The company reported first quarter revenue of $158.4 million, almost double the $79.3 million posted a year earlier, while net income surged more than fourfold to $34.7 million from $7.4 million.
Free cash flow jumped to $80.1 million from just $8 million in the same period last year as elevated gold prices offset slightly softer production volumes and higher costs.
“During the first quarter, we safely and responsibly produced gold and copper in line with our guidance. With today’s strong gold prices and solid production results we generated $80M of Free Cash Flow during the quarter and announced another healthy quarterly dividend for our shareholders,” said company president Atty. Joan Adaci-Cattiling.
Costs rise despite stable output
The miner produced 20,400 ounces of gold and 3,200 tonnes of copper during the quarter, broadly steady from a year ago, while all-in sustaining costs rose 15 percent to $1,298 per ounce from $1,130 per ounce.
The company also declared a quarterly dividend of $44.7 million, equivalent to $0.0196 per share or about P1.1755 per share, extending strong shareholder returns amid record-high metal prices.
Drilling resumes at Didipio
OceanaGold Philippines said it has restarted exploration drilling in the lower levels of the Didipio mine while advancing near-mine targets such as True Blue as part of efforts to extend mine life and grow resources.
“We remain focused on safely and responsibly delivering on our guidance for the year, capitalizing on record high metal prices and continuing to generate strong returns for our shareholders,” Adaci-Cattiling said.
—Edited by Miguel R. Camus
