Key Takeaways Barrick's Q3 gold sales volumes dropped 13% year over year to 837,000 ounces.Volume declines stemmed from weaker production due to the Loulo-Gounkoto mine suspension.B expects 2025 gold output of 3.15-3.5M oz, down from 3.91M oz in 2024, excluding Loulo-Gounkoto.Barrick Mining Corporation (B) saw a 13% year-over-year decline in third-quarter 2025 gold sales volumes to 837,000 ounces. The downside in volumes was driven by lower year-over-year gold production, mainly due to the suspension of ope ...

Key Takeaways KGC's shares surge 212.3% in the past year amid a historic rally in gold prices.Strong earnings, higher prices and solid operating performance across mining assets back KGC's gains.KGC boasts strong liquidity, record free cash flow, active buybacks and progress on key growth projects.Kinross Gold Corporation’s (KGC) shares have skyrocketed 212.3% over the past year, thanks to a rally in gold prices to historic highs. KGC has outperformed the Zacks Mining – Gold industry’s growth of 155.6% and ...

Core Insights - Newmont Corporation (NEM) achieved record free cash flow of $1.6 billion in Q3 2025, more than doubling year-over-year, driven by lower capital expenditures and increased net cash from operating activities [2][8] - The company reduced its total capital expenditures by approximately 17% year-over-year to $727 million, and lowered its capital guidance for 2025 by $200 million [1][3] Financial Performance - NEM's free cash flow exceeded $1 billion for the fourth consecutive quarter, reflecting strong operational performance [2] - The reduction in sustaining capital by $150 million to $1,725 million and development capital by $50 million to $1,280 million contributed to the overall decrease in capital spending [3] Future Outlook - Despite lower capital expenditures, NEM cautioned that free cash flow in Q4 may be impacted by increased spending on Yanacocha's water treatment construction and planned severance payments [4][8] - The Zacks Consensus Estimate indicates a projected earnings increase of 81.9% for 2025 and 15.1% for 2026, with EPS estimates trending higher over the past 60 days [10] Industry Comparison - In contrast, Barrick Mining Corporation's capital expenditures increased by 30% year-over-year in Q3, with expectations for further increases in 2025 [5] - Agnico Eagle Mines Limited also anticipates high capital spending levels in 2025, with expenditures projected between $1.75 billion and $1.95 billion [6] Stock Performance - NEM shares have risen 88.5% over the past six months, outperforming the Zacks Mining – Gold industry, which increased by 79.6% [7]

Core Insights - Kinross Gold Corporation (KGC) reported a significant increase in operating margin in Q3, attributed to rising gold prices, effective cost management, and strong production performance [1][7] - The margin per gold equivalent ounce sold increased to $2,310, reflecting a 54% year-over-year growth, which outpaced the 40% rise in average realized gold price to $3,460 per ounce [1][7] Financial Performance - KGC generated record free cash flow of approximately $686.7 million in Q3, a 66% increase year-over-year, driven by strong gold prices and operational performance [2][7] - For the first nine months of 2025, free cash flow reached around $1.7 billion, with the Paracatu and Tasiast mines contributing significantly to this performance [2] Future Outlook - The company expects to maintain strong margin performance in Q4 due to ongoing cost-control measures and sustained strength in gold prices [3][7] - KGC is prioritizing margin improvement to enhance cash flow, which is anticipated to support shareholder returns [3] Industry Comparison - Agnico Eagle Mines Limited (AEM) also reported record operating margins in Q3, with a 62% year-over-year increase, benefiting from higher realized gold prices [4] - Newmont Corporation (NEM) achieved a reduction in all-in sustaining costs (AISC) to $1,566 per ounce, a 2% decrease from the previous quarter, indicating a commitment to cost discipline and productivity improvements [5] Stock Performance - KGC's shares have increased by 111.3% over the past six months, outperforming the Zacks Mining – Gold industry, which rose by 74% [6] - The Zacks Consensus Estimate for KGC's earnings in 2025 and 2026 indicates a year-over-year rise of 147.1% and 35.2%, respectively, with EPS estimates trending higher [8] Valuation Metrics - KGC is currently trading at a forward 12-month earnings multiple of 14.49, which is a 1.2% discount to the industry average of 14.66 [9] - The company holds a Value Score of B, indicating a favorable valuation relative to its peers [9]

