Other Income Expense | 111,700 | 127,800 | -16,000 | -69,400 | -16,400 |
Gain on Sale of Security | -2,600 | -3,300 | -7,900 | -2,500 | -14,200 |
•Special Income Charges | 114,800 | 130,400 | 8,100 | -63,500 | -4,400 |
Restructuring & Mergers Acquisition | 0 | 0 | 1,900 | 3,700 | 0 |
Impairment of Capital Assets | -- | -176,200 | 0 | -- | -- |
Write Off | -- | -- | 0 | 38,300 | 4,400 |
Other Special Charges | 52,800 | 37,200 | 8,100 | 20,300 | -- |
Gain on Sale of PPE | 1,100 | -8,600 | 18,100 | -1,200 | 0 |
Other Non Operating Income Expenses | -500 | 700 | -16,200 | -3,400 | 2,200 |
Pretax Income | 1,098,200 | 901,000 | 247,400 | 118,400 | 166,600 |
Tax Provision | 318,300 | 255,300 | 55,400 | 35,300 | 34,000 |
•Net Income Common Stockholders | 757,400 | 628,700 | 187,400 | 83,100 | 132,600 |
•Net Income | 757,400 | 628,700 | 187,400 | 83,100 | 132,600 |
•Net Income Including Non-Controlling Interests | 779,900 | 645,700 | 192,000 | 83,100 | 132,600 |
Net Income Continuous Operations | 779,900 | 645,700 | 192,000 | 83,100 | 132,600 |
Minority Interests | -22,500 | -17,000 | -4,600 | 0 | -- |
Diluted NI Available to Com Stockholders | 757,400 | 628,700 | 187,400 | 83,100 | 132,600 |
Basic EPS | 3.31 | 2.87 | 0.79 | 0.36 | 0.57 |
Diluted EPS | 3.28 | 2.69 | 0.78 | 0.36 | 0.54 |
Basic Average Shares | 228,675 | 225,200 | 236,300 | 235,600 | 234,733.33 |
Diluted Average Shares | 230,575 | 240,037.18 | 241,600 | 240,866.67 | 239,166.67 |
Total Operating Income as Reported | 936,200 | 740,300 | 274,400 | 187,800 | 192,900 |
Total Expenses | 1,259,800 | 1,115,700 | 1,011,500 | 818,200 | 774,500 |
Net Income from Continuing & Discontinued Operation | 757,400 | 628,700 | 187,400 | 83,100 | 132,600 |
Normalized Income | 677,719.81 | 537,614.02 | 187,244.79 | 129,422.64 | 147,404.08 |
Interest Income | 10,500 | 8,500 | 3,100 | 1,600 | 1,200 |
Interest Expense | 12,000 | 12,800 | 22,200 | 22,600 | 11,100 |
Net Interest Income | -1,500 | -4,300 | -19,100 | -21,000 | -9,900 |
EBIT | 1,110,200 | 913,800 | 269,600 | 141,000 | 177,700 |
EBITDA | 1,392,500 | 1,165,800 | 590,800 | 369,800 | 378,900 |
Reconciled Cost of Revenue | 1,129,900 | 1,015,700 | 921,700 | 727,600 | 707,600 |
Reconciled Depreciation | 282,300 | 252,000 | 321,200 | 228,800 | 201,200 |
Net Income from Continuing Operation Net Minority Interest | 757,400 | 628,700 | 187,400 | 83,100 | 132,600 |
Total Unusual Items Excluding Goodwill | 112,200 | 127,100 | 200 | -66,000 | -18,600 |
Total Unusual Items | 112,200 | 127,100 | 200 | -66,000 | -18,600 |
Normalized EBITDA | 1,280,300 | 1,038,700 | 590,600 | 435,800 | 397,500 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 32,519.81 | 36,014.02 | 44.79 | -19,677.36 | -3,795.92 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Total Revenue | 2,247,800 | 714,500 | 652,400 | -- | 432,400 | 359,900 |
Operating Revenue | 2,262,700 | 718,200 | 656,200 | -- | 435,000 | 362,700 |
Cost of Revenue | 1,129,900 | 310,800 | 312,400 | -- | 236,000 | 196,600 |
Gross Profit | 1,117,900 | 403,700 | 340,000 | -- | 196,400 | 163,300 |
•Operating Expense | 129,900 | 45,300 | 46,700 | 14,800 | 23,100 | 15,400 |
•Selling General and Administrative | 99,500 | 36,300 | 38,200 | -- | 17,500 | 10,600 |
•General & Administrative Expense | 99,500 | 36,300 | 38,200 | -- | 17,500 | 10,600 |
Other G and A | 99,500 | 36,300 | 38,200 | -- | 17,500 | 10,600 |
