OceanaGold Reports First Quarter 2025 Operating & Financial Results
May 7, 2025 News Release
OceanaGold Reports First Quarter 2025 Operating &
Financial Results
(All financial figures in United States dollars unless otherwise stated)
• On track to deliver full year production, cost and capital investment guidance
• Produced 117,400 ounces of gold at an All-In Sustaining Cost of $1,796 per ounce
• Strong Free Cash Flow† of $69 million, zero debt, cash balance of $228 million
(VANCOUVER, BC) OceanaGold Corporation (TSX: OGC; OTCQX: OCANF) ("OceanaGold" or the
“Company”) reported its operational and financial results for the three months ended March 31, 2025. The
condensed interim consolidated financial statements and Management's Discussion and Analysis
(“MD&A”) are available at www.oceanagold.com.
First Quarter Highlights
• On track to deliver full year production, cost and capital guidance.
• Safely and responsibly produced 117,400 ounces of gold and 3,400 tonnes of copper, both
increased by 12% from the prior corresponding quarter.
• All-In Sustaining Cost (“AISC”)† of $1,796 per ounce, below the full-year cost guidance.
• Record average realized gold price of $2,858 per ounce, with no gold price hedges or prepays.
• Net profit of $101 million, and EPS of $0.14.
• EBITDA Margin† of 53% and Operating Cash Flow Per Share† of $0.28.
• Generated strong Free Cash Flow† of $69 million.
• Debt-free with cash 18% higher than prior quarter at $228 million.
• Repurchased 7.0 million common shares for $20 million, average price of CAD$4.03 per share.
Up to $100 million in repurchases approved for full year 2025.
• Declared a $0.01 per share quarterly dividend, payable in June 2025.
• Announced new Pisces discovery at Haile, which remains open in multiple directions.
• Released new high-grade drill results at Wharekirauponga, continuing to demonstrate its
upside potential.
• Waihi North Project in New Zealand is in the Fast-track permitting process. Approval
expected by year end 2025; early works activities progressing.
† See “Non-IFRS Financial Information”
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Gerard Bond, President and CEO of OceanaGold, said: “We are pleased with the strong and safe start to
the year, with production and cost performance on track with our annual guidance. Our operational
leverage to rising gold prices has provided substantial upside this quarter and positions us to generate
another year of significant Free Cash Flow in 2025. This strong performance, combined with our
exceptional financial position, provides us with the flexibility to continue investing in growth and d rive
increased shareholder returns.
We are enthusiastic about our organic growth opportunities and exploration potential across all
operations. This quarter we made significant progress on open pit waste stripping at Haile and Macraes to
unlock access to higher-grade ore later this year, which sets us up for increased production in the fourth
quarter and 2026. Our Waihi North Project, which includes the high-grade Wharekirauponga
underground, is in the Fast-track permitting process, and we expect it to be approved by year-end. We
also discovered the promising new Pisces mineralization at Haile and are investing for further exploration
successes at each of our sites."
Share Buyback and Dividend
In the first quarter of 2025, the Company repurchased 7.0 million common shares for consideration of
$19.6 million . For 2025, the Board approved the repurchase of up to $100 million of common shares
under the Company's current NCIB ("Normal Course Issuer Bid") program announced in July 2024.
OceanaGold has declared a $0.01 per share dividend payable in June 2025. Shareholders of record at
the close of business in each jurisdiction on May 21, 2025 (the "Record Date") will be entitled to receive
payment of the dividend on June 20, 2025. The dividend payment applies to holders of record of the
Company's common shares traded on the Toronto Stock Exchange.
Declaration of Dividend Wednesday May 7, 2025
Record Date Wednesday May 21, 2025
Dividend Payment Date Friday June 20, 2025
Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate
in Computershare’s international payments service if they want to receive dividends in an alternative
currency. This dividend qualifies as an ‘eligible dividend’ for Canadian income tax purposes.
