Rio2 Starts Fenix Production as Gold Miners Close Record Q1

Rio2 achieved first gold production at its Fenix mine on May 16, ending a two-week earnings season defined by repeated beats across the sector. The stretch opened May 5 with Kinross and B2Gold topping estimates and peaked May 11-14 as Barrick posted $5.22 billion revenue plus a $3 billion buyback while AngloGold delivered a record $1.169 billion free cash flow. Sustained realized prices above $4,800/oz drove margin expansion and shareholder returns, reinforcing bullish sentiment for XAUUSD.