Gold’s price only pays if you own the ounces.
Don Durrett, the GoldStockData founder who just doubled his long-term gold call to $15,000[1] on the SilverTrade Insider, says the debt machine cannot stop printing and gold is the only thing that fills the void.
Maybe.
But if he is even directionally right, the only question that matters for the miners is the one almost nobody asks: how much GOLD is actually down there?
So we audited the 2025 reserve statements of the thirteen USD-reporting gold miners in our coverage, SilverTrade Insiders. Proven and probable. The filings. All of it.
Ground rules, because this is where the industry plays games.
Proven plus probable is RESERVES: rock with an engineered plan behind it. Measured, indicated and inferred are resources: maybes.
We never add the two piles together, and neither should anyone selling you a story.
Every figure below comes out of a company filing, linked where it appears.
| Company | Year | Reserves P+P | Proven / Probable | M+I resources | Inferred |
|---|---|---|---|---|---|
| NEM | 2025 | 118.2 Moz | 16.5 / 101.8 | 88.1 Moz | 60.6 Moz |
| AEM | 2025 | 55.4 Moz | NaN / NaN | 47.1 Moz | 41.8 Moz |
| B | 2025 | 85 Moz | 17 / 68 | 150 Moz | 43 Moz |
| AU | 2025 | 36.47 Moz | 7.78 / 28.68 | 68.01 Moz | 49.34 Moz |
| GFI | 2025 | 48.3 Moz | 4.9 / 43.4 | 34.2 Moz | 12.8 Moz |
| KGC | 2025 | 20.9 Moz | 5.903 / 15.04 | 27.499 Moz | 16.633 Moz |
| AGI | 2025 | 15.903 Moz | 3.963 / 11.94 | 5.48 Moz | 2.044 Moz |
| EQX | 2025 | 18.985 Moz | 3.893 / 15.091 | 19.054 Moz | 11.101 Moz |
| IAG | 2025 | 7.502 Moz | NaN / NaN | 24.622 Moz | 11.273 Moz |
| EGO | 2025 | 12.525 Moz | 7.315 / 5.209 | 17.382 Moz | 8.166 Moz |
| LUG | 2025 | 5.85 Moz | 2.506 / 3.339 | 7.48 Moz | 2.03 Moz |
| EDV | 2025 | 16.6 Moz | NaN / NaN | 25 Moz | NaN Moz |
| PAAS | 2025 | 6.3 Moz | NaN / NaN | 7.9 Moz | 8.56 Moz |
The biggest hoard on earth, per the filings: Newmont, with 118.2 million ounces of proven and probable gold at year-end 2025, split 16.5 proven and 101.8 probable in its FY2025 10-K[2]. Sit with that. Newmont alone out-vaults the eight smallest names on our list combined. Its probable stack by itself tops every other company’s ENTIRE reserve except one: Barrick, at 85 million ounces (17 proven, 68 probable) in its year-end MD&A[3]. Agnico Eagle follows at 55.4 million per its February reserves update[4], then Gold Fields at 48.3 million per its 20-F[5]. The top three hold more gold than the other ten put together.
Now the split, the part the headline number hides. Nine of the thirteen publish a consolidated proven-probable breakdown. Four do not. Agnico Eagle and IAMGOLD[6] state theirs mine by mine only. Endeavour[7] prints totals only, with the full breakdown parked in its AIF. Pan American[8] stamps its gold total effective June 30, 2025, its own mid-year convention. Among the nine that do split, probable does the heavy lifting: Gold Fields carries 43.4 million probable against 4.9 million proven, and Newmont’s probable 101.8 dwarfs its proven 16.5. The lone flip: Eldorado Gold, 7.315 million PROVEN against 5.209 million probable in its 2025 AIF[9]. The most proven-heavy vault on the list. Why care? Proven is the rock already in the near-term plan. Probable is one study away. A probable-heavy pile is a leverage pile: more assumption, more torque when the next update lands.
Here is the detail that should make every own-the-ounces reader sit up. These piles are not counted at spot. Each company picks a reserve price and prints it in the back of the filing. Barrick stamped its ounces at $1,500 gold. AngloGold Ashanti used $1,700 for its 36.47 million, per its FY2025 20-F[10]. Newmont used $2,000. Meanwhile the actual tape averaged $4,152 an ounce in the fourth quarter of 2025 and $4,876 in the first quarter of 2026, the same quarterly averages behind Newmont’s own[11] margin prints[12]. The rock is being counted at prices the market left behind.
What this audit does not touch: resources and silver. The resource columns are a second pile with a messier basis: Barrick, IAMGOLD, Eldorado and Lundin Gold count resources inclusive of reserves, Endeavour does not say either way, and the other eight state theirs exclusive. That mess does not get summed here. And our data is gold ounces by class. Pan American’s famous torque is silver, a separate reserve statement, and separate it stays.
So what settles it? Filing season, early next year, when the 2026 reserve statements land. The drill results will take the headlines. The number that matters is buried deeper: the reserve price assumption. Newmont printed at $2,000. Barrick at $1,500. The tape’s softest quarter in our stack, the third quarter of 2025, averaged $3,459 per the same quarter-average series[13]. If those printed assumptions start walking toward the tape, rock that fails the cut at $1,500 turns into reserve rock, and this vault grows without a single ounce being mined. Don Durrett says leg two is when the miners finally do what they are supposed to do. The filings just told you how much rock they are bringing to it. We will be reading the fine print when the new statements drop. So should you.
Sources
- SilverTrade Insider interview: Don Durrett doubles his long-term gold call
- Newmont FY2025 10-K: gold reserves 118.2 Moz P+P (16.5 proven, 101.8 probable) at a $2,000/oz reserve price
- Barrick YE2025 MD&A: attributable gold reserves 85 Moz P+P (17 proven, 68 probable) at a $1,500/oz reserve price
- Agnico Eagle 2025 reserves update: 55.4 Moz P+P, no consolidated proven/probable split (per-mine only)
- Gold Fields FY2025 20-F: 48.3 Moz P+P (4.9 proven, 43.4 probable)
- AngloGold Ashanti FY2025 20-F: 36.47 Moz P+P at a $1,700/oz reserve price
- Eldorado Gold 2025 AIF: 12.525 Moz P+P, 7.315 proven vs 5.209 probable
- IAMGOLD 2026 AIF: 7.502 Moz P+P, consolidated split not stated (per-property only)
- Endeavour FY2025 results: 16.6 Moz P+P totals only, full breakdown in the AIF
- Pan American 2025 AIF: gold P+P 6.3 Moz effective June 30, 2025 (mid-year convention); silver reserves separate
- Newmont Q4 2025 release: quarter carried a $4,152/oz quarterly average gold price
- Newmont Q1 2026 release: quarter carried a $4,876/oz quarterly average gold price
- Newmont Q3 2025 release: quarter carried a $3,459/oz quarterly average gold price
