![MinerDeck's tweet photo. Gold production costs Q2 2026 [UPDATED]
(AISC · USD/oz · Lowest to highest)
1. 🇦🇺 Emerald Resources — $818
2. 🇨🇦 Artemis Gold — $955
3. 🇨🇦 Lundin Gold — $1,176 [NEW]
4. 🇦🇺 Capricorn Metals — $1,192
5. 🇨🇦 DPM Metals — $1,214 AuEq
6. 🇦🇺 Evolution Mining — $1,234
7. 🇬🇧 Thor Explorations — $1,262 [NEW]
8. 🇨🇦 K92 Mining — $1,376 [NEW]
9. 🇦🇺 Predictive Discovery — $1,408 [NEW]
10. 🇦🇺 Ramelius Resources — $1,428
11. 🇨🇦 Agnico Eagle Mines — $1,459
12. 🇺🇸 Newmont — $1,621
13. 🇦🇺 Greatland Resources — $1,673
14. 🇨🇦 Centerra Gold — $1,707
15. 🇨🇦 Steppe Gold — $1,716
16. 🇨🇦 Alamos Gold — $1,728
17. 🇦🇺 West African Resources — $1,730
18. 🇨🇦 Wesdome Gold Mines — $1,763
19. 🇨🇦 Kinross Gold — $1,821 AuEq
20. 🇦🇺 Perseus Mining — $1,848
21. 🇨🇦 Barrick Mining — $1,866
22. 🇦🇺 Bellevue Gold — $1,884
23. 🇬🇧 Endeavour Mining — $1,907
24. 🇦🇺 Northern Star Resources — $1,918
25. 🇨🇦 Eldorado Gold — $1,926
26. 🇦🇺 Catalyst Metals — $1,929
27. 🇨🇦 Cerrado Gold — $1,933 [NEW]
28. 🇿🇦 Gold Fields — $1,957 AuEq
29. 🇨🇦 Pan American Silver — $1,984
30. 🇺🇸 Aura Minerals — $1,985 AuEq
31. 🇬🇧 Metals Exploration — $2,019 [NEW]
32. 🇦🇺 Genesis Minerals — $2,024
33. 🇦🇺 Westgold Resources — $2,027 [NEW]
34. 🇺🇸 AngloGold Ashanti — $2,039
35. 🇨🇦 Mining Americas — $2,054 [NEW]
36. 🇨🇦 Aris Mining — $2,125†
37. 🇦🇺 Vault Minerals — $2,147
38. 🇨🇦 OceanaGold — $2,151
39. 🇨🇦 Discovery Mining — $2,154
40. 🇨🇦 Equinox Gold — $2,175
41. 🇦🇺 Alkane Resources — $2,179 AuEq
42. 🇨🇦 Allied Gold — $2,192
43. 🇦🇺 Kingsgate Consolidated — $2,197
44. 🇺🇸 Idaho Strategic Resources — $2,262 [NEW]
45. 🇨🇦 IAMGOLD — $2,271
46. 🇨🇦 Mako Mining — $2,286 [NEW]
47. 🇨🇦 Majestic Gold — $2,303 [NEW]
48. 🇦🇺 Regis Resources — $2,347
49. 🇨🇦 Orvana Minerals — $2,353 [NEW]
50. 🇨🇦 B2Gold — $2,356
51. 🇨🇦 Orezone Gold — $2,449
52. 🇨🇴 Mineros — $2,458
53. 🇨🇦 Torex Gold Resources — $2,459 AuEq
54. 🇨🇦 Galiano Gold — $2,473
55. 🇦🇺 Resolute Mining — $2,484
56. 🇺🇸 SSR Mining — $2,622 AuEq
57. 🇯🇪 Caledonia Mining — $2,678 [NEW]
58. 🇦🇺 Aeris Resources — $2,758 [NEW]
59. 🇦🇺 Ora Banda Mining — $2,800
60. 🇨🇦 Jaguar Mining — $2,840
61. 🇨🇦 Rio2 — $2,873 [NEW]
62. 🇺🇸 Contango Silver & Gold — $2,877 [NEW]
63. 🇦🇺 Pantoro Gold — $2,971
64. 🇦🇺 Austral Gold — $2,996 AuEq [NEW]
65. 🇨🇦 Asante Gold — $4,281 AuEq
66. 🇦🇺 Kaiser Reef — $4,335 [NEW]
Footnotes:
• Issuer-reported AISC; by-product credits, Au/AuEq bases, operating scope and cost allocations vary. This is not a fully normalized cost comparison.
