OceanaGold (OGC) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 gold production of 103,500 oz and copper production of 3,100 tonnes, with year-to-date totals of 340,000 oz gold and 10,200 tonnes copper, on track to meet full-year guidance.

• Record quarterly revenue of $449 million, driven by a record average realized gold price of $3,476/oz and strong operational performance.

• Generated $94 million in free cash flow in Q3, increasing cash balance to $335 million (up 12% sequentially), with zero debt.

• Returned $46 million to shareholders via dividends and buybacks in Q3, with $100 million repurchased year-to-date and a 75% increase in the buyback program to $175 million.

• Fast-track permitting for Waihi North project on track for year-end approval; NYSE listing targeted for April 2026.

Financial highlights

• Adjusted EBITDA of $211 million in Q3, up 18% year-over-year, with a 47% margin.

• Adjusted net profit of $93 million (+40% YoY), adjusted EPS of $0.40 (+48% YoY), and operating cash flow per share of $0.93 (+41% YoY).

• Net profit of $87 million in Q3 2025, up from $59.9 million in Q3 2024.

• Year-to-date free cash flow reached $283 million.

• Year-to-date AISC was $2,052/oz, within the annual guidance range of $1,900–$2,050/oz.

Outlook and guidance

• Q4 expected to be the strongest quarter, with full-year production, cost, and capital guidance reaffirmed.

• On track to achieve 2025 guidance for gold (450–520 koz) and copper (13–15 kt) production.

• Total capital investment and sustaining/growth capex expected to align with guidance, with higher spend in Q4.

• Fast-track permit approval for Waihi North Project expected by year-end.

• 2026 guidance to reflect updated economic and market conditions, including higher reserve price assumptions.