Other Taxes | 30,400 | 9,000 | 8,500 | -- | 5,600 | 4,800 |
Operating Income | 988,000 | 358,400 | 293,300 | 163,000 | 173,300 | 147,900 |
•Net Non Operating Interest Income Expense | -1,500 | 1,000 | 0 | -- | -1,500 | -1,800 |
Interest Income Non Operating | 10,500 | 3,500 | 3,600 | -- | 1,600 | 1,500 |
Interest Expense Non Operating | 12,000 | 2,500 | 3,600 | -- | 3,100 | 3,300 |
•Other Income Expense | 111,700 | -25,700 | 168,800 | -20,300 | -11,100 | -9,600 |
Gain on Sale of Security | -2,600 | -100 | 1,900 | -- | -2,400 | -800 |
•Special Income Charges | 114,800 | -23,100 | 164,700 | -- | -10,200 | -7,500 |
Restructuring & Mergers Acquisition | 0 | -- | 0 | -- | 0 | 0 |
Other Special Charges | 52,800 | 23,100 | 2,900 | -- | 10,200 | 7,500 |
Gain on Sale of PPE | 1,100 | -- | -8,600 | -- | 0 | -- |
Other Non Operating Income Expenses | -500 | -2,500 | 2,200 | -1,700 | 1,500 | -1,300 |
Pretax Income | 1,098,200 | 333,700 | 462,100 | -- | 160,700 | 136,500 |
Tax Provision | 318,300 | 98,300 | 128,300 | -- | 43,100 | 35,300 |
•Net Income Common Stockholders | 757,400 | 228,400 | 327,700 | -- | 114,100 | 99,700 |
•Net Income | 757,400 | 228,400 | 327,700 | -- | 114,100 | 99,700 |
•Net Income Including Non-Controlling Interests | 779,900 | 235,400 | 333,800 | -- | 117,600 | 101,200 |
Net Income Continuous Operations | 779,900 | 235,400 | 333,800 | -- | 117,600 | 101,200 |
Minority Interests | -22,500 | -7,000 | -6,100 | -- | -3,500 | -1,500 |
Diluted NI Available to Com Stockholders | 757,400 | 228,400 | 327,700 | -- | 114,100 | 99,700 |
Basic EPS | 3.31 | 1.02 | -- | -- | 0.49 | 0.43 |
Diluted EPS | 3.28 | 1.01 | -- | -- | 0.49 | 0.42 |
Basic Average Shares | 228,675 | 224,900 | -- | -- | 232,000 | 233,800 |
Diluted Average Shares | 230,575 | 226,600 | -- | -- | 234,800 | 238,300 |
Total Operating Income as Reported | 936,200 | 336,300 | 290,400 | -- | 163,100 | 140,400 |
Total Expenses | 1,259,800 | 356,100 | 359,100 | 285,500 | 259,100 | 212,000 |
Interest Income | 10,500 | 3,500 | 3,600 | -- | 1,600 | 1,500 |
Interest Expense | 12,000 | 2,500 | 3,600 | -- | 3,100 | 3,300 |
Net Interest Income | -1,500 | 1,000 | 0 | -- | -1,500 | -1,800 |
Net Income from Continuing & Discontinued Operation | 757,400 | 228,400 | 327,700 | -- | 114,100 | 99,700 |
Normalized Income | 677,719.81 | 244,765.84 | 207,355.75 | -- | 123,320.66 | 105,853.55 |
EBIT | 1,110,200 | 336,200 | 465,700 | -- | 163,800 | 139,800 |
EBITDA | 1,392,500 | 420,200 | 546,800 | -- | 218,700 | 193,500 |
Reconciled Cost of Revenue | 1,129,900 | 310,800 | 312,400 | -- | 236,000 | 196,600 |
Reconciled Depreciation | 282,300 | 84,000 | 81,100 | -- | 54,900 | 53,700 |
Net Income from Continuing Operation Net Minority Interest | 757,400 | 228,400 | 327,700 | -- | 114,100 | 99,700 |
Total Unusual Items Excluding Goodwill | 112,200 | -23,200 | 166,600 | -- | -12,600 | -8,300 |
Total Unusual Items | 112,200 | -23,200 | 166,600 | -- | -12,600 | -8,300 |
Normalized EBITDA | 1,280,300 | 443,400 | 380,200 | -- | 231,300 | 201,800 |
Tax Rate for Calcs | 0 | 0 | 0 | -- | 0 | 0 |
Tax Effect of Unusual Items | 32,519.81 | -6,834.16 | 46,255.75 | -- | -3,379.34 | -2,146.45 |
| 731,800 |
| 465,300 |
| 325,500 |
| 288,900 |
•Cash, Cash Equivalents & Short Term Investments | 476,500 | 193,500 | 61,700 | 83,200 |
Cash And Cash Equivalents | 476,500 | 193,500 | 61,700 | 83,200 |
•Receivables | 17,400 | 13,700 | 44,200 | 43,100 |