• AUD converted at 0.72352 USD/AUD on Sep 9, 2026; not quarter-average FX. All displayed amounts rounded to the nearest US dollar.
• Flags indicate headquarters/head office, not mine location or incorporation. Thor uses 🇬🇧 for its London head office despite Canadian registration.
• Mine-specific figures: Cerrado—Minera Don Nicolas; Metals Exploration—Runruno; Mining Americas—Pan; Aeris—Cracow.
• Rio2 covers Fenix Gold during ramp-up and excludes Condestable. Contango covers the Manh Choh JV, not all parent-company expenditure.
• Predictive Discovery includes Kiniéro and Nampala following its merger with Robex. Mining Americas was formerly Minera Alamos.
• Austral Gold covers weighted owned Casposo and Guanaco production on an AuEq basis; excludes Hualilan toll material.
• Caledonia’s group AISC includes disclosed Bilboes funding and employee-trust cost effects.
• Westgold excludes ore-purchase-agreement costs and associated third-party ounces.
• † Aris calculated from consolidated quarterly costs and ounces sold.
• Thor’s Segilola AISC includes 33% allocated corporate administration.
• Kaiser Reef’s AISC is per ounce produced, rather than per ounce sold.
• The three graphics use the same $0–$4,500/oz bar scale.
• [NEW] marks additions to the previous 48-company ranking.
• AuEq = gold-equivalent ounce.
• Errors may occur—always double-check!](https://pbs.twimg.com/media/HR2hMOKW0A0SoOJ.jpg)
![MinerDeck's tweet photo. Gold production costs Q2 2026 [UPDATED]
(AISC · USD/oz · Lowest to highest)
1. 🇦🇺 Emerald Resources — $818
2. 🇨🇦 Artemis Gold — $955
3. 🇨🇦 Lundin Gold — $1,176 [NEW]
4. 🇦🇺 Capricorn Metals — $1,192
5. 🇨🇦 DPM Metals — $1,214 AuEq
6. 🇦🇺 Evolution Mining — $1,234
7. 🇬🇧 Thor Explorations — $1,262 [NEW]
8. 🇨🇦 K92 Mining — $1,376 [NEW]
9. 🇦🇺 Predictive Discovery — $1,408 [NEW]
10. 🇦🇺 Ramelius Resources — $1,428
11. 🇨🇦 Agnico Eagle Mines — $1,459
12. 🇺🇸 Newmont — $1,621
13. 🇦🇺 Greatland Resources — $1,673
14. 🇨🇦 Centerra Gold — $1,707
15. 🇨🇦 Steppe Gold — $1,716
16. 🇨🇦 Alamos Gold — $1,728
17. 🇦🇺 West African Resources — $1,730
18. 🇨🇦 Wesdome Gold Mines — $1,763
19. 🇨🇦 Kinross Gold — $1,821 AuEq
20. 🇦🇺 Perseus Mining — $1,848
21. 🇨🇦 Barrick Mining — $1,866
22. 🇦🇺 Bellevue Gold — $1,884
23. 🇬🇧 Endeavour Mining — $1,907
24. 🇦🇺 Northern Star Resources — $1,918
25. 🇨🇦 Eldorado Gold — $1,926
26. 🇦🇺 Catalyst Metals — $1,929
27. 🇨🇦 Cerrado Gold — $1,933 [NEW]
28. 🇿🇦 Gold Fields — $1,957 AuEq
29. 🇨🇦 Pan American Silver — $1,984
30. 🇺🇸 Aura Minerals — $1,985 AuEq
31. 🇬🇧 Metals Exploration — $2,019 [NEW]
32. 🇦🇺 Genesis Minerals — $2,024
33. 🇦🇺 Westgold Resources — $2,027 [NEW]
34. 🇺🇸 AngloGold Ashanti — $2,039
35. 🇨🇦 Mining Americas — $2,054 [NEW]
36. 🇨🇦 Aris Mining — $2,125†
37. 🇦🇺 Vault Minerals — $2,147
38. 🇨🇦 OceanaGold — $2,151
39. 🇨🇦 Discovery Mining — $2,154
40. 🇨🇦 Equinox Gold — $2,175
41. 🇦🇺 Alkane Resources — $2,179 AuEq
42. 🇨🇦 Allied Gold — $2,192
43. 🇦🇺 Kingsgate Consolidated — $2,197
44. 🇺🇸 Idaho Strategic Resources — $2,262 [NEW]
45. 🇨🇦 IAMGOLD — $2,271
46. 🇨🇦 Mako Mining — $2,286 [NEW]
47. 🇨🇦 Majestic Gold — $2,303 [NEW]
48. 🇦🇺 Regis Resources — $2,347
49. 🇨🇦 Orvana Minerals — $2,353 [NEW]
50. 🇨🇦 B2Gold — $2,356
51. 🇨🇦 Orezone Gold — $2,449
52. 🇨🇴 Mineros — $2,458
