OceanaGold (Philippines), Inc. reported a sharp increase in first-quarter 2026 earnings and free cash flow as strong gold prices boosted the performance of its Didipio gold-copper mine in Nueva Vizcaya.
In a disclosure dated May 7, OceanaGold Philippines said it generated USD 158 million in revenue and USD 34.7 million in net income during the first quarter of 2026, significantly higher than the USD 79.3 million in revenue and USD 7.4 million in net income recorded in the same period last year.
The company also posted USD 80.1 million in free cash flow for the quarter, up from USD 8 million in the first quarter of 2025.
During the quarter, OceanaGold Philippines produced 20,400 ounces of gold and 3,200 tonnes of copper from the Didipio mine.
OceanaGold Philippines President Joan Adaci-Cattiling said the company’s performance was supported by solid production and higher gold prices.
“With today’s strong gold prices and solid production results we generated USD 80M of Free Cash Flow during the quarter and announced another healthy quarterly dividend for our shareholders,” Adaci-Cattiling said.
She added that the company also restarted exploration drilling in the lower levels of the Didipio mine and continued drilling activities at nearby targets such as True Blue.
OceanaGold Philippines declared a first-quarter dividend of USD 44.7 million, equivalent to USD 0.0196 per common share. Based on the exchange rate used in the disclosure, this corresponds to around PHP 1.1755 per share for Philippine investors.
The company said shareholders on record as of May 21, 2026 will be entitled to receive the dividend payment on June 17, 2026.
OceanaGold Philippines operates the Didipio gold-copper mine in Luzon under a Financial or Technical Assistance Agreement (FTAA).
The company also acknowledged risks related to global geopolitical tensions, including the ongoing US-Iran conflict, which could affect supply chains, operating costs, and broader market conditions.
Gold prices have remained elevated in recent months as investors increasingly turn to gold as a safe-haven asset during periods of geopolitical uncertainty and market volatility.
Despite these risks, Adaci-Cattiling said the company remains focused on delivering its production guidance for the year while continuing exploration and operational activities.
“We remain focused on safely and responsibly delivering on our guidance for the year, capitalizing on record high metal prices and continuing to generate strong returns for our shareholders,” she said.
Do you think rising geopolitical tensions will continue driving strong gold prices and mining earnings in 2026?
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