OceanaGold's CEO on a $7.5B market cap at 3.5x enterprise value, four producing mines and no debt

OceanaGold runs four producing gold mines, and CEO Gerard Bond spent his 2026 Rule Investment Media interview arguing that the market pays too little for the cash those mines throw off. He put the company at a $7.5 billion market capitalization with a price-to-enterprise-value multiple of about 3.5 times — meaning roughly $3.50 of market value for each dollar of annualized enterprise cash flow — against a peer group average of about 7. He also said OceanaGold generates one of the highest free cash flow yields in its peer group.

**Bond's background.** Bond said he is in his 30th year in the resources industry, spent 15 years at BHP across three countries and multiple commodities, and is now in his 15th year in gold specifically. BHP is the world's largest mining company, so Rule noted that Bond was exposed to world-class projects — where, Rule argued, “the money is made.” Bond said he loves “the complexity of gold” and believes the industry sits in “a golden era of gold mining,” with strong prices and an unusually wide opportunity to create shareholder value.

**Where the production actually sits.** Bond described four producing assets, all cash-generative, each carrying what he called “unique growth optionality”:

- **Hale Gold Mine, South Carolina** — 45% of this year's production, which makes the United States the company's largest geographic exposure. Output is up about 30.5% year over year, to roughly 245,000 ounces of gold in 2026, at a roughly 25% lower AISC (All-In Sustaining Cost — the total cost of producing an ounce, including sustaining capital). Bond said Hale would be the fourth-largest gold producer in the United States this year, and pointed to its east coast location as an aid to attracting and retaining people. - **Macraes and Waihi, New Zealand** — about 40% of production combined. Macraes has been operating for 36 years, and Bond said the company's foundation asset sits in New Zealand. - **A fourth asset in the Philippines** — named Odupio, which was covered in a recent round of technical reports.

Hale is the near-term growth engine: more ounces at lower unit costs is the combination that turns volume directly into free cash flow.

**Where the cash goes.** Bond pointed to a cash allocation chart on OceanaGold's website and said this year is a “rinse and repeat” of last year — a bit over 20% of operating cash flow back into sustaining the business, another 20%-odd into growing it, about 40% returned to shareholders through buybacks and dividends (both last year and in the first quarter of this year), and the balance built up as cash on the balance sheet. On the capital structure Bond was unambiguous: “We have no debt,” with $620 million of cash in the bank.

He invoked a Rule Classroom framing attributed to Doug Casey — that companies split into those who believe cash is worth more than the shares, and therefore issue stock, and those who believe the shares are worth more than the cash, and therefore buy them back. Bond called the buyback course “more virtuous” and “the best possible testimony” that management thinks its own stock is undervalued.

**What the cash is funding.** Bond highlighted a new mine being built just outside Waihi, called Ferrakirrpong and shortened to “WKP.” As of the interview he had just opened its portal. He said it carries about 1 million ounces of reserve at 9 grams per tonne, feeds fresh ore to an existing mill and existing workforce, and — as he put it — is a “greenfield brownfield,” meaning a new deposit developed through infrastructure that already exists, which keeps capital risk relatively low.

On permitting, Bond said OceanaGold filed its Waihi North permit in March of last year and had all life-of-mine permits in hand by December of the same year. He attributed that to what he called the best government policy for resource development globally, and noted that although New Zealand is often described as anti-mining, the town of Waihi itself held a pro-mining demonstration. On indigenous relations, he said a Māori blessing — iwi being the local term for the tribal groups — preceded the portal opening, with three community representatives present, and characterised local support as strong.

He also said drill results at Hale about six weeks earlier, and at WKP two days before the interview, showed both ore bodies growing, which he framed as “enormous” mine-life extension upside, on top of technical reports for Macraes, Hale and Odupio that already extended life of mine.

**Disclosure, and how to read this.** Rule said he personally holds shares in OceanaGold and has visited Hale, Macraes and Waihi himself. The video's own description carries a broader warning: Rule features securities he personally holds, symposium participation alone can lift a stock's price with no change in fundamentals, and these can be thinly traded, high-risk names. Rule also said every public-company exhibitor at the symposium is vetted, and that his primary qualification for admitting one is that he owns the shares himself — the vetting standard and the promotional interest are the same fact.

For an investor, three things decide whether the valuation argument holds: whether the roughly 40% of cash flow returned to shareholders is sustained rather than a one-off; whether WKP's 1 million ounce reserve at 9 grams per tonne converts into an economic mine rather than merely a large one; and whether $620 million of debt-free cash funds the growth pipeline without issuing equity. Rule closed by directing shareholder questions to Brian Martin, Senior Vice President of Investor Relations and Business Development.