53. 🇨🇦 Torex Gold Resources — $2,459 AuEq
54. 🇨🇦 Galiano Gold — $2,473
55. 🇦🇺 Resolute Mining — $2,484
56. 🇺🇸 SSR Mining — $2,622 AuEq
57. 🇯🇪 Caledonia Mining — $2,678 [NEW]
58. 🇦🇺 Aeris Resources — $2,758 [NEW]
59. 🇦🇺 Ora Banda Mining — $2,800
60. 🇨🇦 Jaguar Mining — $2,840
61. 🇨🇦 Rio2 — $2,873 [NEW]
62. 🇺🇸 Contango Silver & Gold — $2,877 [NEW]
63. 🇦🇺 Pantoro Gold — $2,971
64. 🇦🇺 Austral Gold — $2,996 AuEq [NEW]
65. 🇨🇦 Asante Gold — $4,281 AuEq
66. 🇦🇺 Kaiser Reef — $4,335 [NEW]
Footnotes:
• Issuer-reported AISC; by-product credits, Au/AuEq bases, operating scope and cost allocations vary. This is not a fully normalized cost comparison.
• AUD converted at 0.72352 USD/AUD on Sep 9, 2026; not quarter-average FX. All displayed amounts rounded to the nearest US dollar.
• Flags indicate headquarters/head office, not mine location or incorporation. Thor uses 🇬🇧 for its London head office despite Canadian registration.
• Mine-specific figures: Cerrado—Minera Don Nicolas; Metals Exploration—Runruno; Mining Americas—Pan; Aeris—Cracow.
• Rio2 covers Fenix Gold during ramp-up and excludes Condestable. Contango covers the Manh Choh JV, not all parent-company expenditure.
• Predictive Discovery includes Kiniéro and Nampala following its merger with Robex. Mining Americas was formerly Minera Alamos.
• Austral Gold covers weighted owned Casposo and Guanaco production on an AuEq basis; excludes Hualilan toll material.
• Caledonia’s group AISC includes disclosed Bilboes funding and employee-trust cost effects.
• Westgold excludes ore-purchase-agreement costs and associated third-party ounces.
• † Aris calculated from consolidated quarterly costs and ounces sold.
• Thor’s Segilola AISC includes 33% allocated corporate administration.
• Kaiser Reef’s AISC is per ounce produced, rather than per ounce sold.
• The three graphics use the same $0–$4,500/oz bar scale.
• [NEW] marks additions to the previous 48-company ranking.
• AuEq = gold-equivalent ounce.
• Errors may occur—always double-check!](https://pbs.twimg.com/media/HR2hMOJW4AcrjNd.jpg)
Olivia
Online
Colorado summit video: @Frank_Giustra says #gold rally is missing retail https://t.co/VLOtMMKey4 @mining
Gold miner will outperform gold... they just broke out of a major consolidation phase
To reach prior cycle valuations:
- 2011: Gold miners outperform gold by ~2x.
- 1980s: Gold miners outperform gold by ~4x.
Life changing money will be made in the gold business
Gold Miners $GDX just formed a Golden Cross for the first time since February 2025 ✅ The last one sent prices soaring more than 100% over the next 8 months 📈 📈
PM miners relative. Go Long.
Gold is getting dumped as yields surge... The war is far from over.
In a global sovereign debt crisis, rising yields aren't bearish for gold... They're bullish.
Because these high debt levels make high rates unsustainable.
In other words, higher yields in the short term will lead to artificially lower yields in the long run.
We don't own enough gold for what's coming.
Who to follow
Lowpro50 #Nuclear #Gold #Silver #Miners
@lmilos50
Physical PM’s, Natural resource investor/speculator. Creating outsized returns with Gold/Silver/PGM’s/Uranium /Copper/Oil/NatGas. Blue collar father & husband.
