(All financial figures in US Dollars unless
otherwise stated)
VANCOUVER, BC, Aug. 1, 2023
/CNW/ - OceanaGold Corporation (TSX: OGC) ("OceanaGold" or the
"Company") reported its operational and financial results for
the three months ended June 30, 2023. The consolidated
financial statements and the Management Discussion and Analysis
("MD&A") are available at www.oceanagold.com.
Gerard Bond, President and CEO of
OceanaGold, said "OceanaGold safely and responsibly delivered
strong production outcomes at lower costs during the second
quarter, generating strong Free Cash Flow. Both New Zealand sites bounced back strongly,
Didipio continued its steady performance, and we remain on schedule
for first ore delivery from the Haile underground in the fourth
quarter this year.
As we look ahead to the remainder of 2023, we are on track to
deliver on our consolidated full-year production, cost and capital
guidance and have a strong balance sheet enabling us to continue
investing in the exciting organic growth and near-mine exploration
projects we have throughout our portfolio, as well as pay a
dividend in-line with our policy."
Second Quarter Highlights
- On track to meet full-year 2023 consolidated production, cost
and capital guidance.
- 12MMA total recordable injury frequency rate of 3.5 per million
hours worked.
- Consolidated production of 130,055 ounces of gold and 3,400
tonnes of copper.
- All-In Sustaining Costs ("AISC") of $1,318 per ounce on gold sales of 139,071
ounces.
- Free Cash Flow of $72.3
million.
- Revenue of $301 million, EBITDA
of $153 million and NPAT of
$69 million.
- Adjusted earnings of $0.10 per
share and operating cash flow of $0.21 per share.
- Record first half revenue of $545
million and EBITDA of $253
million.
- First Half 2023 NPAT of $108
million.
- Net debt of $136 million as at
June 30, 2023 at a leverage ratio of
0.34 times.
- Haile underground on track, with first ore to the mill expected
in the fourth quarter of 2023.
- Obtained regulatory approval for a third drill rig at
Wharekirauponga, drilling began in July.
- Semi-annual dividend of $0.01
approved by the Board, to be paid October 6,
2023.
Table 1 – Production and Cost Results
Summary
Quarter ended
30 June 2023
|
|
Haile
|
Didipio
|
Waihi
|
Macraes
|
Consolidated
|
Q2
2023
|
Q1
2023
|
Q2
2022
|
Production, Sales
& Costs
|
|
|
|
|
|
|
|
|
Gold
Produced
|
koz
|
43.6
|
32.2
|
14.8
|
39.5
|
130.1
|
118.1
|
112.3
|
Gold Sales
|
koz
|
51.6
|
32.7
|
14.9
|
39.9
|
139.1
|
112.1
|
109.8
|
Average Gold
Price
|
US$/oz
|
1,978
|
1,941
|
1,973
|
1,970
|
1,967
|
1,919
|
1,856
|
Copper
Produced
|
kt
|
—
|
3.4
|
—
|
—
|
3.4
|
3.5
|
3.8
|
Copper Sales
|
kt
|
—
|
3.5
|
—
|
—
|
3.5
|
3.3
|
3.7
|
Average Copper Price
(2)
|
US$/lb
|
—
|
3.67
|
—
|
—
|
3.67
|
4.29
|
3.34
|
Cash Costs
|
US$/oz
|
617
|
608
|
1,031
|
847
|
725
|
861
|
903
|
Site AISC
(1)
|
US$/oz
|
1,351
|
741
|
1,614
|
1,287
|
1,318
|
1,567
|
1,430
|
Operating
Physicals
|
|
|
|
|
|
|
|
|
Material
Mined
|
kt
|
8,655
|
415
|
225
|
11,627
|
20,922
|
22,816
|
22,814
|
Waste Mined
|
kt
|
7,363
|
32
|
109
