OceanaGold 3Q produced over 99K Oz gold

Oct 30, 2023

OceanaGold Corporation reported its operational and financial results for the three months ended September 30, 2023. Gerard Bond, President and CEO of OceanaGold, said “The third quarter was always expected to be our lowest production quarter of 2023, though it was further impacted by isolated challenges in the final stage of the Mill Zone pit at Haile.

However, strong performance at Didipio and Macraes keeps us on track to meet the low-end of our full-year consolidated production guidance range. We also achieved a number of exciting milestones across our business during the quarter:

Haile produced its millionth ounce, first ore from the Haile Underground was mined, the ball mill at Macraes was comprehensively repaired and returned to full service, and some exciting exploration results were released at Didipio and Haile. We remain focused on safely and responsibly delivering on our consolidated full-year production guidance in the final quarter of the year and have laid the groundwork for a strong 2024 and beyond.”

The key takeaways from the Third Quarter are, 1: Consolidated production of 99,028 ounces of gold. 2: Third quarter All-In Sustaining Costs of $1,911 per ounce on gold sales of 97,911 ounces. 3: YTD AISC of $1,563 per ounce on gold sales of 349,064 ounces. 4: Revenue of $214 million, EBITDA of $59 million and NPAT of $6 million & 5: YTD revenue of $759 million, EBITDA of $312 million and NPAT of $102 million.

Third quarter gold production was 24% lower than the previous quarter and 6% lower than the corresponding quarter in 2022. The quarter-on-quarter reduction was driven by decreased production at Haile, with lesser contribution quarter-on-quarter also from Macraes and Waihi. The Company has produced 347,207 ounces of gold year-to-date (YTD), which was broadly in line with the corresponding period in 2022.

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