It's safe to say that gold was basking in the sun in 2025. For example: Global gold demand (including over-the-counter trades) crossed 5,000 tonnes for the first time in history, according to the World Gold Council's Gold Demand Trends report.
Fun fact: gold set a record by hitting an all-time high 53 times in 2025, although the bull run hasn’t stopped there. Gold reached a new all-time high of $5,608.35 per ounce in January 2026. For those wondering, it is currently hovering around $5000 per ounce.
So, why did gold have such a blockbuster year?
Between messy conflicts in the Middle East, high-stakes drama over Taiwan, and widespread panic over US tariffs and trade wars, investors decided to park their cash elsewhere—and in 2025, 'elsewhere' meant gold. Even central banks in China and India got in on the action, snapping up gold.
For Canada, this gold rush came at the right time. Even as energy exports tanked, unwrought gold and precious metal exports leaped 41.7% to fill the gap, as per the Canada Monthly Trade Report for December 2025. To put it bluntly: without gold, Canada’s total exports would’ve taken a 3% hit, according to Statistics Canada.
The mining companies got a chance to clink glasses. Multinational gold producer OceanaGold also joined the party.
Digging deep pays off
A lot of that cheer came down to surging gold prices, helping turn those production numbers into real-world profit. OceanaGold produced a total of 496,200 ounces of gold in FY25, a slight increase of 1.4% compared to the 489,500 ounces a year prior.
The Vancouver-headquartered OceanaGold zipped right past the mid-point of its guidance to hit a total production of 497,600 ounces of gold. Its full-year All-In Sustaining Cost (AISC) averaged USD 1,966 per ounce, though this cost figure decreased by 25% in the final quarter as output peaked.
The company’s "Big Four" mines showed up, hitting the top end of their targets. Haile (US) brought in 140,100 ounces as the Horseshoe Underground ramp-up finally paid off. Over in the Philippines, Didipio delivered 90,700 ounces of gold and 13,300 tonnes of copper. That site alone banked a massive $130.2m (USD unless stated otherwise) in free cash flow.
A coffer full
OceanaGold's bank account is looking better than ever. The company pulled in a record $1.89bn in 2025 in annual revenue, up from $1.29bn in 2024. This growth was fueled by selling 497,800 ounces of gold at an average price of $3,509 per ounce—a 44.2% jump from FY 24. It also walked away with a record $628.7m in net profit in 2025, more than tripling the $187.4m earned y/y.
They finished 2025 with zero debt and a $477m cash pile, which is a 42% jump from just Q3 25's $335.9m.
The final three months were a blowout, with $652m in quarterly revenue thanks to gold prices hitting a record average of $4,227 per ounce. Free cashflow for the year clocked at $543m. That’s a massive 121% jump compared to the $245.2m they cleared in 2024.
Number cruncher
These developments may have caught the market’s attention. OceanaGold's stock has been sitting at $34.52 after a massive 286.5% growth in the last 12 months, pushing its market cap to $7.7bn. The average target price stands at $48.08 for a potential 39.5% upside.
Despite that aggressive climb in share price, the valuation suggests the stock isn't actually overpriced. While the stock’s historical three-year P/E average sits at 12.4x, its forward P/E is looking much cheaper at just 8.1x based on those estimated 2026 earnings.
The analysts, nevertheless, are optimistic. Almost all - 10 out of the 11 analysts who cover the stock have "Buy" ratings on it.
No silver lining here
The company faces significant friction in the Philippines, where the Didipio mine has historically dealt with Financial or Technical Assistance Agreement renewal delays and opposition from human rights groups over indigenous land rights.
Operational performance is sensitive to ore grades and waste stripping schedules. For example, Q3 25 was expected to be a weaker period due to reliance on lower-grade stockpiles at the Haile mine in the US. In addition, recent workplace fatalities at Didipio highlight safety risks that can lead to site shutdowns or regulatory penalties.
