OceanaGold Corp (OGC): Financial results for Q3 2026
OceanaGold Corp (OGC) furnished an SEC Form 6-K — earnings release. Exhibit 99.2 Third Quarter Overview • On track to achieve midpoint of full-year production guidance, with the fourth quarter expected to be the strongest of the year. • Safely and responsibly produced 133,400 ounces of gold and 3,400 tonnes of copper. • All-in sustaining cost (“A
How this was made
The 30-second read
Why it matters
The earnings release shows higher profit, lower AISC, and strong cash flow, which are new data points for the market.
Market read
The fresh earnings data can drive short‑term price movement in OGC and influence peers in the mining sector.
What to watch
Potential capital expenditures on new projects could offset cash flow gains.
Revenue of $654.9 million, net profit of $198.1 million and Free Cash Flow of $155.3 million, while the Company remains on track to achieve around the midpoint of consolidated 2026 production Guidance.
Revenue rose 46% year over year, consolidated AISC fell 20%, Free Cash Flow increased to $155.3 million and the Company ended the quarter with $728.7 million of cash and no debt. Sequentially, gold production, net profit, adjusted EBITDA and EPS declined, while full-year AISC is expected toward the upper end of Guidance and capital investment is expected above Guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 net revenueother | $654.9M | marginally higher | 46% higher |
| Q3 2026 gold revenueother | $598.1M | – | – |
| Q3 2026 copper revenueother | $49M | – | – |
| Q3 2026 silver revenueother | $8.4M | – | – |
| Q3 2026 total operating expensesother | $366.8M | – | – |
| Q3 2026 cost of sales, excluding depreciation and amortizationother | $228.7M | – | – |
| Q3 2026 depreciation and amortizationother | $95M | – | – |
| Q3 2026 general and administrationother | $16M | – | – |
| Q3 2026 net profit attributable to shareholdersother | $198.1M | – | – |
| Q3 2026 adjusted net profit attributable to shareholdersnon-GAAP | $210.8M | – | – |
| Q3 2026 EBITDAnon-GAAP | $370.1M | – | – |
| Q3 2026 adjusted EBITDAnon-GAAP | $382.8M | – | – |
| Q3 2026 adjusted EBITDA marginnon-GAAP | 58% | – | – |
| Q3 2026 diluted earnings per share attributable to shareholdersother | $0.88 | – | – |
| Q3 2026 adjusted diluted earnings per share attributable to shareholdersnon-GAAP | $0.94 | – | – |
| Q3 2026 operating cash flowother | $324.5M | 3% higher | – |
| Q3 2026 Free Cash Flownon-GAAP | $155.3M | – | – |
| Q3 2026 gold producedother | 133.4 koz | 4% lower | 29% higher |
| Q3 2026 copper producedother | 3.4 kt | – | – |
| Q3 2026 total gold salesother | 140.9 koz | – | – |
| Q3 2026 average gold price receivedother | $4,249/oz | – | 22% higher |
| Q3 2026 average copper price receivedother | $6.54/lb | – | – |
| Q3 2026 consolidated cash costsnon-GAAP | $1,290/oz | – | – |
| Q3 2026 consolidated AISCnon-GAAP | $1,874/oz | 13% lower | 20% lower |
| Q3 2026 total capital and exploration expenditureother | $170.9M | in line with the prior quarter | – |
| YTD 2026 net revenueother | $2.02B | – | 63% higher |
| YTD 2026 net profit attributable to shareholdersother | $648.7M | – | – |
| YTD 2026 operating cash flowother | $1.02B | – | 63% higher |
| YTD 2026 Free Cash Flownon-GAAP | $540.6M | – | – |
| YTD 2026 gold producedother | 402.3 koz | – | 18% higher |
| YTD 2026 consolidated AISCnon-GAAP | $2,038/oz | – | consistent with the prior corresponding year to date period |
| Cash and cash equivalents as at September 30, 2026other | $728.7M | – | – |
| Total debt as at September 30, 2026other | — | – | – |
| Net Cash as at September 30, 2026non-GAAP | $728.7M | – | – |
| Liquidity as at September 30, 2026non-GAAP | $928.7M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Gold revenueHigher gold sold volumes in the quarter were largely offset by a decrease in the average realized gold price. | $598.1M | – | – |
| Copper revenueHigher copper volumes sold at higher realized prices supported sequential revenue growth. | $49M | – | – |
| Silver revenueThe Company cited higher realized silver prices as a benefit to year-over-year revenue. | $8.4M | – | – |
2026 Full-Year Guidance outlook
- NoteConsolidated gold production: 520 - 590 koz
- NoteHaile gold production: 235 - 260 koz
- NoteMacraes gold production: 135 - 155 koz
- NoteWaihi gold production: 60 - 75 koz
- NoteDidipio gold production: 85 - 105 koz
- NoteConsolidated copper production: 13 - 15 kt
- NoteConsolidated cash costs: $1,050 - 1,200/oz
- NoteConsolidated AISC: $1,750 - 1,900/oz
- NoteHaile AISC: $1,500 - 1,700/oz
- NoteMacraes AISC: $1,950 - 2,150/oz
- NoteWaihi AISC: $2,100 - 2,300/oz
- NoteDidipio AISC: $975 - 1,100/oz
- NoteTotal Investments: $645 million, with a Capital Investments Guidance range of ±5%
- NoteSustaining capital: $170 million
- NotePre-strip and Capitalized Mining: $135 million
- NoteGrowth capital: $280 million
- NoteExploration: $60 million
- NoteTotal capital investment for 2026 is expected to be approximately $45 million, or 7%, above the Company’s total capital investment Guidance of $645 million.