|
9,164
|
16,668
|
19,615
|
19,647
|
Ore Mined
|
kt
|
1,292
|
383
|
116
|
2,463
|
4,254
|
3,202
|
3,168
|
Mill Feed
|
kt
|
903
|
1,019
|
113
|
1,616
|
3,651
|
3,095
|
3,511
|
Mill Feed
Grade
|
g/t
|
1.82
|
1.09
|
4.34
|
0.93
|
1.30
|
1.39
|
1.20
|
Gold
Recovery
|
%
|
82.7
|
89.9
|
94.0
|
81.9
|
85.2
|
84.8
|
82.9
|
Capital
Expenditures
|
|
|
|
|
|
|
|
|
General
Operations
|
US$m
|
13.0
|
2.3
|
0.9
|
10.3
|
26.5
|
20.6
|
15.2
|
Pre-strip &
Capitalised Mining
|
US$m
|
22.1
|
1.8
|
6.8
|
10.2
|
40.9
|
42.0
|
29.3
|
Growth
|
US$m
|
12.4
|
1.3
|
2.8
|
0.1
|
16.6
|
15.0
|
15.5
|
Exploration
|
US$m
|
1.7
|
0.5
|
3.1
|
1.2
|
6.5
|
4.3
|
5.3
|
Total Capital
Expenditures
|
US$m
|
49.2
|
5.9
|
13.6
|
21.8
|
90.5
|
82.0
|
65.3
|
Year to
date
30 June 2023
|
|
Haile
|
Didipio
|
Waihi
|
Macraes
|
Consolidated
|
YTD
2023
|
YTD
2022
|
Production, Sales
& Costs
|
|
|
|
|
|
|
|
Gold
Produced
|
koz
|
91.7
|
65.2
|
25.1
|
66.2
|
248.2
|
246.3
|
Gold Sales
|
koz
|
93.3
|
66.3
|
24.8
|
66.8
|
251.2
|
239.0
|
Average Gold
Price
|
US$/oz
|
1,945
|
1,950
|
1,948
|
1,941
|
1,945
|
1,888
|
Copper
Produced
|
kt
|
—
|
6.9
|
—
|
—
|
6.9
|
7.3
|
Copper Sales
|
kt
|
—
|
6.7
|
—
|
—
|
6.7
|
7.4
|
Average Copper Price
(2)
|
US$/lb
|
—
|
3.97
|
—
|
—
|
3.97
|
4.11
|
Cash Costs
|
US$/oz
|
635
|
591
|
1,165
|
1,049
|
786
|
756
|
Site AISC
(1)
|
US$/oz
|
1,434
|
662
|
1,836
|
1,642
|
1,429
|
1,243
|
Operating
Physicals
|
|
|
|
|
|
|
|
Material
Mined
|
kt
|
18,226
|
844
|
448
|
24,220
|
43,738
|
44,861
|
Waste Mined
|
kt
|
15,941
|
72
|
237
|
20,033
|
36,283
|
37,719
|
Ore Mined
|
kt
|
2,285
|
772
|
211
|
4,187
|
7,455
|
7,142
|
Mill Feed
|
kt
|
1,706
|
2,072
|
210
|
2,758
|
6,746
|
6,786
|
Mill Feed
Grade
|
g/t
|
2.01
|
1.09
|
3.96
|
0.91
|
1.34
|
1.35
|
Gold
Recovery
|
%
|
83.0
|
89.4
|
93.7
|
81.6
|
85.4
|
83.4
|
Capital
Expenditures
|
|
|
|
|
|
|
|
General
Operations
|
US$m
|
24.4
|
2.3
|
1.2
|
19.4
|
47.3
|
30.3
|
Pre-strip &
Capitalised Mining
|
US$m
|
45.6
|
2.0
|
13.7
|
21.5
|
82.8
|
60.1
|
Growth
|
US$m
|
24.0
|
2.7
|
4.1
|
0.8
|
31.6
|
32.5
|
Exploration
|
US$m
|
2.8
|
0.7
|
5.4
|
1.9
|
10.8
|
11.1
|
Total Capital
Expenditures
|
US$m
|
96.8
|
7.7
|
24.4
|
43.6
|
172.5
|
134.0
|
(1)
|
Site AISC are exclusive
of corporate general and administrative expenses but include share
based remuneration paid to eligible site employees, Consolidated
AISC is inclusive of corporate general and administrative expenses
which includes share based remuneration paid to eligible
non-operations corporate employees. Cash Costs and All-In
Sustaining Costs are reported on ounces sold and net of by-product
credit basis.
|
(2)
|
The Average Copper
Price Received calculated includes marked to market revaluations on
unfinalized shipments as well as final adjustments on prior period
shipments per accounting requirements.
|
Notes:
- Consolidated capital excludes rehabilitation and closure costs
at Reefton and Junction Reefs plus corporate capital projects not
related to a specific operating region; these totalled $1.0 million and $0.4
million respectively in the second quarter.
