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OceanaGold

Gold producer.

producer gold
Dec 2025 → May 2026Covered
8 of 10Topics on record
3Figures tracked over time
1 executiveNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 3 interviews with the company · 6 independent recordings
Stage
Producer
Primary commodity
Gold
Deposit
Wahhee North project is completely underground mine
Latest appearance
22 May 2026
On record
3 interviews · 33 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
Fairburn Point new mine outside Waihi currently being built
Management-stated Gerard Bond May 2026
Money on hand
$620 million of cash in the bank
Stated capital need: 2025 investing more in exploration than ever before
Management-stated Gerard Bond May 2026
What happens next
20% of operating cash flow into sustaining business, 20% into growing business, 40% returned to shareholders via buybacks and dividends, cash buildup
Management-stated Gerard Bond May 2026
The main open question
Material is limited.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
15 independent voices on record — 16 constructive, 4 neutral
Robert Eckford, Rick Rule, Caleb Stroup, Don Durett…
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Cash position $94 million$620 million ≠ Different basis One statement qualifies the figure and the other does not (flow) 2 statements on record
07 Dec 2025
$94 million of free cash flow in Q3
“we still generated $94 million of free cash flow”
22 May 2026
$620 million of cash in the bank
“We have no debt, Rick. We've got $620 million of cash in the bank and that allows us to fund our our growth and return capital to shareholders on a predictable consistent basis.”
Operating cost 40%30% ≠ Different basis One statement qualifies the figure and the other does not (gold) 2 statements on record
07 Dec 2025
40% of cost base is labor; low single-digit energy costs with fixed electricity contracts; consumables in low single-digit nature
“40% of our cost base is is labor. Uh there are inflationary pressures on labor but you know low singledigit uh energy costs. Ours are you know variously fixed um uh contracts for electricity”
22 May 2026
Haile producing 30% more gold this year at 25% lower all-in sustaining costs
“It's producing something like 30% more gold this year at a 25% lower all-in sustaining costs.”
Reserves ? Wording changed One statement carries no figure to compare 3 statements on record
07 Dec 2025
added something like 5 million ounces of reserve over the last 12 years
“over the last 12 years uh we've added something like 5 million ounces of reserve”
22 May 2026
Fairburn Point new mine outside Waihi currently being built
“Uh we're building the new mine uh just outside of Waihi called Fairburn Point.”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from OceanaGold's own claims across 3 interviews — most-covered theme first.

What outside voices pick up on

6 independent voices — people who do not speak for the company — across 20 mentions.

16 constructive 4 neutral
  • Robert Eckford “Referenced as the neighbor with the Wahi mine and WKP project; no direct stance on valuation.”
  • Rick Rule “Cited as another discounted intermediate producer and possible takeover candidate.”
  • Caleb Stroup “Named as a partner for Jake Creek drilling and as part of the active project pipeline.”
  • Don Durett “He says he does not own it but tracks it alongside other producers.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says OceanaGold has no debt, $620 million in cash, and Haile Gold Mine is producing 30% more gold at 25% lower all-in sustaining costs in 2026, with total production expected near 245,000 oz.

What it rests on
Evidence: 3 moments from 1 interview
Read the full case

Management says OceanaGold has no debt, $620 million in cash, and Haile Gold Mine is producing 30% more gold at 25% lower all-in sustaining costs in 2026, with total production expected near 245,000 oz. The company trades at 3.5x enterprise value to annualized cash flow versus a peer average of 7x, posting free cash flow yields of 17–18% over the last 12 months, while returning 40% of operating cash flow to shareholders via buybacks and dividends. An outside investor noted the stock is undervalued relative to peers on price-to-NAV and price-to-NPV and could see a multiple re-rating or acquisition.

▼ Bear case

Material is limited.

Read the full case

Material is limited. No major operating or permitting setbacks are disclosed. Management has proven track record (29 years in resources, prior CFO roles). Q3 was soft by design due to pit stripping, with recovery expected in Q4. The company is investing heavily in exploration and two major pit campaigns are now moving into ore production, reducing near-term cash headwinds. Outside commentary is uniformly bullish; no cautious or bearish voices are provided to weigh against.