Accounts receivable | 17,400 | 13,700 | 44,200 | 34,100 |
Taxes Receivable | -- | -- | 0 | 9,000 |
Other Receivables | -- | -- | -- | 9,900 |
•Inventory | 218,100 | 239,500 | 205,300 | 147,100 |
Raw Materials | -- | -- | -- | 46,100 |
Finished Goods | -- | -- | -- | 25,100 |
Other Inventories | -- | -- | -- | 75,900 |
Prepaid Assets | 19,800 | 18,600 | 14,300 | 15,500 |
•Total non-current assets | 2,523,600 | 2,023,800 | 2,120,800 | 2,001,700 |
•Net PPE | 2,297,100 | 1,829,700 | 1,856,600 | 1,660,800 |
•Gross PPE | 5,414,200 | 4,700,200 | 4,479,200 | 3,786,100 |
Land And Improvements | 1,944,800 | 1,812,300 | 59,900 | 59,600 |
Buildings And Improvements | -- | 112,900 | 107,300 | 104,500 |
Machinery Furniture Equipment | -- | 1,642,300 | 1,687,300 | 1,564,800 |
Construction in Progress | 190,100 | 191,100 | -- | -- |
Accumulated Depreciation | -3,117,100 | -2,870,500 | -2,622,600 | -2,125,300 |
•Investments And Advances | -- | -- | 0 | 600 |
•Investment in Financial Assets | -- | -- | 0 | 600 |
Available for Sale Securities | -- | -- | -- | 600 |
Non Current Accounts Receivable | 68,100 | 44,100 | 48,600 | 97,100 |
•Non Current Deferred Assets | 16,200 | 39,000 | 48,900 | 47,400 |
Non Current Deferred Taxes Assets | 16,200 | 39,000 | 48,900 | 47,400 |
Other Non Current Assets | 142,200 | 111,000 | 166,700 | 195,800 |
•Total Liabilities Net Minority Interest | 884,200 | 562,600 | 713,200 | 617,300 |
•Current Liabilities | 505,700 | 308,800 | 311,000 | 229,600 |
•Payables And Accrued Expenses | 414,400 | 247,500 | 248,700 | 179,200 |
•Payables | 414,400 | 247,500 | 248,700 | 179,200 |
Accounts Payable | 302,800 | 199,600 | 212,300 | 174,700 |
Total Tax Payable | 111,600 | 47,900 | 36,400 | 4,500 |
Current Provisions | 3,800 | 2,900 | 4,000 | 3,600 |
Pension & Other Post Retirement Benefit Plans Current | 67,600 | 28,700 | 23,500 | 18,000 |
•Current Debt And Capital Lease Obligation | 19,900 | 29,700 | 34,800 | 28,800 |
•Current Debt | -- | 1,600 | 1,600 | 28,800 |
Current Notes Payable | -- | -- | -- | 0 |
Line of Credit | -- | 1,600 | -- | -- |
Other Current Borrowings | -- | 1,600 | 1,600 | -- |
Current Capital Lease Obligation | 19,900 | 28,100 | 33,200 | 27,700 |
Other Current Liabilities | -- | 900 | -- | -- |
•Total Non Current Liabilities Net Minority Interest | 378,500 | 253,800 | 402,200 | 387,700 |
Long Term Provisions | 184,600 | 163,200 | 170,300 | 127,300 |
•Long Term Debt And Capital Lease Obligation | 30,200 | 41,900 | 197,000 | 224,600 |
Long Term Debt | -- | -- | 136,600 | 224,600 |
Long Term Capital Lease Obligation | 30,200 | 41,900 | 60,400 | 70,700 |
•Non Current Deferred Liabilities | 115,000 | 33,600 | 32,900 | 32,100 |
Non Current Deferred Taxes Liabilities | 115,000 | 33,600 | 32,900 | 32,100 |
Employee Benefits | 48,700 | 15,100 | 2,000 | 1,200 |
Other Non Current Liabilities | -- | -- | -- | 2,500 |
•Total Equity Gross Minority Interest | 2,371,200 | 1,926,500 | 1,733,100 | 1,673,300 |
•Stockholders' Equity | 2,267,100 | 1,820,000 | 1,733,100 | 1,673,300 |
•Capital Stock | 1,169,200 | 1,219,500 | 1,236,200 | 1,230,500 |
Common Stock | 1,169,200 | 1,219,500 | 1,236,200 | 1,230,500 |
Additional Paid in Capital | 68,600 | 64,800 | 73,200 | 71,100 |
Retained Earnings | 1,089,200 | 611,600 | 438,300 | 369,500 |
•Gains Losses Not Affecting Retained Earnings | -59,900 | -75,900 | -14,600 | 2,200 |
