Gold Production

B2Gold reported record 2025 revenue of $3.06 billion, driven by strong gold sales and a higher realized price. Full-year production reached 979,604 ounces, with the new Goose Mine contributing. For 2026, production is forecast between 820,000–970,000 ounces due to planned decreases at Otjikoto and Fekola, partially offset by Goose Mine ramp-up. Higher all-in sustaining costs are expected due to Fekola stripping and Goose Mine development. The company has a $73 million exploration budget for 2026.

IAMGOLD reported strong 2025 financial and operational performance, driven by favorable gold market dynamics. The company achieved record adjusted EBITDA of $1.55 billion and significant revenue growth to $2.85 billion, while reducing net debt to $344.4 million. Gold production met guidance, and a share repurchase program underscored confidence in shareholder value. Strategic acquisitions and resource growth position IAMGOLD for future expansion.

Montage Gold is on track for its first gold pour at the Koné project in Côte d’Ivoire by late Q4 2026, with construction ahead of schedule. The company has logged over 7.2 million construction hours, with a workforce of over 3,000, predominantly local hires. Significant progress includes the erection of all CIL tanks and early completion of the Tailings Storage Facility. An ambitious $16 million exploration program for 2026 aims to expand resources and test new targets.

Borealis Mining Company has transitioned to initial gold production, reporting $1.54M in revenue for Q1 FY2026, despite a net loss. The company successfully processed stockpiles and achieved its first gold pour. Financially strong with $8.18M cash, Borealis plans to restart open-pit mining in early 2026, acknowledging associated risks. Key permits are secured, and exploration continues across multiple projects, leveraging existing infrastructure and an experienced management team.

Allied Gold has started Phase 1 fresh ore processing at its Sadiola mine, aiming to increase annual gold production by 17-30% to 200,000-230,000 ounces by Q1 2026. Further upgrades in 2026 will boost capacity and efficiency, with a Phase 2 expansion planned by 2029 to extend mine life. The company reaffirmed its 2023 production guidance, projecting over 375,000 ounces.

Discovery (DSVSF) reported strong Q3 2025 results, boosted by the Porcupine Complex acquisition. Gold production reached 63,154 ounces, generating $237.0M in revenue and $42.4M net earnings ($0.05/share). Operating cash flow was $153.5M, yielding $86.8M in free cash flow. The company’s cash position strengthened to $341.5M. A new $250M revolving credit facility provides further liquidity. However, the average gold grade decreased, and shares outstanding significantly increased due to share issuance. Exploration results were encouraging.

Goldgroup (GGAZF) released an updated NI 43-101 report for its Cerro Prieto project in Mexico. The report details Measured+Indicated resources of 37,209 oz Au and Inferred resources of 1,504 oz Au (0.20 g/t cutoff). Goldgroup owns 100% of 6,980 ha and has produced ~136,000 oz since 2013. Recent upgrades doubled crushing capacity to >4,200 tpd. The company is also exploring nearby targets and preparing tailings reprocessing aiming for increased gold production. The technical report is available on Sedar+.

Predictive Discovery (PDI) and Robex Resources announced a merger on October 5, 2025, aiming to create a West Africa-focused gold producer. Robex shareholders will receive 8.667 PDI shares per Robex share. The combined company targets >400kozpa Au production by 2029, with Mineral Resources ≈9.5Moz Au and Ore Reserves ≈4.5Moz Au, implying a market cap of ~A$2,350m. The deal, expected to close in December 2025 or early 2026, requires approvals from the court, TSX-V, and Robex shareholders.