- NoteExploration capital is expected to be approximately $10 million above its Guidance of $60 million.
- NoteProduction is expected to increase in the fourth quarter and be the strongest quarter of the year, primarily driven by Haile.
- NoteConsolidated AISC is anticipated to be towards the upper end of the Company’s 2026 Guidance range.
- NoteFourth quarter consolidated AISC is expected to be lower than the third quarter.
Capital returns
- Returned $79 million to shareholders in the quarter and $253 million year to date.
- Completed $59 million in share buybacks during the quarter and $193 million year to date.
- During the third quarter of 2026, the Company repurchased and cancelled 2.0 million common shares for consideration of $58.6 million at an average price of CAD$40.36 per share.
- Dividends paid to shareholders of the Company and non-controlling interests were $20.0 million and $3.4 million, respectively, in the third quarter.
- The Board of Directors approved share buybacks in 2026 up to a maximum of $350 million of common shares.
What drove it
- Third-quarter revenue was 46% higher year over year, driven by a 22% higher average realized gold price, a 21% increase in gold sales volumes, and higher realized copper and silver prices.
- Haile gold production was 8% lower sequentially following lower underground ore tonnes mined at lower grades and the modified mine plan to de-risk the Ledbetter Pit South Wall.
- Macraes gold production was 10% lower sequentially, in line with plan, following completion of the current ore phase in Innes Mills Phase 8.
- Waihi gold production increased 15% sequentially on higher ore tonnes mined at higher grades.
- Didipio gold production increased 6% sequentially on an 18% increase in mill throughput, while copper production increased 26% sequentially.
- Consolidated AISC decreased as lower sustaining capital, higher Didipio by-product credits and higher gold sales volumes more than offset higher labour, maintenance and consumables costs.
- The Company has no hedges on current or future gold sales and has benefited fully from the higher gold price.
Concerns
- Full-year consolidated AISC is anticipated to be towards the upper end of the 2026 Guidance range, reflecting labour and consumables inflation, maintenance and reliability investment, unhedged energy costs, lower silver by-product credits and lower expected Haile sales volumes.
- Haile production was lower than previously expected after the modified mine plan temporarily restricted access to higher-grade open-pit ore.
- Total capital investment for 2026 is expected to be approximately $45 million, or 7%, above Guidance, and exploration capital is expected to be approximately $10 million above Guidance.
- The ongoing Iran conflict has increased costs for diesel, freight, consumables and other operating inputs, although direct operational impacts have remained limited.
- One notice of appeal was received regarding Waihi North Project Fast-track approval, with the Court decision awaited in 2027.
- Q3 general and administration expense included $8.5 million of share-based compensation, compared with $0.7 million in both the prior quarter and prior corresponding quarter.
What to watch
- Fourth-quarter Haile production, following access to higher-grade lower benches of the Ledbetter open pit. Haile produced 27,400 ounces in October 2026.
- Whether consolidated production reaches around the midpoint of 2026 Guidance and whether fourth quarter is the strongest quarter of the year.
- Fourth-quarter consolidated AISC, which is expected to be lower than $1,874 per ounce.
- The expected December 2026 closing of the Ausgold acquisition and associated Katanning Gold Project exposure.
- The January 2027 Waihi District updated technical report and the Waihi North appeal decision expected in 2027.
