OceanaGold (Philippines) Inc. reported a 5% increase in third-quarter net income to $28.3 million, supported by higher gold and copper production and improved operating costs at its Didipio mine in Nueva Vizcaya.
The company’s net income for the three months ended September 30 rose from $27 million in the same period last year, while revenue increased 5% to $149.1 million from $141.7 million.
OceanaGold Philippines also reported a 56% reduction in all-in sustaining costs (AISC) to $687 per ounce of gold, compared with $1,213 per ounce a year earlier. The decline was attributed to higher by-product credits and lower sustaining capital expenditure.
The company generated $51.4 million in free cash flow during the quarter, compared with $59.3 million in the third quarter of 2025.
Gold production reached 22,700 ounces, up 4% from 21,900 ounces a year earlier, while copper production increased 10% to 3,400 tonnes from 3,100 tonnes.
Compared with the second quarter of 2026, gold output increased from 21,400 ounces, while copper production rose from 2,700 tonnes.
OceanaGold Philippines said it remained on track to meet its 2026 production and cost guidance, with output expected to increase in the fourth quarter as underground mining rates improve.
The company also reported no recordable injuries during the third quarter, maintaining its safety performance across operations.
For the first nine months of 2026, revenue increased 37% to $434.4 million from $317.2 million in the same period last year.
Net income nearly doubled to $95.6 million from $49 million, while free cash flow rose 31% to $113.7 million from $86.7 million.
However, gold production declined 4% to 64,500 ounces from 66,900 ounces, while copper output fell 9% to 9,300 tonnes from 10,200 tonnes.
AISC for the nine-month period averaged $1,173 per ounce, slightly below the $1,214 recorded a year earlier.
OceanaGold Philippines President Joan Adaci-Cattiling said the company continued to produce gold and copper safely and responsibly, in line with its annual guidance.
She attributed the quarter's financial performance partly to prevailing gold prices and operating improvements, which supported strong free cash flow and another quarterly dividend.
The company also continued advancing its growth initiatives, including increasing underground mining rates and accelerating underground drilling.
It completed an advanced drilling programme at the nearby True Blue target, where technical work is continuing to assess the potential for a future mineral resource estimate.
Alongside its results, the company declared a third-quarter dividend of $26 million, equivalent to $0.0114 per common share.
Shareholders holding publicly traded shares as of the close of business on November 19, 2026, will be entitled to the dividend, with payment scheduled for December 17.
The dividend will be paid in Philippine pesos based on 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.
