- OceanaGold released its Q1 results this week, reporting quarterly gold production of ~134,000 ounces at all-in sustaining costs of $1,084/oz.
- This was a massive improvement over the year-ago period, helped by a record quarter from Haile and a full quarter of contribution from Didipio.
- However, with gold production set to dip in Q2/Q3, I don't see any reason to expect a massive beat on guidance which its current quarterly run rate might imply.
- Overall, this turnaround story is clearly intact, but at ~1.15x P/NAV, I see far more attractive opportunities elsewhere in the sector.
For further details see:
OceanaGold: An Impressive Q1 Performance