OceanaGold Corporation

Q2 revenue was $647 million, at an average realized gold price of just over $4.4 thousand an ounce. Adjusted EPS was $0.99, up 102% year over year, and adjusted EBITDA margin reached a record 61%. EBITDA was up 84% year over year, operating cash flow was up 38%, and free cash flow was $130 million, or $0.58 per share. Gold production was around 139 thousand ounces and copper production was 2.7 thousand tons. On the balance sheet, cash rose to $655 million, up 6%, and the company remained debt free. For the rest of 2026, management said it remains on track to deliver full-year guidance. They expect Q3 gold production to be similar to Q2 and Q4 to be the highest of the year, with stronger second-half copper production to meet guidance. Full-year AISC is expected to near the upper end of the guidance range, while total capital expenditure is expected to be in line with guidance.

Gerard Michael Bond described the quarter as really good and emphasized safe execution, strong free cash flow, shareholder returns, and balance-sheet strength. He highlighted progress on Waihi North, Palomino underground, and exploration at Haile, saying the company is adding value through organic growth and exploration. His tone was confident and upbeat, but still tied to execution on the second-half plan and 2026 guidance.

Marius van Niekerk said the quarter delivered another strong set of financial results, led by a record adjusted EBITDA margin of 61% and broad year-over-year improvement across financial metrics. He cited revenue of $647 million, EBITDA up 84%, operating cash flow up 38%, EPS of $0.99, and free cash flow of $130 million. He also said the company added $35 million to cash in the quarter after growth spending, shareholder returns, and higher tax/government payments, and noted that about 80% of diesel requirements are hedged at Haile and Macraes, with an estimated AISC impact of around $25 per ounce if oil stays around $100 per barrel.

Analysts focused on Haile stripping, the Palomino and Waihi North development plans, Waihi second-half cost trends, labor inflation, and whether June throughput strength could continue. Management said the Haile stripping change was more about re-sequencing after the Q1 winter storm, with about 1.6 million tonnes stripped in H1 and another 2 million tonnes planned in H2. They also confirmed the Palomino decline is intended to improve drill access to Pisces and Horseshoe, said Waihi North decline development is on plan and will later allow side drilling along the twin decline, and explained that lower Waihi costs in H2 should mainly come from a grade uplift as the mine moves off stockpiles and back into fresh ore.