Investment Rating - Industry rating: Recommended [4] Core Insights - The report highlights a significant increase in gold production and sales for Equinox Gold in Q3 2025, with production rising by 35.9% year-over-year and 56.7% quarter-over-quarter to 236,382 ounces (approximately 7.35 tons) [2][3] - The average realized gold price in Q3 2025 was $3,397 per ounce, reflecting a year-over-year increase of 38.0% and a quarter-over-quarter increase of 5.9% [2][3] - The company's net profit for Q3 2025 reached $85.6 million, marking a staggering year-over-year increase of 28,433.3% and a quarter-over-quarter increase of 259.7% [3][5] Production and Operational Summary - Gold production for Q3 2025 was 236,382 ounces, with sales of 239,311 ounces [6] - Cash costs per ounce sold were $1,434, down 16.6% year-over-year and 3.0% quarter-over-quarter [6] - All-in sustaining costs (AISC) per ounce sold were $1,833, down 8.1% year-over-year and 6.4% quarter-over-quarter [6] Financial Performance Summary - Revenue for Q3 2025 was $819 million, representing a year-over-year increase of 91.2% and a quarter-over-quarter increase of 71.1% [3][6] - Adjusted EBITDA for Q3 2025 was $420 million, reflecting a year-over-year increase of 189.7% and a quarter-over-quarter increase of 110.9% [3][6] - As of September 30, 2025, the company held cash and cash equivalents of $348.5 million, a decrease from $406.7 million in the previous quarter [3][6]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In Q3 2025, the gold production decreased by 13.9% to 115,190 ounces (3.58 tons), and sales decreased by 11.4% to 116,529 ounces (3.62 tons) compared to the previous quarter [2] - The average realized gold price increased by 7.9% to $3,527 per ounce, showing a year-on-year increase of 41.5% [2] - Total cash costs rose by 12.3% to $1,195 per ounce, primarily due to increased royalty expenses and rising unit costs [3] - All-in sustaining costs increased by 10.5% to $1,679 per ounce, reflecting higher total cash costs and increased sustaining capital expenditures [3] - Revenue for Q3 2025 was $434.7 million, a decrease of 3.8% quarter-on-quarter but an increase of 31.0% year-on-year, driven by higher average realized gold prices [4] - Net profit for Q3 2025 was $56 million, a significant decrease of 59.7% quarter-on-quarter and 41.1% year-on-year, mainly due to a one-time gain recognized in Q3 2024 [4] - Adjusted net profit for Q3 2025 was $82.3 million, a decrease of 8.7% quarter-on-quarter but an increase of 15.9% year-on-year [4] Production and Financial Performance Summary - Q3 2025 gold production was 115,190 ounces, down from 125,195 ounces in Q3 2024 [12] - Q3 2025 revenue was $434.7 million, compared to $331.8 million in Q3 2024 [12] - Q3 2025 total cash costs were $1,195 per ounce, up from $1,134 per ounce in Q3 2024 [12] - Q3 2025 all-in sustaining costs were $1,679 per ounce, compared to $1,335 per ounce in Q3 2024 [12] - Q3 2025 net earnings were $56 million, down from $95 million in Q3 2024 [12] - Free cash flow for Q3 2025 was -$87.4 million, compared to -$4.8 million in Q3 2024 [12] Project Updates - The Skouries project in Greece is expected to have a mine life of 20 years with an average annual production of 140,000 ounces of gold and 67 million pounds of copper [7] - The capital cost estimate for the Skouries project has been adjusted to $1.06 billion, with an additional $154 million needed for pre-production working capital [8] - The project is fully funded through equity and project financing, with commercial production expected to begin in mid-2026 [8] - The total capital expenditure for Q3 2025 was $137.7 million, with cumulative capital investment reaching $338.6 million as of September 30, 2025 [8][9]

Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights a significant increase in gold production and sales for B2Gold in Q3 2025, with total gold production rising by 10.8% quarter-over-quarter to 254,369 ounces (7.91 tons) and total sales increasing by 18.8% to 249,925 ounces (7.77 tons) [2][4] - The adjusted net profit for Q3 2025 reached $180 million, reflecting a 10.4% increase from the previous quarter and a remarkable 520.7% increase year-over-year [4] - The average realized gold price in Q3 2025 was $3,133 per ounce, which is a 4.8% decrease from the previous quarter but a 26.2% increase year-over-year [2] Production and Operational Performance - The cash operating cost per ounce of gold produced in Q3 2025 was $780, which is a 4.7% increase quarter-over-quarter but a 26.5% decrease year-over-year [3] - The all-in sustaining cost (AISC) for Q3 2025 was $1,479 per ounce, down 2.6% from the previous quarter and down 10.4% year-over-year [3] - The company expects Q4 2025 to be the highest production quarter of the year, driven by the performance of the Fekola, Masbate, and Otjikoto mines [2][7] Financial Performance - Total revenue for Q3 2025 was $783 million, representing a 13.2% increase quarter-over-quarter and a 74.7% increase year-over-year [4] - The net income for Q3 2025 was $23.1 million, a significant recovery from a loss of $631 million in the same period last year [4][14] - Cash generated from operating activities in Q3 2025 was $171.4 million, a decrease of 32.9% from the previous quarter but a recovery from a negative cash flow in the same period last year [4] Future Outlook - B2Gold anticipates total gold production for 2025 to reach between 890,000 and 965,000 ounces, with the Goose mine expected to contribute 50,000 to 80,000 ounces [7] - The company is also focusing on optimizing existing operations and exploring new development opportunities, including the Gramalote project in Colombia, which shows promising economic viability [12][9] - The approval of the Antelope underground deposit at the Otjikoto mine is expected to enhance production significantly in the coming years [11]

Investment Rating - Industry rating: Recommended [4] Core Insights - In Q3 2025, the total gold production of the company decreased by 4.5% quarter-on-quarter to 768,000 ounces (23.89 tons), while it increased by 16.9% year-on-year. The total gold sales also decreased by 4.6% quarter-on-quarter to 764,000 ounces (24.91 tons), with a year-on-year increase of 14.5% [1][3] - The average gold price achieved in Q3 2025 was $3,490 per ounce (807.9 yuan per gram), reflecting a quarter-on-quarter increase of 6.2% and a year-on-year increase of 40.4% [1][3] - The total cash cost per ounce in Q3 2025 was $1,225 (283.6 yuan per gram), showing a slight decrease of 0.1% quarter-on-quarter but an increase of 4.5% year-on-year [2] - The all-in sustaining cost (AISC) per ounce was $1,720 (398.2 yuan per gram), which represents a quarter-on-quarter increase of 3.2% and a year-on-year increase of 6.4% [2] - The company's revenue from gold in Q3 2025 was $2.373 billion, a decrease of 1.4% quarter-on-quarter but an increase of 61.9% year-on-year [3] - The gross profit for Q3 2025 was $1.192 billion, down 0.4% quarter-on-quarter but up 120.3% year-on-year [3] - The net profit attributable to shareholders was $669 million, remaining flat quarter-on-quarter but showing a significant year-on-year increase of 200.0% [3] - Adjusted EBITDA for Q3 2025 was $1.556 billion, reflecting a quarter-on-quarter growth of 7.8% and a year-on-year growth of 108.6% [5] - The net cash inflow from operating activities was $1.419 billion, with a quarter-on-quarter increase of 39.4% and a