First Quarter Highlights
On May11, Oceanagold (OGC) reported it's first quarter results and they were better than expected.By now all OGC shareholders know that their Didipio mine in the Phillipines was closed by the Phillipine government in late 2019.See the blog on April8,2020 in my Wordpress EconothonII website.And now it is being studied for environmental damage by the Phillipines Ministry of Environment.Didipio contained 1.3 million ounces of proven reserves.But shareholders are starting to learn that OGC has replaced their lost reserves with previously undiscovered reserves in their U.S.A mine (Martha Underground Project)and their New Zealand mine( Golden Point in the Macraes discovery).But even less shareholders realize that production in 2021 is up from 2019.
Quarterly Highlights
Total production of gold by Oceanagold in Q1was 83,000 ounces and this is up from 80,000 ounces in Q1 2019.And adjusted EBITDA is also slightly ahead of the 2019 value.While earnings per share has recovered from a ($.04) loss in 2020 to a $.02 profit in 2021. Q1Yet the share price remains about half of the price before the Didipio mine closing. 
Meeting their Guidance
Oceanagold has replaced both the lost reserves and production from it's Didipio mine in the Phillipines.And this blog believes possibly that the ore body at the Macraes mine is still underestimated.That aside,production at this point is sufficient to meet annual guidance given at the first of 2021.In addition,the price of gold is moving up again slowly partly dependent on the huge American deficit.Many analysts,including this blog, see the price of gold breaking old price records.So OGC should be back at $4.50 where it was in 2019.And earnings per share is on track to hit 2019 levels.
The only drawback facing Oceanagold now is the slow decision by the Phillipines to return the Didipio mine to production.Oceanagold trades on the Canadian TSX exchange.But it is listed in Australia also.This blog feels that asking the Australian government to negotiate with it's smaller neighbour,the Phillipines, might speed up the return to production.And any news here will send OGC back to it's 2019 levels or maybe even $5.00.
