证券研究报告|行业研究报告 [Table_Title] B2Gold 2025Q2 黄金总产量环比增加 19.0%至 7.14 吨，2025Q2 净利润环比增长 157.3%至 1.61 亿美 元 [Table_Date] 2025 年 8 月 9 日 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 产量：2025Q2 黄金总产量为 229,454 盎司(7.14 吨)，环比增加 19.0%，同比增加 12.3%。2025Q2 黄金总产量包括鹅矿 （Goose Mine）的商业化前产量在内，费科拉（Fekola）、马 斯巴特（Masbate）和奥奇科托（Otjikoto）矿在第二季度的产 量均超出预期，公司仍有望实现其综合年产量指导范围。从 2025 年第三季度开始，这三个矿场的黄金产量均将继续达到或 超过预期。 销量：2025Q2 黄金总销量为 210,384 盎司(6.54 吨)，环比增加 14.3%，同比增加 0.1%。 实现金价：2025Q2 黄金实现价格为 3290 美元/盎司（761.59 元 /克），环比上涨 13.8%，同比上 ...

Investment Rating - Industry Rating: Recommended [5] Core Insights - In Q2 2025, Newmont's attributable gold production was 1.48 million ounces (approximately 46.03 tons), a decrease of 3.9% quarter-over-quarter and 8.1% year-over-year, primarily due to the completion of non-core asset sales [2] - The average realized gold price in Q2 2025 was $3,320 per ounce, reflecting a quarter-over-quarter increase of 12.8% and a year-over-year increase of 41.5% [2] - The adjusted net income for Q2 2025 was $1.594 billion, representing a quarter-over-quarter growth of 13.5% and a year-over-year growth of 91.1% [6] Production and Operational Performance - Q2 2025 gold unit sales cost (CAS) excluding by-product revenue was $1,215 per ounce, a decrease of 1.0% quarter-over-quarter but an increase of 5.5% year-over-year [3] - The all-in sustaining cost (AISC) excluding by-product revenue was $1,593 per ounce, down 3.5% quarter-over-quarter but up 2.0% year-over-year [3] - The company expects approximately 50% of its gold production for 2025 to come from the second half of the year, with anticipated increases from Nevada and Yanacocha mines [8] Financial Performance - Newmont's sales revenue for Q2 2025 was $5.317 billion, a quarter-over-quarter increase of 6.1% and a year-over-year increase of 20.8% [4] - The adjusted EBITDA for Q2 2025 was $2.997 billion, reflecting a quarter-over-quarter increase of 14.0% and a year-over-year increase of 52.4% [6] - Free cash flow for Q2 2025 was $1.710 billion, a quarter-over-quarter increase of 41.9% and a year-over-year increase of 187.9% [7] Asset Divestiture and Guidance - Newmont has completed the sale of all non-core businesses and expects total proceeds from announced transactions to reach up to $4.3 billion, with $2.5 billion in net cash received so far in 2025 [12] - The company maintains its production guidance for 2025, with total attributable gold production expected to be 5.9 million ounces [15]

Core Insights - In the first half of 2025, China's gold production reached 179.083 tons, a year-on-year decrease of 0.31% compared to the same period in 2024 [1] - Domestic gold production consists of 139.413 tons from gold mines and 39.670 tons from non-ferrous by-products [1] - Gold imports in the first half of 2025 amounted to 76.678 tons, reflecting a year-on-year increase of 2.29% [1] - Total gold production, including imports, was 252.761 tons, showing a slight year-on-year growth of 0.44% [1] - Large gold groups in China reported an overseas mining output of 39.608 tons, which is a significant increase of 16.17% year-on-year [1]

