The Tool Desk
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Gold stocks to put on a 2026 comparison list
The figures below come from company disclosures for different periods and use different levels of detail. They are evidence to investigate, not a like-for-like league table. In particular, the Gold Fields figures are for one operation, not the whole company.
| Company | Operating evidence available | What it does not establish |
|---|---|---|
| Barrick Mining Corporation (NYSE: B; TSX: ABX) | Barrick reported 2025 gold production of 3.26 million ounces, 17% below 2024, and 2025 AISC of $1,637 per ounce. Its 2026 target is 2.90–3.25 million ounces, with gold AISC guidance of $1,760–$1,950 per ounce based on an assumed market gold price of $4,500 per ounce. (Barrick, 2025 results and 2026 guidance.) | The forecast is not a realized result or a valuation. Management said in its Q2 2026 results that Barrick remained on track to meet guidance; that is management’s interim assessment, not a guarantee. |
| Newmont Corporation | Newmont published 2025 full-year results and 2026 guidance, including gold unit-cost metrics on a by-product basis. It also discussed an expansion expected to improve average annual gold production and efficiency during 2028–2032. (Newmont, 2025 results and 2026 guidance.) | Mine-specific figures, assumptions and comparable group-level metrics are not stated here; consult the full company release before comparing numbers. |
| AngloGold Ashanti | Its 2025 Form 20-F describes a global portfolio of operations and projects and provides mine, reserve and geographic detail. (AngloGold Ashanti, 2025 Form 20-F.) | No comparable production, cost or valuation figures are stated here. A broad portfolio does not by itself establish lower risk. |
| Gold Fields | The reviewed 2025 results for the operation covered in the source section report 261,700 ounces of production and US$474 million in adjusted free cash flow. (Gold Fields, operation-level results.) | These are operation-level figures, not Gold Fields group totals. Group-wide comparative cost and valuation figures are not stated here. |
| Agnico Eagle | Its 2025 results material provides mine-level 2026 production and cost estimates for Pinos Altos. (Agnico Eagle, 2025 results material.) | Comparable company-wide figures and valuation are not stated here. |
| B2Gold and OceanaGold | Both appear as public-company comparison candidates in a financial overview. | That overview is editorial context rather than primary operating evidence; comparable figures are not stated here. Check company filings before relying on them. |
How to read the strongest quantified case
Barrick: guidance depends on the gold-price assumption
Barrick’s 2026 AISC guidance assumes a market gold price of $4,500 per ounce. For context, the company’s average realized gold price in 2025 was $3,501 per ounce. Those are different periods and price measures; neither should be treated as a forecast of the other. The price assumption matters because mining costs and margins are not meaningful in isolation from the gold price used to frame them.
The 2026 production and AISC figures are forecasts, while the 2025 figures are reported results. A target range can help frame expectations, but it is not a promise that output or costs will land within that range. AISC is also an alternative performance measure at many miners. Before comparing Barrick with another company, check each company’s definition, reconciliation, by-product accounting and any price assumptions behind its guidance.
#1 Best Overall
Other miners: use mine and portfolio disclosures at the right level
Newmont’s disclosed by-product cost basis is a reminder to compare definitions, not just the dollar-per-ounce headline. Its expansion outlook concerns expected average annual production and efficiency in 2028–2032; that longer-term expectation should not be confused with current annual output.
AngloGold Ashanti’s filing can help a reader examine individual mines, reserves and jurisdictions rather than reducing a multi-country portfolio to a single “safe” or “risky” label. Gold Fields’ cited operating result is useful for evaluating that particular operation, but it cannot stand in for the company’s group performance. Likewise, Agnico Eagle’s Pinos Altos estimates are mine-level evidence, not a company-wide comparison.
What makes a gold miner a stronger stock candidate?
A miner’s returns are influenced by gold prices and by whether the business can extract and sell gold while controlling operating and capital costs. Production growth or a low stated AISC can be encouraging, but neither guarantees future performance or a rising share price. Evaluate candidates across the same fiscal period and using consistent definitions:
- Production: Compare actual output with current full-year guidance. Check whether each figure is attributable, total or managed production.
- Costs and margins: Review AISC or the closest disclosed measure, the company’s definition and reconciliation, by-product accounting, royalties and the gold-price assumption behind guidance.
- Assets and geography: Consider producing mines, dependence on any single asset, by-product metals, and the countries where mines and projects operate.
- Balance sheet and capital allocation: Review debt and cash alongside sustaining and growth capital, dividends and buybacks. Use figures from the same reporting date when comparing companies.
- Execution and mine life: Look at past guidance delivery, reserve replacement, permitting, project construction and mine-life assumptions—not just announced growth plans.
- Valuation: Compare a current share price and market capitalization with cash flow, earnings or net asset value, using a consistent method and date.
Why operating strength does not settle the investment decision
A larger or more geographically diverse miner still faces operating, political, permitting, currency, capital and execution risks. Diversification can spread exposure, but it does not eliminate problems at a particular mine or jurisdiction. Company filings are the place to examine asset-specific and country-specific risks; portfolio size alone is not a safety rating.
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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Valuation is also essential. A company can operate well and still be an unattractive purchase at a price that already assumes strong results. The evidence summarized here does not include contemporaneous share prices, valuation multiples or a complete, comparable company dataset, so it cannot support a definitive “best buy” ranking. The right choice also depends on an investor’s time horizon and tolerance for volatility and loss.
Quick Recap
A practical way to compare candidates before buying
- Choose a comparison date. Record each company’s latest reported quarter, guidance period and share price date so that stale operating data is not paired with a current price unnoticed.
- Build a same-period operating comparison. Put actual production, full-year guidance and cost measures side by side, labeling attributable or managed output and each company’s cost basis.
- Check the assumptions and risk disclosures. Read the guidance notes, AISC reconciliation, mine and country details, capital plans and project milestones in company filings.
- Assess financial resilience. Compare cash, debt, capital needs and capital returns using figures from matching reporting periods.
- Test valuation against your own case. Use a consistent cash-flow, earnings or asset-value approach, and consider what happens if gold prices, costs or production differ from management’s assumptions.
- Decide whether the risk fits your plan. A gold miner is a company investment exposed to both commodity prices and business execution; it is not the same exposure as owning bullion.
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