OceanaGold Reports Third Quarter 2020 Financial And Operational Results
(MELBOURNE) OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the “Company”) reported its financial and operational results for the quarter ended September 30, 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.
- Total Recordable Injury Frequency Rate (“TRIFR”) of 2.9 per million hours worked compared to 2.7 per million hours worked at the end of the second quarter of 2020.
- Year-to-date (“YTD”) 2020 consolidated production of 202,521 ounces of gold at All-In Sustaining Costs (“AISC”) of $1,367 per ounce on sales of 214,133 ounces of gold.
- Consolidated third quarter gold production of 63,136 ounces at AISC of $1,695 per ounce on sales of 60,790 ounces of gold.
- YTD revenue of $331.9 million with Earnings before Interest, Depreciation and Amortisation (“EBITDA”) of $68.3 million; third quarter revenue of $97.9 million with EBITDA of $13.5 million.
- YTD net loss of $154.2 million including a net loss of $96.8 million in the third quarter which reflected an impairment charge of $80 million in relation to Didipio.
- Cash balance and total immediately available liquidity of $127.0 million; net debt of $187.0 million as of September 30, 2020.
- Subsequent to quarter-end, the Company completed a bought deal offering in which 81.6 million common shares were issued for total net proceeds of $122.4 million; proceeds will be used to advance the Company’s significant pipeline of organic growth opportunities.
- Advanced Martha Underground development at Waihi with 2,240 metres completed in the third quarter and 5,095 metres YTD; the project remains on-track for first production in the second quarter of 2021.
- Company expects to achieve the low-end of full year 2020 production guidance of 295,000 to 345,000 consolidated ounces at AISC of $1,150 to $1,250 per ounce sold.