◆ Watch next

Haile Gold Mine ramp-up and Q4 2026 production beat (currently at 50% of group output).

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Haile Gold Mine ramp-up and Q4 2026 production beat (currently at 50% of group output). NYSE listing planned for April 2026 and the market's reception of valuation multiple at listing. Waihi North underground mine in New Zealand: permits secured in December 2025, 1.2 million oz reserve at 9 g/tonne; construction and first ore timing. Exploration pace and reserve additions—management is investing heavily; track record shows 5 million oz added over 12 years at $50/oz cost.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 10 statements

The deposit 7

Key takeaway. Regarding OceanaGold's deposits, management has described the Waihi North project as a completely underground mine.

Read the full summary

The company reports the project holds a 1.2 million ounce reserve (as of December 2025), while the Fairburn Point new mine outside Waihi — currently being built — contains a reserve of about 1 million ounces at 9 grams per ton (as of May 2026). Management also notes that over the last 12 years the company has added something like 5 million ounces of reserve. On the exploration side, management cites tremendous drill results at Haile and Favona/WKP showing ore bodies growing with upside for mine life extension, and sees Macraes mine life expansion potential at an operation that has been running for 36 years.

What was actually said
exploration upside
Macraes mine life expansion potential, been operating for 36 years
“Um we we have a We recently issued technical reports for each of Macraes, Hail, and the DPO that extended its life and we see enormous um mine life expansion potential at Macraes as well.”
Gerard Bond· 22 May 2026·
exploration upside
tremendous drill results at Haile and Favona/WKP showing ore bodies growing with upside for mine life extension
“We put out some tremendous drill results yesterday uh in relation to Hail. 6 weeks ago, we put out some tremendous drill results at uh Favona or or the WKP as we call it in short, um which just shows that that both all bodies at at both of those sites are growing, uh and the upside for further mine life extension is enormous.”
Gerard Bond· 22 May 2026·
reserve size
Fairburn Point new mine outside Waihi currently being built
“Uh we're building the new mine uh just outside of Waihi called Fairburn Point.”
Gerard Bond· 22 May 2026·
Show the other 4 statements
resource size
1 million oz of reserve presently at 9 g per ton
“It's 1 million oz of reserve presently at 9 g per ton providing fresh all feed to an existing mill, an existing workforce.”
Gerard Bond· 22 May 2026·
deposit type
Wahhee North project is completely underground mine
“It's going to be completely underground mine, uh near and visible at surface”
Gerard Bond· 07 Dec 2025·
reserve size
added something like 5 million ounces of reserve over the last 12 years
“over the last 12 years uh we've added something like 5 million ounces of reserve”
Gerard Bond· 07 Dec 2025·
reserve size
Wahhee North project: 1.2 million ounce reserve
“It's a a very highgrade uh 1.2 million ounce reserve um um or body presently”
Gerard Bond· 07 Dec 2025·

Jurisdiction 3

Key takeaway. Management reports that the Waihi North project is located in New Zealand and received provisional approval for its permit in December 2025.

Read the full summary

The company also says the project has Māori/iwi blessing and the support of the local Māori community as of May 2026.

What was actually said
community agreement
Waihi North project has Maori/iwi blessing and support of local Maori community
“Well, it is. I mean before the we had a Maori or iwi as they we call them a blessing of the portal. It was a very very poignant ceremony. We had three representatives of the Maori community there and it was they were honoring the land and welcoming us to that activity. So we do have the support of local local Maori.”
Gerard Bond· 22 May 2026·
country
New Zealand for Wahhee North project
“our plan to develop that, you know, um safely, responsibly. It's going to be completely underground mine”
Gerard Bond· 07 Dec 2025·
permit status
provisional approval of permit in New Zealand for Wahhee North project
“we got um a provisional approval of our permit in New Zealand to develop the Wahhee North project”
Gerard Bond· 07 Dec 2025·

Economics 6 statements

Economics 3

Key takeaway. Management says Haile is producing 30% more gold this year at 25% lower all-in sustaining costs (May 2026).

