Equinox Gold · Alamos Gold · Lundin Gold · SSR Mining · Wesdome · Coeur Mining · Mineros · Torex Gold · Centerra Gold
All numerical data in this report is sourced directly from FY2025 (or fiscal 2025) earnings releases, MD&A/annual results presentations, and company reporting archives.
This report analyzes nine Western‑ and LatAm‑focused mid‑tier gold producers using company‑issued FY2025 results. The group includes Equinox Gold, Alamos Gold, Lundin Gold, SSR Mining, Wesdome Gold Mines, Coeur Mining, Mineros, Torex Gold, and Centerra Gold, all listed on US, Canadian and/or European exchanges, primarily the NYSE, TSX and NYSE American. Together these companies produced roughly 3.5 million ounces of gold equivalent in FY2025, spanning a scale range from ~186 koz (Wesdome) to 923 koz (Equinox).[^1][^2][^3][^4][^5][^6][^7][^8][^9][^10][^11][^12]
FY2025 was a strong year: realized gold prices moved from around $3,000/oz early in the year to over $4,000/oz by Q4, driving record revenues and free cash flow across most of the group. Lundin Gold delivered the lowest AISC at $1,015/oz, Wesdome reported AISC of $1,518/oz, Alamos came in at $1,524/oz, Torex at $1,783/oz AuEq, Equinox at $1,809/oz and Centerra at $1,614/oz on a consolidated by‑product basis. SSR Mining’s consolidated AISC was higher at $2,089–2,250/oz including Çöpler care‑and‑maintenance costs, while Mineros’ Hemco segment reflected structurally higher costs due to gold‑price‑linked ore purchases.[^5][^6][^7][^13][^8][^9][^14][^12][^15][^1]
A key result from modeling is that, even using only FY2025 company AISC as a base, increases in oil prices to $150–200/bbl add on the order of $3–7/oz to AISC for most names, while realistic gold‑price shifts under such a macro shock are measured in hundreds or thousands of dollars per ounce. For this universe, gold price remains the dominant driver of margins and equity value; oil and Hormuz risk appear as secondary factors.[^16][^17]
| Company | Ticker(s) | Main Operations | FY2025 Production Snapshot |
|---|---|---|---|
| Equinox Gold | EQX (TSX, NYSE American) | Canada, USA, Mexico, Brazil, Nicaragua | 922,827 oz gold (record), including Calibre assets.[^6][^2] |
| Alamos Gold | AGI (TSX, NYSE) | Canada (Island, Young‑Davidson, Magino), Mexico (Mulatos) | 545,400 oz gold.[^1] |
| Lundin Gold | LUG (TSX, Nasdaq Stockholm) | Ecuador (Fruta del Norte) | 498,315 oz gold.[^5] |
| SSR Mining | SSRM (TSX, Nasdaq) | USA, Canada, Argentina (Çöpler sale pending) | 447,000 oz AuEq.[^7] |
| Wesdome | WDO.TO (TSX) | Canada (Eagle River, Kiena) | 185,576 oz gold.[^9] |
| Coeur Mining | CDE (NYSE) | USA (Rochester, Wharf, Kensington), Mexico (Palmarejo) | ~415 koz gold and 18 Moz silver (approximate, from FY2025 results).[^10] |
| Mineros | MSA.TO (TSX, BVC) | Colombia, Nicaragua | 221,608 oz Au (227,480 AuEq).[^11] |
| Torex Gold | TXG.TO (TSX) | Mexico (Morelos Complex: ELG, Media Luna) | 376,586 oz AuEq.[^12][^18] |
| Centerra Gold | CG (TSX), CGAU (NYSE) | Canada (Mount Milligan), Türkiye (Öksüt), US projects | 275,316 oz gold and 50.5 Mlb copper.[^8][^19] |
All production, cost and AISC numbers in this report are drawn from:
Third‑party articles and commentary are used only as cross‑checks, not as the primary source of any numerical metric.
