OceanaGold Q3 Earnings Call Highlights

OceanaGold (TSE:OGC) expects its strongest gold production quarter of 2026 in the final three months of the year, as higher-grade ore at its Haile mine and increased underground mining at Didipio help the company work toward the midpoint of its full-year production guidance.

On its third-quarter earnings call, President and CEO Gerard Bond said the company had produced about 72% of the midpoint of its annual gold production guidance through September. He also said all-in sustaining costs were expected to decline in the fourth quarter, although the company anticipates finishing the year toward the upper end of its cost guidance range.

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Third-quarter all-in sustaining costs were $1,874 per ounce, down 13% from the preceding quarter. Bond said adjusted earnings per share and free cash flow beat consensus estimates.

OceanaGold reported third-quarter revenue of $655 million at an average realized gold price of approximately $4,250 an ounce. Adjusted earnings per share rose 135% from a year earlier to $0.94, while adjusted EBITDA increased 82% and operating cash flow climbed 43%, Chief Financial Officer Marius van Niekerk said.

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Free cash flow was $155 million for the quarter and $541 million for the first nine months of 2026. Bond said the nine-month figure was almost identical to the amount generated in all of 2025.

The company returned $79 million to shareholders through buybacks and dividends in the third quarter. It ended September with $729 million in cash and no debt. Van Niekerk said the undrawn credit facility gave OceanaGold total liquidity of almost $1 billion.

Asked about the pace of buybacks, Bond said the company tends to increase purchases in the fourth quarter when cash generation is more certain. He said OceanaGold assesses its share price against its own valuation and can deploy capital when the stock underperforms peers, while also taking account of the planned Ausgold acquisition.

Bond said holding cash gives the company confidence that it can execute its growth projects even if gold prices fall, while emphasizing its focus on shareholder returns.

Haile produced about 55,000 ounces of gold in the third quarter, below the company’s original expectations. Chief Operating Officer Bhuvanesh Malhotra attributed the shortfall to a revised mine plan that kept mining focused on lower-grade upper benches at the Ledbetter open pit.…Read more by MarketBeat