Austock:Oceana Gold (OGC) - BuyKey points OGC production & cash...

Austock:

Oceana Gold (OGC) - Buy

Key points OGC production & cash cost profile

 We have added OGC to the High Conviction list believing it
has been oversold.

 Adverse/arguably sensationalised media coverage RE:
costs and Didipio community relations has skittled investor
confidence.

 On our numbers OGC is now the cheapest gold stock
under coverage on an EV to Ore reserve basis.

 We expect an Ore reserves update in February to further
enhance this position.

 Our numbers are ~20% above consensus, while we only
factor in 85% of Didipio.

Next catalyst:FY result 18 February, Ore Reserve update