1. Calculated as the mid point of guidance for full year 2026 compared to the actual result of full year 2025.
NEWS RELEASE
February 18, 2026
OceanaGold Achieves 2025 Guidance & Delivers Record Free Cash Flow (All financial figures in United States dollars unless otherwise stated)
- 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 - 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.
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.
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.
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."
1. Calculated as the mid point of guidance for full year 2026 compared to the actual result of full year 2025.
Results Overview
| Q4 2025 | Q3 2025 | Q4 2024 | 2025 | 2024 | ||
| Gold Produced1 Haile koz Macraes koz Waihi koz Didipio koz | 30.0 75.2 32.8 37.9 18.8 18.1 21.9 19.7 | 212.6 125.4 53.8 97.0 | ||||
| 55.6 | 184.8 | |||||
| 55.8 | 147.0 | |||||
| 22.2 | 75.1 | |||||
| 23.8 | 90.7 | |||||
| Total gold produced1 koz | 157.4 | 103.5 150.9 | 497.6 | 488.8 | ||
| Gold Sales Haile koz Macraes koz Waihi koz Didipio koz | 33.4 73.9 32.7 36.6 20.4 19.0 29.7 20.8 | 208.5 124.8 54.0 100.4 | ||||
| 50.3 | 190.4 | |||||
| 53.7 | 144.9 | |||||
| 21.1 | 73.8 | |||||
| 20.6 | 88.7 | |||||
| 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 Macraes $/oz Waihi $/oz Didipio $/oz | 1,981 598 1,345 1,214 1,539 1,130 787 1,033 | 955 1,192 1,427 851 | ||||
| 1,529 | 1,225 | |||||
| 885 | 1,215 | |||||
| 1,584 | 1,561 | |||||
| 883 | 846 | |||||
| Consolidated Cash Costs† | $/oz | 1,207 | 1,420 875 | 1,204 | 1,047 | |
| AISC† Haile $/oz Macraes $/oz Waihi $/oz Didipio $/oz | 3,464 1,287 2,171 1,535 2,039 1,557 1,213 1,389 | 1,628 1,906 2,087 1,140 | ||||
| 2,295 | 2,171 | |||||
| 1,286 | 1,861 | |||||
| 2,068 | 2,077 | |||||
| 1,422 | 1,255 | |||||
| Consolidated AISC† $/oz | 1,761 | 2,333 1,563 | 1,966 | 1,777 | ||
| Free Cash Flow† $M Net profit2 $M Adjusted net profit†2 $M EBITDA† $M Adjusted EBITDA† $M | 259.4 | 94.4 146.5 87.2 102.0 92.9 106.9 205.0 246.4 210.7 251.3 | 542.7 | 245.2 187.4 203.6 587.7 604.0 | ||
| 327.7 | 628.7 | |||||
| 201.7 | 511.8 | |||||
| 543.2 | 1,157.3 | |||||
| 374.0 | 997.2 | |||||
| Earnings per share - diluted2 $/share Adjusted earnings per share - diluted†2 $/share Operating Cash Flow per share - diluted† $/share Free Cash Flow per share-diluted† $/share | $1.42 | $0.37 $0.42 $0.40 $0.44 $0.93 $1.08 $0.41 $0.61 | $2.69 | $0.78 $0.84 $2.48 $1.01 | ||
| $0.88 | $2.19 | |||||
| $1.21 | $3.96 | |||||
| $1.13 | $2.32 |
1 Production is reported on a 100% basis as all operations are controlled by OceanaGold.
2 Attributable to the shareholders of the Company.
† See “Non-IFRS Financial Information”
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 attend the call, a recording will be made available on the Company's website.
About OceanaGold
OceanaGold is a global intermediate gold and copper producer committed to safely and responsibly
maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our
shareholders. We have a portfolio of four operating mines: the wholly-owned Haile Gold Mine in the United
States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned
Didipio Mine in the Philippines.
