A 16% Month for Gold Miners Puts Grade, Costs and By-Products Back in Charge

The World Gold Council’s analysis pointed to a rise in yields and a stronger U.S. dollar as major contributors to September’s drop, with the U.S. 10-year Treasury yield climbing 53 basis points to 5.3% during the month, and it said futures liquidation likely contributed as well. Monetary policy is the other weight on the market. Minutes from the Federal Reserve’s September meeting, at which the Fed raised its target range to 3.75% to 4%, show that most participants assessed that another increase would likely be appropriate by year end, although participants emphasized that they approached each meeting with an open mind. The Fed’s next decision comes at its October 27-28 meeting.

Higher rates raise the opportunity cost of holding a metal that pays no interest, and as the past month’s numbers show, gold miners can move considerably more than gold itself. That leverage is why investors look closely at all-in sustaining costs, grades and by-product revenue when prices fall. A mine that produces gold for well under half of the current price can absorb a large decline; a project whose economics were built on a far lower gold price may still have room to spare.

For developers, a useful measure is the gap between the metal prices assumed in their economic studies and the prices in today’s market.

RUA GOLD Inc. (OTCQX: NZAUF) (TSX: RUA) (NZX: RGI)

RUA GOLD’s Auld Creek Gold-Antimony Project in New Zealand’s Reefton Goldfield is one example of that gap. The Company’s Preliminary Economic Assessment, announced in May, used a base case of US$3,300 per ounce of gold and US$27,000 per tonne of antimony, returning an after-tax NPV5% of US$42 million, an after-tax IRR of 17% and a 3.3-year payback on initial capital expenditures of US$133 million, with cash costs of US$1,400 per ounce of gold and all-in sustaining costs of US$1,850 per ounce. Even after September’s decline, gold’s month-end price of US$4,176 reported by the World Gold Council was more than 26% above that base case. The PEA’s upside case at US$4,700 per ounce returned an after-tax NPV5% of US$113 million and an after-tax IRR of 36%.

Antimony adds a second lever. The U.S. Geological Survey reported an average antimony price of $25 per pound in 2025, more than double the 2024 level; that is roughly US$55,000 per metric tonne, about twice the antimony price used in the PEA base case. Antimony prices rose after China announced export restrictions in August 2024 and then banned all exports of antimony to the United States that December, according to the USGS.

The drill bit is adding to the story. On September 8, RUA GOLD reported what it called its highest-grade drill results to date at Auld Creek, including 0.6 meters at 136.2 g/t AuEq (82.9 g/t Au and 24.8% Sb) in ACDDH119, and on October 5 it reported 6.6 meters at 24.9 g/t AuEq (10.5 g/t Au and 6.7% Sb) in ACDDH127. The Company said the Fraternal structure has been drill confirmed to extend northward for over 1,400 meters, and it is targeting an updated Mineral Resource Estimate in the fourth quarter of 2026, submission of its substantive application under New Zealand’s Fast-Track Approvals regime in October 2026, and a Pre-Feasibility Study in December 2026.

“These exceptional exploration results are informing the mine plan and reinforcing the significant development potential of the Auld Creek Project,” said Robert Eckford, Chief Executive Officer of RUA GOLD. “The deposit continues to exceed our expectations and remains open in all directions.”

CONTINUED...Read this and more news for RUA GOLD Inc. at: market-updates.com

Lundin Gold Inc. (TSX: LUG) (OTCQX: LUGDF)

Lundin Gold reported third-quarter production of 153,736 ounces of gold from its Fruta del Norte mine in Ecuador, the highest quarterly gold production achieved since commercial production commenced, on an average processed grade of 10.1 g/t and recovery of 88.3%. In the second quarter, the company reported all-in sustaining costs of $1,176 per ounce sold at an average realized gold price of $4,359 per ounce. It produced 392,472 ounces in the first nine months of 2026 against full-year guidance of 475,000 to 525,000 ounces.

“The third quarter marked the strongest production quarter in Fruta del Norte’s history, with 153,736 ounces of gold produced,” said Jamie Beck, President and CEO of Lundin Gold.

