1. Newmont (TSX:NGT,NYSE:NEM)

Production: 213.03 metric tons

Newmont is the world’s top gold-mining company. In 2024, the company reported production of 192.96 metric tons of gold.

Newmont has a diverse portfolio of assets, with significant operations in North and South America, Australia and Africa.

Its portfolio includes a 38.5 percent interest in Nevada Gold Mines in Nevada, US, through a joint venture with majority owner Barrick Mining (TSX:ABX,NYSE:B).

In 2024, the Nevada Gold Mines complex produced 2.68 million ounces (83.48 metric tons) of gold. Newmont’s attributable share is 1.03 million ounces, or 32.14 metric tons.

The company’s next largest operation is its wholly owned Ahafo South Complex in Ghana. It consists of three mines, the Subika and Awonsu open pits, and the Subika underground mine. Last year, the asset produced 798,000 ounces (24.28 metric tons) of gold for Newmont. The company’s Ahafo North open pit mine achieved commercial production in late 2025 and is expected to average 275,000 and 325,000 ounces of gold per year.

In January 2025, Newmont sold its Porcupine Complex in Ontario, Canada, to Discovery Silver for total consideration of US$425 million. In 2024, the mine produced 270,000 ounces (8 metric tons) of gold. The sale is part of Newmont’s larger divestiture of US$4.3 billion in non-core assets.

2. Barrick Mining (TSX:ABX,NYSE:B)

Production: 121.65 metric tons

Barrick Mining produced 121.65 metric tons of attributable gold in 2024, landing it as the second highest gold producer in the world. Like Newmont, Barrick is a global producer and owns assets on nearly every continent.

Barrick’s largest operation is its 61.5 percent stake in Nevada Gold Mines alongside Newmont. The gold complex accounted for 1.65 million ounces, or 51.34 metric tons, of Barrick’s gold production in 2024.

The company’s second-largest producing asset is its 80 percent owned Loulo-Gounkoto gold complex in Mali, which produced 578,400 ounces of gold in 2024 for Barrick.

While much of Barrick’s production has remained steady over the past several years, disagreements with the Malian government, run by a military junta since a 2021 coup, has brought uncertainty to its operations there.

In 2024, the government accused Barrick of failing to pay its taxes amid changes to royalty rights and mining licenses. It arrested four workers there and issued an arrest warrant for then-CEO Mark Bristow.

In June 2025, the Mali government placed the mine under provisional administration, as a resolution of the dispute failed to materialize.

3. Agnico Eagle Mines (TSX:AEM,NYSE:AEM)

Production: 108.41 metric tons

In 2024, Agnico Eagle produced 108.41 metric tons of gold, taking third place among the world’s biggest gold producers. It wholly owns its portfolio of 11 mines, with seven in Canada, two in Mexico and one in each of Australia and Finland.

The company’s Detour Lake and Canadian Malartic mines in Canada are some of the world’s biggest gold mines.

In 2024, its Detour Lake operation, in Ontario near the Québec border, produced 671,950 ounces (20.9 metric tons) of gold. Just behind was the Canadian Malartic Complex in Québec, which produced 655,654 ounces (20.4 metric tons) in 2024.

Gold production at Canadian Malartic peaked at 715,000 ounces (22 metric tons) in 2021 The mine is a combination of open pit and underground mines; however, the main open pit was depleted in 2023, and the mine is expected to transition to fully underground operations by 2029.

4. Navoi Mining and Metallurgy Company

Production: 96.42 metric tons

In 2024, Navoi Mining and Metallurgy Company produced 96.42 metric tons of gold. NMMC is the largest mining company operating in Uzbekistan, with 12 mines. The company has been in operation since the 1960s, when the country was still part of the Soviet Union.

NMMC’s primary asset is the Muruntau mine, which produced an estimated 2.68 million ounces of gold in 2024. Muruntau is the world’s largest open pit mine and the second highest gold producing mine in the world. It has been in production since 1969.

The company is working on modernizing its operations and considering a potential public listing.

5. Polyus (LSE:PLZL,MCX:PLZL)

Production: 93.36 metric tons

Polyus produced 93.37 metric tons of gold in 2024. The gold company is the largest gold producer in Russia from five wholly owned operations in the country.

Polyus holds significant proven and probable gold reserves of 101 million ounces, or 3,141 metric tons.

Its largest asset is the Olimpiada mine in Eastern Siberia. In 2024, the mine produced 1.48 million ounces (46.93 metric tons) of gold, putting it among the top gold operations in the world. Its second biggest mine is Blagodatnoye, also in Siberia, which produced 500,300 ounces (15.56 metric tons) of gold in 2024.

