The world's ten largest gold miners reported an average all-in sustaining cost of USD 1,420 per ounce for the first quarter, up from USD 1,315 in Q1 2025. Diesel, labor, and grid power were the largest contributors to cost inflation.
Despite higher costs, free-cash-flow generation remains robust thanks to elevated metal prices. The aggregate AISC margin (gold price minus AISC) sits at approximately USD 1,400 per ounce — a record high in nominal terms.
Silver miners face a different dynamic: byproduct credits from copper and lead have improved unit economics, partly offsetting site-level cost pressures. PGM producers in South Africa continue to navigate the most challenging cost environment globally.