- MP4 permitting, expected by mid-2027 subject to appeals, and the potential extension of Macraes mine life to the late 2030s.
- Waihi North Project development, which remains on schedule for first ore in 2032.
Balance sheet and cash flow
- Cash and cash equivalents were $728.7 million as at September 30, 2026, compared with $476.5 million as at December 31, 2025.
- The revolving credit facility was undrawn, total debt was —, and immediately available Liquidity was $928.7 million as at September 30, 2026.
- Q3 2026 cash flows provided by operating activities were $324.5 million; cash flows used in investing activities were $169.2 million; and cash flows used in financing activities were $77.1 million.
- Q3 2026 net increase in cash and cash equivalents was $73.9 million.
- Cash flows used in financing activities included $46.7 million of NCIB share buybacks, excluding $11.5 million of repurchases executed at quarter end and settled in October.
- Capital commitments within 1 year were $64.0 million as at September 30, 2026.
Analysis
OceanaGold reported a solid third quarter under IFRS, with net revenue of $654.9 million, up 46% from $448.5 million in the prior corresponding quarter. The year-over-year improvement reflected a 22% higher average realized gold price, a 21% increase in gold sales volumes, and higher realized copper and silver prices. Net profit attributable to shareholders was $198.1 million, adjusted net profit was $210.8 million, and adjusted EBITDA margin was 58%, compared with 47% in the prior corresponding quarter.
Sequential performance was less uniform. Gold production declined 4% to 133.4 koz as lower output at Haile and Macraes outweighed gains at Waihi and Didipio. Haile was affected by lower underground tonnes and grades, as well as a modified mine plan that temporarily limited access to higher-grade Ledbetter ore. Macraes declined in line with plan following completion of the current ore phase at Innes Mills Phase 8. Didipio's higher mill throughput lifted gold production 6% and copper production 26% from the prior quarter.
Cost performance improved materially in the quarter. Consolidated AISC was $1,874/oz, 13% lower sequentially and 20% lower year over year, supported by lower sustaining capital, higher copper by-product credits at Didipio and higher gold sales volumes. Didipio's AISC fell 57% sequentially to $687/oz, while Haile and Waihi also improved. Macraes AISC increased to $2,155/oz as lower gold sales volumes outweighed lower sustaining capital. Cost inflation in labour, maintenance, consumables and unhedged energy remains a meaningful offset.
Cash generation and liquidity remained strong. Operating cash flow was $324.5 million and Free Cash Flow was $155.3 million, while cash and cash equivalents rose to $728.7 million with no debt and the $200 million revolving credit facility undrawn. The Company repurchased and cancelled 2.0 million common shares for $58.6 million during the quarter and paid dividends to shareholders and non-controlling interests. It is also funding development spending, with total capital and exploration expenditure of $170.9 million in the quarter, including $57.9 million at Waihi North.
The 2026 outlook calls for consolidated gold production of 520 - 590 koz, with production expected to rise in the fourth quarter, led by Haile. The Company expects consolidated AISC toward the upper end of the $1,750 - 1,900/oz range despite a lower fourth-quarter AISC expectation. Capital is the principal guidance pressure: total capital investment is expected approximately $45 million, or 7%, above the $645 million Guidance, and exploration capital approximately $10 million above its $60 million Guidance. The planned Ausgold acquisition, expected to close in December 2026, adds another strategic capital deployment item.
Not in the filing
stated, not guessed- Gross margin was not reported.
- Operating income was not reported.
- An effective tax rate was not reported.
- Revenue by operating mine segment was not reported.
- Prior-period outlook was not provided, so no comparison of actual results with prior guidance can be made.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
OceanaGold filed a Form 6‑K with the SEC, providing its Q3 2026 financial and operational results.
Ticker impact
OceanaGold reported Q3 2026 results with $655M revenue, $198M net profit and lowered AISC to $1,874/oz, indicating strong operational performance.
likely upward pressure as investors price in stronger cash flow and cost reductions.
The disclosed earnings and cost improvements are fresh primary data that can move the stock immediately.
Market effects
Gold mining sector may see modest rally on lower cost benchmarks.
North American mining stocks could benefit from the strong cash generation.
Limited to precious metals investors; no broad market shift expected.
Counterpoint
If gold prices soften, the cost advantage may be insufficient to sustain the rally.
Key entities
- CompanyOceanaGold Corp
Gold and copper mining company listed on NYSE and TSX.
