Gold Mining Gold Miners

Operating margin for each miner's most recent fiscal year. Margins in the mid-40s reflect a high gold price against a largely fixed cost base, which is the operating leverage that makes miners a geared bet on the metal.

Revenue for the most recent fiscal year across the US dollar filers. Newmont's lead reflects the Newcrest acquisition, which consolidated two of the largest portfolios in the industry.

Six years of revenue for the largest producers. The rise reflects both a higher gold price and heavy consolidation, with Newmont absorbing Newcrest and Agnico Eagle merging with Kirkland Lake.

Capital expenditure for the most recent fiscal year. Miners must keep spending simply to replace depleted reserves, which is the structural reason their free cash flow converts less of revenue than the royalty companies' does.

The defining metric for a gold miner, and the one that decides who survives a downturn. AISC captures what an ounce costs once royalties, sustaining capital and overhead are included, so the gap between the bar and the gold price is the real margin. With gold averaging $3,442 in 2025 every producer here earned roughly two thousand dollars an ounce, which is why the operating margins above look so comfortable. The question the curve poses is what happens to the names at the expensive end when that price is no longer available.

Newmont, Agnico Eagle, Barrick, Franco-Nevada and Wheaton, indexed to 100 at the start of 2022, against gold on the same scale. Agnico Eagle and Wheaton ran ahead of bullion through the 2026 peak; Newmont did not.

FY 2025 gold ounces as each company reports them. Kinross and Gold Fields print gold-equivalent ounces, not gold alone. AngloGold includes non-managed joint ventures. Harmony and DRDGOLD are June fiscal years. This is a volume scoreboard, not a cost curve.

Operating cash flow minus capex from FMP annual statements, USD filers only. Harmony and DRDGOLD report in rand, so they are omitted rather than converted at an invented rate. This is not each company's own non-GAAP FCF definition.

2025 operating cash flow against capex for the five largest USD-filing gold producers. The gap is the cash the mine throws off after staying in business and growing. Capex does not fall when gold does, which is why miner FCF is more cyclical than revenue.