OceanaGold Reports Second Quarter 2024 Operating and Financial Results
OceanaGold (TSX: OGC) (OTCQX: OCANF) reported its Q2 2024 results, producing 98,200 ounces of gold and 2.8 kt of copper. The company expects to meet its full-year 2024 guidance, with production more than 60% weighted towards the second half. Key highlights include:
- Free Cash Flow of $31 million during the quarter
- Net Cash position of $30 million as of June 30, 2024
- Declaration of a $0.01 semi-annual dividend
- Initiation of a share buyback program
The company's investment in waste stripping at Haile and Macraes, along with Horseshoe Underground reaching full mining rates in July, positions OceanaGold for strong Free Cash Flow generation in H2 2024.
OceanaGold (TSX: OGC) (OTCQX: OCANF) ha riportato i risultati del secondo trimestre 2024, producendo 98.200 once d'oro e 2,8 kt di rame. La società prevede di rispettare le previsioni per l'intero anno 2024, con la produzione che peserà per oltre il 60% nella seconda metà dell'anno. I punti salienti includono:
- Flusso di cassa libero di 31 milioni di dollari durante il trimestre
- Posizione di cassa netta di 30 milioni di dollari al 30 giugno 2024
- Dichiarazione di un dividendo semestrale di 0,01 dollari
- Inizio di un programma di riacquisto azioni
L'investimento della società nella rimozione dei rifiuti a Haile e Macraes, insieme al Horseshoe Underground che ha raggiunto tassi di estrazione completi a luglio, posiziona OceanaGold per una forte generazione di flusso di cassa libero nel secondo semestre del 2024.
OceanaGold (TSX: OGC) (OTCQX: OCANF) reportó sus resultados del segundo trimestre de 2024, produciendo 98,200 onzas de oro y 2.8 kt de cobre. La empresa espera cumplir con su guía de todo el año 2024, con una producción que pesará más del 60% en la segunda mitad. Los puntos clave incluyen:
- Flujo de caja libre de 31 millones de dólares durante el trimestre
- Posición de caja neta de 30 millones de dólares al 30 de junio de 2024
- Declaración de un dividendo semestral de 0.01 dólares
- Inicio de un programa de recompra de acciones
La inversión de la compañía en la extracción de desechos en Haile y Macraes, junto con Horseshoe Underground alcanzando tasas de minería completas en julio, posiciona a OceanaGold para una fuerte generación de flujo de caja libre en el segundo semestre de 2024.
OceanaGold (TSX: OGC) (OTCQX: OCANF)는 2024년 2분기 결과를 발표하며 98,200온스의 금과 2.8 kt의 구리를 생산했다고 보고했습니다. 회사는 연간 2024년 가이드를 충족할 것으로 예상하며, 생산의 60% 이상이 하반기에 집중될 것으로 보입니다. 주요 하이라이트는 다음과 같습니다:
- 분기 동안 3,100만 달러의 자유 현금 흐름
- 2024년 6월 30일 기준 3,000만 달러의 순현금 보유액
- 0.01달러의 반기 배당금 발표
- 자사주 매입 프로그램 시작
Haile와 Macraes에서의 폐기물 제거에 대한 회사의 투자와 Horseshoe Underground가 7월에 완전 채굴률에 도달함에 따라, OceanaGold는 2024년 하반기에 강력한 자유 현금 흐름 생성을 위한 유리한 위치에 있습니다.
OceanaGold (TSX: OGC) (OTCQX: OCANF) a annoncé ses résultats pour le deuxième trimestre 2024, avec une production de 98,200 onces d'or et 2.8 kt de cuivre. La société s'attend à respecter ses prévisions pour l'année 2024, avec une production pesant à plus de 60% sur la seconde moitié. Les points clés incluent :
- Flux de trésorerie libre de 31 millions de dollars durant le trimestre
- Position de trésorerie nette de 30 millions de dollars au 30 juin 2024
- Déclaration d'un dividende semestriel de 0,01 dollar
- Lancement d'un programme de rachat d'actions
L'investissement de la société dans l'élimination des déchets à Haile et Macraes, ainsi que la mise en œuvre de taux d'exploitation complets à Horseshoe Underground en juillet, positionne OceanaGold pour une génération forte de flux de trésorerie libre au second semestre 2024.
OceanaGold (TSX: OGC) (OTCQX: OCANF) hat seine Ergebnisse für das zweite Quartal 2024 berichtet und 98.200 Unzen Gold sowie 2,8 kt Kupfer produziert. Das Unternehmen erwartet, seine Jahresprognose für 2024 zu erfüllen, wobei über 60% der Produktion auf die zweite Jahreshälfte entfallen. Zu den wichtigsten Highlights gehören:
- Freier Cashflow von 31 Millionen Dollar im Quartal
- Nettobarposition von 30 Millionen Dollar zum 30. Juni 2024
- Erklärung einer halbjährlichen Dividende von 0,01 Dollar
- Start eines Aktienrückkaufprogramms
Die Investitionen des Unternehmens in die Abraumförderung bei Haile und Macraes sowie das Erreichen der vollen Abbaufähigkeit im Horseshoe Underground im Juli positionieren OceanaGold für eine starke Generierung des freien Cashflows in der zweiten Hälfte des Jahres 2024.