Read the full summary

They also note that 40% of the cost base is labor, energy costs are low single-digit with fixed electricity contracts, and consumables are also low single-digit in nature (Dec 2025). Additionally, the company reports a reserve addition cost of $50 per ounce (Dec 2025).

What was actually said
operating cost
Haile producing 30% more gold this year at 25% lower all-in sustaining costs
“It's producing something like 30% more gold this year at a 25% lower all-in sustaining costs.”
Gerard Bond· 22 May 2026·
operating cost
40% of cost base is labor; low single-digit energy costs with fixed electricity contracts; consumables in low single-digit nature
“40% of our cost base is is labor. Uh there are inflationary pressures on labor but you know low singledigit uh energy costs. Ours are you know variously fixed um uh contracts for electricity”
Gerard Bond· 07 Dec 2025·
price assumption
reserve addition cost of $50 per ounce
“we've added something like 5 million ounces of reserve at a um addition cost of $50 per ounce”
Gerard Bond· 07 Dec 2025·

Financing 3

Key takeaway. Management reports a cash position of $620 million in the bank as of May 2026, while also stating it generated $94 million of free cash flow in Q3 (reference date December 2025).

Read the full summary

The company says it is investing more in exploration in 2025 than ever before (December 2025).

What was actually said
cash position
$620 million of cash in the bank
“We have no debt, Rick. We've got $620 million of cash in the bank and that allows us to fund our our growth and return capital to shareholders on a predictable consistent basis.”
Gerard Bond· 22 May 2026·
capital needed
2025 investing more in exploration than ever before
“2025 we're investing more in exploration than we have done ever uh as a company”
Gerard Bond· 07 Dec 2025·
cash position
$94 million of free cash flow in Q3
“we still generated $94 million of free cash flow”
Gerard Bond· 07 Dec 2025·

Timeline 9 statements

Timeline 9

Key takeaway. Management said that Q3 2025 was their softest production quarter due to open-pit stripping at two large sites, though they reached ore in both pits toward the end of the quarter and expected Q4 to be a strong production quarter.

Read the full summary

Looking ahead, the company reports that 2026 is shaping up to be an attractive year with production growth, including Haile Gold Mine production up 30% year-on-year to 245,000 oz of gold. On the permitting front, the Waihi North project had its permit submitted in March 2025 and all permits received by December of that year, and management noted that an April 2026 listing on the New York Stock Exchange was planned.

What was actually said
milestone
20% of operating cash flow into sustaining business, 20% into growing business, 40% returned to shareholders via buybacks and dividends, cash buildup
“we put 20 odd percent of the money uh that we generate back into the sustaining the business. We put another 20 odd percent into growing the business. uh um return about 40% of our free cash flow last year and in the first quarter of this year to shareholders in the form of buybacks and dividends and then we build cash.”
Gerard Bond· 22 May 2026·
milestone
Haile Gold Mine production up 30% year-on-year in 2026, producing 245,000 oz of gold
“Yeah, well, this year in 2026 the Haile Gold Mine production is up like 30 odd percent year-on-year. Um it's going to produce something like 245,000 oz of gold.”
Gerard Bond· 22 May 2026·
milestone
Waihi North project permit submitted March of last year, all permits received December of same year
“We submitted our permit for the Waihi North project, which unlocks this fabulous all body, in um March of last year, and we got all the permits, life of mine, um in uh um December of the same year.”
Gerard Bond· 22 May 2026·
Show the other 6 statements
milestone
April listing on New York Stock Exchange planned for 2026
“we're super excited about um um that April listing”
Gerard Bond· 07 Dec 2025·
milestone
Q3 was the softest production quarter of the year due to open pit stripping campaigns at two largest mine sites
“we were by design uh just completing a number of uh open pit stripping campaigns”
Gerard Bond· 07 Dec 2025·
milestone
Got to the ore in both large open pits towards the end of Q3
“We got to the um the ore in both of those pits towards the end of the third quarter”
Gerard Bond· 07 Dec 2025·
milestone
four mine sites producing: Hale in USA, McCra in New Zealand, and two others
“we have um our four assets are producing. So, you know, the biggest investment we had in our asset basically she was the those two open pet stripping campaigns”
Gerard Bond· 07 Dec 2025·
milestone
Q4 expected to be a strong production quarter
“We expect it to be a strong production quarter um and gold is sitting around the $4,200 an ounce”
Gerard Bond· 07 Dec 2025·
milestone
2026 is shaping up to be a really attractive year with production growth
“2026 is shaping up to be a really attractive year”
Gerard Bond· 07 Dec 2025·

