Gold Miners' Earnings Season: The quarter after "Peak Margins" 💰⛏️
The eagerly anticipated earnings season in the gold mining sector will begin again in just a few days.
It is already certain that gold producers' margins reached their preliminary high in the first quarter of 2026. The average gold price in the first quarter was approximately $4,900 per ounce. For the second quarter, the estimated selling price of gold from mines is around $4,400 per ounce.
However, even with a gold price of $4,000 and ongoing cost inflation and rising energy costs (assuming AISC of $2,000), most gold producers will continue to generate substantial profits and excellent AISC margins of $2k+/oz.
Now, let's take a look at the AISC margin leaders in the gold mining sector for the first quarter of 2026. 🪙👇
Gold Miners: AISC/Profit Margin Leaders Q1/2026 ($/oz)
1. Thor Explorations: 3,884 👑 $THX.v
2. Lundin Gold: 3,837 👑
3. Artemis Gold: 3,705 👑
$thx.v $gdx $gdxj "We ended the Period with a strong adjusted net cash position of US$218.6 million."
Roughly 33 cents US per share in cash on 81 cents US current share price as of today's close.
@vricmedia@badcharts1@MoneyLevelsShow Darrell, Good one as usual. Patrick is at his technical best. BTW, Can you please make the charts full screen rather than shrinking them? Hard to see the labels/what chart it is.