6. AngloGold Ashanti (NYSE:AU,ASX:AGG)

Production: 82.35 metric tons

AngloGold Ashanti produced 82.74 metric tons of attributable gold in 2024, putting it among the top Africa-based gold mining companies.

The company has a portfolio of nine mining assets spread across seven countries in Africa, South America and Australia, as well as numerous exploration projects around the world.

AngloGold’s largest wholly owned operation is the Geita mine in Northwest Tanzania. The property consists of multiple open-pit and underground operations, which produced 483,000 ounces (15 metric tons) of gold in 2024.

The company also owns a 45 percent interest in the Kibali mine located in the Democratic Republic of Congo. The mine is the largest gold operation in Africa, producing 686,000 ounces (21.34 metric tons) in 2024, with 308,700 ounces (9.6 metric tons) attributable to AngloGold. The remaining ownership in the mine is held by Barrick Mining at 45 percent and the DRC government at 10 percent.

7. Kinross Gold (TSX:K,NYSE:KGC)

Production: 66.19 metric tons

Kinross Gold ranked seventh on our list of top gold producers with 66.17 metric tons of attributable gold equivalent production in 2024. Kinross maintains considerable and steady output from a portfolio of six assets across Canada, the US, Brazil, Chile and Mauritania.

Kinross has full ownership over all its operating assets, with the exception of its 70 percent owned Manh Choh mine in Alaska, US. The company began processing ore from Manh Choh at its Fort Knox operations through the Peak Gold joint venture in 2024.

The biggest contributor to Kinross’s output is its Tasiast mine in Western Mauritania, which produced 622,394 ounces (19.36 metric tons) of gold in 2024. Tasiast is currently an open-pit operation, and the company has been working to explore the underground potential of the mine at several key targets.

Among Kinross’ other assets, Paracatu stands out with its 528,574 ounces (16.44 metric tons) of gold production in 2024, making it the third largest gold mine in Brazil.

8. Gold Fields (NYSE:GFI)

Production: 64.21 metric tons

Gold Fields was the eighth biggest gold company in 2024, producing 61.75 metric tons of the yellow metal. The company is a globally diversified gold producer with nine mining operations across Australia, Chile, Peru, Ghana and South Africa. The company also owns the Windfall gold project in Canada.

Gold Fields’ most significant gold operation is the Tarkwa mine in Southern Ghana, one of the largest gold mines in West Africa. Gold Fields holds a 90 percent interest in the mine, with the remaining 10 percent owned by the Government of Ghana.

The mine consists of four open pits. In 2024, the operation produced 537,000 ounces (16.7 metric tons) for Gold Fields.

Its next largest asset is its wholly owned St Ives complex in the Eastern Goldfields region of Western Australia. The operation, which commenced production in the 1980s, currently consists of two open pits and two underground mines. It delivered 331,000 ounces (10.3 metric tons) of gold in 2024.

9. Zijin Mining Group (OTC Pink:ZIJMF)

Production: 62.21 metric tons

In 2024, Zijin Mining Group produced 62.21 metric tons of attributable gold from its mines across Asia, Africa, Australia and South America. Although the company is not exclusively a gold producer, its substantial portfolio of assets has helped it become China’s leading gold company.

Its most significant contributor to gold production came from its Norton complex near Kalgoorlie, Western Australia. The asset is a conglomeration of several different mines and delivered 263,000 ounces (8.18 metric tons) of gold in 2024.

Zijin’s next largest gold operation is Buriticá, an underground gold mine located near Medellín, Colombia, of which it holds 69.28 percent ownership. In 2022, the mine underwent an expansion that included upgrades to its mining equipment, improving the overall processing capacity. In 2024, the mine produced 322,000 ounces (10.02 metric tons) of gold, with 223,000 ounces (6.94 metric tons) attributable to Zijin.

10. Harmony Gold Mining Company (NYSE:HMY,JSE:HAR)

Production: 47.51 metric tons

In 2024, Harmony Gold Mining Company produced 47.51 metric tons of gold, making it the world’s 10th largest gold mining company.

The majority of the company’s large portfolio of wholly owned operations are located in South Africa, and it also operates the Hidden Valley mine in Papua New Guinea.

Harmony Gold’s top operation is the Mponeng mine in Northern South Africa. The underground mine is among the deepest in the world, where gold is retrieved from depths of approximately 4 kilometers. In the calendar year 2024, Mponeng produced 320,993 ounces (9.98 metric tons) of gold.