Ben Cherrington
@benrdj
Investor Relations Manager, @IncRegulus and @AldebaranInc
Gavin Bromley 🍺
@Stock_Punk
Family first - then Stocks, and food #Gold, #Silver, #Copper #invest - living da life on trading #energy #Stocks #uranium
As Q3 finally comes to an end,
They’ll bash gold again my friends.
They’ll gun for four grand,
As 5% yields expand—
Could be the last chance to stack around 4 grand— and strengthen your monetary stance.
Gold is money. All else is credit.
Leading Gold Miners - Newmont, Barrick, Agnico and AngloGold: Cash balances have reached new record highs. The major gold miners have never had more cash, less net debt, or better balance sheets than they do today. 💰🥇
The lag in silver prices is becoming one of the market’s most compelling divergences.
With copper continuing to lead, the setup into year-end could get very interesting.
Just a reminder that the metal benefits from the industrial forces driving copper and the monetary forces supporting gold.
https://t.co/NPMRpoGybb
While gold declines... money printing has reaccelerated.
None of the fundamentals that drove gold to record highs have reversed.
If anything, they've become even stronger.
- Central banks are still net buyers of gold.
- Global debt levels remain unsustainable.
- Government deficits continue to surge.
This war is reinforcing all of those trends.
Rather than risk the bond market, policymakers will sacrifice the currency through inflation.
This gold bull market is far from over.
JUST IN: 🇺🇦 Ukrainian President Zelenskyy says Ukraine is ready for an unconditional ceasefire and diplomacy.
Gold's morning rise of over $100 is a clear no-confidence vote in the Fed's 25 basis point rate hike. Investors would rather own gold with no yield than 10-year Treasuries with a 5% yield, as that is not nearly enough to offset the purchasing power that will be lost to inflation.
Tier-1 Gold Mines: So rare, so valuable! 💰🥇
Miners have never been this cheap relative to tech on a free cash flow yield basis.
Yet there is no AI revolution without metals.
https://t.co/75Wokbq7A2
Top 10 gold reserves still in the ground
1. 🇷🇺 Russia: 12,000 t
2. 🇿🇦 South Africa: 5,000 t
3. 🇦🇺 Australia: 4,500 t (JORC)
4. 🇮🇩 Indonesia: 3,600 t
5. 🇨🇦 Canada: 3,200 t
6. 🇨🇳 China: 3,200 t
7. 🇺🇸 United States: 3,000 t
8. 🇧🇷 Brazil: 2,500 t
9. 🇰🇿 Kazakhstan: 2,300 t
10. 🇵🇪 Peru: 2,200 t
Source: USGS Mineral Commodity Summaries 2026. Australia ranked on JORC-compliant 4,500. Uzbekistan also 2,200 t (tied with Peru).
A country had $300 billion in reserves frozen overnight.
Now countries are bringing their gold home.
Many in the mainstream seem confused by this.
I’m confused by their confusion.
Gold production costs Q2 2026 [UPDATED]
(AISC · USD/oz · Lowest to highest)
1. 🇦🇺 Emerald Resources — $818
2. 🇨🇦 Artemis Gold — $955
3. 🇨🇦 Lundin Gold — $1,176 [NEW]
4. 🇦🇺 Capricorn Metals — $1,192
5. 🇨🇦 DPM Metals — $1,214 AuEq
6. 🇦🇺 Evolution Mining — $1,234
7. 🇬🇧 Thor Explorations — $1,262 [NEW]
8. 🇨🇦 K92 Mining — $1,376 [NEW]
9. 🇦🇺 Predictive Discovery — $1,408 [NEW]
10. 🇦🇺 Ramelius Resources — $1,428
11. 🇨🇦 Agnico Eagle Mines — $1,459
12. 🇺🇸 Newmont — $1,621