Corporate 8 statements

Management 3

Key takeaway. Management points to substantial industry experience: the CEO notes 29 years in the resources industry, including nearly four years as President and CEO of OceanaGold (as of December 2025).

Read the full summary

Prior to that, he says he served as finance director and CFO of Newrest Mining for a decade, preceded by 15 years at BHP Billiton.

What was actually said
prior exit
Finance director and CFO of Newrest Mining for a decade; prior to that at BHP Billetin for 15 years
“prior to that I was the finance director and CFO of Newrest Mining uh for a decade and prior to that I was at BHP Billetin for 15 years”
Gerard Bond· 07 Dec 2025·
track record
29 years in the resources industry
“I'm coming up to my 29th year uh in the resources industry”
Gerard Bond· 07 Dec 2025·
track record
President and CEO of OceanaGold for coming up to 4 years
“I'm the president and CEO of Oshana Gold and have been for coming up to 4 years”
Gerard Bond· 07 Dec 2025·

Share structure 1

What was actually said
shares outstanding
$7.5 billion market cap
“Yeah, well, it's you know, we're a $7.5 billion market cap company, and um uh market price to uh enterprise value is one of the lowest of our peer group at about three and a half times.”
Gerard Bond· 22 May 2026·

Market 4

Key takeaway. Management says OceanaGold's enterprise value is about three and a half times, compared to a peer group average of seven (May 2026).

Read the full summary

The company reports free cash flow yields of 17-18% over the last 12 months and a return on capital around 15-16% (Dec 2025). The CEO also noted that the Hale Gold Mine represents around 50% of gold production next year (Dec 2025).

What was actually said
cost curve position
enterprise value is about three and a half times, peer group average is seven
“Um so uh you're you know you're paying for what three and a half times uh of of annualized cash flow and yet we have one of the highest free cash flow yields of any company in our peer group.”
Gerard Bond· 22 May 2026·
cost curve position
return on capital around 15-16%
“the return on capital around you know 15 16% as well”
Gerard Bond· 07 Dec 2025·
cost curve position
free cash flow yields of 17-18% over the last 12 months
“we have um uh free cash flow yields on our market value of you know 17 18% over the last 12 months”
Gerard Bond· 07 Dec 2025·
Show the other 1 statement
strategic interest
Hale Gold Mine represents around 50% of gold production next year
“Hale Gold Mine that'll be you know somewhere around 50% of our gold production next year”
Gerard Bond· 07 Dec 2025·

Outside views 20 mentions

20 mentions by people who do not speak for the company — 16 constructive, 0 cautious, 4 neutral. These are their views, not the company's.