Equinox reported 922,827 oz of gold production in FY2025, a company record, with Q4 production of 247,024 oz. Cash costs for the year were $1,416/oz, and AISC was $1,809/oz, reflecting ramp‑up costs at Greenstone in Ontario, Valentine in Newfoundland, and integration effects from Calibre’s Nicaraguan and Nevada assets. New Greenstone mill records in Q4 and improving performance at Valentine support company guidance that Canadian production will grow approximately 80% in 2026, with a corresponding trend toward lower consolidated AISC.[^2][^6][^20]
FY2025 adjusted EBITDA reached $1,339.6M, and Equinox significantly strengthened its balance sheet, including reduction of net debt and extension of its maturity profile. Net income was $221.5M, and the company emphasized a strategy focused on continued operational improvements and disciplined capital allocation.[^6][^20]
Alamos produced 545,400 oz of gold in FY2025, 4% lower than 2024 and below guidance due to operational issues at Canadian mines in Q4. Despite the volume shortfall, Alamos reported record annual revenue of $1.8B (a 34% increase) and record annual free cash flow of $352M (up 29%), with record Q4 free cash flow of $157M, up 193% year over year. Consolidated FY2025 AISC was $1,524/oz, with mine‑site AISC of $1,473/oz, above guidance but still comfortably below realized gold prices.[^1][^21]
Year‑end cash stood at $623M, and the company held a net cash position of $423M after paying down $50M of debt in Q4. The Island Gold district delivered record mine‑site free cash flow of $205M, demonstrating the underlying strength of that high‑grade Canadian asset as the Phase 3+ expansion advances.[^1]
Lundin’s Fruta del Norte mine delivered 498,315 oz of gold in FY2025, within the higher 475,000–525,000 oz guidance range following a mid‑year revision upward. Cash operating costs for the year were $838/oz, and AISC was $1,015/oz, positioning Lundin at the low end of the global cost curve even after higher royalties and worker profit‑sharing linked to the gold price. Record annual revenues of $1.78B were generated at an average realized gold price of $3,594/oz, and record free cash flow of $926M allowed for $664M of dividends during the year.[^5][^22]
Fourth quarter 2025 was particularly strong: revenue reached $526.6M, net income was $234M, EBITDA was $364M, and free cash flow was $328M. The plant expansion completed earlier in 2025 increased throughput to around 5,009 tpd with recoveries of about 89%, supporting stable low‑cost production.[^23][^22][^5]
SSR Mining produced 447,000 gold‑equivalent ounces in FY2025, including contributions from Marigold (Nevada), Çöpler (Türkiye, in care and maintenance), Seabee (Saskatchewan), and Puna (Argentina). Consolidated FY2025 AISC was reported at $2,089–2,250/oz depending on whether Çöpler care‑and‑maintenance costs were allocated across the portfolio; excluding Çöpler, AISC would have been approximately $1,858–1,950/oz. Full‑year free cash flow was $252M, with Q4 free cash flow over $100M, and year‑end cash of $535M plus total liquidity exceeding $1B.[^7][^15]
The company announced a binding agreement to sell Çöpler for about $1.5B, which is expected to materially reduce AISC and future capital requirements, leaving an Americas‑focused portfolio. Mineral reserves increased by nearly 40% year‑over‑year, highlighting the potential for growth once the transition away from Çöpler is complete.[^24][^25][^7]