Proposed Share Consolidation
The Company is seeking shareholder approval in the upcoming Annual General and Special Meeting in
June to consolidate all issued and outstanding common shares on the basis of a consolidation ratio, to be
determined by the Board, of up to three to one. The primary strategic rationale for this action is to raise
the per share trading price of the common shares to more readily comply with minimum trading price
requirements of a major U.S. exchange. This move is part of the Company's exploration of the potential
benefits of a dual listing, which it believes could lead to increased access to potential investors, increased
marketability and enhanced trading liquidity. The 2025 Annual General and Special Meeting of
Shareholders will be held virtually on Wednesday, June 4, 2025, via a live webcast accessible on the day
a t : https://meetnow.global/MYZ5RD5. Please note that the Company has refined some of the revisions to
† See “Non-IFRS Financial Information”
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the Articles of the Company (Resolution 6). Shareholders are asked to consider and vote on the further
amended Articles, available at: https://investors.oceanagold.com/annual-general-meetings and on
SEDAR+ under the Company's name.
Results Overview
Q1 2025 Q4 2024 Q1 2024
Gold Produced1
Haile koz 51.6 75.2 34.7
Didipio koz 20.6 19.7 26.3
Macraes koz 28.4 37.9 32.3
Waihi koz 16.8 18.1 11.5
Total gold produced1 koz 117.4 150.9 104.8
Gold Sales
Haile koz 57.2 73.9 41.2
Didipio koz 17.8 20.8 31.8
Macraes koz 23.7 36.6 32.2
Waihi koz 15.9 19.0 11.6
Total gold sales koz 114.6 150.3 116.8
Average Gold Price $/oz 2,858 2,665 2,092
Copper Produced1 - Didipio kt 3.4 3.1 3.0
Copper Sales - Didipio kt 3.2 2.8 3.2
Average Copper Price $/lb 4.27 4.16 3.90
Cash Costs†
Haile $/oz 715 598 1,569
Didipio $/oz 871 1,033 742
Macraes $/oz 1,369 1,214 1,016
Waihi $/oz 1,445 1,130 1,601
Consolidated Cash Costs† $/oz 976 875 1,194
AISC†
Haile $/oz 1,551 1,287 1,987
Didipio $/oz 1,130 1,389 946
Macraes $/oz 2,313 1,535 1,814
Waihi $/oz 2,019 1,557 2,393
Consolidated AISC† $/oz 1,796 1,563 1,823
Free Cash Flow† $M 68.8 146.5 1.8
Net profit (loss) $M 101.2 102.7 (5.3)
Adjusted net profit† $M 102.2 107.6 3.7
Adjusted EBITDA† $M 193.0 251.3 80.9
Earnings (loss) per share2 $/share $0.14 $0.14 $(0.01)
Adjusted earnings per share†2 $/share $0.14 $0.15 $0.01
Operating Cash Flow per share† $/share $0.28 $0.36 $0.11
Free Cash Flow per share† $/share $0.10 $0.20 $0.00
1 Production is reported on a 100% basis as all operations are controlled by OceanaGold.
2 Attributable to the shareholders of the Company.
† See “Non-IFRS Financial Information”
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Conference Call and Webcast:
Senior management will host a conference call and webcast to discuss the quarterly results on Thursday,
May 8, 2025 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the
following methods:
Webcast: https://app.webinar.net/5bgEkA5kN1Q
Toll-free North America: +1 888-510-2154
International: +1 437-900-0527
If you are unable to attend the call, a recording will be made available on the Company's website.
About OceanaGold
OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly
maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our
shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of
America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.
