OceanaGold Delivers Strong First Quarter with $255M of Free Cash Flow
Rhea-AI Summary
OceanaGold (TSX/NYSE: OGC) reported Q1 2026 results with record revenue of $715M, record operating cash flow of $382M and $255M of free cash flow. Cash rose 30% to $620M, the company is debt-free, completed $77M of buybacks, listed on the NYSE on April 7, 2026, and declared a $0.09 dividend payable June 19, 2026.
Positive
- Record revenue of $715 million in Q1 2026
- Record operating cash flow of $382 million
- Free cash flow of $255.2 million in the quarter
- Cash balance increased by 30% to $620 million and no debt
- Completed $77 million of share repurchases under a $350M program
- Listed on the NYSE on April 7, 2026 and declared a $0.09 dividend
Negative
- Consolidated AISC rose to $2,094/oz (Q1 2026), up from $1,761/oz in Q4 2025
- Consolidated cash costs increased to $1,292/oz in Q1 2026
- Total gold production declined to 130.1 koz vs 157.4 koz in Q4 2025
- Net profit fell to $228.4M and diluted EPS declined to $1.01 from $1.42 in Q4 2025
News Market Reaction – OGC
In the May 7 session, OGC declined 3.96%, reflecting a moderate negative market reaction. Argus tracked a peak move of +2.1% during that session. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 29 | Sustainability report | Positive | +2.9% | Release of 2025 Sustainability Report and IFRS S2 climate disclosure. |
| Apr 16 | Results notice | Neutral | +0.5% | Announcement of Q1 2026 results date, call, and 2026 AGM details. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent non-financial and scheduling updates both saw modest positive price reactions, suggesting the stock has responded constructively to general corporate news.
Over recent weeks, OceanaGold highlighted sustainability and governance progress and set expectations for this Q1 2026 release. On April 29, 2026, the 2025 Sustainability Report and first mandatory IFRS S2 climate-related disclosure were published, coinciding with a 2.93% price gain. Earlier, on April 16, 2026, the company announced the timing of Q1 results and its 2026 AGM, with a smaller 0.54% rise. Today’s strong operational and financial results, dividend declaration, and buyback activity build directly on that sequence of corporate updates.
Key Terms
all-in sustaining cost financial
ebitda financial
free cash flow financial
ni 43-101 regulatory
ifrs financial
revolving credit facility financial
eligible dividend regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
(All financial figures in
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First Quarter Highlights
- Safely and responsibly produced 130,100 ounces of gold and 3,200 tonnes of copper, as per plan.
- All-In Sustaining Cost ("AISC")† of
$2,094 - Record quarterly revenue of
$715 million $4,894 - EBITDA Margin† of
58% , net profit1 of$228 million $1.01 - Record Operating Cash Flow of
$382 million $255 million . - Cash balance increased by
30% to$620 million - Completed
$77 million in share repurchases, in line with the$350 million - Released updated NI 43-101 technical reports for Haile, Macraes and Didipio, demonstrating a stable production profile and longer mine lives at each of the assets.
- Confirmed continuity and extension of a newly defined southern high-grade zone at Wharekirauponga, with the portal now constructed and decline development underway.
- Listed on the New York Stock Exchange ("NYSE") on April 7, 2026.