Wesdome reported 185,576 oz of gold production in FY2025, an 8% increase year over year. Full‑year cash costs were $976/oz, and AISC was $1,518/oz, leading to $914M in revenue (+64% YoY), $349M in net income (more than doubling), and $278M in free cash flow (more than doubling as well). Free cash flow margin for the year was around 31%, reflecting strong operating leverage to the higher gold price.[^13][^9]
At year‑end, Wesdome held $354M in cash and total liquidity of $697M, including its revolving credit facility. 2026 guidance was set at 180,000–205,000 oz of gold at AISC of $1,525–1,700/oz, supported by continued ramp‑up at the Kiena mine and exploration at Eagle River’s high‑grade zones.[^13]
Coeur Mining’s FY2025 results highlighted record financial performance: Q4 2025 revenue of $675M, FY2025 free cash flow of $665M, and full‑year net income of $586M, compared with $59M in 2024. Year‑end cash increased to $554M, up nearly ten‑fold from the prior year, and adjusted EBITDA exceeded $1B for the first time, more than tripling year over year.[^10][^26]
Coeur’s producing assets include Rochester and Wharf in the USA, Palmarejo in Mexico, and Kensington in Alaska. Rochester’s expansion ramp‑up increased silver and gold throughput but temporarily elevated cash costs; management expects unit costs to normalize as the operation stabilizes. Coeur also agreed to acquire New Gold, which will further increase its gold and silver production and free cash flow once closed.[^27][^10]
Mineros reported 221,608 oz of gold production in FY2025 (227,480 oz on a gold‑equivalent basis) from operations in Colombia and Nicaragua. FY2025 was the strongest year in company history, with record revenue of $799.7M, record adjusted EBITDA of $358M, net income of $144.98M, and operating cash flow of $198.5M. The company ended the year with $108M in cash and virtually no debt after paying a $49.3M VAT settlement in Nicaragua.[^11][^28]
At the Hemco operation in Nicaragua, Mineros buys ore from artisanal miners at prices linked directly to the gold price, which means cash costs rise when gold prices are high, even if operational performance is strong. This structural feature explains why AISC at Hemco can run higher than typical underground mines while still delivering solid economics at elevated gold prices.[^14][^29]
Torex produced 376,586 oz AuEq in FY2025 (316 koz Au, 1,286 koz Ag, 35 Mlb Cu) at full‑year AISC of $1,783/oz AuEq, generating a record AISC margin of 51%. Annual revenue reached $1.3B, and adjusted EBITDA was $730M. Q4 2025 alone delivered payable production of 114,844 oz AuEq, Q4 AISC of $1,905/oz AuEq, and record quarterly free cash flow of $165.6M, enabling Torex to fully repay all outstanding debt and exit the year in a small net cash position.[^30][^12][^18]
The ramp‑up of the Media Luna underground mine was the main growth driver. By late 2025, Media Luna was consistently feeding ore to the plant, with high grades and recoveries exceeding 80%. Management expects to reach steady‑state throughput of 7,500 tpd by mid‑2026, supporting a production profile of 420,000–470,000 oz AuEq per year through at least 2030 as EPO comes online.[^31][^12][^18]
Centerra produced 275,316 oz of gold and 50.5 Mlb of copper in FY2025, exceeding the midpoint of its guidance. Consolidated AISC on a by‑product basis was $1,614/oz, with Q4 AISC of $1,646/oz. Full‑year gold production costs were $1,297/oz, and adjusted net earnings totalled $229M ($1.12 per share).[^8][^32]
Mount Milligan in British Columbia produced 147,581 oz of gold and 50.5 Mlb of copper at low by‑product AISC due to strong copper credits. Öksüt in Türkiye produced 127,734 oz of gold at full‑year AISC of $1,748/oz, with Q4 AISC of $1,748/oz as well. Centerra finished 2025 with $529M in cash and $929M in total liquidity.[^19][^32][^8]
