Gerard Bond

Gerard Bond, President & CEO of OceanaGold Corporation | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Bond argues the stock is mispriced: at a roughly $7.5 billion market cap it trades at about 3.5x market price to enterprise value versus a peer-group average near 7x, and he says that low multiple combined with one of the highest free cash flow yields in the group still leaves good value for investors.
• He lays out four producing assets - Hale in South Carolina at about 45% of this year's output, Macraes and Waihi in New Zealand at about 40%, and one mine in the Philippines - and says all of them are producing, making money and have unique growth optionality.
• He points to a growth surge at Hale, where 2026 production is up about 30.5% year over year to roughly 245,000 ounces at a lower all-in sustaining cost, higher output combined with lower unit costs driving free cash flow.
• On capital allocation he describes a repeatable split of operating cash flow: about 20% back into sustaining the business, about 20% into growth, roughly 40% returned to shareholders via buybacks and dividends in the past year and in Q1 2026, and the balance building cash, with no debt and about $620 million in the bank funding growth and predictable shareholder returns.
• For future growth he leans on low-risk brownfield work - the new WKP mine near Waihi with about 1 million ounces of reserve at 9 g/t feeding an existing mill and workforce, Waihi North life-of-mine permits granted in December 2025 after a March submission, and recent drill results showing both the Hale and WKP ore bodies growing.

OceanaGold trades near 3.5 times enterprise value to annualized cash flow against a peer average of 7, the CEO says. Four producing mines in the US, New Zealand and the Philippines all generate cash, so growth is self-funded. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) is dropping at Hale as output rises about 30%. A $620 million cash balance and no debt fund a new mine, buybacks and dividends without outside capital. Recent drilling extended both ore bodies, and a one-million-ounce New Zealand reserve feeds an existing mill.

Oceana Gold Update | Gerard Bond and Jimmy Connor

• Top takeaway Gerard Bond pitches OceanaGold as a low-risk, near-term organic growth story generating strong free cash flow, with a history of returning capital and an April 2026 NYSE listing as key upcoming news flow.
• He says 2025 was the company's biggest exploration year ever, adding about 5 million ounces to reserves at an average finding cost near $50/oz, with the Pisces and Clydesdale discoveries and the Brewer gold-copper target to be drilled in 2026.
• His stated capital hierarchy is to invest in high-return organic growth and exploration, keep a strong balance sheet, and return capital to shareholders.
• On M&A he answers yes to acquiring in the US or Canada, arguing the company's existing US operations and Canadian headquarters give it the capability to grow in North America.
• He expects McRades production to be higher in 2026 after a well-executed 2025 stripping campaign and more 2026 exploration spending, while acknowledging its AISC stays relatively high at about $2,000/oz due to low grade.

OceanaGold holds full New Zealand approval for the Waihi North Project, a high-grade underground mine that could lift Waihi output to 220,000-250,000 ounces at peak. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) averages $1,850 at the South Carolina mine versus $800 at DiPIO. The company is debt-free with $335 million in cash at September 2025, and in 2025 doubled its dividend while buying back $175 million of shares. Exploration added five million ounces to reserves at about $50 an ounce finding cost, with the Pisces discovery and Clydesdale target extending the pipeline. A New York Stock Exchange listing is planned for April 2026, aimed at giving US investors easier access to the gold producer's shares.