OceanaGold Philippines Q3 profit rises on higher revenue, lower costs

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OceanaGold Q3 profit rises

Highlights

OceanaGold Philippines posts Q3 net income up 4.8% to $28.3 million, with gross revenue rising 5.2% to $149.1 million as expenses decrease.
The company's all-in sustaining cost drops to $687 per ounce from $1,213 per ounce, as Q3 gold and copper production rises year-on-year.
OceanaGold Philippines declares a $26 million cash dividend for Q3, expects higher Q4 production, and shares close 2.27% higher at P33.75.

Quarterly earnings and production performance

As reported by BusinessWorld Online, citing the Philippine Stock Exchange disclosure, OceanaGold (Philippines), Inc. says third-quarter net income rises 4.8% to $28.3 million from $27 million a year earlier, while gross revenues increase 5.2% to $149.1 million from $141.7 million.

Gross expenses decline to $97.8 million from $99 million, helping lift income before tax to $51.4 million from $42.4 million. Income tax expense, however, climbs to $23.1 million from $15.4 million, partly offsetting the gain in pretax earnings.

For the first nine months of 2026, net income reaches $95.6 million, up from $49 million a year earlier, while revenues grow 37% to $434.4 million from $317.2 million.

In a separate statement on Thursday, the company says it produces 22,700 ounces of gold and 3,400 tonnes of copper in the third quarter, compared with 21,900 ounces of gold and 3,100 tonnes of copper a year earlier. Its all-in sustaining cost falls to $687 per ounce from $1,213 per ounce, which it attributes to higher by-product credits and lower sustaining capital expenditure.

President Joan Adaci-Cattiling says the company maintains production in line with guidance and generates cash flow during the period. Free cash flow stands at $51.4 million in the quarter, compared with $59.3 million a year earlier.

Dividend payout and outlook for Didipio operations

The company declares a third-quarter cash dividend totaling $26 million, equivalent to $0.0114 per common share. Shareholders on record as of Nov. 19 are set to receive payment on Dec. 17, with the payout to be made in pesos based on the applicable exchange rate.

OceanaGold Philippines says production is expected to increase in the fourth quarter as underground mining rates improve, and adds that it remains on track to meet full-year production and cost guidance. The company also continues its underground mining expansion and exploration programs, including drilling at its near-mine True Blue target, while technical work remains ongoing to assess the potential for a future mineral resource estimate.

OceanaGold Philippines operates the Didipio gold-copper mine in Nueva Vizcaya. Its shares rise 2.27% to close at P33.75 on Thursday.

Our earlier report on Philippine stocks highlighted a rebound in the PSEi after early weakness, as investors returned to beaten-down names on bargain hunting. We also noted that the recovery came alongside continued currency pressure, with the peso sliding to a fresh record low versus the U.S. dollar, even as foreign flows briefly turned into net buying.

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