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

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  • Gold stocks faced significant losses on October 22, with a major gold miners ETF dropping 5.80% and falling 16.50% over the preceding month.
  • A widely held gold-backed ETF declined 2.63% on October 22, leaving it 7.77% lower than its value from one month prior.
  • September gold prices closed at US$4,176 per ounce, an 8.5% decrease driven by rising U.S. Treasury yields, a stronger U.S. dollar, & futures liquidation.
  • The U.S. 10-year Treasury yield increased by 53 basis points to 5.3% during September, while the Federal Reserve raised its target rate range to 3.75%-4% in September.
  • RUA GOLD Inc.'s Auld Creek Project PEA uses a base gold price of US$3,300/oz & antimony price of US$27,000/tonne, both significantly below current market levels.
  • Antimony prices have surged to approximately US$55,000 per metric tonne following Chinese export restrictions imposed in 2024.
  • RUA GOLD reported high-grade drill results in September & October, including 0.6 meters at 136.2 g/t AuEq & 6.6 meters at 24.9 g/t AuEq.
  • Lundin Gold achieved its highest quarterly production since commercial operations began, yielding 153,736 ounces from its Fruta del Norte mine in Q3 2026.
  • Lundin Gold's all-in sustaining costs were reported at $1,176 per ounce in Q2, with 392,472 ounces produced in the first nine months of 2026.
  • K92 Mining reported 49,776 gold-equivalent ounces in Q3, marking its second-highest quarterly result, while maintaining 2026 guidance of 190,000-225,000 ounces.
  • Torex Gold reported preliminary Q3 production of 131,900 gold-equivalent ounces, with its Media Luna underground mine operating above its 7,500 tonne-per-day design rate.
  • Aris Mining produced 69,300 ounces in Q3, bringing year-to-date output to 217,300 ounces, a 16% increase from the same period in 2025.
  • Aris Mining is expanding its Segovia & Marmato operations in Colombia, aiming to reach approximately 500,000 ounces of annual production once fully ramped up.
  • The article discloses that Market Equities Limited received fees from RUA GOLD Inc. for advertising services, creating a conflict of interest.
  • A disclaimer notes that the PEA for RUA GOLD is preliminary, includes speculative resources, & does not represent a production decision based on a feasibility study.
  • The publication contains forward-looking statements regarding future expectations, plans, & strategies, which are subject to various risks & uncertainties.