- Capital and exploration expenditure by location excludes
related regional greenfield exploration where applicable.
Table 2 – Financial Summary
Quarter ended 30
June 2023
(US$m)
|
Q2
30 Jun
2023
|
Q1
31 Mar 2023
|
Q2
30 Jun 2022
|
YTD
2023
|
YTD
2022
|
Revenue
|
301.0
|
243.9
|
229.4
|
544.9
|
515.1
|
Cost of sales,
excluding depreciation and amortisation
|
(121.1)
|
(118.5)
|
(119.9)
|
(239.6)
|
(234.3)
|
General and
administration – indirect taxes (1)
|
(5.1)
|
(5.6)
|
(3.8)
|
(10.7)
|
(8.3)
|
General and
administration – other
|
(18.8)
|
(18.2)
|
(14.5)
|
(37.0)
|
(25.6)
|
Foreign currency
exchange gain/(loss)
|
(3.2)
|
(2.1)
|
(16.7)
|
(5.3)
|
(14.8)
|
Other
income/(expense)
|
(0.3)
|
0.5
|
0.2
|
0.2
|
0.6
|
EBITDA (excluding
impairment expense) (3)
|
152.5
|
100.0
|
74.7
|
252.5
|
232.7
|
Depreciation and
amortisation
|
(60.2)
|
(45.1)
|
(47.1)
|
(105.3)
|
(102.4)
|
Net interest expense
and finance costs
|
(4.8)
|
(5.5)
|
(0.7)
|
(10.3)
|
(3.5)
|
Earnings before
income tax (excluding impairment expense)
(3)
|
87.5
|
49.4
|
26.9
|
136.9
|
126.8
|
Income tax
(expense)/benefit on earnings
|
(18.9)
|
(10.5)
|
(6.3)
|
(29.4)
|
(24.4)
|
Earnings after
income tax (excluding impairment expense)
(3)
|
68.6
|
38.9
|
20.6
|
107.5
|
102.4
|
Impairment of
exploration/property expenditure / investment
(2)
|
—
|
—
|
(1.2)
|
—
|
(4.4)
|
Net Profit/(loss)
after Tax
|
68.6
|
38.9
|
19.4
|
107.5
|
98.0
|
Basic earnings/(loss)
per share
|
$0.10
|
$0.06
|
$0.03
|
$0.15
|
$0.14
|
Earnings/(loss) per
share - fully diluted
|
$0.09
|
$0.05
|
$0.03
|
$0.15
|
$0.14
|
(1)
|
Represents
production-based taxes in the Philippines, specifically excise tax,
local business and property taxes.
|
(2)
|
There was a $1.2m
write-off related to the Sam's Creek investment as at 30 June
2022.
|
(3)
|
EBITDA, EBIT and
Earnings after income tax are non-GAAP measures. Refer to the
Accounting & Controls section of the MD&A report for an
explanation.
|
Table 3 - Cash flow Summary
Quarter ended 30
June 2023
(US$m)
|
Q2
30 Jun
2023
|
Q1
31 Mar 2023
|
Q2
30 Jun 2022
|
YTD
2023
|
YTD
2022
|
Cash flows from
Operating Activities
|
161.7
|
65.2
|
79.7
|
226.9
|
223.5
|
Cash flows used in
Investing Activities
|
(89.4)
|
(81.6)
|
(63.6)
|
(171.0)
|
(135.5)
|
Cash flows from /
(used) in Financing Activities
|
(14.6)
|
(6.6)
|
(57.3)
|
(21.2)
|
(66.0)
|
Free Cash
Flow
|
72.3
|
(16.4)
|
8.8
|
55.9
|
72.0
|
Note: Free Cash Flow in
2023 has been calculated as Cash flows from Operating Activities,
less Cash flows used in Investing Activities.
