OceanaGold Corporation ( (OCANF) ) has released its Q3 earnings. Here is a breakdown of the information OceanaGold Corporation presented to its investors.
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OceanaGold Corporation is an intermediate gold and copper mining company operating across various regions, including the United States, the Philippines, and New Zealand, with a focus on maximizing free cash flow generation and delivering returns to shareholders.
In the third quarter of 2024, OceanaGold reported a significant increase in gold production, achieving a net profit of $61 million and an earnings per share of $0.08. The company witnessed a robust growth in free cash flow, amounting to $66 million, and successfully reduced its credit facility by $40 million.
Key financial highlights for the quarter include a 37% increase in gold production compared to the previous quarter, with a record output from the Haile mine. The all-in sustaining cost improved to $1,729 per ounce with a total of 124,800 ounces sold. The company also executed a share buyback program, repurchasing $7.8 million worth of common shares.
With a strong performance in Q3, OceanaGold is optimistic about delivering an even stronger fourth quarter. The management expects consolidated gold production to range between 142,000 and 162,000 ounces and aims to maintain a lower all-in sustaining cost between $1,400 and $1,650 per ounce. The focus remains on enhancing free cash flow and advancing organic growth opportunities like the Waihi North Project.