Gerard Bond, President and CEO of OceanaGold, said "We have started 2026 strongly, delivering results broadly in line with our expectations, while continuing to execute on our growth and capital allocation priorities. Record Operating Cash Flow delivered a near-record
† See "Non-IFRS Financial Information" |
Results Overview
Q1 2026 | Q4 2025 | Q1 2025 | ||
Gold Produced1 | ||||
Haile | koz | 41.6 | 55.6 | 51.6 |
Macraes | koz | 51.5 | 55.8 | 28.4 |
Waihi | koz | 16.6 | 22.2 | 16.8 |
Didipio | koz | 20.4 | 23.8 | 20.6 |
Total gold produced1 | koz | 130.1 | 157.4 | 117.4 |
Gold Sales | ||||
Haile | koz | 47.3 | 50.3 | 57.2 |
Macraes | koz | 47.9 | 53.7 | 23.7 |
Waihi | koz | 17.6 | 21.1 | 15.9 |
Didipio | koz | 22.6 | 20.6 | 17.8 |
Total Gold sales | koz | 135.4 | 145.7 | 114.6 |
Average Gold Price | $/oz | 4,894 | 4,227 | 2,858 |
Copper Produced1 - Didipio | kt | 3.2 | 3.2 | 3.4 |
Copper Sales1 - Didipio | kt | 3.3 | 2.9 | 3.2 |
Average Copper Price | $/lb | 6.10 | 5.35 | 4.27 |
Silver Produced | koz | 130.7 | 136.2 | 162.7 |
Cash Costs† | ||||
Haile | $/oz | 1,779 | 1,529 | 715 |
Macraes | $/oz | 970 | 885 | 1,369 |
Waihi | $/oz | 1,556 | 1,584 | 1,445 |
Didipio | $/oz | 748 | 883 | 871 |
Consolidated Cash Costs† | $/oz | 1,292 | 1,207 | 976 |
AISC† | ||||
Haile | $/oz | 2,637 | 2,295 | 1,551 |
Macraes | $/oz | 1,506 | 1,286 | 2,313 |
Waihi | $/oz | 2,155 | 2,068 | 2,019 |
Didipio | $/oz | 1,298 | 1,422 | 1,130 |
Consolidated AISC† | $/oz | 2,094 | 1,761 | 1,796 |
Free Cash Flow† | $M | 255.2 | 259.4 | 68.8 |
Net profit2 | $M | 228.4 | 327.7 | 99.7 |
Adjusted net profit†2 | $M | 229.5 | 201.7 | 100.7 |
EBITDA† | $M | 416.7 | 543.2 | 192.0 |
Adjusted EBITDA† | $M | 417.8 | 374.0 | 193.0 |
Earnings per share - diluted2 | $/share | |||
Adjusted earnings per share - diluted†2 | $/share |
1 Production is reported on a |
2 Attributable to the shareholders of the Company. |
† See "Non-IFRS Financial Information" |
Dividend
OceanaGold has declared a
Declaration of Dividend | Wednesday May 6, 2026 | ||
Record Date | Wednesday May 20, 2026 | ||
Dividend Payment Date | Friday June 19, 2026 | ||
Dividends are payable in
Share Buyback
In the first quarter, the Company completed
Management Update
The Company announces that after 17 years, Liang Tang, EVP General Counsel & Company Secretary, advised of her intent to leave OceanaGold to spend more time with her family. The Company thanks Ms. Tang for her dedication, professionalism, poise, clear-thinking, advice and the many contributions she has made over her long and valued service.
Elizabeth Thampy has been appointed as OceanaGold's new EVP General Counsel & Company Secretary. With over a decade of experience in gold mining with other similar sized companies and several years at one of
Conference Call and Webcast:
Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, May 7, 2026 at 10:00 am EDT (7:00 am PDT). To participate in the conference call, please use one of the following methods:
- Webcast: https://app.webinar.net/8KkdZq6zb7e
- 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 global 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 wholly-owned Haile Gold Mine in
Cautionary Statement for Public Release
This news release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and
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: the risk of not achieving the Company's production estimates, forecasts or 2026 Guidance; inaccuracy of Mineral Reserves, Mineral Resources and operating and capital cost estimates; the actual results of current and future production, development and/or exploration activities; possible variations of ore grade, metallurgy or recovery rates; changes in mine plans, project parameters or assumptions as plans continue to be refined; delays in, or inability to complete, development or construction or expansion activities or to re-commence or sustain operations as planned; failures or underperformance of plant, equipment, infrastructure or processes; geotechnical risks or events, including open pit wall stability, crown pillar failure, land subsidence and tailings dam failures; scarcity in and disruption of global supply chain and/or increases in prices, including as a result of international conflicts, such as the recent
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: exploration and development activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve Guidance, estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, copper and silver; foreign exchange rates; taxation levels; the timely receipt of necessary permits, certifications, approvals or licences; 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 laws. 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 and reversals, write-downs, foreign exchange (gains)/losses, gain on sale of assets and listing costs.
The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:
$M, except per share amounts | Q1 2026 | Q4 2025 | Q1 2025 |
Net profit1 | 228.4 | 327.7 | 99.7 |
Foreign exchange loss (gain) | 0.1 | (1.9) | 0.8 |
Impairment reversal | — | (176.2) | — |
NYSE listing costs | 1.0 | 0.9 | — |
Write-down of assets | — | 8.0 | 0.2 |
Tax expense on impairment reversal | — | 43.2 | — |
Adjusted net profit1 | 229.5 | 201.7 | 100.7 |
Weighted average number of common shares - fully diluted | 226.6 | 230.2 | 238.3 |
Adjusted earnings per share | 1.01 | 0.88 | 0.42 |
1 Attributable to the shareholders of the Company. |
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
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 and reversals, write-downs, gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non-recurring costs. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue.
