OceanaGold hits new high as gold prices lift Q2 results
Thu Aug 07 2025
OceanaGold (TSX: OGC; OTCQ-X: OCANF) set a new all-time high on Thursday after the company reported record quarterly profit and revenue thanks to rising gold prices.
Shares of OceanaGold rose 9.3% to C$21.64 in late afternoon Toronto trading Thursday, having earlier hit a record intraday high of C$22.69. The company has a market capitalization of just under C$5 billion.
Net income more than tripled to $117.6 million from $34 million in the same period a year ago, Vancouver-based OceanaGold said late Wednesday in a statement. Adjusted per-share earnings of 51¢ beat analyst estimates, with BMO Capital Markets having forecasted adjusted EPS of 41¢.
Revenue jumped 72% to $432 million from $251.2 million the same period last year.
Higher gold prices, output
Higher realized gold prices drove the profit improvement. They averaged $3,293 per oz. during the April-June quarter, their highest ever quarterly level.
Rising quarterly gold production of 119,500 oz., which represents a slight increase over the first quarter and a 21% jump from 2024, also buoyed results. The gold output surpassed BMO’s initial estimate of 108,000 ounces.
OceanaGold’s Haile operation in South Carolina continues to lead the way, accounting for nearly a third of the company’s quarterly production – though its output fell slightly from the previous quarter. Overall, all four of the company’s active mines registered higher gold production than in the same quarter a year ago. The Didipio mine in the Philippines also produced more copper than in the comparable quarters.
All-in sustaining costs averaged $2,027 per oz. in the second quarter, a small improvement over last year.
Cash flow generated during the quarter was $120 million. That lifted the company’s total cash balance by 31% to $299 million, with no debt outstanding.
Guidance on track
OceanaGold says it remains on pace to hit full-year targets for production, costs and capital. Those have been set at 450,000-520,000 oz., $1,900-$2,050/oz. and $120-$130 million respectively.
CEO Gerard Bond said the company is set up for a strong fourth quarter and beyond as it expands Haile and Macraes in New Zealand, two of its biggest sites.
In addition, permitting of the Waihi North project, which includes the high-grade Wharekirauponga underground deposit, is progressing. Approval is expected by year-end, he added.
Source: https://www.northernminer.com/