|
In the prior year, Free
Cash Flow was calculated as Cash flows from Operating Activities,
less Cash flows used in Investing Activities less finance lease
principal payments which are reported as part of cash flow used in
financing activities in 2022.
|
Operations
The Company produced 130,055 ounces of gold and 3,400 tonnes of
copper in the second quarter of 2023. Second quarter gold
production was 10% higher than the previous quarter and 16% higher
than the corresponding quarter in 2022. The quarter-on-quarter
increase was mainly driven by 48% higher gold production at Macraes
as mill feed increased by 42% following the completion of repairs
to the inlet trunnion of Mill Number 2 ("ML-02") in late
March. Waihi's second quarter gold production was also 44% higher,
driven by increased ore production, as expected given the
disruption to mining in the prior quarter due to record rainfall.
The increase in production from the New
Zealand operations was partially offset by 9% lower gold
production at Haile related to lower mill feed grades, while
Didipio was broadly flat quarter-on-quarter. The Company has
produced 248,179 ounces of gold and 6,911 tonnes of copper
year-to-date ("YTD") representing a 1% increase in gold
production compared to the corresponding period in 2022.
On a consolidated basis, the Company recorded a second quarter
AISC of $1,318 per ounce on gold
sales of 139,071 ounces and copper sales of 3,490 tonnes. This was
a 16% reduction in AISC compared to the previous quarter and a 8%
reduction compared to the corresponding period in 2022. The
quarter-on-quarter reduction was mainly driven by higher
comparative gold sales, which included delayed sales from the first
quarter. The Company recorded an AISC of $1,429 on sales of 251,153 ounces of gold and
6,744 tonnes of copper in the first half of 2023.
Haile produced 43,567 ounces of gold in the second quarter, a 9%
reduction compared to the previous quarter. The quarter-on-quarter
reduction was due to a lower average feed grade, which was
partially offset by higher total mill feed. Haile's second quarter
AISC was $1,351 per ounce, a 12%
reduction compared to the previous quarter. The quarter-on-quarter
reduction was driven by higher gold sales, which included 8koz of
delayed sales from the first quarter. Haile produced 91,679 ounces
of gold in the first half at an AISC of $1,434 per ounce.
During the second quarter progress continued on the Haile
expansion, including expanded tailings and waste containment
facilities plus development of the Haile underground mine, where
development rates are progressing to plan with first ore still on
track for delivery to the mill in the fourth quarter of
2023.
Didipio produced 32,207 ounces of gold and 3,400 tonnes of
copper in the second quarter, a 2% reduction in gold production
compared to the previous quarter, while copper production was
largely flat quarter-on-quarter. The slight quarter-on-quarter
reduction in gold production was due to lower mill feed as a result
of a planned shutdown in April. Didipio's second quarter AISC was
$741 per ounce on gold sales of
32,676 ounces and 3,490 tonnes of copper, a 27% increase on the
previous quarter mainly due to lower by-product credits, reflecting
a lower average copper price, and higher sustaining capital
investment. Didipio produced 65,241 ounces of gold and 6,911 tonnes
of copper in the first half of 2023 at an AISC of $662 per ounce.
Macraes produced 39,494 ounces of gold in the second quarter, a
48% increase compared to the previous quarter. The higher
quarter-on-quarter production was mainly driven by improved mill
performance following completion of the repairs to ML-02 at the end
of the first quarter. Macraes' second quarter AISC was $1,287 per ounce, a 41% decrease compared to the
previous quarter mainly due to the higher gold sales combined with
lower sustaining capital investments. Macraes produced 66,176
ounces of gold in the first half at an AISC of $1,642 per ounce.
Waihi produced 14,787 ounces of gold for the second quarter, a
44% increase compared to the previous quarter. The higher
quarter-on-quarter production was driven by a 21% increase in ore
mined and a 23% increase in feed grade as mining productivity
improved following the significant rainfall driven impacts seen in
the first quarter. Waihi's second quarter AISC was $1,614 per ounce, a 26% reduction compared to the
previous quarter mainly driven by higher gold sales, which offset
higher cash costs and higher sustaining capital. Waihi produced
25,083 ounces of gold in the first half at an AISC of $1,836 per ounce.
