Happy Tuesday, GoldBuzzers!

I hope those of you in the US had a good Memorial Day weekend.

Today's Take Action Tuesday features the Gold Producers. There was big movement in the rankings this month, and the climbers all share a pattern worth paying attention to.

Ok. Let’s get into it. ⬇️

US markets were closed on Monday for Memorial Day, but precious metals traded higher on the international session. Gold climbed 1.2% to $4,571 as reports emerged that the US and Iran have "largely negotiated" a memorandum of understanding to reopen the Strait of Hormuz.

The deal would also end hostilities, release some frozen Iranian assets, and set the stage for further talks on Tehran's nuclear program, though President Trump said the US blockade stays in place until a formal agreement is signed. Silver outpaced gold on the day, rising more than 3% to $78.10.

Both metals are recovering from last week's selloff, but gold remains roughly 14% below where it stood before the Middle East conflict began. The overhang is clear: energy-driven inflation hit 3.8% in April, and on Friday, Fed Governor Christopher Waller - until recently one of the Fed's most reliable doves - called for scrapping the easing bias from the FOMC's policy statement entirely.

His exact words: a rate cut is now "no more likely in the future than a rate increase." That shift landed on the same day Kevin Warsh was sworn in as the new Fed chair, giving precious metals investors two reasons to recalibrate their rate expectations heading into the summer. 

Welcome back to our regular Tuesday feature, where we delve deep into the world of mining company data to unearth some real nuggets. Each week, I’m focusing on a different sector of the mining industry, and today I’m checking out the Gold Producers.

Gold Producers are the mid-sized gold mining companies: with producing mines, real cash flow, and market caps typically ranging from a few hundred million to a few billion dollars. They're bigger names than pure explorers but generally smaller than the mega-cap majors like Newmont or Barrick.

Names like Centerra Gold, Endeavour Mining, and Aura Minerals sit in this tier. When the gold price moves, producers tend to get more leverage than the majors on a relative basis because their cost structures are leaner and fixed costs represent a higher proportion of total spend.

First, let’s see which sectors in the precious metals mining industry are currently attracting most capital flows.

Across the seven precious metals sectors, Silver Majors made the largest move this week, surging 46.7pp to 66.7% of names outperforming the SIL benchmark - by far the most dramatic shift in the data, suggesting capital rotated hard into that small group over the past two months. The only caveat is that this is the smallest group - with only 6 names qualifying as true Silver Majors, which means 4 of the 6 are beating their benchmark.

Silver Juniors were the second biggest mover, up 14.3pp to 23%. Gold Producers improved 9.4pp to 44% beating GDX, still below the majority threshold but clearly gaining ground. Gold Majors slipped 4.0pp to 48.0%, Royalty Companies and Silver Producers held flat, and Gold Juniors edged up 3.6pp to 25%.

So, there we have it. It was the Gold Producers that improved the most of all the gold-focused sectors this cycle. Inside that improving category, three names climbed fastest, and the biggest mover is a Latin American producer you may have never heard of before.

The rankings mentioned in this article are from GoldBuzz INSIDER's database, tracking more than 230 precious metals miners across a range of factors, incorporating price performance and fundamentals.

Mineros is the largest mover of the three, and for most North American investors it comes out of nowhere. The Colombian-Nicaraguan producer just posted its best revenue quarter on record: $291.8 million in Q1 2026, up 82% from a year earlier, with adjusted EBITDA margins running at 53%. Costs came in below the low end of annual guidance, which was already a target the company had set conservatively.

On top of the quarterly numbers, Mineros also closed the acquisition of an AngloGold Ashanti Colombia exploration project in April and got added to the S&P/TSX Global Mining Index. Nine spots up to #16 in the Gold Producers ranking, and the stock is still C$1.52 billion market cap - a size that tends to fly under mainstream coverage.