13. 🇦🇺 Greatland Resources — $1,673
14. 🇨🇦 Centerra Gold — $1,707
15. 🇨🇦 Steppe Gold — $1,716
16. 🇨🇦 Alamos Gold — $1,728
17. 🇦🇺 West African Resources — $1,730
18. 🇨🇦 Wesdome Gold Mines — $1,763
19. 🇨🇦 Kinross Gold — $1,821 AuEq
20. 🇦🇺 Perseus Mining — $1,848
21. 🇨🇦 Barrick Mining — $1,866
22. 🇦🇺 Bellevue Gold — $1,884
23. 🇬🇧 Endeavour Mining — $1,907
24. 🇦🇺 Northern Star Resources — $1,918
25. 🇨🇦 Eldorado Gold — $1,926
26. 🇦🇺 Catalyst Metals — $1,929
27. 🇨🇦 Cerrado Gold — $1,933 [NEW]
28. 🇿🇦 Gold Fields — $1,957 AuEq
29. 🇨🇦 Pan American Silver — $1,984
30. 🇺🇸 Aura Minerals — $1,985 AuEq
31. 🇬🇧 Metals Exploration — $2,019 [NEW]
32. 🇦🇺 Genesis Minerals — $2,024
33. 🇦🇺 Westgold Resources — $2,027 [NEW]
34. 🇺🇸 AngloGold Ashanti — $2,039
35. 🇨🇦 Mining Americas — $2,054 [NEW]
36. 🇨🇦 Aris Mining — $2,125†
37. 🇦🇺 Vault Minerals — $2,147
38. 🇨🇦 OceanaGold — $2,151
39. 🇨🇦 Discovery Mining — $2,154
40. 🇨🇦 Equinox Gold — $2,175
41. 🇦🇺 Alkane Resources — $2,179 AuEq
42. 🇨🇦 Allied Gold — $2,192
43. 🇦🇺 Kingsgate Consolidated — $2,197
44. 🇺🇸 Idaho Strategic Resources — $2,262 [NEW]
45. 🇨🇦 IAMGOLD — $2,271
46. 🇨🇦 Mako Mining — $2,286 [NEW]
47. 🇨🇦 Majestic Gold — $2,303 [NEW]
48. 🇦🇺 Regis Resources — $2,347
49. 🇨🇦 Orvana Minerals — $2,353 [NEW]
50. 🇨🇦 B2Gold — $2,356
51. 🇨🇦 Orezone Gold — $2,449
52. 🇨🇴 Mineros — $2,458
53. 🇨🇦 Torex Gold Resources — $2,459 AuEq
54. 🇨🇦 Galiano Gold — $2,473
55. 🇦🇺 Resolute Mining — $2,484
56. 🇺🇸 SSR Mining — $2,622 AuEq
57. 🇯🇪 Caledonia Mining — $2,678 [NEW]
58. 🇦🇺 Aeris Resources — $2,758 [NEW]
59. 🇦🇺 Ora Banda Mining — $2,800
60. 🇨🇦 Jaguar Mining — $2,840
61. 🇨🇦 Rio2 — $2,873 [NEW]
62. 🇺🇸 Contango Silver & Gold — $2,877 [NEW]
63. 🇦🇺 Pantoro Gold — $2,971
64. 🇦🇺 Austral Gold — $2,996 AuEq [NEW]
65. 🇨🇦 Asante Gold — $4,281 AuEq
66. 🇦🇺 Kaiser Reef — $4,335 [NEW]
Footnotes:
• Issuer-reported AISC; by-product credits, Au/AuEq bases, operating scope and cost allocations vary. This is not a fully normalized cost comparison.
• AUD converted at 0.72352 USD/AUD on Sep 9, 2026; not quarter-average FX. All displayed amounts rounded to the nearest US dollar.
• Flags indicate headquarters/head office, not mine location or incorporation. Thor uses 🇬🇧 for its London head office despite Canadian registration.
• Mine-specific figures: Cerrado—Minera Don Nicolas; Metals Exploration—Runruno; Mining Americas—Pan; Aeris—Cracow.
• Rio2 covers Fenix Gold during ramp-up and excludes Condestable. Contango covers the Manh Choh JV, not all parent-company expenditure.
• Predictive Discovery includes Kiniéro and Nampala following its merger with Robex. Mining Americas was formerly Minera Alamos.
• Austral Gold covers weighted owned Casposo and Guanaco production on an AuEq basis; excludes Hualilan toll material.
• Caledonia’s group AISC includes disclosed Bilboes funding and employee-trust cost effects.
• Westgold excludes ore-purchase-agreement costs and associated third-party ounces.
• † Aris calculated from consolidated quarterly costs and ounces sold.
• Thor’s Segilola AISC includes 33% allocated corporate administration.
• Kaiser Reef’s AISC is per ounce produced, rather than per ounce sold.
