OceanaGold Reports Third Quarter 2026 Results

This is a Q3 2026 earnings/results release (with an embedded M&A reminder on Ausgold), published after the close on 4 November 2026.

• Production: 133,400 oz gold and 3,400 t copper. Site split — Haile 54.6 koz, Macraes 37.2 koz, Waihi 18.9 koz, Didipio 22.7 koz. Gold sold 140.9 koz (a 7.5 koz draw on inventory).
• Realized price: $4,249/oz gold (vs $4,433 in Q2 and $3,476 in Q3 2025); copper $6.54/lb; 136.5 koz silver.
• Costs: consolidated cash cost $1,290/oz (Q2 $1,362); consolidated AISC $1,874/oz, described as 13% below Q2. Site AISC — Haile $1,811, Macraes $2,155, Waihi $2,195, Didipio $687.
• Financials: revenue $655M; net profit $198.1M ($0.88 EPS, $0.94 adjusted); adjusted EBITDA $382.8M at a 58% margin; operating cash flow $324.5M; free cash flow $155.3M ($540.6M YTD).
• Balance sheet and returns: cash $729M (+11% QoQ), no debt, revolver undrawn; $79M returned in the quarter ($59M buybacks, $20M dividends), $253M YTD; buybacks $193M YTD against a $350M authorization; quarterly dividend maintained at $0.09.
• Guidance language: consolidated production "on track" for the midpoint of 520–590 koz; AISC "towards the upper end" of $1,750–$1,900/oz; total capital now expected ~$45M (7%) ABOVE the $645M guidance; Haile production now expected towards the LOW end of its 235–260 koz range and Haile AISC around the HIGH end of $1,500–$1,700/oz.
• The buried disclosure: "a modified mine plan was implemented in the third quarter to de-risk the Ledbetter Pit South Wall," which pushed mining into lower-grade upper benches and delayed access to higher-grade ore.
• Growth: 27,400 oz produced at Haile in October 2026; MP4 permit application lodged (Macraes life to late 2030s, possible 2040s); Waihi decline advanced just over 500 m, first ore 2032, updated NI 43-101 in January 2027 with a 1.2 Mtpa expansion study; Palomino first ore 2028; Ausgold/Katanning closing expected December 2026.

The cash story is real and was largely telegraphed; the incremental information in this release is negative on volume and capital.

• Positive, but pre-announced: AISC down 13% QoQ and cash up 11% to $729M were both explicitly guided in Q2 ("AISC expected to decline in Q3 and Q4"). The per-ounce margin actually widened — $4,249 realized less $1,874 AISC = $2,375/oz versus $2,282/oz in Q2 — even though the realized gold price fell 4.2%.
• Negative, and new: the Ledbetter Pit South Wall mine-plan modification. This is a geotechnical de-risking event that was not disclosed in the Q2 call, it cost the company access to higher-grade benches for a full quarter, and it is the stated cause of Haile dropping to the low end of guidance. A wall-stability-driven re-plan is not a timing artifact.
• Negative, and self-inflicted: the 7% capital overrun, on top of a Q2 statement that capital guidance "remains unchanged." Some of it is pull-forward (Waihi North activities moved out of 2027), which is defensible, but pull-forward plus an accelerated MP4 and a bigger Didipio fleet means 2027 spend does not fall as previously modelled.
• Negative, and quantifiable: the Haile AISC range no longer looks attainable. Haile has sold 160.8 koz YTD at $2,101/oz AISC. To finish the year at the $1,700 top of the range on roughly 245 koz sold, Q4 would need to contribute about $965/oz — below Haile's own cash-cost guidance of $970–$1,070/oz, before any sustaining capital. A realistic landing zone is $1,800–$1,900/oz, i.e. $100–$200/oz above the stated range. The consolidated target requires Q4 AISC of roughly $1,500/oz on ~145 koz sold — achievable, but entirely dependent on Haile grades.
• Market context: the shares closed at C$35.28 on the release date (the release came after the close), down 39% from the February high of C$58.22 and down 6.3% from the C$37.67 close on the day of the Q2 release. The de-rating has already happened; this print confirms softness rather than revealing a new problem.

Net: a quarter that beats on cash, misses modestly on ounces against management's own anchor, and walks the cost and capital dials one notch the wrong way.

• OceanaGold is a Vancouver-headquartered, TSX- and NYSE-listed intermediate gold and copper producer (NYSE listing commenced 7 April 2026).
• Four operating mines: Haile in South Carolina, USA (100%, open pit plus underground, mine life to 2036); Macraes in New Zealand's South Island (100%, open pit plus underground, life to 2032 with MP4 targeting the late 2030s); Waihi in New Zealand (100%, Martha Underground producing, Wharekirauponga in development for 2032); Didipio in the Philippines (80% owned, underground plus open pit, gold and copper).
• 2026 guidance: 520–590 koz gold and 13–15 kt copper. Haile 235–260 koz (~45% of the midpoint), Macraes 135–155 koz, Waihi 60–75 koz, Didipio 85–105 koz.
• Growth pipeline: Waihi North/Wharekirauponga (1.21 Moz reserves at 6.76 g/t, first ore 2032), Palomino underground at Haile (first ore 2028), Ledbetter underground (first ore 2029), Macraes Phase 4, and Katanning in Western Australia pending the Ausgold acquisition (first gold 2029, >100 koz/yr potential).
• The portfolio is unusually levered to a single asset for its size: Haile is roughly 45% of production and is also this quarter's problem child.