• 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 /CNW/ - 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 Produced1
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 produced1
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 Produced1 - 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 profit2
$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 - diluted2
$/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
In 2025, the Company completed the planned $175 million of share repurchases for the full year at an average price of CAD$24.54. The Board has approved a doubling of the share buyback program for 2026, with up to $350 million in share buybacks planned.
Management Update
The Company is pleased to announce that Mr. David Bickerton will assume the position of Executive Vice President and Chief Sustainability Officer (CSO) starting in April 2026, based in Brisbane. David joined OceanaGold in 2011 and has completed numerous roles in Brisbane, USA, New Zealand and the Philippines. Since August 2022, David has been Asset President of the Didipio Mine. David brings a deep understanding of our business, culture and Company objectives to this critical role and to the Executive Leadership team.
Conference Call and Webcast:
Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, February 19, 2026 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods:
Webcast: https://app.webinar.net/jg9VnRpdZO4
Toll-free North America: +1 888-510-2154
International: +1 437-900-0527
If you are unable to ...