For further information please contact:
Investor Relations:
Rebecca Henare, Vice President, Investor Relations Tel: +1 604-678-4095 [email protected]
Valerie Burns, Manager, Investor Relations Tel: +1 604-235-0742 [email protected]
Media Relations:
Louise Burgess, Vice President, Communications Tel: +1 604-403-2019 [email protected] Cautionary Statement for Public Release
This public release contains certain “forward-looking statements” and “forward-looking information”
(collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws which
may include, but is not limited to, statements with respect to the future financial and operating performance
of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral
resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial
capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of
new deposits, costs and timing of the development of new mines, costs and timing of future exploration and
drilling programs, timing of filing of updated technical information, anticipated production amounts,
requirements for additional capital, governmental regulation of mining operations and exploration operations,
timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title
disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending
litigation and regulatory matters. All statements in this public release that address events or developments
that we expect to occur in the future are forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, although not always, identified by words such as
“may”, “plans”, “expects”, “projects”, “is expected”, “scheduled”, “potential”, “estimates”, “forecasts”,
“intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such
words and phrases, or may be identified by statements to the effect that certain actions, events or results
“may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by the forward-looking statements. Such
risks include, among others: future prices of gold; general business; economic and market factors (including
changes in global, national or regional financial, credit, currency or securities markets); changes or
developments in global, national or regional political and social conditions; changes in laws (including tax
laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production,
development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in
the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso
or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations
of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force
availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental
approvals; inability or delays in the completion of development or construction activities or in the re-
commencement of operations; legal challenges to mining and operating permits including the FTAA as well
as those factors identified and described in more detail in the section entitled “Risk Factors” contained in the
Company’s most recent Annual Information Form and the Company’s other filings with Canadian securities regulators, which are available on SEDAR+ at sedarplus.com under the Company’s name. The list is not
exhaustive of the factors that may affect the Company's forward-looking statements.
The Company’s forward-looking statements are based on the applicable assumptions and factors
Management considers reasonable as of the date hereof, based on the information available to Management
at such time. These assumptions and factors include, but are not limited to, assumptions and factors related
to: the Company’s ability to carry on current and future operations, including: development and exploration
activities; the timing, extent, duration and economic viability of such operations, including any mineral
resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts,
studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the
availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates;
taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future
obligations; the ability to obtain timely financing on reasonable terms when required; the current and future
social, economic and political conditions; and other assumptions and factors generally associated with the
mining industry.
The Company’s forward-looking statements are based on the opinions and estimates of Management and
reflect their current expectations regarding future events and operating performance and speak only as of the
date hereof. The Company does not assume any obligation to update forward-looking statements if
circumstances or Management's beliefs, expectations or opinions should change other than as required by
applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and
actual results, performance or achievements could differ materially from those expressed in, or implied by,
these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the
forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the
Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on
forward-looking statements.
Non-IFRS Financial Information
Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share
These are used by Management to measure the underlying operating performance of the Company.
Management believes these measures provide information that is useful to investors because they are
important indicators of the strength of the Company’s operations and the performance of its core business.
Accordingly, such measures are intended to provide additional information and should not be considered in
isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net
Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses and reversals, write-
downs, foreign exchange (gains)/losses, gain on sale of assets, listing costs and restructuring costs related to
transitioning certain corporate activities from Australia to Canada.
The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per
share:
| $M, except per share amounts | Q3 2025 | Q4 2024 | 2024 | ||
| Q4 2025 | 2025 | ||||
| 327.7 | 87.2 102.0 2.0 3.0 0.6 1.9 — — — — — — 1.6 — 1.5 — | 628.7 | |||
| (1.9) | 3.3 | ||||
| 8.0 | 8.8 | ||||
| — | — | ||||
| (176.2) | (176.2) | ||||
| 43.2 | 43.2 | ||||
| 0.9 | 2.5 | ||||
| — | 1.5 | ||||
| 201.7 | 92.9 106.9 | 511.8 | |||
| 233.0 241.5 | |||||
| 230.2 | 233.5 | ||||
| 0.88 | 0.40 0.44 | 2.19 |
1 Attributable to the shareholders of the Company.
EBITDA and Adjusted EBITDA
Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by
producing operating cash flows to fund working capital needs, service debt obligations and fund capital
expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted
EBITDA is calculated as EBITDA less the impact of impairment expenses and reversals, write-downs,
gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non-recurring
costs. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue.
