AISC
Best comparable measure of the cost to sustain current mine output. Non-GAAP; company definitions and by-product treatment can differ.
Audit trail
Every number carries a scope, vintage and status.
The dashboard separates observations, company samples, reconstructions and modelled proxies. This is the reconciliation that the visual drafts lacked.
Broader scenarios
The FY peer proxy is $1,804. Its implied $283 growth allowance is applied to Q4 AISC, then a selectable 15% tax/finance overlay is added. Both are models, not global realised costs.
Country map
USGS production/reserves are national. AISC is a visibly separate mine or producer sample because no public sovereign series exists.
Price history
World Bank annual averages through 2025. A separate Reuters marker shows 31 Dec 2025 spot, and 21 Jul 2026 is another dated snapshot. Average and period-end values are never joined as one homogeneous series.
Canonical source register
Values used across every page
| Claim | Publisher | Value | Vintage | Status |
|---|---|---|---|---|
| 2025 global annual AISC | S&P Global Market Intelligence | $1,521/oz | FY 2025 | Observed aggregate |
| Latest quarterly global AISC | World Gold Council / Metals Focus | $1,706/oz | Q4 2025 | Observed aggregate |
| Large-producer full-cycle proxy | AngloGold Ashanti peer comparison | $1,804/oz | FY 2025 guidance midpoints | Modelled proxy |
| Q4 AISC + growth-capex scenario | Derived from World Gold Council / Metals Focus, AngloGold Ashanti peer comparison and S&P Global Market Intelligence | $1,989/oz | Q4 2025 run-rate model | Modelled scenario |
| Broader cost scenario | User-selected modelling assumption | $2,287/oz | 15% on $1,989 run-rate model | User-selected scenario |
| Matched 2025 gold price | S&P Global Market Intelligence | $3,436/oz | FY 2025 average | Matched comparison |
| Annual gold price | World Bank Pink Sheet | 1971–2025 | Updated Mar 2026 | Observed series |
| Year-end 2025 gold price | Reuters | $4,326.55/oz | 31 Dec 2025 spot | Market snapshot |
| Current gold price snapshot | Reuters via MarketScreener | $4,068.29/oz | 21 Jul 2026 · 18:00 GMT | Market snapshot |
| Above-ground gold stock | World Gold Council / Metals Focus | 219,891t | End-2025 | Estimated stock |
| Country production and reserves | USGS MCS 2026 | 2025 estimates | 2025E | National estimates |
| 2025 annual global mine production | World Gold Council / Metals Focus | 3,671.6t | 2025 | Estimated annual supply |
| Tax and finance peer reality check | AngloGold Ashanti peer comparison | 19.7% | FY 2025 peer reality check | Company-derived reference |
Comparability limits
- AISC excludes income tax, interest, dividends and non-cash depreciation.
- “By-product” and “co-product” accounting can make the same polymetallic mine look radically different.
- Quarterly AISC can be noisy because production, grades and sustaining spend are seasonal.
- Q4 $1,706 and FY $1,521 come from different providers and coverage universes; their $185 gap is not a pure sequential move.
- Current spot minus last year’s AISC is illustrative, not a realized margin.
Ownership limits
- WGC stock categories describe use/form more than beneficial owner identity.
- Historical holder shares before modern surveys are regime reconstructions.
- USGS geological reserves are below ground and must never be added to above-ground stock.
- Official-country reserves cover only the central-bank slice.