September Results: September quarterly gold price averaged A$2941/oz, down 1% QoQ (JQ of A$2961/oz). Normal seasonality was in full force with SQ production 12% lower than the JQ (compared to a 7% decrease PoP). Despite a decrease in gold price and output, most companies continued to generate cash. This was aided with total costs (before hedging) decreasing 7%. Lower costs did not fully offset lower production, with margins slimming to 6% (10% in the JQ), albeit, we haven’t seen a SQ margin this strong since 2020.
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