Big Board Breakdown: six producers reported their quarter. None gave a quarterly all-in cost

Six Canadian listed producers put out quarterly production numbers on October 15 and 16. Not one of the six releases gives an all-in sustaining cost for the quarter. Costs arrive with the financial statements in November. Here is what the ounces say on their own.

New Found Gold (TSX: NFGC)

In its first quarter as a producer (commercial production was declared August 19), Hammerdown poured 4,863 ounces and sold 6,035 at an average US$4,310. Recovery was 85% at 2.76 g/t. Cash fell to about C$167 million from C$194 million at June 30, about C$27 million in the quarter by our arithmetic, with C$70 million of debt unchanged. There is no 2026 guidance yet: the company "plans to provide annual guidance for Hammerdown in due course." Its life of mine target is 20,000 to 25,000 ounces a year at an AISC of about US$2,500. The release calls the figures preliminary.

Jaguar Mining (TSX: JAG)

Jaguar produced 12,981 ounces, up 30% on a year ago, and kept 2026 guidance of 50,000 to 60,000 ounces. After 35,667 ounces in nine months, it needs at least 14,333 in the fourth quarter to reach the bottom of the range, by our arithmetic about 10% more than it made in the third. Turmalina's recovery fell to 67% from 84% in the second quarter as more Faina ore went through the mill.

Orvana Minerals (TSX: ORV)

Orvana's fiscal year ended September 30 with 45,160 gold equivalent ounces. Spain beat: 37,775 ounces against guidance of 34,000 to 37,000. Bolivia did not. EMIPA was guided in February to 13,000 to 14,000 ounces, cut in August to 4,200 to 4,700, and withdrawn on September 17. It produced 1,507 ounces, about 12% of the original low end by our arithmetic. Orvana cites fewer oxide tonnes than planned, civil unrest in May and June, and recoveries below plan.

Guanajuato Silver (TSXV: GSVR)

Guanajuato reported 683,675 silver equivalent ounces, up 13.7% on the second quarter. The conversion ratios moved too: gold counted at 68.04 silver ounces in the third quarter against 61.61 in the second. By our arithmetic, the 3,771 gold ounces were worth about 24,000 more silver equivalent ounces under the new ratio, close to 30% of the 82,426 ounce quarterly gain. Lead and zinc ratios rose as well. The company paused mining at VMC in August.

Avino and Golconda

Avino (TSX: ASM) produced 303,189 ounces of silver, up 15% on a year ago, but silver recovery fell to 70% from 84%; the company says higher silver prices let it process more lower grade development ore. It bought back and cancelled 784,771 shares. Golconda Gold (TSXV: GG) reported a record 4,301 ounces at Galaxy, though nine month production of 11,586 ounces trails last year's 13,020.

Why it matters

Ounces are the easy half of the story. Without a quarterly cost per ounce, a beat on production says little about margin. The November statements will show whether New Found Gold's cash burn and Jaguar's fourth quarter push came cheap.

Sources: news releases from New Found Gold, Jaguar Mining, Orvana Minerals, Guanajuato Silver, Avino Silver & Gold and Golconda Gold.