For further information please contact:
Investor Relations:
Haley Mayers, Vice President, Investor Relations
Tel: +1 604-678-4097
Valerie Burns, Manager, Investor Relations
Tel: +1 604-235-0742
Media Relations:
Louise Burgess, Director, Communications
Tel: +1 604-403-2019
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Cautionary Statement for Public Release
This public release contains certain “forward-looking statements” and “forward-looking
information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian
securities laws which may include, but is not limited to, statements with respect to the future financial and
operating performance of the Company, its mining projects, the future price of gold, the estimation of
mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs
of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs
and timing of the development of new deposits, costs and timing of the development of new mines, costs
and timing of future exploration and drilling programs, timing of filing of updated technical information,
anticipated production amounts, requirements for additional capital, governmental regulation of mining
operations and exploration operations, timing and receipt of approvals, consents and permits under
applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and
the timing and possible outcome of pending litigation and regulatory matters. All statements in this public
release that address events or developments that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that are not historical facts and are generally,
although not always, identified by words such as “may”, “plans”, “expects”, “projects”, “is expected”,
“scheduled”, “potential”, “estimates”, “forecasts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or
variations (including negative variations) of such words and phrases, or may be identified by statements
to the effect that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be
taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by the forward-looking statements.
Such risks include, among others: future prices of gold; general business; economic and market factors
(including changes in global, national or regional financial, credit, currency or securities markets);
changes or developments in global, national or regional political and social conditions; changes in laws
(including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of
current production, development and/or exploration activities; conclusions of economic evaluations and
studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian
dollar, the Philippines Peso or the New Zealand dollar; changes in project parameters as plans continue
to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes
to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political
instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability
or delays in obtaining financing or governmental approvals; inability or delays in the completion of
development or construction activities or in the re-commencement of operations; legal challenges to
mining and operating permits including the FTAA as well as those factors identified and described in more
detail in the section entitled “Risk Factors” contained in the Company’s most recent Annual Information
Form and the Company’s other filings with Canadian securities regulators, which are available on
SEDAR+ at sedarplus.com under the Company’s name. The list is not exhaustive of the factors that may
affect the Company's forward-looking statements.
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The Company’s forward-looking statements are based on the applicable assumptions and factors
Management considers reasonable as of the date hereof, based on the information available to
Management at such time. These assumptions and factors include, but are not limited to, assumptions
and factors related to: the Company’s ability to carry on current and future operations, including:
development and exploration activities; the timing, extent, duration and economic viability of such
operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of
estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve
estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs,
including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or
permits; the ability to meet current and future obligations; the ability to obtain timely financing on
reasonable terms when required; the current and future social, economic and political conditions; and
other assumptions and factors generally associated with the mining industry.
The Company’s forward-looking statements are based on the opinions and estimates of Management and
reflect their current expectations regarding future events and operating performance and speak only as of
the date hereof. The Company does not assume any obligation to update forward-looking statements if
circumstances or Management's beliefs, expectations or opinions should change other than as required
by applicable law. There can be no assurance that forward-looking statements will prove to be accurate,
and actual results, performance or achievements could differ materially from those expressed in, or
implied by, these forward-looking statements. Accordingly, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or
liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not
be placed on forward-looking statements.
Non-IFRS Financial Information
Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share
These are used by Management to measure the underlying operating performance of the Company.
Management believes these measures provide information that is useful to investors because they are
important indicators of the strength of the Company’s operations and the performance of its core
business. Accordingly, such measures are intended to provide additional information and should not be
considered in isolation as a substitute for measures of performance prepared in accordance with IFRS.
Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses,
write-downs, foreign exchange (gains)/losses, gain on sale of assets, OGP listing costs and restructuring
costs related to transitioning certain corporate activities from Australia to Canada.