Financial
The Company recorded second quarter consolidated revenue of
$301.0 million, a 23% increase
compared to the previous quarter. The quarter-on-quarter increase
was driven by 24% higher gold sales combined with 2% higher average
realized gold prices. The increase in gold sales coming from Haile,
Macraes and Waihi, while Didipio was relatively flat. Compared to
the corresponding period in 2022, second quarter revenue was 31%
higher, also driven by increased gold sales combined with higher
average gold prices. The Company reported a record first half
consolidated revenue of $544.9
million, a 6% increase relative to the first half of 2022,
driven by increased period-on-period gold sales combined with
higher average gold prices received.
Second quarter EBITDA was $152.5
million, a 53% increase relative to the previous quarter.
The quarter-on-quarter increase was mainly due to the higher
revenue. Consolidated EBITDA for the first half was $252.5 million, reflecting a 9% increase compared
to the first half of 2022 with higher revenue and lower foreign
currency exchange losses, partially offset by higher indirect taxes
and general and administration costs.
Second quarter Net Profit After Tax was $68.6 million or $0.09 per share fully diluted compared with a Net
Profit After Tax of $38.9 million and
$0.05 per share fully diluted in the
previous quarter. The quarter-on-quarter increase reflected the
higher EBITDA, partially offset by higher depreciation and
amortisation consistent with the higher sales volume.
Second quarter Adjusted Net Profit After Tax, excluding non-cash
unrealised foreign exchange translation gains/losses, was
$70.4 million or $0.10 per share fully diluted compared with an
Adjusted Net Profit After Tax of $40.1
million or $0.06 per share in
the previous quarter. Net Profit After Tax for the first half was
$107.5 million, a 5% increase
compared to the first half of 2022.
Second quarter cash flows from operating activities were
$161.7 million, which was 148% above
the previous quarter reflecting both the higher revenue and EBITDA
plus favourable working capital movements in the second quarter.
Cash flows from operating activities for the first half totalled
$226.9 million, which was 2% above
the first half of 2022.
Second quarter cash flows used in investing activities totalled
$89.4 million, which was 10% above
the prior quarter, due primarily to higher quarter-on-quarter
growth capital and exploration expenditure mainly in New Zealand.
Second quarter cash flow per share, before working capital
movements, was $0.21 per share fully
diluted, a 49% increase on the previous quarter.
As at June 30, 2023, the Company's available revolving
credit facilities remained at $250 million, with $100 million undrawn. The Company had immediately
available liquidity of $215 million
including $115 million in cash. The
Company's Free Cash Flow for the second quarter was $72.3 million.
The Company's Net Debt position, inclusive of equipment leases,
decreased to $136.3 million from
$191.1 million in the previous
quarter. The Company's leverage ratio was at 0.34 times as of
June 30, 2023
Consolidated capital and exploration expenditure for the second
quarter of 2023 totalled $91.8
million, a 10% increase quarter-on-quarter primarily related
to general operations capital, growth capital and exploration
expenditure, mainly in New
Zealand, partially offset by a decrease in capitalised
pre-strip at Haile consistent with the mine plan. Relative to the
corresponding prior period in 2022, second quarter capital and
exploration expenditure was 41% higher, largely related to
increased pre-stripping and capitalised mining costs and general
operations sustaining capital at Haile and Macraes.
During the quarter, General Operations Capital expenditure
mainly related to the expansion of waste management infrastructure
(TSF Stage 4 and West PAG) and completion of the water treatment
plant upgrade at Haile, plus capitalised major equipment rebuilds
and conversion drilling at Macraes. Growth capital expenditure
mainly related to development of the Haile Underground mine.
Exploration expenditure of $6.4
million for the second quarter continued to focus primarily
on conversion drilling at Martha Underground and Wharekirauponga
(Waihi), Palomino (Haile), Golden
Point (Macraes) and definition and concept validation
drilling at Didipio.
Outlook
The Company's 2023 full year guidance remains unchanged and is
presented in the tables below.
