PR Newswire
VANCOUVER, BC, April 30, 2024
(All financial figures in United States dollars unless otherwise stated)
VANCOUVER, BC, April 30, 2024 /PRNewswire/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") reported its operational and financial results for the three months ended March 31, 2024. The condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") are available at www.oceanagold.com.
Gerard Bond, President and CEO of OceanaGold, said "2024 is expected to be a strong production growth and Free Cash Flow† delivery year for OceanaGold and our first quarter results are in-line with expectations. As outlined in our Guidance in February, we expect to see gold production increase each quarter throughout the year with stronger second half performance at all four of our operating sites."
At Haile, the Horseshoe underground is ramping up on schedule with full mining rates expected to be achieved by mid-year, at the same time as we begin to access a higher proportion of open pit ore from Ledbetter pit, which positions Haile for a very strong second half. Similarly at Macraes, we have been stripping Innes Mills 7 to unlock the next phase of open pit ore, which we expect to be delivered to the mill in the second half of the year. At Didipio, the mining sequence had us in the lower grade areas of the underground during the quarter, and we expect to access higher grades by mid-year in line with plan.
The Company delivered exciting exploration results across our portfolio, including the first underground drilling into Horseshoe Extension at Haile, high grade results at the growing Wharekirauponga deposit in New Zealand, and we announced the start of a brand new exploration program at our regional Napartan target at Didipio.
The balance sheet remains strong and we plan to apply the proceeds expected from the OceanaGold Philippines Inc. listing on the Philippines Stock Exchange this quarter to the repayment of debt.
Mr Bond said, "Progressively stronger production in each remaining quarter of this year, and with strong gold and copper prices, we expect to be in a position to further strengthen the balance sheet, invest in our organic growth and consider additional returns to shareholders."
† See "Non-IFRS Financial Information" in the MD&A. |
Highlights
† See "Non-IFRS Financial Information" in the MD&A. |
Table 1 – Production and Cost Results Summary
Quarter ended | | Haile | Didipio | Waihi | Macraes | Consolidated | ||
Q1 2024 | Q4 2023 | Q1 2023 | ||||||
Production, Sales & Costs | | | | | | | | |
Gold Produced | koz | 34.7 | 26.3 | 11.4 | 32.3 | 104.8 | 129.8 | 118.1 |
Gold Sales | koz | 41.2 | 31.8 | 11.6 | 32.2 | 116.8 | 118.8 | 112.0 |
Average Gold Price | $/oz | 2,092 | 2,136 | 2,096 | 2,046 | 2,092 | 1,993 | 1,919 |
Copper Produced | kt | — | 3.0 | — | — | 3.0 | 3.8 | 3.5 |
Copper Sales | kt | — | 3.2 | — | — | 3.2 | 3.9 | 3.3 |
Average Copper Price1 | $/lb | — | 3.90 | — | — | 3.90 | 3.80 | 4.29 |
Cash Costs† | $/oz | 1,569 | 742 | 1,601 | 1,016 | 1,194 | 987 | 861 |
AISC†2 | $/oz | 1,987 | 946 | 2,393 | 1,814 | 1,823 | 1,658 | 1,567 |
Operating Physicals | | | | | | | | |
Material Mined | kt | 5,425 Werbung Mehr Nachrichten zur OceanaGold Corp Aktie kostenlos abonnieren
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