On September 24, beyond the gold price itself, whether ore can be effectively recovered also affects producer performance. CBCX stated that Kinross updated its operating outlook on September 23, adjusting its estimated annual production for 2026 and 2027 to approximately 1.84 million to 1.86 million gold equivalent ounces, below the lower bound of its previous guidance, with the changes concentrated at two smaller-scale mines. Among these, weather disruptions and certain ore recovery performance affected the processing plan. CBCX believes that the production decline may stem from either a slowdown in mining rates or from less metal being recovered from the same feed. The two scenarios call for different solutions, and when observing the progress of mine remediation, ore grade, throughput, and recovery rate need to be broken out and compared separately. The blending ratio of different ores also affects processing outcomes; the same average grade may not produce the same recovery results under different process conditions, which makes the recovery process more dependent on on-site data. The company expects total operating and capital costs for the full year to remain on plan, but unit sales costs and sustaining costs have been raised due to the production changes. This reflects the effect of spreading fixed expenses: when total costs do not increase significantly, fewer saleable ounces will still push up unit costs. Therefore, a higher gold price cannot automatically eliminate the pressure brought by declining operational efficiency. Regarding the supply-side assessment, CBCX analyzed that it is necessary to continue examining whether the throughput and recovery rates of the affected mines recover, as well as the timing of higher-grade ore entering the plan. A single company's adjustment is not yet sufficient to represent production cuts across the entire gold industry, and the stable performance of other large mines also needs to be included in the comparison, to avoid magnifying localized operational fluctuations into a broad supply change. Risk warning: This article is for information sharing only and does not constitute investment advice. Foreign exchange and precious metals are high-risk products with significant volatility that may lead to loss of principal. Please invest rationally and bear risks yourself.