After a chaotic first quarter, in which gold prices broke the US$5,000 per ounce barrier before suffering a historic decline, the world’s top gold producers delivered record financial results.
The first quarter of 2026 brought a severe recession in the gold market. Driven by safe-haven flows and geopolitical uncertainty, the yellow metal started the year at US$4,384.46 and quickly broke the psychologically important US$5,000 threshold, reaching a record high of US$5,589.38 on January 28.
In February the metal tested the support level of US$4,750 before rising above US$5,000. However, the market faced a huge decline in March. Gold reached US$5,418.71 after initially reversing sharply as the US-Iran war escalated.
Iranian attacks in the Strait of Hormuz have effectively paralyzed global oil trading, with widespread market panic forcing investors to liquidate gold positions to cover huge equity losses.
By March 23, the price had fallen to a quarterly low of US$4,100, the biggest weekly decline in 40 years.
The metal rose above US$4,500 by the end of March after the Trump administration proposed a 15-point peace plan and a temporary ceasefire, although Tehran later rejected the framework. Despite a decline at the end of the quarter, increased average realized prices for the period allowed miners to achieve positive margins.
Below is a breakdown of how the major producers performed in Q1.
AngloGold delivers US$1.2 billion of free cash flow, raises dividend
AngloGold Ashanti (NYSE:AU,JSE:ANG) reported record free cash flow of US$1.2 billion, an increase of 190 percent year-on-year.
The company recorded gold production of 724,000 ounces at an all-in sustaining cost (AISC) of US$1,980 per ounce. Headline earnings rose 187 percent to US$1.3 billion.
Supported by cash flow, AngloGold declared a record interim dividend of US$585 million and proposed a large share repurchase program of US$2.0 billion.
CEO Alberto Calderon said, “Our focus is on controlling what we can control – managing underlying costs and ensuring safe, predictable operating results.” Said. “This enables us to again deliver record free cash flow and cash returns to our shareholders, while pursuing our organic growth projects.”
Operationally, the company noted that it has activated global supply chain resilience protocols by increasing fuel stocks and inventory buffers at key African and Australian operations in response to the Middle East crisis.
Kinross Gold Margins Outpace Rising Metal
Kinross Gold (TSX:K, NYSE:KGC) reported record free cash flow for the fourth consecutive quarter, generating US$837.5 million.
Production reached 492,563 gold equivalent ounces with an attributable AISC of US$1,732 per ounce. Importantly, the company’s margins expanded 92 per cent year-on-year to US$3,476 an ounce, more than offset by growth in the underlying commodity.
“Kinross delivered another excellent quarter. We generated record free cash flow of approximately US$840 million, representing our fourth consecutive quarterly record,” said CEO J. paul rollinson Said. “Strong operating performance and disciplined cost management drove record margins that outpaced the rise in the gold price, highlighting our ability to maintain the line on costs.”
The company has returned approximately US$350 million to shareholders to date, including US$250 million in share repurchases in the first quarter.
Agnico Eagle achieves record margins, expands into Finland
Agnico Eagle Mines (TSX:AEM,NYSE:AEM) achieved record quarterly operating margin and adjusted net income of US$1,706 million.
Payable gold production stood at 825,109 ounces at AISC of US$1,483 an ounce.
The company capitalized on the high real gold price of US$4,861 per ounce to generate US$732 million in free cash flow, leaving its net cash position at US$2.91 billion.
Ammar Al-Jounde, CEO and Chairman, said, “We made a solid start to 2026, achieving record operating margins, while production and costs tracked well according to plan. While gold production is expected to strengthen in the second half of the year, we are managing cost volatility through disciplined execution and asset optimization supported by our regional operating model. This positions us well to meet our full-year guidance.”
Agnico Eagle also announced major consolidation Play in Finland’s Central Lapland greenstone belt, proposing to acquire Rupert Resources (TSXV:RUP,OTCQX:RUPRF) and Orion Resources (TSXV:AU,OTCQX:AIRRF) to build a new 500,000-ounce-per-year production hub.
Gold Fields remains stable amid operational headwinds
Gold Fields (NYSE:GFI) produced 633,000 gold equivalent ounces of solids in the first quarter, an increase of 15 percent year-over-year.
While AISC rose 13 per cent to US$1,829 an ounce on higher royalties and inflationary pressures, net debt declined 34 per cent to US$1.3 billion.
While the Salares Norte mine delivered strong production, the company faced operational challenges at other sites, including heavy rainfall at Gruyère and seismic events at Agnew.
“Gold Fields has made a solid start to 2026, building on the positive safety, operational and financial delivery of 2025,” said CEO Mike Fraser. Said. “We remain firm in our belief that death- and serious-injury-free mining is possible and we are encouraged to report that no deaths or serious injuries were recorded in the first quarter of 2026.”
Fraser noted that while a US$100 million share buyback program was authorized februaryRepurchases have been limited due to severe equity volatility resulting from the US-Iran war.
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Securities Disclosure: I, Gian Liguid, do not have any direct investment interest in any of the companies mentioned in this article.
