Loading ...Oliver Groß
@minenergybiz
Gold Miners’ Earnings Season: The quarter after “Peak Margins” 💰⛏️
The eagerly anticipated earnings season in the gold mining sector will begin again in just a few days.
It is already certain that gold producers’ margins reached their preliminary high in the first quarter of 2026. The average gold price in the first quarter was approximately $4,900 per ounce. For the second quarter, the estimated selling price of gold from mines is around $4,400 per ounce.
However, even with a gold price of $4,000 and ongoing cost inflation and rising energy costs (assuming AISC of $2,000), most gold producers will continue to generate substantial profits and excellent AISC margins of $2k+/oz.
Now, let’s take a look at the AISC margin leaders in the gold mining sector for the first quarter of 2026. 🪙👇
Gold Miners: AISC/Profit Margin Leaders Q1/2026 ($/oz)
1. Thor Explorations: 3,884 👑
$THX.v
2. Lundin Gold: 3,837 👑
3. Artemis Gold: 3,705 👑