• The three graphics use the same $0–$4,500/oz bar scale.
• [NEW] marks additions to the previous 48-company ranking.
• AuEq = gold-equivalent ounce.
• Errors may occur—always double-check!
![MinerDeck's tweet photo. Gold production costs Q2 2026 [UPDATED]
(AISC · USD/oz · Lowest to highest)
1. 🇦🇺 Emerald Resources — $818
2. 🇨🇦 Artemis Gold — $955
3. 🇨🇦 Lundin Gold — $1,176 [NEW]
4. 🇦🇺 Capricorn Metals — $1,192
5. 🇨🇦 DPM Metals — $1,214 AuEq
6. 🇦🇺 Evolution Mining — $1,234
7. 🇬🇧 Thor Explorations — $1,262 [NEW]
8. 🇨🇦 K92 Mining — $1,376 [NEW]
9. 🇦🇺 Predictive Discovery — $1,408 [NEW]
10. 🇦🇺 Ramelius Resources — $1,428
11. 🇨🇦 Agnico Eagle Mines — $1,459
12. 🇺🇸 Newmont — $1,621
13. 🇦🇺 Greatland Resources — $1,673
14. 🇨🇦 Centerra Gold — $1,707
15. 🇨🇦 Steppe Gold — $1,716
16. 🇨🇦 Alamos Gold — $1,728
17. 🇦🇺 West African Resources — $1,730
18. 🇨🇦 Wesdome Gold Mines — $1,763
19. 🇨🇦 Kinross Gold — $1,821 AuEq
20. 🇦🇺 Perseus Mining — $1,848
21. 🇨🇦 Barrick Mining — $1,866
22. 🇦🇺 Bellevue Gold — $1,884
23. 🇬🇧 Endeavour Mining — $1,907
24. 🇦🇺 Northern Star Resources — $1,918
25. 🇨🇦 Eldorado Gold — $1,926
26. 🇦🇺 Catalyst Metals — $1,929
27. 🇨🇦 Cerrado Gold — $1,933 [NEW]
28. 🇿🇦 Gold Fields — $1,957 AuEq
29. 🇨🇦 Pan American Silver — $1,984
30. 🇺🇸 Aura Minerals — $1,985 AuEq
31. 🇬🇧 Metals Exploration — $2,019 [NEW]
32. 🇦🇺 Genesis Minerals — $2,024
33. 🇦🇺 Westgold Resources — $2,027 [NEW]
34. 🇺🇸 AngloGold Ashanti — $2,039
35. 🇨🇦 Mining Americas — $2,054 [NEW]
36. 🇨🇦 Aris Mining — $2,125†
37. 🇦🇺 Vault Minerals — $2,147
38. 🇨🇦 OceanaGold — $2,151
39. 🇨🇦 Discovery Mining — $2,154
40. 🇨🇦 Equinox Gold — $2,175
41. 🇦🇺 Alkane Resources — $2,179 AuEq
42. 🇨🇦 Allied Gold — $2,192
43. 🇦🇺 Kingsgate Consolidated — $2,197
44. 🇺🇸 Idaho Strategic Resources — $2,262 [NEW]
45. 🇨🇦 IAMGOLD — $2,271
46. 🇨🇦 Mako Mining — $2,286 [NEW]
47. 🇨🇦 Majestic Gold — $2,303 [NEW]
48. 🇦🇺 Regis Resources — $2,347
49. 🇨🇦 Orvana Minerals — $2,353 [NEW]
50. 🇨🇦 B2Gold — $2,356
51. 🇨🇦 Orezone Gold — $2,449
52. 🇨🇴 Mineros — $2,458
53. 🇨🇦 Torex Gold Resources — $2,459 AuEq
54. 🇨🇦 Galiano Gold — $2,473
55. 🇦🇺 Resolute Mining — $2,484
56. 🇺🇸 SSR Mining — $2,622 AuEq
57. 🇯🇪 Caledonia Mining — $2,678 [NEW]
58. 🇦🇺 Aeris Resources — $2,758 [NEW]
59. 🇦🇺 Ora Banda Mining — $2,800
60. 🇨🇦 Jaguar Mining — $2,840
61. 🇨🇦 Rio2 — $2,873 [NEW]
62. 🇺🇸 Contango Silver & Gold — $2,877 [NEW]
63. 🇦🇺 Pantoro Gold — $2,971
64. 🇦🇺 Austral Gold — $2,996 AuEq [NEW]
65. 🇨🇦 Asante Gold — $4,281 AuEq
66. 🇦🇺 Kaiser Reef — $4,335 [NEW]
Footnotes:
• Issuer-reported AISC; by-product credits, Au/AuEq bases, operating scope and cost allocations vary. This is not a fully normalized cost comparison.