The following table provides a reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin:
| $M | Q3 2025 | Q4 2024 | 2024 | ||
| Q4 2025 | 2025 | ||||
| Net profit Depreciation and amortization Net interest expense and finance costs Income tax expense on earnings | 333.8 | 93.1 102.7 62.3 100.5 1.0 2.9 48.6 40.3 | 645.7 | 192.0 321.2 19.1 55.4 | |
| 81.1 | 252.0 | ||||
| — | 4.3 | ||||
| 128.3 | 255.3 | ||||
| EBITDA Foreign exchange (gain) loss Gain on sale of Blackwater project, net Impairment reversal NYSE / PSE listing costs Restructuring / Other costs Write-down of assets | 543.2 | 205.0 246.4 2.0 3.0 — — — — 1.6 — 1.5 — 0.6 1.9 | 1,157.3 | 587.7 7.9 (12.7) — 10.9 1.9 8.3 | |
| (1.9) | 3.3 | ||||
| — | — | ||||
| (176.2) | (176.2) | ||||
| 0.9 | 2.5 | ||||
| — | 1.5 | ||||
| 8.0 | 8.8 | ||||
| Adjusted EBITDA | 374.0 | 210.7 251.3 | 997.2 | 604.0 | |
| Revenue Adjusted EBITDA Margin | 652.4 | 448.5 427.3 47% 59% | 1,893.2 | 1,294.0 47% | |
| 57% | 53% |
Cash Costs and AISC
Cash Costs are a common financial performance measure in the gold mining industry; however, it has no
standard meaning under IFRS. Management uses this measure to monitor the performance of its mining
operations and its ability to generate positive cash flows, both on an individual site basis and an overall
company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-
product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes the
value of cash-settled stock-based compensation in the year of vesting. Cash costs are reduced by copper
and silver by-product credits that are considered incidental to the gold production process, thereby allowing
Management and other stakeholders to assess the net costs of gold production. The measure is not
necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.
Management believes that the AISC measure provides additional insight into the costs of producing gold by
capturing all of the expenditures required for the discovery, development and sustaining of gold production
and allows the Company to assess its ability to support capital expenditures to sustain future production
from the generation of operating cash flows, both on an individual site basis and an overall company basis,
while maintaining current production levels. Management believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use this information to evaluate the
Company’s performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of
Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A
costs. AISC is divided by ounces sold to arrive at AISC per ounce.
Prior to the first quarter of 2025, Didipio’s AISC calculation excluded local corporate G&A costs which is
consistent with the calculation of AISC for the other operations. In order to align the Company’s reporting of
AISC with local reporting requirements in the Philippines, Management has included local corporate G&A
costs in Didipio’s AISC calculation beginning in the first quarter of 2025.
The following table provides a reconciliation of consolidated Cash Costs and AISC:
| $M, except per oz amounts | Q4 2024 | 2024 | |||
| Q4 2025 | Q3 2025 | 2025 | |||
| Cost of sales, excl. depreciation and amortization Indirect taxes Selling costs Other cash adjustments2 By-product credits | 208.4 155.1 7.3 7.6 4.8 3.2 (6.5) (4.7) (49.0) (29.7) | 600.5 25.6 13.4 (8.5) (120.5) | |||
| 231.3 | 763.7 | ||||
| 8.5 | 26.2 | ||||
| 3.8 | 14.0 | ||||
| (26.8) | (43.8) | ||||
| (40.9) | (160.6) | ||||
| Total Cash Costs (net) Sustaining capital and leases Deferred stripping and capitalized mining Corporate general & administration Onsite exploration and drilling | 175.9 | 165.0 131.5 43.7 34.1 53.7 43.7 6.7 23.5 1.9 0.5 | 599.5 | 510.5 107.5 181.3 62.9 4.2 | |
| 53.3 | 158.2 | ||||
| 26.5 | 184.5 | ||||
| (1.6) | 30.6 | ||||
| 0.3 | 4.4 | ||||
| Total AISC Gold sales (koz) | 254.4 | 271.0 233.3 116.2 150.3 | 977.2 | 866.4 487.7 | |
| 145.7 | 497.8 | ||||
| Cash Costs ($/oz) AISC ($/oz)1 | 1,207 | 1,420 875 2,333 1,563 | 1,204 | 1,047 1,777 | |
| 1,761 | 1,966 |
1 Excludes the Additional Government Share related to the FTAA at Didipio of $2.9 million, $16.6 million and $37.2 million for the fourth quarter, third quarter and full year 2025, respectively, as it is considered in nature of an income tax.
