OceanaGold Philippines profit more than doubles on higher gold prices

OCEANAGOLD (Philippines), Inc. reported a more than twofold increase in net income to $76.5 million for 2025 from $30.3 million a year earlier, driven by higher revenues and strong gold prices.

In a statement on Thursday, the listed miner said revenues rose 27.97% to $438.8 million from $342.9 million previously, supported by record average realized gold prices of $3,494 per ounce.

Gold production fell 6.49% to 90,700 ounces from 97,000 ounces a year earlier, while copper output increased 8.13% to 13,300 metric tons (MT) from 12,300 MT.

Costs were slightly higher during the period. Mining cost rose 6.99% to $43.33 per MT mined in 2025 from $40.50 a year earlier, while processing cost edged up to $8.79 per MT milled from $8.77.

General and administrative expenses also increased 4.68%, to $13.20 per MT milled in 2025 from $12.61 a year earlier.

OceanaGold Philippines expects production at its Didipio mine in Nueva Vizcaya this year to reach 85,000 to 105,000 ounces of gold and 13,000 to 15,000 MT of copper.

All-in sustaining costs are projected at $975 to $1,100 per ounce.

The company said capital expenditures for 2026 are set at $65 million, covering sustaining capital, underground development, growth projects, and exploration.

Meanwhile, OceanaGold Philippines said mineral reserves at its Didipio mine declined to 1.13 million ounces of gold and 0.13 million MT of copper due to mine depletion.

The company said it remains focused on improving underground productivity and advancing exploration to support future output.

“Looking ahead to 2026, our focus remains on maximizing underground productivity, advancing underground and near-mine exploration, and driving initiatives that enhance efficiencies,” Brian Martin, chair of the board of OceanaGold Philippines, said.

On Thursday, shares of OceanaGold Philippines rose P1.45, or 3.96%, to close at P38.05 apiece. — Vonn Andrei E. Villamiel