(All financial figures in United States dollars unless otherwise stated)
-- 2025 production, AISC , and capital all in line with Guidance -- Record quarterly and annual financial performance, with $477M of cash and no debt at year end -- 2026 Guidance projects 12%(1) increase in production at 7%(1) lower AISC -- Dividend tripled and share buyback doubled, for a total capital return up to $432M in 2026 ----------------------------------------------------------------------------
VANCOUVER, BC , Feb. 18, 2026 /PRNewswire/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") reported its operational and financial results for the three months and year ended December 31, 2025. The consolidated financial statements and Management's Discussion and Analysis ("MD&A") are available at www.oceanagold.com.
Fourth Quarter and Full Year Highlights
-- Full year 2025 production of 497,600 ounces of gold, above the mid-point
of Guidance.
-- Produced 157,400 ounces of gold and 3,200 tonnes of copper in the fourth
quarter, an increase in gold production of 52% from the prior quarter,
with all four sites delivering an increase in gold production.
-- All-In Sustaining Cost ("AISC") 25% lower in the quarter and at $1,966
per ounce for the full year.
-- Record quarterly revenue of $652 million at a record average realized
gold price of $4,227 per ounce.
-- Quarterly Adjusted EBITDA Margin of 57% and record Operating Cash Flow
Per Share of $1.21.
-- Record quarterly attributable net profit of $328 million and record EPS
of $1.44. Record Adjusted EPS of $0.88, which excludes the post-tax net
impairment reversal at Haile.
-- Generated record annual and quarterly Free Cash Flow of $543 million and
$259 million respectively, resulting in a trailing 12-month Free Cash
Flow yield2 of 15%.
-- Cash balance increased by 42% from the prior quarter to $477 million with
no debt.
-- Completed $175 million in share repurchases in 2025 at an average price
of CAD$24.54.
-- The Board approved a tripling of the quarterly dividend to $0.09 per
share.
-- The Board approved a doubling of share repurchases to up to $350 million
for 2026.
-- Received final approval for the Waihi North Project permit, with
development activity accelerating.
-- The Company intends to list on the New York Stock Exchange ("NYSE") in
early April, 2026.
2026 Guidance
-- Gold production growth of 12%1 to between 520,000 to 590,000 ounces,
driven by Haile.
-- 7%1 reduction in AISC to between $1,750 to $1,900 per ounce.
-- Growth and exploration capital investment of $340 million, reflecting an
acceleration of the Waihi North Project, commencement of the Palomino
Underground development and a 50% increase in exploration.
See "Non-IFRS Financial Information"
1. Calculated as the mid point of guidance for full year 2026 compared to the
actual result of full year 2025.
2. Calculated as the trailing 12-month Free Cash Flow over the average
trailing 12-month market capitalization in USD.
Gerard Bond, President and CEO of OceanaGold, said: "2025 was a stellar year for OceanaGold, with strong operational execution translating to record financial outcomes and shareholder returns. We safely and responsibly delivered production, cost and capital Guidance for the year. We generated record net profit, record EPS and record Free Cash Flow , and further strengthened our balance sheet to nearly half a billion dollars of cash with no debt. We were able to invest in our attractive organic growth opportunities, pay an increased dividend and return a substantial amount of capital to shareholders via an upsized share buyback.
Looking ahead to 2026, we expect higher production, lower unit costs, and expect another year of strong Free Cash Flow in the current gold price environment. We are excited to progress development and exploration activity to accelerate one of the highest--grade undeveloped gold projects in our industry, the Waihi North Project, as well as commence development of Palomino Underground at Haile. We are increasing our investment in exploration in 2026 by 50%, to a Company record, in pursuit of high return, near mine options. We are confident this growth investment will continue to drive value creation for shareholders.
We are committed to maximizing returns to shareholders via our disciplined capital allocation framework and will do so by tripling the dividend from 2025 levels, and doubling our share buyback program to $350 million. To further broaden our investor base and enhance liquidity, we are also excited to be listing on the NYSE in April this year."
