Discovery beats forecasts despite higher gold costs

AI desk brief

Discovery reported third-quarter adjusted earnings of $83 million, or 10¢ a share, beating 7¢ consensus, while gold output rose 12% year-on-year to 70,564 oz. National Bank attributed the earnings beat largely to lower depreciation and working-capital movements; annual output guidance remains 260,000–300,000 oz., with cash costs now expected at the top of $1,250–$1,400/oz. Dome’s first ore is expected in mid-2028. Cordero silver-project spending guidance fell $70 million to $20–30 million, reflecting lower-than-assumed permit fees rather than a stated development setback. These developments chiefly affect Discovery’s outlook; a material near-term bullion-price effect is not established.