2 Other cash adjustments reflect the inclusion of cash settled stock-based compensation in AISC over the year of vesting.
3 Corporate general & administration, in addition to cash settled stock-based compensation, includes the full year true-up in the fourth quarter related to site service allocations.
The following tables provides a reconciliation of Cash Costs and AISC for each operation:
Haile
| $M, except per oz amounts | Q4 2024 | 2024 | |||
| Q4 2025 | Q3 2025 | 2025 | |||
| Cash costs of sales1 By-product credits Inventory adjustments Freight, treatment and refining charges | 83.5 | 62.4 51.3 (0.9) (0.8) 4.5 (6.5) 0.2 0.2 | 245.4 | 199.7 (3.0) 2.0 0.5 | |
| (1.0) | (5.7) | ||||
| (5.8) | (7.1) | ||||
| 0.1 | 0.7 | ||||
| Total Cash Costs (net) Sustaining capital and leases Deferred stripping and capitalized mining Onsite exploration and drilling | 76.8 | 66.2 44.2 20.1 20.5 29.4 30.5 0.2 — | 233.3 | 199.2 53.1 87.0 — | |
| 23.0 | 69.7 | ||||
| 15.2 | 109.0 | ||||
| — | 1.1 | ||||
| Total AISC Gold sales (koz) | 115.0 | 115.9 95.2 33.4 73.9 | 413.1 | 339.3 208.5 | |
| 50.3 | 190.4 | ||||
| Cash Costs ($/oz) AISC ($/oz) | 1,529 | 1,981 598 3,464 1,287 | 1,225 | 955 1,628 | |
| 2,295 | 2,171 |
1 Reflects the inclusion of cash settled stock-based compensation over the year of vesting.
Macraes
| $M, except per oz amounts | Q4 2024 | 2024 | |||
| Q4 2025 | Q3 2025 | 2025 | |||
| Cash costs of sales1 By-product credits Royalties Inventory adjustments Freight, treatment and refining charges | 49.8 | 40.9 44.5 — 0.2 2.8 1.0 0.1 (1.7) 0.2 0.3 | 173.2 | 137.1 0.1 3.4 7.4 0.8 | |
| (0.2) | (0.3) | ||||
| 7.8 | 13.9 | ||||
| (10.5) | (12.1) | ||||
| 0.6 | 1.3 | ||||
| Total Cash Costs (net) Sustaining capital and leases Deferred stripping and capitalized mining Onsite exploration and drilling | 47.5 | 44.0 44.3 10.6 5.9 16.3 5.1 0.2 0.2 | 176.0 | 148.8 24.1 62.9 1.3 | |
| 16.6 | 45.0 | ||||
| 3.8 | 46.6 | ||||
| 1.0 | 1.9 | ||||
| Total AISC Gold sales (koz) | 68.9 | 71.1 55.5 32.7 36.6 | 269.5 | 237.1 124.8 | |
| 53.7 | 144.9 | ||||
| Cash Costs($/oz) AISC($/oz) | 885 | 1,345 1,214 2,171 1,535 | 1,215 | 1,192 1,906 | |
