(All financial figures in US Dollars unless otherwise stated)
(MELBOURNE) OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company”) reported its full year 2019 financial and operational results for the year ended 31 December 2019. This follows the release of the Company’s operational results on 29 January 2020. 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
Key Highlights
• Full year 2019 consolidated production of 470,601 ounces of gold and 10,255 tonnes of copper, including 108,151 ounces of gold produced in the fourth quarter, an increase of nearly 20% from the previous quarter with strong production from Haile and Macraes.
• Full year 2019 All-in Sustaining Costs (“AISC”) of $1,061 per ounce and fourth quarter AISC of $980 per ounce, a decrease of 13% from the previous quarter on improved cash costs.
• YTD operating cash flow of $204.3 million, including $46.7 million in the fourth quarter – an increase of 44% over the previous quarter.
• Immediately available liquidity of $99.0 million, including $49.0 million of cash on hand and $50 million in undrawn credit facilities; amended $200 million Revolving Credit facility by extending tenure to December 31, 2021.
• Full year revenue of $651.2 million including fourth quarter revenue of $152.1 million.
• Full year Earnings before Interest, Depreciation and Amortisation (“EBITDA”) of $214.2 million, net profit of $14.5 million, and adjusted net profit (after income tax and before gain/loss on fair value of undesignated hedges and impairment) of $32.1 million.
• Fourth quarter EBITDA of $45.2 million, net profit of $8.7 million, and adjusted net earnings (after income tax and before gain/loss on fair value of undesignated hedges and impairment) of negative $0.7 million.
• Subsequent to quarter end, the Company announced increased mineral resources at the Martha Underground including 824 koz in Indicated Resources and 614 koz in Inferred Resources.
• FTAA renewal re-endorsed to the Office of the President in December. No definitive timeline on a decision by the Office of the President or a resumption of operations at Didipio.
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Mick Wilkes, President and CEO of OceanaGold said, “Our United States and New Zealand operations delivered a strong fourth quarter to close out 2019. Haile continued its improvement throughout the year and we expect this to continue in 2020 with an approximate 25% increase in production and lower AISC relative to the previous year. In New Zealand, Macraes reported improved production and steady cash flow generation for the year. We expect much of the same from the Macraes as we advance opportunities to extend the mine life of the operation. At Waihi, the Correnso underground operations are winding down with cessation of mining in the main areas this quarter ahead of narrow vein mining for the remainder of the year.”
“Development of the Martha Underground continues to advance well with first gold production expected in the second quarter of 2021. Exploration at Martha Underground continued to be successful in 2019 with increased resources reported and with further investments planned, we seek to convert more resources and steadily increase the resource base over the coming years. The Waihi District Study is underway with a target completion date in the second quarter of 2020. This study is expected to highlight the opportunities that exist in the district.”
“We continue to work closely with the Philippine national government on the FTAA renewal process. We are also grateful and encouraged by the support we have among Didipio and adjacent host communities and the 1,500 employees impacted by the suspension of operations.

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