Production &
Costs
|
|
Haile
|
Didipio
|
Waihi
|
Macraes
|
Consolidated
|
Gold
Production
|
koz
|
170
|
-
|
185
|
120
|
-
|
130
|
50
|
-
|
60
|
120
|
-
|
135
|
460
|
-
|
510
|
Copper
Production
|
kt
|
|
-
|
|
12
|
-
|
14
|
|
-
|
|
|
-
|
|
12
|
-
|
14
|
All-in sustaining
costs (1)
|
$/oz
|
1,500
|
-
|
1,600
|
750
|
-
|
850
|
1,400
|
-
|
1,500
|
1,625
|
-
|
1,725
|
1,425
|
-
|
1,525
|
Cash costs
|
$/oz
|
725
|
-
|
825
|
525
|
-
|
625
|
1,000
|
-
|
1,100
|
1,000
|
-
|
1,100
|
800
|
-
|
900
|
Capital Investments
(US$m)
|
Haile
|
Didipio
|
Waihi
|
Macraes
|
Consolidated
(2)
|
Included in
AISC
|
Pre-strip &
Capitalised Mining
|
75
|
-
|
85
|
4
|
-
|
6
|
15
|
-
|
20
|
45
|
-
|
50
|
145
|
-
|
165
|
145
|
-
|
165
|
General
Operations
|
55
|
-
|
60
|
20
|
-
|
25
|
3
|
-
|
5
|
20
|
-
|
25
|
95
|
-
|
110
|
95
|
-
|
110
|
Growth
|
40
|
-
|
45
|
10
|
-
|
15
|
10
|
-
|
15
|
1
|
-
|
3
|
65
|
-
|
75
|
|
-
|
|
Exploration
|
6
|
-
|
8
|
3
|
-
|
5
|
13
|
-
|
18
|
2
|
-
|
4
|
25
|
-
|
35
|
7
|
-
|
9
|
Total
Investments
|
180
|
-
|
200
|
35
|
-
|
50
|
45
|
-
|
55
|
75
|
-
|
85
|
330
|
-
|
385
|
245
|
-
|
285
|
Notes:
|
1.
|
Consolidated AISC
include corporate costs. AISC guidance based on copper price of
$3.75/lb.
|
2.
|
Includes corporate
capital and excludes Reefton and Junction Reefs rehabilitation
costs and equipment leases classified as non-sustaining at
inception.
|
The Company maintains its 2023 consolidated guidance and still
expects to produce between 460,000 and 510,000 ounces of gold and
12,000 to 14,000 tonnes of copper, with cash costs ranging between
$800 and $900 per ounce and AISC ranging between
$1,425 and $1,525 per ounce. The third quarter is expected
to be the lowest production and the highest AISC quarter of the
year.
At Haile, full year production is now expected to be towards the
lower end of guidance of between 170,000 and 185,000 ounces of gold
based on lower than expected ore grade in the lower levels of the
Mill Zone pit mined during the quarter. Consequently AISC is
expected to be toward the higher end of guidance of $1,500 to $1,600
per ounce. As previously noted, the production profile at Haile is
first half weighted, with the third quarter expected to be the
lowest production quarter of the year based on the mine plan. The
fourth quarter will also benefit from the introduction of higher
grade underground ore feed.
Didipio full year production, after a strong first half
performance, is expected to be towards the high end of guidance of
120,000 to 130,000 ounces of gold and 12,000 to 14,000 tonnes of
copper. As a result of the higher production, AISC expected to be
towards the low end of guidance of between $750 and $850 per
ounce. Gold and copper production is still expected to be
relatively evenly weighted throughout the year and across the
quarters with the AISC increasing in the second half as planned
sustaining capital investments increase.
The outlook for Macraes is unchanged and it is expected to
produce 120,000 to 135,000 ounces with an AISC of between
$1,625 to $1,725 per ounce. As previously reported, Macraes
2023 production plan was impacted by approximately 15,000 ounces
due to the discovery of a crack in the feed end trunnion in one of
two ball mills (ML-02) identified in mid-February 2023 during a planned plant
shutdown. A repair to the trunnion crack was completed at the end
of March 2023 and the mill operated
at full-capacity in the second quarter. However, further
lengthening of the cracking was identified during a planned
inspection of the repair in early July
2023 which necessitated stoppage of ML-02. An engineering
assessment and review concluded that ML-02 should remain down until
a replacement bolt on trunnion can be installed which is expected
to be completed in Q3. A number of broader mill throughput
improvement projects implemented over the last 4 months, in
combination with higher feed grade expected in the third quarter,
means that despite the temporary idling of ML-02 Macraes remains
on-track to deliver its full year gold production guidance.
