OceanaGold Philippines Inc. reported a strong financial performance for 2025, with net income more than doubling year‑on‑year as elevated global gold prices bolstered revenue from its flagship Didipio mine in northern Luzon.
According to the company’s statement, full‑year net income rose to $76.5 million in 2025 from $30.3 million in 2024, underpinned by a near 28‑percent increase in revenue to $438.8 million. The jump was supported by record average realized gold prices of $3,494 per ounce.
Despite a modest decline in gold output — to 90,700 ounces from 97,000 ounces a year earlier — the firm posted an 8‑percent increase in copper production to 13,300 metric tons. Costs edged higher during the period, with mining and processing expenses rising slightly, and general and administrative costs also increasing.
The company ended the year debt-free with a net cash position of $84 million and generated $130 million in free cash flow for the year, a record for the company.
Reflecting its strong performance, OceanaGold declared a fourth quarter dividend of $38 million, equivalent to $0.0167 per share or roughly ₱0.98 per share, payable to shareholders of record on March 5, 2026. Total dividends for the year amounted to $112 million, bringing cumulative payouts since its May 2024 listing to $181 million.
For 2026, the company anticipates total gold production at Didipio to range between 85,000 and 105,000 ounces, with copper output of 13,000 to 15,000 metric tons. All‑in sustaining costs are projected at between $975 and $1,100 per ounce, and capital expenditures for the year are set at around $65 million for sustaining capital, underground development, growth projects and exploration.
The company said it remains focused on improving underground productivity and advancing exploration to support future output.
“Looking ahead to 2026, our focus remains on maximizing underground productivity, advancing underground and near-mine exploration, and driving initiatives that enhance efficiencies,” OceanaGold Philippines chair of the board Brian Martin said.
Exploration expenditure totaled $5.5 million in 2025, with drilling programs at the True Blue, D’Fox, and Napartan prospects. The company completed all mandatory relinquishments under its Financial or Technical Assistance Agreement (FTAA) and established final property boundaries. For 2026, OceanaGold plans $10 million in exploration, including 27,600 metres of underground drilling targeting Panels 3 and 4 and 10,300 metres for True Blue resource conversion.
The Didipio mine in Nueva Vizcaya, operated under a FTAA with the Philippine government, is the company’s sole producing asset in the country and a significant contributor to both local employment and export earnings.
Didipio began commercial operations in 2013 as an open‑pit mine and transitioned to underground mining in the latter half of the decade. The operation benefits from a dual output of gold and copper, with ownership largely held by OceanaGold and a minority interest listed on the Philippine Stock Exchange.
In recent years, the company has also remitted substantial taxes and government shares tied to production under its FTAA, contributing to regional development initiatives and local government coffers. Past reports indicated payments in the billions of pesos in government revenues and business taxes, reflecting the mine’s role in economic activity in Nueva Vizcaya and neighbouring Quirino.
OceanaGold has emphasised its commitment to responsible operations and underground productivity enhancements as it navigates resource depletion challenges and works to sustain the life of the mine.