Results Overview
Q4 2025 Q3 2025 Q4 2024 2025 2024
------------------------- -------- ------- ------- ------- ------- -----
Gold Produced(1)
Haile koz 55.6 30.0 75.2 184.8 212.6
Macraes koz 55.8 32.8 37.9 147.0 125.4
Waihi koz 22.2 18.8 18.1 75.1 53.8
Didipio koz 23.8 21.9 19.7 90.7 97.0
------------------------- -------- ------- ------- ------- ------- -----
Total gold produced(1) koz 157.4 103.5 150.9 497.6 488.8
------------------------- -------- ------- ------- ------- ------- -----
Gold Sales
Haile koz 50.3 33.4 73.9 190.4 208.5
Macraes koz 53.7 32.7 36.6 144.9 124.8
Waihi koz 21.1 20.4 19.0 73.8 54.0
Didipio koz 20.6 29.7 20.8 88.7 100.4
------------------------- -------- ------- ------- ------- ------- -----
Total Gold sales koz 145.7 116.2 150.3 497.8 487.7
------------------------- -------- ------- ------- ------- ------- -----
Average Gold Price $/oz 4,227 3,476 2,665 3,509 2,433
------------------------- -------- ------- ------- ------- ------- -----
Copper Produced(1) -
Didipio kt 3.2 3.1 3.1 13.3 12.3
------------------------- -------- ------- ------- ------- ------- -----
Copper Sales - Didipio kt 2.9 4.4 2.8 13.5 11.7
------------------------- -------- ------- ------- ------- ------- -----
Average Copper Price $/lb 5.35 4.44 4.16 4.57 4.16
Cash Costs
Haile $/oz 1,529 1,981 598 1,225 955
Macraes $/oz 885 1,345 1,214 1,215 1,192
Waihi $/oz 1,584 1,539 1,130 1,561 1,427
Didipio $/oz 883 787 1,033 846 851
------------------------- -------- ------- ------- ------- ------- -----
Consolidated Cash Costs $/oz 1,207 1,420 875 1,204 1,047
------------------------- -------- ------- ------- ------- ------- -----
AISC
Haile $/oz 2,295 3,464 1,287 2,171 1,628
Macraes $/oz 1,286 2,171 1,535 1,861 1,906
Waihi $/oz 2,068 2,039 1,557 2,077 2,087
Didipio $/oz 1,422 1,213 1,389 1,255 1,140
------------------------- -------- ------- ------- ------- ------- -----
Consolidated AISC $/oz 1,761 2,333 1,563 1,966 1,777
------------------------- -------- ------- ------- ------- ------- -----
Free Cash Flow $M 259.4 94.4 146.5 542.7 245.2
Net profit(2) $M 327.7 87.2 102.0 628.7 187.4
Adjusted net profit (2) $M 201.7 92.9 106.9 511.8 203.6
EBITDA $M 543.2 205.0 246.4 1,157.3 587.7
Adjusted EBITDA $M 374.0 210.7 251.3 997.2 604.0
------------------------- -------- ------- ------- ------- ------- -----
Earnings per share -
diluted(2) $/share $1.42 $0.37 $0.42 $2.69 $0.78
Adjusted earnings per
share - diluted (2) $/share $0.88 $0.40 $0.44 $2.19 $0.84
Operating Cash Flow per
share - diluted $/share $1.21 $0.93 $1.08 $3.96 $2.48
Free Cash Flow per
share-diluted $/share $1.13 $0.41 $0.61 $2.32 $1.01
------------------------- -------- ------- ------- ------- ------- -----
1 Production is reported on a 100% basis as all operations are controlled by
OceanaGold.
2 Attributable to the shareholders of the Company.
Dividend
OceanaGold has declared a $0.09 per share dividend, which is tripled compared to the prior quarter. Shareholders of record at the close of business in each jurisdiction on March 4, 2026 (the "Record Date") will be entitled to receive payment of the dividend on April 2, 2026. The dividend payment applies to holders of record of the Company's common shares traded on the Toronto Stock Exchange.
Declaration of Dividend Wednesday, February 18, 2026 Record Date Wednesday, March 4, 2026 Dividend Payment Date Thursday, April 2, 2026 ----------------------- ----------------------------
Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in Computershare's international payments service if they want to receive dividends in an alternative currency. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.
Share Buyback
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February 18, 2026 17:05 ET (22:05 GMT)