OceanaGold (OGC) Q2 2025 earnings summary

Executive summary

• Achieved record quarterly net profit of $118 million, record EPS of $0.49, and adjusted EPS of $0.51, driven by strong operational performance and high gold prices.

• Produced 119,500 ounces of gold and 3,700 tonnes of copper in Q2 2025, on track to meet full-year production, cost, and capital guidance.

• Maintained a robust balance sheet with zero debt and a cash balance of $299 million, up 31% sequentially.

• Declared a $0.03 per share dividend and repurchased $41 million in shares year-to-date, with a buyback target of up to $100 million for 2025.

• Advanced organic growth projects and permitting, particularly at Waihi North, and completed a 3-for-1 share consolidation in preparation for a planned NYSE listing in H1 2026.

Financial highlights

• Record quarterly revenue of $432 million, driven by a record average realized gold price of $3,293/oz, with no hedges or prepays.

• EBITDA of $217 million and EBITDA margin of 50% for Q2 2025.

• Free cash flow of $120 million for the quarter, $189 million for the first half, and a trailing 12-month free cash flow yield of 18%.

• Operating cash flow per share was $0.99 for Q2 2025.

• All-in sustaining costs (AISC) for Q2 were $2,027/oz; YTD AISC was $1,915/oz, below guidance.

Outlook and guidance

• On track to meet full-year 2025 guidance for production, costs, and capital expenditures, with gold production guidance of 450–520 koz and copper production of 13–15 kt.

• YTD gold production at 237 koz (49% of annual guidance midpoint); YTD copper at 7.1 kt (51%).

• Expecting a strong fourth quarter, especially at Haile and Macraes, as higher-grade ore becomes accessible.

• Waihi North permitting expected by year-end, with project start in 2026.

• YTD capital investment of $211 million, with full-year guidance of $485–$530 million.