U.S. Gold Output Drops 7% in Q3 2026 as Canada Records 22% Surge

Gold  |  2026-11-12 06:49:53   |   By

However, recycled gold supply declined 8% to 314.5 tonnes, contributing to a 1% reduction in overall supply to 1,368.6 tonnes.

Summary

  • US Gold Production Declines While Canada Records Growth

    US mine production declined 7% year over year in the third quarter of 2026, partly due to lower ore grades at established mines. In contrast, Canadian production surged 22%, supported by newly commissioned operations and improved output from existing facilities.

  • Global Mined Gold Output Hits Record High

    Global mined gold production increased 3% year over year to a record 1,070.9 tonnes in Q3 2026. However, recycled gold supply fell 8% to 314.5 tonnes, contributing to a 1% decline in total gold supply to 1,368.6 tonnes.

  • Rising Mining Costs Highlight Need for New Projects

    Higher operating expenses remain a major challenge for future mine development. Average all-in sustaining costs (AISC) reached $1,930 per ounce in Q2 2026, up 22% year over year. Projects such as CK Gold in Wyoming, Treaty Creek, Springpole and AurMac in Canada could help strengthen North American gold supplies.

SEATTLE (Scrap Monster): A decline in US gold production and weakening recycled metal supplies are increasing the importance of new mining developments across North America.

According to the World Gold Council (WGC), US mine output dropped 7% year over year in the third quarter of 2026, partly due to lower ore grades at established operations. On the contrary, Canadian gold production climbed 22% during the same period, supported by newly commissioned mines and improved output from existing facilities.

Globally, mined gold production increased 3% year over year to a record 1,070.9 tonnes in the third quarter. However, recycled gold supply declined 8% to 314.5 tonnes, contributing to a 1% reduction in overall supply to 1,368.6 tonnes.

Future mine development faces significant threats from rising operating expense. According to WGC data, average all-in sustaining costs (AISC) reaching $1,930 per ounce in the second quarter, representing a 22% year-on-year surge.

Several North American projects in pipeline could address longer-term supply requirements. U.S. Gold Corp's CK Gold Project in Wyoming has already secured all permits and is currently targeting financing. Additional potential sources in Canada include projects such as Treaty Creek, Springpole and AurMac.

Meanwhile, Nevada and Alaska accounted for approximately 86% of US gold output during the previous year.

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