Gold Producer Cost Curves: AISC Positioning and Margin Structure, Q4 2025

Gold prices have run well ahead of costs, widening producer margins even as labor, energy, and grade decline push all-in sustaining costs higher. This quarterly update positions major and mid-tier producers across the cost curve, isolates the drivers of cost inflation, and identifies where margin expansion is concentrated and which operations remain exposed to a price pullback. It closes with how producers are allocating the resulting free cash flow.