Record gold prices fuel surge in OceanaGold Philippines earnings
OceanaGold Philippines, Inc. (OGP) reported a 152-percent surge in its full-year net income, which reached $76.5 million in 2025 from $30.3 million a year earlier.
This was thanks mainly to record-high gold prices.
The local unit of Australian Canadian firm OceanaGold reported a 28-percent increase in revenue. This reached $438.8 million despite higher costs.
“We are pleased to close 2025 with another year of safe and responsible operations, delivering gold and copper production in line with plan,” OGP board chair Brian Martin said in a disclosure on Thursday.
OGP saw an earnings boost from strong metal prices, despite production and sales showing mixed performance.
The mining firm produced 90,700 ounces (oz) of gold, down 6.5 percent. This was blamed on severe weather events in late 2024 that restricted access to the lower levels of its mine.
Meanwhile, copper output climbed by 8.1 percent to 13,300 tonnes (t).
Gold prices reached a record high of $3,494 per oz, a 43.5 percent surge. Average copper prices rose by 9.9 percent to $4.57 per pound.
OGP saw its gold sales drop by 11 percent to 88,700 oz. This was due to lower production as well as the timing of shipments.
Copper sales stood at 13,500 t.
OGP also said its all-in sustaining cost (AISC) or expenses related to operating the Didipio mine in Nueva Vizcaya, was 10 percent higher at $1,255. The increase was driven by lower gold sales and higher capital spending.
Didipio mine is covered by a financial or technical assistance agreement with the Philippine government, which was first signed in 1994. It was renewed in 2021 for 25 years more.
“These results continued to strengthen our balance sheet and provide us with a solid platform for future growth,” Martin said.
For 2026, OGP retained its production guidance from 85,000 to 105,000 oz of gold and 13,000 to 15,000 t of copper.
The AISC is expected to range from $975 to $1,100 per oz. OGP noted that the production and cost profile is expected to be relatively even across the year.
The firm expects to invest $65 million this year, primarily for mobile fleet upgrades. Also covered are investments in plant resilience and ongoing investments associated with maintaining mine integrity.
“Looking ahead to 2026, our focus remains on maximizing underground productivity, advancing underground and near-mine exploration and driving initiatives that enhance efficiencies,” Martin said.
