Higher metal prices and stronger revenues boosted the profitability of OceanaGold (Philippines) Inc. (OGPI) during the nine months to September, with net income soaring by 67.8 percent to $49 million compared with the same period last year.
In a disclosure, the company said total revenues rose by 20 percent to $317.2 million, mainly due to its “full exposure to spot gold and copper prices.”
The mining firm attributed its improved earnings to record quarterly revenue of $142 million in the third quarter of 2025, which it said was fueled by a record average realized gold price of $3,415 per ounce.
During the period, OGPI produced 66,900 ounces of gold, down by 13.5 percent year on year, while copper output increased by 10.9 percent to 10,200 tonnes.
The company said higher metal prices offset lower gold production, allowing it to post stronger financial results for the period despite the temporary decline in output.
OGPI added that severe weather events in late 2024 hampered access to the lower levels of its Didipio mine throughout much of 2025. It said water removal and rehabilitation works were completed in the third quarter, enabling it to restore access and resume operations in the affected area.
The company’s all-in sustaining cost (AISC) — or total operating expenses relative to sustaining mine operations — averaged $1,214 per ounce during the period, slightly higher than the $1,075 per ounce recorded a year earlier.
Quarter-on-quarter, OGPI said revenue climbed from $96.2 million in the second quarter to $141.7 million in the third, while net income rose from $14.6 million to $27 million. Earnings per share were steady at $0.01 per share for the quarter and $0.02 on a year-to-date basis.
The company also reported that it generated robust free cash flow of $59 million during the third quarter, which contributed to its improved balance sheet position.
OGPI said dividends to holders of publicly traded shares will be paid in Philippine pesos, based on the prevailing exchange rate between the peso and the US dollar on the day of payment processing.
The company operates the Didipio gold-copper mine in Nueva Vizcaya, which remains one of the largest foreign-owned mining projects in the country. The mine has been recognized for its contributions to local employment, community development, and environmental management programs in its host communities.