Core Insights - AngloGold Ashanti PLC (AU) stock is trading at a forward 12-month earnings multiple of 11.58X, which is below the industry average of 14.58X [1][7] - The stock has increased by 279.8% over the past year, outperforming the industry and sector averages [4][8] Valuation and Performance - AU's valuation is attractive compared to peers like Agnico Eagle Mines (AEM) at 19.28X and Newmont Corporation (NEM) at 15.12X [3][7] - The company generated a record free cash flow of $920 million in Q3 2025, a 141% increase year-over-year [15] Financial Results - Adjusted EBITDA rose 9% in Q3 2025 to $1.56 million, driven by a 17% increase in gold production and higher metal prices [11] - Gold revenues surged 61.9% to $2.37 billion in Q3 2025, with earnings per share increasing 136% to $1.32 [12] Production Outlook - Gold production for 2025 is projected to be between 2.9 million and 3.225 million ounces, indicating a year-over-year growth of 9-21% [17] - The company expects similar output levels for 2026 [17] Strategic Growth Initiatives - AngloGold Ashanti is pursuing both organic and inorganic growth, including the acquisition of Centamin and Augusta Gold Corp [18][19] - The company plans to invest $100 million over the next three years for the expansion of the Geita Gold Mine [20] Market Position and Estimates - The Zacks Consensus Estimate for 2025 sales is $9.85 billion, reflecting a 70.1% year-over-year increase, with earnings estimated at $5.51 per share, a 149.3% rise [22] - The 2026 sales estimate suggests a 22.5% year-over-year growth [23]

Key Takeaways AEM cut long-term debt by about $400M to $196M in Q3, ending the quarter with nearly $2.2B in net cash.AEM generated roughly $1.2B in Q3 free cash flow, nearly doubling the year-ago levels on a gold price boost.AEM's 1.2% debt-to-capital ratio boosts flexibility to fund growth, exploration and shareholder returns.Agnico Eagle Mines Limited (AEM) continues to reinforce its balance sheet, highlighting its strong commitment to financial discipline. The company remains focused on paying down debt ...

Key Takeaways AngloGold Ashanti's nine-month free cash flow soared 185% y/y to $1.86B, including a record $920M in Q3.AU's growth was driven by cost discipline, higher gold prices and a 20% rise in production to 2.292M ounces.AU ended September 2025 with $3.9B in liquidity and affirmed the 2025 output view of 2.9-3.225M ounces.AngloGold Ashanti plc (AU) delivered a solid 185% surge in the free cash flow in the first nine months of 2025 to $1.86 billion. This includes a record free cash flow of $920 million ...

Key Takeaways AU's adjusted EBITDA surged 121% y/y to $4.12 billion in the first nine months of 2025.AU lifted gold output 20% y/y, driven by Sukari and improved results at Obuasi and other assets.AU affirmed 2025 output guidance of 2.9-3.225 million ounces as cost programs support margins.AngloGold Ashanti plc (AU) has been delivering year-over-year increases in its adjusted EBITDA throughout 2025, driven by higher production volumes, cost discipline and elevated gold prices. AU’s adjusted EBITDA surged 12 ...

Key Takeaways NEM's Q3 gold production of 1.42M ounces marked the third straight sequential drop.Lower grades, planned shutdowns at Penasquito and Lihir and asset divestments led to the decline.NEM expects Q4 output near Q3 at 1.415M ounces, with 2025 production at about 5.9 million ounces.Newmont Corporation (NEM) saw lower gold production for the third quarter of 2025, partly linked to its strategic divestment of non-core assets. NEM reported a roughly 15% year-over-year and 4% sequential decline in gold ...

Core Viewpoint - Kinross Gold Corporation (KGC) has experienced a significant increase in its stock price, reaching a 52-week high of $29.23, driven by a remarkable 201.2% year-to-date rise, largely due to soaring gold prices [1][8]. Stock Performance - KGC's stock has outperformed the Zacks Mining – Gold industry, which grew by 144.9%, and the S&P 500, which rose by 18.3% year to date [2]. - The stock's performance is supported by strong earnings, higher gold prices, and solid operational results [3][8]. Market Drivers - The increase in KGC's stock is attributed to better-than-expected earnings, higher realized gold prices, and strong operational performance, influenced by the Federal Reserve's dovish stance and geopolitical tensions [3][19]. - Gold prices have surged approximately 64% this year, reaching over $4,000 per ton for the first time, driven by trade tensions and central bank purchases [20][21]. Technical Indicators - KGC has been trading above its 200-day simple moving average (SMA) since March 6, 2024, indicating a bullish trend [6]. Development Projects - KGC has a strong production profile with key development projects like Great Bear in Ontario and Round Mountain Phase X in Nevada, which are expected to enhance production and cash flow [10][11]. - Tasiast and Paracatu are the company's largest assets, contributing significantly to cash flow and production [12]. Financial Health - KGC reported robust liquidity of approximately $3.4 billion, with cash and cash equivalents around $1.7 billion, and achieved record free cash flow of $686.7 million, a 66% year-over-year increase [13][17]. - The company has actively repaid debt, including $800 million in 2024, and has reactivated its share buyback program, repurchasing shares worth approximately $405 million [14][17]. Analyst Sentiment - Analysts have raised earnings estimates for KGC, with the Zacks Consensus Estimate for 2025 earnings at $1.68, reflecting a year-over-year growth of 147.1% [22]. Valuation - KGC is trading at a forward price/earnings ratio of 12.4X, which is an 8.7% discount compared to the industry average of 13.58X [25]. Investment Outlook - Despite reaching a new 52-week high, KGC is viewed as a compelling investment opportunity due to its strong fundamentals, expanding production pipeline, and robust financial health [27].