• AUD converted at 0.72352 USD/AUD on Sep 9, 2026; not quarter-average FX. All displayed amounts rounded to the nearest US dollar.
• Flags indicate headquarters/head office, not mine location or incorporation. Thor uses 🇬🇧 for its London head office despite Canadian registration.
• Mine-specific figures: Cerrado—Minera Don Nicolas; Metals Exploration—Runruno; Mining Americas—Pan; Aeris—Cracow.
• Rio2 covers Fenix Gold during ramp-up and excludes Condestable. Contango covers the Manh Choh JV, not all parent-company expenditure.
• Predictive Discovery includes Kiniéro and Nampala following its merger with Robex. Mining Americas was formerly Minera Alamos.
• Austral Gold covers weighted owned Casposo and Guanaco production on an AuEq basis; excludes Hualilan toll material.
• Caledonia’s group AISC includes disclosed Bilboes funding and employee-trust cost effects.
• Westgold excludes ore-purchase-agreement costs and associated third-party ounces.
• † Aris calculated from consolidated quarterly costs and ounces sold.
• Thor’s Segilola AISC includes 33% allocated corporate administration.
• Kaiser Reef’s AISC is per ounce produced, rather than per ounce sold.
• The three graphics use the same $0–$4,500/oz bar scale.
• [NEW] marks additions to the previous 48-company ranking.
• AuEq = gold-equivalent ounce.
• Errors may occur—always double-check!](https://pbs.twimg.com/media/HR2hMOkbgAENZcq.jpg)
A reminder:
The mining industry still represents only about 1% of the entire global equity market.
I do not know whether that share will rise to 2%, 5%, 10%, or even 15–20% over the next decade.
But I find it difficult to imagine it falling below 1%.
This, my friends, is asymmetry in its purest form for the decade ahead.
https://t.co/eNVDWSFeny
Colombia has become pro-mining.
https://t.co/LIsfVqntsC
I predict Colombia will become one of the hottest mining jurisdictions in the world over the next 4 years .It has the same mineral potential as Chile and Peru but has been starved of development capital.
Chile produces 1,300 times more copper than Colombia, despite sitting on the same Andean copper belt.
Chile mined 5.5 million tonnes in 2025. Colombia produced 4,200 tonnes, and needs 77,025 tonnes just to meet its own infrastructure plans.
The shortfall isn't only copper, its plans also call for 16,758 tonnes of nickel and 3,648 tonnes of lithium, minerals it barely produces today.
Colombia scrapped 10 mining restrictions to close that gap, opening tenders for 14 strategic copper areas and courting up to $4 billion in new investment.
Gold production Q2 — Majors
🇺🇸 Newmont — 1,300 koz
🇨🇦 Agnico Eagle Mines — 856 koz
🇨🇦 Barrick Mining — 796 koz
🇺🇿 Navoi Mining & Metallurgical — 772 koz
🇨🇳 Zijin Mining Group — 746 koz
🇺🇸 AngloGold Ashanti — 744 koz
🇿🇦 Gold Fields — 634 AuEq koz
🇨🇦 Kinross Gold — 492 AuEq koz
🇦🇺 Northern Star Resources — 436 koz
🇿🇦 Harmony Gold Mining — 356 koz
🇬🇧 Endeavour Mining — 283 koz
🇨🇦 B2Gold — 204 koz
🇺🇸 Freeport-McMoRan — 192 koz
🇨🇦 Iamgold — 188 koz
🇦🇺 Evolution Mining — 180 koz
🇨🇦 Equinox Gold — 177 koz
🇨🇦 Pan American Silver — 166 koz
🇺🇸 Coeur Mining — 163 koz
🇲🇽 Fresnillo — 155 koz
🇿🇦 Sibanye-Stillwater — 154 koz
🇦🇺 BHP Group — 149 koz
🇨🇦 OceanaGold — 139 koz
🇨🇦 Alamos Gold — 131 koz
🇨🇦 Lundin Gold — 119 koz
🇬🇧 Rio Tinto — 116 koz
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