Gold Production & AISC Q1 2025
- MiningVisuals
- Jun 13
- 2 min read
Following our earlier analysis of gold production figures, we now turn our attention to a critical metric for profitability in the mining sector: All-In Sustaining Costs (AISC). This article explores some of the most significant AISC movements and the company-specific factors driving them.
A review of All-in Sustaining Costs (AISC) for major gold producers shows varied cost changes in Q1 2025 compared to the same period in 2024. Company reports attribute these shifts to a range of operational factors.
Among the producers, Alamos Gold reported the largest increase in AISC, rising by 42.69%. The company attributes this to higher share-based compensation costs and higher costs per ounce at its Young-Davidson and Magino mines.
Iamgold’s AISC rose by 27.80%. The company cited lower production volumes at its Essakane mine and increased operating expenses at the Westwood mine as contributing factors. Other companies reporting higher costs include Harmony Gold (+23.96%) and Eldorado Gold (+23.53%), with both pointing to inflationary pressures on labor and other operational expenses.
Conversely, some companies reported cost reductions. Gold Fields saw its AISC decrease by 6.50%, while Endeavour Mining recorded a 4.81% drop. These companies generally attribute the improved performance to operational efficiencies and a return to normalized production levels.
Company | 2025 Q1 gold production | Production YoY Change | AISC YoY Change |
Newmont Corporation | 1,537,000 | -8.51% | 14.73% |
Agnico Eagle Mines Ltd | 873,794 | -0.55% | -0.59% |
Barrick Gold Corp | 758,000 | -19.36% | 20.42% |
Anglogold Ashanti PLC | 720,000 | 23.92% | 1.23% |
Gold Fields Ltd | 551,000 | 18.75% | -6.50% |
Kinross Gold Corp | 512,088 | -2.90% | 3.44% |
Northern Star Resources Ltd | 388,360 | 0.39% | 16.16% |
Endeavour Mining PLC | 341,000 | 55.71% | -4.81% |
Harmony Gold Mining Company Ltd | 314,142 | -10.26% | 23.96% |
B2Gold Corp | 192,752 | -14.60% | 13.98% |
Pan American Silver Corp | 182,200 | -18.26% | -0.93% |
Evolution Mining Ltd | 179,778 | -2.95% | 5.30% |
Iamgold Corp | 161,000 | 6.62% | 27.80% |
Equinox Gold Corp | 145,290 | 30.04% | 5.90% |
Alamos Gold Inc | 125,000 | -7.89% | 42.69% |
OceanaGold Corp | 117,400 | 12.02% | -1.48% |
Lundin Gold Inc | 117,313 | 5.15% | 5.21% |
Eldorado Gold | 115,893 | -1.04% | 23.53% |
Source: Company reports
Disclaimer: This is for general information only and does not constitute investment advice. Data is compiled from public sources and may contain errors or inaccuracies; accuracy is not guaranteed. Always conduct your own research and consult a qualified financial advisor before making investment decisions.
