OceanaGold (OGC) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 2025 production with 117,400 oz gold and 3,400 t copper, up 12% year-over-year, driving net profit of $101M and free cash flow of $69M.

• Maintained a debt-free balance sheet with cash rising 18% to $228M; $20M share repurchase and quarterly dividend declared.

• Record average realized gold price of $2,858/oz supported robust margins and cash generation.

• Advanced key organic growth projects, including the Waihi North Project (fast-track application submitted) and the Pisces discovery at Haile.

• New high-grade discoveries at Haile (Pisces) and Wharekirauponga; Waihi North Project in fast-track permitting.

Financial highlights

• Q1 revenue of $359.9M, up from $270.3M year-over-year, with EBITDA of $192M and margin of 53%.

• EPS reached $0.14, a turnaround from $(0.01) in Q1 2024; operating cash flow per share was $0.28, both near record highs.

• Free cash flow for the quarter was $69M, with $312M generated over the last 12 months (16% yield on average market cap).

• AISC was $1,796/oz, below annual guidance midpoint and down from $1,823/oz year-over-year; cash costs at $976/oz.

• Cash balance increased by 18% to $228M; all debt repaid.

Outlook and guidance

• On track to meet unchanged 2025 full-year guidance for production, cost, and CapEx; gold production guidance: 450–520 koz, copper: 13–15 kt, AISC: $1,900–$2,050/oz.

• Total capital investment guidance: $485–$530M for 2025.

• Planned waste stripping at Haile and Macraes expected to deliver high-grade ore in Q4, driving the strongest production quarter.

• Waihi North Project fast-track approval expected by year-end 2025; updated Didipio technical report expected H1 2026.

• Anticipates attractive growth in 2026 and beyond, with significant catalysts ahead at Haile and other sites.