K92 Mining Inc. (TSX: KNT) (OTCQX: KNTNF)

K92 Mining reported third-quarter production of 49,776 ounces gold equivalent from its Kainantu operation in Papua New Guinea, on record quarterly ore processed of 250,042 tonnes at a head grade of 6.6 g/t AuEq, and passed one million gold-equivalent ounces produced since declaring commercial production in February 2018. The company reported second-quarter all-in sustaining costs of $1,376 per ounce of gold and reiterated 2026 production guidance of 190,000 to 225,000 ounces AuEq.

“Q3 marked another strong quarter for K92, with production of 49,776 ounces gold equivalent, our second-highest quarterly production result,” said David Medilek, Chief Executive Officer and Director of K92 Mining.

Torex Gold Resources Inc. (TSX: TXG) (OTCQX: TORXF)

Torex Gold reported preliminary third-quarter production of 131,900 ounces gold equivalent, with its Media Luna underground mine averaging 8,244 tonnes per day, above its 7,500 tonne-per-day design rate. The company said it is solidly on track to achieve the midpoint of full-year production guidance of 420,000 to 470,000 ounces gold equivalent.

“Our third quarter operational results were exceptional and delivered the step-up in production we expected to support a strong second half of the year,” said Andrew Snowden, President and CEO of Torex Gold.

Aris Mining Corporation (NYSE: ARIS) (TSX: ARIS)

Aris Mining reported third-quarter production of 69.3 thousand ounces, bringing year-to-date output to 217.3 thousand ounces, up 16% from the same period in 2025, and said it remains on track to meet the lower end of its 2026 guidance of 300,000 to 350,000 ounces. The company is expanding its Segovia and Marmato operations in Colombia, which it expects to support annual gold production of approximately 500,000 ounces once fully ramped up.

“During the third quarter, we continued to advance our growth plans at both Segovia and Marmato,” said Neil Woodyer, Chair and CEO of Aris Mining.

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Article Source: RUA GOLD Inc. news releases dated May 5, September 8 and October 5, 2026.

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Cautionary Note Regarding the Preliminary Economic Assessment, Exploration Results and Technical Information. The Preliminary Economic Assessment (“PEA”) referred to in this article is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. RUA GOLD Inc. has not made a production decision based on a feasibility study of Mineral Reserves demonstrating economic and technical viability, and any such decision would carry increased uncertainty and technical and economic risk. Comparisons in this article between current or recent gold and antimony prices and the price assumptions used in the PEA, and the conversion of the USGS antimony price from dollars per pound to dollars per tonne, are the publisher’s own calculations and are not statements of the Company; they do not represent updated economic results, and the PEA has not been updated to reflect current prices. Drill intercepts referred to in this article are selected results reported by the Company and are not necessarily representative of mineralization across the Auld Creek Project. Intercept lengths are drilled interval lengths; the Company reports a true width of 3.6 meters for the ACDDH127 interval, and true widths were not reported for the September 8, 2026 intercepts. Gold equivalent (AuEq) grades are calculated by the Company as Au g/t + 2.15 x Sb% using a gold price of US$3,000/oz, an antimony price of US$25,000 per tonne and 85% recovery. Acceptance of the Auld Creek Project into New Zealand’s Fast-Track Approvals process is not a permit or approval to mine; as of the date of the Company’s most recent news release, the substantive application had not yet been submitted, and there is no certainty that the project will be approved. Timelines for the substantive application, updated Mineral Resource Estimate and Pre-Feasibility Study are the Company’s targets and may change. According to the Company, its technical disclosure has been reviewed and approved by Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 who is Chief Operating Officer and a director of RUA GOLD Inc. and is therefore not independent. Production, costs, guidance and results of other companies referenced in this article are as reported by those companies and are not indicative of results at any RUA GOLD Inc. property. Exchange-traded fund price changes are based on Stock Analysis data for the closes referenced. Readers should review the Company’s filings on SEDAR+ at www.sedarplus.ca.

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