- Free Cash Flow of $31 million in Q2 2024
- Net Cash position of $30 million as of June 30, 2024
- On track to meet full-year 2024 consolidated production, cost and capital guidance
- Initiation of share buyback program and declaration of $0.01 semi-annual dividend
- Horseshoe Underground reached full mining rates in July 2024
- Gold production decreased to 98,200 ounces in Q2 2024 compared to 130,100 ounces in Q2 2023
- AISC increased to $2,131/oz in Q2 2024 from $1,318/oz in Q2 2023
- Revenue decreased to $251.2 million in Q2 2024 from $301.0 million in Q2 2023
- Adjusted EBITDA decreased to $109.0 million in Q2 2024 from $155.7 million in Q2 2023
- Didipio and Waihi performed below expectations during Q2 2024
(All financial figures in
Highlights
- Expect to meet full-year 2024 consolidated production, cost and capital guidance.
- 98,200 ounces produced in the second quarter with full-year production more than
60% second half weighted as expected at the commencement of 2024. - Investment in waste stripping to unlock higher grade ore at Haile and Macraes, and Horseshoe Underground reached full mining rates in July. Together, this positions the Company for strong Free Cash Flow† generation in the second half of the year.
- Free Cash Flow† of
$31 million - The Company was in a Net Cash† position of
$30 million - Capital returned to shareholders in line with framework, with the declaration of a
$0.01
Gerard Bond, President and CEO of OceanaGold, said "The investment in waste stripping at Haile and Macraes during the first half of 2024 has positioned us for increased gold production in the remainder of the year. We began accessing open pit ore from Ledbetter phase 2 at Haile in the middle of the second quarter, achieved target Horseshoe underground production rates at Haile in July, and are on-track to begin mining open pit ore from Innes Mills 7 at Macraes in the third quarter. Although Didipio and Waihi performed below expectations during the second quarter, we remain positioned to deliver on 2024 guidance and expect to generate strong Free Cash Flow for the remainder of the year.
During the quarter, we further strengthened our balance sheet with proceeds from both the Didipio IPO and the sale of the Blackwater project, and I am pleased to say that we were in a Net Cash position at June 30, 2024. Our Free Cash Flow outlook is robust, and the recently announced share buyback program together with our semi-annual dividend will help us deliver on our commitment to increase returns to shareholders."
Q2 2024 | Q1 2024 | Q2 2023 | YTD 2024 | YTD 2023 | ||
Gold Produced1 | koz | 98.2 | 104.8 | 130.1 | 203.0 | 248.2 |
Copper Produced | kt | 2.8 | 3.0 | 3.4 | 5.8 | 6.9 |
AISC† | $/oz | 2,131 | 1,823 | 1,318 | 1,963 | 1,429 |
Revenue | $M | 251.2 | 270.3 | 301.0 | 521.5 | 544.9 |
Adjusted EBITDA† | $M | 109.0 | 80.9 | 155.7 | 189.9 | 257.8 |
Adjusted net profit† | $M | 30.6 | 3.7 | 71.9 | 34.3 | 112.9 |
Net profit (loss) | $M | 34.0 | (5.3) | 68.6 | 28.7 | 107.5 |
Free Cash Flow† | $M | 31.2 | 1.8 | 72.3 | 33.0 | 55.9 |
Earnings (loss) per share2 | $/share | |||||
Adjusted earnings per share†2 | $/share | |||||
Operating Cash Flow per share† | $/share |
1 | Production is on a |
2 | Attributable to the shareholders of the Company. |
Dividend
The Company is pleased to announce a semi-annual dividend payment of
Declaration of Dividend | Tuesday July 30, 2024 | ||
Record Date | Thursday August 29, 2024 | ||
Dividend Payment Date | Friday October 11, 2024 | ||
Dividends are payable in
Conference Call
Senior management will host a conference call / webcast to discuss the quarterly results on Wednesday July 31, 2024 at 10:00 am Eastern Time.
Webcast Details:
To register, please copy and paste the link into your browser: https://app.webinar.net/X9WPjZkrnl2
Conference Call Details:
Toll-free
International: +1 416-764-8688
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
Cautionary Statement for Public Release
This public release contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. All statements in this public release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "may", "plans", "expects", "projects", "is expected", "scheduled", "potential", "estimates", "forecasts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold; general business; economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of
The Company's forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
The Company's forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
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SOURCE OceanaGold Corporation
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