Robert Eckford
neutral
Referenced as the neighbor with the Wahi mine and WKP project; no direct stance on valuation.
Commodity Culture· 17 Jul 2026·
Rick Rule
bullish
Cited as another discounted intermediate producer and possible takeover candidate.
Wise Metals Investor· 16 Jul 2026·
Rick Rule
bullish
He cites it as another intermediate producer trading at a discount.
Investing News· 15 Jul 2026·
Rick Rule
bullish
Undervalued relative to peers on price-to-NAV, price-to-NPV, and forward cash flow given their pipeline; either the market arbitrages the discount or a higher-multiple acquirer takes them out.
The Deep Dive· 07 Jul 2026·
Show the other 16 mentions
Robert Eckford
bullish
Used as a nearby analog and jurisdictional proof point for the North Island permitting and geology.
VRIC Media· 04 Jun 2026·
Rick Rule
bullish
He flags it as a company generating a lot of cash that could become a target or rerate.
Mining Network· 03 Jun 2026·
Caleb Stroup
bullish
Named as a partner for Jake Creek drilling and as part of the active project pipeline.
Rule Investment Media· 18 May 2026·
Don Durett
neutral
He says he does not own it but tracks it alongside other producers.
The Deep Dive· 14 Apr 2026·
Layton Croft
neutral
Mentioned as the JV partner. The relationship is positive but Croft does not express a view on OceanaGold as an investment — it is discussed as the operator of nearby Haile mine and the earn-in partner.
Crux Investor· 06 Mar 2026·
Michael Oliver
bullish
Management highlights cash flow, exploration upside, and a coming NYSE listing.
Jimmy Connor· 23 Jan 2026·
Management highlights cash flow, exploration upside, and a coming NYSE listing.
Jimmy Connor· 23 Jan 2026·
Jamie Porter
bullish
Management highlights cash flow, exploration upside, and a coming NYSE listing.
Jimmy Connor· 23 Jan 2026·
Sean Roosen
bullish
Management highlights cash flow, exploration upside, and a coming NYSE listing.
Jimmy Connor· 23 Jan 2026·
Ryan Snyder
bullish
Management highlights cash flow, exploration upside, and a coming NYSE listing.
Jimmy Connor· 23 Jan 2026·
Jason Kosec
bullish
Management highlights cash flow, exploration upside, and a coming NYSE listing.
Jimmy Connor· 23 Jan 2026·
Paul Tomory
bullish
Management highlights cash flow, exploration upside, and a coming NYSE listing.
Jimmy Connor· 23 Jan 2026·
John Ciampaglia
bullish
Management highlights cash flow, exploration upside, and a coming NYSE listing.
Jimmy Connor· 23 Jan 2026·
Joe Cavatoni
bullish
Management highlights cash flow, exploration upside, and a coming NYSE listing.
Jimmy Connor· 23 Jan 2026·
Diane Garrett
neutral
Referenced as acquirer of Romarco Minerals (Garrett's prior company); cited as proof of team's track record, not as a current investment recommendation
Crux Investor· 12 Jan 2026·
Rick Rule
bullish
Example of a gold producer in the worst half of the cost curve that generates 14-15% free cash margins — the part of the market Rule does not play but where others can beat him.
Soar Financially· 28 Aug 2025·

Sources 3 interviews

Every interview 3

DateChannelInterviewStatements
22 May 2026 Rule Investment Media Gerard Bond, President & CEO of OceanaGold Corporation | Rule Symposium 2026: Rick Rule interviews 12
04 Feb 2026 Jimmy Connor Oceana Gold Update | Gerard Bond and Jimmy Connor No claims identified
07 Dec 2025 Investing News Gold Moving "Relentlessly Up," Generalist Rotation Starting | OceanaGold's Gerard Bond 21

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

fairburn point 1
favona 1
gold 1
haile 1
haile gold mine 1
macraes 1
mccrae 1
palamino 1

Questions people ask

What is OceanaGold's project and where is it?

OceanaGold is a producer gold company. Everything here is drawn from its executives' own interviews.

Which interviews mention OceanaGold?

We track 3 interviews mentioning OceanaGold, across 3 channels (Investing News, Jimmy Connor, Rule Investment Media).

What are investors saying about OceanaGold?

20 independent voices — people who do not speak for the company — are on record discussing it (16 bullish, 4 neutral). Their reasoning is quoted in the outside-view section above.

What do recent interviews with OceanaGold cover?

The most-discussed topics on record are timeline, the deposit, market, economics — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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