OceanaGold (OGC) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $715M, operating cash flow of $382M, and $255M in free cash flow, driven by gold production of 130,100 oz and copper production of 3,200 t.

• Returned $97M to shareholders via $77M in buybacks and $20M in dividends, nearly 40% of free cash flow.

• Ended Q1 with zero debt and $620M in cash, a 30% increase from year-end, marking the strongest balance sheet in 36 years.

• Extended mine lives at Haile, Macraes, and Didipio, and commenced underground tunneling at Waihi North Project.

• Completed NYSE listing in April 2026, broadening investor base and expected to boost trading liquidity.

Financial highlights

• EBITDA rose 116% year-over-year to $417M; operating cash flow up 122% to $382M.

• Free cash flow surged 271% to $255M; free cash flow per share up 290% year-over-year.

• EPS (diluted and adjusted) was $1.01, up 140% year-over-year.

• Q1 AISC was $2,094/oz, above annual guidance, with higher costs expected to decline as production increases.

• Average realized gold price was $4,894/oz, up 16% sequentially and 71% year-over-year.

Outlook and guidance

• On track to meet 2026 gold production of 520–590 koz, copper production of 13–15 kt, and total capital investment of $645M.

• Stronger results expected in Q2 and Q4, with production ramping up and unit costs stepping down.

• Haile production to increase from Q2 with access to high-grade ore; Macraes production to step down after Q1 but remain within guidance.

• Exploration spend set for a record year, with further updates expected.

• Growth projects and technical reports indicate stable production and longer mine lives.