Unrealized Gain Loss | -- | -- | -8,200 | -7,500 |
Foreign Currency Translation Adjustments | -- | -- | -6,400 | 9,700 |
Other Equity Adjustments | -59,900 | -75,900 | -14,600 | -- |
Minority Interest | 104,100 | 106,500 | 0 | -- |
Total Capitalization | 2,267,100 | 1,820,000 | 1,869,700 | 1,897,900 |
Common Stock Equity | 2,267,100 | 1,820,000 | 1,733,100 | 1,673,300 |
Capital Lease Obligations | 50,100 | 70,000 | 93,600 | 98,400 |
Net Tangible Assets | 2,267,100 | 1,820,000 | 1,733,100 | 1,673,300 |
Working Capital | 226,100 | 156,500 | 14,500 | 59,300 |
Invested Capital | 2,267,100 | 1,821,600 | 1,871,300 | 1,926,700 |
Tangible Book Value | 2,267,100 | 1,820,000 | 1,733,100 | 1,673,300 |
Total Debt | 50,100 | 71,600 | 231,800 | 253,400 |
Net Debt | -- | -- | 76,500 | 170,200 |
Share Issued | 225,200 | 234,166.67 | 235,792.15 | 234,733.33 |
Ordinary Shares Number | 225,200 | 234,166.67 | 235,792.15 | 234,733.33 |
| All numbers in thousands (USD) | Mar 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|
•Total Assets | 3,473,700 | 3,255,400 | 2,782,100 | 2,587,000 | 2,489,100 |
•Current Assets | 891,800 | 731,800 | 548,600 | 485,900 | 465,300 |
•Cash, Cash Equivalents & Short Term Investments | 620,100 | 476,500 | 298,700 | 227,600 | 193,500 |
Cash And Cash Equivalents | 620,100 | 476,500 | 298,700 | 227,600 | 193,500 |
•Receivables | 23,800 | 17,400 | 15,600 | 14,700 | 13,700 |
Accounts receivable | 23,800 | 17,400 | 15,600 | 14,700 | 13,700 |
Inventory | 223,200 | 218,100 | 213,200 | 219,200 | 239,500 |
Prepaid Assets | 14,700 | 19,800 | 21,100 | 24,400 | 18,600 |
Hedging Assets Current | 10,000 | -- | -- | -- | -- |
•Total non-current assets | 2,581,900 | 2,523,600 | 2,233,500 | 2,101,100 | 2,023,800 |
•Net PPE | 2,369,600 | 2,297,100 | 2,022,900 | 1,904,100 | 1,829,700 |
•Gross PPE | 5,561,900 | 5,414,200 | 5,023,900 | 4,762,200 | 4,700,200 |
Mineral Properties | 3,324,500 | 3,279,300 | 2,946,800 | 2,785,300 | 2,696,800 |
Land And Improvements | 2,011,300 | 1,944,800 | 60,100 | 57,600 | 1,812,300 |
Buildings And Improvements | -- | -- | 1,857,600 | 1,782,700 | 112,900 |
Machinery Furniture Equipment | -- | -- | -- | -- | 1,642,300 |
Construction in Progress | 226,100 | 190,100 | 159,400 | 136,600 | 191,100 |
Accumulated Depreciation | -3,192,300 | -3,117,100 | -3,001,000 | -2,858,100 | -2,870,500 |
Non Current Accounts Receivable | 64,800 | 68,100 | 56,000 | 48,900 | 44,100 |
•Non Current Deferred Assets | 16,400 | 16,200 | 18,300 | 20,800 | 39,000 |
Non Current Deferred Taxes Assets | 16,400 | 16,200 | 18,300 | 20,800 | 39,000 |
Other Non Current Assets | 131,100 | 142,200 | 136,300 | 127,300 | 111,000 |
•Total Liabilities Net Minority Interest | 979,500 | 884,200 | 647,500 | 579,300 | 562,600 |
•Current Liabilities | 615,400 | 505,700 | 376,000 | 328,900 | 308,800 |
•Payables And Accrued Expenses | 522,200 | 414,400 | 307,100 | 265,800 | 247,500 |
•Payables | 522,200 | 414,400 | 307,100 | 265,800 | 247,500 |
Accounts Payable | 364,700 | 302,800 | 241,300 | 216,400 | 199,600 |
Total Tax Payable | 157,500 | 111,600 | 65,800 | 49,400 | 47,900 |
Current Provisions | 2,800 | 3,800 | 2,500 | 2,600 | 2,900 |
Pension & Other Post Retirement Benefit Plans Current | 70,600 | 67,600 | 36,800 | 33,700 | 28,700 |
•Current Debt And Capital Lease Obligation | 19,800 | 19,900 | 29,200 | 26,300 | 29,700 |
•Current Debt | -- | -- | -- | -- | 1,600 |
