High gold prices lift OceanaGold earnings

February 20, 2026 | 12:00am

MANILA, Philippines — Australian-Canadian miner OceanaGold Philippines Inc. (OGPI) struck strong results last year, with earnings more than doubled amid soaring gold prices.

The operator of the Didipio gold-copper mine in northern Luzon reported a net income of $76.5 million in 2025, surging by 152 percent from $30.3 million in 2024.

Earnings jumped as revenues climbed 28 percent year-on-year to $438.8 million from $342.9 million, buoyed by a record average realized gold price of $3,494 per ounce.

OGPI saw copper production rise by 8.1 percent to 13,300 tons from 12,300 tons, even as gold output dipped by six percent to 90,700 ounces from 97,000 ounces.

The decline in full-year gold output was mainly due to severe weather in late 2024, which restricted access to the mine’s lower levels throughout most of 2025.

Despite this, the company posted higher gold and copper production in the three months ending December 2025.

Gold production in the fourth quarter rose to 23,800 ounces from 19,700 ounces a year earlier, while copper output edged up to 3,200 tons from 3,100 tons.

“We are pleased to close 2025 with another year of safe and responsible operations, delivering gold and copper production in line with the plan,” OGPI chairman Brian Martin said.

For 2026, the listed miner has programmed around $65 million for capital investments, ramping up its budget for exploration drilling.

Plans are underway to drill approximately 27,600 meters underground, targeting Panels 3 and 4 at the Didipio Mine.

A resource conversion-drilling program covering 10,300 meters is also planned for True Blue, which is located 800 meters northeast of the mine site.

Given this, OGPI has jacked up its exploration expenditure to $10 million in 2026 from last year’s actual spending of $5.5 million.

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