Gold producer OceanaGold Corp (ASX: OGC) has released strong second quarter results, with net profit up 45%, revenue up 21% and cash balance up 45%.
With expansion at its Haile project in progress and its Waihi mine life extension on track, Oceana Gold has seen significant exploration results, leading to increased 2018 gold guidance of between 500,000 ounces and 540,000 ounces – up from between 480,000 ounces and 530,000 ounces.
The results mark 33 consecutive quarters of delivering return on invested capital for Oceana, a feat not many gold producers can stake claim to.
With Oceana shares back on the incline after a slump in early June things looks to be on the right track for the $2.4 billion market cap gold producer with its EBITDA margin well above its peer average and steady production expected through the second half.
Elsewhere in the gold space Evolution Mining Ltd (ASX: EVN) will be one to watch after an announcement La Mancha Group has reduced its holdings to 9.6% following a $261 million block sale overnight.
Regis Resources Limited (ASX: RRL) shares have also been on the up – rising 31% in the last 12 months.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.