Centerra is the household name in this trio, and Q1 2026 was the kind of quarter that reminds the market why. Revenue hit $484.7 million against analyst expectations of roughly $365 million - a 32% beat. The gold mine in British Columbia (Mount Milligan, a combined gold-copper operation) and the Öksüt gold mine in Türkiye both ran well, with Öksüt delivering above-plan grades in the quarter.

Cash climbed to a very tasty $543 million. AISC, all-in sustaining cost or what it costs per ounce to keep the lights on and the ore moving, came in at $1,705/oz on a consolidated basis. Seven spots up to #5 of the 41 Gold Producers tracked in the INSIDER rankings, which puts Centerra squarely in contention at the top of the category.

Minera Alamos is the quieter of the three and the most interesting from a setup standpoint. The company only started producing gold from the Pan mine in Nevada in October 2025, so Q1 2026 was only the third full quarter as an operator. 8,734 ounces produced, cash up to $46 million from $34 million at year-end, and a $75 million revolving credit facility in the works.

In May, new management came in with an explicit mandate to build a U.S.-focused intermediate gold producer. Three spots up to #20 in our Gold Producer rankings, which reflects steady consistent delivery from a company still in its early production innings.

i-80 Gold Corp (IAU.TO) jumped ten spots to #11 on the back of a $1 billion recapitalization that fully funds its Nevada Lone Tree processing plant refurbishment, removing the going-concern risk that had weighed on the stock.

Orla Mining Ltd (OLA.TO) dropped seven spots to #12 despite 81,206 ounces of gold produced and $62.9 million in free cash flow in Q1 2026 - Equinox Gold announced a C$5.2 billion acquisition of Orla on May 13, reshaping how the market prices the stock.

McEwen Inc (MUX) climbed six spots to #27 after net income swung from a $6.3 million loss to $33.4 million profit in Q1 2026, driven by a 71% increase in realized gold prices year-over-year.

Endeavour Mining Corp (EDV.TO) fell six spots to #8 even with record free cash flow of $613 million in Q1 2026 - production dropped to 282,000 ounces from 341,000 a year earlier, and the rankings penalized the relative underperformance versus peers.

Allied Gold Corp (AAUC) dropped nine spots to #22 after Q1 AISC reached $2,264 per ounce amid Mali security concerns, while the Zijin Gold acquisition for C$5.5 billion continued working through regulatory approvals.

Greatland Gold (GGP.L) slipped six spots to #15 despite 82,723 ounces produced in the March 2026 quarter and a $260 million cash build, with the Havieron project FID targeted for June 2026 remaining the key catalyst.

Integra Resources (ITRG) fell six spots to #28 with mine-site AISC running at $3,310 per ounce in Q1 2026, well above the category average, though the company holds $105.8 million in cash after a $57.5 million bought deal during the quarter.

West Red Lake Gold Mines Inc (WRLG.V) dropped seven spots to #23 as the Madsen Mine in Ontario's Red Lake district is still ramping, with 60% of 2026's targeted output expected in the second half of the year.

The three climbers this week share a pattern: each delivered something verifiable, not just a gold price tailwind. Mineros posted a record revenue quarter with costs running below plan. Centerra beat analyst estimates by a wide margin and grew its cash balance while funding development. Minera Alamos quietly built its cash position in its first full year of production.

The fallers are worth noting too. Endeavour generated $613 million in free cash flow and still dropped six spots because production fell year-over-year and peers moved harder. The rankings compare you against the category, not against your own prior year.

Going into next month, watch whether Centerra can hold its position near the top of the category as Öksüt grades normalize, and whether Mineros starts getting broader institutional attention after joining the S&P/TSX Global Mining Index.

The last year has been the most profitable in history for the Gold Producers. The current correction is helping identify which of these companies have made the most of these prices by building cash and holding costs down.

That’s all for this Tuesday, folks. I’ll see you on Thursday.

Before you go, please take a moment to rate today’s newsletter and tell us how we did.

Rick Adams
Founder, GoldBuzz
rick@goldbuzz.com