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OceanaGold posts $222 million Q2 profit, keeps 2026 guidance unchanged

Gold output rose 7% quarter over quarter to 138,800 ounces as OceanaGold generated $130 million in free cash flow, ended June with $655 million in cash and no debt, and returned $78 million to shareholders.

Summary

OceanaGold reported second-quarter 2026 production of 138,800 ounces of gold and 2,700 tonnes of copper for the three months ended June 30, with revenue of $647 million at an average realized gold price of $4,433 per ounce. Net profit attributable to shareholders was $222.2 million, diluted earnings per share were $0.99 and adjusted EBITDA margin reached a record 61%. The company said it generated $130 million in free cash flow in the quarter, $385 million year to date, ended June with $654.8 million in cash, no debt and an undrawn revolving credit facility, and kept its 2026 production, cost and capital guidance unchanged. OceanaGold said production should increase and costs should decline in the second half of 2026, with fourth-quarter output expected to be the strongest of the year, while development at the Wharekirauponga orebody and the Palomino decline continued as planned.

Terms & Concepts
  • AISC: All-in sustaining cost, a mining metric that includes ongoing production costs and sustaining capital spending on a per-ounce basis.
  • Free cash flow: Cash generated after operating cash flow and investing cash outflows, used as a measure of cash available for debt reduction, investment or shareholder returns.
  • Normal Course Issuer Bid: A share repurchase program that allows a listed company to buy back its own shares in the market, subject to exchange rules.