OceanaGold (Philippines), Inc. Reported Q2 2024 Revenue of US$69 Million, Net Income of US$14 Million

OceanaGold (Philippines), Inc. reported its second quarter revenue of US$69 million, net income of US$14 million, and earnings per share of US$0.01. Produced 23,100 ounces of gold and 2,800 metric tons of copper in the second quarter. Production is expected to increase in the second half of 2024, based on the stope sequence and the addition of new underground mining equipment.

Also, the company declared dividend of US$0.0066 per share (equivalent to P0.39 per share assuming an exchange rate of P58.6 Peso per US Dollar*) for the post-listing period from May 13, 2024 to June 30, 2024. This equates to an annualized dividend yield of approximately 21.5%**.
 
*Dividend to holders of publicly traded shares will be paid in Philippines Peso based on the PHP:USD exchange rate on the day the payment is processed.
** Based on an OGP share price of ₱13.80, the closing price on July 29, 2024.

Joan D. Adaci-Cattiling, President of OceanaGold Philippines, said "During the second quarter, we successfully completed the initial public offering of 20% of OceanaGold Philippines. I am very pleased to welcome our new shareholders and to be able to declare an initial post-listing dividend, which equates an annualized yield of 21.5%2 , and is in-line with our committed dividend policy.

We expect gold production to increase in the second half of the year as we access higher grade ore and increase mining rates from the underground. We are also continuing to invest in exploration, both near[1]mine and regionally, and look forward to sharing results in the future."

Dividend

The Company is pleased to announce an initial post-listing dividend of $15M (or US$0.0066 per common share). Holders of the publicly traded shares at the close of business on August 14, 2024 Manila Time (the “Record Date”) will be entitled to receive payment of the dividend on September 11, 2024 Manila Time. Such payment shall be paid in Philippine pesos based on the prevailing exchange rate on the day the payment is processed.

OceanaGold (Philippines), Inc., a corporation organized and existing under Philippine law, operates the Didipio gold-copper mine in Luzon under a Financial or Technical Assistance Agreement. The Company is committed to safely and responsibly maximizing the generation of Free Cash Flow from its operation and delivering strong returns for its shareholders.