OGC · OceanaGold Corporation

OceanaGold delivered a materially stronger Q1 2026 versus prior-year, driven by a record average realized gold price of $4,894/oz — up 71% YoY — and 11% higher consolidated gold production (130.1 koz), primarily from a significant 81% increase at Macraes due to higher-grade ore from Innes Mills Phase 8. Despite this, AISC rose 17% YoY to $2,094/oz, reflecting planned lower output at Haile (down 19% YoY), higher sustaining capital investments (especially at Haile site infrastructure), labor cost inflation, and increased stock-based compensation costs — all partially offset by higher copper by-product credits at Didipio. Revenue surged 99% to $714.5 million, and net profit attributable to shareholders more than doubled to $228.4 million, yielding diluted EPS of $1.01. Operating cash flow hit a record $381.5 million, enabling $255.2 million in free cash flow after $141.6 million in capital expenditures — supporting both the $20.3 million dividend paid in Q1 and $77 million in share repurchases. Management emphasized that full-year 2026 guidance remains unchanged, with expectations for increasing Haile production in H2 and a step-down in AISC throughout the year. The NYSE listing on April 7, 2026, and updated NI 43-101 reports confirming extended mine lives at Haile, Macraes, and Didipio further reinforce strategic execution. While the Iran conflict has not yet disrupted operations, diesel hedges mitigated oil price impacts, though sustained $100/barrel oil could raise 2026 AISC by ~$25/oz — a modest but monitored risk.