The following table provides a reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin:
$M | Q1 2026 | Q4 2025 | Q1 2025 |
Net profit | 235.4 | 333.8 | 101.2 |
Depreciation and amortization | 84.0 | 81.1 | 53.7 |
Net interest (income) expense and finance costs | (1.0) | — | 1.8 |
Income tax expense on earnings | 98.3 | 128.3 | 35.3 |
EBITDA | 416.7 | 543.2 | 192.0 |
Foreign exchange loss (gain) | 0.1 | (1.9) | 0.8 |
Impairment reversal | — | (176.2) | — |
NYSE listing costs | 1.0 | 0.9 | — |
Write-down of assets | — | 8.0 | 0.2 |
Adjusted EBITDA | 417.8 | 374.0 | 193.0 |
Revenue | 714.5 | 652.4 | 359.9 |
Adjusted EBITDA Margin | 58 % | 57 % | 54 % |
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 the Company's 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 allocations and are then divided by ounces sold. In calculating Cash Costs, the Company includes the value of cash-settled stock-based compensation in the year of vesting. Cash Costs are reduced by copper and silver by-product cost allocations that are considered 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.
The following table provides a reconciliation of consolidated Cash Costs and AISC:
$M, except per oz amounts | Q1 2026 | Q4 2025 | Q1 2025 |
Cost of sales, excl. depreciation and amortization | 226.8 | 231.3 | 142.9 |
Indirect taxes | 9.0 | 8.5 | 4.8 |
Selling costs | 3.7 | 3.8 | 2.8 |
Non-cash stock-based compensation adjustments2 | (9.0) | (26.8) | (3.4) |
By-product allocation | (55.6) | (40.9) | (35.3) |
Total Cash Costs (net) | 174.9 | 175.9 | 111.8 |
Sustaining capital and leases | 40.3 | 53.3 | 26.8 |
Deferred stripping and capitalized mining | 45.9 | 26.5 | 55.3 |
Corporate general & administration3 | 19.9 | (1.6) | 10.4 |
Onsite exploration and drilling | 3.2 | 0.3 | 1.6 |
Total AISC | 284.2 | 254.4 | 205.9 |
Gold sales (koz) | 135.4 | 145.7 | 114.6 |
Cash Costs ($/oz) | 1,292 | 1,207 | 976 |
AISC ($/oz)1 | 2,094 | 1,761 | 1,796 |
1 | Excludes the Additional Government Share related to the FTAA at Didipio of |
2 | Reflects the adjustment in AISC to stock-based compensation settled in cash over the year of vesting. Total Cash Costs include cash settled stock-based expenses of |
3 | Corporate general & administration includes |
The following tables provide a reconciliation of Cash Costs and AISC for each operation:
Haile
$M, except per oz amounts | Q1 2026 | Q4 2025 | Q1 2025 |
Cash costs of sales1 | 79.8 | 83.5 | 45.6 |
By-product allocation | (1.2) | (1.0) | (1.9) |
Inventory adjustments | 5.4 | (5.8) | (3.0) |
Freight, treatment and refining charges | 0.2 | 0.1 | 0.2 |
Total Cash Costs (net) | 84.2 | 76.8 | 40.9 |
Sustaining capital and leases | 18.7 | 23.0 | 10.4 |
Deferred stripping and capitalized mining | 21.2 | 15.2 | 36.4 |
Onsite exploration and drilling | 0.9 | — | 0.8 |
Total AISC | 125.0 | 115.0 | 88.5 |
Gold sales (koz) | 47.3 | 50.2 | 57.2 |
Cash Costs ($/oz) | 1,779 | 1,529 | 715 |
AISC ($/oz) | 2,637 | 2,295 | 1,551 |
1 Reflects the inclusion of cash settled stock-based compensation over the year of vesting. |
Macraes
$M, except per oz amounts | Q1 2026 | Q4 2025 | Q1 2025 |
Cash costs of sales1 | 45.1 | 49.8 | 39.2 |
By-product allocation | (0.1) | (0.2) | (0.1) |
Royalties | 6.7 | 7.8 | 0.7 |
Inventory adjustments | (5.9) | (10.5) | (7.6) |
Freight, treatment and refining charges | 0.6 | 0.6 | 0.2 |
Total Cash Costs (net) | 46.4 | 47.5 | 32.4 |
Sustaining capital and leases | 8.6 | 16.6 | 9.4 |