Harmony also owns the Moab Khotsong mine in Northern South Africa, an underground mine consisting of three vertical shaft systems. It started production in 2003, making it one of South Africa’s younger deep-level underground mines. In 2024, the mine contributed 202,742 ounces (6.31 metric tons) to Harmony’s total output.

Investor Insight

With strategic, US-based assets, Trigg Minerals is well-positioned to become a cornerstone supplier of antimony and tungsten into the United States and allied markets. With a sharpened focus on critical minerals in Tier-1 jurisdictions, Trigg is executing a strategy that aligns with urgent national security and energy transition needs.

Overview

Trigg Minerals (ASX:TMG,OTCQB:TMGLF) is an emerging leader in the global critical minerals space, focused exclusively on the development of antimony and tungsten assets in the US – both metals designated as critical minerals by the United States, Canada, Australia and the European Union for its role in national defense, energy transition technologies, and advanced industrial applications.

Global supply of both antimony and tungsten is highly concentrated, with more than 80 percent controlled by China and Russia. Export restrictions, sanctions and the depletion of strategic stockpiles have created acute shortages, driving demand for alternative, conflict-free sources. This geopolitical backdrop creates a once-in-a-generation opportunity for new suppliers to anchor Western supply chains.

Trigg’s strategy is firmly focused on developing critical minerals projects in Tier-1 US jurisdictions, where stable regulatory frameworks, established infrastructure and strong government support provide a competitive advantage.

The company’s flagship Antimony Canyon project in Utah is one of the largest undeveloped antimony systems in the country, now secured through patented mining claims that streamline the pathway to production. Complementing this is the Tennessee Mountain tungsten project in Nevada, a historic tungsten district with confirmed high-grade mineralisation, and the newly acquired Central Idaho antimony project, which offers district-scale potential in a historically productive region.

By advancing this portfolio, Trigg aims to establish itself as a vertically integrated supplier, from mine development through to downstream smelting and refined metal production. With strong shareholder support, active engagement with US government and defence stakeholders, and membership in international industry associations, Trigg Minerals is positioned to play a leading role in rebuilding secure Western supply of antimony and tungsten.

Company Highlights

• ASX-listed explorer advancing critical mineral projects in the United States, with a focus on antimony and tungsten.
• Antimony Canyon Project (Utah) – flagship project with patented claims, high grades and a streamlined pathway to development.
• Tennessee Mountain Project (Nevada) – historic tungsten district with confirmed high-grade mineralisation.
• Central Idaho Antimony Project – district-scale landholding with grades up to 17.6 percent antimony.
• Optionality in Australia, including Wild Cattle Creek, one of the world’s highest-grade undeveloped antimony resources.
• Strong financial position and strategic investment support, including backing from Tribeca Investment Partners.
• Proposal to rebrand as American Antimony and Tungsten at the November 2025 AGM to reflect US focus.

Key Project

Antimony Canyon Project

Antimony Canyon, located in Utah, is Trigg’s flagship project and one of the largest undeveloped antimony systems in the United States. Historically mined during the 20th century but never subject to modern exploration, the district hosts multiple high-grade stibnite deposits. In 2025, Trigg consolidated control through the acquisition of 20 patented claims, giving the company full ownership of both surface and mineral rights. This control materially de-risks permitting by allowing the project to proceed under Utah’s streamlined Mined Land Reclamation Act, avoiding lengthy federal processes.

An exploration target of 6.1 to 6.9 million tonnes (Mt) at 1.4 to 2.3 per cent antimony, containing between 86,000 and 158,000 tonnes of antimony metal, has been established on these claims. Sampling programs have confirmed exceptional grades, including channel results up to 33.2 percent antimony. With no active US antimony production, Antimony Canyon offers a unique opportunity to establish domestic supply, with Trigg advancing studies for a pilot-scale mining operation and downstream smelting in partnership with Metso, leveraging Ausmelt technology for the production of refined antimony metal.

Tennessee Mountain Tungsten Project

In August 2025, Trigg expanded into tungsten through the acquisition of the Tennessee Mountain project in Nevada, another Tier-1 US jurisdiction. This historic mining district hosts the Garnet Mine and widespread skarn-hosted tungsten mineralisation. Historical trenching and drilling reported thick intersections of mineralised zones, including 24.9 metres at 0.65 percent tungsten trioxide and 10.67 metres at 0.98 percent tungsten trioxide. A non-JORC historical estimate of 0.71 Mt, grading 0.3 to 0.5 percent tungsten trioxide, underscores the scale and potential of the system. With tungsten also recognised as a critical mineral for defence and clean energy technologies, Tennessee Mountain provides diversification and growth within Trigg’s US portfolio.