Line of Credit | -- | -- | 0 | 0 | 1,600 |
Other Current Borrowings | -- | -- | -- | -- | 1,600 |
Current Capital Lease Obligation | 19,800 | 19,900 | 29,200 | 26,300 | 28,100 |
Other Current Liabilities | -- | -- | 400 | 500 | 900 |
•Total Non Current Liabilities Net Minority Interest | 364,100 | 378,500 | 271,500 | 250,400 | 253,800 |
Long Term Provisions | 183,900 | 184,600 | 173,200 | 169,700 | 163,200 |
•Long Term Debt And Capital Lease Obligation | 35,100 | 30,200 | 31,800 | 34,900 | 41,900 |
Long Term Capital Lease Obligation | 35,100 | 30,200 | 31,800 | 34,900 | 41,900 |
•Non Current Deferred Liabilities | 126,700 | 115,000 | 49,900 | 35,300 | 33,600 |
Non Current Deferred Taxes Liabilities | 126,700 | 115,000 | 49,900 | 35,300 | 33,600 |
Employee Benefits | 18,400 | 48,700 | 16,600 | 10,500 | 15,100 |
•Total Equity Gross Minority Interest | 2,494,200 | 2,371,200 | 2,134,600 | 2,007,700 | 1,926,500 |
•Stockholders' Equity | 2,390,700 | 2,267,100 | 2,031,100 | 1,904,300 | 1,820,000 |
•Capital Stock | 1,164,100 | 1,169,200 | 1,183,800 | 1,204,800 | 1,219,500 |
Common Stock | 1,164,100 | 1,169,200 | 1,183,800 | 1,204,800 | 1,219,500 |
Retained Earnings | 1,231,800 | 1,089,200 | 811,400 | 704,300 | 611,600 |
Additional Paid in Capital | 64,100 | 68,600 | 63,700 | 62,000 | 64,800 |
•Gains Losses Not Affecting Retained Earnings | -69,300 | -59,900 | -27,800 | -66,800 | -75,900 |
Other Equity Adjustments | -69,300 | -59,900 | -27,800 | -66,800 | -75,900 |
Minority Interest | 103,500 | 104,100 | 103,500 | 103,400 | 106,500 |
Total Capitalization | 2,390,700 | 2,267,100 | 2,031,100 | 1,904,300 | 1,820,000 |
Common Stock Equity | 2,390,700 | 2,267,100 | 2,031,100 | 1,904,300 | 1,820,000 |
Capital Lease Obligations | 54,900 | 50,100 | 61,000 | 61,200 | 70,000 |
Net Tangible Assets | 2,390,700 | 2,267,100 | 2,031,100 | 1,904,300 | 1,820,000 |
Working Capital | 276,400 | 226,100 | 172,600 | 157,000 | 156,500 |
Invested Capital | 2,390,700 | 2,267,100 | 2,031,100 | 1,904,300 | 1,821,600 |
Tangible Book Value | 2,390,700 | 2,267,100 | 2,031,100 | 1,904,300 | 1,820,000 |
Total Debt | 54,900 | 50,100 | 61,000 | 61,200 | 71,600 |
Share Issued | 224,200 | 225,200 | 231,126.57 | 232,733.33 | 234,166.67 |
Ordinary Shares Number | 224,200 | 225,200 | 231,126.57 | 232,733.33 | 234,166.67 |
| 1,194,100 |
| 984,200 |
| 593,900 |
| 384,200 |
| 368,700 |
Net Income from Continuing Operations | 779,900 | 645,700 | 192,000 | 83,100 | 132,600 |
•Operating Gains Losses | 13,600 | 11,900 | -10,200 | 3,000 | 14,200 |
Gain Loss On Sale of PPE | -1,100 | 8,600 | -18,100 | 1,200 | 0 |
Net Foreign Currency Exchange Gain Loss | 5,000 | 3,300 | 7,900 | 1,800 | 14,200 |
•Depreciation Amortization Depletion | 282,300 | 252,000 | 321,200 | 228,800 | 201,200 |
Depreciation & amortization | 282,300 | 252,000 | 321,200 | 228,800 | 201,200 |
•Deferred Tax | 79,600 | 103,300 | 55,400 | 35,300 | 34,000 |
Deferred Income Tax | 79,600 | 103,300 | 55,400 | 35,300 | 34,000 |
Asset Impairment Charge | 3,600 | -176,000 | 8,300 | 38,300 | 4,400 |
Provision & Write Off of Assets | -- | -- | 1,300 | 4,300 | 0 |
Stock based compensation | 85,300 | 90,200 | 27,700 | 14,200 | 7,200 |
Other non-cash items | -2,000 | -2,200 | 7,200 | -4,400 | -5,000 |
•Change in working capital | 131,400 | 59,300 | -7,700 | -18,400 | -19,900 |
Change in Receivables | -24,900 | -26,400 | 32,400 | -26,300 | -19,900 |
