Gold Book: Jun-Q production rebounds into FY-end; Sustaining spend catch-up lifts 4Q AISC; Inflationary pressures flow into higher FY27 cost guidance/R&R assumptions

We refresh our Gold Book deep dive into the performance of the Aus gold sector on our proprietary bottom-up analysis of >50 listed Aus assets, covering ~90% of Aus production (ASX/offshore). Jun-Q gold production rebounded following planned maintenance/broader operational disruptions in the Mar-Q, alongside a seasonally stronger FY-end push, though partly offset by seismic-related disruptions at NEM's Cadia. Despite higher volumes, cash unit costs were broadly flat on higher absolute spend (~A$2.55bn vs. ~A$2.25bn), consistent with increased activity levels and the initial flow-through of broader inflationary pressures. Unit AISC increased QoQ on higher absolute spend (~A$4.55bn vs. ~A$3.80bn), also reflecting a catch-up in sustaining capex following Mar-Q deferrals. During the Jun-Q, most producers noted diesel cost pressures began to flow (~1-10% of AISC), alongside broader labour/consumables inflation. These pressures are flowing into FY27 guidance, with average AISC spend up ~15-20