OceanaGold Philippines Net Income Jumps 95% to $95.6 Million on Higher Metal Prices

OceanaGold Philippines Inc. reported net income of $95.6 million for the nine months ended September, a 95% increase from a year earlier, as higher gold and copper prices offset lower sales and production. The local unit of OceanaGold Corp. disclosed the results in a statement covered by the Inquirer.

How Metal Prices Lifted OceanaGold Philippines

Revenue rose 37% to $434.4 million, with higher metal prices the main driver of growth. Gold prices averaged $4,535 per ounce, up 40%, while average copper prices climbed 45% to $6.35 per ounce.

Metal production ended at 64,500 ounces of gold and 9,300 tons of copper. OGP sold 66,300 ounces of gold, down 3%, while copper sales decreased by 12% to 9,300 tons.

"During the third quarter, we continued the safe and responsible production of gold and copper in line with our guidance," OGP president Joan Adaci-Cattiling said. "With today's gold prices and another solid quarter of operating performance, we generated strong Free Cash Flow of $51 million."

OGP said it remains on track to achieve this year's production target of 85,000 to 105,000 ounces of gold and 13,000 to 15,000 tons of copper. Production is expected to increase in the fourth quarter, driven by improved underground mining rates.

Cattiling said the company has continued to advance its organic growth projects, which include ramping up underground mining rates and accelerating drilling. OGP completed an advanced drilling program at True Blue, a mineralization area situated 800 meters northeast of the Didipio mine, and technical work is underway to evaluate the potential for a future Mineral Resource estimate.

OGP said the Middle East conflict has had a limited impact so far, though it has contributed to broader inflationary pressures across global energy and commodity markets, raising the cost of diesel, freight, consumables and other operating inputs.

OceanaGold's Wider Production and Balance Sheet

OceanaGold is a global gold and copper producer operating four mines in the USA, New Zealand and the Philippines, according to akta.pro company records. The same records show Q1 2026 quarterly production of 130,100 ounces of gold and 3,200 tonnes of copper, alongside record Q1 2026 results of $715 million in revenue and $255 million in free cash flow. The records put cash at $620 million with zero debt as of Q1 2026, a 30% increase in the cash balance.

OceanaGold's Growth Plans Before the Results

In October 2026, OceanaGold outlined a growth strategy targeting 2026 gold production of 520,000–590,000 ounces, a 12% increase from 2025, American Banking and Market News reported. The plan included acquiring Ausgold for $549 million, adding the Katanning project, with growth expected to be funded through operating cash flow.

A Seeking Alpha review published on October 9, 2026, cited Q2 gold production of 138,800 ounces and $130 million in free cash flow. The same review noted risks including a cost overrun at Haile and the retirement of the chief executive.

What Comes Next for OceanaGold Philippines

OGP said production is expected to increase in the fourth quarter, driven by improved underground mining rates, and technical work continues at True Blue to evaluate the potential for a future Mineral Resource estimate.