Investment Rating - Industry rating: Recommended [4] Core Insights - The company's total gold production in Q1 2025 was 720,000 ounces (22.39 tons), a decrease of 4.0% quarter-on-quarter but an increase of 21.8% year-on-year [1][2] - Total gold sales for Q1 2025 were 737,000 ounces (22.92 tons), reflecting a quarter-on-quarter increase of 1.7% and a year-on-year increase of 17.9% [1][2] - The average gold price achieved in Q1 2025 was $2,874 per ounce (674.53 yuan per gram), up 8.3% quarter-on-quarter and 39.3% year-on-year [1][2] Production and Operational Performance - The unit total cash cost for Q1 2025 was $1,223 per ounce (287.04 yuan per gram), an increase of 6.9% quarter-on-quarter and 3.6% year-on-year [2] - The all-in sustaining cost (AISC) for Q1 2025 was $1,640 per ounce (384.91 yuan per gram), a decrease of 0.4% quarter-on-quarter and an increase of 1.2% year-on-year [2] - The company reaffirmed its 2025 production guidance, expecting total gold production to be between 2.9 million ounces and 3.225 million ounces [6] Financial Performance - Revenue for Q1 2025 was $1.927 billion, a quarter-on-quarter increase of 12.3% and a year-on-year increase of 69.3% [3][5] - Gross profit for Q1 2025 was $839 million, reflecting a quarter-on-quarter increase of 18.7% and a year-on-year increase of 177.8% [3][5] - Net profit attributable to shareholders for Q1 2025 was $443 million, a decrease of 5.7% quarter-on-quarter but an increase of 663.8% year-on-year [3][5] - Adjusted EBITDA for Q1 2025 was $1.120 billion, a quarter-on-quarter increase of 26.7% and a year-on-year increase of 158.1% [5]

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, IAMGOLD's attributable gold production was 161,000 ounces (5.01 tons), a decrease of 9.04% quarter-over-quarter but an increase of 6.62% year-over-year [2][10] - The average realized gold price in Q1 2025 was $2,731 per ounce, reflecting an 8.16% increase quarter-over-quarter and a 31.49% increase year-over-year [2][10] - The company's Q1 2025 revenue was $477.1 million, a 1.53% increase quarter-over-quarter and a 40.78% increase year-over-year [4][11] - Adjusted net profit attributable to shareholders for Q1 2025 was $55.2 million, a 4.15% increase year-over-year despite a 3.50% decrease quarter-over-quarter [4][11] Production and Sales Summary - Q1 2025 attributable gold sales were 165,000 ounces (5.13 tons), down 6.78% quarter-over-quarter but up 10.00% year-over-year [2][10] - The cost of sales for Q1 2025 was $1,465 per ounce, a 12.87% increase quarter-over-quarter and a 38.73% increase year-over-year [3][10] - The all-in sustaining cost (AISC) for Q1 2025 was $1,908 per ounce, a decrease of 2.10% quarter-over-quarter but an increase of 27.80% year-over-year [3][10] Financial Performance Summary - Gross profit for Q1 2025 was $141.2 million, a 7.87% increase quarter-over-quarter and a 33.59% increase year-over-year [4][11] - Net cash from operating activities in Q1 2025 was $74.3 million, a decrease of 27.58% quarter-over-quarter and a decrease of 3.63% year-over-year [4][11] - As of Q1 2025, the company held cash and cash equivalents of $316.6 million, an 8.89% decrease from Q4 2024 [6][11] 2025 Outlook - IAMGOLD expects total attributable production in 2025 to be between 735,000 and 820,000 ounces [7][13] - The average realized gold price is projected to be $2,500 per ounce for 2025 [7] - Total capital expenditures for 2025 are expected to be $310 million, with $290 million classified as sustaining capital [8][14]

Investment Rating - Industry rating: Recommended [6] Core Insights - In Q1 2025, the company's gold production decreased by 10% year-on-year to 9,771 kg (314,142 oz), while gold sales also fell by 6% to 9,784 kg (314,563 oz) [2] - The total cash cost for gold in Q1 2025 was $1,657 per ounce (388.90 RMB per gram), reflecting a 22% increase year-on-year [2] - The all-in sustaining cost (AISC) rose by 24% year-on-year to $1,971 per ounce (462.59 RMB per gram) [2] - The average gold price received by the company in Q1 2025 was $2,661 per ounce (624.54 RMB per gram), marking a 33% increase compared to the previous year [2] Production and Operational Performance - The company's total gold revenue in Q1 2025 increased by 22% year-on-year, rising from 12.692 billion ZAR ($673 million) to 15.469 billion ZAR ($837 million) [4] - Operating costs for Q1 2025 were 9.56 billion ZAR ($517 million), a 15% increase year-on-year [4] - Production profit for Q1 2025 was 5.909 billion ZAR ($320 million), reflecting a 35% year-on-year growth [4] - Capital expenditure in Q1 2025 was 2.9 billion ZAR ($116 million), up 45% year-on-year [4] - Net cash increased by 49% from 7.283 billion ZAR ($386 million) at the end of 2024 to 10.831 billion ZAR ($592 million) by March 31, 2025 [4] Financial Guidance - For the fiscal year 2025, the company has raised its underground mining grade guidance to above 6.00 g/t (previously 5.80 g/t), with total production expected to reach between 1.4 million to 1.5 million ounces [9] - The overall AISC guidance is set between 1.02 million ZAR/kg ($1,717 per ounce) and 1.10 million ZAR/kg ($1,851 per ounce) [9]

