OceanaGold Philippines Shines in 2025: Record Cash Flow, Dividend Payouts, and Robust Future Pipeline

OceanaGold (Philippines), Inc. (PSE: OGP; OTCQX: OGPIF), operator of the high-grade Didipio Mine, capped off a resilient year with strong operational performance, record financial metrics, and shareholder rewards. The company announced its fourth-quarter and full-year 2025 results, highlighting production in line with guidance, bolstered by soaring metal prices, and a debt-free balance sheet poised for growth.

In 2025, OceanaGold Philippines safely produced 90,700 ounces of gold and 13,300 tonnes of copper, meeting its annual targets of 85,000–105,000 ounces of gold despite challenges from late-2024 severe weather that limited underground access. All-in Sustaining Costs (AISC) came in at $1,255 per ounce for the year, slightly above the guided range but supported by healthy margins. Revenue surged to $438.8 million, fueled by a record average realized gold price of $3,494 per ounce and copper at $4.57 per pound, providing full exposure to spot market highs.

Financially, the company reported a net income of $76.5 million and earnings per share of $0.03, ending the year with a $84 million net cash position and zero debt. Free cash flow hit a milestone $130.2 million annually—the strongest on record—while Q4 alone generated $43.5 million. These results underscore efficient operations at Didipio, where Q4 gold output rose 9% quarter-on-quarter to 23.8 thousand ounces, driven by higher mill feed grades from planned sequencing and dewatering successes.

Shareholders reaped significant rewards, with a Q4 dividend declaration of $38 million ($0.0167 per share, or ≈₱0.983 at prevailing rates), payable March 31, 2026, to holders of record on March 5. This brings 2025 dividends to $112 million, and cumulative payouts since the May 2024 listing to $181 million—a testament to the asset’s quality and the company’s return-focused strategy.

Brian Martin, Chair of the Board, emphasized the achievements: “We are pleased to close 2025 with another year of

safe and responsible operations… With today’s record high metal prices, we generated strong margins and robust Free Cash Flow of $130 million. These results continued to strengthen our balance sheet… We are proud to have returned a total of $112 million in dividends to our shareholders this year… Looking ahead to 2026, our focus remains on maximizing underground productivity, advancing underground and near-mine exploration, and driving initiatives that enhance efficiencies.”

Operational Resilience and Cost Discipline

Production metrics reflected strategic execution. Full-year ore mined totaled 1.482 million tonnes at gold grades of 1.58 g/t, processed into 4.051 million tonnes of mill feed with 86.8% gold recovery. Q4 saw a 21% year-on-year gold production increase, aided by 35% more ore tonnes mined following lower-level dewatering. Copper output remained steady at 3.2 thousand tonnes in Q4.

Costs were managed adeptly amid variables like a planned mill shutdown. Q4 AISC rose to $1,422/oz due to shipment timing and maintenance, but annual cash costs held at $846/oz. Unit mining costs edged up 7% year-on-year to $43.33 per tonne mined, influenced by volumes, while processing and G&A costs reflected site investments.

Under the Didipio Financial or Technical Assistance Agreement (FTAA), renewed through 2044, the company accrued a $37.2 million Additional Government Share for 2025, with payments handled annually.

Exploration Advances and Resource Stability

Exploration spend reached $5.5 million in 2025, including 5,700 meters of surface drilling at prospects like D’Fox, True Blue, and Napartan. All mandatory FTAA relinquishments are complete, finalizing the property boundary. Year-end reserves stood at 1.13 million ounces gold and 0.13 million tonnes copper (net of depletion), supported by 45.2 million tonnes of Measured and Indicated Resources grading 0.92 g/t gold (100% basis; OceanaGold holds 80% interest).

A NI 43-101 Pre-Feasibility Study is slated for H1 2026.

Optimistic 2026 Outlook

Guidance signals continued strength: 85,000–105,000 ounces gold and 13,000–15,000 tonnes copper at AISC of $975–$1,100/oz (cash costs $615–$715/oz). Capital investments total $65 million, split across sustaining ($25M), capitalized mining ($10M), growth ($20M), and exploration ($10M, doubling 2025 spend for 37,900 meters targeting Panels 3/4 and True Blue).

With even quarterly production expected, underground expansion, fleet upgrades, and plant resilience will drive efficiencies. OceanaGold Philippines is primed to sustain value creation for shareholders and host communities at the world-class Didipio Mine.

Non-IFRS measures like AISC and cash costs are detailed in the full release. All figures in USD unless noted. Visit www.didipiomine.com.ph for more.