The KE Report OceanaGold - Record Q3 Revenue, Strong Q4 Setup & Growth Pipeline
Dec 1, 2025
Brian Martin, Senior Vice President of Business Development at OceanaGold, discusses the company's record Q3 revenue of $450 million and impressive free cash flow. He shares insights on the operational setup for a promising Q4, driven by production growth at Haile and the recent draft approval for the Waihi North project, aiming for first ore by 2032. Martin highlights OceanaGold's attractive valuation and plans to list on the NYSE in April, enhancing visibility for US investors while asserting their strong balance sheet supports dividends and growth initiatives.
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Record Revenue Despite Lower Q3 Production
- OceanaGold generated record Q3 revenue (~$450M) despite lowest production quarter of the year at ~103,000 oz.
- Strong gold price (~$3,500/oz then) and expected Q4 volume uplift set up materially higher margins and cash flow.
Leverage Q4 Volume To Cut Unit Costs
- Expect Q4 production to rise to about 145,000 oz, materially lowering unit costs through higher volumes.
- Use that volume leverage to expand margins and generate stronger free cash flow this quarter.
Strong Free Cash Flow Fuels Buybacks
- OceanaGold produced $94M of free cash flow in Q3 and increased its buyback to $175M for 2025.
- Management emphasises returning capital while believing the stock remains undervalued.