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, the company's gold production reached 551,000 ounces (17.14 tons), representing an 18.75% year-on-year increase, but a 14.44% decrease quarter-on-quarter [2] - The All-In Sustaining Cost (AISC) for Q1 2025 was $1,625 per ounce (381.39 CNY per gram), a 6.50% decrease year-on-year, but a 15.25% increase quarter-on-quarter [2] - The average gold price in Q1 2025 was $2,900 per ounce (680.63 CNY per gram), reflecting a 39.49% year-on-year increase and a 9.10% quarter-on-quarter increase [2] Production and Operational Updates - Salares Norte's production increased to 50,000 ounces in Q1 2025, a 13% increase from 45,000 ounces in Q4 2024, with expectations to reach commercial production by Q3 2025 [3][4] - The expected gold equivalent production for Salares Norte in 2025 is between 325,000 ounces and 375,000 ounces, with total sustaining costs (AISC) projected between $975 and $1,125 per ounce [4] - The Windfall project is focused on advancing the permitting process, aiming to obtain necessary environmental approvals in the second half of 2025 [4][6] Acquisition and Strategic Moves - On May 5, 2025, the company announced a binding agreement to acquire 100% of Gold Road Resources Limited, which is expected to enhance its portfolio and improve cash flow [7] - The company has reached an agreement with the Ghanaian government regarding the future development of the Damang mine, including a 12-month lease extension starting April 2025 [8][9] 2025 Guidance - The company maintains its 2025 production and cost guidance, expecting gold equivalent production between 2.25 million ounces and 2.45 million ounces, with AISC projected between $1,500 and $1,650 per ounce [10]

证券研究报告|行业研究报告 [Table_Title] Alamos Gold 2025Q1 黄金产量环比减少 10.84%至 3.89 吨，调整后净利润环比减少 42.05%至 5980 万 美元 [Table_Date] 2025 年 5 月 6 日 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 2025Q1 生产经营情况 产量：2025Q1 黄金产量 125,000 盎司（3.89 吨），环比减少 10.84%，同比减少 7.89%，符合季度产量预期区间的下限。 Island Gold 本季度的强劲表现抵消了 Young-Davidson 和 Magino 矿的产量下降。预计 2025Q2 及今年剩余时间产量将有 所提升，公司有望继续实现全年产量预期。 销量：2025Q1 黄金销量 117,583 盎司（3.66 吨），环比减少 16.76%，同比减少 11.49%。由于时间原因，本季度的销售量 比产量低 6%，出售这部分黄金将有利于未来几个季度业绩。 平均实现价格：2025Q1 平均实现价格为每盎司 2,802 美元 （653.13 元/克），环 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, Eldorado's gold production decreased by 17.34% quarter-on-quarter to 115,893 ounces (3.60 tons), and adjusted net profit fell by 55.87% to $56.4 million [2][4] - The average realized gold price increased by 11.44% quarter-on-quarter and 40.60% year-on-year, reaching $2,933 per ounce [2] - Total cash costs rose by 17.53% quarter-on-quarter to $1,153 per ounce, while all-in sustaining costs increased by 16.95% to $1,559 per ounce [3][4] Production and Operational Performance - Q1 2025 gold sales were 116,263 ounces (3.62 tons), a decrease of 17.69% quarter-on-quarter but a slight increase of 0.22% year-on-year [2] - The production issues at Olympias mine were attributed to unplanned maintenance related to pyrite concentrate filtration and flotation circuit stability [2] - The company maintains its annual production target of 460,000 to 500,000 ounces of gold for 2025, with production expected to be concentrated in the second half of the year [8] Financial Performance Metrics - Revenue for Q1 2025 was $355.2 million, a decrease of 5.48% quarter-on-quarter but an increase of 37.67% year-on-year [4] - Operating profit decreased by 32.36% quarter-on-quarter to $114 million, while net profit was $73.53 million, down 31.07% quarter-on-quarter but up 117.80% year-on-year [4] - Cash and cash equivalents increased to $978.1 million as of March 31, 2025, up by $121.3 million from the end of Q4 2024 [6] Project Updates - The Skouries project in Greece is expected to commence copper-gold concentrate production in Q1 2026, with projected gold production between 135,000 to 155,000 ounces and copper production between 45 million to 60 million pounds in 2026 [7]