Nevada Gold Mining: 2025 State Production, the Biggest Mines and Who Runs Them

Nevada gold mining still leads the United States by a wide margin, but output has been slipping while its value climbs. Nevada's mines produced a little over 3.38 million ounces of gold in 2025, down 2.81% from nearly 3.48 million ounces in 2024. Thanks to higher prices, the value of that gold rose 42.16%. That is according to new Major Mines of Nevada figures from the state Division of Minerals, as reported by the Elko Daily Free Press (Oct. 8, 2026).

How big Nevada is

The Division's most recent full published report covers 2024. It puts Nevada's gold production at 3,479,748 troy ounces that year, down 13.7% from 4,030,556 ounces in 2023 (Nevada Division of Minerals, Major Mines of Nevada 2024). Citing the U.S. Geological Survey, the report says Nevada produced about 70% of U.S. gold in 2024 (112 of 160 tonnes). As a separate country, Nevada would rank 10th in the world.

The Division's June 2026 update to a state committee describes Nevada as the No. 1 U.S. gold producer for more than 40 years. It credits the state with about 64% of U.S. gold production and close to 223 million ounces produced since 1989 (NDOM, 2026 Nevada Minerals Industry Update). The 2024 report says reported reserves could sustain production near current levels for about 19 years, assuming similar economics and no reserve replacement.

Who produces it

The state's producer table shows one operator dominating. Here are 2024 gold ounces by operator (Major Mines of Nevada 2024):

By our calculation, Nevada Gold Mines alone produced about 75% of the state's 2024 gold.

The operators' 2025 results

Nevada Gold Mines (Barrick 61.5%, Newmont). Barrick's 2025 Annual Information Form reports its 61.5% share of NGM output at 1.591 million ounces in 2025, down from 1.650 million in 2024 (Barrick AIF 2025, SEC). By complex, that share was Carlin 687,000 oz, Cortez 454,000, Turquoise Ridge 341,000 and Phoenix 109,000. All-in sustaining costs rose to US$1,620/oz from US$1,561/oz in 2024. NGM was formed on July 1, 2019, from Barrick's and Newmont's Nevada properties.

The JV's structure is changing. On August 10, 2026, Newmont and Barrick agreed to fold Barrick's Fourmile discovery and Newmont's Fiberline and Mike developments into NGM. Newmont will pay Barrick $1.95 billion, all outstanding disputes are settled, and Newmont consented to Barrick's proposed IPO of its North American gold assets (Newmont, Aug. 10, 2026). In February, Barrick said it expected that IPO to be completed by late 2026 (Barrick Q4 2025 results).

Kinross. Round Mountain produced 143,402 gold-equivalent ounces in 2025, down from 215,387 as the mine moved from Phase W to Phase S ore. Bald Mountain produced 179,169, against 181,047 in 2024 (Kinross Q4 2025 results, SEC). In January 2026, Kinross approved construction of Round Mountain Phase X and Bald Mountain Redbird 2, along with a third project, Curlew. It expects the three to contribute 3 million ounces of production and to extend its Nevada mine lives "well into the 2030s."

SSR Mining. Marigold produced 153,535 ounces in 2025, below guidance of 160,000–190,000 and down from 168,262 in 2024. All-in sustaining costs were US$1,918 per payable ounce (SSR Mining full-year 2025 results, SEC). SSR is advancing Buffalo Valley as a growth project at Marigold.

What it means for investors

So far, price has outweighed both falling output and rising costs at the state's biggest mines. The drop of almost 3% in 2025 ounces came alongside a rise of more than 40% in value. That leaves the state's producers exposed to the gold price in both directions. The NGM restructuring and a possible Barrick IPO are the main corporate events to watch. For more, see our gold and United States coverage and our company profiles.

How we checked this: AI-drafted from the sources linked above and checked against them by our AI editor.