Listed mining firm OceanaGold (Philippines) Inc. (OGP) reported a 68-percent increase in net profit during the first nine months of 2025, propelled by stronger gold prices in the July-to-August period despite lower overall production.

In a regulatory filing, OGP said its net income from January to September stood at $49 million, surpassing the $29.2 million recorded during the same period last year.

Revenues went up by 21 percent to $317.2 million from last year’s $263 million.

This offset the 12-percent increase in cost of sales to $176.7 million from $158.1 million, as the company took on management fees in the third quarter, alongside increases in salaries, wages, and other employee benefits.

OGP, a subsidiary of Australian-Canadian firm OceanaGold Corp., is the operator of Didipio gold and copper mine that straddles the provinces of Nueva Vizcaya and Quirino.

The company saw its earnings drop 14 percent in the first half due to lower gold prices, but this trajectory has since been turned upward in the third quarter. Earnings in the quarter surged to $27 million from $3.6 million a year ago.

OGP President Joan Adaci-Cattiling said the July-to-August period, which posted a quarterly revenue of $141.7 million, was a record for the company.

“We are pleased to report another safe and responsible quarter, with gold and copper production delivered to plan,” said Adaci-Cattiling.

OGP produced 66,900 ounces of gold over the nine-month period, down from 77,300 ounces in the same period last year.

The company said the decline in production this year comes as Didipio mine is still reeling from the impact of severe weather disturbances in the latter half of 2024, which restricted access to its lower levels.

Gold sales fell 14 percent to 68,100 ounces from 79,600 ounces.

Nonetheless, average prices for gold during the period stood at $3,234 per ounce, 37-percent higher than $2,366 per ounce last year.

Copper production inched up to 10,200 tons, with sales improving to 10,600 tons.

The average price of copper during the first nine months rose by five percent to $4.37 per pound from $4.17 per pound.

OGP still expects to reach its full-year guidance of producing between 85,000 and 105,000 ounces of gold and 13,000 to 15,000 tons of copper, produced at an all-in sustaining cost (AISC) of between $1,150 and $1,250 per ounce.

Still, the company anticipates that AISC will be at the upper end of the range this year, mainly due to the reduced rate of mining from higher-grade breccia stopes and ongoing water management at the lower parts of the mine.

“As we move through the last quarter of the year, we remain focused on delivering on our guidance, with underground mining rates expected to normalize by the end of 2025, advancing our growth potential through near-mine exploration, and sustaining strong returns for our shareholders,” Adaci-Cattiling said.

OGP has returned a total of $143 million in dividends to shareholders since its debut on the Philippine Stock Exchange (PSE) in May last year.