Business
OceanaGold Reports Second Quarter 2022 Financial Results
On Track to Meet Full Year Consolidated Production Guidance (All financial figures in US Dollars unless otherwise stated) BRISBANE, Australia, July 28, 2022 /CN
About this update from Oceanagold Corporation
[{"type":"text","content":" On Track to Meet Full Year Consolidated Production Guidance (All financial figures in US Dollars unless otherwise stated) BRISBANE, Australia, July 28, 2022 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (\"OceanaGold\" or the \"Company\") reported its financial and operational results for the quarter ended June 30, 2022. Details of the consolidated financial statements and the Management Discussion and Analysis (\"MD&A\") are available on the Company's website at www.oceanagold.com. Highlights Second quarter gold production of 112,296 ounces and first half gold production of 246,331 ounces, a 39% increase over the first half of 2021. Second quarter consolidated All-in Sustaining Costs (\"AISC\") of $1,430 per ounce and first half consolidated AISC of $1,243 per ounce. Second quarter revenue of $229 million, EBITDA of $75 million and net profit after tax of $19 million, leading to record first half revenue of $515 million, EBITDA of $233 million and net profit after tax of $98 million. Fully diluted adjusted earnings per share of $0.05 for the second quarter and $0.16 for the first half. Free cash flow of $9 million for the second quarter and $72 million for the first half. Net debt reduced to $156 million as at June 30, 2022, at a leverage ratio of 0.38 times. Repaid $50 million of the Company's revolving credit facility, reducing drawn debt to $200 million. Waihi North Project consent application, including Wharekirauponga Underground Mine, lodged in June. Though the Supplemental Environmental Impact Statement (\"SEIS\") Final Record of Decision (\"ROD\") has yet to be issued, the Company is confident that it and the subsequent operating permits will be issued imminently. Full year consolidated guidance has been updated as follows: Gold production guidance of 445,000 to 495,000 ounces of gold is reaffirmed. Copper production guidance is increased to 12,000 to 14,000 tonnes. Full year AISC guidance is increased 7.5% to $1,375 to $1,475 per ounce, reflecting cost inflation impacts and lower expected copper by-product credits due to a lower expected copper price. Capital expenditures expected to be $30 million lower, to between $305 and $365 million. Gerard Bond, President and CEO of OceanaGold, said \"The Company delivered a solid second quarter reflecting operational performance in line with expectations ac...