Central Idaho Antimony Project

In September 2025, Trigg acquired the Central Idaho antimony project, located within the historically productive Swanholm Mining District. Early fieldwork has already confirmed very high-grade mineralisation, including assays up to 17.6 percent antimony from surface samples, with associated gold values. The project covers a district-scale landholding in an area geologically analogous to Perpetua Resources’ Stibnite gold project, which has received substantial US federal support. With minimal historic disturbance and no legacy tailings, the project offers a clean environmental baseline and a potentially straightforward permitting pathway.

Australian Projects

While Trigg’s near-term focus is firmly in the US, the company maintains optionality through its Australian portfolio. The Wild Cattle Creek deposit in New South Wales contains a JORC 2012 resource of 1.52 Mt at 1.97 percent antimony, representing ~30,000 tonnes of contained metal and ranking as one of the world’s highest-grade undeveloped antimony deposits. Additional Australian projects, including Taylors Arm, Spartan and Nundle, as well as the Drummond gold project in Queensland, provide longer-term exploration upside.

Management Team

Timothy Morrison – Executive Chairman

Tim Morrison is a highly experienced executive in the Australian resource and capital markets sector. With a background in law and investment banking, Morrison has held senior roles in both private and public resource companies, including those focused on critical minerals, base metals, and energy. His leadership at Trigg is defined by a clear strategic focus: unlock value from the Wild Cattle Creek deposit and position the company as a cornerstone in the global antimony supply chain. Morrison brings extensive experience in stakeholder engagement, project financing, and government relations, having previously led funding rounds, IPOs, and major project negotiations across multiple jurisdictions. His vision for Trigg is underpinned by a disciplined growth strategy and sovereign supply positioning.

Jonathan King – Chief Geologist

Jonathan King is a seasoned geologist with over 20 years of experience in mineral exploration and resource development. He has worked across a broad range of commodities including antimony, gold, copper, and rare earths, and has been instrumental in leading exploration teams across Australia, Southeast Asia and Africa. At Trigg, King is responsible for designing and executing the company’s exploration programs, including the upcoming high-impact drill campaign at Wild Cattle Creek. His technical leadership ensures that resource expansion is driven by rigorous geoscientific methodology, with a focus on unlocking district-scale potential across the broader Achilles project area.

Andre Booyzen – Non-executive Director

Andre Booyzen is an experienced mine operator and leader and has 25+ years of experience in operational, senior and executive roles, and is a specialist in antimony mining. He brings extensive experience in mine development, operational strategy, and off-take agreements. Booyzen previously served vice-president of Mandalay Resources (TSX:MND,OTCQB:MNDJF), where he had full strategic and operational control including product sales, off takes and funding negotiations at the Costerfield gold-antimony mine in Victoria, currently Australia’s only producer of antimony concentrate. Booyzen also served on the board of the Minerals Council of Australia (Victoria) for more than five years and was chairman for three of those.

Chris Gregory – Non-executive Director

Chris Gregory is a highly accomplished global mining executive and geologist with over 30 years of experience. He has an extensive leadership track record in discovery, development, mine operation and strategic growth across a wide range of commodities and jurisdictions. Gregory’s career included 22 years with Rio Tinto, where he led the discovery and evaluation of Sepon gold/copper deposit in Laos. He was vice-president, exploration and geology at Mandalay Resources, where he was instrumental in the success of the Costerfield Antimony/Gold mine in Victoria for more than 10 years up to 2022.

Nicholas Katris – Non-executive Director and Company Secretary

Nicholas Katris has over 15 years of experience in corporate advisory and public company management, having begun his career as a chartered accountant. He has been actively involved in the financial management of public companies within the mineral and resources sector, holding roles on both the board and executive management teams. His expertise spans the advancement and development of mineral resource assets, as well as business development. Throughout his career, Katris has worked across Australia, Africa, Brazil and Canada, gaining extensive experience in financial reporting, capital raising, and treasury management for resource companies. He currently serves as company secretary for Leeuwin Metals (ASX:LM1) and Perpetual Resources (ASX:PEC).

James Graf – Non-executive Director

James Graf has over 35 years of international capital markets, M&A and corporate management experience, including roles as CEO, CFO and/or board director of eight US-listed special purpose acquisition companies, and as a managing director at Deutsche Bank in Hong Kong and Merrill Lynch in Singapore. Graf currently serves as CEO and board director of Graf Global (NYSE:GRAF) and as interim CFO of NKGen Biotech (OTC:NKGN). He was previously a board director of Velodyne Lidar (Nasdaq:VLDR) and also founded an enterprise software company with operations in the US, Malaysia and Ukraine.