OCEANAGOLD (Philippines), Inc. on Thursday reported a net income of $76.5 million for 2025, up from $30.3 million in 2024, on solid revenues of $438.8 million driven by strong production and higher metal prices at its Didipio gold-copper mine in Luzon.
For the fourth quarter, net income reached $27.5 million, with gold production at 23,800 ounces, a 9-percent increase from the previous quarter, and copper production at 3,200 tons, consistent with prior performance.
The company declared a fourth-quarter dividend of $38 million, or $0.0167 per share, payable on March 31, 2026, to shareholders on record as of March 5, 2026, bringing total dividends since its May 2024 listing to $181 million.
Full-year gold production totaled 90,700 ounces, in line with guidance of 85,000-105,000 ounces, but 6-percent lower than the 2024 output which it said was due to severe weather in late 2024 that restricted access to lower mine levels, coupled with a 12-percent lower mill feed grade.
Copper production in 2025 reached 13,300 tons, higher than the 12,300 tons produced in 2024. All-in sustaining costs (AISC) for the year were $1,255 per ounce, above the top end of guidance, reflecting higher sustaining capital expenditure and lower gold sales volumes, partially offset by increased copper by-product credits.
Fourth-quarter AISC was $1,422 per ounce, 17-percent higher than the prior quarter, mainly due to lower gold and copper sales volumes related to production and shipment timing.
Ore mined in the fourth quarter increased 11 percent from the prior quarter following successful dewatering of the lower levels of the mine, while mill feed grade rose 18 percent due to planned mine sequencing, resulting in higher gold recovery.
Gold sales for the year totaled 88,700 ounces, with copper sales at 13,500 tons, slightly above production. Average gold price received in 2025 was $3,494 per ounce, while copper averaged $4.57 per pound.
Free cash flow for the year was $130.2 million, up from $109.4 million in 2024.
Under the Didipio Financial or Technical Assistance Agreement (FTAA) with the Philippine government, OceanaGold paid an additional government share of $37.2 million for 2025, which is calculated from 60 percent of net revenue less taxes and other deductions.
Exploration expenditure for the year totaled $5.5 million, with 5,700 meters drilled across near-mine prospects, including True Blue, D’Fox, and Napartan.
For this year, the company said it was planning to spend $10 million for exploration, focusing on underground drilling of Panels 3 and 4 and resource conversion at True Blue.
A pre-feasibility study (PFS) for future development projects is expected in the first half of 2026, as the company’s guidance for 2026 includes gold production of 85,000-105,000 ounces, copper production of 13,000-15,000 tons, AISC of $975-$1,100 per ounce, and total capital investments of $65 million, covering sustaining capital, pre-strip and underground mining, growth projects, and exploration.
As of Dec. 31, 2025, Didipio’s proved and probable gold reserves totaled 1.13 million ounces, and copper reserves 130,000 tons, reflecting planned mine depletion.
Mineral resources, including measured, indicated, and inferred categories, were updated, with total measured and indicated gold resources of 1.34 million ounces and copper resources of 160,000 tons.
OceanaGold Philippines said it continues to focus on maximizing free cash flow, responsible mining operations, and delivering consistent returns to shareholders while supporting host communities.
OceanaGold shares on Thursday rose P1.45, or 3.96 percent, to close at P38.05 each.
