OceanaGold Posts Record $715M Q1 Revenue and $255M Free Cash Flow
OceanaGold generated record Q1 revenue of $715 million and operating cash flow of $382 million, delivering $255 million free cash flow and boosting its cash balance by 30% to $620 million. The company produced 130,100 ounces of gold and 3,200 tonnes of copper, repurchased $77 million in shares, and declared a $0.09 dividend.
1. Operational and Financial Highlights
In Q1 2026, OceanaGold produced 130,100 ounces of gold and 3,200 tonnes of copper, achieving record revenue of $715 million at an average realized gold price of $4,894/oz and a 58% EBITDA margin. Net profit reached $228 million, EPS was $1.01, operating cash flow totaled $382 million, and free cash flow was $255 million.
2. Capital Allocation and Financial Position
The company increased its cash balance by 30% to $620 million, with no debt and an undrawn revolving credit facility. It returned $77 million to shareholders via share repurchases and declared a $0.09 per share dividend, while committing up to $350 million for 2026 buybacks.
3. Growth Projects and Exploration
Updated NI 43-101 reports for the Haile, Macraes and Didipio mines affirmed stable production and extended mine lives. At Wharekirauponga, a new southern high-grade zone was confirmed, with the portal constructed and decline development underway, highlighting exploration upside.
4. Listing and Management Changes
OceanaGold began trading on the NYSE on April 7, broadening its investor base. After 17 years, EVP General Counsel Liang Tang announced her departure, succeeded by Elizabeth Thampy, who brings over a decade of mining and legal experience to the role.