Change in Inventory | -25,100 | -31,700 | 9,700 | -16,300 | -15,900 |
Change in Prepaid Assets | 10,700 | -1,300 | -5,100 | -- | -- |
•Change in Payables And Accrued Expense | 206,400 | 126,900 | -35,100 | 25,400 | 27,600 |
•Change in Payable | 42,800 | 126,900 | -35,100 | 25,400 | 27,600 |
•Change in Tax Payable | 124,900 | 63,700 | -34,200 | -- | -- |
Change in Income Tax Payable | 124,900 | 63,700 | -34,200 | -- | -- |
Change in Account Payable | 81,500 | 63,200 | -900 | -- | -- |
Change in Other Working Capital | -35,700 | -8,200 | -9,600 | -1,200 | -11,700 |
•Investing Cash Flow | -465,000 | -441,500 | -348,700 | -341,800 | -280,800 |
•Cash Flow from Continuing Investing Activities | -465,000 | -441,500 | -348,700 | -341,800 | -280,800 |
•Net PPE Purchase And Sale | -465,100 | -442,800 | -380,200 | -349,900 | -280,800 |
Purchase of PPE | -465,100 | -442,800 | -380,200 | -349,900 | -281,700 |
Sale of PPE | -- | -- | -- | 8,100 | 900 |
•Net Investment Purchase And Sale | -- | -- | -- | -- | 0 |
Sale of Investment | -- | -- | -- | -- | 0 |
Net Other Investing Changes | 2,400 | 1,300 | 31,500 | 8,100 | -- |
•Financing Cash Flow | -327,600 | -255,100 | -120,500 | -57,800 | -130,200 |
•Cash Flow from Continuing Financing Activities | -327,600 | -255,100 | -120,500 | -57,800 | -130,200 |
•Net Issuance Payments of Debt | -25,000 | -32,900 | -168,100 | -43,500 | -130,200 |
•Net Long Term Debt Issuance | -25,000 | -32,900 | -168,100 | -43,500 | -130,200 |
Long Term Debt Issuance | 0 | 0 | 50,000 | 0 | 0 |
Long Term Debt Payments | -25,000 | -32,900 | -218,100 | -43,500 | -130,200 |
•Net Common Stock Issuance | -232,200 | -175,100 | 81,900 | 0 | -- |
Common Stock Issuance | 0 | 0 | 106,000 | 0 | -- |
Common Stock Payments | -232,200 | -175,100 | -24,100 | 0 | -- |
•Cash Dividends Paid | -48,000 | -27,700 | -14,100 | -14,300 | 0 |
Common Stock Dividend Paid | -48,000 | -27,700 | -14,100 | -14,300 | 0 |
Net Other Financing Charges | -22,400 | -19,400 | -20,200 | -- | -- |
•End Cash Position | 629,100 | 476,500 | 193,500 | 61,700 | 83,200 |
Changes in Cash | 401,500 | 287,600 | 124,700 | -15,400 | -42,300 |
Effect of Exchange Rate Changes | -9,000 | -4,600 | 7,100 | -6,100 | -7,500 |
Beginning Cash Position | 227,600 | 193,500 | 61,700 | 83,200 | 133,000 |
Income Tax Paid Supplemental Data | 114,500 | 88,000 | 34,100 | 9,600 | 12,600 |
Interest Paid Supplemental Data | 5,800 | 5,200 | 16,400 | 20,900 | 15,900 |
Capital Expenditure | -465,100 | -442,800 | -380,200 | -349,900 | -281,700 |
Issuance of Capital Stock | 0 | 0 | 106,000 | 0 | -- |
Issuance of Debt | 0 | 0 | 50,000 | 0 | 0 |
Repayment of Debt | -25,000 | -32,900 | -218,100 | -43,500 | -130,200 |
Repurchase of Capital Stock | -232,200 | -175,100 | -24,100 | 0 | -- |
Free Cash Flow | 729,000 | 541,400 | 213,700 | 34,300 | 87,000 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 1,194,100 | 381,500 | 358,200 | 226,900 | 171,600 | 246,100 |
•Cash Flow from Continuing Operating Activities | 1,194,100 | 381,500 | 358,200 | 226,900 | 171,600 | 246,100 |
Net Income from Continuing Operations | 779,900 | 235,400 | 333,800 | 117,600 | 101,200 | 102,700 |
•Operating Gains Losses | 13,600 | 100 | 6,700 | 4,800 | -1,600 | 1,900 |
Gain Loss On Sale of PPE | -1,100 | -- | -- | 0 | -- | -- |
Net Foreign Currency Exchange Gain Loss | 5,000 | 100 | -1,900 | 4,800 | -1,600 | 3,000 |
