有色金属：海外季报：Gold Field 2025Q3 黄金产量同比增加 21.8%至 19.32 吨，AISC 同比下降 8.1%至 1557 美元/盎司

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q3 2025, the company's gold production reached 621,000 ounces (19.32 tons), representing a year-on-year increase of 21.8% and a quarter-on-quarter increase of 6.2% [1] - Gold sales in Q3 2025 were 683,000 ounces (21.24 tons), showing a year-on-year increase of 30.1% and a quarter-on-quarter increase of 22.2% [1] - The All-In Sustaining Cost (AISC) for Q3 2025 was $1,557 per ounce (362.42 yuan per gram), down 8.1% year-on-year and down 10.5% quarter-on-quarter [1] - The average gold price in Q3 2025 was $3,468 per ounce (802.79 yuan per gram), reflecting a year-on-year increase of 39.1% and a quarter-on-quarter increase of 5.7% [1] Production and Project Progress - The acquisition of Gold Road Resources was completed on October 14, 2025, allowing full control over the Gruyere mine, which is expected to optimize mine life planning and unlock additional asset value [2] - Significant progress was made in the Windfall project regarding permitting approvals, with final investment decisions to be made after environmental impact assessments are approved [3] Resource and Reserve Adjustments - The company revised its gold pricing standards, increasing the reserve gold price from $1,500 per ounce to $2,000 per ounce and the resource gold price from $1,725 per ounce to $2,300 per ounce, reflecting recent market trends and inflation factors [7] Operational Plans - The Tarkwa mine's lease renewal process has been initiated, with management mineral reserves increasing from 4.3 million ounces to 7.4 million ounces, and total mineral resources (including reserves) rising from 8.9 million ounces to 11.2 million ounces [8] - The company aims to optimize Tarkwa's operational costs to enhance profitability and cash flow while increasing recoverable reserves [8] Exploration Progress - Greenfield exploration remains a core growth strategy, with 19 active projects across four continents and over 40 exploration targets being tested [9] - In Australia, exploration activities have accelerated, with drilling operations commencing in various regions [9] - In Chile, significant mineralization has been confirmed at the Santa Cecilia project, with a $11 million investment for the second phase of equity acquisition [10] Financial Guidance - The company maintains its 2025 fiscal year guidance, expecting attributable gold equivalent production to reach the upper limit of 2.25 to 2.45 million ounces, with AISC projected between $1,500 and $1,650 per ounce [13]