Deferred stripping and capitalized mining | 15.8 | 3.8 | 12.3 |
Onsite exploration and drilling | 1.2 | 1.0 | 0.6 |
Total AISC | 72.0 | 68.9 | 54.7 |
Gold sales (koz) | 47.9 | 53.7 | 23.7 |
Cash Costs ($/oz) | 970 | 885 | 1,369 |
AISC ($/oz) | 1,506 | 1,286 | 2,313 |
1 Reflects the inclusion of cash settled stock-based compensation over the year of vesting. |
Waihi
$M, except per oz amounts | Q1 2026 | Q4 2025 | Q1 2025 |
Cash costs of sales1 | 34.2 | 40.2 | 26.8 |
By-product allocation | (6.3) | (4.1) | (2.1) |
Royalties | 2.8 | 3.4 | 0.5 |
Inventory adjustments | (3.4) | (6.2) | (2.3) |
Add: Freight, treatment and refining charges | 0.1 | 0.1 | 0.1 |
Total Cash Costs (net) | 27.4 | 33.4 | 23.0 |
Sustaining capital and leases | 4.9 | 6.8 | 4.3 |
Deferred stripping and capitalized mining | 4.7 | 3.4 | 4.7 |
Onsite exploration and drilling | 1.1 | (0.1) | 0.2 |
Total AISC | 38.1 | 43.5 | 32.2 |
Gold sales (koz) | 17.6 | 21.1 | 15.9 |
Cash Costs ($/oz) | 1,556 | 1,584 | 1,445 |
AISC ($/oz) | 2,155 | 2,068 | 2,019 |
1 Reflects the inclusion of cash settled stock-based compensation over the year of vesting. |
Didipio
$M, except per oz amounts | Q1 2026 | Q4 2025 | Q1 2025 |
Cash costs of sales1 | 41.1 | 42.9 | 32.1 |
By-product allocation | (48.0) | (35.6) | (31.2) |
Royalties | 3.5 | 2.5 | 1.6 |
Indirect taxes | 8.3 | 6.6 | 4.7 |
Inventory adjustments | 7.8 | (2.9) | 4.5 |
Freight, treatment and refining charges | 4.2 | 4.7 | 3.8 |
Total Cash Costs (net) | 16.9 | 18.2 | 15.5 |
Sustaining capital and leases | 8.1 | 6.9 | 2.7 |
Deferred stripping and capitalized mining | 4.2 | 4.1 | 1.9 |
General & administration2 | 0.1 | 0.7 | 0.1 |
Onsite exploration and drilling | — | (0.3) | — |
Total AISC | 29.3 | 29.6 | 20.2 |
Gold sales (koz) | 22.6 | 20.6 | 17.8 |
Cash Costs ($/oz) | 748 | 883 | 871 |
AISC1 ($/oz) | 1,298 | 1,422 | 1,130 |
1 | Beginning in the first quarter of 2025, Didipio's AISC calculation includes local corporate G&A costs. |
2 | Excludes the Additional Government Share related to the FTAA at Didipio of |
Net Cash/(Debt)
Net Cash/(Debt) has been calculated as total debt plus cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company's financial health.
The following table provides a reconciliation of Net Cash/(Debt):
$M | March 31, 2026 | December 31, |
Amounts drawn under the revolving credit facility | — | — |
Total debt | — | — |
Cash and cash equivalents | 620.1 | 476.5 |
Net Cash | 620.1 | 476.5 |
Operating Cash Flow before working capital movements
Operating Cash Flow before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital. The following table provides a reconciliation of Operating Cash Flow before working capital movements:
$M, except per share amounts | Q1 2026 | Q4 2025 | Q1 2025 |
Cash provided by operating activities | 381.5 | 358.2 | 171.6 |
Changes in working capital | (46.9) | (79.6) | 25.2 |
Cash flows provided by operating activities before changes in working | 334.6 | 278.6 | 196.8 |
Free Cash Flow
Free Cash Flow is calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company's ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. The following table provides a reconciliation of Free Cash Flow:
$M, except per share amounts | Q1 2026 | Q4 2025 | Q1 2025 |
Cash flows provided by Operating Activities | 381.5 | 358.2 | 171.6 |
Cash flows used in Investing Activities | (126.3) | (98.8) | (102.8) |
Free Cash Flow | 255.2 | 259.4 | 68.8 |
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SOURCE OceanaGold Corporation