OceanaGold (Philippines), Inc. (PSE: OGP) reported steady operational and financial results for the first quarter of 2025 and laid out plans to boost underground mining activity in the coming months as global metal prices remain elevated.
The company produced 20.6 thousand ounces (koz) of gold in the first quarter of the year, up from 19.7 koz in Q4 2024 but down from 26.3 koz in Q1 2024. Its copper production, on the other hand, increased slightly from 3.1 kilotons (kt) in Q4 2024 to 3.4 kt in Q1 2025 but was higher than the 3.0 kt in Q1 2024.
OceanaGold reported it generated approximately USD 79.3 million in revenue and USD 7.4 million in net income in the first three months of the year. Its earnings per share stood at USD 0.003, while free cash flow totaled USD 8 million.
“During the first quarter, we safely produced gold and copper in line with our guidance. I am pleased to declare another strong dividend payment to start the year, having now returned approximately US$86 million to our shareholders via dividends in a 1-year period since the May 2024 IPO,” said Atty. Joan Adaci-Cattiling, President of OceanaGold Philippines.
The Didipio-based miner declared a dividend of USD 0.0075 per share (Php 0.4227), payable on June 18 to shareholders on record as of May 22. This marks the latest in a string of quarterly dividends as the company continues to prioritize shareholder returns.
Looking ahead, OceanaGold expects to increase its underground mining rates in the second half of 2025 and beyond. This planned expansion is intended to capitalize on record-high metal prices and sustain profitability throughout the year.
Despite a year-on-year dip in gold production—down from 26,300 ounces in Q1 2024—the company’s all-in sustaining cost (AISC) improved significantly to USD 1,130 per ounce, compared to USD 1,389 in Q4 2024. Copper output also rose from the previous quarter.
OceanaGold operates the Didipio gold-copper mine in Luzon under a Financial or Technical Assistance Agreement (FTAA). The company said it remains focused on safety, operational consistency, and responsible mining as it scales production.
Full financial statements and management discussion and analysis (MD&A) for the quarter are available on the company’s website and the PSE EDGE portal.
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