Oceana Gold's share price has plunged 66% from its year-high of $4.50 last October, falling to a more than four-year low of $1.52 yesterday.
Shares in New Zealand and Australia's largest gold producers have bombed in recent weeks, with Australian giant Newcrest Mining shedding $A9 billion ($NZ10.72 billion) in share value during the past year.
Oceana Gold has formally moved to include gold and copper production from its newly commissioned northern Philippines mine on its balance sheet.
Oceana Gold has booked a $US7.1 million ($NZ8.3 million) after-tax profit for the quarter to March, but that was down 70% on the previous quarter's profit.
Oceana Gold's exploration at the historic underground Blackwater gold mine near Reefton on the West Coast has returned very high gold grades from the last phase of its deep-drilling programme.
East Otago-based Oceana Gold's northern Philippines gold and copper development mine has exported its first copper-gold concentrate and is expected to report commercial operations during this quarter.
Oceana Gold has, for the third consecutive year, identified estimated gold resources to match what it has taken out of the ground.
Oceana Gold has resumed delivering gold and copper concentrate from its northern Philippine mine site to the local port, after its trucks were seized more than two weeks ago by local government agencies.
Oceana Gold has had some of its trucks seized by local government agencies in the Philippines while discussions over interpretations of tax exemptions continue.
East Otago-based Oceana Gold says its Philippines gold and copper mine will make it one of the lowest-cost gold mines in the world.
Operations at Oceana Gold's goldmining site at Macraes were suspended following a safety alert on Saturday.
Goldminer Oceana Gold expects to fully resume operation of its Frasers underground mine at its East Otago Macraes site today, following a access road slump on Saturday which prompted suspension of some work.
The wide guidance provided yesterday by Oceana Gold disappointed the market, which continued to grapple with the gold and copper miner's cash cost and production.
Shares in East Otago gold miner Oceana Gold have plunged more than 15% in the past three weeks, since it raised $114 million in Canada, having sold 30 million shares to a syndicate of underwriters earlier in the month.
Triple-listed Oceana Gold has sold 30 million shares to a syndicate of underwriters for $C93 million ($NZ114 million) with an option for them to increase their stake 15% to $C108 million.
An unpopular proposal to increase mining-sector royalties and taxes has been formally watered down, with the Government saying yesterday any royalty changes would only affect new entrants to the sector.
Oceana Gold has taken a third-quarter tumble with low ore grades and the strong New Zealand dollar undermining after-tax profits, crashing from $US10.9 million ($NZ13.2 million) a year ago to a $US397,000 ($NZ482,000) loss.
Oceana Gold will pursue its exploration of the historic Birthday Reef at the Blackwater mine near Reefton, which could hugely boost its West Coast gold production.
Oceana Gold's new Didipio gold and copper mine, in the Philippines, will be a game-changer for the company, Forsyth Barr broker Peter Young says.