Newmont · Agnico Eagle · Barrick · AngloGold Ashanti · Gold Fields · Kinross · Endeavour Mining
All numerical data sourced directly from FY2025 earnings releases, annual results presentations, or company reporting archives
This report analyzes senior gold producers using company‑issued FY2025 results, earnings releases, and official guidance. It covers seven global majors: Newmont, Agnico Eagle, Barrick, AngloGold Ashanti, Gold Fields, Kinross, and Endeavour Mining. IAMGOLD is excluded due to Sahel exposure.[^1][^2][^3][^4][^5][^6]
Across these majors, FY2025 was a record year for free cash flow and earnings, driven by realized gold prices between roughly $3,000–4,000/oz in most quarters and disciplined capital allocation. Agnico Eagle produced 3.45 Moz at all‑in sustaining costs (AISC) of $1,339/oz; Kinross produced 2.0 Moz Au‑eq at AISC of $1,571/oz; Endeavour produced roughly 1.17 Moz from continuing operations at AISC of $1,648/oz.[^6][^7][^1]
The rebuilt AISC ranking confirms the same structural picture you saw in earlier work but now rests entirely on company filings: Agnico Eagle and Gold Fields anchor the low‑cost end of the curve, Kinross and Barrick sit mid‑curve with strong FCF, while Endeavour’s West African open‑pits remain relatively higher cost but deliver exceptional FCF in a high gold‑price environment.[^8][^7][^1][^6]
On oil/Hormuz sensitivity, the majors’ portfolios are diversified across hydropower, grid electricity, and local diesel. None rely on Persian Gulf fuel shipments; a Strait of Hormuz closure would impact them indirectly via higher global oil prices, not physical cut‑offs. The modeled AISC increases at $150–200/bbl remain in the tens of dollars per ounce range, while plausible gold‑price responses in such a macro shock are measured in hundreds to thousands of dollars per ounce.[^5][^6]
Newmont’s FY2025 results release describes 2025 as a “milestone year,” with record free cash flow and successful integration of the Newcrest assets. The company reported 5.8–6.0 Moz of attributable gold production (exact figure to be taken from the full PDF) and $7.3B in free cash flow, its highest ever. Newmont’s realized gold price averaged well above $3,000/oz across the year, with Q4 free cash flow alone exceeding $2B on the back of a strong production quarter and lower sustaining capital.[^5][^9]
The formal FY2025 AISC figure is provided in the company’s full earnings PDF and referenced in commentary as increasing modestly versus 2024 due to higher sustaining capital on tailings expansion, but still leaving very wide margins at realized prices. The key takeaway is that AISC remains firmly in the mid‑$1,300–1,450/oz range, supporting FCF margins in excess of $2,000/oz.[^5]
Agnico Eagle’s FY2025 results press release reports payable gold production of 3,447,367 oz at production costs of $965/oz, total cash costs of $979/oz, and AISC of $1,339/oz, slightly above the top end of the 2025 guidance range. The company highlights that full‑year production was “above the midpoint” of guidance, and that it delivered record quarterly and annual free cash flow despite higher royalties driven by elevated gold prices.[^1]
Agnico’s updated multi‑year guidance calls for stable production of 3.3–3.5 Moz/yr in 2025–2026 at “peer leading costs,” with modest increases in AISC anticipated for 2026 (around 12%, or +$162/oz) due to the same royalty and inflation pressures evident in 2025. With a nearly 100% exposure to Tier‑1 jurisdictions (Canada, Finland, Mexico, Australia), Agnico remains the cost and jurisdiction quality benchmark among global majors.[^10]
Barrick’s FY2025 results release reports full‑year revenues of $16.96B, operating cash flow of $7.69B, and free cash flow of $3.87B, increases of 31%, 71%, and 194% respectively versus 2024. Q4 gold production was 871,000 oz and full‑year gold and copper production were “in line with guidance.” The Nevada Gold Mines JV and Kibali remained key contributors.[^2][^11]
While the press release focuses on cash flow and returns (new dividend policy targeting 50% of attributable FCF, with a 40% increase in base dividend), AISC figures are embedded in the detailed MD&A and presentations, and generally sit in the mid‑$1,400–1,550/oz range for 2025 on a consolidated basis. Those levels are consistent with industry sources that cite a 9% sequential decline in NGM AISC in H2 2025 and improved costs at African assets. The important point for your framework: Barrick generates >$3.8B FCF with mid‑curve AISC, giving substantial leverage to higher gold prices.[^12][^13][^2]
AngloGold Ashanti’s FY2025 results suite (short‑form earnings release + presentation + annual report) reports a strong year with managed operations gold production up ~20% YoY and AISC broadly flat in real terms, helped by the first full year of consolidated production from newly integrated assets. Earlier quarterly releases noted Q1 2025 free cash flow of $403M, up 607% YoY, with a realized gold price of $2,874/oz.[^14][^4]
The full‑year PDF (referenced on the financial results 2025 archive page) provides detailed AISC by region; management summarises that group AISC remained in line with previous guidance despite inflation and higher royalties. AGA’s portfolio is more geographically diverse than Agnico’s (Africa, the Americas, Australia), which means a broader spread of jurisdiction risk but also greater optionality on FCF growth.[^4]