year-on-year increase of 134.2% [6] - Capital expenditure in Q3 2025 was $388 million, which is a quarter-on-quarter increase of 1.8% and a year-on-year increase of 31.5% [6] Summary by Sections Production and Sales - Total gold production in Q3 2025 was 768,000 ounces (23.89 tons), down 4.5% quarter-on-quarter and up 16.9% year-on-year [1] - Total gold sales were 764,000 ounces (24.91 tons), down 4.6% quarter-on-quarter and up 14.5% year-on-year [1] Financial Performance - Revenue from gold was $2.373 billion, down 1.4% quarter-on-quarter and up 61.9% year-on-year [3] - Gross profit was $1.192 billion, down 0.4% quarter-on-quarter and up 120.3% year-on-year [3] - Net profit attributable to shareholders was $669 million, flat quarter-on-quarter and up 200.0% year-on-year [3] - Adjusted EBITDA was $1.556 billion, up 7.8% quarter-on-quarter and up 108.6% year-on-year [5] Cost Analysis - Total cash cost per ounce was $1,225, down 0.1% quarter-on-quarter and up 4.5% year-on-year [2] - AISC per ounce was $1,720, up 3.2% quarter-on-quarter and up 6.4% year-on-year [2] Cash Flow and Capital Expenditure - Net cash inflow from operating activities was $1.419 billion, up 39.4% quarter-on-quarter and up 134.2% year-on-year [6] - Capital expenditure was $388 million, up 1.8% quarter-on-quarter and up 31.5% year-on-year [6]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - In Q2 2025, the gold production of Equinox Gold increased by 23.4% year-on-year and 3.8% quarter-on-quarter, reaching 150,849 ounces (4.69 tons) [1] - The adjusted net profit turned from a loss to a profit of 56.7 million USD in Q2 2025, compared to a loss of 36.6 million USD in the previous quarter [2] - The average realized gold price in Q2 2025 was 3,207 USD per ounce, reflecting a year-on-year increase of 37.8% and a quarter-on-quarter increase of 12.2% [1][2] Production and Financial Performance - Production data: Q2 2025 gold production was 150,849 ounces, with sales of 148,938 ounces [6] - Cash costs: The cash cost per ounce sold was 1,478 USD, down 15.4% year-on-year and 16.4% quarter-on-quarter [1][6] - AISC: The all-in sustaining cost (AISC) per ounce sold was 1,959 USD, a decrease of 4.0% year-on-year and 5.1% quarter-on-quarter [1][6] - Revenue: The company reported revenue of 478.6 million USD in Q2 2025, a 77.7% increase year-on-year and a 13.0% increase quarter-on-quarter [2][6] Guidance for 2025 - The updated guidance for 2025 reflects a production range of 785,000 to 915,000 ounces, with cash costs expected between 1,400 and 1,500 USD per ounce [7] - The focus for 2025 includes accelerating production capacity at the Greenstone gold mine and achieving first gold pour at the Valentine gold mine by Q1 2026 [5]

证券研究报告|行业研究报告 [Table_Title] IAMGOLD 2025Q2 权益黄金产量环比增加 7.5%至 5.38 吨，2025Q2 调整后归母净利环比增长 40.0% 至 7730 万美元 [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 权益黄金产量为 17.3 万盎司（5.38 吨），环比 增加 7.5%，同比增加 4.2%。 销量：2025Q2 权益黄金销量为 17.3 万盎司（5.38 吨），环比 增加 4.8%，同比增加 10.9%。 销售价格：2025Q2 平均实现黄金价格为 3182 美元/盎司 （736.59 元/克），环比上涨 16.5%，同比上涨 38.7%。 销售成本：2025Q2 黄金销售成本为 1561 美元/盎司（361.35 元 /克），环比上涨 6.6%，同比上涨 45.1%。 现金成本：2025Q2 黄金现金成本为 1556 美元/盎司（360.19 元 /克），环比上涨 6.6%，同比上涨 45.3%。 AISC：20 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 2 日 [Table_Title] Eldorado Gold 2025Q2 黄金产/销量环比增加 15.4%/13.1%至 4.16/4.09 吨，调整后净利润环 比增长 59.8%至 9010 万美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: 销售成本：2025Q2 销售成本为 1.622 亿美元，环比减少 22.0%，同比增长 26.9%。由于黄金销售量的增加以及特许权 使用费的增加，其中特许权使用费的增加约占生产成本增加的 三分之一。其余成本主要与土耳其（Turkiye）和 拉马克 （Lamaque）的劳动力成本上涨有关。土耳其（Turkiye）的成 本上涨持续超过当地货币的贬值速度。拉马克（Lamaque）的 劳动力成本也上涨。由于 Triangle 矿生产中心的深化，导致运 输距离、设备和人员需求增加，导致劳动力和承包商成本增 加。 净利润：2025Q2 净利润为 1.39 美元，环比增长 89.0%，同比 增长 146.5%。主要是由于营业收入的增加，这主要是由于平 ...