Listed mining firm OceanaGold (Philippines) Inc. (OGP) more than doubled its net income to over $70 million in 2025, as record-high gold prices offset a softer year in production.

In a disclosure to the Philippine Stock Exchange on Thursday, Feb. 19, OGP said its profits last year reached $76.5 million, an improvement of 152 percent from the $30.3 million recorded in 2024.

The company’s revenues jumped by nearly 28 percent to $438.8 million, which made up for higher mining and processing costs for the year.

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

Average realized prices for gold extracted at the mine stood at a record $3,494 per ounce last year, up 44 percent from $2,434 per ounce in the previous year.

Higher prices of the precious metal compensated for the 12-percent decline in gold sales volume to 88,700 ounces from 100,400 ounces the year before.

Gold output fell six percent to 90,700 ounces last year from 97,000 ounces due to restricted access to lower levels of Didipio mine following severe weather events in late 2024.

Despite this, OGP’s copper production improved slightly to 13,300 tons, as sales rose 15 percent to 13,500 tons. Average price of copper for the year was $4.57 per pound, compared to the previous year’s $4.16 per pound.

OGP Chair Brian Martin said the surge in metal prices last year contributed to the company’s robust free cash flow of $130 million and strong margins in its gold and copper businesses.

“These results continued to strengthen our balance sheet and provide us with a solid platform for future growth,” said Martin.

For 2026, OGP is maintaining its full-year output guidance of between 85,000 and 105,000 ounces of gold and 13,000 to 15,000 tons of copper. These metals are expected to be produced at an all-in sustaining cost of between $975 and $1,100 per ounce.

The mining firm plans to invest around $65 million this year to maintain mine integrity and plant resilience, as well as to upgrade its mobile fleet.

In terms of exploration, OGP is raising its expenditure from $5.5 million to $10 million for approximately 27,600 meters of drilling and 10,300 meters of resource conversion drilling at nearby True Blue mine site.

“Looking ahead to 2026, our focus remains on maximizing underground productivity, advancing underground and near-mine exploration, and driving initiatives that enhance efficiencies,” said Martin.

“With a solid foundation and a hardworking, committed team, we are well positioned to continue creating value for our shareholders and our host communities,” he added.

Since its debut on the local bourse in May 2024, OGP has returned a total of $181 million in dividends to shareholders, of which $112 million was allotted for last year.

The total government share in OGP’s revenues reached $127 million in 2025, up 78 percent from $71.3 million in 2024.

Under the company’s financial or technical assistance agreement (FTAA) for Didipio mine, the government is entitled to 60 percent of net revenues, excluding paid taxes and fees.