Waihi is expected to produce between 50,000 and 60,000 ounces of
gold at an AISC between $1,400 to
$1,500 per ounce. Waihi experienced
abnormally high rainfall in the beginning of 2023 which impacted
productivity in the underground mine, especially in the remnant
mining areas of Edward and Empire. Based on improved mining
conditions across the second quarter, combined with mining
progressively transitioning to higher-grade material and an
expected increase in ore tonnes mined, the Company still expects
Waihi to meet full year gold production guidance with production
expected to be second half weighted.
The Company also maintains its consolidated capital and
exploration expenditure guidance of between $330 million and $385
million. However based on the latest timing of planned
general operations capital (sustaining) expenditure programs,
mainly at Didipio and Haile, full year General Operations capital
expenditure is expected to be towards the lower end of the guidance
range of between $95 million and
$110 million.
Dividend
The Company is pleased to declare a semi-annual dividend payment
of $0.01 per common share.
Shareholders of record at the close of business in each
jurisdiction on August 24, 2023 (the
"Record Date") will be entitled to receive payment of the dividend
on October 6, 2023. The dividend
payment applies to holders of record of the Company's common shares
traded on the Toronto Stock Exchange.
Declaration of
Dividend
|
Tuesday August 1,
2023
|
Common shares traded on
an ex-dividend basis (TSX)
|
Wednesday August 23,
2023
|
Record Date
|
Thursday August 24,
2023
|
Dividend Payment
Date
|
Friday October 6,
2023
|
Dividends are payable in United
States dollars, with the exception of Canadian residents who
will be paid in Canadian 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.
Conference Call
Senior management will host a conference call / webcast to
discuss the results on Wednesday August 2,
2023 at 10:00 am Eastern
Time.
Webcast Details:
To attend, please copy and paste the following link into your
browser: https://app.webinar.net/K257omB8pO9
Conference Call Details:
Toll-free participant dial in North
America: +1 888-390-0546
Participant dial in North
America: +1 416-764-8688
Participant dial in Australia:
1800076068
If you are unable to attend the call, a recording will be made
available on the Company's website.
About OceanaGold
OceanaGold is a growing 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 Haile Gold Mine in the United States
of America; Didipio Mine in the
Philippines; and the Macraes and Waihi operations in
New Zealand.
www.oceanagold.com | Twitter: @OceanaGold
Cautionary Statement for Public Release
Certain information contained in this public release may be
deemed "forward-looking" within the meaning of applicable
securities laws. Forward-looking statements and information relate
to future performance and reflect the Company's expectations
regarding the generation of free cash flow, execution of business
strategy, future growth, future production, estimated costs,
results of operations, business prospects and opportunities of
OceanaGold Corporation and its related subsidiaries. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "expects" or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "estimates" or
"intends", or stating that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved) are not statements of historical fact and may be
forward-looking statements. Forward-looking statements are subject
to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those expressed in the
forward-looking statements and information. They include, among
others, the accuracy of mineral reserve and resource estimates and
related assumptions, inherent operating risks and those risk
factors identified in the Company's most recent Annual Information
Form prepared and filed with securities regulators which is
available on SEDAR at www.sedar.com under the Company's name. There
are no assurances the Company can fulfil forward-looking statements
and information. Such forward-looking statements and information
are only predictions are made; actual events or results may differ
materially as a result of risks facing the Company, some of which
are beyond the Company's control. Although the Company
believes that any forward-looking statements and information
contained in this press release is based on reasonable assumptions,
readers cannot be assured that actual outcomes or results will be
consistent with such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and information.
The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements and information,
whether as a result of new information, events or otherwise, except
as required by applicable securities laws. The information
contained in this release is not investment or financial product
advice.
SOURCE OceanaGold Corporation