OceanaGold (Philippines), Inc. reported a 95% increase in net income to USD 95.6 million for the first nine months of 2026, compared with USD 49 million a year earlier.
The Didipio gold-copper mine operator’s revenue rose 37% to USD 434.4 million from USD 317.2 million, despite lower gold and copper production over the nine-month period, according to its November 5 disclosure.
Gold output declined to 64,500 ounces from 66,900 ounces, while copper production fell to 9,300 tonnes from 10,200 tonnes.
For the third quarter alone, net income reached USD 28.3 million, up approximately 5% from USD 27 million a year earlier but below the second quarter’s USD 32.7 million. Quarterly revenue increased to USD 149.1 million from USD 141.7 million a year earlier.
Third-quarter gold production rose to 22,700 ounces from 21,900 ounces, while copper output increased to 3,400 tonnes from 3,100 tonnes.
“During the third quarter, we continued the safe and responsible production of gold and copper in line with our guidance,” OceanaGold Philippines President Joan Adaci-Cattiling said.
The company generated USD 51.4 million in third-quarter free cash flow. Its all-in sustaining cost (AISC), a measure of the cost of sustaining production, fell to USD 687 per ounce from USD 1,213 a year earlier.
OceanaGold Philippines attributed the cost decline to higher by-product credits, which offset gold production costs, and lower sustaining capital spending.
The company also declared a USD 26 million dividend, equivalent to USD 0.0114 per common share. Shareholders on record at the close of business on November 19 will receive payment on December 17.
Holders of publicly traded shares will be paid in Philippine pesos using the prevailing exchange rate when the payment is processed.
OceanaGold Philippines operates the Didipio gold-copper mine in Luzon under a Financial or Technical Assistance Agreement.
The company said it continued increasing underground mining rates and accelerating underground drilling during the quarter. It also completed an advanced drilling program at the near-mine True Blue target.
“Technical work is continuing to evaluate the potential for a future Mineral Resource estimate,” Adaci-Cattiling said.
OceanaGold Philippines said it remains on track to meet its 2026 production and cost guidance and expects fourth-quarter production to increase as underground mining rates improve.
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How will higher underground mining rates shape Didipio’s fourth-quarter production?
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