OceanaGold quadruples income to $34.7 million in Q1

MANILA, Philippines —  Australian-Canadian mining firm OceanaGold Philippines Inc. (OGPI) hit it big in the first quarter as its income more than quadrupled due to higher gold and copper prices.

The publicly listed mining company reported a net income of $34.7 million in the three months to March, surging by 369.9 percent from $7.4 million in the same period last year.

OGPI’s earnings went up as revenues nearly doubled to $158.4 million from $79.3 million the previous year, on the back of higher realized gold and copper prices, coupled with an increase in sales volume.

“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 $80 million of free cash flow during the quarter and announced another healthy quarterly dividend for our shareholders,” OGPI president Joan Adaci-Cattiling said.

Despite higher earnings, the Didipio gold-copper mine operator saw a decline in total ore produced during the period with gold dropping by one percent and copper by six percent.

The company extracted 20,400 ounces of gold and 3,200 tons of copper during the first three months of 2026.

Gold had an average price of $5,049 per ounce, while copper averaged at $6.1 per pound for the period.

The company’s exploration costs totaled $1.3 million for the period with a total of 8,300 meters drilled. OGPI plans to complete 27,600 meters of underground drilling and 10,300 meters of surface drilling this year.

“We also re-started exploration drilling in the lower levels of the Didipio mine and continue to advance drilling at near-mine targets such,” Adaci-Cattiling added.