OceanaGold Corp T.OGC

Alternate Symbol(s): OCANF

Metals & Mining Gold

OceanaGold Corporation is an intermediate gold and copper producer. It has a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand. The gold, copper, and silver it produces are essential to the renewable energy and transport sectors, life-saving medical devices and technology which connects communities around the world. The Didipio gold and copper mine is in Luzon, Philippines. It produces gold and silver as dore bars and copper in concentrate. The Macraes Operation on the South Island of New Zealand is an active gold producing mine. The operation includes a large-scale surface mine, an underground mine, and an adjacent process plant inclusive of an autoclave for pressure oxidation of the ore. Its Waihi Operation in the North Island of New Zealand is an underground operation. The Haile Gold Mine, located in Kershaw, South Carolina, is a gold mine on the East Coast.

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OceanaGold Corp

Bullboard Posts

Post by echo2on Jul 31, 2020 11:15am

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Post# 31349803

Scotia: Minor Positive; Maintains Outperform + $5.00 target

OUR TAKE: Minor Positive. We have updated our estimates with Oceanagold's Q2/20 financial and operating

results. Oceanagold released Q2/20 results with an Adj EPS loss of $0.05 vs. a cons loss of $0.04, with the slight miss due to higher modeled G&A and taxes. CFPS of $0.02 vs. cons with $0.02. Consolidated production was 58.7 koz (vs. our 57.4koz) with AISC of $1,265/oz (vs. our $1,377/oz). During the quarter, OGC sold 61.9 koz, recording revenues of $95.8M. The company finished the quarter with $147.7M of cash and $317.3M of debt. Following the five-week COVID-19 lock-down at Macraes, the company is expected to be delayed accessing higher grades and has revised consolidated guidance to 340-360 koz (previously 360-380 koz). Consolidated AISC guidance has been revised down to $1,050-$1,100/oz (previously $1,075-$1,125/oz) due to lower sustaining capex.

We have incorporated the Q2/20 results into our estimates and now model 2020 consolidated production of 348.8 koz with AISC of $1,051/oz. Following model updates, our Sector Outperform rating and C$5.00 one-year price target are maintained.

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