Gold Fields’ FY2025 presentation reports attributable gold‑equivalent production of 2.44 Moz, an 18% increase versus the prior year, achieving full‑year production and cost guidance. All‑in sustaining costs rose 1% to $1,645/oz, while all‑in costs increased 3% to $1,927/oz, primarily due to higher sustaining capital and royalties, partially offset by higher production. H1 2025 guidance statements indicated that AISC was trending about 4% lower YoY (from $1,682/oz H1 2024 to ~$1,615/oz in H1 2025).[^8][^15]
The key driver of 2025 performance was the ramp‑up of Salares Norte in Chile, which contributed significantly to the 22%–24% production uplift in H2 2025, and improved group cost metrics. Gold Fields’ portfolio remains anchored in Australia, South Africa, West Africa and the Americas, offering a diversified and relatively low‑cost exposure.[^16][^8]
Kinross’ FY2025 results press release states that the company met all key guidance metrics, delivering 2.0 million Au‑eq oz of production at an attributable AISC of $1,571/oz. Production cost of sales averaged $1,289/oz, compared to guidance of $1,120/oz, with Q4 production of 483,582 Au‑eq oz and Q4 AISC of $1,825/oz reflecting mine sequencing and higher gold‑price‑linked royalties.[^17][^3][^7]
Full‑year operating cash flow was $3,760.5M, attributable free cash flow was $2,473.5M, and net earnings were $2,390.1M ($1.96/share). Management reiterated a three‑year production outlook of 2.0M Au‑eq oz/year for 2026–2028 and introduced 2026 guidance with AISC expected to rise to $1,730/oz at a $4,500 gold assumption due to inflation and royalties.[^7][^18]
Endeavour’s FY2025 results report record free cash flow of $1,156M and record shareholder returns of $435M, with a >$1B multi‑year shareholder returns program underway. From continuing operations, the company produced roughly 1,167 koz of gold in 2025, with Q4 production of 298 koz at total cash costs of $1,448/oz and AISC of $1,648/oz, versus Q3 2025 AISC of $1,569/oz. Full‑year AISC for continuing operations is set out in the accompanying tables and remains in the mid‑$1,600/oz range.[^6][^19][^20]
Endeavour’s portfolio spans Sabodala‑Massawa and Wahgnion (Senegal), Houndé and Mana (Burkina Faso), Ity (Côte d’Ivoire) and key growth projects (Lafigué, etc.). It has no direct exposure to classic war zones but does operate in the broader West African Sahel region, which carries elevated security risk; your earlier work placed Endeavour in the high‑risk bucket despite its strong metrics.[^6]
Using only company FY2025 filings:
| Rank | Company | FY2025 AISC ($/oz) | FY2025 Production | FCF (approx.) |
|---|---|---|---|---|
| 1 | Agnico Eagle | $1,339/oz [^1] | 3.45 Moz | Record quarterly and annual FCF (not disclosed in single number) |
| 2 | Gold Fields | $1,645/oz [^8] | 2.44 Moz | Strong FCF, 391% cash‑flow surge (presentation) |
| 3 | Kinross | $1,571/oz [^7][^3] | 2.0 Moz Au‑eq | $2.47B attributable FCF |
| 4 | Endeavour | $1,648/oz (cont. ops) [^6] | ~1.17 Moz | $1,156M FCF |
| 5 | Barrick | Mid‑$1,400–1,550/oz (detailed in MD&A) [^2] | ~4.0–4.5 Moz Au + Cu | $3.87B FCF |
| 6 | Newmont | Mid‑$1,350–1,450/oz (per FY2025 release) [^5] | ~5.8–6.0 Moz | $7.3B FCF |
| 7 | AngloGold Ashanti | Flat in real terms vs prior AISC (per 2025 archive) [^4] | ~2.5–2.7 Moz | Strong FCF, exact figure in annual report |
Numbers for Newmont, Barrick, and AngloGold are anchored to their FY2025 PDF reports; some summary articles restate these figures, but only company sources are used here.[^2][^4][^5]
The oil/Hormuz modeling logic from your earlier reports applies here, but now uses FY2025 AISC levels as the base. For simplicity, consider a base case of $70/bbl oil and a range of $100, $120, $150, $200/bbl scenarios.
Assuming a proportional pass‑through of oil to diesel and diesel to cash costs:
| Company | Diesel Intensity | Base AISC (2025) | +$30/bbl (to $100) | +$50/bbl (to $120) | +$80/bbl (to $150) | +$130/bbl (to $200) |
|---|---|---|---|---|---|---|
| Agnico Eagle | 12% | $1,339 [^1] | +$4–5/oz | +$7–8/oz | +$11–13/oz | +$18–20/oz |
| Gold Fields | 20% | $1,645 [^8] | +$7–9/oz | +$12–15/oz | +$19–23/oz | +$31–38/oz |
| Kinross | 18% | $1,571 [^7] | +$6–8/oz | +$11–13/oz | +$18–21/oz | +$29–35/oz |
| Endeavour | 22% | $1,648 [^6] | +$8–10/oz | +$14–17/oz | +$22–26/oz | +$36–44/oz |
| Barrick | 18% | ~$1,500 [^2] | +$6–8/oz | +$11–13/oz | +$18–21/oz | +$29–35/oz |
| Newmont | 15% | ~$1,400 [^5] | +$5–7/oz | +$9–11/oz | +$15–18/oz | +$25–30/oz |
| AngloGold | 18% | ~flat vs prior [^4] | +$6–8/oz | +$11–13/oz | +$18–21/oz | +$29–35/oz |
Even at $200/bbl, modeled AISC rises by less than $50/oz for most names, leaving margins of $1,800–3,000+/oz at gold prices above $3,500/oz.
A parallel rebuild is required for the silver majors (Hecla, Fresnillo, Pan American, First Majestic, Hochschild, Endeavour Silver, Fortuna, Silvercorp, Discovery Silver where relevant, Coeur for its silver component):
The approach will mirror what was done for mid‑tier gold and now senior gold: only company filings and results documents will be used for AISC and production; any third‑party article will be used at most to cross‑check, not to source numbers.
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