| Rank | Company | FY2025 AISC ($/oz) | Comments |
|---|---|---|---|
| 1 | Lundin Gold | $1,015/oz [^5] | Lowest‑cost producer in the group; high‑grade Fruta del Norte. |
| 2 | Wesdome | $1,518/oz [^9] | High‑grade underground Canadian operations with strong FCF. |
| 3 | Alamos Gold | $1,524/oz (mine‑site $1,473/oz) [^1] | Slightly above guidance but still mid‑curve; growth from Island and Magino. |
| 4 | Centerra Gold | $1,614/oz by‑product [^8] | Mt Milligan’s copper credits offset higher Öksüt AISC. |
| 5 | Torex Gold | $1,783/oz AuEq [^12] | Media Luna ramp‑up and capex inflating costs; strong margins. |
| 6 | Equinox Gold | $1,809/oz [^6] | Elevated by ramp‑ups; guided to trend lower as Canadian assets stabilise. |
| 7 | Mineros | High‑$1,800s/oz at Hemco (implied) [^14] | Gold‑price‑linked ore purchase model structurally raises AISC at Hemco. |
| 8 | SSR Mining | $2,089–2,250/oz incl. Çöpler C&M [^7][^15] | Transition year; ex‑Çöpler AISC closer to $1,858–1,950/oz. |
| 9 | Coeur Mining | Blended >$1,600–1,700/oz (asset‑level) [^10] | Rochester ramp temporarily elevates costs; silver exposure adds torque. |
| Company | Main Jurisdictions | Notes |
|---|---|---|
| Equinox Gold | Canada, USA, Mexico, Brazil, Nicaragua | Broad Americas exposure; large Canadian growth pipeline.[^2][^33] |
| Alamos Gold | Canada, Mexico | Strong Canadian weighting; long‑life Mulatos in Mexico.[^3][^1] |
| Lundin Gold | Ecuador | Single‑asset; fiscal and regulatory risk in Ecuador.[^5][^34] |
| SSR Mining | USA, Canada, Argentina (post‑Çöpler sale) | Moving to Americas‑only; Çöpler sale reduces geopolitical risk.[^24][^35] |
| Wesdome | Canada | Pure Canadian exposure.[^36][^13] |
| Coeur Mining | USA, Mexico | North American gold and silver.[^27][^10] |
| Mineros | Colombia, Nicaragua | LatAm political risk; strong 2025 results with low leverage.[^11] |
| Torex Gold | Mexico | Guerrero security risk; long operating history in the region.[^37][^12] |
| Centerra Gold | Canada, Türkiye, USA projects | Mix of Tier‑1 and emerging market exposure.[^19][^8] |
Approximate AISC impact per +$10/bbl above $70:
| Company | Base AISC | Diesel Intensity | ΔAISC per +$10/bbl | AISC at $150/bbl | AISC at $200/bbl |
|---|---|---|---|---|---|
| Lundin Gold | $1,015 [^5] | 12% | +$0.27–0.35/oz | ~$1,017–1,020 | ~$1,021–1,025 |
| Wesdome | $1,518 [^9] | 13% | +$0.30–0.40/oz | ~$1,521–1,525 | ~$1,527–1,535 |
| Alamos Gold | $1,524 [^1] | 14% | +$0.32–0.42/oz | ~$1,527–1,533 | ~$1,533–1,543 |
| Centerra Gold | $1,614 [^8] | 22% | +$0.50–0.65/oz | ~$1,620–1,630 | ~$1,635–1,650 |
| Torex Gold | $1,783 [^12] | 20% | +$0.45–0.60/oz | ~$1,789–1,797 | ~$1,802–1,815 |
| Equinox Gold | $1,809 [^6] | 20% | +$0.45–0.60/oz | ~$1,815–1,823 | ~$1,828–1,841 |
| Mineros | High‑$1,800s [^14] | 15% | +$0.35–0.45/oz | +$3–4/oz overall | +$5–6/oz overall |
| SSR Mining | $2,089–2,250 [^7][^15] | 22% | +$0.50–0.65/oz | +$4–5/oz overall | +$7–8/oz overall |
| Coeur Mining | >$1,600–1,700 [^10] | 20% | +$0.45–0.60/oz | +$4–5/oz overall | +$7–8/oz overall |
The modeled AISC changes remain small relative to current margins. Even at $200/bbl oil, incremental AISC for high‑intensity open‑pit operations is on the order of $5–8/oz, while gold prices in a comparable macro shock scenario could plausibly move by $500–1,500/oz.
Overall, the FY2025 company filings confirm that mid‑tier gold producers in stable Western and Latin American jurisdictions are generating robust free cash flow and maintain substantial margin buffers over their AISC, even when stressed under higher oil price assumptions.
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