| 1,286 | 1,861 |
1 Reflects the inclusion of cash settled stock-based compensation over the year of vesting.
Waihi
| $M, except per oz amounts | Q4 2024 | 2024 | |||
| Q4 2025 | Q3 2025 | 2025 | |||
| Cash costs of sales1 By-product credits Royalties Inventory adjustments Add: Freight, treatment and refining charges | 40.2 | 30.9 22.1 (3.1) (2.1) 0.8 0.5 2.7 0.9 0.1 0.1 | 128.6 | 80.9 (5.6) 1.5 0.1 0.2 | |
| (4.1) | (11.9) | ||||
| 3.4 | 5.3 | ||||
| (6.2) | (7.2) | ||||
| 0.1 | 0.3 | ||||
| Total Cash Costs (net) Sustaining capital and leases Deferred stripping and capitalized mining Onsite exploration and drilling | 33.4 | 31.4 21.5 2.8 2.9 6.8 5.6 0.7 0.3 | 115.1 | 77.1 9.9 22.8 2.9 | |
| 6.8 | 16.1 | ||||
| 3.4 | 20.6 | ||||
| (0.1) | 1.3 | ||||
| Total AISC Gold sales (koz) | 43.5 | 41.7 30.3 20.4 19.0 | 153.1 | 112.7 54.0 | |
| 21.1 | 73.8 | ||||
| Cash Costs ($/oz) AISC ($/oz) | 1,584 | 1,539 1,130 2,039 1,557 | 1,561 | 1,427 2,087 | |
| 2,068 | 2,077 |
1 Reflects the inclusion of cash settled stock-based compensation over the year of vesting.
Didipio
| $M, except per oz amounts | Q3 2025 | Q4 2024 | 2024 | ||
| Q4 2025 | 2025 | ||||
| Cash costs of sales1 By-product credits Royalties Indirect taxes Inventory adjustments Freight, treatment and refining charges | 42.9 | 37.1 40.0 (45.0) (27.0) 2.9 0.8 7.3 5.2 15.2 (1.7) 5.9 4.2 | 150.4 | 147.6 (112.0) 5.9 21.3 5.0 17.6 | |
| (35.6) | (142.7) | ||||
| 2.5 | 9.4 | ||||
| 6.6 | 24.3 | ||||
| (2.9) | 16.1 | ||||
| 4.7 | 17.6 | ||||
| Total Cash Costs (net) Sustaining capital and leases Deferred stripping and capitalized mining General & administration2 Onsite exploration and drilling | 18.2 | 23.4 21.5 10.8 4.8 1.2 2.5 0.5 — 0.3 — | 75.1 | 85.4 20.4 8.6 — — | |
| 6.9 | 27.4 | ||||
| 4.1 | 8.3 | ||||
| 0.2 | 0.7 | ||||
| (0.3) | — | ||||
| Total AISC Gold sales (koz) | 29.1 | 36.2 28.8 29.7 20.8 | 111.5 | 114.4 100.4 | |
| 20.6 | 88.7 | ||||
| Cash Costs ($/oz) AISC1 ($/oz) | 883 | 787 1,033 1,213 1,389 | 846 | 851 1,140 | |
| 1,422 | 1,255 |
1 Reflects the inclusion of cash settled stock-based compensation over the year of vesting.
2 Excludes the Additional Government Share of FTAA at Didipio of $2.9 million, $16.6 million and $37.2 million for the fourth quarter, third quarter, and full year 2025, respectively, as it is considered in nature of an income tax.
Net Cash/(Debt)
Net Cash/(Debt) has been calculated as total debt less cash and cash equivalents. Management believes
this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the
Company’s financial health.
The following table provides a reconciliation of Net Cash/(Debt):
| December 31, | December 31, | |
|---|---|---|
| $M | ||
| 2025 | 2024 | |
| Amounts drawn under the revolving credit facility Amounts drawn under the mining equipment fleet facility1 Unamortized transaction costs | — | — (2.8) 1.2 |
| — | ||
| — | ||
| Total debt Cash and cash equivalents | — | (1.6) 193.5 |
| 476.5 | ||
| Net Cash | 476.5 | 191.9 |
1 Fleet facility arrangement for mining equipment financing was fully repaid in March 2025. There are no additional amounts available under the fleet facility.