OceanaGold hits all-time high on Q2 results

[Redator]

OceanaGold (TSX: OGC) set a new all-time high on Thursday after the company turned in strong quarterly results that were marked by record revenue and profit.

During the second quarter of 2025, the Vancouver-headquartered gold miner saw revenue jump to a record $432 million, compared with $359.9 million the previous quarter and $251.2 million the same period last year.

Net profit also hit a record $117.6 million, up from $101.2 million in Q1 and just $34 million a year ago, as did adjusted earnings per share ($0.51), which beat analyst estimates. BMO Capital Markets had forecasted an adjusted EPS of $0.41.

Shares of OceanaGold soared by double digits on the Q2 2025 results, including a record high of C$22.69 during the morning trading. As of 11:15 a.m. ET, it traded at C$22.05, with a market capitalization of just over C$5 billion ($3.6 billion).

BMO gave the stock an “Outperform” rating with a price target of C$28 a share.

Higher gold prices, output

Driving these results were an increase in realized gold prices, averaging $3,293/oz. during the three-month period, the highest ever.

Rising quarterly gold production of 119,500 oz., which represents a slight increase over Q1 and a 21% jump from 2024, also helped to bump the company’s financials. The gold output surpassed BMO’s initial estimate of 108,000 oz.

The Haile operation in South Carolina continues to lead the way with nearly a third of OceanGold’s quarterly production, though its output fell slightly from the previous quarter. Overall, all four of its producing mines had higher gold production than in the same quarter a year ago. The Didipio mine in the Philippines also produced more copper than the comparable quarters.

All-in sustaining cost came to $2,027/oz. in the second quarter, a small improvement over last year.

Cash flow generated during the quarter was $120 million, taking the company’s total cash balance 31% higher to $299 million, with no debt outstanding.

Guidance on track

Following the results, OceanaGold says it is on track to deliver its full-year guidance for production, cost and capital — set at 450,000-520,000 oz., $1,900-$2,050/oz. and $120-$130 million respectively.

Gerard Bond, CEO of OceanaGold, said the company is set up for a strong fourth quarter and beyond as it expands Haile and Macraes (New Zealand), two of its biggest sites.

In addition, permitting of the Waihi North project, which includes the high-grade Wharekirauponga underground deposit, is progressing, with approval expected by year-end, he added.