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The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss)
per share:
$M, except per share amounts Q1 2025 Q4 2024 Q1 2024
Net profit (loss) 101.2 102.7 (5.3)
Foreign exchange loss 0.8 3.0 6.3
Write-down of assets 0.2 1.9 1.2
Restructuring costs — — 1.5
Adjusted net profit 102.2 107.6 3.7
Adjusted weighted average number of common shares - fully diluted 714.9 724.6 718.8
Adjusted earnings per share 0.14 0.15 0.01
EBITDA and Adjusted EBITDA
The Company’s Management believes that Adjusted EBITDA is a valuable indicator of its ability to
generate liquidity by producing operating cash flows to fund working capital needs, service debt
obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation
and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses,
write-downs, gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other
non-recurring costs. EBITDA Margin is calculated as EBITDA divided by revenue.
Prior to the first quarter of 2024, Adjusted EBITDA was calculated using an adjustment for a specific
portion of unrealized foreign exchange gains/losses rather than the total foreign exchange gain/loss. The
comparative quarters have been recalculated adjusting for all foreign exchange gains/losses.
The following table provides a reconciliation of EBITDA, Adjusted EBITDA and EBITDA Margin:
$M Q1 2025 Q4 2024 Q1 2024
Net profit (loss) 101.2 102.7 (5.3)
Depreciation and amortization 53.7 100.5 64.8
Net interest expense and finance costs 1.8 2.9 5.4
Income tax expense on earnings 35.3 40.3 7.0
EBITDA 192.0 246.4 71.9
Write-down of assets 0.2 1.9 1.2
Restructuring expense — — 1.5
Foreign exchange loss 0.8 3.0 6.3
Adjusted EBITDA 193.0 251.3 80.9
Revenue 359.9 427.3 270.3
EBITDA Margin 53% 58% 27%
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Cash Costs and AISC
Cash Costs are a common financial performance measure in the gold mining industry; however, it has no
standard meaning under IFRS. Management uses this measure to monitor the performance of its mining
operations and its ability to generate positive cash flows, both on an individual site basis and an overall
company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of
by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes
copper and silver by-product credits as it considers the cost to produce the gold is reduced as a result of
the by-product sales incidental to the gold production process, thereby allowing Management and other
stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash
flow from operations under IFRS or operating costs presented under IFRS.
Management believes that the AISC measure provides additional insight into the costs of producing gold
by capturing all of the expenditures required for the discovery, development and sustaining of gold
production and allows the Company to assess its ability to support capital expenditures to sustain future
production from the generation of operating cash flows, both on an individual site basis and an overall
company basis, while maintaining current production levels. Management believes that, in addition to
conventional measures prepared in accordance with IFRS, certain investors use this information to
evaluate the Company’s performance and ability to generate cash flow per ounce sold. AISC is calculated
as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and
corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.
Prior to the first quarter of 2025, Didipio’s AISC calculation excluded local corporate G&A costs which is
consistent with the calculation of AISC for the other operations. In order to align the Company’s reporting
of AISC with local reporting requirements in the Philippines, Management has included local corporate
G&A costs in Didipio’s AISC calculation beginning in the first quarter of 2025.
The following table provides a reconciliation of consolidated Cash Costs and AISC:
$M, except per oz amounts Q1 2025 Q4 2024 Q1 2024
Cost of sales, excl. depreciation and amortization 142.9 155.1 160.7
Indirect taxes 4.8 7.6 5.6
Selling costs 2.8 3.2 3.9
Other cash adjustments (3.4) (4.7) (0.8)
By-product credits (35.3) (29.7) (29.9)
Total Cash Costs (net) 111.8 131.5 139.5
Sustaining capital and leases 82.1 77.8 56.8
Corporate general & administration 10.4 23.5 14.8
Onsite exploration and drilling 1.6 0.5 1.8
Total AISC 205.9 233.3 212.9
Gold sales (koz) 114.6 150.3 116.8
Cash Costs ($/oz) 976 875 1,194
AISC ($/oz)1 1,796 1,563 1,823
1 Excludes the Additional Government Share related to the FTAA at Didipio of $7.5 million, $(7.4) million and $7.5 million for the first quarter, fourth
quarter and year to date 2025, respectively, as it is considered in nature of an income tax.
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