Miner Margins — AISC vs the Metal Price
The median all-in sustaining cost of the major gold producers versus the gold price, by quarter — the margin — with each company’s own AISC, margin, and change listed and cited.
Gold Miner Margins
Q2 2026 · updated 2026-08-26 · 13 of 13 reported · margin was last higher in Q1 2026
See the figures
| Quarter | Gold price avg | Median AISC | Median margin | Margin % | Reported |
|---|---|---|---|---|---|
| 2025-Q3 | $3,459 | $1,569 | $1,890 | 54.6% | 13 |
| 2025-Q4 | $4,152 | $1,673 | $2,479 | 59.7% | 13 |
| 2026-Q1 | $4,876 | $1,834 | $3,042 | 62.4% | 13 |
| 2026-Q2 | $4,512 | $1,907 | $2,605 | 57.7% | 13 |
The companies
Every row cites the company's own release. Bases differ where a company defines its consolidated figure differently — the source note says which, and the methodology holds the detail.
| Source | |||||
|---|---|---|---|---|---|
| Lundin Gold Inc LUG | $1,176 | $3,336 | 73.9% | 118,994 | release |
| Agnico Eagle Mines AEM | $1,459 | $3,053 | 67.7% | 855,816 | release |
| Newmont Corporation NEM | $1,621 | $2,891 | 64.1% | 1,293,000 | release |
| Alamos Gold Inc AGI | $1,728 | $2,784 | 61.7% | 130,600 | release |
| Kinross Gold Corporation KGC | $1,821 | $2,691 | 59.6% | 492,326 | release |
| Barrick Mining Corporation B | $1,866 | $2,646 | 58.6% | 796,000 | release |
| Endeavour Mining plc EDV | $1,907 | $2,605 | 57.7% | 283,000 | release |
| Eldorado Gold Corporation EGO | $1,926 | $2,586 | 57.3% | 104,616 | release |
| Gold Fields Limited GFI | $1,957 | $2,555 | 56.6% | 634,000 | release |
| Pan American Silver Corp. PAAS | $1,984 | $2,528 | 56.0% | 165,900 | release |
| AngloGold Ashanti plc AU | $2,039 | $2,473 | 54.8% | 744,000 | release |
| Equinox Gold Corp EQX | $2,175 | $2,337 | 51.8% | 176,836 | release |
| IAMGOLD Corporation IAG | $2,271 | $2,241 | 49.7% | 188,100 | release |
Who runs cheapest
Methodology
All-in sustaining cost (AISC) is a non-GAAP measure. Each company defines it in its own filings, and the figures on this page are consolidated gold AISC exactly as each company states it — no adjustments, no recalculations. Where a company states its consolidated figure on a particular basis (by-product credits, gold-equivalent ounces), the basis is noted beside its rows and applied consistently across its history.
The cohort is fixed for each calendar year, so the median never moves because membership moved. Membership changes are dated notes in this section, never quiet edits. A company joins only if it states a consolidated gold AISC in US dollars per ounce on a quarterly cadence. The 2026 cohort: Newmont Corporation (NEM) , Agnico Eagle Mines (AEM) , Barrick Mining Corporation (B) , AngloGold Ashanti plc (AU) , Gold Fields Limited (GFI) , Kinross Gold Corporation (KGC) , Alamos Gold Inc (AGI) , Equinox Gold Corp (EQX) , IAMGOLD Corporation (IAG) , Eldorado Gold Corporation (EGO) , Lundin Gold Inc (LUG) , Endeavour Mining plc (EDV) , Pan American Silver Corp. (PAAS) .
The reference price is the World Bank Commodity Markets “Pink Sheet” quarterly average gold price (US$ per troy ounce), published under CC BY 4.0. Source: World Bank Commodity Price Data.
Updated within 10 business days of the last cohort earnings release of each quarter. A quarter publishes only once at least 10 cohort companies have reported; until then it is held back and says so.
A published figure changes only when the company itself restates it, and the change is dated here. Every figure links the release or filing it came from.
Reserves are proven plus probable (P+P). Resources — measured, indicated, and inferred — are economically unproven and are never added to reserves; conflating the two is the classic retail-analysis mistake, and the tables here keep the classes in separate columns.
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