•Depreciation Amortization Depletion | 282,300 | 84,000 | 81,100 | 54,900 | 53,700 | 100,500 |
Depreciation & amortization | 282,300 | 84,000 | 81,100 | 54,900 | 53,700 | 100,500 |
•Deferred Tax | 79,600 | 11,600 | -23,700 | 43,100 | 35,300 | 40,300 |
Deferred Income Tax | 79,600 | 11,600 | -23,700 | 43,100 | 35,300 | 40,300 |
Asset Impairment Charge | 3,600 | -- | -- | 0 | -- | 1,900 |
Provision & Write Off of Assets | -- | -- | -- | -- | -- | 3,400 |
Stock based compensation | 85,300 | 1,600 | 62,400 | 12,900 | 6,500 | 12,200 |
Other non-cash items | -2,000 | 1,900 | -5,700 | -1,500 | 1,700 | -2,700 |
•Change in working capital | 131,400 | 46,900 | 79,600 | -4,900 | -25,200 | -14,100 |
Change in Receivables | -24,900 | -3,900 | 12,400 | -7,400 | -5,400 | 2,000 |
Change in Inventory | -25,100 | -4,900 | -30,300 | -8,500 | -11,500 | -18,900 |
Change in Prepaid Assets | 10,700 | 4,900 | 12,500 | 3,600 | -7,100 | -- |
•Change in Payables And Accrued Expense | 206,400 | 79,500 | 86,500 | 8,300 | 0 | 9,600 |
•Change in Payable | 42,800 | 79,500 | 86,500 | 8,300 | -- | 9,600 |
•Change in Tax Payable | 124,900 | 46,200 | 104,200 | -15,600 | -15,000 | -- |
Change in Income Tax Payable | 124,900 | 46,200 | 104,200 | -15,600 | -15,000 | -- |
Change in Account Payable | 81,500 | 33,300 | -17,700 | 23,900 | 15,000 | -- |
Change in Other Working Capital | -35,700 | -28,700 | -1,500 | -900 | -1,200 | -6,800 |
•Investing Cash Flow | -465,000 | -126,300 | -98,800 | -106,800 | -102,800 | -99,600 |
•Cash Flow from Continuing Investing Activities | -465,000 | -126,300 | -98,800 | -106,800 | -102,800 | -99,600 |
•Net PPE Purchase And Sale | -465,100 | -126,300 | -98,800 | -106,800 | -104,000 | -100,800 |
Purchase of PPE | -465,100 | -126,300 | -98,800 | -106,800 | -104,000 | -100,800 |
Net Other Investing Changes | 2,400 | -- | 0 | -- | 1,200 | 1,200 |
•Financing Cash Flow | -327,600 | -108,400 | -118,000 | -43,700 | -35,900 | -120,700 |
•Cash Flow from Continuing Financing Activities | -327,600 | -108,400 | -118,000 | -43,700 | -35,900 | -120,700 |
•Net Issuance Payments of Debt | -25,000 | -3,800 | -9,300 | -5,300 | -11,700 | -91,000 |
•Net Long Term Debt Issuance | -25,000 | -3,800 | -9,300 | -5,300 | -11,700 | -91,000 |
Long Term Debt Issuance | 0 | -- | 0 | 0 | 0 | 0 |
Long Term Debt Payments | -25,000 | -3,800 | -9,300 | -5,300 | -11,700 | -91,000 |
•Net Common Stock Issuance | -232,200 | -76,700 | -95,500 | -21,000 | -19,600 | -16,300 |
Common Stock Issuance | 0 | -- | 0 | 0 | -- | 0 |
Common Stock Payments | -232,200 | -76,700 | -95,500 | -21,000 | -19,600 | -16,300 |
•Cash Dividends Paid | -48,000 | -20,300 | -6,800 | -14,000 | 0 | -7,100 |
Common Stock Dividend Paid | -48,000 | -20,300 | -6,800 | -14,000 | 0 | -7,100 |
Net Other Financing Charges | -22,400 | -7,600 | -6,400 | -3,400 | -4,600 | -6,300 |
•End Cash Position | 629,100 | 620,100 | 476,500 | 298,700 | 227,600 | 193,500 |
Changes in Cash | 401,500 | 146,800 | 141,400 | 76,400 | 32,900 | 25,800 |
Effect of Exchange Rate Changes | -9,000 | -3,200 | 200 | -5,300 | 1,200 | 9,100 |
Beginning Cash Position | 227,600 | 476,500 | 334,900 | 227,600 | 193,500 | 158,600 |
Income Tax Paid Supplemental Data | 114,500 | 41,500 | -- | -- | 15,000 | 13,700 |
Interest Paid Supplemental Data | 5,800 | 600 | -35,100 | -- | 0 | 7,700 |
Capital Expenditure | -465,100 | -126,300 | -98,800 | -106,800 | -104,000 | -100,800 |
