Direct Answer
3 SEC filers are classified under the Standard Industrial Classification code that describes the gold mining industry, and their latest annual reports show $24.8 billion of combined revenue and a median net margin of 31.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Gold miners dig and process ore into doré bars and sell the metal at the market price, usually leaving results highly sensitive to the gold price and mining cost. Reserves, grade and jurisdiction risk define the quality of a producer. The first numbers to compare across companies here are ounces produced and sold, all-in sustaining cost per ounce and reserves and grade.
Key Industry Metrics
- Ounces produced and sold: Ounces of gold poured and sold. Production depends on ore grade, throughput and mine uptime, so compare with guidance and reserve plans.
- All-in sustaining cost per ounce: Cost of operating mines and sustaining capital per ounce, a standard industry measure. Margin is the gold price less this figure, so a lower cost cushions price falls.
- Reserves and grade: Gold in the ground that can be mined economically and its concentration. Higher grade usually lowers cost; reserves show how long a mine can run.
- Realized price: Average price received per ounce. It mainly follows spot gold, though hedges and streaming agreements can make it differ.
- Free cash flow and net debt: Cash left after operating and capital spending, and borrowings less cash. Together they show how strong the balance sheet is when prices fall.
Primary Macro Drivers
- Gold price, real interest rates and the dollar: Lower real yields and a weaker dollar tend to support gold, which lifts realized price and margin on each ounce sold.
- Central bank buying and safe-haven demand: Official purchases and risk aversion add to demand beyond jewelry, which supports price through uncertain periods.
- Cost inflation in labor and energy: Fuel, power and wages are large costs, so inflation raises all-in sustaining cost per ounce and narrows margin.
- Mine development and expansions: New or larger mines raise ounces produced over time, but require capital that must be repaid from the gold price.
Major Risks
- Price swings that outrun cost: A fall in gold with fixed costs can erase margin quickly; watch all-in sustaining cost against realized price and net debt.
- Mine operating incidents: Accidents, equipment failures and ground problems cut ounces produced; watch production guidance and incident disclosures.
- Political and tax changes: Governments may raise royalties, impose export rules or seize assets; watch the jurisdictions behind production and fiscal terms.
- Reserve depletion: Without new discoveries or acquisitions, ounces fall as mines are used up; watch reserves and grade against production.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Gold Mining Filers in the SEC Record
3 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 1040. Their latest fiscal years end in 2025, and together they reported $24.8 billion of revenue. Median revenue growth over the prior year was 64.6%. Median net margin was 31.3%. Median total liabilities were 23% of total assets, and 3 of 3 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Newmont Corp | $22.7 billion | 21.3% | n/a | 31.3% | FY 2025 |
| Coeur Mining, Inc. | $2.1 billion | 96.4% | 34.2% | 28.3% | FY 2025 |
| Idaho Strategic Resources, Inc. | $42 million | 64.6% | 36.8% | 39.4% | FY 2025 |
Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Gold Mining guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Gold Mining industry?
Key performance indicators for the Gold Mining industry include: Ounces produced and sold, All-in sustaining cost per ounce, Reserves and grade, Realized price, Free cash flow and net debt. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Gold Mining industry?
The Gold Mining industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Gold Mining industry?
The primary risks for Gold Mining companies include: Price swings that outrun cost, Mine operating incidents, Political and tax changes, Reserve depletion. Investors should assess each company's exposure to these factors and its track record of navigating them.