Issuance of Capital Stock | 0 | -- | 0 | 0 | -- | 0 |
Issuance of Debt | 0 | -- | 0 | 0 | 0 | 0 |
Repayment of Debt | -25,000 | -3,800 | -9,300 | -5,300 | -11,700 | -91,000 |
Repurchase of Capital Stock | -232,200 | -76,700 | -95,500 | -21,000 | -19,600 | -16,300 |
Free Cash Flow | 729,000 | 255,200 | 259,400 | 120,100 | 67,600 | 145,300 |
| American Century ETF Trust-Avantis International Small Cap Value ETF |
| Apr 2026 |
| 1.96% |
| 165,551,266 | 4,035,867 | mutual_fund | Fidelity Select Portfolios-Select Gold Portfolio | Mar 2026 | 1.80% |
| 139,263,188 | 3,395,007 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.52% |
| 124,635,169 | 3,038,400 | mutual_fund | Sprott Funds Trust-Sprott Gold Equity Fund | Dec 2025 | 1.36% |
| 112,202,089 | 2,735,302 | mutual_fund | AIM Sector Fd.s -Invesco Gold & Special Minerals Fd. | Jan 2026 | 1.22% |
| 89,969,987 | 2,193,320 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 0.98% |
| 87,378,959 | 2,130,155 | mutual_fund | Victory Portfolios-Victory Trivalent International Small-Cap Fund | Dec 2025 | 0.95% |
| 71,704,642 | 1,748,041 | mutual_fund | DFA INVESTMENT DIMENSIONS GROUP INC-DFA Intl Small Cap Value PORT. | Jan 2026 | 0.78% |
| 273,439 | 6,666 | institutional | Generali Investments Cee, Investicni Spolecnost, A.s. | Mar 2026 | 0.00% |
| 6,153 | 150 | institutional | Oakworth Capital, Inc. | Mar 2026 | 0.00% |
OceanaGold reports sustainability governance through Board oversight, committee charters, the Responsible Mining Framework, the Integrated Management System, risk management processes, assurance, ethics controls and incentive-linked sustainability KPIs. The Board-endorsed Sustainability Strategy addresses material business risks, impacts and opportunities through a company-wide approach to safe and responsible mining, and regular updates are provided to the Board Sustainability Committee. The 2025 Sustainability Report says the Board provides strategic direction and oversees governance and risk management, assisted by five formal committees. The Sustainability Committee oversees sustainability strategy, policy, risk management and performance for health, safety, environment, climate change, external affairs, social performance and sustainable development, as well as legal and regulatory requirements, sustainability assurance and performance reporting. The Responsible Mining Framework includes governance policies covering conduct, anti-bribery and corruption, environmental and climate performance, human rights, external affairs and social performance, health and safety, fair employment and respect at work; its Integrated Management System is independently reviewed annually for alignment with ISO 14001 and ISO 45001. The Company Scorecard incorporated sustainability KPIs tied to short-term incentive payments for about 1,000 STI-eligible employees, including 100% of the CEO's 2025 STI and 80% of Executive Leadership Team STI payments, with sustainability indicators representing 36% of total scorecard weighting. Ethics controls include a Code of Conduct, Supplier Code of Conduct, independent whistleblower hotline, investigation and corrective-action process, Anti-Corruption Policy, risk-based anti-corruption e-learning for more than 3,000 employees, a three-lines-of-defence risk model, independent third-party assurance over selected sustainability indicators, and cybersecurity awareness training.